PHILADELPHIA (AP) 鈥� PHILADELPHIA (AP) 鈥� 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 $63.5 million, or 26 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 a loss of $68,000, or less than 1 cent on a per-share basis.
The real estate investment trust, based in Philadelphia, posted revenue of $165.3 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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