Independence Realty Trust: Q2 Earnings Snapshot

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

The Philadelphia-based real estate investment trust said it had funds from operations of $58.6 million, or 26 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 a loss of $7.2 million, or 3 cents per share.

The real estate investment trust posted revenue of $154.8 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $154.2 million.

Independence Realty Trust expects full-year funds from operations in the range of $1.06 to $1.08 per share.

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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