Independence Realty Trust reports Q2 core FFO 28c, consensus 27c

Reports same-store portfolio net operating income growth of 2.8% for Q2 compared to the quarter ended June 30, 2023. The company said, “While industry-wide factors impacted our ability to achieve expected rental rate growth during the first half of this year, we stayed focused on resident retention and occupancy and delivered 3.6% revenue growth with 2.8% same store NOI growth. For the remainder of this year, we are increasing the mid-point of our full-year NOI and Core FFO guidance given our view of stable occupancy and our ability to drive lower operating expenses. Overall, we are confident in our team’s ability to achieve these results and believe IRT remains well-positioned in the multifamily sector due to our attractive portfolio which continues to see strong fundamentals.”