Independence Realty Trust, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023
April 27, 2023 at 01:37 am IST
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Independence Realty Trust, Inc. reported earnings results for the first quarter ended March 31, 2023. For the first quarter, the company reported sales was USD 161.14 million compared to USD 149.98 million a year ago. Revenue was USD 161.37 million compared to USD 150.36 million a year ago.
Net income was USD 8.65 million compared to USD 74.6 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.34 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.34 a year ago.
Independence Realty Trust, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Companyâs investment strategy is focused on gaining scale near major employment centers within submarkets that offer good school districts and retail. The Company acquires, owns, operates, improves, and manages multifamily apartment communities across non-gateway United States markets. The Company owns and operates approximately 113 multifamily apartment properties across non-gateway United States markets, including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Nashville, Oklahoma City, Raleigh-Durham, and Tampa, Florida. The Companyâs portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern and Midwest United States. The Company owns all of its assets and conducts all its operations through Independence Realty Operating Partnership, LP (IROP).