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PHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $61.5 million, or 27 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $17.6 million, or 8 cents per share.
The real estate investment trust, based in Philadelphia, posted revenue of $160.3 million in the period.
Independence Realty Trust expects full-year funds from operations in the range of $1.12 to $1.16 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRT at https://www.zacks.com/ap/IRT