INDEPENDENCE REALTY TRUST, INC.
For the period ended Jun 30, 2026. Filed Aug 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 4, 2026
IRT$15.00-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001437749-26-014234
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001437749-26-025677
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 80 previous paragraphs and 89 current paragraphs.
50 unchanged; 23 reworded; 12 added; 7 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 26 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Consolidated Property Portfolio(1)
Current report
As of June 30, 2026, we had one investment in real estate under development of $67.8 million, which contains an aggregate of 378 units and is 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.
Current report
Value Add Program
Current report
Depreciation and amortization expense. Depreciation and amortization expense increased $5.1 million to$64.9 million for the three months ended June 30, 2026 from$59.8 million for the three 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.
Current report
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.
Current report
Results of Operations
Current report
Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025
Current report
Revenue
Current report
Expenses
Current report
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.
Current report
Depreciation and amortization expense. Depreciation and amortization expense increased $11.0 million to$129.5 million for thesix 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.
Current report
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.
Removed paragraphs (7)
Previous report
Consolidated Property Portfolio***(1)***
Previous report
As of March 31, 2026, we had two investments in real estate under development of $127.8 million, which contain an aggregate of 674 units and are currently in lease-up.
Previous report
Value Add Initiative
Previous report
ATM Program
Previous report
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.
Previous report
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.
Previous report
Depreciation and amortization expense. Depreciation and amortization expense increased $5.9 million to$64.6 million for the three months ended March 31, 2026 from$58.7 million for the three months ended March 31, 2025. The increase was primarily due to depreciation expenses driven by capital expenditures related to our Value Add Initiative and higher intangible asset amortization expenses from our recent property acquisitions in 2025 and 2026 compared to the same prior year period.
Reworded paragraphs (23)
Previous wording
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 report 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”).
Current wording
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 Quarterly 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”).
Previous wording
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 March 31, 2026, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of March 31, 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.
Current wording
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 June 30, 2026, 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 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.
Previous wording
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 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, 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 specif…
Excerpt shortened here; the source contains the full paragraph.
Current wording
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 Programs and failure to achieve rent increases and occupancy levels on account of the Value Add 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…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
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 March 31, 2026, we owned and operated 115 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,602 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 March 31, 2026, we owned two newly developed properties, including one in Denver, Colorado, that contains 296 units and one in Austin, Texas that contains 378 units. As of March 31, 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.
Current wording
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 June 30, 2026, we owned and operated 116 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,898 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 June 30, 2026, we owned one newly developed property in Austin, Texas that contains 378 units. As of June 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.
Previous wording
As of March 31, 2026, we owned and consolidated 115 multifamily apartment properties, totaling 33,602 units. Below is a summary of our consolidated property portfolio by market.
Current wording
As of June 30, 2026, we owned and consolidated 116 multifamily apartment properties, totaling 33,898 units. Below is a summary of our consolidated property portfolio by market.
Previous wording
As of March 31, 2026 and December 31, 2025, we had investments in unconsolidated real estate entities of $66.6 million and $98.3 million, respectively.
Current wording
As of June 30, 2026 and December 31, 2025, we had investments in unconsolidated real estate entities of $70.0 million and $98.3 million, respectively.
Previous wording
Strategically renovating communities where there is the potential for outsized rent growth (our "Value Add Initiative") provides us with the opportunity to improve long-term growth through targeted unit and/or common area investments. We completed renovations on 426 units during the three months ended March 31, 2026. From inception of our Value Add Initiative in January 2018 through March 31, 2026, we completed renovations on 11,871 of the 18,788 units currently in our Value Add Initiative, achieving a return on investment of 16.1% (and approximately 18.1% 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.
Current wording
Strategically renovating communities where there is the potential for outsized rent growth (our "Value Add Program") provides us with the opportunity to improve long-term growth through targeted unit and/or common area investments. We completed renovations on 600 units during the three months ended June 30, 2026. From inception of our Value Add Program in January 2018 through June 30, 2026, we completed renovations on 12,471 of the 18,592 units currently in our Value Add Program, achieving a return on investment of 15.9% (and approximately 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.
Previous wording
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 three months ended March 31, 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. As of March 31, 2026, $190.1 million in shares of our common stock remained authorized for repurchase under our Stock Repurchase Program.
Current wording
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 six months ended June 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 June 30, 2026, $190.1 million in shares of our common stock remained authorized for repurchase under our Stock Repurchase Program.
Previous wording
As of March 31, 2026, we owned and consolidated 115 multifamily apartment properties, of which 109 comprised the Same-Store Portfolio.
Current wording
As of June 30, 2026, we owned and consolidated 116 multifamily apartment properties, of which 109 comprised the Same-Store Portfolio.
Previous wording
Three Months Ende**d March 31, 2026 compared to the Three Months Ended March 31, 2025
Current wording
Three Months Ended June 30, 2026 compared to the Three Months Ended June 30, 2025
Previous wording
Rental and other property revenue. Revenue from rental and other property revenue of the consolidated portfolio increased $4.3 million to $165.2 million for the three months ended March 31, 2026 from $160.9 million for the three months ended March 31, 2025. The increase was attributable to a $2.2 million increase in non same-store rental and other property revenue primarily driven by the acquisition of three properties in 2025 earning a full quarter of rental and other property revenue in 2026 and a $2.1 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.
Current wording
Rental and other property revenue. Revenue from rental and other property revenue of the consolidated portfolio increased $5.2 million to $167.1 million for the three months ended June 30, 2026 from $161.9 million for the three months ended June 30, 2025. The increase was attributable to a $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 since June 30, 2025 earning a full quarter of rental and other property revenue in 2026 and a $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.
Previous wording
*Property operating expenses.*Property operating expenses increased $2.9 million to $62.1 million for the three months ended March 31, 2026 from $59.3 million for the three months ended March 31, 2025. The increase was primarily driven by a $1.7 million increase in non same-store operating expenses due to the acquisition of three properties in 2025 incurring a full quarter of operating expenses in 2026. In addition, the $1.1 million increase in same-store operating expenses was due to higher payroll costs, utilities and contract services, partially offset by lower insurance expenses.
Current wording
*Property operating expenses.*Property operating expenses increased $2.4 million to $63.4 million for the three months ended June 30, 2026 from $60.9 million for the three months ended June 30, 2025. The increase was primarily driven by a $2.2 million increase in non same-store operating expenses due to the acquisition of three properties since June 30, 2025 incurring a full quarter of operating expenses in 2026. In addition, the $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.
Previous wording
Interest expense. Interest expense increased $1.4 million to $20.7 million for the three months ended March 31, 2026 from $19.3 million for the three months ended March 31, 2025. The increase during the three months ended March 31, 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.
Current wording
Interest expense. Interest expense increased $2.8 million to $21.6 million for the three months ended June 30, 2026 from $18.8 million for the three months ended June 30, 2025. The increase during the three 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.
Previous wording
Gain on sale of real estate assets, net.During the *three months ended March 31, 2025, we sold one multi-family property resulting in a gain on sale of $1.5 million.
Current wording
*Gain on sale of real estate assets, net.During the *six months ended June 30, 2025, we sold one multi-family property resulting in a gain on sale of $1.5 million.
Previous wording
Loss from investments in unconsolidated real estate entities. Loss from investments in unconsolidated real estate entities increased $0.4 million to $1.0 million for the three months ended March 31, 2026 from $0.6 million for the three months ended March 31, 2025. The increase in loss from investments in unconsolidated real estate entities is primarily driven by an increase in depreciation expense from our unconsolidated real estate entities during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Current wording
Loss from investments in unconsolidated real estate entities. Loss from investments in unconsolidated real estate entities increased $0.7 million to $1.9 million for the six months ended June 30, 2026 from $1.2 million for the six months ended June 30, 2025. The increase in loss from investments in unconsolidated real estate entities is primarily driven by higher depreciation expense from our unconsolidated real estate entities during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous wording
Set forth below is a reconciliation of net income to FFO and CFFO for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share information):
Current wording
Set forth below is a reconciliation of net income to FFO and CFFO for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share information):
Previous wording
Set forth below is a reconciliation of GAAP net income to Same-Store Portfolio NOI for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
Set forth below is a reconciliation of GAAP net income to Same-Store Portfolio NOI for the three and six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
Set forth below is Same-Store Portfolio(a) NOI for the three months ended March 31, 2026 and 2025 (in thousands, except per unit data):
Current wording
Set forth below is Same-Store Portfolio(a) NOI for the three and six months ended June 30, 2026 and 2025 (in thousands, except per unit data):
Previous wording
As of March 31, 2026 and 2025, we maintained cash and cash equivalents, and restricted cash of approximately $43.3 million and $48.3 million, respectively. Our cash and cash equivalents were generated from the following activities (dollars in thousands):
Current wording
As of June 30, 2026 and 2025, we maintained cash and cash equivalents, and restricted cash of approximately $46.7 million and $42.5 million, respectively. Our cash and cash equivalents were generated from the following activities (dollars in thousands):
Previous wording
Our cash inflows from operating activities during the three months ended March 31, 2026 and 2025 were primarily driven by ongoing operations of our properties. The $5.0 million decrease in cash inflows from operating activities during the three months ended March 31, 2026 was primarily driven by the timing of real estate tax payments.
Current wording
Our cash inflows from operating activities during the six months ended June 30, 2026 and 2025 were primarily driven by ongoing operations of our properties. The $6.4 million decrease in cash inflows from operating activities during the six months ended June 30, 2026 was primarily driven by $4.5 million in timing of real estate tax payments and $1.7 million in prepaid rents.
Previous wording
Our cash outflows from investing activities during the three months ended March 31, 2026 were primarily due to the acquisition of one multifamily property in the amount of $29.4 million, $23.6 million of capital expenditures and $11.6 of investments in unconsolidated real estate entities. Our cash inflows from investing activities during the three months ended March 31, 2025 were primarily due to $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.
Current wording
Our cash outflows from investing activities during the six months ended June 30, 2026 were primarily due to the acquisition of one multifamily property in the amount of $29.4 million, $63.9 million of capital expenditures, $16.5 million of investments in unconsolidated real estate entities and $4.1 million of investments in real estate under development. Our cash outflows from investing activities during the six months ended June 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.
Previous wording
Our cash inflows from financing activities during the three months ended March 31, 2026 were primarily due to $150.0 million of net proceeds from the refinancing of our credit agreement, partially offset by $76.2 million of mortgage loan repayments and payoffs, the payment of dividends on our common stock and noncontrolling interests of $41.6 million and repurchases of common stock under the Stock Repurchase Program in an aggregate amount of $29.9 million. Our cash outflows from financing activities during the three months ended March 31, 2025 were primarily due to mortgage principal repayments of $74.4 million and payment of dividends on our common stock and noncontrolling interests of $38.1 million, partially offset by the $50.0 million issuance of common stock from our forward equity transactions.
Current wording
Our cash outflows from financing activities during the six months ended June 30, 2026 were primarily due to $122.0 million of mortgage principal repayments and payoffs, the payment of dividends on our common stock and noncontrolling interests of $82.6 million and repurchases of common stock under the Stock Repurchase Program in an aggregate amount of $29.9 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 six months ended June 30, 2025 were primarily due to mortgage principal repayments of $94.4 million and payment of dividends on our common stock and noncontrolling interests of $76.0 million, partially offset by the $49.9 million issuance of common stock from our forward equity transactions.
Previous wording
There were no off-balance sheet arrangements during the three months ended March 31, 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.
Current wording
There were no off-balance sheet arrangements during the six months ended June 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.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
As of June 30, 2026, we owned and consolidated 116 multifamily apartment properties, of which 109 comprised the Same-Store Portfolio.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
*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.
Current report — wording carried from elsewhere
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.