PHILADELPHIA, PA — Independence Realty Trust, Inc. (NYSE: IRT) reported steady financial performance for the third quarter of 2025, driven by disciplined cost management and continued rental demand across its Sunbelt-focused apartment portfolio.
For the quarter ended September 30, the real estate investment trust posted net income of $30.5 million, or $0.14 per diluted share, compared to $21.7 million, or $0.10 per share, in the same period last year. Core Funds from Operations (CFFO) reached $83.7 million, or $0.37 per share, up from $80.8 million, or $0.36 per share, in the prior-year quarter.
Same-store revenues increased 3.1 percent year-over-year, reflecting rent growth and stable occupancy rates across the company’s 37,000-unit portfolio. Operating expenses rose 2.7 percent, leading to a 3.4 percent increase in same-store net operating income (NOI). The company credited improved efficiency and moderated expense growth for helping sustain operating margins despite inflationary pressure.
“Despite headwinds in the broader multifamily sector, we delivered consistent results and continue to strengthen our balance sheet,” said Scott Schaeffer, Chairman and CEO of Independence Realty Trust. “Our focus on operational excellence and strategic reinvestment in high-demand markets positions us well for long-term value creation.”
During the quarter, IRT completed the sale of three non-core properties totaling 827 units for approximately $165 million, generating $56 million in net proceeds. The company used a portion of the proceeds to reduce debt, improving its leverage profile and liquidity.
As of September 30, IRT reported total liquidity of $459 million, including $30 million in cash and cash equivalents and $429 million in available capacity under its unsecured credit facility. The company’s net debt-to-adjusted EBITDAre ratio stood at 6.1x, consistent with prior quarters.
IRT declared a quarterly cash dividend of $0.16 per share, payable on October 21, 2025, to stockholders of record as of September 30, 2025.
Looking ahead, the company reaffirmed its full-year 2025 guidance, projecting same-store NOI growth of 3.0 to 4.0 percent and CFFO per share between $1.46 and $1.50, supported by stable demand trends and continued portfolio optimization.
Independence Realty Trust owns and operates Class B multifamily communities across fast-growing U.S. markets, including Atlanta, Dallas, Raleigh, and Tampa, with a focus on affordable lifestyle properties positioned for long-term rental resilience.
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