On this page of StockholderLetter.com we present the latest annual shareholder letter from INDEPENDENCE REALTY TRUST, INC. — ticker symbol IRT. Reading current and past IRT letters to shareholders can bring important insights into the investment thesis.
Deep Deuce at Bricktown Oklahoma City, OK W W W . I R T L I V I N G . C O M | N Y S E: I R T
DEAR FELLOW SHAREHOLDERS, 2025 was a solid year for IRT. Our team successfully navigated a third consecutive year of challenging market fundamentals, delivering core FFO per share of $1.17, which was in line with guidance. Results were driven by balancing revenue growth with high occupancy and strong resident retention, alongside a disciplined focus on expense management this combination generated same-store NOI growth of 2.4% for the year. New Initiatives to Drive Future Growth During 2025, we adopted new technologies that will generate operating efficiencies and cost savings for years to come. Among the most impactful initiatives were the implementation of our AI leasing agent to support our property teams, improvements to our bad debt management practices, and a 17% reduction in Value Add renovation turn-times to an average of just 25 days. We also successfully launched our Wi-Fi initiative, which we plan to expand to 63 communities covering 19,000 units as part of our 2026 plan. Smart Capital Allocation Positions IRT for Growth On the capital front, we sold two older communities, profitably exited two joint ventures, and redeployed proceeds into three newer communities with higher rental rates and lower capital expenditure requirements. We also took advantage of market dislocation to accretively repurchase 1.9 million IRT shares. Early in 2026, we entered into a new $350 million unsecured term loan and used the proceeds to retire maturing debt, leaving us with zero debt maturities until 2028. As a result of these and other initiatives, IRT is stronger than ever and wellpositioned to capitalize on the growth opportunities ahead. Market Fundamentals Rapidly Improving The outlook for 2026 is meaningfully better than 2025. While some headwinds remain in markets where new supply is still being absorbed, fundamentals are improving across our portfolio. Demand in our submarkets continues to be supported by population and job growth that exceeds the national averages. Migration to the Sunbelt and Midwest for employment opportunities and quality of life remains strong, and the relative affordability of renting continues to drive apartment demand. We will maintain our focus on operational efficiency to maximize the conversion of revenue growth to the bottom line, while remaining disciplined and nimble in allocating capital to its highest and best uses. I want to thank each IRT team member for their hard work and dedication, which is reflected in these results. And to you, our shareholders thank you for your continued trust and support. Sincerely, Scott F. Schaeffer Chairman and Chief Executive Officer (For definitions and reconciliations of any non-GAAP measures, please refer to IRT s filings with the SEC.)
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IRT Shareholder/Stockholder Letter Transcript:

Deep Deuce at Bricktown Oklahoma City, OK
W W W . I R T L I V I N G . C O M | N Y S E: I R T

DEAR FELLOW SHAREHOLDERS,
2025 was a solid year for IRT. Our team successfully navigated a third consecutive year of challenging market
fundamentals, delivering core FFO per share of $1.17, which was in line with guidance. Results were driven by
balancing revenue growth with high occupancy and strong resident retention, alongside a disciplined focus on
expense management     this combination generated same-store NOI growth of 2.4% for the year.
New Initiatives to Drive Future Growth
During 2025, we adopted new technologies that will generate operating efficiencies and cost savings for years to
come. Among the most impactful initiatives were the implementation of our AI leasing agent to support our
property teams, improvements to our bad debt management practices, and a 17% reduction in Value Add
renovation turn-times to an average of just 25 days. We also successfully launched our Wi-Fi initiative, which we
plan to expand to 63 communities covering 19,000 units as part of our 2026 plan.
Smart Capital Allocation Positions IRT for Growth
On the capital front, we sold two older communities, profitably exited two joint ventures, and redeployed
proceeds into three newer communities with higher rental rates and lower capital expenditure requirements. We
also took advantage of market dislocation to accretively repurchase 1.9 million IRT shares. Early in 2026, we
entered into a new $350 million unsecured term loan and used the proceeds to retire maturing debt, leaving us
with zero debt maturities until 2028. As a result of these and other initiatives, IRT is stronger than ever and wellpositioned to capitalize on the growth opportunities ahead.
Market Fundamentals Rapidly Improving
The outlook for 2026 is meaningfully better than 2025. While some headwinds remain in markets where new
supply is still being absorbed, fundamentals are improving across our portfolio. Demand in our submarkets
continues to be supported by population and job growth that exceeds the national averages. Migration to the
Sunbelt and Midwest for employment opportunities and quality of life remains strong, and the relative
affordability of renting continues to drive apartment demand. We will maintain our focus on operational
efficiency to maximize the conversion of revenue growth to the bottom line, while remaining disciplined and
nimble in allocating capital to its highest and best uses.
I want to thank each IRT team member for their hard work and dedication, which is reflected in these results. And
to you, our shareholders     thank you for your continued trust and support.
Sincerely,
Scott F. Schaeffer
Chairman and Chief Executive Officer
(For definitions and reconciliations of any non-GAAP
measures, please refer to IRT   s filings with the SEC.)


shareholder letter icon 3/19/2026 Letter Continued (Full PDF)
 

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