Independence Realty Trust
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Independence Realty Trust (IRT) investor relations material

Independence Realty Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Delivered same-store NOI growth above initial guidance in 2025, with full year EPS of $0.24 and CFFO per share of $1.17, both in line with expectations.

  • Adopted new technologies, including AI leasing agents and Wi-Fi initiatives, to drive efficiencies and cost savings.

  • Sold two older communities and redeployed proceeds into three newer, higher-rent, lower CapEx properties.

  • Renovated 2,003 units in 2025, achieving a 15.3% unlevered ROI; plan to renovate 2,000–2,500 units in 2026.

  • Balance sheet remains strong with conservative leverage and ample liquidity.

Financial highlights

  • Core FFO per share was $0.32 for Q4 and $1.17 for full year 2025, in line with guidance.

  • Same-store NOI grew 1.8% in Q4 and 2.4% for the year, driven by revenue growth and controlled expenses.

  • Q4 2025 net income was $33.3 million, compared to a $1.0 million loss in Q4 2024.

  • Adjusted EBITDA for 2025 was $364.5 million, up from $350.3 million in 2024.

  • Full-year same-store revenue up 1.7%, with occupancy up 30 bps and bad debt improved by 70 bps.

Outlook and guidance

  • 2026 EPS guidance: $0.21–$0.28 per share; Core FFO/CFFO: $1.12–$1.16 per share.

  • 2026 same-store NOI expected to increase 80 bps at midpoint, with 1.7% revenue growth and 3.4% total expense growth.

  • Blended effective rent growth of 1.7% expected, with new lease trade outs at -75 bps and renewals at 3.25%.

  • Acquisition volume for 2026 projected at $145 million; disposition volume at $106–$112 million.

  • Non-same-store NOI guidance: $25–$26 million for 2026.

Impact of negative new lease growth on 2026 NOI
2026 NOI growth: revenue vs expense assumptions
Strategy for 24% occupied Austin JV acquisition
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Frequently asked questions

Independence Realty Trust Inc is a real estate investment trust that owns and operates apartment communities in U.S. growth markets. The company’s portfolio focuses on Class B multifamily properties with value-add potential. It manages leasing, maintenance, and renovation services in-house. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.

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