IRT reports Q2 2024 same-store NOI down 2.1% YoY; core FFO $0.20/share

INDEPENDENCE REALTY TRUST, INC.

Same-store revenue flat at $168.2M; NOI fell to $99.9M from $102.1M YoY.
Net income dropped to $4.5M from $22.9M; core FFO declined 12.6% to $45.0M.
Full-year 2024 same-store NOI guidance: -0.5% at midpoint; occupancy 94.6%.
Disposed of 7 non-core assets (1,700 units) for $305.6M YTD; repurchased $5.2M stock in Q2.
Debt at $2.3B; net debt/EBITDAre 6.4x; weighted avg interest rate 4.7%.

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