Independence Realty Trust (NYSE: IRT) posts Q2 CFFO $0.28 and affirms 2026 outlook

Q: How did Independence Realty Trust (IRT) perform in Q2 2026?

IRT reported diluted EPS of $0.01 and CFFO per share of $0.28 for Q2 2026. Rental and other property revenue was $167.1 million , with NOI of $103.8 million and a 62.1% NOI margin.

Q: What were IRT’s same-store operating results for Q2 2026?

Same-store portfolio NOI grew 1.2% year over year in Q2 2026. Rental and other property revenue increased 0.9% , property operating expenses rose 0.5% , average occupancy was 95.0% , and average effective monthly rent reached $1,597 .

Q: What progress did IRT make on its value add program in Q2 2026?

IRT renovated 600 units in Q2 2026 at an average cost of $20,477 per unit, achieving an average monthly rent increase of $279 and a reported 16.4% return on investment versus comparable unrenovated units.

Q: What is IRT’s balance sheet and liquidity position as of June 30, 2026?

As of June 30, 2026, IRT’s net debt to Adjusted EBITDA was 6.5x , its weighted average effective interest rate was 4.3% , and it had about $503.1 million in liquidity from cash and unsecured revolver capacity.

Q: Did Independence Realty Trust change its dividend in Q2 2026?

Yes. The board declared a quarterly dividend of $0.18 per share , a 5.9% increase from the prior $0.17 rate. The second‑quarter dividend was paid on July 17, 2026 to shareholders of record on June 26, 2026.

Q: What guidance did IRT provide for full-year 2026 EPS, FFO and CFFO?

IRT affirmed 2026 guidance with EPS of $0.22–$0.27 , FFO per share of $1.16–$1.18 , and CFFO per share of $1.13–$1.15 . Assumptions include same‑store NOI growth of 1.0%–2.0% and property revenue growth of 1.5%–1.9% .

Q: What are IRT’s 2026 same-store operating expense outlook ranges?

For 2026, IRT projects same‑store controllable operating expense growth of 3.3%–3.7% , real estate tax and insurance expense growth of (1.0%)–(0.2%) , and total operating expense growth of 1.6%–2.4% for the same‑store portfolio.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Independence Realty Trust reported second‑quarter 2026 diluted EPS of $0.01 and CFFO per share of $0.28, which management cited as ahead of expectations. Rental and other property revenue was $167.1 million, generating NOI of $103.8 million and an NOI margin of 62.1%. Same‑store portfolio NOI rose 1.2% year over year, with average occupancy at 95.0% and average effective monthly rent of $1,597.

The value‑add program completed 600 unit renovations in the quarter, with an average cost of $20,477 per unit, average rent lift of $279 per month, and a reported 16.4% ROI. Recurring capital expenditures were $12.4 million (or $360 per unit). At June 30, 2026, net debt to Adjusted EBITDA was 6.5x, the weighted average effective interest rate was 4.3%, and liquidity totaled $503.1 million. The quarterly dividend was increased to $0.18 per share, up 5.9% from $0.17, and management affirmed full‑year 2026 EPS, FFO, CFFO and same‑store NOI guidance while highlighting a Fitch outlook revision to Positive.

Positive

Fitch Ratings upgraded outlook to ‘Positive’ on IRT’s investment‑grade balance sheet, signaling improved credit expectations alongside net debt to Adjusted EBITDA of 6.5x and $503.1 million in available liquidity.

Negative

None.

Filing Explained

The August 3 filing narrows 2026 per-share guidance ranges without changing midpoints, while two property-sale gains remain tied to expected—not completed—sales.

Form 8-K reports specified material events; on August 3, 2026, this filing furnished second-quarter results and supplemental information under Items 2.02 and 7.01, rather than filing that information for Section 18 liability or incorporating it into registration statements.

For full-year 2026, the company narrowed EPS guidance to $0.22-$0.27, FFO guidance to $1.16-$1.18, and CFFO guidance to $1.13-$1.15; the disclosed midpoint for each measure is unchanged.

FFO and CFFO are non-GAAP operating measures; the filing states that neither equals net income or GAAP operating cash flow and neither represents cash available for discretionary use after capital, debt-service, and other commitments.

The guidance includes expected gains from two properties classified as held for sale at June 30, 2026, so this disclosure reflects an expected-sale assumption rather than a reported completed sale.

The next disclosure addressing the timing and terms of sales, if any, of those two properties would resolve that remaining transaction-state uncertainty.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Diluted EPS: $0.01 CFFO per share: $0.28 Rental and other property revenue: $167,126 +5 more

8 metrics

Diluted EPS $0.01 For the three months ended June 30, 2026

CFFO per share $0.28 Q2 2026 Core Funds From Operations per share

Rental and other property revenue $167,126 Dollars in thousands for Q2 2026

Same-store NOI growth 1.2% Year-over-year increase for Q2 2026

Net debt to Adjusted EBITDA 6.5x Leverage ratio at June 30, 2026

Liquidity $503.1 million Cash and revolver capacity as of June 30, 2026

Quarterly dividend per share $0.18 Q2 2026 dividend, 5.9% above prior $0.17

Value-add ROI 16.4% Weighted average ROI on 600 Q2 2026 renovations

Key Terms

Core Funds From Operations (CFFO), Net Operating Income (NOI), Adjusted EBITDA, same-store portfolio, +2 more

6 terms

Core Funds From Operations (CFFO) financial

"Second Quarter 2026 CFFO Per Share of $0.28 Ahead of Expectations"

Net Operating Income (NOI) financial

"Same-Store Portfolio NOI Growth of 1.2% for the Second Quarter 2026"

Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.

Adjusted EBITDA financial

"At June 30, 2026, our net debt to Adjusted EBITDA was 6.5x."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

same-store portfolio financial

"Same-Store Portfolio(1) Operating Results"

A same-store portfolio is the subset of a company’s retail locations, properties, or assets that have been owned and operated for the entire comparison period, used to measure performance changes without the noise of recent openings, sales, or acquisitions. It matters to investors because it isolates organic trends—like sales growth, occupancy, or cash flow—so performance can be compared year-over-year the way you’d compare the same handful of shops rather than a constantly changing collection.

Value Add Program financial

"Completed 600 Renovations in Value Add Program for the Second Quarter 2026"

net debt to Adjusted EBITDA financial

"At June 30, 2026, our net debt to Adjusted EBITDA was 6.5x."

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

Earnings Snapshot

Diluted EPS: $0.01 · Guidance included

three and six months ended June 30, 2026

Diluted EPS $0.01 down from $0.03 in Q2 2025

CFFO per share $0.28 unchanged from $0.28 in Q2 2025

Same-store NOI $98.4 million up 1.2% year over year for Q2 2026

Rental and other property revenue $167.1 million up from $161.9 million in Q2 2025

Guidance

For full-year 2026, management affirmed EPS guidance of $0.22–$0.27, FFO per share of $1.16–$1.18, CFFO per share of $1.13–$1.15, and same-store NOI growth of 1.0%–2.0%.

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Available on EDGAR 08/03/2026 - 04:05 PM Accepted by SEC EDGAR 08/03/2026 - 04:05 PM

FAQ

How did Independence Realty Trust (IRT) perform in Q2 2026?

IRT reported diluted EPS of $0.01 and CFFO per share of $0.28 for Q2 2026. Rental and other property revenue was $167.1 million, with NOI of $103.8 million and a 62.1% NOI margin.

What were IRT’s same-store operating results for Q2 2026?

Same-store portfolio NOI grew 1.2% year over year in Q2 2026. Rental and other property revenue increased 0.9%, property operating expenses rose 0.5%, average occupancy was 95.0%, and average effective monthly rent reached $1,597.

What progress did IRT make on its value add program in Q2 2026?

IRT renovated 600 units in Q2 2026 at an average cost of $20,477 per unit, achieving an average monthly rent increase of $279 and a reported 16.4% return on investment versus comparable unrenovated units.

What is IRT’s balance sheet and liquidity position as of June 30, 2026?

As of June 30, 2026, IRT’s net debt to Adjusted EBITDA was 6.5x, its weighted average effective interest rate was 4.3%, and it had about $503.1 million in liquidity from cash and unsecured revolver capacity.

Did Independence Realty Trust change its dividend in Q2 2026?

Yes. The board declared a quarterly dividend of $0.18 per share, a 5.9% increase from the prior $0.17 rate. The second‑quarter dividend was paid on July 17, 2026 to shareholders of record on June 26, 2026.

What guidance did IRT provide for full-year 2026 EPS, FFO and CFFO?

IRT affirmed 2026 guidance with EPS of $0.22–$0.27, FFO per share of $1.16–$1.18, and CFFO per share of $1.13–$1.15. Assumptions include same‑store NOI growth of 1.0%–2.0% and property revenue growth of 1.5%–1.9%.

What are IRT’s 2026 same-store operating expense outlook ranges?

For 2026, IRT projects same‑store controllable operating expense growth of 3.3%–3.7%, real estate tax and insurance expense growth of (1.0%)–(0.2%), and total operating expense growth of 1.6%–2.4% for the same‑store portfolio.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 3, 2026

Independence Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-36041	26-4567130
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1835 Market Street, Suite 2601

Philadelphia, Pennsylvania, 19103

(Address of Principal Executive Office) (Zip Code)

(267) 270-4800

(Registrant’s telephone number, including area code)

N/A

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock		IRT		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 3, 2026, we issued a press release announcing our financial results for the three and six months ended June 30, 2026. Additionally, we are furnishing certain supplemental information with this Current Report. Copies of such press release and such supplemental information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report and are incorporated by reference into this Item 2.02. The information in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

The information provided in Item 2.02 above is incorporated by reference into this Item 7.01. The information incorporated by reference into this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information incorporated by reference into this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.

99.1	Press Release
99.2	Supplemental Information
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Independence Realty Trust, Inc.

August 3, 2026	By:	/s/ James J. Sebra
	Name:	James J. Sebra
	Title:	President and Chief Financial Officer

Exhibit 99.1

Independence Realty Trust Announces Second Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – August 3, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its second quarter 2026 financial results.

Second Quarter 2026 EPS of $0.01

Second Quarter 2026 CFFO Per Share of $0.28

Ahead of Expectations

Same-Store Portfolio NOI Growth of 1.2% for the Second Quarter 2026

Increases of 0.9% in Rental Revenues and 0.5% in Property Operating Expenses

Leasing Spreads Accelerated in Improved Operating Environment

Completed 600 Renovations in Value Add Program for the Second Quarter 2026

Achieved Average ROI of 16.4%

Investment Grade Balance Sheet Remains Strong

Fitch Ratings Upgraded Outlook to ‘Positive’

Affirmed MidPoint of Full Year 2026 Core FFO Per Share Guidance

Management Commentary

"Market conditions are improving and momentum is building across the portfolio as we move through 2026," said Scott Schaeffer, Chairman and CEO of IRT. "Lead volume is up meaningfully, new lease rate growth is nearing breakeven, and same-store results are ahead of plan. This operating momentum will translate into durable earnings growth and value creation for shareholders."

Second Quarter Summary

•

Net income available to common shares of $3.4 million for the quarter ended June 30, 2026 compared to $8.0 million for the quarter ended June 30, 2025. Earnings per diluted share (“EPS”) of $0.01 for the quarter ended June 30, 2026 compared to $0.03 for the quarter ended June 30, 2025.

•

CFFO of $66.6 million for the quarter ended June 30, 2026 compared to $66.7 million for the quarter ended June 30, 2025. CFFO per share was $0.28 for the second quarter of 2026 and for the second quarter of 2025.

•

Same-store portfolio NOI growth of 1.2% for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.

•

Adjusted EBITDA of $90.3 million for the quarter ended June 30, 2026 compared to $87.6 million for the quarter ended June 30, 2025.

•

Value Add Program completed renovations of 600 units during the quarter ended June 30, 2026, achieving a weighted average return on investment during the quarter of 16.4%.

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures used herein and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP, as well as discussion of our same-store methodology.

Same-Store Portfolio⁽¹⁾ Operating Results

	Three Months Ended	Six Months Ended
	June 30, 2026 Compared to	June 30, 2026 Compared to
	Three Months Ended	Six Months Ended
	June 30, 2025	June 30, 2025
Rental and other property revenue	0.9% increase	1.1% increase
Property operating expenses	0.5% increase	1.2% increase
NOI	1.2% increase	1.1% increase
Portfolio average occupancy	30 bps decrease to 95.0%	20 bps decrease to 95.1%
Portfolio average rental rate	0.4% increase to $1,597	0.3% increase to $1,595
NOI Margin	20 bps increase to 62.7%	no change to 62.8%

	Q2 2025			Q1 2026			Q2 2026			Year over Year Change			Sequential Change
Same-Store Portfolio(1)
Average Occupancy		95.3	%		95.2	%		95.0	%		(0.3	)%		(0.2	)%
Resident Retention Rate		58.4	%		60.5	%		58.1	%		(0.3	)%		(2.4	)%

Lease Over Lease Effective Rental Rate Growth
All Leases
New		(3.5	)%		(5.1	)%		(2.1	)%		1.4	%		3.0	%
Renewal		4.1	%		3.5	%		4.6	%		0.5	%		1.2	%
Blended		0.5	%		(0.5	)%		1.6	%		1.1	%		2.1	%
Like-Term Leases
New		(3.3	)%		(3.9	)%		(2.7	)%		0.5	%		1.2	%
Renewal		3.9	%		3.2	%		4.1	%		0.2	%		0.9	%
Blended		0.8	%		0.7	%		1.3	%		0.5	%		0.5	%

(1)	Same-store portfolio includes 109 properties, containing 31,735 units.

Value Add Program

We completed renovations of 600 units during the three months ended June 30, 2026, achieving a weighted average return on investment of 16.4% with an average cost per unit renovated of $20,477, and an average monthly rent increase per unit of $279 over unrenovated comparable units. We completed renovations of 1,026 units during the six months ended June 30, 2026, achieving a weighted average return on investment of 15.9% with an average cost per unit renovated of $20,430, and an average monthly rent increase per unit of $272 over unrenovated comparable units. See the Value Add Summary page of our supplemental information for additional information on our projects' life to date as of June 30, 2026.

Investment Activity

Properties Held for Sale

•

As of June 30, 2026, we had two properties classified as held for sale. During the second quarter, we executed a purchase and sale agreement for the disposition of Stonebridge Crossings, with closing expected during the third quarter of 2026.

Capital Expenditures

Across our total portfolio for the three months ended June 30, 2026, recurring capital expenditures were $12.4 million, or $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, respectively. For six months ended June 30, 2026, recurring capital expenditures were $18.5 million, or $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, respectively.

Balance Sheet and Liquidity

At June 30, 2026, our net debt to Adjusted EBITDA was 6.5x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 2.9 years, and 86.9% of our debt was either subject to fixed interest rates or was hedged. Also as of June 30, 2026, we had approximately $503.1 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On May 13, 2026, our Board of Directors declared a quarterly dividend of $0.18 per share of common stock, which represents a 5.9% increase over the prior quarterly rate of $0.17 per share. The second quarter dividend was paid on July 17, 2026 to stockholders of record at the close of business on June 26, 2026.

2026 EPS, FFO and CFFO Guidance

We affirm our guidance ranges for 2026 EPS, FFO, and CFFO per share and same-store NOI. A reconciliation of our projected EPS to our projected FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how we calculate CFFO and for management’s definition and rationale for the usefulness of CFFO.

	Previous Guidance						Current Guidance						Change at Midpoint
2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High			Low			High
Earnings per share	$	0.21		$	0.28		$	0.22		$	0.27		$	—
Adjustments:
Depreciation and amortization		1.06			1.06			1.06			1.06			—
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)		(0.12	)		(0.15	)		—
FFO per share		1.15			1.19			1.16			1.18			—
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—
CFFO per share (2)	$	1.12		$	1.16		$	1.13		$	1.15		$	—

(1)	This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.

(2)	Per share guidance is based on 241.8 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sales expected to be recognized with respect to two properties classified as held for sale as of June 30, 2026.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:	Previous 2026 Outlook:	Current 2026 Outlook:	Change at Midpoint
Number of properties/units	109 properties / 31,735 units	109 properties / 31,735 units	—
Property revenue growth	1.0% to 2.4%	1.5% to 1.9%	—
Controllable operating expense growth	4.6% to 5.6%	3.3% to 3.7%	(1.6)%
Real estate tax and insurance expense growth	0.0% to 1.0%	(1.0%) to (0.2%)	(1.1)%
Total operating expense growth	2.9% to 3.9%	1.6% to 2.4%	(1.4)%
NOI growth	(0.6%) to 2.2%	1.0% to 2.0%	0.7%

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55.0 - $57.0	$55.5 - $56.5	—
Interest expense(2)	$93.0 - $97.0	$96.5 - $97.5	2.0

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume	$145	$145	—
Disposition volume	$106 - $112	$106 - $112	—

Capital Expenditures ($ in millions)
Recurring	$29 - $33	$30 - $32	—
Value add renovation program	$42 - $46	$43 - $45	—
Non-recurring and revenue enhancing	$32 - $36	$33 - $35	—
Development	—	—	—

(1)	This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)

Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.

(3)

Acquisition volume reflects one property in Columbus, Ohio and the consolidation of a property underlying our joint venture investment in Austin, Texas, both of which occurred during the first quarter. Disposition volume reflects $106 million to $112 million related to the expected disposition of two properties classified as held for sale as of June 30, 2026. There can be no assurance that these dispositions will be consummated at expected pricing levels, within expected time frames, or at all. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections.

Selected Financial Information

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Tuesday, August 4, 2026 from the Investors section of IRT's website, https://investors.irtliving.com or by dialing 1.833.461.5787, access code 379217423. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the Investors section of IRT’s website until the next earnings release.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store portfolio information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investors" section.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities across non-gateway U.S. markets. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT’s main investment objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website, www.irtliving.com.

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, our expectations with respect to the timing and terms of sales, if any, with respect to the two properties which are classified as held for sale as of June 30, 2026, our expectations with respect to projects scheduled to start in 2026 and our expectations with respect to future acquisitions and dispositions. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our Value Add programs and failure to achieve rent increases and occupancy levels on account of the Value Add programs, unexpected impairments or impairments in excess of our estimates, new and/or increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the impacts from existing and/or future U.S. foreign policy decisions including the involvement of the U.S. in foreign disputes and foreign wars, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

Schedule I

Independence Realty Trust, Inc.

Selected Financial Information

Dollars in thousands, except per share data

(unaudited)

	For the Three Months Ended
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares		$3,391	$	(68)		$	33,266		$	6,893		$	8,046
Earnings per share -- diluted		$0.01	$	0.00		$	0.14		$	0.03		$	0.03
Rental and other property revenue		$167,126	$	165,213		$	166,797		$	166,888		$	161,891
Property operating expenses		$63,375	$	62,124		$	57,260		$	61,699		$	60,935
NOI		$103,751	$	103,089		$	109,537		$	105,189		$	100,956
NOI margin		62.1%		62.4%			65.7	%		63.0	%		62.4	%
Adjusted EBITDA		$90,250	$	86,447		$	98,520		$	92,643		$	87,556
FFO per share		$0.28	$	0.27		$	0.33		$	0.30		$	0.28
CFFO per share		$0.28	$	0.26		$	0.32		$	0.29		$	0.28
Dividends per share		$0.18	$	0.17		$	0.17		$	0.17		$	0.17
CFFO payout ratio		64.3%		65.4%			53.1	%		58.6	%		60.7	%

Portfolio Data:
Total gross assets		$7,217,214	$	7,167,416		$	7,030,516		$	7,058,026		$	6,874,320
Total number of operating properties (a)		116		115			114			115			113
Total units (a)		33,898		33,602			33,462			33,818			33,175
Portfolio period end occupancy (a)		94.9%		94.7	%		94.9	%		95.1	%		95.2	%
Portfolio average occupancy (a)		94.7%		94.6	%		94.8	%		94.9	%		95.2	%
Portfolio average effective monthly rent, per unit (a)		$1,593	$	1,593		$	1,593		$	1,593		$	1,582
Same-store portfolio (b):
Period end occupancy (b)		95.1%		95.2	%		95.6	%		95.6	%		95.4	%
Average occupancy (b)		95.0%		95.2	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit (b)		$1,597	$	1,595		$	1,597		$	1,597		$	1,591

Capitalization:
Total debt (c)		$2,443,383	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801
Common share price, period end		$16.69	$	14.89		$	17.48		$	16.39		$	17.69
Market equity capitalization		$4,033,711		$3,598,014		$	4,250,723		$	4,016,286		$	4,241,203
Total market capitalization		$6,477,094		$6,031,557		$	6,532,198		$	6,312,488		$	6,491,004
Total debt/total gross assets		33.9%		34.0%			32.5	%		32.5	%		32.7	%
Net debt to adjusted EBITDA (d)	6.5x		6.5x			5.7x			6.0x			6.3x
Interest coverage	4.2x		4.2x			4.8x			4.5x			4.7x

Common shares and OP Units:
Shares outstanding		235,742,658		235,698,008			237,234,750			239,103,283			233,809,823
OP units outstanding		5,941,643		5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,684,301		241,639,651			243,176,393			245,044,926			239,751,466
Weighted average common shares and OP units		241,342,036		242,374,371			243,707,137			239,576,189			239,438,276

(a)	Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station, as applicable. See the definitions at the end of this release.

(b)	Same-store portfolio consists of 109 properties, which represent 31,735 units.

(c)	Includes indebtedness associated with real estate held for sale, as applicable.

(d)

Reflects net debt to Adjusted EBITDA, which is annualized for each period presented, including adjustments for the timing and stabilization of acquisitions and the timing of dispositions impacting quarterly EBITDA. For the five quarters ended June 30, 2026, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.7x, 6.9x, 5.7x, 6.1x, and 6.3x, respectively.

Schedule II

Independence Realty Trust, Inc.

Reconciliation of Net (Loss) Income to Funds from Operations and Core Funds From Operations

Dollars in thousands, except per share data

(unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Funds From Operations (FFO):
Net Income	$	3,418		$	8,172		$	3,290		$	16,698
Add-Back (Deduct):
Real estate depreciation and amortization		64,319			59,372			128,433			117,682
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		831			457			1,707			914
Loss on impairment of real estate assets, net, excluding prepayment gains		—			—			—			73
FFO	$	68,568		$	68,001		$	133,430		$	135,367
FFO per share	$	0.28		$	0.28		$	0.55		$	0.57
CORE Funds From Operations (CFFO):
FFO	$	68,568		$	68,001		$	133,430		$	135,367
Add-Back (Deduct):
Other depreciation and amortization		542			422			1,060			839
Casualty (gains) losses, net		(553	)		255			(476	)		139
Loan (premium accretion) discount amortization, net		(2,021	)		(1,985	)		(4,038	)		(4,014	)
Prepayment (gains) penalties on asset dispositions		—			—			—			(1,570	)
Loss on extinguishment of debt		—			—			—			67
Other loss		105			—			191			103
CFFO	$	66,641		$	66,693		$	130,167		$	130,931
CFFO per share	$	0.28		$	0.28		$	0.54		$	0.55
Weighted-average shares and units outstanding		241,342,036			239,438,276			241,855,351			238,059,411

Schedule III

Independence Realty Trust, Inc.

Reconciliation of Net (Loss) Income to Same-Store Net Operating Income ^(a)

Dollars in thousands

(unaudited)

	For the Three Months Ended
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Net income (loss)	$	3,418	$	(127	)	$	34,015		$	6,995		$	8,172
Other revenue		(115)		(109)			(330	)		(250	)		(297	)
Property management expenses		7,931		8,237			6,674			7,891			7,715
General and administrative expenses		5,685		8,514			4,673			4,905			5,982
Depreciation and amortization expense		64,861		64,632			62,984			61,735			59,794
Casualty (gains)losses, net		(553)		77			755			419			255
Interest expense		21,583		20,732			20,422			20,455			18,773
(Gain on sale) loss on impairment of real estate assets, net		—		—			(17,491	)		12,841			—
Other loss		105		86			238			12			—
Loss (income) from investments in unconsolidated real estate entities		836		1,047			(2,403	)		(9,814	)		562
NOI	$	103,751	$	103,089		$	109,537		$	105,189		$	100,956
Less: Non same-store portfolio NOI		5,318		4,833			5,375			4,878			3,703
Same-store portfolio NOI	$	98,433	$	98,256		$	104,162		$	100,311		$	97,253

(a)	Same-store portfolio consists of 109 properties, containing 31,735 units.

Schedule IV

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Interest Coverage Ratio

Dollars in thousands

(unaudited)

	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025			September 30, 2025			June 30, 2025
Net (loss) income	$	3,418	$	(127)	$	34,015		$	6,995		$	8,172
Add-Back (Deduct):
Interest expense		21,583		20,732		20,422			20,455			18,773
Depreciation and amortization		64,861		64,632		62,984			61,735			59,794
Casualty (gains) losses, net		(553)		77		755			419			255
(Gain on sale) loss on impairment of real estate assets, net		—		—		(17,491	)		12,841			—
Loss (income) from investments in unconsolidated real estate entities		836		1,047		(2,403	)		(9,814	)		562
Other loss		105		86		238			12			—
Adjusted EBITDA	$	90,250	$	86,447	$	98,520		$	92,643		$	87,556

INTEREST COST:
Interest expense	$	21,583	$	20,732	$	20,422		$	20,455		$	18,773

INTEREST COVERAGE:	4.2x		4.2x		4.8x			4.5x			4.7x

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	3,418	$	8,172	$	3,290	$	16,698
Add-Back (Deduct):
Interest expense		21,583		18,773		42,315		38,121
Depreciation and amortization		64,861		59,794		129,494		118,521
Casualty (gains) losses, net		(553)		255		(476)		139
Gain on sale of real estate assets, net		—		—		—		(1,496	)
Loss on extinguishment of debt		—		—		—		67
Loss from investments in unconsolidated real estate entities		836		562		1,883		1,151
Other loss		105		—		191		103
Adjusted EBITDA	$	90,250	$	87,556	$	176,697	$	173,304

INTEREST COST:
Interest expense	$	21,583	$	18,773	$	42,315	$	38,121

INTEREST COVERAGE:	4.2x		4.7x		4.2x		4.5x

Schedule V

Independence Realty Trust, Inc.

Definitions

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of net rent amounts, after concessions amortized over the life of the lease, divided by the average occupancy (in units) for the period presented. We believe average effective rent is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as loss on impairment (gain on sale) of real estate, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses and income (loss) from investments in unconsolidated real estate entities. We consider each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or non-operating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. Our calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, our Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

We believe that FFO and CFFO, each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, loss on impairment (gain on sale) of real estate and unconsolidated real estate entities, and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.

CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, loan premium accretion and discount amortization and debt extinguishment costs from the determination of FFO.

Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, management believes they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Lease Over Lease Effective Rent Growth

Lease Over Lease Effective Rent Growth represents the change in the weighted average effective monthly rental rate, including the impact of concessions, of a lease compared to the prior lease for that same unit. We report this statistic on both a like-term basis and an all leases basis. The like-term basis includes cases where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9-14 months. An all leases basis includes all leases regardless of lease terms. We may report Lease Over Lease Effective Rent Growth for new leases, renewal leases, or blended across both new and renewal leases.

Net Debt

Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in thousands).

	As of
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Total debt	$	2,443,383	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801
Less: cash and cash equivalents		(22,513)		(23,341)			(23,564	)		(23,290	)		(19,491	)
Less: loan discounts and premiums, net		(17,813)		(19,833	)		(21,850	)		(23,863	)		(25,469	)
Total net debt	$	2,403,057	$	2,390,369		$	2,236,061		$	2,249,049		$	2,204,841

We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.

Net Operating Income

We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expenses and net gains on sale of assets.

Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned and not a development property at the beginning of the previous year. Properties that are held for sale or have been sold are excluded from the same-store portfolio.

Rent Premium on Value Add Renovations

The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures. We believe excluding the impact of upfront concessions from our rental rates when comparing to the market rental rates for unrenovated units makes the comparison most relevant and the resulting premium provides management with an indicator of the increased rent generated by the unit renovation.

Renovation Costs per Unit

Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.

Return on Investment (“ROI”) on Value Add Renovations

ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable. We use ROI on value add renovation projects to measure the profitability of a renovation project relative to other projects or relative to other uses of our capital.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).

	As of
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Total assets	$	6,091,687	$	6,099,308	$	6,021,750	$	6,092,592	$	5,962,626
Plus: accumulated depreciation (a)		1,045,803		989,530		932,347		890,039		838,718
Plus: accumulated amortization		79,724		78,578		76,419		75,395		72,976
Total gross assets	$	7,217,214	$	7,167,416	$	7,030,516	$	7,058,026	$	6,874,320

(a)	Includes accumulated depreciation associated with real estate held for sale, as applicable.

Exhibit 99.2

TABLE OF CONTENTS

Company Information & Forward-Looking Statements	1

Earnings Press Release	2

Financial & Operating Highlights	9

Balance Sheets	10

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)
Trailing Five Quarters	11
Three and Six Months Ended June 30, 2026 and 2025	12

Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	13
Three and Six Months Ended June 30, 2026 and 2025	13

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge
Trailing Five Quarters	14
Three and Six Months Ended June 30, 2026 and 2025	14

Same-Store Portfolio NOI by Market
Three Months Ended June 30, 2026 and 2025	16
Six Months Ended June 30, 2026 and 2025	17

Property Portfolio NOI Exposure by Market	18

Value Add Summary	19

Investment & Development Activity	20

Debt Summary	21

Debt & Credit Metrics	22

Definitions	23

COMPANY INFORMATION

Corporate Headquarters	1835 Market Street, Suite 2601
	Philadelphia, PA 19103
	267.270.4800

Trading Symbol on NYSE	IRT

Credit Ratings	Fitch Ratings	BBB l Positive
	Standard & Poors' Ratings Services	BBB l Stable

Investor Relations	Stephanie Krewson-Kelly
	267.270.4815
	SKrewson@IRTLiving.com

Forward-Looking Statements

Independence Realty Trust Announces Second Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – August 3, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its second quarter 2026 financial results.

Second Quarter 2026 EPS of $0.01

Second Quarter 2026 CFFO Per Share of $0.28

Ahead of Expectations

Same-Store Portfolio NOI Growth of 1.2% for the Second Quarter 2026

Increases of 0.9% in Rental Revenues and 0.5% in Property Operating Expenses

Leasing Spreads Accelerated in Improved Operating Environment

Completed 600 Renovations in Value Add Program for the Second Quarter 2026

Achieved Average ROI of 16.4%

Investment Grade Balance Sheet Remains Strong

Fitch Ratings Upgraded Outlook to 'Positive'

Affirmed MidPoint of Full Year 2026 Core FFO Per Share Guidance

Management Commentary

Second Quarter Summary

•

Same-store portfolio NOI growth of 1.2% for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025.

•

Adjusted EBITDA of $90.3 million for the quarter ended June 30, 2026 compared to $87.6 million for the quarter ended June 30, 2025.

•

Value Add Program completed renovations of 600 units during the quarter ended June 30, 2026, achieving a weighted average return on investment during the quarter of 16.4%.

Same-Store Portfolio⁽¹⁾ Operating Results

	Three Months Ended	Six Months Ended
	June 30, 2026 Compared to	June 30, 2026 Compared to
	Three Months Ended	Six Months Ended
	June 30, 2025	June 30, 2025
Rental and other property revenue	0.9% increase	1.1% increase
Property operating expenses	0.5% increase	1.2% increase
NOI	1.2% increase	1.1% increase
Portfolio average occupancy	30 bps decrease to 95.0%	20 bps decrease to 95.1%
Portfolio average rental rate	0.4% increase to $1,597	0.3% increase to $1,595
NOI Margin	20 bps increase to 62.7%	no change to 62.8%

	Q2 2025			Q1 2026			Q2 2026			Year over Year Change			Sequential Change
Same-Store Portfolio(1)
Average Occupancy		95.3	%		95.2	%		95.0	%		(0.3	)%		(0.2	)%
Resident Retention Rate		58.4	%		60.5	%		58.1	%		(0.3	)%		(2.4	)%

Lease Over Lease Effective Rental Rate Growth
All Leases
New		(3.5	)%		(5.1	)%		(2.1	)%		1.4	%		3.0	%
Renewal		4.1	%		3.5	%		4.6	%		0.5	%		1.2	%
Blended		0.5	%		(0.5	)%		1.6	%		1.1	%		2.1	%
Like-Term Leases
New		(3.3	)%		(3.9	)%		(2.7	)%		0.5	%		1.2	%
Renewal		3.9	%		3.2	%		4.1	%		0.2	%		0.9	%
Blended		0.8	%		0.7	%		1.3	%		0.5	%		0.5	%

(1)	Same-store portfolio includes 109 properties, containing 31,735 units.

Value Add Program

Investment Activity

Properties Held for Sale

•

Capital Expenditures

Balance Sheet and Liquidity

Dividend Distribution

2026 EPS, FFO and CFFO Guidance

	Previous Guidance						Current Guidance						Change at Midpoint
2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High			Low			High
Earnings per share	$	0.21		$	0.28		$	0.22		$	0.27		$	—
Adjustments:
Depreciation and amortization		1.06			1.06			1.06			1.06			—
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)		(0.12	)		(0.15	)		—
FFO per share		1.15			1.19			1.16			1.18			—
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—
CFFO per share (2)	$	1.12		$	1.16		$	1.13		$	1.15		$	—

(1)	This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.

(2)	Per share guidance is based on 241.8 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sales expected to be recognized with respect to two properties classified as held for sale as of June 30, 2026.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:	Previous 2026 Outlook:	Current 2026 Outlook:	Change at Midpoint
Number of properties/units	109 properties / 31,735 units	109 properties / 31,735 units	—
Property revenue growth	1.0% to 2.4%	1.5% to 1.9%	—
Controllable operating expense growth	4.6% to 5.6%	3.3% to 3.7%	(1.6)%
Real estate tax and insurance expense growth	0.0% to 1.0%	(1.0%) to (0.2%)	(1.1)%
Total operating expense growth	2.9% to 3.9%	1.6% to 2.4%	(1.4)%
NOI growth	(0.6%) to 2.2%	1.0% to 2.0%	0.7%

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55.0 - $57.0	$55.5 - $56.5	—
Interest expense(2)	$93.0 - $97.0	$96.5 - $97.5	2.0

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume	$145	$145	—
Disposition volume	$106 - $112	$106 - $112	—

Capital Expenditures ($ in millions)
Recurring	$29 - $33	$30 - $32	—
Value add renovation program	$42 - $46	$43 - $45	—
Non-recurring and revenue enhancing	$32 - $36	$33 - $35	—
Development	—	—	—

(1)	This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)

(3)

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

Conference Call

Supplemental Information

About Independence Realty Trust, Inc.

Forward-Looking Statements

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	3,391		$	(68	)	$	33,266		$	6,893		$	8,046
Earnings per share -- diluted	$	0.01		$	0.00		$	0.14		$	0.03		$	0.03
Rental and other property revenue	$	167,126		$	165,213		$	166,797		$	166,888		$	161,891
Property operating expenses	$	63,375		$	62,124		$	57,260		$	61,699		$	60,935
NOI	$	103,751		$	103,089		$	109,537		$	105,189		$	100,956
NOI margin		62.1	%		62.4	%		65.7	%		63.0	%		62.4	%
Adjusted EBITDA	$	90,250		$	86,447		$	98,520		$	92,643		$	87,556
FFO per share	$	0.28		$	0.27		$	0.33		$	0.30		$	0.28
CFFO per share	$	0.28		$	0.26		$	0.32		$	0.29		$	0.28
Dividends per share	$	0.18		$	0.17		$	0.17		$	0.17		$	0.17
CFFO payout ratio		64.3	%		65.4	%		53.1	%		58.6	%		60.7	%

Portfolio Data:
Total gross assets	$	7,217,214		$	7,167,416		$	7,030,516		$	7,058,026		$	6,874,320
Total number of operating properties (a)		116			115			114			115			113
Total units (a)		33,898			33,602			33,462			33,818			33,175
Portfolio period end occupancy (a)		94.9	%		94.7	%		94.9	%		95.1	%		95.2	%
Portfolio average occupancy (a)		94.7	%		94.6	%		94.8	%		94.9	%		95.2	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,593		$	1,593		$	1,582
Same-store portfolio (b):
Period end occupancy (b)		95.1	%		95.2	%		95.6	%		95.6	%		95.4	%
Average occupancy (b)		95.0	%		95.2	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit (b)	$	1,597		$	1,595		$	1,597		$	1,597		$	1,591

Capitalization:
Total debt (c)	$	2,443,383		$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801
Common share price, period end	$	16.69		$	14.89		$	17.48		$	16.39		$	17.69
Market equity capitalization	$	4,033,711		$	3,598,014		$	4,250,723		$	4,016,286		$	4,241,203
Total market capitalization	$	6,477,094		$	6,031,557		$	6,532,198		$	6,312,488		$	6,491,004
Total debt/total gross assets		33.9	%		34.0	%		32.5	%		32.5	%		32.7	%
Net debt to adjusted EBITDA (d)	6.5x			6.5x			5.7x			6.0x			6.3x
Interest coverage	4.2x			4.2x			4.8x			4.5x			4.7x

Common shares and OP Units:
Shares outstanding		235,742,658			235,698,008			237,234,750			239,103,283			233,809,823
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,684,301			241,639,651			243,176,393			245,044,926			239,751,466
Weighted average common shares and OP units		241,342,036			242,374,371			243,707,137			239,576,189			239,438,276

(a)	Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station, as applicable. See the definitions at the end of this release.

(b)	Same-store portfolio consists of 109 properties, which represent 31,735 units.

(c)	Includes indebtedness associated with real estate held for sale, as applicable.

(d)

BALANCE SHEETS

Dollars in thousands, except per share data

	As of
	June 30, 2026		March 31, 2026		December 31, 2025			September 30, 2025			June 30, 2025
Assets:
Real estate held for investment, at cost	$	6,798,220	$	6,700,142	$	6,596,007		$	6,571,161		$	6,356,830
Less: accumulated depreciation		(1,029,116)		(972,660)		(915,247	)		(861,370	)		(810,042	)
Real estate held for investment, net		5,769,104		5,727,482		5,680,760			5,709,791			5,546,788
Real estate held for sale		77,756		76,858		76,468			107,182			119,875
Real estate under development		67,814		127,840		60,116			65,628			91,849
Cash and cash equivalents		22,513		23,341		23,564			23,290			19,491
Restricted cash		24,184		19,926		24,058			27,639			23,035
Investment in unconsolidated real estate entities		69,970		66,560		98,263			93,965			106,920
Other assets		45,078		44,151		45,711			47,771			38,389
Derivative assets		14,850		11,586		9,840			11,873			14,635
Intangible assets, net		418		1,564		2,970			5,453			1,644
Total assets	$	6,091,687	$	6,099,308	$	6,021,750		$	6,092,592		$	5,962,626
Liabilities and Equity:
Indebtedness, net (a)	$	2,443,383	$	2,433,543	$	2,281,475		$	2,296,202		$	2,249,801
Accounts payable and accrued expenses		101,713		84,160		92,355			119,513			105,576
Accrued interest payable		8,296		10,642		8,377			10,265			7,815
Dividends payable		43,426		41,003		41,275			41,592			40,691
Derivative liabilities		—		—		346			737			233
Other liabilities		8,178		8,318		8,496			9,023			7,550
Total liabilities		2,604,996		2,577,666		2,432,324			2,477,332			2,411,666
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share		—		—		—			—			—
Common shares, $0.01 par value per share		2,357		2,357		2,372			2,391			2,338
Additional paid in capital		3,978,126		3,976,536		4,005,168			4,022,309			3,920,436
Accumulated other comprehensive income		13,384		9,982		7,722			9,095			12,038
Accumulated deficit		(634,698)		(595,712)		(555,326	)		(548,319	)		(514,623	)
Total shareholders' equity		3,359,169		3,393,163		3,459,936			3,485,476			3,420,189
Noncontrolling Interests		127,522		128,479		129,490			129,784			130,771
Total equity		3,486,691		3,521,642		3,589,426			3,615,260			3,550,960
Total liabilities and equity	$	6,091,687	$	6,099,308	$	6,021,750		$	6,092,592		$	5,962,626

(a)	Includes indebtedness associated with real estate held for sale, as applicable.

STATEMENTS OF OPERATIONS, FFO & CFFO

TRAILING FIVE QUARTERS

(Dollars in thousands, except per share data)

	For the Three Months Ended
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Revenue:
Rental and other property revenue	$	167,126	$	165,213		$	166,797		$	166,888		$	161,891
Other revenue		115		109			330			250			297
Total revenue		167,241		165,322			167,127			167,138			162,188
Expenses:
Property operating expenses		63,375		62,124			57,260			61,699			60,935
Property management expenses		7,931		8,237			6,674			7,891			7,715
General and administrative expenses (a)		5,685		8,514			4,673			4,905			5,982
Depreciation and amortization expense		64,861		64,632			62,984			61,735			59,794
Casualty losses (gains), net		(553)		77			755			419			255
Total expenses		141,299		143,584			132,346			136,649			134,681
Interest expense		(21,583)		(20,732)			(20,422	)		(20,455	)		(18,773	)
Gain on sale (loss on impairment) of real estate assets, net		—		—			17,491			(12,841	)		—
Other loss		(105)		(86)			(238)			(12)			—
(Loss) income from investments in unconsolidated real estate entities		(836)		(1,047)			2,403			9,814			(562	)
Net (loss) income	$	3,418	$	(127)		$	34,015		$	6,995		$	8,172
(Income) loss allocated to noncontrolling interests		(27)		59			(749	)		(102	)		(126	)
Net (loss) income available to common shares	$	3,391	$	(68)		$	33,266		$	6,893		$	8,046
Earnings per share - basic	$	0.01	$	0.00		$	0.14		$	0.03		$	0.03
Weighted-average shares outstanding - Basic		235,400,393		236,432,728			237,765,494			233,634,546			233,496,633
Earnings per share - diluted	$	0.01	$	0.00		$	0.14		$	0.03		$	0.03
Weighted-average shares outstanding - Diluted		236,037,395		236,432,728			238,495,087			234,283,170			234,131,752
Funds From Operations (FFO):
Net (loss) income	$	3,418	$	(127)		$	34,015		$	6,995		$	8,172
Add-Back (Deduct):
Real estate depreciation and amortization		64,319		64,114			62,497			61,282			59,372
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		831		876			609			375			457
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		—		—			(17,491	)		12,841			—
Gain on sale of real estate associated with unconsolidated real estate entities		—		—			(187	)		(10,389	)		—
FFO	$	68,568	$	64,863		$	79,443		$	71,104		$	68,001
FFO per share	$	0.28	$	0.27		$	0.33		$	0.30		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	68,568	$	64,863		$	79,443		$	71,104		$	68,001
Add-Back (Deduct):
Other depreciation and amortization		542		518			487			453			422
Casualty (gains) losses, net		(553)		77			755			419			255
Loan (premium accretion) discount amortization, net		(2,021)		(2,017	)		(2,013	)		(2,001	)		(1,985	)
Other loss		105		86			238			12			—
CFFO	$	66,641	$	63,527		$	78,910		$	69,987		$	66,693
CFFO per share	$	0.28	$	0.26		$	0.32		$	0.29		$	0.28
Weighted-average shares and units outstanding		241,342,036		242,374,371			243,707,137			239,576,189			239,438,276

(a)	Included in the three months ended March 31, 2026 is $2.4 million of stock compensation expense recorded with respect to stock awards granted to retirement eligible employees.

STATEMENTS OF OPERATIONS, FFO & CFFO

Dollars in thousands, except per share data

	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
	2026		2025			2026		2025
Revenue:
Rental and other property revenue	$	167,126	$	161,891		$	332,339	$	322,796
Other revenue		115		297			224		635
Total revenue		167,241		162,188			332,563		323,431
Expenses:
Property operating expenses		63,375		60,935			125,499		120,198
Property management expenses		7,931		7,715			16,168		15,541
General and administrative expenses		5,685		5,982			14,199		14,388
Depreciation and amortization expense		64,861		59,794			129,494		118,521
Casualty (gains) losses, net		(553)		255			(476)		139
Total expenses		141,299		134,681			284,884		268,787
Interest expense		(21,583)		(18,773	)		(42,315)		(38,121	)
Gain on sale of real estate assets, net		—		—			—		1,496
Loss on extinguishment of debt		—		—			—		(67	)
Other loss		(105)		—			(191)		(103	)
(Loss) from unconsolidated real estate entities		(836)		(562	)		(1,883)		(1,151	)
Net income		3,418		8,172			3,290		16,698
(Income) loss allocated to noncontrolling interests		(27)		(126	)		32		(298	)
Net Income available to common shares	$	3,391	$	8,046		$	3,322	$	16,400
Earnings per share - basic	$	0.01	$	0.03		$	0.01	$	0.07
Weighted-average shares outstanding - Basic		235,400,393		233,496,633			235,913,709		232,117,768
Earnings per share - diluted	$	0.01	$	0.03		$	0.01	$	0.07
Weighted-average shares outstanding - Diluted		236,037,395		234,131,752			236,663,887		233,041,087
Funds From Operations (FFO):
Net Income	$	3,418	$	8,172		$	3,290	$	16,698
Add-Back (Deduct):
Real estate depreciation and amortization		64,319		59,372			128,433		117,682
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		831		457			1,707		914
Loss on impairment of real estate assets, net, excluding prepayment gains		—		—			—		73
FFO	$	68,568	$	68,001		$	133,430	$	135,367
FFO per share	$	0.28	$	0.28		$	0.55	$	0.57
CORE Funds From Operations (CFFO):
FFO	$	68,568	$	68,001		$	133,430	$	135,367
Add-Back (Deduct):
Other depreciation and amortization		542		422			1,060		839
Casualty (gains) losses, net		(553)		255			(476)		139
Loan (premium accretion) discount amortization, net		(2,021)		(1,985	)		(4,038)		(4,014	)
Prepayment (gains) penalties on asset dispositions		—		—			—		(1,570	)
Loss on extinguishment of debt		—		—			—		67
Other loss		105		—			191		103
CFFO	$	66,641	$	66,693		$	130,167	$	130,931
CFFO per share	$	0.28	$	0.28		$	0.54	$	0.55
Weighted-average shares and units outstanding		241,342,036		239,438,276			241,855,351		238,059,411

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025			September 30, 2025			June 30, 2025
Net (loss) income	$	3,418	$	(127)	$	34,015		$	6,995		$	8,172
Add-Back (Deduct):
Interest expense		21,583		20,732		20,422			20,455			18,773
Depreciation and amortization		64,861		64,632		62,984			61,735			59,794
Casualty (gains) losses, net		(553)		77		755			419			255
(Gain on sale) loss on impairment of real estate assets, net		—		—		(17,491	)		12,841			—
Loss (income) from investments in unconsolidated real estate entities		836		1,047		(2,403	)		(9,814	)		562
Other loss		105		86		238			12			—
Adjusted EBITDA	$	90,250	$	86,447	$	98,520		$	92,643		$	87,556

INTEREST COST:
Interest expense	$	21,583	$	20,732	$	20,422		$	20,455		$	18,773

INTEREST COVERAGE:	4.2x		4.2x		4.8x			4.5x			4.7x

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	3,418	$	8,172	$	3,290	$	16,698
Add-Back (Deduct):
Interest expense		21,583		18,773		42,315		38,121
Depreciation and amortization		64,861		59,794		129,494		118,521
Casualty (gains) losses, net		(553)		255		(476)		139
Gain on sale of real estate assets, net		—		—		—		(1,496	)
Loss on extinguishment of debt		—		—		—		67
Loss from investments in unconsolidated real estate entities		836		562		1,883		1,151
Other loss		105		—		191		103
Adjusted EBITDA	$	90,250	$	87,556	$	176,697	$	173,304

INTEREST COST:
Interest expense	$	21,583	$	18,773	$	42,315	$	38,121

INTEREST COVERAGE:	4.2x		4.7x		4.2x		4.5x

SAME-STORE PORTFOLIO NET OPERATING INCOME & NOI BRIDGE ^{(a) (b)}

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

	For the Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Revenue:
Rental and other property revenue	$	157,076		$	156,095		$	157,566		$	158,216		$	155,612
Property Operating Expenses:
Real estate taxes		18,444			19,750			16,822			17,308			18,691
Property insurance		3,010			3,278			3,275			3,264			3,548
Personnel expenses		12,854			12,808			11,585			13,432			12,376
Utilities		7,615			8,215			7,936			8,027			7,407
Repairs and maintenance		5,883			4,175			3,750			5,591			5,822
Contract services		6,578			6,161			6,087			6,078			6,139
Advertising expenses		2,600			1,862			2,356			2,571			2,686
Other expenses		1,659			1,590			1,593			1,634			1,690
Total property operating expenses		58,643			57,839			53,404			57,905			58,359
Same-store portfolio NOI	$	98,433		$	98,256		$	104,162		$	100,311		$	97,253

Same-store portfolio NOI margin		62.7	%		62.9	%		66.1	%		63.4	%		62.5	%
Average occupancy		95.0	%		95.2	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit	$	1,597		$	1,595		$	1,597		$	1,597		$	1,591

	For the Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Rental and other property revenue
Same-store portfolio	$	157,076	$	156,095	$	157,566	$	158,216	$	155,612
Non same-store portfolio		10,050		9,118		9,231		8,672		6,279
Total rental and other property revenue		167,126		165,213		166,797		166,888		161,891
Property operating expenses
Same-store portfolio		58,643		57,839		53,404		57,905		58,359
Non same-store portfolio		4,732		4,285		3,856		3,794		2,576
Total property operating expenses		63,375		62,124		57,260		61,699		60,935
NOI
Same-store portfolio		98,433		98,256		104,162		100,311		97,253
Non same-store portfolio		5,318		4,833		5,375		4,878		3,703
Total property NOI	$	103,751	$	103,089	$	109,537	$	105,189	$	100,956

(a)	Same-store portfolio consists of 109 properties, containing 31,735 units.

(b)	See the definitions at the end of this release for a reconciliation from GAAP net (loss) income to NOI.

SAME-STORE PORTFOLIO NET OPERATING INCOME ^(a)

THREE and six MONTHS ENDED June 30, 2026 AND 2025

Dollars in thousands, except per unit data

	For the Three Months Ended									For the Six Months Ended
	June 30,									June 30,
	2026			2025			% change			2026			2025			% change
Revenue:
Rental and other property revenue	$	157,076		$	155,612			0.9	%	$	313,171		$	309,616			1.1	%
Property Operating Expenses:
Real estate taxes		18,444			18,691			(1.3	)%		38,193			38,069			0.3	%
Property insurance		3,010			3,548			(15.2	)%		6,289			7,448			(15.6	)%
Personnel expenses		12,854			12,376			3.9	%		25,662			24,325			5.5	%
Utilities		7,615			7,407			2.8	%		15,830			15,194			4.2	%
Repairs and maintenance		5,883			5,822			1.0	%		10,059			10,167			(1.1	)%
Contract services		6,578			6,139			7.2	%		12,739			11,929			6.8	%
Advertising expenses		2,600			2,686			(3.2	)%		4,462			4,620			(3.4	)%
Other expenses		1,659			1,690			(1.8	)%		3,248			3,314			(2.0	)%
Total property operating expenses		58,643			58,359			0.5	%		116,482			115,066			1.2	%
Same-store portfolio NOI	$	98,433		$	97,253			1.2	%	$	196,689		$	194,550			1.1	%

Same-store portfolio NOI margin		62.7%			62.5%			0.2	%		62.8%			62.8%			0.0	%
Average occupancy		95.0	%		95.3	%		(0.3	)%		95.1	%		95.3	%		(0.2	)%
Average effective monthly rent, per unit	$	1,597		$	1,591			0.4	%	$	1,595		$	1,590			0.3	%

(a)	Same-store portfolio consists of 109 properties, containing 31,735 units.

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED June 30, 2026

Dollars in thousands, except rent per unit

			Rental and Other Property Revenue			Property Operating Expenses			Net Operating Income			Average Occupancy			Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change
Atlanta, GA	13	5,180	$ 24,788	$ 24,230	2.3%	$ 9,442	$ 9,482	(0.4)%	$ 15,346	$ 14,748	4.1%	94.3%	93.4%	0.9%	$ 1,581	$ 1,591	(0.6)%
Dallas-Fort Worth, TX	14	4,007	22,301	22,293	0.0%	8,608	8,591	0.2%	13,693	13,703	(0.1)%	95.0%	96.0%	(1.0)%	1,807	1,810	(0.2)%
Columbus, OH	10	2,510	12,148	11,794	3.0%	4,701	4,661	0.9%	7,447	7,132	4.4%	95.1%	95.5%	(0.4)%	1,567	1,519	3.2%
Tampa-St. Petersburg, FL	6	1,791	10,708	10,718	(0.1)%	4,037	3,949	2.2%	6,671	6,769	(1.4)%	94.6%	95.9%	(1.3)%	1,919	1,921	(0.1)%
Oklahoma City, OK	8	2,147	8,714	8,465	2.9%	2,912	2,860	1.8%	5,802	5,604	3.5%	95.7%	96.4%	(0.7)%	1,286	1,247	3.1%
Indianapolis, IN	7	1,979	9,036	8,877	1.8%	3,720	3,477	7.0%	5,316	5,400	(1.6)%	95.1%	95.8%	(0.7)%	1,480	1,458	1.5%
Denver, CO	6	1,418	8,055	8,251	(2.4)%	2,865	2,865	0.0%	5,190	5,386	(3.6)%	95.1%	95.0%	0.1%	1,836	1,863	(1.4)%
Nashville, TN	5	1,508	7,591	7,614	(0.3)%	2,595	2,768	(6.3)%	4,996	4,846	3.1%	95.5%	95.4%	0.1%	1,608	1,623	(0.9)%
Raleigh - Durham, NC	6	1,690	8,093	8,083	0.1%	3,103	3,132	(0.9)%	4,990	4,951	0.8%	95.0%	95.5%	(0.5)%	1,535	1,546	(0.7)%
Houston, TX	5	1,308	6,066	5,924	2.4%	2,539	2,539	0.0%	3,527	3,385	4.2%	95.3%	95.6%	(0.3)%	1,461	1,441	1.4%
Charlotte, NC	4	1,014	5,174	5,205	(0.6)%	1,792	1,633	9.7%	3,382	3,572	(5.3)%	95.3%	94.5%	0.8%	1,662	1,707	(2.6)%
Lexington, KY	3	886	4,420	4,163	6.2%	1,243	1,228	1.2%	3,177	2,935	8.2%	95.3%	96.9%	(1.6)%	1,557	1,445	7.8%
Huntsville, AL	4	1,051	4,629	4,751	(2.6)%	1,658	1,780	(6.9)%	2,971	2,971	0.0%	95.7%	95.3%	0.4%	1,397	1,430	(2.3)%
Memphis, TN	3	883	4,172	4,233	(1.4)%	1,417	1,354	4.7%	2,755	2,879	(4.3)%	95.4%	95.3%	0.1%	1,546	1,584	(2.4)%
Louisville, KY	3	794	3,575	3,459	3.4%	1,323	1,335	(0.9)%	2,252	2,124	6.0%	96.3%	96.2%	0.1%	1,353	1,309	3.4%
Orlando, FL	2	617	3,466	3,582	(3.2)%	1,290	1,282	0.6%	2,176	2,300	(5.4)%	92.4%	95.3%	(2.9)%	1,872	1,860	0.6%
Cincinnati, OH	2	542	3,063	2,967	3.2%	1,126	1,112	1.3%	1,937	1,854	4.5%	96.0%	96.6%	(0.6)%	1,743	1,669	4.4%
Charleston, SC	2	518	2,892	2,787	3.8%	1,138	1,115	2.1%	1,754	1,672	4.9%	94.6%	94.0%	0.6%	1,816	1,775	2.3%
Greenville, SC	1	702	2,767	2,692	2.8%	1,037	1,052	(1.4)%	1,730	1,640	5.5%	93.1%	92.3%	0.8%	1,291	1,284	0.5%
Myrtle Beach, SC - Wilmington, NC	3	628	2,646	2,685	(1.5)%	964	987	(2.3)%	1,682	1,697	(0.9)%	94.9%	95.4%	(0.5)%	1,380	1,383	(0.2)%
Austin, TX	1	256	1,393	1,415	(1.6)%	554	555	(0.2)%	839	860	(2.4)%	95.7%	95.2%	0.5%	1,745	1,797	(2.9)%
San Antonio, TX	1	306	1,379	1,426	(3.3)%	578	601	(3.8)%	801	825	(2.9)%	97.0%	96.7%	0.3%	1,430	1,448	(1.2)%
Total / Weighted Average	109	31,735	$ 157,076	$ 155,612	0.9%	$ 58,643	$ 58,359	0.5%	$ 98,433	$ 97,253	1.2%	95.0%	95.3%	(0.3)%	$ 1,597	$ 1,591	0.4%

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

Six MONTHS ENDED June 30, 2026

Dollars in thousands, except rent per unit


			Rental and Other Property Revenue			Property Operating Expenses			Net Operating Income			Average Occupancy			Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change	2026	2025	% Change
Atlanta, GA	13	5,180	$ 49,441	$ 48,221	2.5%	$ 19,002	$ 19,007	0.0%	$ 30,438	$ 29,214	4.2%	94.4%	93.4%	1.0%	$ 1,580	$ 1,593	(0.8)%
Dallas-Fort Worth, TX	14	4,007	44,617	44,528	0.2%	17,305	17,022	1.7%	27,312	27,506	(0.7)%	95.6%	96.0%	(0.4)%	1,803	1,812	(0.5)%
Columbus, OH	10	2,510	24,197	23,580	2.6%	9,222	9,276	(0.6)%	14,975	14,304	4.7%	95.3%	95.9%	(0.6)%	1,568	1,522	3.0%
Tampa-St. Petersburg, FL	6	1,791	21,510	21,291	1.0%	8,107	7,831	3.5%	13,403	13,461	(0.4)%	95.3%	96.0%	(0.7)%	1,926	1,917	0.5%
Oklahoma City, OK	8	2,147	17,233	16,819	2.5%	5,783	5,661	2.2%	11,450	11,159	2.6%	95.7%	96.4%	(0.7)%	1,277	1,240	3.0%
Indianapolis, IN	7	1,979	18,030	17,731	1.7%	7,089	6,720	5.5%	10,941	11,011	(0.6)%	95.0%	95.9%	(0.9)%	1,478	1,453	1.7%
Denver, CO	6	1,418	16,039	16,336	(1.8)%	5,545	5,411	2.5%	10,494	10,925	(3.9)%	94.7%	95.0%	(0.3)%	1,836	1,855	(1.0)%
Nashville, TN	5	1,508	15,166	15,081	0.6%	5,075	5,259	(3.5)%	10,091	9,822	2.7%	95.7%	95.8%	(0.1)%	1,609	1,619	(0.6)%
Raleigh - Durham, NC	6	1,690	16,141	16,143	0.0%	6,107	6,101	0.1%	10,034	10,042	(0.1)%	94.5%	95.1%	(0.6)%	1,537	1,546	(0.6)%
Houston, TX	5	1,308	11,980	11,824	1.3%	5,200	4,995	4.1%	6,780	6,829	(0.7)%	95.6%	96.1%	(0.5)%	1,459	1,439	1.4%
Charlotte, NC	4	1,014	10,338	10,288	0.5%	3,507	3,244	8.1%	6,831	7,043	(3.0)%	95.6%	94.1%	1.5%	1,661	1,710	(2.9)%
Lexington, KY	3	886	8,778	8,206	7.0%	2,465	2,404	2.5%	6,313	5,802	8.8%	95.9%	96.8%	(0.9)%	1,541	1,432	7.6%
Huntsville, AL	4	1,051	9,255	9,526	(2.8)%	3,401	3,472	(2.0)%	5,854	6,054	(3.3)%	95.5%	95.6%	(0.1)%	1,395	1,438	(3.0)%
Memphis, TN	3	883	8,361	8,504	(1.7)%	2,800	2,829	(1.0)%	5,561	5,674	(2.0)%	95.7%	95.7%	0.0%	1,544	1,583	(2.5)%
Louisville, KY	3	794	7,070	6,836	3.4%	2,617	2,675	(2.2)%	4,453	4,162	7.0%	95.9%	96.3%	(0.4)%	1,351	1,300	3.9%
Orlando, FL	2	617	6,942	7,000	(0.8)%	2,618	2,537	3.2%	4,324	4,463	(3.1)%	92.5%	94.8%	(2.3)%	1,876	1,850	1.4%
Cincinnati, OH	2	542	6,074	5,836	4.1%	2,241	2,169	3.3%	3,833	3,667	4.5%	96.5%	96.6%	(0.1)%	1,727	1,653	4.5%
Charleston, SC	2	518	5,704	5,561	2.6%	2,229	2,201	1.3%	3,475	3,360	3.4%	94.9%	95.0%	(0.1)%	1,796	1,766	1.7%
Greenville, SC	1	702	5,480	5,296	3.5%	2,006	2,070	(3.1)%	3,474	3,226	7.7%	94.0%	92.1%	1.9%	1,287	1,290	(0.2)%
Myrtle Beach, SC - Wilmington, NC	3	628	5,211	5,341	(2.4)%	1,864	1,831	1.8%	3,347	3,509	(4.6)%	94.3%	95.0%	(0.7)%	1,383	1,388	(0.4)%
Austin, TX	1	256	2,799	2,829	(1.1)%	1,155	1,173	(1.5)%	1,644	1,656	(0.7)%	96.3%	95.8%	0.5%	1,749	1,791	(2.3)%
San Antonio, TX	1	306	2,806	2,839	(1.2)%	1,143	1,177	(2.9)%	1,663	1,663	0.0%	97.3%	96.8%	0.5%	1,433	1,450	(1.2)%
Total / Weighted Average	109	31,735	$ 313,171	$ 309,616	1.1%	$ 116,482	$ 115,066	1.2%	$ 196,689	$ 194,550	1.1%	95.1%	95.3%	(0.2)%	$ 1,595	$ 1,590	0.3%

CONSOLIDATED PROPERTY PORTFOLIO ^(a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

										For the Three Months Ended
										June 30, 2026
Market	Number of Properties		Units		Gross Real Estate Assets		Period of Occupancy			Average Effective Monthly Rent per Unit		NOI		% of NOI
Atlanta, GA		13		5,180	$	1,145,447		95.1	%	$	1,579	$	15,346		14.8	%
Dallas, TX		14		4,007		908,729		94.8	%		1,795		13,693		13.2	%
Columbus, OH		11		2,650		416,971		94.6	%		1,557		7,864		7.6	%
Tampa-St. Petersburg, FL		6		1,791		400,134		95.1	%		1,906		6,671		6.4	%
Denver, CO (b)(c)		8		2,018		624,837		95.2	%		1,780		6,401		6.2	%
Indianapolis, IN		8		2,259		366,649		95.2	%		1,501		6,087		5.9	%
Oklahoma City, OK		8		2,147		352,153		95.6	%		1,286		5,801		5.6	%
Nashville, TN		5		1,508		381,930		95.6	%		1,604		4,995		4.8	%
Raleigh - Durham, NC		6		1,690		262,849		94.8	%		1,546		4,989		4.8	%
Orlando, FL		4		1,260		284,534		88.7	%		1,877		4,139		4.0	%
Memphis, TN (c)		4		1,383		162,666		93.1	%		1,436		3,754		3.6	%
Houston, TX		5		1,308		219,893		95.7	%		1,457		3,527		3.4	%
Charlotte, NC		4		1,014		263,881		95.2	%		1,657		3,381		3.3	%
Lexington, KY		3		886		170,417		94.7	%		1,547		3,176		3.1	%
Huntsville, AL		4		1,051		244,326		96.3	%		1,396		2,950		2.8	%
Louisville, KY		3		794		99,605		98.1	%		1,357		2,252		2.2	%
Cincinnati, OH		2		542		128,358		95.0	%		1,736		1,936		1.9	%
Charleston, SC		2		518		86,206		94.6	%		1,810		1,754		1.6	%
Greenville, SC		1		702		128,358		94.6	%		1,279		1,730		1.7	%
Myrtle Beach, SC - Wilmington, NC		3		628		70,429		94.7	%		1,389		1,682		1.6	%
Austin, TX (a)		1		256		62,241		95.3	%		1,734		839		0.8	%
San Antonio, TX		1		306		58,122		96.1	%		1,426		801		0.7	%
Total / Weighted Average		116		33,898	$	6,838,735		94.9	%	$	1,593	$	103,768		100.0	%

(a)	Excludes our development project Tisdale at Lakeline Station. See the definitions at the end of this release.

(b)	Includes properties in our Fort Collins, CO and Colorado Springs, CO markets.
(c)	Includes one property that was held for sale as of June 30, 2026.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF June 30, 2026

	Total		Total Units To Be		Units		Units		Rent Premium		% Rent			Renovation Costs per Unit (b)						ROI - Interior Costs			ROI - Total Costs
Market	Properties		Renovated		Complete		Leased		(a)		Increase			Interior		Exterior		Total		(c)			(c)
ONGOING
Atlanta, GA		7		3,174		1,550		1,571	$	192		13.8	%	$	18,629	$	3,053	$	21,682		12.4	%		10.6	%
Dallas, TX		4		1,925		1,132		1,130		315		21.7	%		19,570		2,682		22,252		19.3	%		17.0	%
Columbus, OH		7		1,307		846		847		244		19.4	%		15,576		1,694		17,270		18.8	%		17.0	%
Oklahoma City, OK		3		1,086		575		602		262		25.6	%		17,063		2,719		19,781		18.4	%		15.9	%
Lexington, KY		2		586		230		244		389		32.9	%		17,968		1,419		19,387		26.0	%		24.1	%
Indianapolis, IN		2		544		132		144		208		15.0	%		18,781		2,942		21,723		13.3	%		11.5	%
Charleston, SC		2		518		109		113		280		16.5	%		17,926		3,076		21,002		18.8	%		16.0	%
Denver, CO		2		491		262		258		320		24.9	%		14,733		3,788		18,520		26.1	%		20.7	%
Raleigh-Durham, NC		1		488		158		171		218		16.0	%		18,134		3,130		21,263		14.4	%		12.3	%
Nashville, TN		5		418		343		343		183		13.4	%		17,523		1,321		18,845		12.5	%		11.6	%
Cincinnati, OH		1		350		9		13		268		19.5	%		18,286		1,714		20,000		17.6	%		16.1	%
Total / Weighted Average		36		10,887		5,346		5,436	$	251		19.2	%	$	17,861	$	2,625	$	20,486		16.9	%		14.7	%

FUTURE (d)
Nashville, TN		1		176		—		—	$	-		0.0	%	$	-	$	-		—		0.0	%		0.0	%
Total / Weighted Average		1		176		—		—		—		—			—		—		—		—			—

COMPLETED (e)
Atlanta, GA		4		1,482		1,387		1,232		252		21.0	%		12,667		1,503		14,170		23.9	%		21.4	%
Tampa-St. Petersburg, FL		4		1,236		1,198		1,184		288		21.6	%		15,073		1,482		16,555		23.0	%		20.9	%
Memphis, TN		3		1,053		1,017		1,002		241		22.9	%		13,378		916		14,294		21.6	%		20.2	%
Columbus, OH		3		763		728		691		209		22.3	%		10,612		666		11,278		23.6	%		22.2	%
Louisville, KY		2		728		728		627		212		24.3	%		15,644		2,173		17,817		16.3	%		14.3	%
Raleigh-Durham, NC		2		646		605		487		192		16.7	%		15,781		1,585		17,367		14.6	%		13.3	%
Oklahoma City, OK		2		541		469		467		120		14.3	%		17,254		1,154		18,407		8.3	%		7.8	%
Dallas, TX		1		300		271		271		267		18.4	%		19,824		2,152		21,976		16.2	%		14.6	%
Wilmington, NC		1		288		288		245		73		7.0	%		8,465		56		8,520		10.3	%		10.3	%
Austin, TX		1		256		223		225		264		18.4	%		18,877		1,486		20,364		16.8	%		15.6	%
Indianapolis, IN		1		236		211		212		244		22.5	%		15,742		1,484		17,226		18.6	%		17.0	%
Total / Weighted Average		24		7,529		7,125		6,643		229		20.5	%		14,221		1,349	$	15,570		19.3	%		17.7	%

Grand Total/Weighted Average		61		18,592		12,471		12,079	$	239		19.9	%	$	15,928	$	2,146	$	18,074		18.0	%		15.9	%

(a)	See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $208.

(b)	See the definitions section for a full description of Renovation Costs per Unit.

(c)	See the definitions section for a full description of ROI. ROI-Interior costs using rent premium including the impact of concessions was 15.7%. ROI-Total costs using rent premium including the impact of concessions was 13.8%.

(d)	We consider value add projects completed when over 85% of the property’s units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property’s units.

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

2026 ACQUISITIONS

Property	Market	Units		Date Acquired	Purchase Price		Price per Unit		Average Rent per Unit at Acquisition
The Retreat at Canal	Columbus, OH		140	1/15/2026	$	29,500	$	211	$	1,455

ASSETS HELD FOR SALE AS OF JUNE 30, 2026

Property	Location	Units
Bella Terra at City Center	Denver, Colorado		304
Stonebridge Crossings	Memphis, Tennessee		500
Total			804

REAL ESTATE UNDER DEVELOPMENT (a)

Development	Tisdale at Lakeline Station (b)
Location	Austin, Texas
Planned Units		378
Start Date	2Q 2022
Initial Occupancy	4Q 2025
Completion Date	4Q 2025
Projected Stabilization date	1Q 2027
Total Development Costs		$110,551
% of Planned Units Delivered as of June 30, 2026		100%
Occupancy % as of July 29, 2026 (c)		42.0%
Leased % as of July 29, 2026 (c)		45.2%

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

	Lakeline Station (b)			The Mustang (d)			Nexton Pine Hollow			The Approach
Location	Austin, TX			Dallas, TX			Charleston, SC			Indianapolis, IN			Total
Units		378			275			324			318			1,295
Estimated delivery date		—			—		Q2 2027			Q3 2027
Total construction budget	$	—		$	109,583		$	78,949		$	79,364		$	267,896
Total project debt	$	—		$	79,447			47,191			49,250
Remaining expected IRT investment	$	—			—			—			11,364		$	11,364
Carrying value of IRT's investment	$	—		$	31,036			29,891			9,042		$	69,970

Three Months Ended June 30, 2026
NOI	$	-		$	1,103		$	—		$	—		$	1,103
Interest expense		-			(1,214	)		—			—			(1,214	)
CFFO	$	-		$	(111	)	$	—		$	—		$	(111	)
Depreciation		-			(978	)		—			—			(978	)
Other income		-			(17	)		—			—			(17	)
Net (loss) income	$	-		$	(1,106	)	$	—		$	—		$	(1,106	)
IRT Equity Interest in JV					85.0	%		90.0	%		66.6	%
IRT Equity pick-up	$	-		$	(940	)	$	—		$	103		$	(836	)

Six Months Ended June 30, 2026
NOI	$	(12	)	$	2,028		$	—		$	—		$	2,016
Interest expense		(52	)		(2,347	)		—			—			(2,399	)
CFFO	$	(64	)	$	(318	)	$	—		$	—		$	(383	)
Depreciation		(41	)		(1,964	)		—			—			(2,006	)
Other income		1			(17	)		—			—			(16	)
Net (loss) income	$	(105	)	$	(2,300	)	$	—		$	—		$	(2,405	)
IRT Equity Interest in JV		90.0	%		85.0	%		90.0	%		66.6	%
IRT Equity pick-up	$	(94	)	$	(1,954	)	$	—		$	165		$	(1,883	)

	(a)	Flatiron Flats no longer met the definition of a development project in the second quarter of 2026 upon reaching 90% occupancy.
	(b)	Lakeline Station was an investment in unconsolidated real estate entity from January 1-19, 2026 and the underlying property, Tisdale at Lakeline Station was consolidated into our financial results effective January 20, 2026. Tisdale at Lakeline Station will continue to be classified as a development property since it is in lease-up and has not yet reached overall occupancy of 90%.
	(c)	Leased % and occupancy % are calculated using the leased or occupied units, as applicable, divided by the total number of units.
	(d)	The Mustang is an operating property consisting of 275 units.

DEBT SUMMARY AS OF June 30, 2026

Dollars in thousands

	Amount			Weighted Average Contractual Rate			Weighted Average Hedged Effective Rate (a)			Type	Weighted Average Maturity (in years)
Debt:
Unsecured revolver (b)	$	269,372			4.4	%		4.8	%	Floating		2.5
Unsecured term loans (c)		750,000			4.5	%		4.0	%	Floating		2.5
Secured credit facilities (d)		577,953			4.2	%		4.4	%	Fixed		2.4
Mortgages		690,224			3.9	%		4.0	%	Fixed		3.0
Unsecured notes (e)		150,000			5.4	%		5.6	%	Fixed		6.8
Total Principal		2,437,549			4.3	%		4.3	%			2.9
Loan premiums (discounts), net		17,813
Unamortized deferred financing costs		(11,979	)				Credit Ratings:
Total Consolidated Debt		2,443,383					Agency			Rating	Outlook
Equity Market Capitalization		4,033,711					Fitch			BBB	Positive
Total Capitalization	$	6,477,094					S&P			BBB	Stable

(a)

Represents the weighted average effective interest rates for the three months ended June 30, 2026, including the impact of interest rate swaps and collars, amortization of hedging costs, and deferred financing costs but excluding the impact of loan premium amortization, discount accretion, and interest capitalization. As of June 30, 2026, we maintained hedges that have effectively fixed a portion of our floating rate debt as follows:

Hedges:	Notional	Start	End	Swap Rate	Floor Rate	Cap Rate
Swap	$ 150,000	5/17/2022	5/17/2027	0.99%	—	—
Swap	$ 200,000	3/17/2023	3/17/2030	3.39%	—	—
Collar	$ 100,000	1/17/2024	1/17/2028	—	1.50%	2.50%
Collar	$ 100,000	11/17/2024	1/17/2028	—	1.50%	2.50%
Swap	$ 150,000	6/17/2026	6/17/2030	3.26%	—	—

	(b)	Unsecured revolver total capacity is $750,000, of which $269,372 was drawn as of June 30, 2026. The maturity date of the borrowings under the unsecured revolver is January 8, 2029.
	(c)	Consists of a (i) $350,000 unsecured term loan with a maturity date of February 11, 2030 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028.

	(d)	Consists of a (i) $503,310 secured credit facility, two tranches of which, in an aggregate principal amount of $462,842, have a maturity date of August 1, 2028 and the third tranche of which, in the principal amount of $40,468, has a maturity date of March 1, 2030 and a (ii) $74,643 secured credit facility with a maturity date of July 1, 2030.
	(e)	Consists of (i) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2031 and at a fixed annual interest rate of 5.32% and (ii) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2034 and at a fixed annual interest rate of 5.53%.

DEBT AND CREDIT METRICS

AS OF June 30, 2026

Dollars in thousands

Debt Covenant Summary (a)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	33.4%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.0x	Yes
Unsecured leverage ratio	≤ 60%	24.6%	Yes

(a)	For a complete listing of all debt covenants along with definitions of each covenant calculation see the Sixth Amended and Restated Credit Agreement, which was filed as Exhibit 10.1 of our Form 8-K filed on February 11, 2026.

Encumbered & Unencumbered Statistics (b)

	Total Units		% of Total			Gross Real Estate Assets		% of Total			Q2 2026 NOI		% of Total
Unencumbered assets		22,514		66.4	%	$	4,150,843		60.7	%	$	68,516		66.0	%
Encumbered assets		11,384		33.6	%		2,687,892		39.3	%		35,252		34.0	%
		33,898		100.0	%	$	6,838,735		100.0	%	$	103,768		100.0	%

(b)	Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station. See the definitions at the end of this release.

Components of Interest Expense

	For the Three Months Ended						For the Six Months Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense on secured and unsecured debt	$	26,325		$	25,602		$	51,957		$	51,646
Plus: Senior unsecured credit facility commitment fees and other finance related charges		294			293			600			581
Plus: Amortization of deferred financing costs		1,052			914			2,065			1,809
Plus: Amortization related to derivative instruments		225			250			450			507
Less: Gain on interest rate hedges		(2,248	)		(3,651	)		(4,557	)		(7,217	)
Less: Capitalized interest		(2,044	)		(2,650	)		(4,162	)		(5,191	)
Interest expense before loan (premium accretion) discount amortization, net		23,604			20,758			46,353			42,135
Less: Loan (premium accretion) discount amortization, net (c)		(2,021	)		(1,985	)		(4,038	)		(4,014	)
Interest expense per our Consolidated Statement of Operations	$	21,583		$	18,773		$	42,315		$	38,121

(c)	Represents loan premiums and discounts associated with debt assumed in conjunction with property acquisitions. Reconciles our CFFO interest expense to our GAAP interest expense on our condensed consolidated statements of operations.

DEFINITIONS

Average Effective Monthly Rent per Unit

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Lease Over Lease Effective Rent Growth

Net Debt

	As of
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Total debt	$	2,443,383	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801
Less: cash and cash equivalents		(22,513)		(23,341)			(23,564	)		(23,290	)		(19,491	)
Less: loan discounts and premiums, net		(17,813)		(19,833	)		(21,850	)		(23,863	)		(25,469	)
Total net debt	$	2,403,057	$	2,390,369		$	2,236,061		$	2,249,049		$	2,204,841

Net Operating Income

A reconciliation from GAAP net income (loss) to NOI is provided below (dollars in thousands):

	For the Three Months Ended
	June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
Net income (loss)	$	3,418	$	(127	)	$	34,015		$	6,995		$	8,172
Other revenue		(115)		(109)			(330	)		(250	)		(297	)
Property management expenses		7,931		8,237			6,674			7,891			7,715
General and administrative expenses		5,685		8,514			4,673			4,905			5,982
Depreciation and amortization expense		64,861		64,632			62,984			61,735			59,794
Casualty (gains)losses, net		(553)		77			755			419			255
Interest expense		21,583		20,732			20,422			20,455			18,773
(Gain on sale) loss on impairment of real estate assets, net		—		—			(17,491	)		12,841			—
Other loss		105		86			238			12			—
Loss (income) from investments in unconsolidated real estate entities		836		1,047			(2,403	)		(9,814	)		562
NOI	$	103,751	$	103,089		$	109,537		$	105,189		$	100,956
Less: Non same-store portfolio NOI		5,318		4,833			5,375			4,878			3,703
Same-store portfolio NOI	$	98,433	$	98,256		$	104,162		$	100,311		$	97,253

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

Rent Premium on Value Add Renovations

Renovation Costs per Unit

Return on Investment (“ROI”) on Value Add Renovations

Total Gross Assets

	As of
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025
Total assets	$	6,091,687	$	6,099,308	$	6,021,750	$	6,092,592	$	5,962,626
Plus: accumulated depreciation (a)		1,045,803		989,530		932,347		890,039		838,718
Plus: accumulated amortization		79,724		78,578		76,419		75,395		72,976
Total gross assets	$	7,217,214	$	7,167,416	$	7,030,516	$	7,058,026	$	6,874,320

(a)	Includes accumulated depreciation associated with real estate held for sale, as applicable.

Source: View Original Filing on SEC EDGAR

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Independence Realty Trust (NYSE: IRT) posts Q2 CFFO $0.28 and affirms 2026 outlook

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