PHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its fourth quarter, after reporting a loss in the same period a year earlier.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $66.8 million, or 29 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 $33.6 million, or 15 cents per share.
The real estate investment trust posted revenue of $162.8 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $163.7 million.
For the year, the company reported funds from operations of $247.4 million, or $1.08 per share. Revenue was reported as $628.5 million.
Independence Realty Trust expects full-year funds from operations to be $1.14 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
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