Independence Realty Trust (IRT) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results met expectations, with stable occupancy and retention rates, and improving market fundamentals expected to support NOI growth for the remainder of the year.

• Owned and operated 115 multifamily apartment properties totaling 33,602 units as of March 31, 2026, primarily in non-gateway U.S. markets.

• Completed 426 unit renovations under the Value Add Initiative, achieving a 15.4%–16.1% average ROI.

• Acquired The Retreat at Canal in Columbus, OH (140 units) and consolidated Tisdale at Lakeline Station in Austin, TX (378 units) during the quarter.

• Focused on maximizing stockholder value through portfolio management, operational performance, and capital returns.

Financial highlights

• Total revenue increased 2.7% year-over-year to $165.2 million for Q1 2026.

• Net loss of $127,000 for Q1 2026, compared to net income of $8.5 million in Q1 2025, primarily due to higher depreciation and interest expense.

• Core FFO per share was $0.26 for Q1, in line with guidance and slightly below $0.27 in Q1 2025.

• Same-store NOI grew 1.0% year-over-year to $98.3 million, with average occupancy at 95.2% and average effective monthly rent per unit up 0.4% to $1,595.

• Adjusted EBITDA was $86.4 million, up from $85.7 million year-over-year.

Outlook and guidance

• Affirmed full-year 2026 guidance for EPS ($0.21–$0.28), FFO per share ($1.15–$1.19), and CFFO per share ($1.12–$1.16).

• Same-store NOI growth projected between (0.6%) and 2.2% for 2026.

• Property revenue growth expected at 1.0%–2.4%, with total operating expense growth of 2.9%–3.9%.

• Renewal rate growth for April and May is tracking around 4%, with June and July expected to be slightly higher.

• Acquisition volume for 2026 includes one property in Columbus, Ohio, and consolidation of a joint venture in Austin, Texas.