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Independence Realty Trust (IRT) investor relations material
Independence Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 results met expectations, with stable occupancy averaging 95.3%–95.6% and resident retention at 60.4%.
Same-store NOI grew 2.7% year-over-year, supported by value-add renovations and technology enhancements.
Acquired two Orlando communities for $155 million, expanding market presence; three properties classified as held for sale.
Completed 788 unit renovations in Q3, achieving a 14.8%–15% average ROI.
Market fundamentals are improving, with positive net absorption and easing supply pressures in most markets.
Financial highlights
Q3 2025 CFFO per share was $0.29, with total revenue of $167.1 million, up 4.4% year-over-year.
Net income for Q3 2025 was $7.0 million, down from $12.6 million in Q3 2024, due to higher costs and a $12.8 million impairment on a Denver asset.
NOI margin increased 90 bps to 63.4% year-over-year.
Bad debt improved to 93 bps of same-store revenue, and accounts receivable balances were 40% lower year-over-year.
Dividend increased to $0.17 per share, paid quarterly.
Outlook and guidance
Full-year 2025 CFFO per share guidance reaffirmed at $1.17–$1.18; EPS guidance midpoint reduced to $0.28.
Acquisition guidance for 2025 is $215 million, with disposition guidance at $161 million.
Expect new lease rates to reach break-even in the first half of 2026 as supply pressures ease.
Management expects to close the sale of three properties held for sale by early 2026.
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