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Here's How You Can Earn $100 In Passive Income By Investing In Independence Realty Stock

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Here's How You Can Earn $100 In Passive Income By Investing In Independence Realty Stock
Here's How You Can Earn $100 In Passive Income By Investing In Independence Realty Stock

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Independence Realty Trust (NYSE:IRT) is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. IRT's investment strategy is focused on gaining scale near major employment centers within key amenity-rich submarkets that offer good school districts and high-quality retail.

The company will report its Q3 2024 earnings on October 30. Wall Street analysts expect the company to post an EPS of $0.29, down from $0.30 in the year-ago period. According to data from Benzinga Pro, quarterly revenue is expected to be $160.09 million, down from $168.38 million in the year-ago period.

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The 52-week range of Independence Realty Trust’s stock price was $11.61 to $21.20.

Independence Realty Trust’s dividend yield is 3.28%. During the last 12 months, it paid $0.64 per share in dividends.

The Latest On Independence Realty Trust

On July 31, the company announced its Q2 2024 earnings, posting a core FFO of $0.28, matching expectations and revenues of $158.104 million, below the consensus estimate of $161.238 million, as reported by Benzinga.

"Our results for the second quarter of 2024 highlight our strategy of driving occupancy, which was up 120 basis points year-over-year," said Scott Schaeffer, Chairman and CEO of IRT. "While industrywide factors impacted our ability to achieve expected rental rate growth during the first half this year, we stayed focused on resident retention and occupancy and delivered 3.6% revenue growth with 2.8% same-store NOI growth. For the remainder of this year, we are increasing the midpoint of our full-year NOI and Core FFO guidance given our view of stable occupancy and our ability to drive lower operating expenses."

Check out this article by Benzinga for four analysts' insights on Independence Realty Trust stock.