Independence Realty Trust: Q4 Earnings Snapshot

PHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.

The Philadelphia-based real estate investment trust said it had funds from operations of $68.7 million, or 30 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 30 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $40.5 million, or 18 cents per share.

The real estate investment trust, based in Philadelphia, posted revenue of $167 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $167.4 million.

For the year, the company reported funds from operations of $263.9 million. Revenue was reported as $661 million.

Independence Realty Trust expects full-year funds from operations in the range of $1.12 to $1.16 per share.


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