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Mar 31, 2025
Independence Realty Trust Q1 2025 Earnings Report
Reported Q1 2025 financial results, including net income of $8.4 million and EPS of $0.04, with same-store NOI growth of 2.7%.
Key Takeaways
Independence Realty Trust delivered a solid start to 2025 with Q1 CFFO per share of $0.27 and same-store NOI growth of 2.7%, meeting expectations. The company saw solid occupancy gains and rental rate growth, continued its value-add program with strong ROI, and strategically expanded its presence in Indianapolis while exiting Birmingham. They also strengthened their balance sheet and liquidity, affirming their full-year 2025 Core FFO per share guidance.
Q1 2025 EPS was $0.04 and CFFO per share was $0.27, aligning with expectations.
Same-store portfolio Net Operating Income increased by 2.7% year-over-year, driven by a 100 basis point increase in occupancy to 95.4% and a 0.9% increase in average rental rate.
The company completed 275 renovations in its value-add program during the quarter, achieving an average return on investment of 16.2%.
Strategic investment activities included the disposition of a property in Birmingham, AL, and the acquisition of a community in Indianapolis, IN, with two additional acquisitions under contract for Q2.
Forward Guidance
Independence Realty Trust affirms its full-year 2025 EPS, FFO, and CFFO per share guidance, anticipating continued strong performance driven by market concentrations, waning supply pressure, and a strong balance sheet.
Positive Outlook
- Expect portfolio to outperform in 2025 due to market concentrations and reduced supply pressure.
- Anticipate entering 2026 with solid earnings momentum and growth opportunities.
- Projecting Same-Store Portfolio property revenue growth between 2.1% and 3.1%.
- Forecasting Same-Store Portfolio NOI growth between 0.8% and 3.3%.
- Planning for acquisition volume between $280 million and $320 million in 2025.
Challenges Ahead
- Guidance is based on assumptions and actual results could vary significantly.
- Controllable operating expense growth for the Same-Store Portfolio is projected between 3.3% and 4.3%.
- Real estate tax and insurance expense growth for the Same-Store Portfolio is projected between 2.1% and 4.0%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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