Independence Realty Trust Announces Second Quarter 2018 Financial Results and Reiterates Its Full Year Guidance Targets
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Independence Realty Trust (IRT) Misses Q2 EPS by 1c, Revenues Miss; Offers FY18 EPS Outlook
August 2, 2018 7:46 AM EDTIndependence Realty Trust (NYSE: IRT) reported Q2 EPS of $0.04, $0.01 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $46.73 million versus the consensus estimate of $47.41 million.
Second Quarter Highlights
Completed the roll out of the value add program at all five Phase 1 communities and started the rollout for Phase 2 communities. During Q2, we completed renovations in 464 units, achieving a weighted average return on investment of 20.7%. (See Value Add Update and Same Store NOI Guidance Impact section below for additional information.)Net income allocable to common shares of $3.5 million for... More