Revenue: As of FY2026 Q2, the actual value is USD 167.13 M.

EPS: As of FY2026 Q2, the actual value is USD 0.01, missing the estimate of USD 0.0277.

EBIT: As of FY2026 Q2, the actual value is USD 24.97 M.

Financial Highlights

Net Income

• Net income available to common shares for the three months ended June 30, 2026, was $3.4 million, a decrease from $8.0 million for the same period in 2025.
• For the six months ended June 30, 2026, net income was $3.3 million, a decrease from $16.7 million for the same period in 2025.

Core Funds From Operations (CFFO)

• CFFO for the three months ended June 30, 2026, was $66.6 million, compared to $66.7 million for the same period in 2025.
• CFFO per share remained $0.28 for both the three months ended June 30, 2026, and 2025.
• For the six months ended June 30, 2026, CFFO was $130.2 million, a slight decrease from $130.9 million for the same period in 2025.
• CFFO per share for the six months ended June 30, 2026, was $0.54, compared to $0.55 for the same period in 2025.

Adjusted EBITDA

• Adjusted EBITDA for the three months ended June 30, 2026, was $90.3 million, up from $87.6 million in the prior year period.
• For the six months ended June 30, 2026, Adjusted EBITDA was $176.7 million, an increase from $173.3 million in the prior year period.

Operational Metrics

Same-Store Portfolio Net Operating Income (NOI)

• For the three months ended June 30, 2026, same-store portfolio NOI grew by 1.2% compared to the prior year, driven by a 0.9% increase in rental revenues and a 0.5% increase in property operating expenses.
• The NOI margin increased by 20 basis points to 62.7% for the three months ended June 30, 2026.
• Average occupancy for the same-store portfolio in Q2 2026 decreased by 30 basis points to 95.0% year-over-year, while the portfolio average rental rate increased by 0.4% to $1,597.
• For the six months ended June 30, 2026, same-store portfolio NOI increased by 1.1% compared to the prior year, with rental revenues increasing by 1.1% and property operating expenses increasing by 1.2%.
• The NOI margin remained unchanged at 62.8% for the six months ended June 30, 2026.
• Average occupancy for the six months ended June 30, 2026, decreased by 20 basis points to 95.1%, and the average rental rate increased by 0.3% to $1,595.

Value Add Program

• During the second quarter of 2026, Independence Realty Trust, Inc. completed renovations of 600 units, achieving a weighted average return on investment (ROI) of 16.4%.
• The average cost per unit renovated was $20,477, resulting in an average monthly rent increase of $279 per unit over unrenovated comparable units for the second quarter of 2026.
• For the six months ended June 30, 2026, 1,026 units were renovated with a weighted average ROI of 15.9%.
• The average cost per unit was $20,430, and the average monthly rent increase per unit was $272 for the six months ended June 30, 2026.

Capital Expenditures

• For the three months ended June 30, 2026, recurring capital expenditures were $12.4 million ($360 per unit), Value Add Program expenditures were $13.6 million, non-recurring expenditures were $12.9 million, and development expenditures were $0.3 million.
• For the six months ended June 30, 2026, recurring capital expenditures totaled $18.5 million ($537 per unit), Value Add Program expenditures were $22.1 million, non-recurring expenditures were $18.4 million, and development expenditures were $0.2 million.

Balance Sheet and Liquidity

• As of June 30, 2026, net debt to Adjusted EBITDA was 6.5x.
• The weighted average effective interest rate on consolidated debt was 4.3%, with a weighted average maturity of 2.9 years.
• 86.9% of debt was either fixed-rate or hedged as of June 30, 2026.
• Independence Realty Trust, Inc. had approximately $503.1 million in liquidity, comprising unrestricted cash and cash equivalents and capacity under its unsecured revolver.
• Total debt was $2,443.4 million, and total gross assets were $7,217.2 million as of June 30, 2026.
• The total debt/total gross assets ratio was 33.9% as of June 30, 2026.
• Net debt was $2,403.1 million as of June 30, 2026.

Dividend Distribution

• On May 13, 2026, the Board of Directors declared a quarterly dividend of $0.18 per share of common stock, representing a 5.9% increase over the prior quarterly rate of $0.17 per share.

Outlook / Guidance

Independence Realty Trust, Inc. affirmed its midpoint for Full Year 2026 Core FFO per share guidance, expecting it to be between $1.13 and $1.15. The company anticipates same-store NOI growth in the range of 1.0% to 2.0% and property revenue growth of 1.5% to 1.9%. Total operating expense growth is projected between 1.6% and 2.4% for the full year 2026.