Independence Realty Trust Inc

Latest Results (21.11.2025):

Independence Realty Trust, Inc. reported its results for the fourth quarter of 2024 and full year 2024: the company delivered CFFO per share of $0.32 for 4Q24 and $1.16 for full-year 2024, achieved EPS of $0.17 for the year, posted same‑store NOI growth (5.3% in 4Q24 and 3.2% for the year), completed 1,671 value‑add renovations with a 15.7% ROI for 2024, and strengthened its balance sheet (net debt/Adjusted EBITDA improved to 5.9x and S&P assigned a BBB issuer credit rating). Management also provided full‑year 2025 guidance.

Quarter and full‑year financials

For the fourth quarter of 2024, IRT reported a net loss available to common of $1.0 million (loss per diluted share $0.00) vs. a $40.5 million loss in 4Q23, CFFO of $75.0 million ($0.32 per share), and Adjusted EBITDA of $94.5 million. For full‑year 2024, net income available to common was $39.3 million (EPS $0.17), CFFO was $266.9 million ($1.16 per share) and Adjusted EBITDA was $350.3 million (down from $366.8M in 2023, largely due to asset sales).

Operating performance — same‑store and leasing

Same‑store NOI rose 5.3% in 4Q24 and 3.2% for full‑year 2024. Portfolio average occupancy improved (95.5% in 4Q24, +100 bps year‑over‑year) and average rental rates increased modestly (blended portfolio rent +0.8% in 4Q and +1.3% for the year). Renewal rent growth remained solid while new lease rent was down year‑over‑year.

Value‑add program

IRT completed renovations on 395 units in 4Q24 and 1,671 units in 2024 total, generating a weighted average ROI of 15.1% in the quarter and 15.7% for the year. Average cost per renovated unit was about $18.3k, with an average monthly rent lift per renovated unit of roughly $230–$239 versus unrenovated comps.

Balance sheet and capital markets

The company improved leverage (net debt to Adjusted EBITDA to 5.9x at year‑end 2024), received a BBB issuer credit rating from S&P, and expanded its unsecured credit facility from $500M to $750M (extended maturity). In late 2024 IRT settled forward sales under its ATM for 2,498,300 shares, generating roughly $50.1M in proceeds.

Portfolio transactions and capital allocation

IRT recognized a $21.0M impairment on a Birmingham property held for sale (expected gross proceeds $111.0M, sale expected February 2025) and plans to use proceeds toward an under‑contract 280‑unit Indianapolis acquisition (~$59.5M). During 4Q24 IRT acquired two properties: Highland Ridge (Charlotte, 300 units, $73.5M) and Serenza at Ocoee Village (Orlando, 320 units, $84.3M).

2025 guidance

For full‑year 2025 IRT provided guidance of diluted EPS $0.19–$0.22, CFFO per share $1.16–$1.19, and same‑store NOI growth of 0.8%–3.3%, with management citing an expectation to grow CFFO as market fundamentals rebound.