Independence Realty Trust reports Q1 FFO 27c, consensus 28c

Reports same-store portfolio net operating income growth of 8.2% for the quarter ended March 31, 2023 compared to the quarter ended March 31, 2022. "For the first quarter of 2023, we delivered an 8.2% increase in same-store NOI, led by blended lease over lease rental growth of 4.0%", said Scott Schaeffer, Chairman and CEO of IRT. " As the second quarter progresses, our focus on improving occupancy is materializing, as we’re nearing 95% occupancy at our same-store non-value add communities. In addition, the value add program continues to deliver outsized results and we are on track to achieve our volume targets for 2023 with 635 units renovated during the first quarter. We remain confident in the long-term benefits of our portfolio, as we continue to see strong fundamentals in our sunbelt markets and property class type."