Independence Realty Trust Reports Solid 2025 Results

Sees 'meaningfully better' setup in 2026 as supply pressures recede

Published on Feb. 14, 2026

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Independence Realty Trust (NYSE:IRT) executives told investors the company delivered 'solid' 2025 results despite challenging apartment fundamentals and said they see a 'meaningfully better' setup in 2026 as supply pressures recede across most of its markets.

Why it matters

Independence Realty Trust is a major player in the multi-family real estate market, focusing on workforce housing in suburban and urban infill locations. Its performance and outlook provide insights into broader trends in the apartment industry.

The details

Chief Executive Officer Scott Schaeffer said 2025 same-store NOI growth exceeded the company's initial guidance and highlighted several operational initiatives intended to support efficiencies and cost savings. President and Chief Financial Officer Jim Sebra said core FFO per share was $0.32 for the fourth quarter and $1.17 for full-year 2025, both in line with guidance. Same-store NOI grew 1.8% in the fourth quarter and 2.4% for the full year.

  • In early 2026, asking rents in the same-store portfolio increased 73 basis points since December 31.
  • For full-year 2025, same-store revenue growth was led by an 80-basis-point increase in average effective monthly rents, a 30-basis-point increase in average occupancy, and a 70-basis-point improvement in bad debt.

The players

Scott Schaeffer

Chief Executive Officer of Independence Realty Trust.

Jim Sebra

President and Chief Financial Officer of Independence Realty Trust.

Independence Realty Trust

A self-administered equity real estate investment trust that acquires, redevelops and manages multi-family communities, focusing on workforce housing.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

For 2026, IRT established EPS guidance of $0.21 to $0.28 per share and core FFO guidance of $1.12 to $1.16 per share.

The takeaway

Independence Realty Trust's solid 2025 performance and optimistic 2026 outlook highlight the resilience of the multi-family real estate market, even in the face of broader economic challenges. The company's focus on operational initiatives and strategic investments positions it well to navigate the evolving apartment landscape.