Investors Real Estate Trust (IRET) Tops Q2 EPS by 5c, Revenues Miss

Investors Real Estate Trust (NYSE: IRET) reported Q2 EPS of ($0.44), $0.05 better than the analyst estimate of ($0.49). Revenue for the quarter came in at $43.91 million versus the consensus estimate of $44.46 million.

Second Quarter 2020 Highlights

• Our Net Loss was $(0.44) per diluted share for the second quarter of 2020, compared to Net Income of $0.11 per diluted share for the same period of 2019;
• Core FFO increased 2.3% to $1.81 per diluted share for the six months ended June 30, 2020, compared to $1.77 per diluted share for the same period of 2019;
• Core FFO increased 1.1% to $0.91 per diluted share for the three months ended June 30, 2020, compared to $0.90 for the three months ended March 31, 2020;
• Total collections were 99.1% for the second quarter of 2020, compared to 99.6% for the same period of 2019;
• Same-store controllable expenses (which exclude taxes and insurance) decreased 4.3% for the second quarter of 2020 as compared to the same period of 2019, resulting in NOI growth of 1.1% for the second quarter of 2020 compared to the same period of 2019;
• Same-store NOI increased 3.4% for the three months ended June 30, 2020, compared to the three months ended March 31, 2020;
• We continued to strengthen our balance sheet by issuing approximately 624,000 common shares under our 2019 ATM Program for net proceeds of $44.8 million;
• We announced that we will include Nashville as one of our target markets; and
• We were recognized as a Minnesota Top Workplace for 2020 by the Minneapolis Star Tribune, which is based on several factors, including employee engagement, company leadership, pay, benefits, and workplace flexibility.

2020 Financial Outlook

On March 27, 2020 we issued a press release indicating that in light of the impact of COVID-19 on our business and results of operations, we were withdrawing our 2020 Financial Outlook. Given the ongoing impact of COVID-19, we are not providing an updated 2020 Financial Outlook at this time.

For earnings history and earnings-related data on Investors Real Estate Trust (IRET) click here.

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