PHILADELPHIA, PA — Independence Realty Trust, Inc. (NYSE: IRT), a multifamily apartment REIT, has announced its first-quarter 2025 financial results, showcasing positive operational achievements and strategic growth initiatives.
For Q1 2025, the company reported earnings per diluted share (EPS) of $0.04 and core funds from operations (CFFO) of $64.2 million, or $0.27 per share. Same-store portfolio net operating income (NOI) increased by 2.7%, supported by a 100 basis point bump in occupancy to 95.4%.
“We are off to a solid start in 2025. CFFO per share for the quarter of $0.27 and same-store NOI growth of 2.7%, driven by a 100 basis point increase in occupancy to 95.4%, were in line with our expectations,” said Scott Schaeffer, Chairman and CEO of IRT. “We continue to believe we are at the beginning of a multi-year period of improving fundamentals and growth. Given our portfolio’s market concentrations, waning supply pressure, and our strong balance sheet, we expect our portfolio will continue to outperform in 2025, positioning IRT to enter 2026 with solid earnings momentum and growth opportunities.”
Notable achievements during the quarter included the renovation of 275 units as part of IRT’s value-add program. The program recorded an average return on investment of 16.2%, with renovations costing an average of $18,463 per unit and delivering a $250 monthly rent increase.
IRT continued to reshape its portfolio through key transactions. The company exited Birmingham, AL, selling a property for $111 million, and expanded its presence in Indianapolis, IN, with the acquisition of a 280-unit community for $59.5 million. Two additional properties in Orlando, FL, and Colorado Springs, CO, are under contract for $154.8 million, with closings anticipated in late Q2 or early Q3.
The company also fortified its balance sheet, increasing its unsecured revolving credit facility from $500 million to $750 million and extending its maturity to January 2029. Liquidity stood at $742.9 million by March 31, 2025, including cash, equity sale proceeds, and credit capacity.
With a strong financial position and ongoing strategic investments, Independence Realty Trust affirmed its 2025 EPS, FFO, and CFFO guidance, setting the stage for continued growth and stability.
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