Independence Realty TrustNYSE: IRT

Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.29 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.30 per share a year ago.

The heavy selling pressure might have exhausted for Independence Realty Trust (IRT) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.

Independence Realty Trust (IRT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Independence Realty Trust, Inc (NYSE:IRT ) Q2 2024 Results Conference Call August 1, 2024 9:00 AM ET Company Participants Maddy Zimba - Head of Investor Relations Scott Schaeffer - Chief Executive Officer Mike Daley - EVP, Operations and People James Sebra - Chief Financial Officer Janice Richards - SVP, Operations Conference Call Participants Nicholas Joseph - Citi Brad Heffern - RBC Capital Markets Austin Wurschmidt - KeyBanc Capital Markets John Kim - BMO capital markets Omotayo Okusanya - Deutsche Bank Mason Guell - Baird Operator Thank you for standing by. My name is Amy and I will be your conference operator for today.

Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.28 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.28 per share a year ago.

Independence Realty Trust is one of the few REITs that has seen a positive return in 2024. Net debt makes up only 38% of its enterprise value, and the company has almost finished its non-core disposal program. Thanks to hedging, the weighted average cost of debt is just 4.2%, with minimal maturities until 2028.

Independence Realty Trust has outperformed competitors and the Vanguard Real Estate ETF in terms of total return which makes it a strong contender. The recent earnings report showed mixed financial performance, with a decrease in net income but increased revenue, NOI, and portfolio occupancy. IRT is implementing a portfolio optimization and debt reduction strategy, selling properties and reducing debt to improve financials.

Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.30 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.29 per share a year ago.

Independence Realty's (IRT) recent property sales underscore the company's dedication to its strategic objectives, including portfolio optimization and debt reduction.