Independence Realty Trust: Q1 Earnings Snapshot

Audio By Carbonatix

PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Tuesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Philadelphia, said it had funds from operations of $57.7 million, or 25 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 25 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 net income of $74.6 million, or 34 cents per share.

The real estate investment trust posted revenue of $150.4 million in the period.

Independence Realty Trust expects full-year funds from operations in the range of $1.04 to $1.06 per share.

_____

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