PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $18 million, or 19 cents per share, in the period.
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 $789,000, or 1 cent per share.
The real estate investment trust posted revenue of $52.1 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $52.7 million.
The company's shares have dropped 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.21, a decline of slightly more than 8% in the last 12 months.