Free Post Earnings Research Report: IRET’s Q2 Core FFO Per Share Beat Forecasts

LONDON, UK / ACCESSWIRE / January 10, 2018 / Active-Investors.com has just released a free earnings report on Investors Real Estate Trust (NYSE: IRET) (“IRET”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=IRET. The Company posted its financial results for the second quarter of the fiscal year 2018 (Q2 FY18) on December 11, 2017. The Minot, North Dakota-based Company’s quarterly total revenues grew 6.5% y-o-y, outperforming market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Investors Real Estate Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=IRET

Earnings Highlights and Summary

During Q2 FY18, IRET’s total revenues rose to $53.92 million from $50.61 million in Q2 FY17. The Company’s total revenue numbers topped market consensus estimates of $53.69 million. The Company generated $48.70 million of revenues from real estate rentals in Q2 FY18 compared to $45.86 million in the year ago same period. Furthermore, tenant reimbursement amounted to $5.22 million during the reported quarter compared to $4.75 million in Q2 FY17.

The real estate investment trust reported a net income attributable to common shareholders of $6.36 million, or $0.05 per diluted share, in Q2 FY18 compared to $8.72 million, or $0.07 per diluted share, in Q2 FY17. The Company’s funds from operations (FFO) applicable to Common Shares and Units stood at $9.47 million, or $0.07 per diluted share, during Q2 FY18 compared to $16.47 million, or $0.12 per diluted share, in Q2 FY17. Meanwhile, core FFO came in at $0.10 per share. Wall Street had expected the Company to report core FFO of $0.09 per diluted share.

Earnings Metrics

IRET’s total expenses increased to $49.11 million in Q2 FY18 from $38.63 million in Q2 FY17. For Q2 FY18, the Company’s operating income was $4.81 million compared to $11.98 million in Q2 FY17.

The real estate investment trust’s occupancy in the Multifamily segment increased 2.8% on a same-store basis in Q2 FY18, while its occupancy in the Healthcare segment decreased 0.01% during the quarter ended October 31, 2017. However, on all properties basis, the Multifamily segment’s occupancy increased to 94.8% as on October 31, 2017, from 91.2% as on October 31, 2016. Furthermore, the Healthcare segment’s all property occupancy grew to 92.6% as on October 31, 2017, from 88.9% as on October 31, 2016.

Cash Matters and Balance Sheet

IRET’s net cash provided by operating activities was $26.93 million during the first half of FY18 compared to $35.39 million in the first six months of FY17. The Company ended the quarter with a cash and cash equivalents balance of $42.46 million versus $28.82 million as on October 31, 2016.

Dividend and Share Repurchase

In its earnings press release, IRET declared a regular quarterly distribution of $0.07 per share/unit, payable on January 16, 2018, to common shareholders and unitholders of record as on January 02, 2018.

During the quarter, the Company repurchased and retired approximately 398,000 common shares along with approximately 40,000 units for an aggregate cost of approximately $2.6 million, at an average price of approximately $5.86 per share.

Stock Performance Snapshot

January 09, 2018 – At Tuesday’s closing bell, Investors Real Estate Trust’s stock declined 1.56%, ending the trading session at $5.69.

Volume traded for the day: 729.22 thousand shares, which was above the 3-month average volume of 500.06 thousand shares.

Stock performance for year-to-date – up 0.18%

After yesterday’s close, Investors Real Estate Trust’s market cap was at $770.48 million.

The stock has a dividend yield of 4.92%.

The stock is part of the Financial sector, categorized under the REIT – Diversified industry. This sector was up 0.2% at the end of the session.

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