PHILADELPHIA, PA — Independence Realty Trust, Inc. (NYSE: IRT) reported second-quarter 2025 results that met expectations, with core funds from operations (CFFO) holding steady at $0.28 per share and same-store net operating income (NOI) rising 2.0% year-over-year.
The REIT attributed revenue growth to stable occupancy, continued rental rate increases, and strong resident retention. Operating efficiencies and lower insurance costs helped offset rising expenses, resulting in a modest 0.6% decline in operating costs.
During the quarter, IRT completed renovations on 454 apartment units through its value-add program, achieving an average return on investment of 16.2%. Renovations averaged a $259 monthly rent lift per unit.
To strengthen its portfolio, the company is under contract to acquire two multifamily communities in Orlando, Florida, for $155 million, while preparing to sell three older properties in the second half of the year. Proceeds from sales will be recycled into newer assets in high-growth markets.
IRT ended the quarter with $716.4 million in liquidity and a net debt-to-Adjusted EBITDA ratio of 6.3x. Nearly all its debt is fixed or hedged, with an average interest rate of 4.2%.
The company also increased its quarterly dividend by 6.3% to $0.17 per share, paid on July 18.
Chairman and CEO Scott Schaeffer said the company remains focused on disciplined growth and sees current market conditions as an opportunity to enhance portfolio quality and scale.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.