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Gotrade News - Independence Realty Trust (IRT) reported third-quarter 2026 earnings per diluted share of $0.11, up from $0.03 a year earlier, and Core FFO (CFFO) per share of $0.29, matching the third quarter of 2025, according to the company's official release published Monday, November 2, 2026, at 4:05 p.m. ET.
Regular-session close on November 2, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Market cap: that close times the shares outstanding on the latest 10-Q or 10-K cover (SEC EDGAR).
Independence Realty Trust Earnings Details
Net income available to common shares was $25.1 million for the quarter ended September 30, 2026, compared with $6.9 million for the same quarter of 2025, the release said. CFFO, a non-GAAP measure the company reports, was $70.7 million versus $70.0 million, and Adjusted EBITDA was $95.1 million versus $92.6 million.
In the same-store portfolio of 109 properties with 31,735 units, rental and other property revenue increased 2.0% and property operating expenses increased 2.5% from a year earlier, while net operating income (NOI) increased 1.6%. Average occupancy was 95.0%, a 40 basis point decrease, and the average rental rate rose 0.6% to $1,605. "Leasing momentum continued to build during the quarter," said Scott Schaeffer, Chairman and Chief Executive Officer, adding that new lease trade-outs improved 310 basis points year over year.
For full-year 2026, the company updated its EPS guidance to $0.18 to $0.20 from $0.22 to $0.27 and kept its CFFO per share guidance at $1.13 to $1.15. It said it reaffirmed the mid-points of its guidance for same-store revenues, same-store NOI and Core FFO per share. Other than merger and integration costs incurred through September 30, 2026, the guidance does not give effect to the Centerspace merger, the company said.
Why It Matters for IRT
The results come as IRT works toward its pending merger with Centerspace, which the company said is expected to create an $8 billion multifamily REIT with 163 apartment communities and approximately 44,400 units across 17 states. Centerspace shareholders will receive 3.800 IRT shares for each Centerspace common share. The deal is expected to close as early as the end of the fourth quarter of 2026, subject to approval by both companies' shareholders on November 10, 2026. Based on $24 million in annual synergies it expects to realize, IRT said the transaction should be 5% accretive to CFFO.
Schaeffer said the company believes IRT is "well positioned for stronger growth in 2027 as concessions burn off, our Wi-Fi program continues to ramp, and supply-demand fundamentals improve."
What to watch next: IRT stockholders and Centerspace shareholders are set to vote on the proposed merger on Tuesday, November 10, 2026.
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M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
