IRT(US:IRT)2025-02-12 21:05Financial Performance - EPS for 2024 was $0.17, with CFFO of $0.32 for Q4 and $1.16 for the full year[12] - Net income available to common shares for 2024 was $39.3 million compared to a net loss of $17.2 million in 2023[17] - CFFO for the year ended December 31, 2024, was $266.9 million, compared to $263.9 million in 2023[17] - For the three months ended December 31, 2024, the net loss available to common shares was $(1,001) thousand, compared to a net income of $12,365 thousand in the previous quarter[55] - Total revenue for Q4 2024 was $160,963, a decrease of 3.3% compared to $167,046 in Q4 2023[62] - Net loss for Q4 2024 was $(1,100), compared to a net loss of $(41,654) in Q4 2023, showing significant improvement[62] - Net loss for 2024 was $1,100,000, a significant improvement from a loss of $41,654,000 in 2023, indicating a positive trend in financial performance[64] Revenue and NOI Growth - Same-store portfolio NOI increased by 5.3% in Q4 and 3.2% for the full year 2024[12] - The company expects 2025 same-store NOI growth of 0.8% to 3.3%[17] - Total rental and other property revenue for Q4 2024 was $160,617,000, a slight decrease from $166,730,000 in Q4 2023, indicating market challenges[65] - The company reported a 3.0% increase in total rental and other property revenue for the year ended December 31, 2024, reaching $602,584,000 compared to $585,277,000 in 2023[68] - Total revenue for the same-store portfolio increased by 2.3% to $151,326,000 in 2024 compared to $147,880,000 in 2023[70] - The total net operating income (NOI) for the same-store portfolio increased by 3.0% to $602,584,000 in 2024 from $585,277,000 in 2023[71] Property Management and Operations - Average rental rate increased by 0.8% to $1,570 in Q4 2024, with a 1.3% increase to $1,563 for the full year[18] - Average occupancy rate improved to 95.5% in Q4 2024 from 94.5% in Q4 2023, suggesting effective management of properties[68] - Same-store portfolio NOI margin increased to 66.3% in Q4 2024 from 64.5% in Q4 2023, reflecting improved cost management[68] - Total property operating expenses for the same-store portfolio decreased by 3.0% to $50,928,000 in Q4 2024 compared to $52,517,000 in Q4 2023, enhancing profitability[68] Acquisitions and Renovations - Completed 1,671 renovations in the value add program with an average ROI of 15.7%[12] - The company acquired a 300-unit multifamily apartment property in Charlotte, North Carolina for $73.5 million, increasing its footprint from 714 units to 1,014 units[29] - The company acquired a 320-unit multifamily apartment property in Orlando, Florida for $84.3 million, expanding its footprint from 297 units to 617 units[29] - Total properties renovated as of December 31, 2024, reached 26, with a weighted average rent premium of 19.9% and total renovation costs of $17,487 per unit[75] - The company completed 15 value-add projects, achieving a weighted average ROI of 20.5% and total costs of $12,098 per unit[76] Debt and Financial Flexibility - Unsecured credit facility increased from $500 million to $750 million, enhancing balance sheet strength[12] - The company received a 'BBB' issuer credit rating and stable outlook from S&P Global Ratings on October 30, 2024[32] - The company expanded its unsecured credit facility from $500 million to $750 million, extending the maturity date to January 2029, enhancing financial flexibility[33] - Total consolidated debt as of December 31, 2024, is $2,333,683,000 with a weighted average contractual rate of 4.6%[90] - The consolidated leverage ratio stands at 30.5%, well below the requirement of 60%[99] Future Guidance and Strategic Plans - The company provided 2025 guidance for diluted earnings per share (EPS) ranging from $0.19 to $0.22 and FFO per share ranging from $1.19 to $1.22[38] - The company expects property revenue growth of 2.1% to 3.1% and NOI growth of 0.8% to 3.3% for 2025[42] - The company plans to acquire properties with a total volume of $280 million to $320 million in 2025, including a property in Indianapolis for approximately $60 million[43] - New product developments and market expansions are being prioritized to enhance revenue streams and operational efficiency[71] - Future projects scheduled to start in Q1 2025 include locations in Atlanta, GA, Dallas, TX, Denver, CO, and Raleigh-Durham, NC[77]