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.