Education
About Us
Working with TipRanks
Follow Us
Independence Realty (IRT)
NYSE:IRT
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.04Last Year’s EPS
0.04Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a generally constructive and pragmatic outlook: operational execution (AI leasing, faster renovations, improved bad-debt) and disciplined capital actions (asset sales, JV exits, accretive buybacks, new term loan) underpin resilience and position the company for recovery. However, margin pressure from higher operating costs (payroll, utilities, Wi‑Fi costs), elevated concessions in select lease-ups, slower stabilization of certain developments (Denver/Flatirons and Austin lease-ups), and a slightly lower core FFO guidance versus 2025 temper near-term upside. Management’s balance-sheet actions and market exposure to favorable migration/job-growth markets support a positive forward view, while specific market and expense headwinds present near-term risks.Company Guidance
Same-Store NOI and Revenue Growth
Same-store NOI grew 1.8% in Q4 and 2.4% for full-year 2025. Full-year same-store revenue increased 1.7%, outperforming the company’s initial guidance amid difficult market fundamentals.
FFO and Earnings In Line With Guidance
Core FFO per share was $0.32 in Q4 and $1.17 for full-year 2025, which was in line with management guidance.
Operational Improvements and Technology Adoption
Implemented an AI leasing agent, reduced average renovation turn time to 25 days, fine-tuned bad debt management, and rolled out a Wi‑Fi initiative planned to expand to 63 communities (≈19,000 units) as part of 2026. Wi‑Fi expected to add ~$5.5M of other income commencing July 2026.
Renovation Program Performance
Renovated 2,003 units in 2025 with an average unlevered ROI of 15.3%. Management expects redevelopment ROIs to remain consistent with historical results (~15%–16%) and plans to increase value-add activity (management guidance later quantified redevelopment at ~2,000–2,500 units in 2026).
Occupancy and Leasing Momentum
Sequential same-store occupancy stable at 95.6% in Q4. Renewal rate rose to 2.9% (up 30 bps) and resident retention improved to 61.4% (up 100 bps). Asking rents in same-store portfolio were up 73 bps since Dec 31; management expects blended effective rent growth of 1.7% for 2026.
Capital Allocation Actions
Aggressive capital activity: repurchased 1.9M shares for $30M at an average $16 per share; sold a 356-unit Louisville asset for $15M (5.2% economic cap rate); purchased a 140-unit Columbus community for $30M (5.6% economic cap rate); consolidated a $115M Austin asset by acquiring partner’s 10% JV interest.
Balance Sheet and Liquidity
Completed a new $350M four-year unsecured term loan and used proceeds to repay $200M of prior debt and certain mortgages. Net debt to adjusted EBITDA was 5.7x as of 12/31/25 with management targeting mid-to-low 5x and reporting zero debt maturities between now and 2028 after adjustments.
Market Position and Demand Tailwinds
Company emphasizes concentration in growth markets: ~70% of NOI in seven of the top 10 in-migration states per U-Haul index; CoStar forecasts supply increase in markets weighted by company NOI of 2.1% in 2026 (down from 3.7% in 2025). Job and population growth in their major markets forecast to outpace national averages (example: market job growth ~60 bps vs national 30 bps).
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 |
|---|---|---|---|
Feb 11, 2026 | $16.82 | $15.93 | -5.29% |
Oct 30, 2025 | $15.77 | $15.93 | +1.01% |
Jul 31, 2025 | $16.59 | $16.59 | -0.06% |
Apr 30, 2025 | $19.05 | $18.78 | -1.39% |
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 May 06, 2026, Before Open (Confirmed).
What is Independence Realty (IRT) earnings time?
Independence Realty (IRT) earnings time is at May 06, 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 (Q1) is 0.04.