Independence Realty Trust (IRT) Misses Q1 EPS by 1c

Independence Realty Trust (NYSE: IRT) reported Q1 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02.

• Net income available to common shares of $1.1 million for the quarter ended March 31, 2021 compared to a net loss of $0.4 million for the quarter ended March 31, 2020.
• Earnings per diluted share of $0.01 for the quarter ended March 31, 2021 compared to $0.00 for the quarter ended March 31, 2020.
• Same store net operating income (“NOI”) growth of 5.3% for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020.
• Core Funds from Operations (“CFFO”) of $18.0 million for the quarter ended March 31, 2021 compared to $14.6 million for the quarter ended March 31, 2020. CFFO per share was $0.18 for the first quarter of 2021, as compared to $0.16 for the first quarter of 2020. To note, this reflects the adoption of our new definition of CFFO, where we no longer exclude stock compensation expense or amortization of deferred financing costs from our computation.
• Adjusted EBITDA of $26.4 million for the quarter ended March 31, 2021 compared to $24.1 million for the quarter ended March 31, 2020.
• Collected 98.4% of rents billed during the quarter ended March 31, 2021 and 99.2% 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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