Independence Realty Trust: 1Q Earnings Snapshot
PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $17.6 million, or 19 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $372,000, or less than 1 cent on a per-share basis.
The real estate investment trust posted revenue of $51.4 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $52.3 million.
The company's shares have decreased 33% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.44, a drop of 11% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRT at https://www.zacks.com/ap/IRT