Debt refi, buybacks shape Independence Realty (NYSE: IRT) 2026 plan

Q: How did Independence Realty Trust (IRT) perform financially in full year 2025?

Independence Realty Trust reported full year 2025 EPS of $0.24 and Core FFO (CFFO) of $1.17 per share . Same-store NOI grew 2.4% , supported by 95.4% average occupancy and modest rent increases across its multifamily portfolio.

Q: What are IRT’s key 2026 earnings and CFFO guidance targets?

For 2026, IRT projects diluted EPS between $0.21 and $0.28 and CFFO per share between $1.12 and $1.16 . Guidance assumes same-store NOI growth in a range of (0.6%) to 2.2% , reflecting modest revenue growth and controlled expense increases.

Q: How strong are IRT’s balance sheet and liquidity at year-end 2025?

At December 31, 2025, IRT reported net debt to Adjusted EBITDA of 5.7x and interest coverage of 4.8x . Liquidity totaled about $574.7 million , combining unrestricted cash and availability under its unsecured revolving credit facility, with all debt fixed or hedged.

Q: What progress did IRT make on its value-add renovation program in 2025?

IRT renovated 2,003 units during 2025, achieving a weighted average ROI of 15.3% . The average renovation cost was about $19,661 per unit , and renovated units generated an average monthly rent increase of roughly $251 compared with comparable unrenovated units.

Q: Did Independence Realty Trust repurchase any shares in 2025?

In Q4 2025, IRT repurchased approximately 1.9 million common shares at an average price of $16.00 , for a total of about $30.0 million . As of December 31, 2025, roughly $220.0 million remained available under its $250.0 million stock repurchase authorization.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Independence Realty Trust, Inc. (IRT) entered into a Sixth Amended and Restated Credit Agreement that adds a new $350 million unsecured term loan maturing in 2030, with a one-year extension option. A portion of this loan will repay the existing $200 million 2026 term loan, and the agreement lifts total unsecured credit capacity to $1.5 billion, with the ability to request an increase to $2.0 billion. Pricing on the revolver and term loans is tied to IRT’s credit rating; at closing, SOFR spreads were 77.5 basis points on the revolver and 85 basis points on the 2028 and 2030 term loans.

For full year 2025, IRT reported EPS of $0.24 and CFFO of $1.17 per share, with Q4 CFFO of $0.32 per share. Same‑store NOI grew 2.4% for 2025 and 1.8% in Q4, driven by modest revenue growth and high same‑store occupancy of 95.4%. The value‑add program completed 2,003 unit renovations in 2025 at an average ROI of 15.3%.

Leverage remained moderate, with net debt to Adjusted EBITDA of 5.7x and liquidity of about $574.7 million as of December 31, 2025. IRT also repurchased 1.9 million shares for $30.0 million in Q4, leaving approximately $220.0 million authorized under its buyback program. For 2026, the company guided to EPS of $0.21–$0.28, CFFO of $1.12–$1.16 per share, and same‑store NOI growth between (0.6%) and 2.2%.

Insights

IRT refinances near-term debt, maintains steady cash flow metrics, and offers cautious 2026 guidance.

Independence Realty Trust replaced its 2026 term loan with a new $350 million unsecured term loan maturing in 2030, while expanding unsecured credit capacity to $1.5 billion with an option to request up to $2.0 billion. Margins on the revolver and term loans are unchanged and tied to IRT’s credit ratings, helping keep borrowing costs predictable.

Operationally, 2025 performance was stable rather than rapid‑growth. Same‑store NOI increased 2.4% for the year, supported by high average occupancy of 95.4% and modest rent gains, while the value‑add program generated a reported ROI above 15%. Net debt to Adjusted EBITDA of 5.7x and interest coverage of 4.8x indicate manageable leverage for a multifamily REIT.

The 2026 outlook calls for EPS of $0.21–$0.28 and CFFO per share of $1.12–$1.16, with same‑store NOI growth potentially as low as slightly negative and as high as low single digits. That range reflects expense pressures and a moderating rent environment. Future disclosures in company filings may clarify how acquisition activity, dispositions, and value‑add spending track against the guidance assumptions for transaction volume and capital expenditures.

02/11/2026 - 04:05 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 11, 2026

Independence Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-36041	26-4567130
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1835 Market Street, Suite 2601

Philadelphia, Pennsylvania, 19103

(Address of Principal Executive Office) (Zip Code)

(267) 270-4800

(Registrant’s telephone number, including area code)

N/A

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock		IRT		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On February 11, 2026, Independence Realty Operating Partnership, LP (“IROP”) the limited partnership through which Independence Realty Trust, Inc. (“IRT”) owns its assets and conducts its operations, entered into a Sixth Amended and Restated Credit Agreement (the “Restated Credit Agreement”) dated as of February 11, 2026, by and among IROP, as borrower, IRT as parent guarantor, KeyBank National Association (“KeyBank”), as administrative agent, and the other agents and lender parties thereto. IRT has unconditionally guaranteed all obligations of IROP under the Restated Credit Agreement. IRT has no material assets other than its investment in IROP. As used below, the term “Borrower Group” means, collectively, IRT, IROP and any future subsidiary guarantors.

The Restated Credit Agreement amends and restates in its entirety the Fifth Amended and Restated Credit Agreement dated as of January 8, 2025 (the “Prior Credit Agreement”) by, among others, IROP, IRT as parent guarantor, and the banks set forth therein.

The Prior Credit Agreement provided for a $750.0 million unsecured revolving credit facility (the “Revolving Credit Facility”) with a January 8, 2029 scheduled maturity date and two unsecured term loans, specifically: (i) a $200.0 million term loan with a May 18, 2026 maturity date (the “2026 Term Loan”) and (ii) a $400.0 million term loan with a January 28, 2028 maturity date (the “2028 Term Loan”).

The Restated Credit Agreement provides for a new $350.0 million term loan with a maturity date of February 11, 2030 (the “2030 Term Loan”), subject to a one-year extension option. A portion of the proceeds from the 2030 Term Loan will be used to pay off the 2026 Term Loan.

The Restated Credit Agreement increases the aggregate amount of the Restated Credit Facility to $1.5 billion and permits IROP to request an increase in such aggregate amount to up to $2.0 billion, subject to certain terms and conditions, including receipt of commitments from one or more lenders, whether or not currently parties to the Restated Credit Agreement, to provide such increased amounts, which increase may be allocated, at IROP's option, to the Revolving Credit Facility and/or to one or more of the Term Loans, in accordance with the Restated Credit Agreement.

The margin for borrowings under the Unsecured Revolver, the 2028 Term Loan and the new 2030 Term Loan remain unchanged, with (1) Unsecured Revolver borrowings bearing interest at a rate equal to either (i) the SOFR rate plus a margin of 72.5 to 140 basis points, or (ii) a base rate plus a margin of 0 to 40 basis points; and (2) 2028 Term Loan and new 2030 Term Loan borrowings bearing interest at a rate equal to either (i) the SOFR rate plus a margin of 80 to 160 basis points, or (ii) a base rate plus a margin of 0 to 60 basis points. The applicable margin will be determined based upon IRT's credit rating. At the time of closing, based upon IRT's credit rating along with IROP's consolidated leverage ratio, the applicable SOFR margin was 77.5 basis points for the Unsecured Revolver and 85 basis points for both the 2028 Term Loan and 2030 Term Loan.

The Restated Credit Agreement contains customary covenants for credit facilities of this type, including restrictions on the ability of the Borrower Group to take the following actions: (i) make distributions after an event of default; (ii) incur debt, (iii) make investments; (iv) grant or suffer liens; (v) undertake mergers, consolidations, asset sales and other fundamental entity changes; (vi) make material changes to contracts and organizational documents; and (vii) enter into transactions with affiliates.

The Restated Credit Agreement also contains financial covenants applicable to the Borrower Group involving (i) maximum consolidated total debt to total asset value, (ii) maximum distributions, (iii) maximum secured debt to total asset value, (iv) maximum unsecured debt to eligible unencumbered properties, and (v) minimum consolidated fixed charge coverage.

The Restated Credit Agreement provides for certain customary events of default, including among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of covenants, cross defaults with certain other indebtedness, insolvency or inability to pay debts, bankruptcy, or a change of control.

Certain of the banks and financial institutions that are parties to the Restated Credit Agreement and their respective affiliates have in the past provided, are currently providing, and in the future may continue to provide investment banking, commercial banking and other financial services to IRT and IROP and their affiliates in the ordinary course of business for which they have received and will receive customary compensation.

The foregoing description of the Restated Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, reference to the Restated Credit Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement.

The information set forth under Item 1.01 above is incorporated herein by reference. Upon the effectiveness of the Sixth Restated Credit Agreement, the Fifth Restated Credit Agreement was subsumed within, and is now governed by, the Sixth Restated Credit Agreement. A copy of the Fifth Rested Credit Agreement was previously filed as Exhibit 10.1 to IRT's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 10, 2025.

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2026, we issued a press release announcing our financial results for the year ended December 31, 2025. Additionally, we are furnishing certain supplemental information with this Current Report. Copies of such press release and such supplemental information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report and are incorporated by reference into this Item 2.02. The information in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

In connection with the execution of the Restated Credit Agreement, on February 11, 2026, the Company issued a press release, which is attached as Exhibit 99.1 hereto.

The information provided in this Item 2.02 above is incorporated by reference into this Item 7.01. The information incorporated by reference into this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information incorporated by reference into this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

10.1	Sixth Amended, Restated and Consolidated Credit Agreement (the "Credit Agreement"), dated as of February 11, 2026, by and among the Independence Realty Operating Partnership, LP as borrower and Independence Realty Trust, Inc., as guarantor; Citibank, N.A. (together with any successor in interest, "Citibank") and KeyBank National Association (together with any successor in interest, "KeyBank"), as initial Lenders, Issuing Lenders and Swing Loan Lenders, the other lending institutions which are parties to the Credit Agreement as "Lenders"; the other lending institutions that may become parties to the Credit Agreement and KeyBank, as administrative agent for the Lenders, with Citibank, Capital One National Association, PNC Bank, National Association, Regions Bank, BMO Bank, N.A., The Huntington National Bank and Truist Bank, as Revolving Facility Co-Syndication Agents; Bank of America, N.A., Barclays Bank PLC and Royal Bank of Canada, as Co-Documentation Agents; Citibank and KeyBanc Capital Markets, as Revolving Facility Joint Bookrunners; KeyBanc Capital Markets, Citibank, PNC Capital Markets LLC, Capital One, National Association, The Huntington National Bank, Regions Capital Markets, BMO Bank N.A., and Truist Securities, Inc., as Revolving Facility Joint Lead Arrangers; Capital One, National Association and PNC Bank, National Association, as 2022 Term Loan Co-Syndication Agents, KeyBanc Capital Markets, Capital One National Association, and PNC Capital Markets LLC, as 2022 Term Loan Joint Bookrunners; and KeyBanc Capital Markets, Capital One, National Association and PNC Capital Markets, LLC, as 2022 Term Loan Joint Lead Arrangers; PNC Bank National Association, The Huntington National Bank, Regions Bank, Truist Bank, Bank of America, N.A., and Royal Bank of Canada, as 2026 Term Loan Co-Syndication Agents; KeyBanc Capital Markets and BOFA Securities, Inc., as 2026 Term Loan Joint Bookrunners; KeyBanc Capital Markets, PNC Capital Markets LLC, The Huntington National Bank, Regions Capital Markets, Truist Securities, Inc., BOFA Securities, Inc., and RBC Capital Markets Corporation, as 2026 Term Loan Joint Lead Arrangers.
99.1	Press Release
99.2	Supplemental Information
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Independence Realty Trust, Inc.

February 11, 2026	By:	/s/ James J. Sebra
	Name:	James J. Sebra
	Title:	President and Chief Financial Officer

Exhibit 99.1

Independence Realty Trust Announces Fourth Quarter and Full Year 2025 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – February 11, 2026— Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its fourth quarter and full year 2025 financial results.

EPS of $0.24 for Full Year 2025

CFFO Per Share of $0.32 for Fourth Quarter and $1.17 for Full Year 2025

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.8% and 2.4% for the Fourth Quarter and Full Year 2025

Driven by 2.0% and 1.7% Same-Store Revenue Growth in the Fourth Quarter and Full Year

95.6% Same Store Portfolio Occupancy at End of Fourth Quarter

95.4% Average Occupancy for the Full Year, a 30 Basis Point Increase Over 2024

61.4% Resident Retention Rate in Fourth Quarter and 59.8% for the Full Year 2025

Completed 2,003 Renovations in Value Add Program for the Full Year 2025

Achieved Average ROI of 15.3% During the Year

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

Net Debt to Adjusted EBITDA of 5.7x at Year End

Repurchased 1.9 Million Shares of Our Common Stock for $30.0 Million

2026 and 2027 Maturities Refinanced with New Unsecured Term Loan in February 2026

Management Commentary

“Our solid full year 2025 results were in line with expectations” said Scott Schaeffer, Chairman and CEO of IRT. “With supply pressure receding, we expect stable occupancy and stronger leasing rates. That combined with our continued focus toward managing expenses will allow us drive growth in same-store results in 2026. Additionally, our new term loan satisfies all debt maturities through the end of 2027 and increases our number of unencumbered assets.”

Fourth Quarter Summary

•

Net income available to common shares of $33.3 million for the quarter ended December 31, 2025 compared to net loss available to common shares of $1.0 million for the quarter ended December 31, 2024. Earnings per diluted share (“EPS”) of $0.14 for the quarter ended December 31, 2025 compared to $0.00 for the quarter ended December 31, 2024.

•

Same-store portfolio NOI growth of 1.8% for the quarter ended December 31, 2025 compared to the quarter ended December 31, 2024.

•

Core Funds from Operations (“CFFO”) of $78.9 million for the quarter ended December 31, 2025 compared to $75.0 million for the quarter ended December 31, 2024. CFFO per share was $0.32 for the fourth quarter of 2025 and for the fourth quarter of 2024.

•

Adjusted EBITDA of $98.5 million for the quarter ended December 31, 2025 compared to $94.5 million for the quarter ended December 31, 2024.

•

Value Add program completed renovations of 486 units during the quarter ended December 31, 2025, achieving a weighted average return on investment during the quarter of 15.1%.

Full Year Summary

•

Net income available to common shares of $56.6 million for the year ended December 31, 2025 compared to $39.3 million for the year ended December 31, 2024. EPS of $0.24 for the year ended December 31, 2025 compared to $0.17 for the year ended December 31, 2024.

•

Same-store portfolio NOI growth of 2.4% for the year ended December 31, 2025 compared to the year ended December 31, 2024.

•

CFFO of $279.8 million for the year ended December 31, 2025 compared to $266.9 million for the year ended December 31, 2024. CFFO per share was $1.17 for the year ended December 31, 2025, as compared to $1.16 for the year ended December 31, 2024.

•

Adjusted EBITDA of $364.5 million for the year ended December 31, 2025 compared to $350.3 million for the year ended December 31, 2024.

•

Value Add program completed renovations of 2,003 units during the year ended December 31, 2025, achieving a weighted average return on investment during the year of 15.3%.

Full Year 2026 Guidance Summary

	•	Earnings per diluted share of $0.21 to $0.28
	•	CFFO per share of $1.12 to $1.16
	•	2026 Same-Store NOI growth of (0.6%) to 2.2%

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures used herein and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP, as well as discussion of our same-store methodology.

Same-Store Portfolio⁽¹⁾ Operating Results

	Fourth Quarter 2025	Full Year 2025
	Compared to	Compared to
	Fourth Quarter 2024	Full Year 2024
Rental and other property revenue	2.0% increase	1.7% increase
Property operating expenses	2.4% increase	0.5% increase
NOI	1.8% increase	2.4% increase
Portfolio average occupancy	10 bps decrease to 95.4%	30 bps increase to 95.4%
Portfolio average rental rate	0.6% increase to $1,581	0.8% increase to $1,578
NOI Margin	10 bps decrease to 66.3%	40 bps increase to 63.8%

	Q3 2025⁽³⁾			Q4 2025⁽⁴⁾
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.3	%		95.4	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases		(3.5	)%		(3.7	)%
Renewal Leases		2.6	%		2.9	%
Blended		0.1	%		0.8	%
Resident Retention Rate		60.4	%		61.4	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.7	%		95.6	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases		(4.3	)%		(4.6	)%
Renewal Leases		2.5	%		3.1	%
Blended		(0.2	)%		0.7	%
Resident Retention Rate		60.6	%		60.7	%
Value Add (32 properties with Ongoing Value Add)
Average Occupancy		94.4	%		94.9	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases		(2.4	)%		(2.2	)%
Renewal Leases		2.6	%		2.4	%
Blended		0.6	%		1.0	%
Resident Retention Rate		59.8	%		62.7	%

(1)	Same-store portfolio includes 105 properties, which represent 30,502 units.

(2)	Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-14 months.
(3)	In Q3 2025, approximately 90% of our leases were like-term. Q3 2025 new, renewal, and blended lease over lease rent growth for all leases was (3.9)%, 2.8%, and 0.1%, respectively.
(4)	In Q4 2025, approximately 81% of our leases were like-term. Q4 2025 new, renewal, and blended lease over lease rent growth for all leases was (6.2)%, 3.0% and (1.0)%, respectively.

Value Add Program

We completed renovations of 486 units during the three months ended December 31, 2025, achieving a weighted average return on investment of 15.1%, with an average cost per unit renovated of $19,815, and an average monthly rent increase per unit of $249 over unrenovated comparable units. We completed renovations of 2,003 units during the year ended December 31, 2025, achieving a weighted average return on investment of 15.3%, with an average cost per unit renovated of $19,661, and an average monthly rent increase per unit of $251 over unrenovated comparable units. See the Value Add Summary page of our supplemental information for additional information on our projects’ life to date as of December 31, 2025.

Investment Activity

Acquisitions

•

Subsequent to year-end, on January 15, 2026, we acquired a 140-unit community in Columbus, Ohio for approximately $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Dispositions

•

Jamestown at St. Matthews, Louisville, Kentucky: On November 13, 2025, we sold this property for a gross sales price of $50.0 million. We used the sale of this property to complete a reverse 1031 exchange with the property acquired on July 31, 2025. We recognized a gain on sale of approximately $17.8 million in the fourth quarter of 2025.

Joint Ventures

	•	The Approach, Indianapolis, Indiana: On October 8, 2025, we entered into a joint venture to develop a 318-unit multifamily project just outside Indianapolis, Indiana. We have committed to invest an aggregate of $20.0 million in this joint venture in exchange for a 66.6% preferred equity interest, and, as of December 31, 2025, we had funded $3.4 million on account of this commitment.

	•	Views of Music City II, Nashville, Tennessee: On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial capital of $5.9 million and a preferred return of $3.3 million. We recognized the preferred return of $3.3 million in Income (loss) from unconsolidated real estate entities in October 2025. Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of this property.

	•	Lakeline Station, Austin Texas: Subsequent to year-end, on January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property. The property underlying this joint venture is a 378-unit community in Austin, Texas that was 24% occupied as of February 10, 2026 and will be consolidated into our financial results effective January 20, 2026.

Capital Expenditures

Across our total portfolio for the three months ended December 31, 2025, recurring capital expenditures were $5.8 million, or $169 per unit; Value Add expenditures were $9.3 million; non-recurring expenditures were $5.2 million; and development expenditures were $0.9 million, respectively. For the year ended December 31, 2025, recurring capital expenditures were $30.4 million, or $884 per unit; Value Add expenditures were $41.2 million; non-recurring expenditures were $44.4 million and development expenditures were $10.8 million, respectively.

Capital Markets

In connection with our previously announced public offering of 11.5 million shares of common stock, we entered into forward sale agreements with Citigroup in September 2024 in order to lock in the price of shares of common stock in advance to provide certainty of funding for future strategic acquisitions. Through September 30, 2025, we had physically settled an aggregate of 11.2 million shares of common stock at a weighted average price of $19.01 per share, resulting in aggregate net proceeds to us of approximately $212.9 million, which we used to fund acquisitions. During the three months ended December 31, 2025, we net cash settled the remaining 0.3 million shares of common stock at a weighted average price of $17.53 per share against a weighted average forward price of $19.01 per share, resulting in additional net proceeds to us of $0.4 million.

During the three months ended March 31, 2025, we entered into forward sales transactions under our At-the-Market offering program for the forward sale of approximately 2.7 million shares of our common stock. During the three months ended December 31, 2025, we net cash settled all 2.7 million shares at a weighted average price of $16.81 per share against a weighted average forward price of $21.02 per share, resulting in net proceeds to us of approximately $11.3 million.

Our Board of Directors previously authorized a stock repurchase program for the repurchase of up to $250.0 million of the Company's common stock, demonstrating our commitment to returning capital to shareholders. During the three months ended December 31, 2025, we repurchased approximately 1.9 million shares of common stock at an average price per share of $16.00 pursuant to our stock repurchase program. The total aggregate cost for the quarter was approximately $30.0 million. As of December 31, 2025, there was approximately $220.0 million remaining under our stock repurchase program.

New $350 Million Unsecured Term Loan

On February 11, 2026, we entered into an amended and restated credit agreement that provides for a new $350 million unsecured term loan that was used to repay our $200 million term loan and fund mortgage maturities set for 2026. The new $350 million term loan matures in February 2030, subject to a one-year extension option. This amended and restated credit agreement strengthened our balance sheet by increasing the capacity under our unsecured credit agreement to $1.5 billion (with the ability to request an increase of up to $2.0 billion) and extending our debt maturity profile.

Balance Sheet and Liquidity

At December 31, 2025, our net debt to Adjusted EBITDA was 5.7x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 3.0 years, and 100% of our debt was either subject to fixed interest rates or was hedged. Also as of December 31, 2025, we had approximately $574.7 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On December 15, 2025, our Board of Directors declared a quarterly dividend of $0.17 per share of common stock. The fourth quarter dividend was paid on January 23, 2026 to stockholders of record at the close of business on December 31, 2025.

2026 EPS, FFO and CFFO Guidance

We are introducing guidance ranges for 2026 EPS, FFO, and CFFO per share and same-store NOI. A reconciliation of our projected EPS to our projected FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how we calculate CFFO and for management’s definition and rationale for the usefulness of CFFO.

2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High
Earnings per share	$	0.21		$	0.28
Adjustments:
Depreciation and amortization		1.06			1.06
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)
FFO per share		1.15			1.19
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)
CFFO per share (2)	$	1.12		$	1.16

(1)	This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.

(2)	Per share guidance is based on 243.5 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of December 31, 2025.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:		2026 Outlook (1):
Number of properties/units		109 properties / 31,735 units
Property revenue growth		1.0% - 2.4%
Controllable operating expense growth		4.6% - 5.6%
Real estate tax and insurance expense growth		0.0% - 1.0%
Total operating expense growth		2.9% - 3.9%
NOI growth		(0.6%) - 2.2%

Corporate Expenses ($ in millions)
General and administrative & property management expenses		$55 - $57
Interest expense(2)		$93 - $97

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume		$145
Disposition volume		$106 - $112

Capital Expenditures ($ in millions)
Recurring		$29 - $33
Value Add renovation program		$42 - $46
Non-recurring and revenue enhancing		$32 - $36
Development		—

(1)	This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)

Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.

(3)

Acquisition volume reflects one property in Columbus, Ohio that was acquired for $29.5 million in the first quarter of 2026 and approximately $115.5 million associated with the consolidation of a property underlying our joint venture investment in Austin, Texas. Disposition volume reflects $106 million to $112 million related to the expected disposition of two properties classified as held for sale as of December 31, 2025. The proceeds from these dispositions will be used to either acquire assets, de-lever, or buyback stock. There can be no assurance that these dispositions will be consummated at expected pricing levels, within expected time frames, or at all. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections.

Selected Financial Information

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, February 12, 2026 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A replay of the conference call can also be accessed telephonically until Thursday, February 19, 2026 by dialing 1.800.770.2030, access code 1963990.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store portfolio information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investor Relations" section.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S. markets. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT’s main objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website www.irtliving.com.

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, our expectations with respect to the two properties which are classified as held for sale, our expectations with respect to the timing and terms of sales, if any, with respect to the two properties which are classified as held for sale, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of December 31, 2025, our expectations with respect to projects scheduled to start in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, inability to sell certain assets including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our Value Add initiatives and failure to achieve rent increases and occupancy levels on account of the Value Add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the impacts from a new or prolonged U.S. government shutdown, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31,2025, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

Investor Relations Contact:

Stephanie Krewson-Kelly

267.270.4815

SKrewson@IRTLiving.com

Schedule I

Independence Realty Trust, Inc.

Selected Financial Information

Dollars in thousands, except per share data

(unaudited)

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	33,266		$	6,893		$	8,046		$	8,354		$	(1,001	)
Earnings per share -- diluted	$	0.14		$	0.03		$	0.03		$	0.04		$	0.00
Rental and other property revenue	$	166,797		$	166,888		$	161,891		$	160,905		$	160,617
Property operating expenses	$	57,260		$	61,699		$	60,935		$	59,263		$	54,195
NOI	$	109,537		$	105,189		$	100,956		$	101,642		$	106,422
NOI margin		65.7	%		63.0	%		62.4	%		63.2	%		66.3	%
Adjusted EBITDA	$	98,520		$	92,643		$	87,556		$	85,748		$	94,533
FFO per share	$	0.33		$	0.30		$	0.28		$	0.28		$	0.33
CFFO per share	$	0.32		$	0.29		$	0.28		$	0.27		$	0.32
Dividends per share	$	0.17		$	0.17		$	0.17		$	0.16		$	0.16
CFFO payout ratio		53.1	%		58.6	%		60.7	%		59.3	%		50.0	%

Portfolio Data:
Total gross assets	$	7,030,516		$	7,058,026		$	6,874,320		$	6,844,114		$	6,882,296
Total number of operating properties (a)		114			115			113			113			113
Total units (a)		33,462			33,818			33,175			33,175			33,615
Portfolio period end occupancy (a)		94.9	%		95.1	%		95.2	%		94.9	%		95.4	%
Portfolio average occupancy (a)		94.8	%		94.9	%		95.2	%		95.3	%		95.4	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,582		$	1,583		$	1,572
Same-store portfolio period end occupancy (b)		95.6	%		95.6	%		95.4	%		95.1	%		95.5	%
Same-store portfolio average occupancy (b)		95.4	%		95.3	%		95.3	%		95.5	%		95.5	%
Same-store portfolio average effective monthly rent, per unit (b)	$	1,581		$	1,581		$	1,575		$	1,573		$	1,571

Capitalization:
Total debt (c)	$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957		$	2,333,683
Common share price, period end	$	17.48		$	16.39		$	17.69		$	21.23		$	19.84
Market equity capitalization	$	4,250,723		$	4,016,286		$	4,241,203		$	5,088,933		$	4,697,713
Total market capitalization	$	6,532,198		$	6,312,488		$	6,491,004		$	7,342,890		$	7,031,396
Total debt/total gross assets		32.5	%		32.5	%		32.7	%		32.9	%		33.9	%
Net debt to adjusted EBITDA (d)	5.7x			6.0x			6.3x			6.3x			5.9x
Interest coverage	4.8x			4.5x			4.7x			4.4x			4.8x

Common shares and OP Units:
Shares outstanding		237,234,750			239,103,283			233,809,823			233,763,180			230,838,249
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		243,176,393			245,044,926			239,751,466			239,704,823			236,779,892
Weighted average common shares and OP units		243,707,137			239,576,189			239,438,276			236,665,226			230,893,621

(a)	Excludes our development project Flatirons Flats. See the definitions at the end of this release.

(b)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

(c)	Includes indebtedness associated with real estate held for sale, as applicable.

(d)

Reflects net debt to Adjusted EBITDA, which is annualized for each period presented, including adjustments for the timing of acquisitions and dispositions impacting quarterly EBITDA. For the five quarters ended December 31, 2025, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 5.7x, 6.1x, 6.3x, 6.4x, and 6.0x, respectively.

Schedule II

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Funds from Operations and Core Funds From Operations

Dollars in thousands, except per share data

(unaudited)


	For the Three Months Ended December 31,						For the Year Ended December 31,
	2025			2024			2025			2024
Funds From Operations (FFO):
Net income (loss)	$	34,015		$	(1,100	)	$	57,707		$	40,033
Add-Back (Deduct):
Real estate depreciation and amortization		62,497			57,332			241,462			219,360
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		609			(212	)		1,898			1,581
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(17,491	)		20,928			(4,577	)		11,815
Gain on sale of real estate associated with unconsolidated real estate entities		(187	)		—			(10,576	)		—
FFO	$	79,443		$	76,948		$	285,914		$	272,789
FFO per share	$	0.33		$	0.33		$	1.19		$	1.18
CORE Funds From Operations (CFFO):
FFO	$	79,443		$	76,948		$	285,914		$	272,789
Add-Back (Deduct):
Other depreciation and amortization		487			410			1,779			1,493
Casualty losses (gains), net		755			(80	)		1,314			3,935
Loan (premium accretion) discount amortization, net		(2,013	)		(2,249	)		(8,028	)		(9,167	)
Prepayment (gains) penalties on asset dispositions		—			—			(1,570	)		(1,953	)
Loss (gain) on extinguishment of debt		—			2			67			(200	)
Other loss		238			—			352			1
CFFO	$	78,910		$	75,031		$	279,828		$	266,898
CFFO per share	$	0.32		$	0.32		$	1.17		$	1.16
Weighted-average shares and units outstanding		243,707,137			230,893,621			239,865,259			230,741,085

Schedule III

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Same-Store Net Operating Income ^(a)

Dollars in thousands

(unaudited)

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Net income (loss)	$	34,015		$	6,995		$	8,172		$	8,526		$	(1,100	)
Other revenue		(330	)		(250	)		(297	)		(338	)		(346	)
Property management expenses		6,674			7,891			7,715			7,826			7,379
General and administrative expenses		4,673			4,905			5,982			8,406			4,856
Depreciation and amortization expense		62,984			61,735			59,794			58,725			57,742
Casualty losses (gains), net		755			419			255			(115	)		(80	)
Interest expense		20,422			20,455			18,773			19,348			19,770
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		12,841			—			(1,496	)		20,928
Loss on extinguishment of debt		—			—			—			67			2
Other loss		238			12			—			103			—
(Income) loss from investments in unconsolidated real estate entities		(2,403	)		(9,814	)		562			590			(2,729	)
NOI	$	109,537		$	105,189		$	100,956		$	101,642		$	106,422
Less: Non same-store portfolio NOI		10,107			9,799			8,489			8,878			8,778
Same-store portfolio NOI	$	99,430		$	95,390		$	92,467		$	92,764		$	97,644

(a)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

Schedule IV

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Interest Coverage Ratio

Dollars in thousands

(unaudited)

	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025			December 31, 2024
Net income (loss)	$	34,015		$	6,995		$	8,172	$	8,526		$	(1,100	)
Add-Back (Deduct):
Interest expense		20,422			20,455			18,773		19,348			19,770
Depreciation and amortization		62,984			61,735			59,794		58,725			57,742
Casualty losses (gains), net		755			419			255		(115	)		(80	)
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		12,841			—		(1,496	)		20,928
Loss on extinguishment of debt		—			—			—		67			2
(Income) loss from investments in unconsolidated real estate entities		(2,403	)		(9,814	)		562		590			(2,729	)
Other loss		238			12			—		103			—
Adjusted EBITDA	$	98,520		$	92,643		$	87,556	$	85,748		$	94,533

INTEREST COST:
Interest expense	$	20,422		$	20,455		$	18,773	$	19,348		$	19,770

INTEREST COVERAGE:	4.8x			4.5x			4.7x		4.4x			4.8x

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2025			2024			2025			2024
Net income (loss)	$	34,015		$	(1,100	)	$	57,707		$	40,033
Add-Back (Deduct):
Interest expense		20,422			19,770			78,998			76,141
Depreciation and amortization		62,984			57,742			243,241			220,854
Casualty losses (gains), net		755			(80	)		1,314			3,935
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		20,928			(6,147	)		9,862
Loss (gain) on extinguishment of debt		—			2			67			(200	)
Income from investments in unconsolidated real estate entities		(2,403	)		(2,729	)		(11,066	)		(347	)
Other loss		238			—			352			1
Adjusted EBITDA	$	98,520		$	94,533		$	364,466		$	350,279

INTEREST COST:
Interest expense	$	20,422		$	19,770		$	78,998		$	76,141

INTEREST COVERAGE:	4.8x			4.8x			4.6x			4.6x

Schedule V

Independence Realty Trust, Inc.

Definitions

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of net rent amounts, after concessions amortized over the life of the lease, divided by the average occupancy (in units) for the period presented. We believe average effective rent is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as loss on impairment (gain on sale) of real estate, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses and income (loss) from investments in unconsolidated real estate entities. We consider each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or non-operating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. Our calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, our Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

We believe that FFO and CFFO, each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, loss on impairment (gain on sale) of real estate and unconsolidated real estate entities, and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.

CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, loan premium accretion and discount amortization and debt extinguishment costs from the determination of FFO.

Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Net Debt

Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in thousands).

	As of
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total debt	$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957		$	2,333,683
Less: cash and cash equivalents		(23,564	)		(23,290	)		(19,491	)		(29,055	)		(21,228	)
Less: loan discounts and premiums, net		(21,850	)		(23,863	)		(25,469	)		(27,454	)		(31,721	)
Total net debt	$	2,236,061		$	2,249,049		$	2,204,841		$	2,197,448		$	2,280,734

We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.

Net Operating Income

We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expenses and net gains on sale of assets.

Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned and not a development property at the beginning of the previous year. Properties that are held for sale or have been sold are excluded from the same-store portfolio.

Rent Premium on Value Add Renovations

The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures. We believe excluding the impact of upfront concessions from our rental rates when comparing to the market rental rates for unrenovated units makes the comparison most relevant and the resulting premium provides management with an indicator of the increased rent generated by the unit renovation.

Renovation Costs per Unit

Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the Value Add program as those costs relate to the entire program and cannot be allocated to individual projects.

Return on Investment (“ROI”) on Value Add Renovations

ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable. We use ROI on Value Add renovation projects to measure the profitability of a renovation project relative to other projects or relative to other uses of our capital.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).

	As of
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Total assets	$	6,021,750	$	6,092,592	$	5,962,626	$	5,983,494	$	6,057,919
Plus: accumulated depreciation (a)		932,347		890,039		838,718		789,619		753,539
Plus: accumulated amortization		76,419		75,395		72,976		71,001		70,838
Total gross assets	$	7,030,516	$	7,058,026	$	6,874,320	$	6,844,114	$	6,882,296

(a)	Includes accumulated depreciation associated with real estate held for sale, as applicable.

Exhibit 99.2

TABLE OF CONTENTS

Company Information & Forward-Looking Statements	1

Earnings Press Release	2

Financial & Operating Highlights	9

Balance Sheets	10

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)
Trailing Five Quarters	11
Years Ended December 31, 2025 and 2024	12

Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	13
Years Ended December 31, 2025 and 2024	13

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge
Trailing Five Quarters	14
Years Ended December 31, 2025 and 2024	15

Same-Store Portfolio NOI by Market
Three Months Ended December 31, 2025 and 2024	16
Years Ended December 31, 2025 and 2024	17

Property Portfolio NOI Exposure by Market	18

Value Add Summary	19

Investment & Development Activity	20

Debt Summary	22

Debt & Credit Metrics	23

Definitions	24

COMPANY INFORMATION

Corporate Headquarters	1835 Market Street, Suite 2601
	Philadelphia, PA 19103
	267.270.4800

Trading Symbol on NYSE	IRT

Credit Ratings	Fitch Ratings	BBB l Stable
	Standard & Poors' Ratings Services	BBB l Stable

Investor Relations	Stephanie Krewson-Kelly
	267.270.4815
	SKrewson@IRTLiving.com

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, our expectations with respect to the timing and terms of sales, if any, with respect to the two properties which are classified as held for sale, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of December 31, 2025, our expectations with respect to projects scheduled to start in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our Value Add initiatives and failure to achieve rent increases and occupancy levels on account of the Value Add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the impacts from a new or prolonged U.S. government shutdown, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

Independence Realty Trust Announces Fourth Quarter and Full Year 2025 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – February 11, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its fourth quarter and full year 2025 financial results.

EPS of $0.24 for Full Year 2025

CFFO Per Share of $0.32 for Fourth Quarter and $1.17 for Full Year 2025

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.8% and 2.4% for the Fourth Quarter and Full Year 2025

Driven by 2.0% and 1.7% Same-Store Revenue Growth in the Fourth Quarter and Full Year

95.6% Same-Store Portfolio Occupancy at End of Fourth Quarter

95.4% Average Occupancy for the Full Year, a 30 Basis Point Increase Over 2024

61.4% Resident Retention Rate in Fourth Quarter and 59.8% for the Full Year 2025

Completed 2,003 Renovations in Value Add Program for the Full Year 2025

Achieved Average ROI of 15.3% During the Year

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

Net Debt to Adjusted EBITDA of 5.7x at Year End

Repurchased 1.9 Million Shares of Our Common Stock for $30.0 Million

2026 and 2027 Maturities Refinanced with New Unsecured Term Loan in February 2026

Management Commentary

“Our solid full year 2025 results were in line with expectations” said Scott Schaeffer, Chairman and CEO of IRT. “With supply pressure receding, we expect stable occupancy and stronger leasing rates. That combined with our continued focus toward managing expenses will allow us to drive growth in same-store results in 2026. Additionally, our new term loan satisfies all debt maturities through the end of 2027 and increases our number of unencumbered assets.”

Fourth Quarter Summary

•

Same-store portfolio NOI growth of 1.8% for the quarter ended December 31, 2025 compared to the quarter ended December 31, 2024.

•

Adjusted EBITDA of $98.5 million for the quarter ended December 31, 2025 compared to $94.5 million for the quarter ended December 31, 2024.

•

Value Add program completed renovations of 486 units during the quarter ended December 31, 2025, achieving a weighted average return on investment during the quarter of 15.1%.

Full Year Summary

•

Same-store portfolio NOI growth of 2.4% for the year ended December 31, 2025 compared to the year ended December 31, 2024.

•

CFFO of $279.8 million for the year ended December 31, 2025 compared to $266.9 million for the year ended December 31, 2024. CFFO per share was $1.17 for the year ended 2025, as compared to $1.16 for the year ended December 31, 2024.

•

Adjusted EBITDA of $364.5 million for the year ended December 31, 2025 compared to $350.3 million for the year ended December 31, 2024.

•

Value Add program completed renovations of 2,003 units during the year ended December 31, 2025, achieving a weighted average return on investment of 15.3%.

Full Year 2026 Guidance Summary

	•	Earnings per diluted share of $0.21 to $0.28.
	•	CFFO per share of $1.12 to $1.16.
	•	2026 Same-Store NOI growth of (0.6%) to 2.2%.

Same-Store Portfolio⁽¹⁾ Operating Results

	Fourth Quarter 2025	Full Year 2025
	Compared to	Compared to
	Fourth Quarter 2024	Full Year 2024
Rental and other property revenue	2.0% increase	1.7% increase
Property operating expenses	2.4% increase	0.5% increase
NOI	1.8% increase	2.4% increase
Portfolio average occupancy	10 bps decrease to 95.4%	30 bps increase to 95.4%
Portfolio average rental rate	0.6% increase to $1,581	0.8% increase to $1,578
NOI Margin	10 bps decrease to 66.3%	40 bps increase to 63.8%

	Q3 2025		⁽³⁾	Q4 2025		⁽⁴⁾
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.3	%		95.4	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(3.5	)%		(3.7	)%
Renewal Leases		2.6	%		2.9	%
Blended		0.1	%		0.8	%
Resident Retention Rate		60.4	%		61.4	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.7	%		95.6	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(4.3	)%		(4.6	)%
Renewal Leases		2.5	%		3.1	%
Blended		(0.2	)%		0.7	%
Resident Retention Rate		60.6	%		60.7	%
Value Add (32 properties with Ongoing Value Add)
Average Occupancy		94.4	%		94.9	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(2.4	)%		(2.2	)%
Renewal Leases		2.6	%		2.4	%
Blended		0.6	%		1.0	%
Resident Retention Rate		59.8	%		62.7	%

(1)	Same-store portfolio includes 105 properties, which represent 30,502 units.

(2)	Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-14 months.
(3)	In Q3 2025, approximately 90% of our leases were like-term. Q3 2025 new, renewal, and blended lease over lease rent growth for all leases was (3.9)%, 2.8%, and 0.1%, respectively.
(4)	In Q4 2025, approximately 81% of our leases were like-term. Q4 2025 new, renewal, and blended lease over lease rent growth for all leases was (6.2)%, 3.0% and (1.0)%, respectively.

Value Add Program

Investment Activity

Acquisitions

•

Dispositions

•

Jamestown at St. Matthews, Louisville, Kentucky: On November 13, 2025, we sold this property for a gross sales price of $50.0 million. We used the sale of this property to complete a reverse 1031 exchange with the property acquired on July 31, 2025. We recognized a gain on sale of approximately $17.8 million in the fourth quarter of 2025.

Joint Ventures

•

The Approach, Indianapolis, Indiana: On October 8, 2025, we entered into a joint venture to develop a 318-unit multifamily project just outside Indianapolis, Indiana. We have committed to invest an aggregate of $20.0 million in this joint venture in exchange for a 66.6% preferred equity interest, and, as of December 31, 2025, we had funded $3.4 million on account of this commitment.

•

Views of Music City II, Nashville, Tennessee: On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial capital of $5.9 million and a preferred return of $3.3 million. We recognized the preferred return of $3.3 million in Income (loss) from unconsolidated real estate entities in October 2025. Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of this property.

•

Lakeline Station, Austin, Texas: Subsequent to year-end, on January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property. The property underlying this joint venture is a 378-unit community in Austin, Texas that was 24% occupied as of February 10, 2026 and will be consolidated into our financial results effective January 20, 2026.

Capital Expenditures

Across our total portfolio for the three months ended December 31, 2025, recurring capital expenditures were $5.8 million, or $169 per unit; Value Add expenditures were $9.3 million; non-recurring expenditures were $5.2 million; and development expenditures were $0.9 million, respectively. For the year ended December 31, 2025, recurring capital expenditures were $30.4 million, or $884 per unit; Value Add expenditures were $41.2 million; non-recurring expenditures were $44.4 million; and development expenditures were $10.8 million, respectively.

Capital Markets

New $350 Million Unsecured Term Loan

Balance Sheet and Liquidity

Dividend Distribution

2026 EPS, FFO and CFFO Guidance

2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High
Earnings per share	$	0.21		$	0.28
Adjustments:
Depreciation and amortization		1.06			1.06
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)
FFO per share		1.15			1.19
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)
CFFO per share (2)	$	1.12		$	1.16

(1)	This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.

(2)	Per share guidance is based on 243.5 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of December 31, 2025.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:	2026 Outlook (1):
Number of properties/units	109 properties / 31,735 units
Property revenue growth		1.0% - 2.4%
Controllable operating expense growth		4.6% - 5.6%
Real estate tax and insurance expense growth		0.0% - 1.0%
Total operating expense growth		2.9% - 3.9%
NOI growth		(0.6%) - 2.2%

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55 - $57
Interest expense(2)	$93 - $97

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume	$145
Disposition volume	$106 - $112

Capital Expenditures ($ in millions)
Recurring	$29 - $33
Value add renovation program	$42 - $46
Non-recurring and revenue enhancing	$32 - $36
Development	—

(1)	This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)

Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.

(3)

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

Conference Call

Supplemental Information

About Independence Realty Trust, Inc.

Forward-Looking Statements

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our Value Add initiatives and failure to achieve rent increases and occupancy levels on account of the Value Add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the impacts from a new or prolonged U.S. government shutdown, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

Investor Relations Contact:
Stephanie Krewson-Kelly
267.270.4815
SKrewson@IRTLiving.com

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	33,266		$	6,893		$	8,046		$	8,354		$	(1,001	)
Earnings per share -- diluted	$	0.14		$	0.03		$	0.03		$	0.04		$	0.00
Rental and other property revenue	$	166,797		$	166,888		$	161,891		$	160,905		$	160,617
Property operating expenses	$	57,260		$	61,699		$	60,935		$	59,263		$	54,195
NOI	$	109,537		$	105,189		$	100,956		$	101,642		$	106,422
NOI margin		65.7	%		63.0	%		62.4	%		63.2	%		66.3	%
Adjusted EBITDA	$	98,520		$	92,643		$	87,556		$	85,748		$	94,533
FFO per share	$	0.33		$	0.30		$	0.28		$	0.28		$	0.33
CFFO per share	$	0.32		$	0.29		$	0.28		$	0.27		$	0.32
Dividends per share	$	0.17		$	0.17		$	0.17		$	0.16		$	0.16
CFFO payout ratio		53.1	%		58.6	%		60.7	%		59.3	%		50.0	%

Portfolio Data:
Total gross assets	$	7,030,516		$	7,058,026		$	6,874,320		$	6,844,114		$	6,882,296
Total number of operating properties (a)		114			115			113			113			113
Total units (a)		33,462			33,818			33,175			33,175			33,615
Portfolio period end occupancy (a)		94.9	%		95.1	%		95.2	%		94.9	%		95.4	%
Portfolio average occupancy (a)		94.8	%		94.9	%		95.2	%		95.3	%		95.4	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,582		$	1,583		$	1,572
Same-store portfolio period end occupancy (b)		95.6	%		95.6	%		95.4	%		95.1	%		95.5	%
Same-store portfolio average occupancy (b)		95.4	%		95.3	%		95.3	%		95.5	%		95.5	%
Same-store portfolio average effective monthly rent, per unit (b)	$	1,581		$	1,581		$	1,575		$	1,573		$	1,571

Capitalization:
Total debt (c)	$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957		$	2,333,683
Common share price, period end	$	17.48		$	16.39		$	17.69		$	21.23		$	19.84
Market equity capitalization	$	4,250,723		$	4,016,286		$	4,241,203		$	5,088,933		$	4,697,713
Total market capitalization	$	6,532,198		$	6,312,488		$	6,491,004		$	7,342,890		$	7,031,396
Total debt/total gross assets		32.5	%		32.5	%		32.7	%		32.9	%		33.9	%
Net debt to adjusted EBITDA (d)	5.7x			6.0x			6.3x			6.3x			5.9x
Interest coverage	4.8x			4.5x			4.7x			4.4x			4.8x

Common shares and OP Units:
Shares outstanding		237,234,750			239,103,283			233,809,823			233,763,180			230,838,249
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		243,176,393			245,044,926			239,751,466			239,704,823			236,779,892
Weighted average common shares and OP units		243,707,137			239,576,189			239,438,276			236,665,226			230,893,621

(a)	Excludes our development project Flatirons Flats. See the definitions at the end of this release.

(b)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

(c)	Includes indebtedness associated with real estate held for sale, as applicable.

(d)

BALANCE SHEETS

Dollars in thousands, except per share data

	As of
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Assets:
Real estate held for investment, at cost	$	6,596,007		$	6,571,161		$	6,356,830		$	6,442,303		$	6,363,936
Less: accumulated depreciation		(915,247	)		(861,370	)		(810,042	)		(789,619	)		(740,957	)
Real estate held for investment, net		5,680,760			5,709,791			5,546,788			5,652,684			5,622,979
Real estate held for sale		76,468			107,182			119,875			—			110,112
Real estate under development		60,116			65,628			91,849			117,802			116,861
Cash and cash equivalents		23,564			23,290			19,491			29,055			21,228
Restricted cash		24,058			27,639			23,035			19,279			22,224
Investment in unconsolidated real estate entities		98,263			93,965			106,920			101,640			91,975
Other assets		45,711			47,771			38,389			39,330			39,596
Derivative assets		9,840			11,873			14,635			20,084			29,300
Intangible assets, net		2,970			5,453			1,644			3,620			3,644
Total assets	$	6,021,750		$	6,092,592		$	5,962,626		$	5,983,494		$	6,057,919
Liabilities and Equity:
Indebtedness, net	$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957		$	2,274,651
Indebtedness associated with real estate held for sale, net		—			—			—			—			59,032
Accounts payable and accrued expenses		92,355			119,513			105,576			86,399			94,670
Accrued interest payable		8,377			10,265			7,815			10,136			8,630
Dividends payable		41,275			41,592			40,691			37,865			37,827
Derivative liabilities		346			737			233			29			—
Other liabilities		8,496			9,023			7,550			7,929			8,035
Total liabilities		2,432,324			2,477,332			2,411,666			2,396,315			2,482,845
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share		—			—			—			—			—
Common shares, $0.01 par value per share		2,372			2,391			2,338			2,337			2,308
Additional paid in capital		4,005,168			4,022,309			3,920,436			3,918,718			3,868,006
Accumulated other comprehensive income		7,722			9,095			12,038			17,308			26,065
Accumulated deficit		(555,326	)		(548,319	)		(514,623	)		(482,973	)		(454,104	)
Total shareholders' equity		3,459,936			3,485,476			3,420,189			3,455,390			3,442,275
Noncontrolling Interests		129,490			129,784			130,771			131,789			132,799
Total equity		3,589,426			3,615,260			3,550,960			3,587,179			3,575,074
Total liabilities and equity	$	6,021,750		$	6,092,592		$	5,962,626		$	5,983,494		$	6,057,919

STATEMENTS OF OPERATIONS, FFO & CFFO

TRAILING FIVE QUARTERS

(Dollars in thousands, except per share data)

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Revenue:
Rental and other property revenue	$	166,797		$	166,888		$	161,891		$	160,905		$	160,617
Other revenue		330			250			297			338			346
Total revenue		167,127			167,138			162,188			161,243			160,963
Expenses:
Property operating expenses		57,260			61,699			60,935			59,263			54,195
Property management expenses		6,674			7,891			7,715			7,826			7,379
General and administrative expenses (a)		4,673			4,905			5,982			8,406			4,856
Depreciation and amortization expense		62,984			61,735			59,794			58,725			57,742
Casualty losses (gains), net		755			419			255			(115	)		(80	)
Total expenses		132,346			136,649			134,681			134,105			124,092
Interest expense		(20,422	)		(20,455	)		(18,773	)		(19,348	)		(19,770	)
Gain on sale (loss on impairment) of real estate assets, net		17,491			(12,841	)		—			1,496			(20,928	)
Loss on extinguishment of debt		—			—			—			(67	)		(2	)
Other loss		(238	)		(12	)		—			(103	)		—
Income (loss) from investments in unconsolidated real estate entities		2,403			9,814			(562	)		(590	)		2,729
Net income (loss)	$	34,015		$	6,995		$	8,172		$	8,526		$	(1,100	)
(Income) loss allocated to noncontrolling interests		(749	)		(102	)		(126	)		(172	)		99
Net income (loss) available to common shares	$	33,266		$	6,893		$	8,046		$	8,354		$	(1,001	)
Earnings per share - basic	$	0.14		$	0.03		$	0.03		$	0.04		$	0.00
Weighted-average shares outstanding - Basic		237,765,494			233,634,546			233,496,633			230,723,583			224,951,978
Earnings per share - diluted	$	0.14		$	0.03		$	0.03		$	0.04		$	0.00
Weighted-average shares outstanding - Diluted		238,495,087			234,283,170			234,131,752			231,828,484			224,951,978
Funds From Operations (FFO):
Net income (loss)	$	34,015		$	6,995		$	8,172		$	8,526		$	(1,100	)
Add-Back (Deduct):
Real estate depreciation and amortization		62,497			61,282			59,372			58,308			57,332
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		609			375			457			457			(212	)
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(17,491	)		12,841			—			73			20,928
Gain on sale of real estate associated with unconsolidated real estate entities		(187	)		(10,389	)		—			—			—
FFO	$	79,443		$	71,104		$	68,001		$	67,364		$	76,948
FFO per share	$	0.33		$	0.30		$	0.28		$	0.28		$	0.33
CORE Funds From Operations (CFFO):
FFO	$	79,443		$	71,104		$	68,001		$	67,364		$	76,948
Add-Back (Deduct):
Other depreciation and amortization		487			453			422			417			410
Casualty losses (gains), net		755			419			255			(115	)		(80	)
Loan (premium accretion) discount amortization, net		(2,013	)		(2,001	)		(1,985	)		(2,029	)		(2,249	)
Prepayment (gains) penalties on asset dispositions		—			—			—			(1,569	)		—
Loss on extinguishment of debt		—			—			—			67			2
Other loss		238			12			—			103			—
CFFO	$	78,910		$	69,987		$	66,693		$	64,238		$	75,031
CFFO per share	$	0.32		$	0.29		$	0.28		$	0.27		$	0.32
Weighted-average shares and units outstanding		243,707,137			239,576,189			239,438,276			236,665,226			230,893,621

(a)	Included in the three months ended March 31, 2025 is $2.8 million of stock compensation expense recorded with respect to stock awards granted to retirement eligible employees.

STATEMENTS OF OPERATIONS, FFO & CFFO

Dollars in thousands, except per share data

	For the Three Months Ended						For the Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenue:
Rental and other property revenue	$	166,797		$	160,617		$	656,481		$	638,913
Other revenue		330			346			1,215			1,122
Total revenue		167,127			160,963			657,696			640,035
Expenses:
Property operating expenses		57,260			54,195			239,157			235,588
Property management expenses		6,674			7,379			30,107			29,923
General and administrative expenses		4,673			4,856			23,966			24,245
Depreciation and amortization expense		62,984			57,742			243,241			220,854
Casualty losses (gains), net		755			(80	)		1,314			3,935
Total expenses		132,346			124,092			537,785			514,545
Interest expense		(20,422	)		(19,770	)		(78,998	)		(76,141	)
Gain on sale (loss on impairment) of real estate assets, net		17,491			(20,928	)		6,147			(9,862	)
(Loss) gain on extinguishment of debt		—			(2	)		(67	)		200
Other loss		(238	)		—			(352	)		(1	)
Income from investments in unconsolidated real estate entities		2,403			2,729			11,066			347
Net income (loss)		34,015			(1,100	)		57,707			40,033
(Income) loss allocated to noncontrolling interests		(749	)		99			(1,149	)		(742	)
Net income (loss) available to common shares	$	33,266		$	(1,001	)	$	56,558		$	39,291
Earnings per share - basic	$	0.14		$	0.00		$	0.24		$	0.17
Weighted-average shares outstanding - Basic		237,765,494			224,951,978			233,923,616			224,798,958
Earnings per share - diluted	$	0.14		$	0.00		$	0.24		$	0.17
Weighted-average shares outstanding - Diluted		238,495,087			224,951,978			234,750,431			225,584,306
Funds From Operations (FFO):
Net income (loss)	$	34,015		$	(1,100	)	$	57,707		$	40,033
Add-Back (Deduct):
Real estate depreciation and amortization		62,497			57,332			241,462			219,360
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		609			(212	)		1,898			1,581
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(17,491	)		20,928			(4,577	)		11,815
Gain on sale of real estate associated with unconsolidated real estate entities		(187	)		—			(10,576	)		—
FFO	$	79,443		$	76,948		$	285,914		$	272,789
FFO per share	$	0.33		$	0.33		$	1.19		$	1.18
CORE Funds From Operations (CFFO):
FFO	$	79,443		$	76,948		$	285,914		$	272,789
Add-Back (Deduct):
Other depreciation and amortization		487			410			1,779			1,493
Casualty losses (gains), net		755			(80	)		1,314			3,935
Loan (premium accretion) discount amortization, net		(2,013	)		(2,249	)		(8,028	)		(9,167	)
Prepayment (gains) penalties on asset dispositions		—			—			(1,570	)		(1,953	)
Loss (gain) on extinguishment of debt		—			2			67			(200	)
Other loss		238			—			352			1
CFFO	$	78,910		$	75,031		$	279,828		$	266,898
CFFO per share	$	0.32		$	0.32		$	1.17		$	1.16
Weighted-average shares and units outstanding		243,707,137			230,893,621			239,865,259			230,741,085

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025			December 31, 2024
Net income (loss)	$	34,015		$	6,995		$	8,172	$	8,526		$	(1,100	)
Add-Back (Deduct):
Interest expense		20,422			20,455			18,773		19,348			19,770
Depreciation and amortization		62,984			61,735			59,794		58,725			57,742
Casualty losses (gains), net		755			419			255		(115	)		(80	)
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		12,841			—		(1,496	)		20,928
Loss on extinguishment of debt		—			—			—		67			2
(Income) loss from investments in unconsolidated real estate entities		(2,403	)		(9,814	)		562		590			(2,729	)
Other loss		238			12			—		103			—
Adjusted EBITDA	$	98,520		$	92,643		$	87,556	$	85,748		$	94,533

INTEREST COST:
Interest expense	$	20,422		$	20,455		$	18,773	$	19,348		$	19,770

INTEREST COVERAGE:	4.8x			4.5x			4.7x		4.4x			4.8x

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2025			2024			2025			2024
Net income (loss)	$	34,015		$	(1,100	)	$	57,707		$	40,033
Add-Back (Deduct):
Interest expense		20,422			19,770			78,998			76,141
Depreciation and amortization		62,984			57,742			243,241			220,854
Casualty losses (gains), net		755			(80	)		1,314			3,935
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		20,928			(6,147	)		9,862
Loss (gain) on extinguishment of debt		—			2			67			(200	)
Income from investments in unconsolidated real estate entities		(2,403	)		(2,729	)		(11,066	)		(347	)
Other loss		238			—			352			1
Adjusted EBITDA	$	98,520		$	94,533		$	364,466		$	350,279

INTEREST COST:
Interest expense	$	20,422		$	19,770		$	78,998		$	76,141

INTEREST COVERAGE:	4.8x			4.8x			4.6x			4.6x

SAME-STORE PORTFOLIO NET OPERATING INCOME & NOI BRIDGE ^{(a) (b)}

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Revenue:
Rental and other property revenue	$	150,059		$	150,573		$	148,113		$	146,856		$	147,071
Property Operating Expenses:
Real estate taxes		15,653			16,280			17,655			18,338			16,240
Property insurance		3,119			3,107			3,381			3,716			3,719
Personnel expenses		11,119			12,954			11,891			11,495			11,575
Utilities		7,565			7,635			7,063			7,458			7,394
Repairs and maintenance		3,598			5,393			5,659			4,186			2,240
Contract services		5,814			5,788			5,825			5,500			5,140
Advertising expenses		2,237			2,455			2,552			1,835			1,627
Other expenses		1,524			1,571			1,620			1,564			1,492
Total property operating expenses		50,629			55,183			55,646			54,092			49,427
Same-store portfolio NOI	$	99,430		$	95,390		$	92,467		$	92,764		$	97,644

Same-store portfolio NOI margin		66.3	%		63.4	%		62.4	%		63.2	%		66.4	%
Average occupancy		95.4	%		95.3	%		95.3	%		95.5	%		95.5	%
Average effective monthly rent, per unit	$	1,581		$	1,581		$	1,575		$	1,573		$	1,571

	For the Three Months Ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Rental and other property revenue
Same-store portfolio	$	150,059	$	150,573	$	148,113	$	146,856	$	147,071
Non same-store portfolio		16,738		16,315		13,778		14,049		13,546
Total rental and other property revenue		166,797		166,888		161,891		160,905		160,617
Property operating expenses
Same-store portfolio		50,629		55,183		55,646		54,092		49,427
Non same-store portfolio		6,631		6,516		5,289		5,171		4,768
Total property operating expenses		57,260		61,699		60,935		59,263		54,195
NOI
Same-store portfolio		99,430		95,390		92,467		92,764		97,644
Non same-store portfolio		10,107		9,799		8,489		8,878		8,778
Total property NOI	$	109,537	$	105,189	$	100,956	$	101,642	$	106,422

(a)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

(b)	See the definitions at the end of this release for a reconciliation from GAAP net income (loss) to NOI.

SAME-STORE PORTFOLIO NET OPERATING INCOME ^(a)

THREE MONTHS AND YEAR ENDED December 31, 2025 AND 2024

Dollars in thousands, except per unit data

	For the Three Months Ended									For the Year Ended
	December 31,									December 31,
	2025			2024			% change			2025			2024			% change
Revenue:
Rental and other property revenue	$	150,059		$	147,071			2.0	%	$	595,601		$	585,431			1.7	%
Property Operating Expenses:
Real estate taxes		15,653			16,240			(3.6	)%		67,926			68,534			(0.9	)%
Property insurance		3,119			3,719			(16.1	)%		13,323			15,174			(12.2	)%
Personnel expenses		11,119			11,575			(3.9	)%		47,460			48,068			(1.3	)%
Utilities		7,565			7,394			2.3	%		29,720			28,923			2.8	%
Repairs and maintenance		3,598			2,240			60.6	%		18,836			18,872			(0.2	)%
Contract services		5,814			5,140			13.1	%		22,927			21,276			7.8	%
Advertising expenses		2,237			1,627			37.5	%		9,079			7,380			23.0	%
Other expenses		1,524			1,492			2.1	%		6,279			6,209			1.1	%
Total property operating expenses		50,629			49,427			2.4	%		215,550			214,436			0.5	%
Same-store portfolio NOI	$	99,430		$	97,644			1.8	%	$	380,051		$	370,995			2.4	%

Same-store portfolio NOI margin		66.3	%		66.4	%		(0.1	)%		63.8	%		63.4	%		0.4	%
Average occupancy		95.4	%		95.5	%		(0.1	)%		95.4	%		95.1	%		0.3	%
Average effective monthly rent, per unit	$	1,581		$	1,571			0.6	%	$	1,578		$	1,565			0.8	%

(a)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED December 31, 2025

Dollars in thousands, except rent per unit

				Rental and Other Property Revenue							Property Operating Expenses							Net Operating Income							Average Occupancy									Average Effective Monthly Rent per Unit
Market	Number of Properties	Units		2025		2024		% Change			2025		2024		% Change			2025		2024		% Change			2025			2024			% Change			2025		2024		% Change
Atlanta, GA	13		5,180	$	24,786	$	24,110		2.8	%	$	8,918	$	8,678		2.8	%	$	15,868	$	15,432		2.8	%		94.7	%		93.9	%		0.8	%	$	1,577	$	1,599		(1.4	)%
Dallas, TX	14		4,007		22,813		22,240		2.6	%		7,665		7,652		0.2	%		15,148		14,589		3.8	%		96.1	%		96.5	%		(0.4	)%		1,808		1,809		(0.1	)%
Columbus, OH	10		2,510		11,958		11,602		3.1	%		4,251		4,056		4.8	%		7,707		7,546		2.1	%		95.5	%		95.3	%		0.2	%		1,551		1,511		2.6	%
Indianapolis, IN	7		1,979		9,067		8,794		3.1	%		3,190		3,055		4.4	%		5,877		5,739		2.4	%		95.0	%		95.5	%		(0.5	)%		1,487		1,435		3.6	%
Oklahoma City, OK	8		2,147		8,511		8,287		2.7	%		2,725		2,597		4.9	%		5,786		5,690		1.7	%		95.5	%		95.5	%		0.0	%		1,270		1,228		3.4	%
Nashville, TN	5		1,508		7,617		7,640		(0.3	)%		2,127		1,961		8.5	%		5,491		5,680		(3.3	)%		96.1	%		96.6	%		(0.5	)%		1,620		1,627		(0.4	)%
Tampa-St. Petersburg, FL	5		1,503		8,789		8,497		3.4	%		3,350		2,975		12.6	%		5,439		5,522		(1.5	)%		95.4	%		95.9	%		(0.5	)%		1,880		1,839		2.2	%
Raleigh - Durham, NC	6		1,690		8,189		7,924		3.3	%		2,754		2,712		1.5	%		5,435		5,211		4.3	%		94.3	%		95.2	%		(0.9	)%		1,541		1,553		(0.8	)%
Denver, CO	5		1,093		6,097		6,137		(0.7	)%		1,716		1,734		(1.0	)%		4,382		4,403		(0.5	)%		94.7	%		95.8	%		(1.1	)%		1,803		1,805		(0.1	)%
Houston, TX	5		1,308		6,116		5,863		4.3	%		2,307		2,309		(0.1	)%		3,809		3,554		7.2	%		96.6	%		96.3	%		0.3	%		1,459		1,432		1.9	%
Lexington, KY	3		886		4,315		4,021		7.3	%		1,161		1,120		3.7	%		3,154		2,901		8.7	%		97.3	%		96.0	%		1.3	%		1,509		1,408		7.2	%
Huntsville, AL	4		1,051		4,687		4,924		(4.8	)%		1,703		1,655		2.9	%		2,983		3,269		(8.7	)%		95.2	%		95.6	%		(0.4	)%		1,406		1,456		(3.4	)%
Memphis, TN	3		883		4,158		4,185		(0.6	)%		1,226		1,320		(7.1	)%		2,932		2,864		2.4	%		94.0	%		94.5	%		(0.5	)%		1,557		1,583		(1.6	)%
Charlotte, NC	3		714		3,664		3,707		(1.2	)%		1,147		1,110		3.3	%		2,517		2,597		(3.1	)%		95.6	%		96.0	%		(0.4	)%		1,659		1,716		(3.3	)%
Louisville, KY	3		794		3,517		3,636		(3.3	)%		1,164		1,172		(0.7	)%		2,353		2,464		(4.5	)%		95.6	%		96.5	%		(0.9	)%		1,350		1,282		5.3	%
Cincinnati, OH	2		542		3,065		2,874		6.6	%		1,068		974		9.7	%		1,998		1,900		5.2	%		97.3	%		97.0	%		0.3	%		1,703		1,624		4.9	%
Greenville, SC	1		702		2,732		2,566		6.5	%		870		915		(4.9	)%		1,863		1,651		12.8	%		95.1	%		93.9	%		1.2	%		1,272		1,290		(1.4	)%
Myrtle Beach, SC - Wilmington, NC	3		628		2,647		2,678		(1.2	)%		821		770		6.6	%		1,825		1,908		(4.4	)%		94.9	%		94.6	%		0.3	%		1,382		1,396		(1.0	)%
Charleston, SC	2		518		2,820		2,814		0.2	%		1,049		988		6.2	%		1,770		1,826		(3.1	)%		95.0	%		97.1	%		(2.1	)%		1,781		1,739		2.4	%
Orlando, FL	1		297		1,682		1,675		0.4	%		515		636		(19.0	)%		1,167		1,039		12.3	%		93.4	%		95.6	%		(2.2	)%		1,840		1,792		2.7	%
Austin, TX	1		256		1,407		1,461		(3.7	)%		393		528		(25.6	)%		1,013		933		8.6	%		94.9	%		96.0	%		(1.1	)%		1,784		1,791		(0.4	)%
San Antonio, TX	1		306		1,422		1,436		(1.0	)%		509		510		(0.2	)%		913		926		(1.4	)%		97.8	%		98.5	%		(0.7	)%		1,443		1,444		(0.1	)%
Total / Weighted Average	105		30,502	$	150,059	$	147,071		2.0	%	$	50,629	$	49,427		2.4	%	$	99,430	$	97,644		1.8	%		95.4	%		95.5	%		(0.1	)%	$	1,581	$	1,571		0.6	%

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

YEAR ENDED December 31, 2025

Dollars in thousands, except rent per unit

				Rental and Other Property Revenue							Property Operating Expenses							Net Operating Income							Average Occupancy									Average Effective Monthly Rent per Unit
Market	Number of Properties	Units		2025		2024		% Change			2025		2024		% Change			2025		2024		% Change			2025			2024			% Change			2025		2024		% Change
Atlanta, GA	13		5,180	$	98,010	$	96,823		1.2	%	$	37,793	$	37,892		(0.3	)%	$	60,220	$	58,926		2.2	%		93.8	%		93.6	%		0.2	%	$	1,588	$	1,607		(1.2	)%
Dallas, TX	14		4,007		89,976		88,868		1.2	%		33,221		33,366		(0.4	)%		56,754		55,502		2.3	%		96.0	%		95.5	%		0.5	%		1,811		1,814		(0.2	)%
Columbus, OH	10		2,510		47,552		45,155		5.3	%		18,132		17,044		6.4	%		29,420		28,111		4.7	%		95.7	%		95.1	%		0.6	%		1,534		1,471		4.3	%
Oklahoma City, OK	8		2,147		33,996		32,800		3.6	%		11,364		11,029		3.0	%		22,632		21,772		4.0	%		96.0	%		95.3	%		0.7	%		1,254		1,212		3.5	%
Indianapolis, IN	7		1,979		35,803		35,062		2.1	%		13,353		12,913		3.4	%		22,450		22,149		1.4	%		95.5	%		96.0	%		(0.5	)%		1,463		1,407		4.0	%
Tampa-St. Petersburg, FL	5		1,503		34,855		33,427		4.3	%		12,873		12,110		6.3	%		21,982		21,317		3.1	%		95.8	%		93.6	%		2.2	%		1,864		1,837		1.5	%
Nashville, TN	5		1,508		30,410		30,351		0.2	%		9,364		9,697		(3.4	)%		21,046		20,654		1.9	%		95.8	%		95.5	%		0.3	%		1,620		1,633		(0.8	)%
Raleigh - Durham, NC	6		1,690		32,542		32,023		1.6	%		11,869		11,744		1.1	%		20,673		20,279		1.9	%		94.9	%		95.0	%		(0.1	)%		1,546		1,551		(0.3	)%
Denver, CO	5		1,093		24,463		24,593		(0.5	)%		7,455		7,524		(0.9	)%		17,008		17,070		(0.4	)%		94.9	%		96.3	%		(1.4	)%		1,802		1,777		1.4	%
Houston, TX	5		1,308		24,013		23,536		2.0	%		9,688		10,288		(5.8	)%		14,326		13,248		8.1	%		96.4	%		95.8	%		0.6	%		1,447		1,433		1.0	%
Huntsville, AL	4		1,051		18,925		19,579		(3.3	)%		6,923		6,829		1.4	%		12,002		12,751		(5.9	)%		95.4	%		95.5	%		(0.1	)%		1,425		1,479		(3.7	)%
Lexington, KY	3		886		16,787		15,812		6.2	%		4,814		4,779		0.7	%		11,973		11,033		8.5	%		96.9	%		96.7	%		0.2	%		1,465		1,372		6.8	%
Memphis, TN	3		883		16,846		16,882		(0.2	)%		5,387		5,773		(6.7	)%		11,458		11,109		3.1	%		94.9	%		94.6	%		0.3	%		1,575		1,588		(0.8	)%
Charlotte, NC	3		714		14,780		15,076		(2.0	)%		4,789		4,707		1.7	%		9,990		10,369		(3.7	)%		95.7	%		95.5	%		0.2	%		1,690		1,734		(2.5	)%
Louisville, KY	3		794		13,856		13,614		1.8	%		5,219		5,151		1.3	%		8,637		8,463		2.1	%		96.2	%		96.1	%		0.1	%		1,319		1,270		3.9	%
Cincinnati, OH	2		542		11,944		11,372		5.0	%		4,352		4,178		4.2	%		7,593		7,195		5.5	%		96.9	%		96.4	%		0.5	%		1,673		1,608		4.0	%
Myrtle Beach, SC - Wilmington, NC	3		628		10,645		10,830		(1.7	)%		3,624		3,491		3.8	%		7,021		7,339		(4.3	)%		95.1	%		95.1	%		0.0	%		1,386		1,407		(1.5	)%
Charleston, SC	2		518		11,222		11,017		1.9	%		4,391		4,466		(1.7	)%		6,831		6,552		4.3	%		94.9	%		96.4	%		(1.5	)%		1,773		1,713		3.5	%
Greenville, SC	1		702		10,794		10,514		2.7	%		4,023		4,019		0.1	%		6,771		6,495		4.2	%		93.5	%		94.2	%		(0.7	)%		1,285		1,302		(1.3	)%
Orlando, FL	1		297		6,786		6,668		1.8	%		2,522		2,782		(9.3	)%		4,263		3,886		9.7	%		95.7	%		94.8	%		0.9	%		1,814		1,794		1.1	%
Austin, TX	1		256		5,690		5,700		(0.2	)%		2,130		2,315		(8.0	)%		3,560		3,384		5.2	%		95.3	%		95.0	%		0.3	%		1,793		1,800		(0.4	)%
San Antonio, TX	1		306		5,706		5,729		(0.4	)%		2,264		2,339		(3.2	)%		3,441		3,391		1.5	%		97.4	%		97.3	%		0.1	%		1,446		1,463		(1.2	)%
Total/Weighted Average	105		30,502	$	595,601	$	585,431		1.7	%	$	215,550	$	214,436		0.5	%	$	380,051	$	370,995		2.4	%		95.4	%		95.1	%		0.3	%	$	1,578	$	1,565		0.8	%

CONSOLIDATED PROPERTY PORTFOLIO ^(a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

										For the Three Months Ended
										December 31, 2025
Market	Number of Properties		Units		Gross Real Estate Assets		Period of Occupancy			Average Effective Monthly Rent per Unit		NOI		% of NOI
Atlanta, GA		13		5,180	$	1,132,430		94.7	%	$	1,570	$	15,869		14.6	%
Dallas, TX		14		4,007		898,823		96.9	%		1,807		15,148		14.0	%
Columbus, OH		10		2,510		385,826		95.2	%		1,547		7,707		7.2	%
Indianapolis, IN		8		2,259		361,777		94.3	%		1,499		6,710		6.2	%
Tampa-St. Petersburg, FL		6		1,791		398,423		96.1	%		1,930		6,658		6.1	%
Denver, CO (a)(b)(c)		7		1,722		559,005		92.8	%		1,811		6,484		6.0	%
Oklahoma City, OK		8		2,147		347,624		95.6	%		1,266		5,786		5.3	%
Nashville, TN		5		1,508		379,975		96.1	%		1,614		5,491		5.1	%
Raleigh - Durham, NC		6		1,690		259,425		93.8	%		1,537		5,435		5.0	%
Orlando, FL		4		1,260		283,559		86.2	%		1,900		4,375		4.0	%
Memphis, TN (c)		4		1,383		160,512		91.5	%		1,459		3,861		3.6	%
Houston, TX		5		1,308		218,032		96.8	%		1,457		3,809		3.5	%
Charlotte, NC		4		1,014		263,466		95.7	%		1,660		3,402		3.1	%
Lexington, KY		3		886		168,248		97.6	%		1,506		3,154		2.9	%
Huntsville, AL		4		1,051		242,892		95.1	%		1,403		2,962		2.7	%
Louisville, KY		3		794		100,837		96.3	%		1,349		2,353		2.2	%
Cincinnati, OH		2		542		127,244		97.6	%		1,696		1,998		1.8	%
Greenville, SC		1		702		127,920		95.1	%		1,265		1,863		1.7	%
Myrtle Beach, SC - Wilmington, NC		3		628		69,993		94.9	%		1,382		1,825		1.7	%
Charleston, SC		2		518		84,269		95.3	%		1,776		1,770		1.6	%
Austin, TX		1		256		61,552		96.9	%		1,784		1,013		0.9	%
San Antonio, TX		1		306		57,743		98.0	%		1,441		913		0.8	%
Total / Weighted Average		114		33,462	$	6,689,575		94.9	%	$	1,593	$	108,586		100.0	%

(a)	Excludes our development project Flatiron Flats. See the definitions at the end of this release.

(b)	Includes properties in our Fort Collins, CO and Colorado Springs, CO markets.
(c)	Includes one property that was held for sale as of December 31, 2025.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF December 31, 2025

		Total		Total Units To Be		Units		Units		Rent Premium		% Rent			Renovation Costs per Unit (b)						ROI - Interior Costs			ROI - Total Costs
Market	Properties		Renovated		Complete		Leased		(a)		Increase			Interior		Exterior		Total		(c)			(c)
ONGOING
Atlanta, GA		7		3,174		1,298		1,257	$	194		14.2	%	$	18,342	$	2,911	$	21,253		12.7	%		10.9	%
Dallas, TX		7		1,925		953		934		299		20.6	%		19,586		2,706		22,292		18.3	%		16.1	%
Oklahoma City, OK		5		1,430		756		730		185		18.3	%		17,150		2,204		19,354		13.0	%		11.5	%
Columbus, OH		4		1,098		771		762		250		20.0	%		15,332		1,431		16,763		19.6	%		17.9	%
Denver, CO		2		492		205		190		293		22.5	%		14,330		3,293		17,623		24.6	%		20.0	%
Raleigh-Durham, NC		2		489		88		69		262		18.9	%		18,725		3,123		21,848		16.8	%		14.4	%
Indianapolis, IN		2		460		43		40		243		17.7	%		18,449		3,446		21,895		15.8	%		13.3	%
Lexington, KY		1		436		180		177		351		29.7	%		17,872		2,038		19,910		23.6	%		21.2	%
Nashville, TN		1		418		332		331		178		13.0	%		17,444		1,321		18,765		12.3	%		11.4	%
Charleston, SC		1		274		60		56		264		15.4	%		18,534		4,720		23,254		17.1	%		13.6	%
Total / Weighted Average		32		10,196		4,686		4,546	$	235		18.1	%	$	17,661	$	2,612	$	20,273		16.0	%		13.9	%

FUTURE (d)
Cincinnati, OH		1		350		—		—		—		—			—		—		—		—			—
Indianapolis, IN		1		280		—		—		—		—			—		—		—		—			—
Charleston, SC		1		244		—		—		—		—			—		—		—		—			—
Columbus, OH		1		208		—		—		—		—			—		—		—		—			—
Nashville, TN		1		176		—		—		—		—			—		—		—		—			—
Lexington, KY		1		150		—		—		—		—			—		—		—		—			—
Total / Weighted Average		6		1,408		—		—		—		—			—		—		—		—			—

COMPLETED (e)
Atlanta, GA		4		1,482		1,377		1,363	$	244		21.4	%	$	12,446	$	1,503	$	13,949		23.5	%		20.9	%
Tampa-St. Petersburg, FL		4		1,236		1,171		1,157		288		21.6	%		14,912		1,482		16,394		23.2	%		21.1	%
Memphis, TN		3		1,053		1,017		1,011		240		22.9	%		13,341		916		14,257		21.6	%		20.2	%
Columbus, OH		3		763		723		720		204		22.3	%		10,499		666		11,165		23.4	%		22.0	%
Louisville, KY		2		728		728		786		214		24.0	%		15,663		2,173		17,836		16.4	%		14.4	%
Raleigh-Durham, NC		2		646		602		600		197		17.5	%		15,372		1,585		16,957		15.4	%		13.9	%
Dallas, TX		1		300		257		256		276		19.1	%		19,694		2,152		21,846		16.8	%		15.1	%
Wilmington, NC		1		288		288		287		77		7.6	%		8,118		56		8,174		11.4	%		11.3	%
Austin, TX		1		256		220		220		259		18.0	%		19,017		1,486		20,503		16.3	%		15.2	%
Indianapolis, IN		1		236		208		207		252		23.2	%		15,736		1,484		17,220		19.2	%		17.6	%
Oklahoma City, OK		1		197		168		167		188		22.3	%		17,725		1,443		19,168		12.7	%		11.8	%
Total / Weighted Average		23		7,185		6,759		6,774	$	232		21.1	%	$	13,944	$	1,366	$	15,310		20.0	%		18.2	%

Grand Total/Weighted Average		61		18,789		11,445		11,320	$	233		19.9	%	$	15,431	$	1,941	$	17,372		18.2	%		16.1	%

(a)	See the definitions section below for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $205.

(b)	See the definitions section below for a full description of Renovation Costs per Unit.

(c)	See the definitions section below for a full description of ROI. ROI-Interior costs using rent premium including the impact of concessions was 12.6%. ROI-Total costs using rent premium including the impact of concessions was 11.3%.
(d)	Projects scheduled to start in Q1 2026 are located in Columbus, OH, Lexington, KY and Nashville, TN. Projects scheduled to start in Q2 2026 are located in Charleston, SC, Cincinnati, OH and Indianapolis, IN. There can be no assurance that these projects will start within the expected time frames or at all.

(e)	We consider Value Add projects completed when over 85% of the property’s units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property’s units.

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

ACQUISITIONS

Property	Market	Units		Date Acquired	Purchase Price		Price per Unit		Average Rent per Unit at Acquisition
Autumn Breeze	Indianapolis, IN		280	2/27/2025	$	59,500	$	213	$	1,548
3030 at Apopka	Orlando, FL		240	7/31/2025		60,250		251		1,885
M2 at Millenia 700	Orlando, FL		403	8/14/2025		94,750		235		1,835
			923		$	214,500	$	232	$	1,761

DISPOSITIONS

Property	Location	Units		Date Sold	Sale Price		Price per Unit		Average Rent per Unit at Disposition		Gain on sale (loss on impairment), net
Ridge Crossings (a)	Birmingham, AL		720	2/14/2025	$	111,000	$	154	$	1,366	$	1,496
Jamestown at St. Matthews	Louisville, KY		356	11/13/2025		50,000		140		1,323		17,492
Total			1,076		$	161,000	$	150	$	1,352	$	18,988

REAL ESTATE HELD FOR SALE

Property	Location	Units
Bella Terra at City Center (b)	Denver, CO		304
Stonebridge Crossings	Memphis, TN		500
Total			804

REAL ESTATE UNDER DEVELOPMENT

Development		Flatiron Flats (c)
Location		Denver, CO
Planned Units		296
Start Date		4Q 2022
Initial Occupancy		1Q 2025
Completion Date		1Q 2025
Projected Stabilization date		2Q 2026
Total Development Costs		$114,400
% of Planned Units Delivered as of December 31, 2025		100%
Occupancy % as of February 10, 2026 (d)		51.0%
Leased % as of February 10, 2026 (d)		53.7%

	(a)	During the three months ended December 31, 2024, we recognized a loss on impairment of $20,928.
	(b)	During the three months ended September 30, 2025, we recognized a loss on impairment of $12,841.
	(c)	We will continue to classify this property as a development property since it is in lease-up and has not reached overall occupancy of 90%.

(d)

Leased % and occupancy % are calculated using the leased or occupied units, as applicable, divided by the total number of units.

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Property	Location	Units		Estimated Delivery Date		Total Construction Budget		Total Project Debt		IRT Equity Interest in JV			Remaining Expected IRT Investment		Carrying Value of IRT’s Investment
Views of Music City II (a)	Nashville, TN		209		—		33,439		21,736		50.0	%		—		—
Lakeline Station (b)	Austin, TX		378		—		110,551		76,500		90.0	%		—		42,179
The Mustang (c)	Dallas, TX		275		—		109,583		79,447		85.0	%		—		30,578
Nexton Pine Hollow	Charleston, SC		324	Q2 2027			78,949		47,191		90.0	%		7,139		22,097
The Approach (d)	Indianapolis, IN		318	Q3 2027			78,777		49,250		66.6	%		16,697		3,409
Total			1,504			$	411,299	$	274,124				$	23,836	$	98,263

	(a)	Views of Music City phase II is an operating property. On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial capital of $5.9 million and a preferred return in the amount of $3.3 million. We recognized the preferred return of $3.3 million in income (loss) from unconsolidated real estate entities in October 2025. Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of the property.
	(b)	Lakeline Station is an operating property consisting of 378 units. Subsequent to year-end, on January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Lakeline Station project. We began consolidating the assets and liabilities of the property and its operating results effective January 20, 2026.

	(c)	The Mustang is an operating property consisting of 275 units. We have an open-ended call option that gives us the right to buy the property.
	(d)	On October 8, 2025, we entered into a joint venture to develop a 318-unit multifamily project just outside Indianapolis, Indiana. We have committed to invest an aggregate of $20.0 million in this joint venture in exchange for a 66.6% preferred equity interest, and, as of December 31, 2025, we had funded $3.4 million on account of this commitment.

DEBT SUMMARY AS OF December 31, 2025

Dollars in thousands

	Amount			Weighted Average Contractual Rate			Weighted Average Hedged Effective Rate (a)			Type	Weighted Average Maturity (in years)
Debt:
Unsecured revolver (b)	$	198,892			4.5	%		4.8	%	Floating		3.0
Unsecured term loans (c)		600,000			4.6	%		4.0	%	Floating		1.5
Secured credit facilities (d)		582,535			4.2	%		4.4	%	Fixed		2.9
Mortgages		739,596			3.9	%		4.0	%	Fixed		3.3
Unsecured notes (e)		150,000			5.4	%		5.6	%	Fixed		7.3
Total Principal		2,271,023			4.3	%		4.3	%			3.0
Loan premiums (discounts), net		21,850
Unamortized deferred financing costs		(11,398	)				Credit Ratings:
Total Consolidated Debt		2,281,475					Agency			Rating	Outlook
Equity Market Capitalization		4,250,723					Fitch			BBB	Stable
Total Capitalization		6,532,198					S&P			BBB	Stable

(a)

Represents the weighted average effective interest rates for the three months ended December 31, 2025, including the impact of interest rate swaps and collars, amortization of hedging costs, and deferred financing costs but excluding the impact of loan premium amortization, discount accretion, and interest capitalization. As of December 31, 2025, we maintained hedges that have effectively fixed a portion of our floating rate debt as follows:

Hedges:	Notional		Start	End	Swap Rate			Floor Rate			Cap Rate
Swap	$	150,000	6/17/2021	6/17/2026		2.18	%		—			—
Swap	$	150,000	5/17/2022	5/17/2027		0.99	%		—			—
Swap	$	200,000	3/17/2023	3/17/2030		3.39	%		—			—
Collar	$	100,000	1/17/2024	1/17/2028		—			1.50	%		2.50	%
Collar	$	100,000	11/17/2024	1/17/2028		—			1.50	%		2.50	%
Swap	$	100,000	3/17/2025	3/17/2026		3.96	%		—			—
Forward starting swap	$	150,000	6/17/2026	6/17/2030		3.26	%		—			—

	(b)	Unsecured revolver total capacity is $750,000, of which $198,892 was drawn as of December 31, 2025. The maturity date of the borrowings under the unsecured revolver is January 8, 2029.
	(c)	Consists of a (i) $200,000 unsecured term loan with a maturity date of May 18, 2026 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028. The debt summary above does not reflect that, on February 11, 2026, we amended and restated our unsecured credit agreement. This amendment provided for a new $350,000 term loan maturing in February 2030, the proceeds of which were used to repay the balance of the $200,000 term loan previously due in May 2026.

	(d)	Consists of a (i) $507,007 secured credit facility, two tranches of which, in an aggregate principal amount of $466,539, have a maturity date of August 1, 2028 and the third tranche of which, in the principal amount of $40,468, has a maturity date of March 1, 2030 and a (ii) $75,528 secured credit facility with a maturity date of July 1, 2030.
	(e)	Consists of (i) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2031 and at a fixed annual interest rate of 5.32% and (ii) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2034 and at a fixed annual interest rate of 5.53%.

DEBT AND CREDIT METRICS

AS OF December 31, 2025

Dollars in thousands

(a) Reflects our debt maturity as of December 31, 2025, as adjusted for the amended and restated credit agreement that we entered into on February 11, 2026 and that we described previously.

Debt Covenant Summary (a)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	29.0%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.4x	Yes
Unsecured leverage ratio	≤ 60%	19.6%	Yes

Encumbered & Unencumbered Statistics (b)

	Total Units		% of Total			Gross Real Estate Assets		% of Total			Q4 2025 NOI		% of Total
Unencumbered assets		21,708		64.9	%	$	3,956,412		59.1	%	$	69,682		64.2	%
Encumbered assets		11,754		35.1	%		2,733,163		40.9	%		38,904		35.8	%
		33,462		100.0	%	$	6,689,575		100.0	%	$	108,586		100.0	%

(a)	For a complete listing of all debt covenants along with definitions of each covenant calculation see the Sixth Amended, Restated and Consolidated Credit Agreement, which was filed as Exhibit 10.1 of our Form 8-K filed on February 11, 2026.

(b)	Excludes our development project Flatiron Flats. See the definitions at the end of this release.

DEFINITIONS

Average Effective Monthly Rent per Unit

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Net Debt

	As of
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total debt	$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957		$	2,333,683
Less: cash and cash equivalents		(23,564	)		(23,290	)		(19,491	)		(29,055	)		(21,228	)
Less: loan discounts and premiums, net		(21,850	)		(23,863	)		(25,469	)		(27,454	)		(31,721	)
Total net debt	$	2,236,061		$	2,249,049		$	2,204,841		$	2,197,448		$	2,280,734

Net Operating Income

A reconciliation from GAAP net income (loss) to NOI is provided below (dollars in thousands):

	For the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025			December 31, 2024
Net income (loss)	$	34,015		$	6,995		$	8,172	$	8,526		$	(1,100	)
Other revenue		(330	)		(250	)		(297)		(338	)		(346	)
Property management expenses		6,674			7,891			7,715		7,826			7,379
General and administrative expenses		4,673			4,905			5,982		8,406			4,856
Depreciation and amortization expense		62,984			61,735			59,794		58,725			57,742
Casualty losses (gains), net		755			419			255		(115	)		(80	)
Interest expense		20,422			20,455			18,773		19,348			19,770
(Gain on sale) loss on impairment of real estate assets, net		(17,491	)		12,841			—		(1,496	)		20,928
Loss on extinguishment of debt		—			—			—		67			2
Other loss		238			12			—		103			—
(Income) loss from investments in unconsolidated real estate entities		(2,403	)		(9,814	)		562		590			(2,729	)
NOI	$	109,537		$	105,189		$	100,956	$	101,642		$	106,422
Less: Non same-store portfolio NOI		10,107			9,799			8,489		8,878			8,778
Same-store portfolio NOI	$	99,430		$	95,390		$	92,467	$	92,764		$	97,644

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

Rent Premium on Value Add Renovations

Renovation Costs per Unit

Return on Investment (“ROI”) on Value Add Renovations

Total Gross Assets

	As of
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Total assets	$	6,021,750	$	6,092,592	$	5,962,626	$	5,983,494	$	6,057,919
Plus: accumulated depreciation (a)		932,347		890,039		838,718		789,619		753,539
Plus: accumulated amortization		76,419		75,395		72,976		71,001		70,838
Total gross assets	$	7,030,516	$	7,058,026	$	6,874,320	$	6,844,114	$	6,882,296

(a)	Includes accumulated depreciation associated with real estate held for sale, as applicable.

Source: View Original Filing on SEC EDGAR

FAQ

How did Independence Realty Trust (IRT) perform financially in full year 2025?

Independence Realty Trust reported full year 2025 EPS of $0.24 and Core FFO (CFFO) of $1.17 per share. Same-store NOI grew 2.4%, supported by 95.4% average occupancy and modest rent increases across its multifamily portfolio.

What are IRT’s key 2026 earnings and CFFO guidance targets?

For 2026, IRT projects diluted EPS between $0.21 and $0.28 and CFFO per share between $1.12 and $1.16. Guidance assumes same-store NOI growth in a range of (0.6%) to 2.2%, reflecting modest revenue growth and controlled expense increases.

What changes did Independence Realty Trust make to its credit facilities in February 2026?

IRT entered a Sixth Amended and Restated Credit Agreement providing a new $350 million unsecured term loan maturing in 2030. The agreement increases total unsecured credit capacity to $1.5 billion, with the ability to request an increase up to $2.0 billion under specified conditions.

How strong are IRT’s balance sheet and liquidity at year-end 2025?

At December 31, 2025, IRT reported net debt to Adjusted EBITDA of 5.7x and interest coverage of 4.8x. Liquidity totaled about $574.7 million, combining unrestricted cash and availability under its unsecured revolving credit facility, with all debt fixed or hedged.

What progress did IRT make on its value-add renovation program in 2025?

IRT renovated 2,003 units during 2025, achieving a weighted average ROI of 15.3%. The average renovation cost was about $19,661 per unit, and renovated units generated an average monthly rent increase of roughly $251 compared with comparable unrenovated units.

Did Independence Realty Trust repurchase any shares in 2025?

In Q4 2025, IRT repurchased approximately 1.9 million common shares at an average price of $16.00, for a total of about $30.0 million. As of December 31, 2025, roughly $220.0 million remained available under its $250.0 million stock repurchase authorization.

Debt refi, buybacks shape Independence Realty (NYSE: IRT) 2026 plan

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FAQ

How did Independence Realty Trust (IRT) perform financially in full year 2025?

What are IRT’s key 2026 earnings and CFFO guidance targets?

What changes did Independence Realty Trust make to its credit facilities in February 2026?

How strong are IRT’s balance sheet and liquidity at year-end 2025?

What progress did IRT make on its value-add renovation program in 2025?

Did Independence Realty Trust repurchase any shares in 2025?

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Debt refi, buybacks shape Independence Realty (NYSE: IRT) 2026 plan

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REIT and credit markets analyst neutral

FAQ

How did Independence Realty Trust (IRT) perform financially in full year 2025?

What are IRT’s key 2026 earnings and CFFO guidance targets?

What changes did Independence Realty Trust make to its credit facilities in February 2026?

How strong are IRT’s balance sheet and liquidity at year-end 2025?

What progress did IRT make on its value-add renovation program in 2025?

Did Independence Realty Trust repurchase any shares in 2025?

Filing Exhibits & Attachments

Press Releases

Agreements & Contracts

Other Documents

NYSE:IRT

IRT Rankings

IRT Latest News

IRT Latest SEC Filings

IRT Stock Data