Independence Realty Trust, Inc. (IRT) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $4.08 million in the quarter, against a net loss of $0.08 million in the last year period. Revenue during the quarter went up marginally by 1.23 percent to $39.14 million from $38.67 million in the previous year period.
Total expenses were $27.36 million for the quarter, down 12.53 percent or $3.92 million from year-ago period. Operating margin for the quarter expanded 1100 basis points over the previous year period to 30.10 percent.
Operating income for the quarter was $11.78 million, compared with $7.39 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $19.51 million compared with $18.92 million in the prior year period. At the same time, adjusted EBITDA margin improved 91 basis points in the quarter to 49.85 percent from 48.94 percent in the last year period.
Revenue from real estate activities during the quarter went up marginally by 1.23 percent or $0.48 million to $39.14 million.
Income from operating leases during the quarter was almost stable at $34.74 million, when compared with the previous year period. Revenue from tenant reimbursements was $4.40 million for the quarter, up 12.57 percent or $0.49 million from year-ago period.
"Our first full quarter as an internally managed REIT demonstrated the long-term potential we have to unlock value,” said Scott Schaeffer, IRTs chairman and chief executive officer. "The combination of our uniquely positioned portfolio and strong operating capabilities yielded year-over-year same-store NOI growth of 5.2%. Our recently completed Tampa acquisition underscores our ongoing investment strategy to upgrade our portfolio by rotating capital out of lower-growth assets and into higher-quality communities located in submarkets with compelling growth fundamentals. The overwhelming lender participation in our new unsecured credit facility speaks volumes about our strength as an internally-managed multi-family apartment REIT. Looking ahead, we see tremendous accretive opportunities to maximize operating efficiencies within our core portfolio, to recycle capital at attractive economics, and, using our new unsecured credit facility, to prudently manage our balance sheet for long-term flexibility."
Net receivables were at $3.79 million as on Mar. 31, 2017, up 35.74 percent or $1 million from year-ago.
Total assets went down marginally by 2.80 percent or $37.66 million to $1,306.99 million on Mar. 31, 2017. On the other hand, total liabilities were at $786.64 million as on Mar. 31, 2017, down 18.37 percent or $177.04 million from year-ago.
Return on assets moved up 16 basis points to 0.89 percent in the quarter. Return on equity was at 0.78 percent in the quarter against a negative 0.02 percent in the last year period.
Debt comes downTotal debt was at $765.70 million as on Mar. 31, 2017, down 18.57 percent or $174.64 million from year-ago. Shareholders equity stood at $520.34 million as on Mar. 31, 2017, up 36.58 percent or $139.37 million from year-ago. As a result, debt to equity ratio went down 100 basis points to 1.47 percent in the quarter.
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