PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Wednesday 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 $16 million, or 18 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 18 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 $2.5 million, or 3 cents per share.
The real estate investment trust posted revenue of $49.5 million in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $49.8 million.
Independence Realty Trust expects full-year funds from operations in the range of 74 cents to 78 cents per share.
The company's shares have increased 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.64, a rise of 12% in the last 12 months.
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