Independence Realty Trust Announces Third 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 third quarter 2025 financial results.","length":193,"tagName":"p"},{"type":"text","content":" Q3 2025 EPS of $0.03 ","length":20,"tagName":"p","attribs":{}},{"type":"text","content":" Q3 CFFO Per Share of $0.29 In Line with Expectations ","length":52,"tagName":"p","attribs":{}},{"type":"text","content":" 2.7% Same-Store NOI Growth in Q3 1.4% Increase in Rental Revenue and 0.7% Decrease in Property Operating Expenses ","length":113,"tagName":"p","attribs":{}},{"type":"text","content":" 95.6% Same-Store Occupancy at End of Q3 ","length":39,"tagName":"p","attribs":{}},{"type":"text","content":" 60.4% Resident Retention Rate in Q3 ","length":35,"tagName":"p","attribs":{}},{"type":"text","content":" Completed 788 Renovations in Value Add Program Achieved Average ROI of 14.8% During Q3 ","length":86,"tagName":"p","attribs":{}},{"type":"text","content":" Accretive Investment Activity Acquired Two Communities in Orlando During Q3 for an Aggregate Purchase Price of $155 million Capital Recycling Out of Three Communities to Fund Higher Growth Investments is Progressing ","length":215,"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":" Reaffirmed Full Year 2025 Guidance Midpoints ","length":44,"tagName":"p","attribs":{}},{"type":"text","content":" Management Commentary ","length":21,"tagName":"p"},{"type":"text","content":""Third quarter same-store NOI growth of 2.7% and CFFO per share of $0.29 were in-line with our expectations. We remain committed to prioritizing stable occupancy, which will position us to capture improving rental rate growth as supply pressures continue to recede," said Scott Schaeffer, Chairman and CEO. "I am also pleased to report bad debt during the third quarter improved to less than 1% of same-store revenues driven by improved processes and our investments in technology. We will continue to invest in technologies to drive further operational efficiencies that enhance the resident experience while benefiting shareholders."","length":655,"tagName":"p"},{"type":"text","content":" Third Quarter Summary ","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income available to common shares of $6.9 million for the quarter ended September 30, 2025 compared to $12.4 million for the quarter ended September 30, 2024. 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We expect the sale of this property to occur in 2026.","length":274,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":766,"olType":false},{"type":"text","content":"Joint Ventures","length":14,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Metropolis at Innsbrook, Richmond, Virginia : On July 21, 2025, the joint venture sold this 402-unit apartment community. We received $31.1 million in proceeds from the sale, comprised of a return of our initial investment of $24.5 million and equity proceeds of $6.6 million. We recognized a gain on sale of $10.4 million in the third quarter of 2025.","length":351,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" The Approach, Indianapolis, Indiana : On October 8, 2025, we entered into a joint venture for the development of a to-be-built multifamily project comprised of 318 units just outside Indianapolis, Indiana. 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For the nine months ended September 30, 2025, recurring capital expenditures were $24.6 million, or $707 per unit, value add expenditures were $31.9 million, non-recurring expenditures were $39.2 million and development expenditures were $9.9 million, respectively.","length":558,"tagName":"p"},{"type":"text","content":" Capital Markets ","length":15,"tagName":"p"},{"type":"text","content":"In connection with our previously announced public offering of 11,500,000 shares of common stock, in September 2024, we entered into forward sale agreements with Citigroup. On September 29, 2025, we physically settled 5,300,000 of those shares pursuant to the forward sale agreements at a weighted average price of $19.06 per share, resulting in proceeds to us of $101.0 million which we used to fund acquisitions. The scheduled maturity date of our forward sale agreements is December 31, 2025. As of September 30, 2025, there were 300,000 shares of common stock remaining under our forward sale agreements with Citigroup and 2,681,000 shares remaining to be settled pursuant to the forward sale transactions entered into under our At-the-Market offering program, for a combined total of 2,981,600 shares of our common stock. Assuming the 2,981,600 shares were settled at the September 30, 2025 forward sales price, we would receive additional proceeds of approximately $61.7 million.","length":985,"tagName":"p"},{"type":"text","content":" Balance Sheet and Liquidity ","length":27,"tagName":"p"},{"type":"text","content":"At September 30, 2025, our net debt to Adjusted EBITDA was 6.0x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 3.2 years, and 99.7% of our debt was either subject to fixed interest rates or was hedged. 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