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![INDEPENDENCE REALTY TRUST, INC. [IRT] reports annual net loss of $17,807,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FIRT.png&w=1200&q=75)
INDEPENDENCE REALTY TRUST, INC. [IRT] has reported a net loss of $17,807,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $661.0 million
Based in PHILADELPHIA, Pennsylvania, INDEPENDENCE REALTY TRUST, INC. operates in the FINANCE sector.
In the annual report for the year ended December 31, 2023, the company reported total revenue of $660.98 million, which marked an increase compared to the previous year's total revenue of $628.52 million. This growth was primarily driven by an increase in Rental and other property revenue, which amounted to $659.84 million in the current year, up from $627.41 million in the previous year.
On the expense side, the company reported total expenses of $514.07 million in the current year, slightly down from the previous year's total expenses of $526.55 million. The decrease in expenses was mainly attributed to lower Property operating expenses and Property management expenses in the current year compared to the previous year.
The company reported a net loss of $17.81 million for the year ended December 31, 2023, significantly lower than the net income of $120.66 million reported in the previous year. This decrease in net income was primarily driven by higher Depreciation and amortization expenses and a Loss on impairment in the current year.
The earnings per share for basic and diluted amounts for the current year were reported at $(0.08), compared to $0.53 in the previous year for both basic and diluted earnings per share. The weighted-average shares outstanding for basic and diluted earnings per share also increased in the current year compared to the previous year.
Overall, the company experienced a challenging year with a significant decrease in net income and earnings per share compared to the previous year. This was mainly due to higher expenses and losses incurred in the current year.
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