Key Highlights

  • IRT reported third quarter 2026 EPS of $0.11, up from $0.03 a year earlier, on Net Income of $25.1 million.
  • CFFO was $70.7 million, or $0.29 per share, unchanged per share from the prior-year quarter.
  • Same-store NOI rose 1.6% as rental Revenue grew 2.0% and operating expenses rose 2.5%.
  • Blended Lease rent growth was 2.8% with average occupancy of 95.0% and retention of 60.5%.
  • Full year 2026 CFFO guidance of $1.13 to $1.15 per share was kept, while EPS guidance fell to $0.18 to $0.20.

EPS Climbs to $0.11 on a $26.5 Million Property Sale Gain

Independence Realty Trust (NYSE:IRT) reported third quarter 2026 results on Nov 2, 2026, for the quarter ended Sep 30, 2026. Net income available to common shares was $25.1 million, or $0.11 per diluted share, compared with $6.9 million, or $0.03 per share, a year earlier. The company sold Stonebridge Crossing in Memphis for $55.8 million on Sep 10, 2026, recording a gain of about $26.5 million.

IRT is a multifamily apartment REIT with a portfolio of 115 operating properties and 33,398 units at quarter end. Rental and other property revenue was $172.0 million, up about 3.0% from $166.9 million a year ago (calculated).

Core funds from operations (CFFO) were $70.7 million versus $70.0 million, or $0.29 per share in both periods.

Same-Store NOI Up 1.6% as Lease Trade-Outs Improve

In the same-store portfolio of 109 properties and 31,735 units, revenue grew 2.0% and operating expenses grew 2.5%, lifting NOI 1.6%. Average occupancy slipped 40 basis points to 95.0%, and the average rental rate rose 0.6% to $1,605.

New lease rates were down 0.6% on a like-term basis, improved from a 3.7% decline a year ago, while renewals rose 4.6%. Blended growth reached 2.8%, up from 0.1% in the third quarter of 2025. Resident retention was 60.5%, against 58.1% in the second quarter.

The value add program completed 744 renovations in the quarter at an average cost of $20,597 per unit and a 14.2% return, with monthly rent up $244 over unrenovated units. Year to date it has finished 1,770 units at a 14.9% return.

CFFO Guidance Midpoint Reaffirmed, EPS Range Cut to $0.18 to $0.20

IRT kept 2026 CFFO guidance at $1.13 to $1.15 per share. Full year EPS guidance was lowered to $0.18 to $0.20 from $0.22 to $0.27, and FFO guidance moved to $1.13 to $1.15 from $1.16 to $1.18.

Same-store NOI growth is now expected at 1.2% to 1.8%, narrowed from 1.0% to 2.0%, with revenue growth of 1.6% to 1.8%. Acquisition Volume is projected at $266 million, up from $145 million, reflecting two joint venture consolidations and one Columbus property.

Net Debt to Adjusted EBITDA was 6.2x, the weighted average Interest Rate was 4.3% and Liquidity was about $491.6 million. A quarterly Dividend of $0.18 per share was paid on Oct 23, 2026.

Merger Vote Set for Nov 10 Would Create a 44,400-Unit Apartment Owner

IRT agreed on Sep 9, 2026 to merge with another apartment REIT, issuing 3.800 shares for each share acquired. The combined company would hold 163 communities and about 44,400 units across 17 states, with an Enterprise value near $8 billion. Legacy IRT holders would own about 78% of the combined company. The company expects $24 million of annual synergies and about 5% CFFO accretion.

Shareholders of both companies vote on Nov 10, 2026, and closing could come as early as the end of the fourth quarter.