Independence Realty Trust: Q1 Earnings Snapshot

PHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in Philadelphia, said it had funds from operations of $62.5 million, or 27 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 $8.6 million, or 4 cents per share.

The real estate investment trust, based in Philadelphia, posted revenue of $161.4 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $163.4 million.

Independence Realty Trust expects full-year funds from operations in the range of $1.12 to $1.16 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