Independence Realty Trust ( (IRT) ) has released its Q4 earnings. Here is a breakdown of the information Independence Realty Trust presented to its investors.
Independence Realty Trust, Inc. (IRT) is a real estate investment trust that focuses on owning and managing multifamily apartment communities across non-gateway U.S. markets, emphasizing locations near key employment centers and amenities.
Recently, IRT announced its financial results for the fourth quarter and full year of 2024, showcasing a robust performance. The company achieved an EPS of $0.17 for the year and a CFFO of $1.16 per share, reaching the high end of its guidance. Notably, the same-store portfolio’s net operating income (NOI) increased by 5.3% for the fourth quarter and 3.2% for the full year.
Key financial highlights include a net income of $39.3 million for 2024, a significant improvement from the previous year, and the completion of 1,671 unit renovations under the value-add program with an average ROI of 15.7%. Additionally, IRT improved its balance sheet strength, achieving a net debt-to-adjusted EBITDA ratio of 5.9x and securing a BBB issuer credit rating from S&P.
Looking ahead to 2025, IRT has introduced guidance with an EPS range of $0.19 to $0.22 and a CFFO per share of $1.16 to $1.19. The company plans to leverage rebounding market fundamentals to drive continued growth and value creation for shareholders, while maintaining a strategic focus on enhancing its property portfolio through targeted acquisitions and renovations.