Independence Realty Trust Announces Second Quarter 2025 Financial Results

About this update from Independence Realty Trust, Inc.

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("IRT") (NYSE: IRT), a multifamily apartment REIT, announces its second quarter 2025 financial results.","length":191,"tagName":"p"},{"type":"text","content":" Q2 2025 EPS of $0.03 ","length":20,"tagName":"p","attribs":{}},{"type":"text","content":" Q2 CFFO Per Share of $0.28 In Line with Expectations ","length":52,"tagName":"p","attribs":{}},{"type":"text","content":" Same-Store Portfolio NOI Increased 2.0% for Q2 Stable Occupancy, Rental Rate Growth, and Strong Retention Supported 1.0% Increase in Revenues Focus on Operating Efficiencies and Favorable Insurance Renewal Drove 0.6% Decline in Operating Expenses ","length":246,"tagName":"p","attribs":{}},{"type":"text","content":" Completed 454 Renovations in Value Add Program Achieved Average ROI of 16.2% During the Second Quarter ","length":102,"tagName":"p","attribs":{}},{"type":"text","content":" Evaluating a Robust Pipeline of Future Acquisitions Two Communities in Orlando Under Contract for Acquisition during Q3 2025 $315 million of Acquisitions Added to Updated Guidance Three Communities Identified for Disposition in 2H 2025 ","length":235,"tagName":"p","attribs":{}},{"type":"text","content":" Balance Sheet Remains Strong Conservative Leverage and Ample Liquidity to Fund Growth ","length":85,"tagName":"p","attribs":{}},{"type":"text","content":" Updated Full Year 2025 Guidance Assumptions Increasing Midpoint of Same-Store NOI Growth; Maintaining Midpoint of CFFO per Share ","length":128,"tagName":"p","attribs":{}},{"type":"text","content":" Management Commentary ","length":21,"tagName":"p"},{"type":"text","content":""Our second quarter same-store NOI growth was 2.0% and our CFFO was $0.28 per share, both of which were in-line with our expectations. We are proud of our team’s dedication and hard work in delivering another quarter of NOI growth and solid earnings despite the challenging environment and ongoing macroeconomic uncertainty," said Scott Schaeffer, Chairman and CEO. "Additionally, we are seeing more opportunities to deploy capital accretively by trading out of older vintage assets and into newer communities in high-growth markets."","length":554,"tagName":"p"},{"type":"text","content":" Second Quarter Summary ","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income available to common shares of $8.0 million for the quarter ended June 30, 2025 compared to $10.4 million for the quarter ended June 30, 2024. Earnings per diluted share ("EPS") of $0.03 for the quarter ended June 30, 2025 compared to $0.05 for the quarter ended June 30, 2024.","length":297,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":297,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Same-store portfolio net operating income ("NOI") growth of 2.0% for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024.","length":155,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":155,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Core Funds from Operations ("CFFO") of $66.7 million for the quarter ended June 30, 2025 compared to $63.6 million for the quarter ended June 30, 2024. CFFO per share was $0.28 for the second quarter of 2025 and for the second quarter of 2024.","length":253,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":253,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted EBITDA of $87.6 million for the quarter ended June 30, 2025 compared to $83.6 million for the quarter ended June 30, 2024.","length":131,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":131,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Value add program completed renovations of 454 units during the quarter ended June 30, 2025, achieving a weighted average return on investment during the quarter of 16.2%.","length":171,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":171,"olType":false},{"type":"readMore"},{"type":"list","items":[{"val":[{"type":"text","content":"Under contract to acquire two properties in Orlando, FL for an aggregate purchase price totaling approximately $155 million, which are expected to close during Q3 2025. We expect to fund theses acquisitions using remaining proceeds from forward equity sales and draws on our unsecured revolver.","length":294,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":294,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Identified three properties for disposition as part of our capital recycling program.","length":85,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":85,"olType":false},{"type":"text","content":"Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP, as well as discussion of our same-store methodology.","length":307,"tagName":"p"},{"type":"text","content":" Same-Store Portfolio (1) Operating Results 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