--- title: "Independence Realty Trust | 8-K: FY2026 Q1 Revenue: USD 165.21 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284690407.md" datetime: "2026-04-30T04:05:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284690407.md) - [en](https://longbridge.com/en/news/284690407.md) - [zh-HK](https://longbridge.com/zh-HK/news/284690407.md) --- # Independence Realty Trust | 8-K: FY2026 Q1 Revenue: USD 165.21 M Revenue: As of FY2026 Q1, the actual value is USD 165.21 M. EPS: As of FY2026 Q1, the actual value is USD 0, missing the estimate of USD 0.0241. #### Operational Metrics - **Net (loss) income available to common shares**: Independence Realty Trust, Inc. reported a net loss available to common shares of - $68 thousand for the quarter ended March 31, 2026, compared to $8,354 thousand for the quarter ended March 31, 2025. The net loss was - $0.1 million for the first quarter of 2026, compared to $8.4 million for the first quarter of 2025. - **Diluted earnings per share (EPS)**: $0.00 for the first quarter of 2026, down from $0.04 for the first quarter of 2025. - **Core Funds from Operations (CFFO)**: $63,527 thousand for the quarter ended March 31, 2026, compared to $64,238 thousand for the quarter ended March 31, 2025. CFFO was $63.5 million for the first quarter of 2026, a slight decrease from $64.2 million in the first quarter of 2025. - **CFFO per share**: $0.26 for the first quarter of 2026, compared to $0.27 for the first quarter of 2025. - **Funds From Operations (FFO) per share**: $0.27 for the first quarter of 2026, down from $0.28 for the first quarter of 2025. - **Same-store portfolio Net Operating Income (NOI) growth**: 1.0% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The same-store portfolio experienced a 1.0% NOI growth year-over-year. - **Adjusted EBITDA**: $86,447 thousand for the quarter ended March 31, 2026, compared to $85,748 thousand for the quarter ended March 31, 2025. Adjusted EBITDA increased to $86.447 million for the first quarter of 2026, up from $85.748 million for the first quarter of 2025. - **Same-Store Rental and other property revenue**: Increased by 1.4% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The same-store portfolio experienced a 1.4% increase in rental revenue. - **Same-Store Property operating expenses**: Increased by 2.0% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The same-store portfolio experienced a 2.0% increase in property operating expenses. - **Same-Store NOI**: Increased by 1.0% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. - **Same-Store Portfolio average occupancy**: Decreased by 10 basis points to 95.2% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Same-store portfolio average occupancy decreased by 10 basis points to 95.2% in the first quarter of 2026. - **Same-Store Portfolio average rental rate**: Increased by 0.4% to $1,595 for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The portfolio average rental rate increased by 0.4% to $1,595 per unit. - **Same-Store NOI Margin**: Decreased by 30 basis points to 62.9% for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. The same-store portfolio NOI margin decreased by 30 basis points to 62.9%. - **Interest coverage**: 4.2x for the three months ended March 31, 2026, compared to 4.4x for the three months ended March 31, 2025. - **Total rental and other property revenue**: Increased to $165.213 million in the first quarter of 2026 from $160.905 million in the first quarter of 2025. - **Property operating expenses**: Rose to $62.124 million in the first quarter of 2026 from $59.263 million in the first quarter of 2025. - **Net Operating Income (NOI)**: For the first quarter of 2026 was $103.089 million, compared to $101.642 million for the same period in 2025. - **Blended lease over lease effective rental rate growth**: 0.7% in Q1 2026, compared to 1.0% in Q4 2025. - **Resident retention rate**: 60.5% in Q1 2026. #### Balance Sheet and Capitalization - **Total gross assets**: $7,167,416 thousand as of March 31, 2026, compared to $6,844,114 thousand as of March 31, 2025. - **Total debt**: $2,433,543 thousand as of March 31, 2026, compared to $2,253,957 thousand as of March 31, 2025. - **Net debt to Adjusted EBITDA**: 6.5x as of March 31, 2026. - **Weighted average effective interest rate on consolidated debt**: 4.3% as of March 31, 2026, with 89.3% either fixed or hedged. - **Weighted average maturity of debt**: 3.1 years as of March 31, 2026. - **Liquidity**: Approximately $563.0 million through unrestricted cash and cash equivalents and capacity under the unsecured revolver as of March 31, 2026. The company had $563.0 million in liquidity through unrestricted cash and unsecured revolver capacity. - **Common shares and OP units outstanding**: 241,639,651 as of March 31, 2026. - **Weighted average common shares and OP units**: 242,374,371 for the three months ended March 31, 2026. #### Unique Metrics - **Value Add Initiative**: Independence Realty Trust, Inc. completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment of 15.4%. The average cost per unit renovated was $20,364, and the average monthly rent increase per unit was $261 over unrenovated comparable units. - **Acquisitions**: Acquired a 140-unit community in Columbus, Ohio, for $29.5 million on January 15, 2026. - **Joint Ventures**: Acquired the joint venture partner’s 10% membership interest in Tisdale at Lakeline Station, Austin, Texas, on January 20, 2026, assuming full operational control and 100% equity ownership. - **Capital Expenditures (Q1 2026)**: Recurring capital expenditures were $6.1 million (or $176 per unit), Value Add Initiative expenditures were $8.6 million, non-recurring expenditures were $5.5 million, and development expenditures were $1.9 million. For the three months ended March 31, 2026, recurring capital expenditures totaled $6.1 million, Value Add Initiative expenditures were $8.6 million, non-recurring expenditures were $5.5 million, and development expenditures were $1.9 million. - **Stock Repurchases**: Repurchased approximately 1.8 million shares of common stock at an average price of $16.24 per share, totaling approximately $29.9 million, during the three months ended March 31, 2026. During the first quarter of 2026, Independence Realty Trust, Inc. repurchased approximately 1.8 million shares of common stock for $29.9 million at an average price of $16.24 per share. Approximately $190.1 million remained under the stock repurchase program as of March 31, 2026. - **Debt Refinancing**: Refinanced 2026 debt maturities with a new $350 million unsecured term loan maturing in February 2030, extending the debt maturity profile with no debt maturities until 2028. A new $350 million unsecured term loan was used to refinance 2026 debt maturities, extending the debt maturity profile with no maturities until 2028. - **Dividend Distribution**: On March 9, 2026, a quarterly dividend of $0.17 per share of common stock was declared. #### Outlook / Guidance (Full Year 2026) Independence Realty Trust, Inc. affirmed its full year 2026 guidance ranges for EPS, FFO, and CFFO per share, as well as same-store NOI, with the outlook for weighted average shares/units outstanding updated to reflect Q1 2026 stock repurchase activity. Expected 2026 CFFO per share is projected to be between $1.12 and $1.16, and same-store NOI growth is anticipated to range from -0.6% to 2.2%. Other guidance ranges include EPS of $0.21 - $0.28, FFO per share of $1.15 - $1.19, same-store property revenue growth of 1.0% - 2.4%, and total operating expense growth of 2.9% - 3.9%, alongside corporate expenses, transaction volumes, and capital expenditure forecasts. ### Related Stocks - [IRT.US](https://longbridge.com/en/quote/IRT.US.md) ## Related News & Research - [AMH Q2 revenue rises 2.8% on higher rental rates, lifts 2026 outlook](https://longbridge.com/en/news/294410083.md) - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md) - [Extra Space Storage lifts 2026 FFO forecast on higher pricing, cost controls](https://longbridge.com/en/news/294119585.md) - [Essex Property beats quarterly FFO estimates on strong rental growth](https://longbridge.com/en/news/294267478.md) - [BNL: Q2 2026 net income doubled year-over-year, with AFFO and guidance both increasing](https://longbridge.com/en/news/294261305.md)