Independence Realty Trust (IRT) Tops Q4 EPS by 11c

Independence Realty Trust (NYSE: IRT) reported Q4 EPS of $0.14, $0.11 better than the analyst estimate of $0.03.

Fourth Quarter Highlights

• Net income available to common shares of $13.3 million for the quarter ended December 31, 2020 compared to $23.8 million for the quarter ended December 31, 2019. Earnings per diluted share of $0.14 for the quarter ended December 31, 2020 compared to $0.26 for the quarter ended December 31, 2019. The quarter ended December 31, 2020 included $9.4 million of gains on sale of real estate assets, net, whereas the quarter ended December 31, 2019 included $20.7 million of gains on sale of real estate assets, net.
• Same store net operating income (“NOI”) growth of 4.4% for the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019.
• Core Funds from Operations (“CFFO”) of $20.8 million for the quarter ended December 31, 2020 compared to $18.6 million for the quarter ended December 31, 2019. CFFO per share was $0.22 for the fourth quarter of 2020, as compared to $0.20 for the fourth quarter of 2019.
• Adjusted EBITDA of $28.5 million for the quarter ended December 31, 2020 compared to $27.4 million for the quarter ended December 31, 2019.
• Collected 98.7% of rents billed during the quarter ended December 31, 2020.

For earnings history and earnings-related data on Independence Realty Trust (IRT) click here.

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