Independence Realty (IRT)
NYSE:IRT
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Earnings Data
Report Date
Jul 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.04Last Year’s EPS
0.03Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed a generally constructive outlook: portfolio fundamentals are stabilizing with occupancy steady (95.2%), asking rents up 2.8% YTD, same-store revenue and NOI growing, affirmed full-year FFO guidance, and successful capital deployment (value-add returns ~15.4%, $30M of buybacks this quarter). Key near-term challenges include elevated concessions (27% of right-term leases, avg $1,241), negative new lease trade-outs in Q1 (-4%), and market-specific supply pressure in select markets. Management expects concessions to moderate, new lease spreads to reach breakeven in leasing season, and leverage to decline from 6.5x toward mid-5x, supporting a positive bias despite acknowledged headwinds.Company Guidance
Stable Occupancy and Resident Retention
Average occupancy remained stable at 95.2% and resident retention was 60.5%, both consistent with expectations and supporting revenue stability.
Revenue and NOI Growth
Same-store revenue grew 1.4% year-over-year and same-store NOI grew 1.0% in Q1, driven by revenue growth and modest outperformance on operating expenses.
Core FFO and Affirmed Guidance
Core FFO per share for Q1 was $0.26 (in line with expectations). Management affirmed full-year core FFO per share guidance of $1.12 to $1.16.
Asking Rent Momentum
Asking rents across markets increased 2.8% year-to-date. Notable market increases: Raleigh +5.7%, Indianapolis +5.2%, Oklahoma City +4.8%, Columbus +4.6%, Nashville +4.5%, Dallas +2.1%, Atlanta +0.8%.
Q1 Rent Dynamics and Early Leasing Season Improvement
Blended rent growth in Q1 was ~70 basis points and management reported effective rents up 40 basis points; renewal rate growth was +3.2%. Early April/May trends show improving new lease trade-outs (roughly +130 bps improvement vs Q1) and moderating concessions.
Successful Value-Add Program
Completed 426 value-add units in Q1 with an average unlevered return of 15.4%. Quarterly pace supports full-year target of completing 2,000–2,500 units in 2026.
Active Capital Recycling and Share Repurchases
Repurchased 1.8 million shares for $30 million in the quarter (total repurchases since Q4 last year: 3.7 million shares for $60 million). Two assets are held for sale and a JV asset (The Mustang) is marketed for sale to redeploy proceeds.
Property WiFi Rollout Ahead of Schedule
Rolling out property WiFi across 19,000 units with target operations by July 1; program is slightly ahead of schedule and about half of residents have converted, supporting potential upside to other income.
Investment-Grade Balance Sheet and Liquidity
No debt maturities until 2028 and ample liquidity. Net debt to adjusted EBITDA was 6.5x at quarter end (seasonally low EBITDA) and management expects leverage to trend toward the mid-5x range during the year.
Development/Lease-up Updates
Arista (Broomfield, CO) stabilized and fully occupied; Flatirons is 82% leased and ~66% occupied expected to stabilize in low-90s by June/July; Tisdale JV in Austin is ~37% leased (33% occupied), up from ~25% occupied on consolidation.
IRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
IRT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | $16.29 | $16.31 | +0.12% |
Feb 11, 2026 | $16.63 | $15.75 | -5.29% |
Oct 30, 2025 | $15.44 | $15.60 | +1.01% |
Jul 31, 2025 | $16.25 | $16.24 | -0.06% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Independence Realty (IRT) report earnings?
Independence Realty (IRT) is schdueled to report earning on Jul 29, 2026, Before Open (Confirmed).
What is Independence Realty (IRT) earnings time?
Independence Realty (IRT) earnings time is at Jul 29, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is IRT EPS forecast?
IRT EPS forecast for the fiscal quarter 2026 (Q2) is 0.04.