IRT 10-K & 10-Q changes, risk factors and insider trading
Independence Realty Trust, Inc. · NYSE · Real Estate Investment Trusts · CIK 1466085 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “The use of, or inability to use, artificial intelligence by the Company presents risks and challenges that may adversely impact the Company's business and operating results.”
New heading “We face the risk of fluctuations in the cost, availability and quality of our materials and products from new or increased tariffs or otherwise, which could increase our expenses or impact operations and renovations and adversely affect our results of operations and financial condition.”
New heading “We face risks of increased labor costs or shortages in available labor which may increase our expenses or impact our property operations and renovations and adversely affect our results of operations and financial condition.”
New heading “We face risks of using artificial intelligence in connection with our leasing and management operations that may adversely affect our results of operations and financial condition.”
Largest changes
“We face the risk of fluctuations in the cost, availability and quality of our materials and products from new or increased tariffs or otherwise, which could increase our expenses or impact operations and renovations and adversely affect our results of operations and financial condition.”see in full comparison
“We face risks of increased labor costs or shortages in available labor which may increase our expenses or impact our property operations and renovations and adversely affect our results of operations and financial condition.”see in full comparison
“We face risks of using artificial intelligence in connection with our leasing and management operations that may adversely affect our results of operations and financial condition.”see in full comparison
“The use of, or inability to use, artificial intelligence by the Company presents risks and challenges that may adversely impact the Company's business and operating results.”see in full comparison
“Rapidly evolving U.S. trade and tariff policies, together with retaliatory measures by U.S. trading partners, have created uncertainty about future relationships between the United States and other countries with respect to trade policies, treaties and tariffs. Such uncertainty limits our ability to anticipate, plan for, or effectively mitigate the adverse impacts of such measures on our operations and supply chain costs. …”see in full comparison
“We use software to assist with marketing, leasing and managing our apartments, including screening applications, that may incorporate the use of artificial intelligence. Key risks of using artificial intelligence enabled software include algorithmic bias leading to fair housing violations, data privacy breaches, and lack of transparency in applicant screening. …”see in full comparison
Full comparison: every changed paragraph (132)
You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K,Report, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our securities. The Risk Factor Summary that follows should be read in conjunction with the detailed description of risk factors below. The risks set forth below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, prospects, financial condition, cash flows, liquidity, funds from operations, results of operations, stock price, ability to service our indebtedness, and/or ability to make cash distributions to our security holders (including those necessary to maintain our REIT qualification). In such case, the value of our common stock and the trading price of our securities could decline, and you may lose all or a significant part of your investment. Some statements in the following risk factors constitute forward-looking statements. Please refer to the explanation of the qualifications and limitations on forward-looking statements under “Forward-Looking Statements” of this FormAnnual 10-K.Report.
•We depend on residents for revenue and if residents fail to pay rent it may cause a material decline in our operating results.
•Future unfavorable changes in economic conditions could adversely impact us.
•Our concentration of investments in a single asset class makes our results of operations more vulnerable to a downturn in the multifamily sector.
•Competition could limit our ability to lease apartments or increase or maintain rental income, and short-term leases make us more susceptible to these risks.
•Redevelopment risks may cause our revenues and expenses to fluctuate significantly from one period to another which may result in losses.
•Substantial inflationary pressures could adversely affect our financial condition or results of operations.
•The loss of services of any of our senior officers or key employees and increased competition for personnel could adversely affect us and/or increase our labor costs.
•We may fail to grow our portfolio through acquisitions or such acquisitions may not yield the cash flows expected.
•A cybersecurity incident and other technology disruptions could negatively impact our business.
•Damage from catastrophic weather and other natural events could result in losses.
•We may fail to produce accurate and timely financial statements.
•We may acquire or develop properties through joint ventures, which may be riskier than our typical acquisitions.
•New infectious diseases could adversely affect our business operations.
•We have, and may continue to, incur mortgage indebtedness and other borrowings and are not limited in the amount or percentage of indebtedness that we may incur, which may increase our business risk.
•Debt financing and other required capital may not be available to us or may only be available on unfavorable terms.
•Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our stockholders, and decrease our share price, if investors seek higher yields through other investments.
•Failure to hedge effectively against interest rates may adversely affect our results of operations.
•Lender-imposed restrictions may affect our ability to make distributions to our stockholders and otherwise affect our operating policies.
•We may guaranty certain debt made to the entities that own our properties. In certain circumstances, we may be responsible for the satisfaction of the debt which could negatively impact our business.
•We may be adversely affected by our use of SOFR as the base rate for our unsecured debt due to SOFR's limited history and its potential to be volatile.
•We are subject to significant regulations, which could adversely affect our results of operations.
•The costs of compliance with laws and regulations may adversely affect our net income and the cash available for any distributions.
•A change in the United States government policy with regard to Fannie Mae and Freddie Mac could impact our financial condition.
•Legislative or regulatory action could adversely affect the returns to our investors.
•Dividends paid by REITs generally do not qualify for the reduced tax rates applicable to qualified dividend income provided under current law.
•Failure to qualify as a REIT could have adverse consequences.
•We may take action to maintain our REIT status which could adversely affect our overall financial performance.
•Certain of our business activities are potentially subject to the prohibited transaction tax, which could reduce the return on any investment in our securities.
•If our operating partnership, IROP, is not treated as a partnership or disregarded entity for U.S. federal income tax purposes, its income may be subject to taxation.
•Distributions to tax-exempt investors may be classified as unrelated business taxable income, or UBTI, and tax-exempt investors would be required to pay tax on such income and to file income tax returns.
•Distributions to foreign investors may be treated as an ordinary income distribution to the extent that it is made out of current or accumulated earnings and profits.
•We may make distributions consisting of both stock and cash, in which case stockholders may be required to pay income taxes in excess of the cash distributions they receive.
•Our structure as a Maryland real estate investment trust may make it more difficult for us to be acquired.
•Stockholders have limited control over changes in our policies and operations.
Our portfolio of properties consists primarily of multifamily communities geographically concentrated in the SoutheasternSoutheast region of the United States, includingincluding, Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. Our performance could be adversely affected by economic conditions in, and other factors relating to, these geographic areas, including supply and demand for multifamily communities in these areas, zoning and other regulatory conditions and competition from other communities and alternative forms of housing. In particular our performance is disproportionately influenced by job growth and unemployment. To the extent the economic conditions, job growth and unemployment in any of these markets deteriorate or any of these areas experiences natural disasters, the value of our portfolio, our results of operations and our ability to make payments on our debt and to make distributions could be adversely affected.
•adverse conditions in the real estate industry could harm our business and financial condition by reducing the value of our existing assets, limiting our access to debt and equity capital and otherwise negatively impacting our operations;
•any future downturn in the U.S. economy and the related reduction in spending, reduced home prices and high unemployment may result in resident defaults under leases, vacancies at our multifamily communities and concessions or reduced rental rates under new leases due to reduced demand;
•the rate of household formation or population growth in our markets or a continued or exacerbated economic slow-down experienced by the local economies where our properties are located or by the real estate industry generally may result in changes in supply of, or demand for, multifamily units in our markets;
•the failure of the real estate market to attract the same level of capital investment in the future that it attracts at the time of our purchases, or a reduction in the number of companies seeking to acquire properties, may result in the value of our investments not appreciating or decreasing significantly below the amount we pay for these investments; and
•international military conflicts could affect oil and gas prices, cause supply chain disruptions and increase cybersecurity risks.
The success of our investments depends upon the occupancy levels, rental revenue and operating expenses of our multifamily communities. Our revenues may be adversely affected by the general or local economic climate, local real estate considerations (such as oversupply of or reduced demand for multifamily units), the perception by prospective residents of the safety, convenience and attractiveness of the areas in which our multifamily communities are located (including the quality of local schools and other amenities), federal or state government policies, including policies related to immigration enforcement, that may impact our residents or the communities in which we operate, and increased operating costs (including real estate taxes and utilities).
Short-termShort- term resident leases expose us to the effects of declining market rent, which could adversely impact our ability to make cash distributions to our stockholders.
The multifamily industry is highly competitive. This competition may limit our ability to increase revenue and could reduce occupancy levels and revenues at our multifamily properties. We compete with many other entities engaged in real estate investment activities, including individuals, corporations, bank and insurance company investment accounts, other REITs, real estate limited partnerships, and other entities engaged in real estate investment activities. Many of these entities have significant financial and other resources, including operating experience, allowing them to compete effectively with us. Competitors with substantially greater financial resources than us may be able to accept more risk than we can effectively manage. In addition, those competitors that are not REITs may be at an advantage to the extent they can use working capital to finance projects, while we (and our competitors that are REITs) will be required by the annual distribution provisions under the Code to distribute significant amounts of cash from operations to our stockholders. Competition may also result in overbuilding of multifamily properties, causing an increase in the number of multifamily units available which could potentially decrease our occupancy and multifamily rental rates. We may also be required to expend substantial sums to attract new residents. The resale value of the property could be diminished because the market value of a particular property will depend principally upon the net revenues generated by the property. In addition, increases in operating costs due to inflationinflation, tariffs or other trade barriers may not be offset by increased multifamily rental rates. Further, costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment. These events would cause a significant decrease in revenues and the trading price of our common stock, and could cause us to reduce the amount of distributions to our stockholders.
•we may not achieve the increased occupancy, cost savings and operational efficiencies projected at the time of acquiring a property;
•management may incur significant costs and expend significant resources evaluating and negotiating potential acquisitions, including those that we subsequently are unable to complete;
•we may acquire properties that are not initially accretive to our results upon acquisition, and we may not successfully manage and operate those properties to meet our expectations;
•we may acquire properties outside of our existing markets where we are less familiar with local economic and market conditions;
•some properties may be worth less or may generate less revenue than, or simply not perform as well as, we believed at the time of the acquisition;
•we may be unable to assume mortgage indebtedness with respect to properties we seek to acquire or obtain financing for acquisitions on favorable terms or at all;
•we may forfeit earnest money deposits with respect to acquisitions we are unable to complete due to lack of financing, failure to satisfy closing conditions or certain other reasons;
•we may spend more than budgeted to make necessary improvements or renovations to acquired properties; and
•we may acquire properties without any recourse, or with only limited recourse, for liabilities, whether known or unknown, such as clean-up of environmental contamination, claims by residents, vendors or other persons against the former owners of the properties, and claims for indemnification by general partners, trustees, officers, and others indemnified by the former owners of the properties.
•unavailability of favorable financing sources in the debt and equity markets;
•construction cost overruns, including on account of rising interest rates, diminished availability of materials and labor, and increases in the costs of materials and labor;
•construction and lease-up delays, including on account of delays in obtaining materials, and failure to achieve target occupancy levels and rental rates, resulting in increased debt service and lower than projected returns on our investment;
•complications in obtaining, or inability to obtain, necessary zoning, land-use, building occupancy and other governmental or quasi-governmental permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities and impairment charges;
•unexpected environmental remediation costs;
•potential disputes with, and negligent performance by, construction contractors, architects, engineers and other service providers with which we may contract as part of a development or redevelopment project, which would expose us to unexpected costs, delays and potential liabilities; and
•occupancy rates, rents and concessions at a newly developed community may fluctuate depending on a number of factors, including market and economic conditions, preventing us from meeting our expected return on our investment and our overall profitability goals.
Management's Discussion & Analysis (MD&A)
Removed heading “Stock Repurchase Program”
Removed heading “Shelf Registration Statement and ATM Program”
Removed heading “Investment Grade Ratings”
Removed heading “PNC Secured Credit Facility”
Removed heading “Newmark Secured Credit Facility”
Removed heading “Unsecured Revolver and Term Loans”
Largest changes
“The Fifth Restated Credit Agreement also contains financial covenants applicable to us 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. …”see in full comparison
“The Fifth Restated Credit Agreement contains customary covenants for credit facilities of this type, including restrictions on our ability 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.”see in full comparison
“On July 25, 2022, we entered into the Fourth Restated Credit Agreement which amended and restated in its entirety the Third Amended and Restated Credit Agreement dated as of December 14, 2021 (the “Third Restated Credit Agreement”). The Fourth Restated Credit Agreement provided for an aggregate amount available for borrowing of $1,100,000, which consisted of (i) the Unsecured Revolver with a January 31, 2026 scheduled maturity date (ii) the 2028 Term Loan; and (iii) the 2026 Term Loan. …”see in full comparison
“Borrowings under the 2026 Term Loan bear 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. These margins represent a 5-basis point decrease from those applicable to the 2026 Term Loan. …”see in full comparison
see in full comparisonBorrowings under the 2026 Term Loan bear 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. These margins represent a 5-basis point decrease from those applicable to the 2026 Term Loan.The margin for borrowings under the UnsecuredRevolverRevolver, the 2028 Term Loan and the2028new 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, basedonupon 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 the20262028 Term Loan and20282030 Term Loan.Overall, this reflects a weighted average reduction in margin of approximately 34 basis points compared to the interest rate margins in place prior to IRT’s receipt of investment grade credit ratings.
“On March 4, 2024, we received an investment grade rating from Fitch Ratings (“Fitch”). Fitch has assigned a Long-Term Issuer Default Rating of ‘BBB’ to IRT with a stable outlook. In addition, Fitch has assigned a rating of ‘BBB’ to our operating partnership, IROP and our senior unsecured debt, which includes credit facilities and unsecured term loans.”see in full comparison
Full comparison: every changed paragraph (98)
Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help provide an understanding of our business, financial condition and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this report.Annual Report. This report,Annual Report, including the following MD&A, contains forward-looking statements regarding future events or trends that are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
•Unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
•Short-term leases expose us to the effects of declining rents;
•Competition could limit our ability to lease our units or increase or maintain rental income;
•Redevelopment risks could impact our profitability;
•Impairment charges;
•Labor and materials required for maintenance, repair, renovation or capital expenditure may be more expensive than anticipated or significantly delayed;
•Competition could adversely affect our ability to acquire properties;
•Our acquisition strategy may not produce the cash flows expected;
•Failure to qualify as a REIT could have adverse consequences;
•Litigation risks could affect our business;
•A cybersecurity incident and other technology disruptions could negatively impact our business;
•Damage from catastrophic weather and other natural events could result in losses;
•Volatility in capital markets may result in fluctuations in our share price;
•Debt financing and other required capital may not be available to us or may only be available on adverse terms;
•Substantial inflationary or deflationary pressures could adversely affect our financial condition or results of operations;
•Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our stockholders, and decrease our share price, if investors seek higher yields through other investments;
•Failure to hedge effectively against interest rates may adversely affect results of operations; and
•Additional factors as discussed in Item 1A. “Risk Factors”.
(1)Excludes our one development project. See Non-GAAP Financial Measures for our definition of a development property and our methodology for determining same-store properties.
(2)Excludes one former development project that reached overall occupancy of 90.0% during the three months ended December 31, 2024.
Rental and other property revenue. Rental and other property revenue increased $17.6 million to $656.5 million for the year ended December 31, 2025 from $638.9 million for the year ended December 31, 2024. The increase was primarily attributable to a $10.2 million increase in same-store rental and other property revenue, driven by a 0.8% increase in average effective monthly rents and a 0.3% increase in average occupancy compared to the prior year period and to a $7.4 million increase in non same-store rental and other property revenue driven by the acquisition of three properties in the second half of 2024, and three properties in 2025.
Rental and other property revenue. Rental and other property revenue decreased $20.9 million to $638.9 million for the year ended December 31, 2024 from $659.8 million for the year ended December 31, 2023. The decrease was primarily attributable to a $38.2 million decrease in non same-store rental and other property revenue driven by the sale of ten properties under the Portfolio Optimization and Deleveraging Strategy. This decrease in non same-store rental and other property revenue was partially offset by an increase in same-store rental and other property revenue of $17.3 million driven by a 1.3% increase in average effective monthly rents and a 1.1% increase in average occupancy compared to the prior year period.
Property operating expenses. Property operating expenses decreasedincreased $8.7$3.6 million to $239.2 million for the year ended December 31, 2025 from $235.6 million for the year ended December 31, 2024 from $244.3 million for the year ended December 31, 2023.2024. The decreaseincrease was primarily due to a $14.0$2.5 million decreaseincrease in non same-store property operating expenses, due to the saleacquisition of tenthree properties underin ourthe Portfoliosecond Optimizationhalf of 2024 and Deleveragingthree Strategyproperties partiallyin offset2025 and by a $5.3$1.1 million increase in same-store property operating expenses primarily due to higher personneladvertising expenses,expense, utilities,contract advertising,services (landscaping, trash, cable/internet, janitorial), and propertyutilities insurance,costs, partially offset by a decrease in property insurance, turnover costs, payroll expense and real estate taxes. Same-store advertising expenses increased 19.5% during the year ended December 31, 2024 compared to the prior year period, as we increased investment in our brand.
Property management expenses. Property management expenses increased $2.8 million to $29.9 million for the year ended December 31, 2024 from $27.1 million for the year ended December 31, 2023. The increase was primarily due to higher personnel costs primarily driven by employee retention credits recognized in 2023 and higher software costs driven by centralization efforts.
General and administrative expenses. General and administrative expenses increased $1.5 million to $24.2 million for the year ended December 31, 2024 from $22.8 million for the year ended December 31, 2023. The increase was primarily due to the prior year period including the reversal of stock compensation and bonus expense related to executive departures that occurred in 2023 and employee retention credits recognized in 2023.
Depreciation and amortization expense. Depreciation and amortization expense increased $1.9$22.4 million to $243.2 million for the year ended December 31, 2025 from $220.9 million for the year ended December 31, 2024 from $219.0 million for the year ended December 31, 2023.2024. The increase was primarily due to depreciation expenses driven by capital expenditures related to our Value Add Initiative and higher intangible asset amortization expenses duringfrom theour yearproperty endedacquisitions Decemberin 31, 2024,2025, compared to the prior year.year period. This was partially offset by lower depreciation expenses from the sale of seven properties sold in 2024.2024 compared to the sale of two properties in 2025.
Casualty losses (gains), net. During the year ended December 31, 2024, we incurred $3.9 million in net casualty losses due to winter storm damage and fire at various properties where the carrying value of the damage exceeded insurance proceeds due to policy deductibles. During the year ended December 31, 2023, we incurred $0.9 million in net casualty losses due to fires at three properties and winter storm damage at various properties where the carrying value of the damage exceeded insurance proceeds due to policy deductible levels.
InterestCasualty expense.losses. InterestCasualty expenselosses decreased $13.8$2.6 million to $76.1$1.3 million for the year ended December 31, 20242025 from $89.9$3.9 million for the year ended December 31, 2023.2024. The decrease was primarily drivendue byto a decrease in the reductionnumber and severity of debtcasualty associatedevents within 2025 compared to 2024 where the salecarrying value of ten properties under the Portfoliodamage Optimizationexceeded andinsurance Deleveragingproceeds Strategy, partially offset by a 0.1% increase in our weighted average effective interest rate from 4.2% for the full year 2023due to 4.3%policy for the full year 2024.deductibles.
Interest expense. Interest expense increased $2.9 million to $79.0 million for the year ended December 31, 2025 from $76.1 million for the year ended December 31, 2024 primarily due to lower capitalized interest on our real estate under development, higher amortization of deferred financing costs associated with the refinancing of our unsecured credit agreement on January 8, 2025, partially offset by lower average borrowings under our unsecured revolver.
Gain on sale (Lossloss on impairment) gain on sale of real estate assets, net. During the year ended December 31, 2025, we sold two multifamily properties, recognizing a gain on sale of $19.0 million in connection with one of the properties and an impairment loss of $12.8 million in connection with one property held for sale. During the year ended December 31, 2024, we sold seven multifamily propertiesproperties, resulting in aan aggregate gain on sale of $11.1 million. In addition, as of December 31, 2024, we identified one multifamily property as held for sale and recorded a loss on impairment of $21.0 million as a result of the carrying value of the real estate exceeding the expected sales price, less transaction costs. During the year ended December 31, 2023, we sold five multifamily properties resulting in a loss on impairment of $33.5 million. In addition, as of December 31, 2023, we identified six multifamily properties as held for sale and recorded a loss on impairment of $33.0 million as a result of the carrying value of the real estate exceeding the expected sales price, less transaction costs.
Income (loss) from investments in unconsolidated real estate entities. Income (loss) from investments in unconsolidated real estate entities increased $4.8by $10.7 million to a $0.3 million gain for the year ended December 31, 2024,2025 from $4.5$0.3 million loss for the year ended December 31, 2023,2024. The increase was primarily due to an increase in our proportionate share of net earnings of unconsolidated real estate entities, which primarily included a gain fromon sale of $10.6 million during the liquidationthree months ended September 30, 2025 attributable to the sale of onean ofoperating ourproperty in Richmond, Virginia on July 21, 2025 by an unconsolidated realjoint estateventure entities(Metropolis partiallyat offsetInnsbrook) byin thewhich operatingwe lossesheld ofan the84.8% unconsolidatedownership real estate entities.interest.
Restructuring costs. We incurred no restructuring costs during the year ended December 31, 2024. During the year ended December 31, 2023, we incurred approximately $3.2 million of severance costs related to the reorganization of certain departments that impacted a limited number of employees.
Funds from Operations (“FFO”) and Core Funds from Operations (“CFFO”)
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, debt extinguishment costs, merger and integration costs,costs and restructuring costs from the determination of FFO.
(1)Based on 230,741,085, 230,364,184, and 228,452,958 weighted average shares and units outstanding for the years ended December 31, 2024, 2023, and 2022, respectively.
We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful supplemental measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expenses, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expense, net gains on sale of assets, merger and integration costs, and restructuring costs. 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 insofar as the measure reflects only operating income and expense at the property level. 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, financing 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.
Set forth below is a reconciliation of GAAP net income (loss) to Same-Store Portfolio(a) NOI for the years ended December 31, 20242025 and 20232024 (in thousands):
(a)Same-Store Portfolio for the years ended December 31, 2024 and 2023 included 107 properties containing 31,433 units.
(a)Same-Store Portfolio for the years ended December 31, 2024 and 2023 included 107 properties containing 31,433 units.
•make investments, continue our value add initiatives, and improve the quality and performance of our properties;
•repay our indebtedness;
•fund costs necessary to maintain our properties;
•continue funding our current real estate developments until completion;
•pay our operating expenses; and
•distribute a minimum of 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gain) and to make investments in a manner that enables us to maintain our qualification as a REIT.
•the use of our cash and cash equivalents of $21.2 million as of December 31, 2024;
•existing and future unsecured financing, including advances under our unsecured revolver, and financing secured directly or indirectly by the apartment properties in our portfolio;
•cash generated from operating activities;
•net cash proceeds from property sales, including sales undertaken as part of our capital recycling strategy, Portfolio Optimization and Deleveraging Strategy, and other sales; and
•proceeds from the sales of our common stock and other equity securities, including common stock that may be sold under our 2023 ATM Program (as defined below).
We continue to seek to reduce our leverage ratio over time through the execution of various strategies. These strategies include using the proceeds from sales of properties which are outside our core geographic footprint in the Southeastern United States or which we believe have limited potential for further improvements to their operating results to repay a portion of our indebtedness or to acquire new properties at a lower leverage and selectively raising capital through the sale of common stock under our 2023 ATM Program and re-investing the proceeds into our value add initiatives in order to increase our portfolio’s gross asset value. We have successfully continued to implement these strategies to reduce our leverage and reduce our exposure to short term indebtedness.
Stock Repurchase Program
On May 18, 2022, our Board of Directors authorized a common stock repurchase program (the “Stock Repurchase Program”) covering up to $250$250.0 million in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the year ended December 31, 2024,2025, we hadrepurchased noand repurchasesretired 1.9 million shares of our common stock at a weighted average price of $16.00 per share, at a total cost of $30.0 million. As of December 31, 2025, $220.0 million in shares of our common stock remained authorized for repurchase under theour Stock Repurchase Program.
Our cash flows provided by operating activities during the years ended December 31, 2024,2025, 20232024 and 20222023 were primarily driven by the ongoing operations of our properties. For the year ended December 31, 2025, the $22.4 million increase in cash inflows from operating activities was primarily driven by returns from our ongoing operations, a decrease in cash paid for real estate taxes due to the timing of property acquisitions and dispositions.
Our cash flows used in investing activities during the year ended December 31, 20242025 were primarily driven by $238.6$152.7 million of outflows related to the acquisitions of three multifamily apartment communities, $118.3$135.6 million of capital expenditures, $56.8$35.7 million of outflows related to payments to fund our investments in our unconsolidated real estate entities and $18.2 million in additions to real estate under development, and $11.6 million of outflows related to our investments in four unconsolidated real estate entities, partially offset by $390.9$157.9 million of inflows from property dispositions,dispositions $9.1and $40.5 million inof returninflows from returns of investments in unconsolidated real estate entities and $4.7 million in proceeds from insurance claims.entities.
Our cash flows used in investing activities during the year ended December 31, 2024 were primarily driven by $238.6 million of outflows related to the acquisitions of three multifamily apartment communities, $118.3 million of capital expenditures, $56.8 million in additions to real estate under development, and $11.6 of outflows related to payments to fund our investments in four unconsolidated real estate entities, partially offset by $390.9 million of inflows from property dispositions, $9.1 million in return of investments in unconsolidated real estate entities and $4.7 million in proceeds from insurance claims.
Our cash flows used in investing activities during the year ended December 31, 2022 were primarily driven by $201.8 million of outflows related to the acquisitions of three multifamily apartment communities, $84.0 million of capital expenditures, $61.8 million in additions to real estate under development, and $60.8 million of outflows related to our investment in five unconsolidated real estate entities, partially offset by $253.6 million of inflows from property dispositions and $15.6 million in proceeds from insurance claims.
Our cash flows used in financing activities during the year ended December 31, 20242025 were primarily driven by distributions of $158.3 million, mortgage principal repayments of $314.1$100.7 million,million distributionsand repurchases of $147.8common million, and repaymentsstock under our creditShare facilities,Repurchase netProgram of new borrowings of $40.7$30.0 million, partially offset by $150.0 million of proceeds from our private placement of unsecured notes, and $111.3$162.4 million of proceeds from the issuance of common stock in connection with our recent public equityoffering offering.of an aggregate of 11.5 million shares of our common stock discussed below.
Our cash flows used in financing activities during the year ended December 31, 2024 were primarily driven by mortgage principal repayments of $314.1 million, distributions of $147.8 million, and repayments under our credit facilities, net of new borrowings of $40.7 million, partially offset by $150.0 million of proceeds from our private placement of unsecured notes, and $111.3 million of proceeds from the issuance of common stock in connection with our public offering of an aggregate of 11.5 million shares of our common stock discussed below.
What changed in the latest 10-Q
Risk Factors
There have not been any material changes from the risk factors disclosed in Part 1, Item 1A of our 2025 Annual Report.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Results of Operations”
New heading “Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025”
Largest changes
“Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025”see in full comparison
“On July 28, 2023, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock under our shelf registration statement having an aggregate offering price of up to $450.0 million (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. …”see in full comparison
This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. Such forward-looking statements include, but are not limited to, 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 as ofsee in full comparisonMarchJune31,30, 2026,the assumptions underlying the determination of the fair value ofourimpairmentexpectationschargewithforrespectonetoofprojectsourscheduledpropertiestoheldstartfor sale as of March 31,in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this Quarterly Report on Form 10-Q 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.
“Rental and other property revenue. Revenue from rental and other property revenue of the consolidated portfolio increased $9.5 million to $332.3 million for the six months ended June 30, 2026 from $322.8 million for the six months ended June 30, 2025. …”see in full comparison
Our cash outflows from investing activities during thesee in full comparisonthreesix months endedMarchJune31,30, 2026 were primarily due to the acquisition of one multifamily property in the amount of $29.4 million,$23.6$63.9 million of capitalexpendituresexpenditures,and$16.5$11.6million of investments in unconsolidated real estateentities.entities and $4.1 million of investments in real estate under development. Our cashinflowsoutflows from investing activities during thethreesix months endedMarchJune31,30, 2025 were primarily due to $58.6 million to acquire one multifamily property, $53.7 million of capital expenditures, $16.1 million of investments in unconsolidated real estate entities and $12.2 million of investments in real estate under development, partially offset by $109.2 million of proceeds from the disposition of oneproperty, partially offset by $58.6 million to acquire one multifamily property, $21.5 million of capital expenditures, $10.3 of investments in unconsolidated real estate entities and $7.1 million of investments in real estate under development.property.
Full comparison: every changed paragraph (41)
The Securities and Exchange Commission (the “SEC”), encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This reportQuarterly Report on Form 10-Q contains or incorporates by reference such “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. Such forward-looking statements include, but are not limited to, 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 as of MarchJune 31,30, 2026, the assumptions underlying the determination of the fair value of our impairmentexpectations chargewith forrespect oneto ofprojects ourscheduled propertiesto heldstart for sale as of March 31,in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this Quarterly Report on Form 10-Q 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 increased 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 InitiativesPrograms and failure to achieve rent increases and occupancy levels on account of the Value Add Initiatives,Programs, unexpected impairments or impairments in excess of our estimates, new and/or 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 the U.S. government shutdown, the impacts from existing and/or future U.S. foreign policy decisions including the involvement of the U.S. in foreign disputes and foreign wars, 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 2025 Annual Report, 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.
We are a self-administered and self-managed Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”). We are primarily engaged in the ownership, operation, management, improvement, and acquisition of multifamily apartment communities in non-gateway markets. As of MarchJune 31,30, 2026, we owned and operated 115116 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,60233,898 units. Our properties are located in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. In addition, as of MarchJune 31,30, 2026, we owned twoone newly developed properties, including one in Denver, Colorado, that contains 296 units and oneproperty in Austin, Texas that contains 378 units. As of MarchJune 31,30, 2026, we also owned interests in three unconsolidated joint ventures, one of which owns and operates a multifamily apartment community that contains 275 units and two of which that are developing multifamily apartment communities that will contain, upon completion, an aggregate of 642 units. We do not have any foreign operations and our business is not seasonal.
As of MarchJune 31,30, 2026, we owned and consolidated 115116 multifamily apartment properties, totaling 33,60233,898 units. Below is a summary of our consolidated property portfolio by market.
As of MarchJune 31,30, 2026 and December 31, 2025, we had investments in unconsolidated real estate entities of $66.6$70.0 million and $98.3 million, respectively.
As of MarchJune 31,30, 2026, we had twoone investmentsinvestment in real estate under development of $127.8$67.8 million, which containcontains an aggregate of 674378 units and areis currently in lease-up. During the three months ended June 30, 2026, our previously disclosed development property in Denver, Colorado was completed and transitioned into our stabilized operating portfolio, and is included in the multifamily apartment properties.
Value Add InitiativeProgram
Strategically renovating communities where there is the potential for outsized rent growth (our "Value Add InitiativeProgram") provides us with the opportunity to improve long-term growth through targeted unit and/or common area investments. We completed renovations on 426600 units during the three months ended MarchJune 31,30, 2026. From inception of our Value Add InitiativeProgram in January 2018 through MarchJune 31,30, 2026, we completed renovations on 11,87112,471 of the 18,78818,592 units currently in our Value Add Initiative,Program, achieving a return on investment of 16.1%15.9% (and approximately 18.1%18.0% on the interior portion of such renovation costs). We compute return on investment by using the rent premium per unit per month, multiplied by 12, divided by the applicable renovation costs per unit and we compute the rent premium as the difference between the rental rate on the renovated unit (excluding the impact of concessions) and the market rent for a comparable unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures.
ATM Program
On July 28, 2023, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock under our shelf registration statement having an aggregate offering price of up to $450.0 million (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. There were no forward sale transactions and no shares of our common stock were sold under the ATM Program during the three months ended March 31, 2026. As of March 31, 2026, approximately $342.4 million remained available for issuance under the ATM Program.
On May 18, 2022, our board of directors authorized a common stock repurchase program (the "Stock Repurchase Program") covering up to $250.0 million in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the threesix months ended MarchJune 31,30, 2026, we repurchased and retired 1.8 million shares of common stock under our Stock Repurchase Program at a weighted average price of $16.24 per share at a total cost of $29.9 million. No shares were repurchased under our Stock Repurchase Program during the three months ended June 30, 2026. As of MarchJune 31,30, 2026, $190.1 million in shares of our common stock remained authorized for repurchase under our Stock Repurchase Program.
As of MarchJune 31,30, 2026, we owned and consolidated 115116 multifamily apartment properties, of which 109 comprised the Same-Store Portfolio.
Three Months Ended MarchJune 31,30, 2026 compared to the Three Months Ended MarchJune 31,30, 2025
Rental and other property revenue. Revenue from rental and other property revenue of the consolidated portfolio increased $4.3$5.2 million to $165.2$167.1 million for the three months ended MarchJune 31,30, 2026 from $160.9$161.9 million for the three months ended MarchJune 31,30, 2025. The increase was attributable to a $2.2$3.8 million increase in non same-store rental and other property revenue primarily driven by two newly developed properties and the acquisition of three properties insince June 30, 2025 earning a full quarter of rental and other property revenue in 2026 and a $2.1$1.5 million increase in same-store rental and other property revenue driven by higher other income, lower bad debt and higher average monthly rent compared to the prior year period.
Property operating expenses. Property operating expenses increased $2.9$2.4 million to $62.1$63.4 million for the three months ended MarchJune 31,30, 2026 from $59.3$60.9 million for the three months ended MarchJune 31,30, 2025. The increase was primarily driven by a $1.7$2.2 million increase in non same-store operating expenses due to the acquisition of three properties insince June 30, 2025 incurring a full quarter of operating expenses in 2026. In addition, the $1.1$0.3 million increase in same-store operating expenses was due to higher payroll costs, utilities and contract services, partially offset by lower insurance expenses.
Property management expenses. Property management expenses increased $0.4 million to $8.2 million for the three months ended March 31, 2026 from $7.8 million for the three months ended March 31, 2025. The increase was primarily driven by the timing of property management expenses in 2025 compared to 2026 and due to an increase in new hire training costs during the three months ended March 31, 2026, compared to the same prior year period.
Depreciation and amortization expense. Depreciation and amortization expense increased $5.9$5.1 million to $64.6$64.9 million for the three months ended MarchJune 31,30, 2026 from $58.7$59.8 million for the three months ended MarchJune 31,30, 2025. The increase was primarily due to depreciation expenses driven by capital expenditures related to our Value Add InitiativeProgram and higherproperties intangibleacquired assetor amortizationplaced expensesin fromservice since January 1, 2025, offset by our recentheld propertyfor acquisitions in 2025sale and 2026sold comparedproperties tofor thewhich samedepreciation prior year period.ceased.
Casualty (gains) losses, net. During the three months ended June 30, 2026 and June 30, 2025 we incurred casualty gain of $0.5 million and casualty loss of $0.2 million, respectively. The gain was primarily due to insurance recoveries in excess of the amount of losses incurred for casualty events.
Interest expense. Interest expense increased $1.4$2.8 million to $20.7$21.6 million for the three months ended MarchJune 31,30, 2026 from $19.3$18.8 million for the three months ended MarchJune 31,30, 2025. The increase during the three months ended MarchJune 31,30, 2026, was primarily driven by the higher average debt balance associated with our acquisitions and a decrease in capitalized interest associated with our real estate under development.
Results of Operations
As of June 30, 2026, we owned and consolidated 116 multifamily apartment properties, of which 109 comprised the Same-Store Portfolio.
Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025
Revenue
Rental and other property revenue. Revenue from rental and other property revenue of the consolidated portfolio increased $9.5 million to $332.3 million for the six months ended June 30, 2026 from $322.8 million for the six months ended June 30, 2025. The increase was attributable to a $6.0 million increase in non same-store rental and other property revenue primarily driven by two newly developed properties and the acquisition of three properties in 2025 earning rental and other property revenue for the full period in 2026 and a $3.6 million increase in same-store rental and other property revenue driven by higher other income, lower bad debt and higher average monthly rent compared to the prior year period.
Expenses
Property operating expenses. Property operating expenses increased $5.3 million to $125.5 million for the six months ended June 30, 2026 from $120.2 million for the six months ended June 30, 2025. The increase was primarily driven by a $3.9 million increase in non same-store operating expenses due to two newly developed properties and the acquisition of three properties in 2025 incurring operating expenses for the full period in 2026. In addition, the $1.4 million increase in same-store operating expenses was due to higher payroll costs, utilities and contract services, partially offset by lower insurance expenses.
Property management expenses. Property management expenses increased $0.6 million to $16.2 million for the six months ended June 30, 2026 from $15.5 million for the six months ended June 30, 2025. The increase was primarily driven by $0.4 million of costs associated with an expanded new hire training program that was launched in mid-2025.
Depreciation and amortization expense. Depreciation and amortization expense increased $11.0 million to $129.5 million for the six months ended June 30, 2026 from $118.5 million for the six months ended June 30, 2025. The increase was primarily due to our Value Add Program and properties acquired or placed in service since January 1, 2025, offset by our held for sale and sold properties for which depreciation ceased.
Casualty (gains) losses, net. During the six months ended June 30, 2026 and June 30, 2025 we incurred casualty gain of $0.5 million and casualty loss of $0.1 million, respectively. The gain was primarily due to insurance recoveries in excess of the amount of losses incurred for casualty events.
Interest expense. Interest expense increased $4.2 million to $42.3 million for the six months ended June 30, 2026 from $38.1 million for the six months ended June 30, 2025. The increase during the six months ended June 30, 2026, was primarily driven by the higher average debt balance associated with our acquisitions and a decrease in capitalized interest associated with our real estate under development.
Gain on sale of real estate assets, net. During the threesix months ended MarchJune 31,30, 2025, we sold one multi-family property resulting in a gain on sale of $1.5 million.
Loss from investments in unconsolidated real estate entities. Loss from investments in unconsolidated real estate entities increased $0.4$0.7 million to $1.0$1.9 million for the threesix months ended MarchJune 31,30, 2026 from $0.6$1.2 million for the threesix months ended MarchJune 31,30, 2025. The increase in loss from investments in unconsolidated real estate entities is primarily driven by an increase inhigher depreciation expense from our unconsolidated real estate entities during the threesix months ended MarchJune 31,30, 2026 compared to the threesix months ended MarchJune 31,30, 2025.
Set forth below is a reconciliation of net income to FFO and CFFO for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands, except share and per share information):
Set forth below is a reconciliation of GAAP net income to Same-Store Portfolio NOI for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands):
Set forth below is Same-Store Portfolio (a) NOI for the three and six months ended MarchJune 31,30, 2026 and 2025 (in thousands, except per unit data):
As of MarchJune 31,30, 2026 and 2025, we maintained cash and cash equivalents, and restricted cash of approximately $43.3$46.7 million and $48.3$42.5 million, respectively. Our cash and cash equivalents were generated from the following activities (dollars in thousands):
Our cash inflows from operating activities during the threesix months ended MarchJune 31,30, 2026 and 2025 were primarily driven by ongoing operations of our properties. The $5.0$6.4 million decrease in cash inflows from operating activities during the threesix months ended MarchJune 31,30, 2026 was primarily driven by the$4.5 million in timing of real estate tax payments.payments and $1.7 million in prepaid rents.
Our cash outflows from investing activities during the threesix months ended MarchJune 31,30, 2026 were primarily due to the acquisition of one multifamily property in the amount of $29.4 million, $23.6$63.9 million of capital expendituresexpenditures, and$16.5 $11.6million of investments in unconsolidated real estate entities.entities and $4.1 million of investments in real estate under development. Our cash inflowsoutflows from investing activities during the threesix months ended MarchJune 31,30, 2025 were primarily due to $58.6 million to acquire one multifamily property, $53.7 million of capital expenditures, $16.1 million of investments in unconsolidated real estate entities and $12.2 million of investments in real estate under development, partially offset by $109.2 million of proceeds from the disposition of one property, partially offset by $58.6 million to acquire one multifamily property, $21.5 million of capital expenditures, $10.3 of investments in unconsolidated real estate entities and $7.1 million of investments in real estate under development.property.
Our cash inflowsoutflows from financing activities during the threesix months ended MarchJune 31,30, 2026 were primarily due to $150.0 million of net proceeds from the refinancing of our credit agreement, partially offset by $76.2$122.0 million of mortgage loanprincipal repayments and payoffs, the payment of dividends on our common stock and noncontrolling interests of $41.6$82.6 million and repurchases of common stock under the Stock Repurchase Program in an aggregate amount of $29.9 million.million, partially offset by $215.9 million of net proceeds from our unsecured revolver and term loan. Our cash outflows from financing activities during the threesix months ended MarchJune 31,30, 2025 were primarily due to mortgage principal repayments of $74.4$94.4 million and payment of dividends on our common stock and noncontrolling interests of $38.1$76.0 million, partially offset by the $50.0$49.9 million issuance of common stock from our forward equity transactions.
There were no off-balance sheet arrangements during the threesix months ended MarchJune 31,30, 2026 that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our interests.
IRT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 6 filings (1 insider, 6 trade dates, 3,000 shares, about $48.3K; 6 of these filings say the sales were made under a Rule 10b5-1 trading plan). Net open-market shares: -3,000 (purchases minus sales); net value about -$48.3K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Gebert Richard D |
Open-market sale |
500 | $14.47 | $7.2K |
| 2026-09-01 | Gebert Richard D |
Open-market sale |
500 | $16.16 | $8.1K |
| 2026-08-03 | Gebert Richard D |
Open-market sale |
500 | $16.70 | $8.3K |
| 2026-07-01 | Gebert Richard D |
Open-market sale |
500 | $16.75 | $8.4K |
| 2026-06-01 | Gebert Richard D |
Open-market sale |
500 | $16.15 | $8.1K |
| 2026-05-13 | Macnab Craig |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Mcclure Melinda H |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Soaries Deforest B. Jr. |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Gebert Richard D |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Washington Lisa |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Brines Ned |
Grant/award | 6,197 | — | — |
| 2026-05-13 | Del Rio Ana Marie |
Grant/award | 6,197 | — | — |
| 2026-05-01 | Gebert Richard D |
Open-market sale |
500 | $16.33 | $8.2K |
| 2026-04-17 | Brines Ned |
Small acquisition | 16 | $16.08 | $257 |
| 2026-04-17 | Brines Ned |
Small acquisition | 604 | $16.08 | $9.7K |
| 2026-01-23 | Brines Ned |
Small acquisition | 15 | $16.76 | $251 |
| 2026-01-23 | Brines Ned |
Small acquisition | 574 | $16.76 | $9.6K |
| 2025-10-24 | Brines Ned |
Small acquisition | 16 | $16.32 | $261 |
| 2025-10-24 | Brines Ned |
Small acquisition | 583 | $16.32 | $9.5K |
| 2025-07-18 | Brines Ned |
Small acquisition | 15 | $17.30 | $260 |
| 2025-07-18 | Brines Ned |
Small acquisition | 545 | $17.30 | $9.4K |
Well-known investors holding IRT (13F)
None of the 59 investors we track reported a position in their latest 13F.