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Independence Realty Trust: 3Q Earnings Snapshot

·1 min read

PHILADELPHIA (AP) _ Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its third quarter.

The real estate investment trust, based in Philadelphia, said it had funds from operations of $19.4 million, or 20 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 $1.1 million, or 1 cent per share.

The real estate investment trust posted revenue of $54 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $52.3 million.

The company's shares have decreased 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.39, a decrease of 24% in the last 12 months.

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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