INDEPENDENCE REALTY TRUST (IRT) Company Report

Independence Realty Trust (IRT) reported Q3 2025 Core FFO per share of $0.29, aligning with expectations, and saw same-store Net Operating Income (NOI) grow 2.7%. This growth was driven by a 1.4% increase in same-store revenue and a 70 basis point decrease in operating expenses over the prior year.
Operational highlights include 95.6% occupancy at quarter-end, a 20 basis point improvement from Q2, and a resident retention rate of 60.4%. Bad debt significantly improved to 93 basis points of same-store revenue.
IRT acquired two Orlando communities for $155 million at an average economic cap rate of 5.8% and completed 788 value-add renovations during the quarter, achieving a 15% return on investment.
The company narrowed its full-year 2025 guidance ranges for same-store revenue and expense burden, keeping midpoints unchanged, and maintained its Core FFO per share midpoint at $1.175. Acquisition guidance was reduced to $215 million and disposition guidance to $161 million.
Management observed easing supply pressures and "green shoots" in several markets, with new deliveries in IRT submarkets declining 56% from 2023 to 2024 quarterly averages.

Oct 30, 2025, 1:00 PM

Independence Realty Trust Reports Q3 2025 Financial Results and Operational Highlights

IRT

Earnings

Guidance Update

New Projects/Investments

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.
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. Bad debt significantly improved to 93 basis points of same-store revenue, a 76 basis point improvement year-over-year.
IRT completed 788 value-add renovations in Q3 2025, achieving an average monthly rent increase of approximately $250 and a 15% weighted average ROI. The company also acquired two communities in Orlando for $155 million at a 5.8% economic cap rate.
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. 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.
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. However, some markets like Raleigh, Dallas, Denver, and Huntsville continue to experience supply pressures and concessions.

Oct 30, 2025, 1:00 PM

Independence Realty Trust Reports Q3 2025 Results and Updates Full-Year Guidance

IRT

Earnings

Guidance Update

M&A

Independence Realty Trust (IRT) reported Q3 2025 Core FFO per share of $0.29, in line with expectations, and same-store NOI growth of 2.7%.
The company achieved 95.6% occupancy, a 20 basis point improvement from Q2, and a 60.4% resident retention rate. Bad debt improved significantly, representing 93 basis points of same-store revenue.
IRT acquired two communities in Orlando for $155 million and completed 788 value-add renovations with a 15% return on investment.
For full-year 2025, the Core FFO per share guidance midpoint remains $1.175, though acquisition and disposition guidance ranges were reduced due to timing.
Market fundamentals show "green shoots" with easing supply pressures and positive net absorption in over half of IRT's markets, including Atlanta where occupancy increased 60 basis points and asking rents rose 5%.

Oct 30, 2025, 1:00 PM

Independence Realty Trust Announces Third Quarter 2025 Financial Results

IRT

Earnings

Guidance Update

New Projects/Investments

Independence Realty Trust reported Q3 2025 EPS of $0.03 and CFFO per share of $0.29, which were in line with expectations.
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.
Same-store occupancy stood at 95.6% at the end of Q3 2025, with a 60.4% resident retention rate.
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%.
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.

Oct 29, 2025, 8:05 PM

Independence Realty Trust Announces Q3 2025 Financial Results

IRT

Earnings

Guidance Update

New Projects/Investments

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.
The company maintained strong operational metrics with 95.6% same-store occupancy and a 60.4% resident retention rate in Q3 2025. During the quarter, 788 units were renovated in the value-add program, achieving an average return on investment of 14.8%.
Investment activity included the acquisition of two communities in Orlando for an aggregate purchase price of $155 million. 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.

Oct 29, 2025, 8:05 PM

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