Independence Realty Trust (IRT) Q2 2026 earnings summary

Executive summary

• Operating momentum is building, with rental rate growth improving sequentially and market conditions recovering across the portfolio.

• Owned and operated 116 multifamily apartment properties totaling 33,898 units as of June 30, 2026, primarily in non-gateway U.S. markets.

• Q2 2026 EPS was $0.01 and CFFO per share was $0.28, ahead of expectations.

• Completed 600–1,026 unit renovations in the value add program, achieving a 16.4% average ROI.

• Fitch Ratings upgraded the outlook to 'Positive', and the investment grade balance sheet remains strong.

Financial highlights

• Total revenue for Q2 2026 was $167.2 million, up 3.2% year-over-year; six-month revenue was $332.6 million, up 3.0%.

• Core FFO per share for Q2 was $0.28, ahead of internal expectations.

• Same-store NOI growth was 1.2% in Q2, outpacing the original guidance midpoint.

• Net income for Q2 2026 was $3.4 million, down from $8.2 million in Q2 2025.

• Average occupancy was 95%, down 20–30 bps sequentially/year-over-year.

Outlook and guidance

• Affirmed midpoint of full year 2026 Core FFO per share guidance; 2026 full year EPS guidance range updated to $0.22–$0.27 per share.

• Same-store NOI growth guidance for 2026 raised to 1.0%–2.0%.

• Same-store revenue growth guidance affirmed at 1.7% for the full year, with 2.1% expected in the second half.

• 87% of full-year revenue growth is already achieved or contracted.

• Two properties classified as held for sale as of June 30, 2026; Stonebridge Crossings sale expected to close in Q3 2026.