Independence Realty Trust, Inc. Revises Earnings Guidance for 2023
October 30, 2023 at 04:07 pm EDT
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Independence Realty Trust, Inc. revised earnings guidance for 2023. For the year the company expects the loss per share of $0.07 to $0.02 as compared to $0.25 to $0.27 previously expected. The company expects to recognize an aggregate net loss after completion of all sales in the range of approximately $39 to $51 million comprised of an $11.3 million impairment charge recorded during the three months ended September 30, 2023 related to property in Chicago, Illinois that is currently held for sale; an estimated $55 to $63 million impairment charge expect to recognize during the fourth quarter of 2023 with respect to certain of the properties targeted for sale; and estimated gains of approximately $24 to $28 million expect to realize in the periods of sale of certain of the properties targeted for sale.
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).