Independence Realty Trust Inc

Latest Results (16.05.2026):

Independence Realty Trust, Inc.'s fourth quarter and full year 2025 results were in line with expectations: the company reported positive net income and modest operating growth with stable occupancy, strong value‑add returns, conservative leverage and ample liquidity as it refinanced near‑term maturities. Management emphasized stability in occupancy and improved leasing prospects heading into 2026.

Earnings

For Q4 2025 IRT reported net income available to common shares of $33.3 million and diluted EPS of $0.14; for full year 2025 net income available to common shares was $56.6 million and EPS was $0.24.

Cash Flow (CFFO / FFO)

Q4 2025 Core Funds From Operations (CFFO) were $78.9 million (CFFO per share $0.32). Full year CFFO was $279.8 million (CFFO per share $1.17). FFO per share for 2025 was $1.19.

Same‑Store Operating Results

Same‑store portfolio NOI grew 1.8% in Q4 and 2.4% for full year 2025, driven by same‑store revenue growth of 2.0% (Q4) and 1.7% (FY). Same‑store NOI margin was 66.3% in Q4.

Occupancy & Leasing

Same‑store period‑end occupancy was 95.6% at the end of Q4 2025; average occupancy for the full year was 95.4% (up 30 bps vs. 2024). Renewal rent growth was positive (2.9% blended renewals in Q4). Resident retention was 61.4% in Q4 and 59.8% for the year.

Value‑Add Program

IRT completed 486 unit renovations in Q4 and 2,003 units in 2025, achieving a weighted average ROI of 15.1% in Q4 and 15.3% for the year; average renovation cost per unit was about $19.7k with an average monthly rent premium near $250.

Balance Sheet & Liquidity

Net debt to Adjusted EBITDA was 5.7x at year‑end; liquidity totaled approximately $574.7 million (cash and revolver capacity). Weighted average effective interest rate (including hedges) was ~4.3% and 100% of debt was fixed or hedged as of 12/31/2025.

Capital Actions & Transactions

IRT repurchased ~1.9 million shares for ~$30.0 million in Q4; sold Jamestown at St. Matthews for $50.0 million, recognizing a gain of ~$17.8 million in Q4. Subsequent and post‑period activity included a January 2026 140‑unit acquisition (~$29.5M) and consolidation of an Austin joint venture in January 2026.

Refinancing

On February 11, 2026 IRT entered a new $350 million unsecured term loan (matures Feb 2030, one‑year extension option) to repay prior term debt and fund 2026 maturities, increasing unsecured capacity and extending the debt maturity profile.

2026 Guidance

IRT provided 2026 guidance of diluted EPS $0.21–$0.28, CFFO per share $1.12–$1.16 and same‑store NOI growth of (0.6%) to 2.2%, with detailed assumptions for revenue, expense and capital spending included in the release.