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 real estate investment trust, based in Philadelphia, said it had funds from operations of $16.9 million, or 19 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $14.7 million, or 16 cents per share.
The real estate investment trust posted revenue of $50.8 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $50.2 million.
Independence Realty Trust expects full-year funds from operations in the range of 75 cents to 78 cents per share.
The company's shares have increased 35% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.35, a rise of 22% in the last 12 months.