Independence Realty Trust Inc 2025年度报告

DEAR FELLOW SHAREHOLDERS, 2025 was a solid year for IRT. Our team successfully navigated a third consecutive year of challenging marketfundamentals, delivering core FFO per share of $1.17, which was in line with guidance. Results were driven bybalancing revenue growth with high occupancy and strong resident retention, alongside a disciplined focus onexpense 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 tocome. Among the most impactful initiatives were the implementation of our AI leasing agent to support ourproperty teams, improvements to our bad debt management practices, and a 17% reduction in Value Addrenovation turn-times to an average of just 25 days. We also successfully launched our Wi-Fi initiative, which weplan 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 redeployedproceeds into three newer communities with higher rental rates and lower capital expenditure requirements. Wealso took advantage of market dislocation to accretively repurchase 1.9 million IRT shares. Early in 2026, weentered into a new $350 million unsecured term loan and used the proceeds to retire maturing debt, leaving uswith zero debt maturities until 2028. As a result of these and other initiatives, IRT is stronger than ever and well-positioned 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 newsupply is still being absorbed, fundamentals are improving across our portfolio. Demand in our submarketscontinues to be supported by population and job growth that exceeds the national averages. Migration to theSunbelt and Midwest for employment opportunities and quality of life remains strong, and the relativeaffordability of renting continues to drive apartment demand. We will maintain our focus on operationalefficiency to maximize the conversion of revenue growth to the bottom line, while remaining disciplined andnimble 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. Andto you, our shareholders — thank you for your continued trust and support. Sincerely, Scott F. SchaefferChairman and Chief Executive Officer 81,7('67$7(66(&85,7,(6$1'(;&+$1*(&200,66,21:$6+,1*721'&)250. 0DUN2QH☒$118$/5(325738568$17726(&7,2125 G 2)7+(6(&85,7,(6(;&+$1*($&72) 75$16,7,215(325738568$17726(&7,2125 G 2)7+(6(&85,7,(6(;&+$1*($&72) )RUWKH7UDQVLWLRQ3HULRGIURPBBBBBBBBBWRBBBBBBBBB&RPPLVVLRQILOHQXPEHU ,1'(3(1'(1&(5($/7<75867,1& ([DFWQDPHRIUHJLVWUDQWDVVSHFLILHGLQLWVFKDUWHU 6HFXULWLHVUHJLVWHUHGSXUVXDQWWR6HFWLRQ E RIWKH6HFXULWLHV([FKDQJH$FWRI ,QGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWLVDZHOONQRZQVHDVRQHGLVVXHUDVGHILQHGLQ5XOHRIWKH6HFXULWLHV$FW<HV☒1R☐,QGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWLVQRWUHTXLUHGWRILOHUHSRUWVSXUVXDQWWR6HFWLRQRU G RIWKH$FW<HV☐1R☒ ,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQW  KDVILOHGDOOUHSRUWVUHTXLUHGWREHILOHGE\6HFWLRQRU G RIWKH6HFXULWLHV([FKDQJH$FWRIGXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRGWKDWWKHUHJLVWUDQWZDVUHTXLUHGWRILOHVXFKUHSRUWV DQG  KDVEHHQVXEMHFWWRVXFKILOLQJUHTXLUHPHQWVIRUWKHSDVWGD\V<HV☒1R☐,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQWKDVVXEPLWWHGHOHFWURQLFDOO\HYHU\,QWHUDFWLYH'DWD)LOHUHTXLUHGWREHVXEPLWWHGSXUVXDQWWR5XOHRI5HJXODWLRQ67 † RIWKLVFKDSWHU GXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRGWKDWWKHUHJLVWUDQWZDVUHTXLUHGWRVXEPLWVXFKILOHV <HV☒1R☐,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQWLVDODUJHDFFHOHUDWHGILOHUDQDFFHOHUDWHGILOHUDQRQDFFHOHUDWHGILOHUDVPDOOHUUHSRUWLQJFRPSDQ\RUDQHPHUJLQJJURZWKFRPSDQ\6HHWKHGHILQLWLRQVRI³ODUJHDFFHOHUDWHGILOHU´³DFFHOHUDWHGILOHU´³VPDOOHUUHSRUWLQJFRPSDQ\´DQG³HPHUJLQJJURZWKFRPSDQ\´LQ5XOHERIWKH([FKDQJH$FW ☒$FFHOHUDWHGILOHU☐6PDOOHUUHSRUWLQJFRPSDQ\☐ /DUJHDFFHOHUDWHGILOHU1RQDFFHOHUDWHGILOHU(PHUJLQJJURZWKFRPSDQ\ ,IDQHPHUJLQJJURZWKFRPSDQ\LQGLFDWHE\FKHFNPDUNLIWKHUHJLVWUDQWKDVHOHFWHGQRWWRXVHWKHH[WHQGHGWUDQVLWLRQSHULRGIRUFRPSO\LQJZLWKDQ\QHZRUUHYLVHGILQDQFLDODFFRXQWLQJVWDQGDUGVSURYLGHGSXUVXDQWWR6HFWLRQ D RIWKH([FKDQJH$FW☐,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQWKDVILOHGDUHSRUWRQDQGDWWHVWDWLRQWRLWVPDQDJHPHQW¶VDVVHVVPHQWRIWKHHIIHFWLYHQHVVRILWVLQWHUQDOFRQWURORYHU ILQDQFLDOUHSRUW