NYSE$IRT
Independence Realty Trust Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Announced first quarter 2024 financial results, demonstrating growth in net income and strategic portfolio optimization.
Independence Realty Trust reported a net income of $17.6 million, or $0.08 per diluted share, for Q1 2024, compared to $8.6 million, or $0.04 per diluted share, for Q1 2023. The company achieved same-store NOI growth of 2.4% and improved average occupancy by 120 basis points to 94.4%. IRT also made significant progress in its Portfolio Optimization and Deleveraging Strategy, selling nine properties for $496.8 million and repaying $488.9 million of debt.
- Net income available to common shares increased to $17.6 million, up from $8.6 million in the prior year quarter.
- Earnings per diluted share rose to $0.08, compared to $0.04 in the same quarter last year.
- Same-store portfolio NOI grew by 2.4% year-over-year.
- The company sold nine properties for $496.8 million and used the proceeds to reduce debt by $488.9 million.
Headline financials
Revenue & EPS history
Independence Realty Trust · Revenue · Quarterly
$161M
Forward guidance
IRT is confirming its 2024 FFO per share, CFFO per share, and same-store NOI guidance ranges while updating its 2024 EPS per share, transaction volume, and same-store pool guidance. Earnings per diluted share is now projected to be in the range of $0.34 to $0.38.
Tailwinds
- Confirming 2024 FFO per share guidance of $1.16 to $1.20.
- Confirming 2024 CFFO per share guidance of $1.12 to $1.16.
- Confirming 2024 same-store NOI growth guidance of 1.0% to 4.0%.
- Disposition volume is projected to be between $392 million and $396 million.
- Acquisition volume is projected to be between $0 million and $40 million.
Headwinds
- Earnings per share is now projected to be in the range of $0.34 to $0.38, a decrease from the previous guidance of $0.40 to $0.44.
- Gain on sale of real estate assets is now projected to be $(0.05), an increase from the previous guidance of $(0.11).
- The number of properties in the same-store portfolio has decreased from 109 to 108.
- The number of units in the same-store portfolio has decreased from 32,507 to 32,153.
- Interest expense is projected to be between $83.0 million and $85.0 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.8%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+2.3%
Avg return
30 days after
51%
26 / 51 earnings
Positive
+10.0%
Q2 2015
Best reaction
-8.7%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | +1.3% | -0.3% | |
| Q4 2025 | -5.3% | -2.4% | -6.0% | |
| Q3 2025 | +4.5% | +7.2% | +13.4% | |
| Q1 2025 | -1.4% | -0.3% | -4.3% | |
| Q4 2024 | +2.2% | +3.6% | +4.5% | |
| Q3 2024 | -0.5% | -2.3% | +10.8% | |
| Q2 2024 | +2.9% | +2.0% | +11.4% | |
| Q1 2024 | -0.1% | +1.9% | +5.4% | |
| Q4 2023 | +8.2% | +8.4% | +8.5% | |
| Q3 2023 | +1.6% | +11.8% | +11.0% | |
| Q2 2023 | -1.6% | -0.4% | -3.7% | |
| Q1 2023 | +4.8% | +6.2% | +8.0% | |
| Q4 2022 | -1.8% | -3.0% | -19.8% | |
| Q3 2022 | +0.2% | +2.2% | +6.7% | |
| Q2 2022 | +4.5% | +1.7% | -5.3% | |
| Q1 2022 | -2.0% | -10.1% | -7.7% | |
| Q4 2021 | +4.0% | -3.6% | +1.1% | |
| Q3 2021 | +6.6% | +5.8% | +10.5% | |
| Q2 2021 | -8.7% | -3.6% | +0.1% | |
| Q1 2021 | -1.8% | -1.7% | +0.9% | |
| Q4 2020 | +2.1% | +5.7% | +8.3% | |
| Q3 2020 | +4.1% | +3.8% | +7.2% | |
| Q2 2020 | +3.4% | -0.4% | +7.2% | |
| Q1 2020 | -3.5% | -1.3% | +19.1% | |
| Q4 2019 | +5.6% | +8.2% | -39.3% | |
| Q3 2019 | +1.7% | -1.7% | -1.4% | |
| Q2 2019 | +5.2% | +1.9% | +12.4% | |
| Q1 2019 | -0.5% | +0.7% | +3.7% | |
| Q4 2018 | -3.9% | -4.3% | -1.8% | |
| Q3 2018 | -2.4% | -2.8% | +1.9% | |
| Q2 2018 | +0.0% | -0.4% | +1.4% | |
| Q1 2018 | -1.1% | +0.0% | +0.9% | |
| Q4 2017 | -5.7% | -1.3% | +2.6% | |
| Q3 2017 | +0.6% | +1.7% | +1.1% | |
| Q2 2017 | +0.0% | +0.1% | +1.7% | |
| Q1 2017 | -0.5% | -1.3% | +7.2% | |
| Q4 2016 | -0.7% | -1.8% | -0.5% | |
| Q3 2016 | -2.8% | -8.5% | +3.9% | |
| Q2 2016 | +7.6% | +9.9% | +10.2% | |
| Q1 2016 | +4.1% | — | — | |
| Q4 2015 | +3.1% | — | — | |
| Q3 2015 | +5.2% | — | — | |
| Q2 2015 | +10.0% | — | — | |
| Q1 2015 | -5.2% | — | — | |
| Q4 2014 | -1.4% | — | — | |
| Q3 2014 | +0.6% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | -1.3% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | +1.0% | — | — | |
| Q2 2013 | -3.0% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
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| Q1 2011 | — | — | — | |
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| Q4 2009 | — | — | — | |
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| Q2 2010 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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