Austin Wurschmidt

Brad Heffern

Eric Wolfe

John Kim

Linda Tsai

Omotayo Okusanya

Ami Probandt

Ann Chan

Anne Chen

Barry Oxford

James Feldman

Jamie Feldman

John Pawlowski

Mason P. Guell

Michael Gorman

Richard Hightower

Wesley Golladay

- Independence Realty Trust reported **Q3 2025 Corporate FFO per share of $0.29**, in line with expectations, and achieved **2.7% same-store NOI growth**, driven by a **1.4% increase in same-store revenue** and a **70 basis point decrease in operating expenses**.  **[0001466085_2216067_2]** 
- The company maintained strong operational metrics with **95.6% occupancy** at quarter-end, a **20 basis point improvement** from Q2, and a **60.4% resident retention rate**.  **[0001466085_2216067_1]** **[0001466085_2216067_2]**  **Bad debt significantly improved** to **93 basis points** of same-store revenue, a **76 basis point improvement** year-over-year.  **[0001466085_2216067_3]** 
- IRT completed **788 value-add renovations** in Q3 2025, achieving an average monthly rent increase of approximately **$250** and a **15% weighted average ROI**.  **[0001466085_2216067_1]**  The company also acquired two communities in Orlando for **$155 million** at a **5.8% economic cap rate**.  **[0001466085_2216067_1]** **[0001466085_2216067_3]** 
- Full-year 2025 **Core FFO per share guidance remains unchanged at a midpoint of $1.175**, while acquisition guidance was updated to **$215 million** and disposition guidance to **$161 million**.  **[0001466085_2216067_4]**  The net debt to adjusted EBITDA ratio was **6 times** as of September 30, with an expectation to improve to the mid-fives in Q4.  **[0001466085_2216067_4]** 
- Market fundamentals show "green shoots" with new deliveries in IRT submarkets declining **56%** from 2023 to 2024 quarterly averages and supply forecasted to grow by less than **2%** per year.  **[0001466085_2216067_1]**  However, some markets like Raleigh, Dallas, Denver, and Huntsville continue to experience supply pressures and concessions.  **[0001466085_2216067_5]**

Independence Realty Trust Reports Q3 2025 Financial Results and Operational Highlights

- Independence Realty Trust reported **Q3 2025 EPS of $0.03** and **CFFO per share of $0.29**, which were in line with expectations.  **[1466085_0001437749-25-032181_ex_846806.htm:0]** 
- The company achieved **2.7% Same-Store Net Operating Income (NOI) growth** for the quarter ended September 30, 2025, driven by a **1.4% increase in rental revenue** and a **0.7% decrease in property operating expenses**.  **[1466085_0001437749-25-032181_ex_846806.htm:0]** 
- Same-store occupancy stood at **95.6%** at the end of Q3 2025, with a **60.4% resident retention rate**.  **[1466085_0001437749-25-032181_ex_846806.htm:0]** 
- During Q3 2025, IRT acquired **two communities in Orlando for an aggregate purchase price of $155 million** and completed **788 renovations** in its value-add program, achieving an average **return on investment of 14.8%**.  **[1466085_0001437749-25-032181_ex_846806.htm:0]** 
- The company reaffirmed its **Full Year 2025 Guidance Midpoints** and maintained a strong balance sheet with **net debt to Adjusted EBITDA of 6.0x** and approximately **$628.1 million in liquidity** as of September 30, 2025.  **[1466085_0001437749-25-032181_ex_846806.htm:0]** **[1466085_0001437749-25-032181_ex_846806.htm:3]**

Independence Realty Trust Announces Third Quarter 2025 Financial Results

- Independence Realty Trust reported **Q3 2025 EPS of $0.03** and **CFFO per share of $0.29**, alongside **2.7% same-store Net Operating Income (NOI) growth** for the quarter ended September 30, 2025.  **[1466085_dbc18d3b2af64fd59d1962c31b09e889_0]** 
- The company maintained strong operational metrics with **95.6% same-store occupancy** and a **60.4% resident retention rate** in Q3 2025.  **[1466085_dbc18d3b2af64fd59d1962c31b09e889_0]**  During the quarter, **788 units were renovated** in the value-add program, achieving an average **return on investment of 14.8%**.  **[1466085_dbc18d3b2af64fd59d1962c31b09e889_0]** 
- Investment activity included the acquisition of **two communities in Orlando** for an aggregate purchase price of **$155 million**.  **[1466085_dbc18d3b2af64fd59d1962c31b09e889_0]** **[1466085_dbc18d3b2af64fd59d1962c31b09e889_2]**  The company's full-year 2025 guidance midpoints were **reaffirmed**, with the **EPS guidance updated to $0.27-$0.28** from a previous range of $0.475-$0.535.  **[1466085_dbc18d3b2af64fd59d1962c31b09e889_0]** **[1466085_dbc18d3b2af64fd59d1962c31b09e889_4]**

Independence Realty Trust Announces Q3 2025 Financial Results

INDEPENDENCE REALTY TRUST (IRT)