Independence Realty Trust, Inc. (IRT) reported its financial results for the three and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for the third quarter of 2024 was $160.1 million, a decrease from $168.6 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $479.1 million, down from $493.9 million in the same period last year.
Despite the decline in revenue, IRT experienced a significant increase in net income. For Q3 2024, net income rose to $12.6 million, a 216.6% increase from $4.0 million in Q3 2023. Similarly, net income for the nine months ended September 30, 2024, was $41.1 million, up 72.5% from $23.8 million in the prior year. Earnings per share also improved, with basic and diluted EPS for Q3 2024 at $0.05, compared to $0.02 in Q3 2023, and for the nine months, EPS increased to $0.18 from $0.10.
The company’s Same-Store Portfolio showed resilience, with rental and other property revenue increasing by 2.5% in Q3 2024, driven by a rise in average effective monthly rents and occupancy rates. However, revenue from the Non Same-Store Portfolio saw a significant decline of 75.5%, contributing to the overall revenue drop.
IRT's strategic initiatives included a Portfolio Optimization and Deleveraging Strategy, resulting in the sale of ten properties for a total gross sales price of $525.3 million, which helped repay $517.1 million of debt. The company also acquired Gateway at Pinellas in Tampa, Florida, for $82 million, expanding its footprint in the region.
As of September 30, 2024, total investments in real estate at cost were $6.34 billion, up from $6.26 billion at the end of 2023. However, net investments in real estate decreased to $5.63 billion from $5.68 billion. Total liabilities also declined to $2.46 billion from $2.71 billion, while total stockholders’ equity decreased to $3.36 billion from $3.43 billion.
Cash flow from operating activities for the nine months ended September 30, 2024, was $196.3 million, down from $203.0 million in 2023. The company reported cash and cash equivalents of $17.6 million, a decrease from $22.9 million at the end of 2023. Additionally, IRT recognized an impairment charge of $15.1 million related to real estate classified as held for sale during the nine months.
Overall, IRT's financial results reflect a strategic focus on optimizing its portfolio while navigating challenges in revenue generation, particularly from its Non Same-Store Portfolio.
About INDEPENDENCE REALTY TRUST, INC.
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