Independence Realty Trust Q1 Results Miss Estimates - QUick Facts

(RTTNews) - Independence Realty Trust, Inc. (IRT) reported first-quarter net loss allocable to common stock of $0.23 million or $0.01 per share, compared to net income allocable to common stock of $2.94 million or $0.19 per share in the year-ago period.

Funds from operations or FFO for the quarter were $5.80 million or $0.18 per share, compared to $5.06 million or $0.33 per share in the prior-year quarter.

Core funds from operations or core FFO for the quarter were $5.90 million or $0.19 per share, compared to $2.57 million or $0.17 per share in the year-ago period.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter more than doubled to $21.70 million from $8.14 million in the prior-year period. Analysts had a consensus revenue estimate of $22.17 million for the quarter.

On April 13, 2015, Independence Realty Trust's board of directors declared monthly cash dividends for the second quarter of 2015 on IRT's shares of common stock in the amount of $0.06 per share per month. The monthly dividends total $0.18 per share for the second quarter.