Investors Real Estate Trust (IRET) Tops Q3 EPS by $1.88c, Slight Beat on Revenues

Investors Real Estate Trust (NYSE: IRET) reported Q3 EPS of $1.38, $1.88 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $44.14 million versus the consensus estimate of $43.84 million.

Highlights

• Net Income was $1.38 per diluted share for the third quarter of 2020, compared to Net Income of $2.54 per diluted share for the same period of 2019;
• Core FFO increased 3.3% to $0.94 per diluted share for the three months ended September 30, 2020, compared to $0.91 for the three months ended June, 30, 2020. Core FFO for the nine months ended September, 30, 2020 remains unchanged compared to the same period of 2019;
• Total collections were 98.8% of expected residential revenue for the third quarter of 2020, compared to 99.6% for the same period of 2019 and 99.1% for second quarter 2020;
• Physical occupancy for same-store communities was 95.3% for the three months ended September 30, 2020, compared to 94.3% for the same period of 2019 and 94.8% for second quarter 2020;
• Same-store controllable expenses (which exclude taxes and insurance) decreased 2.0% for the nine months ended September 30, 2020 as compared to the same period of 2019, contributing to NOI growth of 1.0%;
• Same-store new lease rates remained flat for the third quarter of 2020, compared to a decline of (1.2%) in Q2 2020;
• Continued to strengthen our balance sheet by issuing 144,822 common shares under our 2019 ATM program for net proceeds of $10.2 million; and
• Continued to grow our portfolio in our core market of Denver through the acquisition of Parkhouse Apartment Homes, a 465-home apartment community in Thornton, Colorado.

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

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