Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact name of registrant as specified in its charter) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Ma ...

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Financial Data and Key Metrics Changes - Core FFO per share for Q4 2025 was $0.32, and for the full year, it was $1.17, aligning with guidance [9] - Same-store NOI grew by 1.8% in Q4 and 2.4% for the full year, driven by a 2% increase in same-store revenue [9][10] - Operating expenses increased by 2.4% in Q4 and were modestly higher for the full year due to various factors, including higher repairs and maintenance [11] Business Line Data and Key Metrics Changes - The company renovated 2,003 units in 2025, achieving an average unlevered return on investment of 15.3% [6] - In 2026, the company plans to renovate between 2,000 and 2,500 units, adding six new communities to the Value-Add Program [7] Market Data and Key Metrics Changes - Job growth in the company's markets is forecasted to average 60 basis points, double the national average of 30 basis points [8] - The company generates nearly 70% of its NOI from communities in seven of the ten highest in-migration states, supporting apartment demand [8] Company Strategy and Development Direction - The company aims to capitalize on growth opportunities by focusing on operational efficiencies and cost savings through technology adoption [5] - Capital allocation will prioritize investments in the value-add program, with expectations of improved market fundamentals in 2026 [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, citing improving market fundamentals and strong demand driven by job and population growth [23] - The company anticipates same-store NOI growth of 80 basis points in 2026, with a focus on maintaining operational stability [17][19] Other Important Information - The company sold a 356-unit community for $50 million and entered a new joint venture in Indianapolis for a 318-unit community [13] - A $350 million unsecured term loan was secured to improve liquidity and manage debt maturities [15] Q&A Session Summary Question: How does the new lease rate growth assumption incorporate market rent growth? - Management indicated that the new lease growth starts negative in January but is expected to improve throughout the year, with first-half growth down about 2.25% and second-half growth up roughly 75 basis points [25] Question: Can you discuss the performance of non-same-store properties? - Management noted that non-same-store properties are performing in line with expectations, but two development deals are behind schedule due to higher concessions [27] Question: What impact will concessions burning off have on rent growth projections? - Management expects lower concessions in the back half of the year, which should improve rental rate growth, particularly for renewals [32] Question: Can you elaborate on the performance of specific markets? - Management highlighted strong performance in markets like Atlanta and Nashville, while noting challenges in Memphis due to slower macro growth [40] Question: What is the strategy regarding fixed and floating rate debt? - Management plans to maintain a flexible approach, favoring floating rate debt in the current environment while monitoring interest rate markets closely [86]

Independence Realty Trust (NYSE:IRT) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsJanice Richards - EVP of OperationsJim Sebra - President and CFOScott Schaeffer - CEOStephanie Krewson-Kelly - VP of Investor RelationsConference Call ParticipantsAmi Probandt - Equity Research AnalystAustin Wurschmidt - Senior Equity Research AnalystBrad Heffern - Equity Research AnalystEric Wolfe - VP and Equity Research AnalystJamie Feldman - Senior REIT Research AnalystJohn Kim - Equity Research ...

Independence Realty Trust (NYSE:IRT) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker9Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to Independence Realty Trust Q4 and full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. We do request for today's session that you plea ...

Financial Performance - EPS for the full year 2025 was $0.24, compared to $0.17 for the full year 2024[10] - Net income available to common shares for the quarter ended December 31, 2025, was $33.3 million, compared to a net loss of $1.0 million for the same quarter in 2024[14] - Net income available to common shares for the three months ended December 31, 2025, was $33,266,000, a significant increase from $6,893,000 in the previous quarter[44] - Earnings per share (diluted) rose to $0.14, compared to $0.03 in the prior quarter[44] - Net income for Q4 2025 was $34,015, compared to a loss of $1,100 in Q4 2024, indicating a significant turnaround[51] - The company’s total revenue for the year ended December 31, 2025, was $657.696 million, up from $640.035 million in 2024, marking a 2.6% increase[50] - Total revenue for Q4 2025 was $167.127 million, a 3.6% increase from $160.963 million in Q4 2024[50] Operational Metrics - Same-store portfolio NOI growth was 1.8% for the fourth quarter and 2.4% for the full year 2025, driven by revenue growth of 2.0% and 1.7% respectively[10] - Average occupancy for the full year 2025 was 95.4%, a 30 basis point increase over 2024[10] - Same-store portfolio NOI for Q4 2025 was $99,430, up 1.8% from $97,644 in Q4 2024[55] - Average occupancy rate remained stable at 95.4% in Q4 2025, slightly down from 95.5% in Q4 2024[55] - Total same-store portfolio net operating income (NOI) for 2025 reached $380,051,000, reflecting a 2.4% increase from 2024[58] - Average occupancy across the portfolio improved to 95.4% in 2025, up from 95.1% in 2024[58] Capital Expenditures and Investments - The company completed 2,003 renovations in its Value Add program for the full year 2025, achieving an average ROI of 15.3%[10] - For the three months ended December 31, 2025, recurring capital expenditures were $5.8 million, or $169 per unit, while total capital expenditures for the year were $30.4 million, or $884 per unit[21] - Capital expenditures for 2026 are projected to be $29 million to $33 million for recurring expenses and $42 million to $46 million for value-add renovations[31] - The company plans to acquire properties worth approximately $145 million and dispose of properties valued between $106 million and $112 million in 2026[33] Debt and Financing - A new $350 million unsecured term loan was established to repay a $200 million term loan and fund mortgage maturities, maturing in February 2030[25] - As of December 31, 2025, the company's net debt to Adjusted EBITDA was 5.7x, with a weighted average effective interest rate of 4.3% on consolidated debt[26] - Total consolidated debt as of December 31, 2025, is $2,281,475, with a weighted average contractual rate of 4.3%[76] - The company has an unsecured revolver capacity of $750,000, of which $198,892 was drawn as of December 31, 2025[76] Shareholder Returns - The company repurchased 1.9 million shares of common stock for $30.0 million during the year[10] - The Board declared a quarterly dividend of $0.17 per share, paid on January 23, 2026[27] - During the same period, the company repurchased approximately 1.9 million shares at an average price of $16.00 per share, totaling approximately $30.0 million, with $220.0 million remaining under the stock repurchase program[24] Market Performance - The common share price at the end of the period was $17.48, an increase from $16.39 in the previous quarter[44] - The average effective monthly rent per unit increased to $1,581 in Q4 2025, a 0.6% rise from $1,571 in Q4 2024[55] - Monthly rent per unit increased by 0.6% to $1,581 compared to $1,571 in 2024[57] Property Sales and Acquisitions - The company acquired a 140-unit community in Columbus, Ohio for approximately $29.5 million on January 15, 2026, increasing its exposure in the area[18] - The company sold Jamestown at St. Matthews in Louisville, Kentucky for a gross sales price of $50.0 million, recognizing a gain of approximately $17.8 million[19] - The total sale price for properties disposed of was $161 million, with an average price per unit of $150[68] Future Projections - 2026 same-store NOI growth is projected to be between (0.6%) to 2.2%[14] - For 2026, the company projects EPS guidance between $0.21 and $0.28, with FFO per share guidance between $1.15 and $1.19[29] - The same-store portfolio is expected to have property revenue growth of 1.0% to 2.4% and NOI growth of (0.6%) to 2.2%[31]

Core Viewpoint - Independence Realty Trust (NYSE:IRT) is favored by hedge funds, with analysts maintaining positive ratings despite some downward adjustments in target prices [1][3]. Analyst Ratings - Citizens JMP analyst Aaron Hecht maintains an Outperform rating on IRT, lowering the target price from $25 to $22, indicating a potential upside of 27.5% for investors [1][2]. - UBS analyst Ami Probandt assigns a Buy rating, raising the price target from $19 to $20, which suggests an upside of nearly 16% [3]. Market Conditions - Hecht anticipates an inflection point in lease rates by 2026 due to a slowdown in deliveries, which is expected to improve supply-side conditions [2]. - Probandt cites easing supply-side conditions and cheap valuations for REITs as reasons for a bullish outlook, expecting total returns of 9%-11% for REITs in the coming year [3]. Company Overview - Independence Realty Trust is a self-managed REIT focused on acquiring and managing multifamily apartment communities, targeting areas near employment, retail centers, and schools in the non-gateway U.S. market [4]. - The company aims to deliver strong returns to investors through dividends and capital gains [4].

Industry Overview - The U.S. real estate market is normalizing in 2025 after volatility in the previous two years, with Fed's three consecutive rate cuts boosting investor motivation [1] - Morgan Stanley's 2026 outlook emphasizes that sector-specific and asset-level drivers will dominate market dynamics, predicting increased transaction activity due to demand-supply imbalances and favorable credit conditions [2] - Fitch Ratings provides a neutral outlook for U.S. equity REITs in 2026, noting financial discipline and encouraging fundamentals, with most REITs trading at discounts to their net asset values [4] Investment Opportunities - Real estate investment trusts (REITs) are making it easier for retail investors to access diverse real estate segments, appealing to those seeking frequent income and unique property types [3] - A methodology for identifying favored REITs includes screening U.S.-listed REITs with market capitalizations above $2 billion and excluding those with share prices below $5, focusing on stocks with at least 5% upside potential [7][8] Specific REIT Analysis - Independence Realty Trust (NYSE:IRT) has a share price of $17.26 with a potential upside of 18.4%, supported by 27 hedge fund holders [10] - Analysts maintain a positive outlook for IRT, with target price revisions indicating upside potential of 27.5% and 16% from different analysts, driven by expected improvements in lease rates and easing supply-side conditions [11][12] - Kimco Realty Corporation (NYSE:KIM) has a share price of $21.06 and a potential upside of 12.2%, also backed by 27 hedge fund holders [14] - Analysts express optimism for KIM, with target price adjustments suggesting upside potential of around 19% and 23.5%, supported by positive forecasts for various property types [15][16]

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Core Insights - Argosy-Lionbridge Management has initiated a new position in Independence Realty Trust, acquiring 744,935 shares valued at approximately $12.2 million, representing 8% of its reportable assets as of September 30 [2][3][7] Company Overview - Independence Realty Trust operates as a real estate investment trust (REIT) focused on multifamily apartment properties, primarily generating revenue from rental income in non-gateway U.S. markets [9][10] - The company has a market capitalization of $4 billion, with a revenue of $651.5 million and a net income of $22.3 million for the trailing twelve months (TTM) [5] - The dividend yield for Independence Realty Trust stands at 4% [5] Recent Performance - As of the latest report, shares of Independence Realty Trust are priced at $16.45, reflecting a decline of 22.5% over the past year, underperforming the S&P 500, which has increased by 12% during the same period [4] - The company reported a same-store net operating income (NOI) increase of 2.7% in the third quarter, with portfolio occupancy maintained above 95% [11] Strategic Focus - Independence Realty Trust targets amenity-rich living in submarkets with quality schools, retail, and employment centers, focusing on cities like Atlanta, Louisville, Memphis, and Raleigh [10] - The company's strategy emphasizes scaling within high-demand, non-gateway U.S. markets to enhance operational performance and deliver attractive risk-adjusted returns [10] - Management has reaffirmed full-year core funds from operations guidance, highlighting improving bad debt trends and successful acquisitions in Orlando [12]