Solid Same-Store NOI Growth
Independence Realty Trust delivered 2.7% same-store NOI growth driven by a 100-basis-point increase in average occupancy and an increase in average effective rent year-over-year.
Successful Asset Transactions
The company sold its final asset in Birmingham, Alabama for $111 million, completing its exit from that market, and expanded in Indianapolis by purchasing a 280-unit community for $59.5 million.
Strong Acquisition Pipeline
IRT is under contract on two additional communities with a combined purchase price of approximately $155 million, with expected economic cap rates in the high 5s during year one.
Improved Financial Liquidity
IRT has nearly $750 million of liquidity to fund accretive investments and entered into a new $100 million SOFR swap, resulting in 100% of its debt being fixed and/or hedged.