IRT Q1 EPS $0.04, same-store NOI up 2.7%, CFFO flat; affirms 2025 guidance

INDEPENDENCE REALTY TRUST, INC.

2025-Q1 EPS reported $0.04 revenue$161,243,000

Net income of $8.4M ($0.04 diluted EPS) vs $17.6M ($0.08) in Q1 2024.
Same-store NOI grew 2.7% YoY; occupancy up 100 bps to 95.4%.
CFFO per share flat at $0.27; full-year 2025 Core FFO guidance reaffirmed.
Completed 275 value-add renovations (16.2% avg ROI); exited Birmingham, expanded in Indianapolis.
Two acquisitions under contract for ~$154.8M; forward sale of $56M equity under ATM executed.

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