PHILADELPHIA (AP) — PHILADELPHIA (AP) — Independence Realty Trust Inc. (IRT) on Wednesday reported a key measure of profitability in its second quarter.

The Philadelphia-based real estate investment trust said it had funds from operations of $66.7 million, or 28 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $8 million, or 3 cents per share.

The real estate investment trust, based in Philadelphia, posted revenue of $162.2 million in the period.

Independence Realty Trust expects full-year funds from operations in the range of $1.17 to $1.19 per share.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IRT at https://www.zacks.com/ap/IRT

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