Independence Realty Trust Reports Solid 2025 Results

Company 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, so its performance and outlook provide insights into broader trends in the apartment industry. The company's ability to navigate challenging conditions in 2025 and its optimism about 2026 suggest potential improvements ahead for the sector.

The details

IRT CEO Scott Schaeffer highlighted several operational initiatives intended to support efficiencies and cost savings, including implementing an AI leasing agent, refining bad debt management, and reducing the average turn time on value-add renovations. The company also successfully rolled out a Wi-Fi initiative and plans to expand it to 63 communities covering 19,000 units as part of its 2026 plan. IRT's 2025 core FFO per share was $1.17, in line with guidance, and same-store NOI grew 2.4% for the full year.

  • In the fourth quarter of 2025, same-store NOI grew 1.8%.
  • For the full year 2025, same-store NOI rose 2.4%.

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)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.