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Independence Realty (IRT)
NYSE:IRT
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Earnings Data
Report Date
Feb 12, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.06Last Year’s EPS
-$0.18Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 30, 2024
|% Change Since: 2.18%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive sentiment with notable achievements such as investment-grade ratings and successful renovation strategies, despite challenges from new supply pressures and inflationary operating expenses.Company Guidance
During the Independence Realty Trust (IRT) Q3 2024 earnings call, the company highlighted key metrics reflecting their performance and strategic initiatives. They achieved a same-store Net Operating Income (NOI) growth of 2.2% and a core Funds From Operations (FFO) of $0.29 per share. The average occupancy for the quarter was 95.4%, marking a 90 basis point increase from the previous year, supported by a resident renewal rate of 66% and a retention rate of 57%. Despite facing new supply pressures, IRT reported a blended rental rate growth of 0.8%, with new leases down 3.6% but renewals up 3.8%. The company also completed renovations on 578 units in the quarter, achieving a weighted average return on investment of 14.9%. Looking ahead, IRT expects to renovate approximately 400 units in Q4, reaching a full-year target of 1,700 units. Furthermore, they are under contract to acquire three properties at a total purchase price of approximately $184 million, with a stabilized economic cap rate of 6%. IRT maintained the midpoint of its full-year same-store NOI guidance and anticipates reaching the high end of its core FFO per share guidance.Solid Third Quarter Results
Same-store NOI growth of 2.2% and core FFO of $0.29 per share. Average occupancy was 95.4%, 90 basis points higher than the third quarter of last year.
Successful Renovation Strategy
Completed renovations on 578 units with a weighted average ROI of 14.9%, driving an increase in average monthly rent per unit of $242.
Investment-Grade Ratings
IRT received a BBB flat investment-grade rating from S&P Global Ratings, marking a significant milestone and improving cost of capital.
Positive Acquisition Activity
Under contract to acquire 3 properties for approximately $184 million, adding 776 units to the portfolio.
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IRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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IRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 30, 2024 | $19.76 | $19.62 | -0.71% |
| Jul 31, 2024 | $18.50 | $19.04 | +2.92% |
| Apr 24, 2024 | $15.50 | $15.40 | -0.65% |
| Feb 14, 2024 | $14.16 | $15.11 | +6.71% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Independence Realty (IRT) report earnings?
Independence Realty (IRT) is schdueled to report earning on Feb 12, 2025, TBA Not Confirmed.
What is Independence Realty (IRT) earnings time?
Independence Realty (IRT) earnings time is at Feb 12, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is IRT EPS forecast?
IRT EPS forecast for the fiscal quarter 2024 (Q4) is $0.06.
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