PHILADELPHIA, PA — Independence Realty Trust, Inc. (NYSE: IRT) reported fourth-quarter and full-year 2025 financial results, posted higher earnings and same-store growth, and introduced 2026 guidance, the company announced.
For the year ended December 31, 2025, net income available to common shareholders was $56.6 million, or $0.24 per diluted share, compared with $39.3 million, or $0.17 per share, in 2024.
Core funds from operations totaled $279.8 million for the year, or $1.17 per share, compared with $266.9 million, or $1.16 per share, a year earlier.
Fourth-quarter net income available to common shareholders was $33.3 million, or $0.14 per diluted share, compared with a net loss of $1.0 million, or $0.00 per share, in the prior-year quarter.
Same-store net operating income increased 1.8% in the fourth quarter and 2.4% for the full year, driven by revenue growth of 2.0% and 1.7%, respectively. Same-store occupancy was 95.6% at year-end, with average occupancy of 95.4% for the year.
Chairman and Chief Executive Officer Scott Schaeffer said results were “in line with expectations” and cited improving market conditions. “With supply pressure receding, we expect stable occupancy and stronger leasing rates,” Schaeffer said. He added that a new term loan “satisfies all debt maturities through the end of 2027 and increases our number of unencumbered assets.”
The company completed renovations on 2,003 units in 2025 as part of its value-add program, achieving an average return on investment of 15.3%. In the fourth quarter alone, it renovated 486 units with a 15.1% average return.
Subsequent to year-end, IRT acquired a 140-unit property in Columbus, Ohio, for approximately $29.5 million, increasing its holdings in that market to 2,650 units. In November 2025, the company sold a property in Louisville, Kentucky, for $50.0 million and recorded a gain of approximately $17.8 million.
In February 2026, IRT entered into a new $350 million unsecured term loan maturing in 2030, replacing a prior $200 million term loan and refinancing 2026 maturities. At December 31, 2025, net debt to adjusted EBITDA was 5.7x, and the company reported approximately $574.7 million in liquidity.
The board previously authorized a $250.0 million share repurchase program. During the fourth quarter, IRT repurchased approximately 1.9 million shares for $30.0 million, with about $220.0 million remaining under the authorization.
For 2026, the company projects earnings per diluted share of $0.21 to $0.28 and core funds from operations per share of $1.12 to $1.16. It expects same-store net operating income growth between a decline of 0.6% and an increase of 2.2%.
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