ADDED
irt20251231_10k.htm 0001466085 INDEPENDENCE REALTY TRUST, INC.
Schaeffer Chief Executive Officer and Chairman of the Board true true true Held for sale as of December 31, 2023.
Represents the weighted average of the contractual interest rates in effect as of year-end December 31, 2024 without regard to any interest rate swaps or collars.
The Metropolis at Innsbrook is an operating property consisting of 402 units (unaudited) that was sold on July 21, 2025.
We had an 84.8% ownership interest in the property at the time of sale.
We received $31,356 in proceeds from the sale, comprised of a return of our initial investment of $24,501 and equity proceeds of $6,855.
We recognized a gain of $10,576 from the sale during the year ended December 31, 2025.
On October 9, 2025, our joint venture partner redeemed our investment in this property, comprised of a return of our initial investment of $5,912 and a preferred return of $3,248.
We recognized the preferred return of $3,248 in income (loss) from investments in unconsolidated real estate entities in our consolidated statements of operations during the year ended December 31, 2025.
Under the terms of our joint venture agreement, we are entitled to the right of first refusal on the sale of the property.
REMOVED
As of February 14, 2025 there were 230,914,117 shares of the registrant s common stock issued and outstanding.
As of December 31, 2024, we also owned interests in four unconsolidated joint ventures, three of which own and operate multifamily apartment properties that contain an aggregate of 886 units and one that is developing a multifamily apartment property that will, upon completion, contain 378 units.
Our target profile for acquisitions currently is midrise/garden-style apartments containing 150-500 units with high quality amenities that we can acquire at less than replacement cost in the $35 million to $125 million price range with a three to fifteen-year operating track record.
2024 Highlights Property Dispositions and Acquisitions Portfolio Optimization and Deleveraging Strategy On October 26, 2023, our Board of Directors approved a plan, which we refer to as our Portfolio Optimization and Deleveraging Strategy, which targeted the sale of 10 properties located in seven markets in order to exit or reduce our presence in these markets while also deleveraging our balance sheet.
During 2024, we completed our Portfolio Optimization and Deleveraging Strategy with the sale of six properties, totaling 1,746 units, for an aggregate gross sale price of $324.6 million and recognized an aggregate gain on sale of $25.5 million.
In total, our Portfolio Optimization and Deleveraging Strategy resulted in the sale of ten properties for an aggregate gross sales price of $525.3 million and proceeds from the sales were used to repay an aggregate of $517.1 million of our outstanding debt.
During 2024, in connection with our capital recycling program, we identified one 354-unit property in Birmingham, Alabama as held for sale and recognized a loss on impairment of $15.1 million.
On July 17, 2024, we sold this multifamily apartment community for a gross sales price of $70.8 million.
On August 13, 2024, we used the proceeds from this sale as part of a 1031 exchange to acquire a 288-unit property in Tampa-St.
The property was built in 2021 and had an average rent per unit of $2,228 at the time of our acquisition.