Independence Realty Reports Q3 2026 Results and Reaffirms Full-Year Guidance
Independence Realty (IRT) reported third-quarter 2026 core FFO per share of $0.29, meeting management expectations despite merger-related expenses. The company achieved a same-store NOI growth of 1.6%, supported by a 2.8% increase in like-term blended rent growth and improved renewal lease spreads of 4.6%. While occupancy remained flat at 95.0%, management noted this was a strategic choice to prioritize rental rate growth during the peak leasing season. The company is actively deleveraging, reducing its net debt to adjusted EBITDA from 6.5x to 6.2x following a $55.8 million asset disposition in Memphis. Looking ahead, IRT reaffirmed its full-year 2026 core FFO guidance of $1.13 to $1.15 per share and highlighted the upcoming Centerspace merger, which is expected to be 5% accretive to 2027 core FFO on a leverage-neutral basis.
Tickers: $IRT
Topics: FFO per Share Occupancy Rates Rental Revenue Resident Retention Same-Store NOI