Independence Realty Trust (IRT) Q2 2026 earnings summary

Executive summary

• Operating momentum is building, with improving rental rate growth, positive new lease spreads, and higher lead volume, supporting confidence in guidance for same-store revenue growth.

• Owned and operated 116 multifamily 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, with CFFO ahead of expectations.

• Completed 600 unit renovations in Q2 2026, achieving a 16.4% average ROI.

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

Financial highlights

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

• Net income for Q2 2026 was $3.4 million, down from $8.2 million in Q2 2025; diluted EPS was $0.01.

• Core FFO per share for Q2 was $0.28, driven by 1.2% same-store NOI growth and 0.9% same-store revenue growth.

• NOI margin for Q2 2026 was 62.7%, up 20 bps year-over-year.

• Portfolio average occupancy was 95.0%, down 20–30 bps sequentially and year-over-year.

Outlook and guidance

• Affirmed midpoint of full year 2026 Core FFO per share guidance; 2026 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%.

• 87% of full-year revenue growth is already achieved or contracted; remaining growth requires blended spreads of 1.6% or better.

• Recurring capital expenditures for 2026 projected at $30–$32 million.

• Net debt to EBITDA expected in the mid-fives by year-end, aided by asset sales and deleveraging.