What share repurchases did Independence Realty Trust complete in Q1 2026?

During the three months ended March 31, 2026, IRT repurchased approximately 1.8 million common shares at an average price of $16.24 per share, for a total cost of about $29.9 million . Approximately $190.1 million remained available under its $250.0 million repurchase program.

Independence Realty Trust (NYSE: IRT) Q1 2026 cash flow, buybacks and outlook

Q: How did Independence Realty Trust (IRT) perform financially in Q1 2026?

Independence Realty Trust reported Q1 2026 GAAP EPS of $0.00 , FFO per share of $0.27 , and CFFO per share of $0.26 . Rental and other property revenue reached $165.2 million , and portfolio NOI was $103.1 million , reflecting stable multifamily operations.

Q: What were IRT’s same-store operating results for the quarter ended March 31, 2026?

For Q1 2026, IRT’s same-store portfolio posted 1.4% rental and other property revenue growth and 1.0% NOI growth year over year. Same-store NOI margin was 62.9% , with average occupancy of 95.2% and average effective monthly rent per unit of $1,595 .

Q: What guidance did Independence Realty Trust provide for full-year 2026?

IRT reaffirmed 2026 guidance with EPS of $0.21–$0.28 , FFO per share of $1.15–$1.19 , and CFFO per share of $1.12–$1.16 . Guidance assumes 242.2 million weighted average shares and units and same-store NOI growth between (0.6%) and 2.2% .

Q: How active was IRT’s value-add renovation program in Q1 2026?

In Q1 2026, IRT renovated 426 units under its value-add initiative. The company achieved a weighted average ROI of 15.4% , with an average renovation cost of $20,364 per unit and an average monthly rent increase of $261 over comparable unrenovated units.

Q: What dividend did Independence Realty Trust pay for the first quarter of 2026?

IRT’s board declared a first quarter 2026 dividend of $0.17 per common share. The dividend was paid on April 17, 2026 to stockholders of record as of March 27, 2026 , resulting in a Q1 2026 CFFO payout ratio of 65.4% .

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Independence Realty Trust, Inc. reported steady first quarter 2026 results with stable cash flow and balance sheet metrics. GAAP EPS was $0.00, while Core Funds From Operations (CFFO) per share was $0.26 and Funds From Operations (FFO) per share was $0.27. Rental and other property revenue reached $165.2 million, with same-store NOI up 1.0% year over year and average same-store occupancy at 95.2%.

The company completed 426 value-add unit renovations in the quarter, generating a 15.4% average ROI and a $261 average monthly rent lift per renovated unit at an average cost of $20,364. It repurchased about 1.8 million shares for $29.9 million and ended March 31, 2026 with net debt to Adjusted EBITDA of 6.5x, a 4.3% weighted average interest rate, and approximately $563.0 million of liquidity. Management reaffirmed full-year 2026 EPS, FFO and CFFO per share guidance, with projected CFFO per share of $1.12–$1.16 based on 242.2 million weighted average shares and units.

Insights

IRT shows flat EPS but solid cash flow, active capital recycling, and reaffirmed 2026 guidance.

Independence Realty Trust generated Q1 2026 CFFO per share of $0.26 and FFO per share of $0.27, while GAAP EPS was $0.00 due to non-cash items. Same-store NOI grew 1.0%, with rental and other property revenue up 1.4% and average same-store occupancy at 95.2%, showing generally stable operating performance despite modest expense pressure.

On capital allocation, the REIT completed 426 value-add renovations at an average cost of $20,364 per unit, achieving a 15.4% average ROI and a $261 average monthly rent increase per renovated unit. It also repurchased about 1.8 million shares for $29.9M under its $250.0M authorization, leaving $190.1M available.

Leverage and liquidity remain key for this multifamily REIT. Net debt to Adjusted EBITDA was 6.5x at March 31, 2026, with 89.3% of debt fixed or hedged, a 4.3% weighted average interest rate, and about $563.0M of liquidity. A new $350M unsecured term loan extended maturities so that no debt comes due until 2028. Management reaffirmed 2026 CFFO per share guidance of $1.12–$1.16 and same-store NOI guidance of (0.6%)–2.2%; subsequent filings may provide more detail on execution versus these ranges.

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

Rental and other property revenue: $165.2M EPS: $0.00 per share FFO per share: $0.27 +5 more

8 metrics

Rental and other property revenue $165.2M For the three months ended March 31, 2026

EPS $0.00 per share Q1 2026 diluted earnings per share

FFO per share $0.27 Funds From Operations per share, Q1 2026

CFFO per share $0.26 Core Funds From Operations per share, Q1 2026

Same-store NOI growth 1.0% Year-over-year change for three months ended March 31, 2026

Share repurchases 1.8M shares for $29.9M Common stock repurchased in Q1 2026 at $16.24 average price

Net debt to Adjusted EBITDA 6.5x Leverage ratio as of March 31, 2026

Liquidity $563.0M Unrestricted cash and revolver capacity as of March 31, 2026

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

"First Quarter 2026 CFFO Per Share of $0.26 In Line with Expectations"

Net Operating Income (NOI) financial

"Same-Store Portfolio NOI Growth of 1.0% for the First 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

"Adjusted EBITDA | | $ | 86,447 | | | $ | 98,520"

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.

Net debt to Adjusted EBITDA financial

"At March 31, 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.

Value Add Initiative financial

"We completed renovations of 426 units during the three months ended March 31, 2026, achieving a weighted average return on investment of 15.4%"

Earnings Snapshot

Total revenue: $165.3M

Q1 2026

Total revenue $165.3M

EPS (diluted) $0.00

FFO per share $0.27

CFFO per share $0.26

Same-store NOI growth 1.0%

Understanding 8-K Material Events →

04/29/2026 - 04:05 PM

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): April 29, 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 April 29, 2026, we issued a press release announcing our financial results for the three months ended March 31, 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 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.

April 29, 2026	By:	/s/ James J. Sebra
	Name:	James J. Sebra
	Title:	President and Chief Financial Officer

Exhibit 99.1

Independence Realty Trust Announces First Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – April 29, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its first quarter 2026 financial results.

First Quarter 2026 EPS of $0.00

First Quarter 2026 CFFO Per Share of $0.26

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.0% for the First Quarter 2026

1.4% Increase in Rental Revenue and 2.0% Increase in Property Operating Expenses, Year Over Year

Continued Strong Resident Retention Rate of 60.5%

Completed 426 Renovations in Value Add Initiative for the First Quarter 2026

Achieved Average ROI of 15.4%

Repurchased 1.8 Million Shares of Our Common Stock for $29.9 Million in the First Quarter 2026

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

$350 Million Unsecured Term Loan Refinanced 2026 Debt Maturities; No Debt Maturities Until 2028

Affirm Full Year 2026 Core FFO Per Share Guidance

Management Commentary

“First quarter 2026 results were in line with our expectations and marked a solid start to the year,” said Scott Schaeffer, Chairman and CEO of IRT. “Portfolio occupancy and retention rates remain stable and supply pressure continues to abate across our portfolio. Asking rents have increased 2.8% to-date, driven by consistent demand for our communities. We expect market fundamentals to continue to improve during the rest of the year which, combined with our proven ability to manage expenses, will drive NOI growth that supports our 2026 outlook.”

First Quarter Summary

•

Net (loss) income available to common shares of $(0.1) million for the quarter ended March 31, 2026 compared to $8.4 million for the quarter ended March 31, 2025. Earnings per diluted share (“EPS”) of $0.00 for the quarter ended March 31, 2026 compared to $0.04 for the quarter ended March 31, 2025.

•

Core Funds from Operations (“CFFO”) of $63.5 million for the quarter ended March 31, 2026 compared to $64.2 million for the quarter ended March 31, 2025. CFFO per share was $0.26 for the first quarter of 2026 and compared to $0.27 for the first quarter of 2025.

•

Same-store portfolio net operating income (“NOI”) growth of 1.0% for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.

•

Adjusted EBITDA of $86.4 million for the quarter ended March 31, 2026 compared to $85.7 million for the quarter ended March 31, 2025.

•

Value Add Initiative completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment during the quarter of 15.4%.

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
		March 31, 2026 Compared to
		Three Months Ended
		March 31, 2025
Rental and other property revenue		1.4% increase
Property operating expenses		2.0% increase
NOI		1.0% increase
Portfolio average occupancy		10 bps decrease to 95.2%
Portfolio average rental rate		0.4% increase to $1,595
NOI Margin		30 bps decrease to 62.9%

	Q4 2025⁽²⁾			Q1 2026⁽³⁾
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.3	%		95.2	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(3.5	)%		(4.0	)%
Renewal Leases		3.0	%		3.2	%
Blended		1.0	%		0.7	%
Resident Retention Rate		61.2	%		60.5	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.5	%		95.4	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(4.4	)%		(4.8	)%
Renewal Leases		3.2	%		3.6	%
Blended		0.9	%		0.7	%
Resident Retention Rate		60.2	%		59.9	%
Value Add (34 properties with Ongoing Value Add)
Average Occupancy		94.9	%		94.9	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(1.8	)%		(2.4	)%
Renewal Leases		2.5	%		2.4	%
Blended		1.2	%		0.8	%
Resident Retention Rate		63.1	%		61.7	%

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

(2)	In Q4 2025, new, renewal, and blended lease over lease rent growth for all leases was (6.3)%, 3.1%, and (1.0)%, respectively.
(3)	In Q1 2026, new, renewal, and blended lease over lease rent growth for all leases was (5.1)%, 3.4% and (0.5)%, respectively.

Value Add Initiative

We completed renovations of 426 units during the three months ended March 31, 2026, achieving a weighted average return on investment of 15.4%, with an average cost per unit renovated of $20,364, and an average monthly rent increase per unit of $261 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 March 31, 2026.

Investment Activity

Acquisitions

•

On January 15, 2026, we acquired a 140-unit community in Columbus, Ohio, for $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Joint Ventures

•

Tisdale at Lakeline Station, Austin, Texas: On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results on January 20, 2026. The property is a 378-unit community in lease-up and was 33.6% occupied as of April 27, 2026.

Capital Expenditures

Across our total portfolio for the three months ended March 31, 2026, recurring capital expenditures were $6.1 million, or $176 per unit; Value Add Initiative expenditures were $8.6 million; non-recurring expenditures were $5.5 million; and development expenditures were $1.9 million, respectively.

Capital Markets

	•	$350 Million Unsecured Term Loan: As previously disclosed, on February 11, 2026, we entered into an amended and restated credit agreement that provides for a new $350 million unsecured term loan that was used to repay our $200 million term loan and fund mortgage maturities set for 2026. The $350 million unsecured term loan matures in February 2030, subject to a one-year extension option. This amended and restated credit agreement strengthened our balance sheet by increasing the capacity under our unsecured credit agreement to $1.5 billion (with the ability to request the capacity be further increased to $2.0 billion) and extending our debt maturity profile.

	•	Stock Repurchases: Our Board of Directors previously authorized a stock repurchase program for the repurchase of up to $250.0 million of the Company's common stock. During the three months ended March 31, 2026, we repurchased approximately 1.8 million shares of common stock at an average price per share of $16.24. The total aggregate cost for the quarter was approximately $29.9 million. As of March 31, 2026, there was approximately $190.1 million remaining under our stock repurchase program.

Balance Sheet and Liquidity

At March 31, 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 3.1 years, and 89.3% of our debt was either subject to fixed interest rates or was hedged. Also as of March 31, 2026, we had approximately $563.0 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On March 9, 2026, our Board of Directors declared a quarterly dividend of $0.17 per share of common stock. The first quarter dividend was paid on April 17, 2026 to stockholders of record at the close of business on March 27, 2026.

2026 EPS, FFO and CFFO Guidance

We affirm our guidance ranges for 2026 EPS, FFO, and CFFO per share and same-store NOI. We have updated our outlook for weighted average shares/units outstanding to reflect the stock repurchase activity completed in Q1 2026. 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.


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

(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 242.2 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of March 31, 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:		2026 Outlook:
Number of properties/units		109 properties / 31,735 units
Property revenue growth		1.0% - 2.4%
Controllable operating expense growth		4.6% - 5.6%
Real estate tax and insurance expense growth		0.0% - 1.0%
Total operating expense growth		2.9% - 3.9%
NOI growth		(0.6%) - 2.2%

Corporate Expenses ($ in millions)
General and administrative & property management expenses		$55 - $57
Interest expense(2)		$93 - $97

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

Capital Expenditures ($ in millions)
Recurring		$29 - $33
Value add renovation program		$42 - $46
Non-recurring and revenue enhancing		$32 - $36
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 March 31, 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 Thursday, April 30, 2026 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A replay of the conference call can also be accessed telephonically until Thursday, May 7, 2026 by dialing 1.800.770.2030, access code 1963990.

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 March 31, 2026, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of March 31, 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 initiatives and failure to achieve rent increases and occupancy levels on account of the Value Add initiatives, 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 a new or prolonged U.S. government shutdown, 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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Selected Financial Information:
Operating Statistics:
Net (loss) income available to common shares	$	(68	)	$	33,266		$	6,893		$	8,046		$	8,354
Earnings per share -- diluted	$	0.00		$	0.14		$	0.03		$	0.03		$	0.04
Rental and other property revenue	$	165,213		$	166,797		$	166,888		$	161,891		$	160,905
Property operating expenses	$	62,124		$	57,260		$	61,699		$	60,935		$	59,263
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
NOI margin		62.4	%		65.7	%		63.0	%		62.4	%		63.2	%
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556		$	85,748
FFO per share	$	0.27		$	0.33		$	0.30		$	0.28		$	0.28
CFFO per share	$	0.26		$	0.32		$	0.29		$	0.28		$	0.27
Dividends per share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.16
CFFO payout ratio		65.4	%		53.1	%		58.6	%		60.7	%		59.3	%

Portfolio Data:
Total gross assets	$	7,167,416		$	7,030,516		$	7,058,026		$	6,874,320		$	6,844,114
Total number of operating properties (a)		115			114			115			113			113
Total units (a)		33,602			33,462			33,818			33,175			33,175
Portfolio period end occupancy (a)		94.7	%		94.9	%		95.1	%		95.2	%		94.9	%
Portfolio average occupancy (a)		94.6	%		94.8	%		94.9	%		95.2	%		95.3	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,593		$	1,582		$	1,583
Same-store portfolio (b):
Period end occupancy (b)		95.2	%		95.6	%		95.6	%		95.4	%		94.9	%
Average occupancy (b)		95.2	%		95.3	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit (b)	$	1,595		$	1,597		$	1,597		$	1,591		$	1,588

Capitalization:
Total debt (c)	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Common share price, period end	$	14.89		$	17.48		$	16.39		$	17.69		$	21.23
Market equity capitalization	$	3,598,014		$	4,250,723		$	4,016,286		$	4,241,203		$	5,088,933
Total market capitalization	$	6,031,557		$	6,532,198		$	6,312,488		$	6,491,004		$	7,342,890
Total debt/total gross assets		34.0	%		32.5	%		32.5	%		32.7	%		32.9	%
Net debt to adjusted EBITDA (d)	6.5x			5.7x			6.0x			6.3x			6.3x
Interest coverage	4.2x			4.8x			4.5x			4.7x			4.4x

Common shares and OP Units:
Shares outstanding		235,698,008			237,234,750			239,103,283			233,809,823			233,763,180
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,639,651			243,176,393			245,044,926			239,751,466			239,704,823
Weighted average common shares and OP units		242,374,371			243,707,137			239,576,189			239,438,276			236,665,226

(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 March 31, 2026, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.9x, 5.7x, 6.1x, 6.3x, and 6.4x, 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 March 31,
	2026			2025
Funds From Operations (FFO):
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Real estate depreciation and amortization		64,114			58,308
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		876			457
Loss on impairment of real estate assets, net, excluding prepayment gains		—			73
FFO	$	64,863		$	67,364
FFO per share	$	0.27		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	64,863		$	67,364
Add-Back (Deduct):
Other depreciation and amortization		518			417
Casualty losses (gains), net		77			(115	)
Loan (premium accretion) discount amortization, net		(2,017	)		(2,029	)
Prepayment (gains) penalties on asset dispositions		—			(1,569	)
Loss on extinguishment of debt		—			67
Other loss		86			103
CFFO	$	63,527		$	64,238
CFFO per share	$	0.26		$	0.27
Weighted-average shares and units outstanding		242,374,371			236,665,226

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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172		$	8,526
Other revenue		(109	)		(330	)		(250	)		(297	)		(338	)
Property management expenses		8,237			6,674			7,891			7,715			7,826
General and administrative expenses		8,514			4,673			4,905			5,982			8,406
Depreciation and amortization expense		64,632			62,984			61,735			59,794			58,725
Casualty losses (gains), net		77			755			419			255			(115	)
Interest expense		20,732			20,422			20,455			18,773			19,348
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—			(1,496	)
Loss on extinguishment of debt		—			—			—			—			67
Other loss		86			238			12			—			103
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562			590
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
Less: Non same-store portfolio NOI		4,833			5,375			4,878			3,703			4,342
Same-store portfolio NOI	$	98,256		$	104,162		$	100,311		$	97,253		$	97,300

(a)	Same-store portfolio consists of 109 properties, which represent 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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172	$	8,526
Add-Back (Deduct):
Interest expense		20,732			20,422			20,455			18,773		19,348
Depreciation and amortization		64,632			62,984			61,735			59,794		58,725
Casualty losses (gains), net		77			755			419			255		(115	)
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—		(1,496	)
Loss on extinguishment of debt		—			—			—			—		67
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562		590
Other loss		86			238			12			—		103
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556	$	85,748

INTEREST COST:
Interest expense	$	20,732		$	20,422		$	20,455		$	18,773	$	19,348

INTEREST COVERAGE:	4.2x			4.8x			4.5x			4.7x		4.4x

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Interest expense		20,732			19,348
Depreciation and amortization		64,632			58,725
Casualty losses (gains), net		77			(115	)
Gain on sale of real estate assets, net		—			(1,496	)
Loss on extinguishment of debt		—			67
Loss from investments in unconsolidated real estate entities		1,047			590
Other loss		86			103
Adjusted EBITDA	$	86,447		$	85,748

INTEREST COST:
Interest expense	$	20,732		$	19,348

INTEREST COVERAGE:	4.2x			4.4x

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, and believe 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, where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9-14 months. We also report Lease Over Lease Effective Rent Growth for All Leases, which represents the change in the weighted average effective monthly rental rate, including the impact of concessions, for 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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total debt	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Less: cash and cash equivalents		(23,341	)		(23,564	)		(23,290	)		(19,491	)		(29,055	)
Less: loan discounts and premiums, net		(19,833	)		(21,850	)		(23,863	)		(25,469	)		(27,454	)
Total net debt	$	2,390,369		$	2,236,061		$	2,249,049		$	2,204,841		$	2,197,448

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
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Total assets	$	6,099,308	$	6,021,750	$	6,092,592	$	5,962,626	$	5,983,494
Plus: accumulated depreciation (a)		989,530		932,347		890,039		838,718		789,619
Plus: accumulated amortization		78,578		76,419		75,395		72,976		71,001
Total gross assets	$	7,167,416	$	7,030,516	$	7,058,026	$	6,874,320	$	6,844,114

(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	8

Balance Sheets	9

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)
Trailing Five Quarters	10
Three Months Ended March 31, 2026 and 2025	11

Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	12
Three Months Ended March 31, 2026 and 2025	12

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge
Trailing Five Quarters	13
Three Months Ended March 31, 2026 and 2025	14

Same-Store Portfolio NOI by Market
Three Months Ended March 31, 2026 and 2025	15

Property Portfolio NOI Exposure by Market	16

Value Add Summary	17

Investment & Development Activity	18

Debt Summary	19

Debt & Credit Metrics	20

Definitions	21

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 Stable
	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 First Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – April 29, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its first quarter 2026 financial results.

First Quarter 2026 EPS of $0.00

First Quarter 2026 CFFO Per Share of $0.26

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.0% for the First Quarter 2026

1.4% Increase in Rental Revenue and 2.0% Increase in Property Operating Expenses, Year Over Year

Continued Strong Resident Retention Rate of 60.5%

Completed 426 Renovations in Value Add Initiative for the First Quarter 2026

Achieved Average ROI of 15.4%

Repurchased 1.8 Million Shares of Our Common Stock for $29.9 Million in the First Quarter 2026

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

$350 Million Unsecured Term Loan Refinanced 2026 Debt Maturities; No Debt Maturities Until 2028

Affirm Full Year 2026 Core FFO Per Share Guidance

Management Commentary

First Quarter Summary

•

CFFO of $63.5 million for the quarter ended March 31, 2026 compared to $64.2 million for the quarter ended March 31, 2025. CFFO per share was $0.26 for the first quarter of 2026 compared to $0.27 for the first quarter of 2025.

•

Same-store portfolio NOI growth of 1.0% for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.

•

Adjusted EBITDA of $86.4 million for the quarter ended March 31, 2026 compared to $85.7 million for the quarter ended March 31, 2025.

•

Value Add Initiative completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment during the quarter of 15.4%.

Same-Store Portfolio⁽¹⁾ Operating Results

		Three Months Ended
		March 31, 2026 Compared to
		Three Months Ended
		March 31, 2025
Rental and other property revenue		1.4% increase
Property operating expenses		2.0% increase
NOI		1.0% increase
Portfolio average occupancy		10 bps decrease to 95.2%
Portfolio average rental rate		0.4% increase to $1,595
NOI Margin		30 bps decrease to 62.9%

	Q4 2025⁽²⁾			Q1 2026⁽³⁾
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.3	%		95.2	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(3.5	)%		(4.0	)%
Renewal Leases		3.0	%		3.2	%
Blended		1.0	%		0.7	%
Resident Retention Rate		61.2	%		60.5	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.5	%		95.4	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(4.4	)%		(4.8	)%
Renewal Leases		3.2	%		3.6	%
Blended		0.9	%		0.7	%
Resident Retention Rate		60.2	%		59.9	%
Value Add (34 properties with Ongoing Value Add)
Average Occupancy		94.9	%		94.9	%
Lease Over Lease Effective Rental Rate Growth:
New Leases		(1.8	)%		(2.4	)%
Renewal Leases		2.5	%		2.4	%
Blended		1.2	%		0.8	%
Resident Retention Rate		63.1	%		61.7	%

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

(2)	In Q4 2025, new, renewal, and blended lease over lease rent growth for all leases was (6.3)%, 3.1%, and (1.0)%, respectively.
(3)	In Q1 2026, new, renewal, and blended lease over lease rent growth for all leases was (5.1)%, 3.4% and (0.5)%, respectively.

Value Add Initiative

Investment Activity

Acquisitions

•

On January 15, 2026, we acquired a 140-unit community in Columbus, Ohio, for $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Joint Ventures

•

Tisdale at Lakeline Station, Austin, Texas: On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results on January 20, 2026. The property is a 378-unit community in lease-up and was 33.6% occupied as of April 27, 2026.

Capital Expenditures

Capital Markets

•

$350 Million Unsecured Term Loan: As previously disclosed, on February 11, 2026, we entered into an amended and restated credit agreement that provides for a new $350 million unsecured term loan that was used to repay our $200 million term loan and fund mortgage maturities set for 2026. The $350 million unsecured term loan matures in February 2030, subject to a one-year extension option. This amended and restated credit agreement strengthened our balance sheet by increasing the capacity under our unsecured credit agreement to $1.5 billion (with the ability to request the capacity be further increased to $2.0 billion) and extending our debt maturity profile.

•

Stock Repurchases: Our Board of Directors previously authorized a stock repurchase program for the repurchase of up to $250.0 million of the Company's common stock. During the three months ended March 31, 2026, we repurchased approximately 1.8 million shares of common stock at an average price per share of $16.24. The total aggregate cost for the quarter was approximately $29.9 million. As of March 31, 2026, there was approximately $190.1 million remaining under our stock repurchase program.

Balance Sheet and Liquidity

Dividend Distribution

2026 EPS, FFO and CFFO Guidance

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

(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 242.2 million weighted average shares and units outstanding.
(3)	Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of March 31, 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:		2026 Outlook:
Number of properties/units		109 properties / 31,735 units
Property revenue growth		1.0% - 2.4%
Controllable operating expense growth		4.6% - 5.6%
Real estate tax and insurance expense growth		0.0% - 1.0%
Total operating expense growth		2.9% - 3.9%
NOI growth		(0.6%) - 2.2%

Corporate Expenses ($ in millions)
General and administrative & property management expenses		$55 - $57
Interest expense(2)		$93 - $97

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

Capital Expenditures ($ in millions)
Recurring		$29 - $33
Value add renovation program		$42 - $46
Non-recurring and revenue enhancing		$32 - $36
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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Selected Financial Information:
Operating Statistics:
Net (loss) income available to common shares	$	(68	)	$	33,266		$	6,893		$	8,046		$	8,354
Earnings per share -- diluted	$	0.00		$	0.14		$	0.03		$	0.03		$	0.04
Rental and other property revenue	$	165,213		$	166,797		$	166,888		$	161,891		$	160,905
Property operating expenses	$	62,124		$	57,260		$	61,699		$	60,935		$	59,263
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
NOI margin		62.4	%		65.7	%		63.0	%		62.4	%		63.2	%
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556		$	85,748
FFO per share	$	0.27		$	0.33		$	0.30		$	0.28		$	0.28
CFFO per share	$	0.26		$	0.32		$	0.29		$	0.28		$	0.27
Dividends per share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.16
CFFO payout ratio		65.4	%		53.1	%		58.6	%		60.7	%		59.3	%

Portfolio Data:
Total gross assets	$	7,167,416		$	7,030,516		$	7,058,026		$	6,874,320		$	6,844,114
Total number of operating properties (a)		115			114			115			113			113
Total units (a)		33,602			33,462			33,818			33,175			33,175
Portfolio period end occupancy (a)		94.7	%		94.9	%		95.1	%		95.2	%		94.9	%
Portfolio average occupancy (a)		94.6	%		94.8	%		94.9	%		95.2	%		95.3	%
Portfolio average effective monthly rent, per unit (a)	$	1,593		$	1,593		$	1,593		$	1,582		$	1,583
Same-store portfolio (b):
Period end occupancy (b)		95.2	%		95.6	%		95.6	%		95.4	%		94.9	%
Average occupancy (b)		95.2	%		95.3	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit (b)	$	1,595		$	1,597		$	1,597		$	1,591		$	1,588

Capitalization:
Total debt (c)	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Common share price, period end	$	14.89		$	17.48		$	16.39		$	17.69		$	21.23
Market equity capitalization	$	3,598,014		$	4,250,723		$	4,016,286		$	4,241,203		$	5,088,933
Total market capitalization	$	6,031,557		$	6,532,198		$	6,312,488		$	6,491,004		$	7,342,890
Total debt/total gross assets		34.0	%		32.5	%		32.5	%		32.7	%		32.9	%
Net debt to adjusted EBITDA (d)	6.5x			5.7x			6.0x			6.3x			6.3x
Interest coverage	4.2x			4.8x			4.5x			4.7x			4.4x

Common shares and OP Units:
Shares outstanding		235,698,008			237,234,750			239,103,283			233,809,823			233,763,180
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,639,651			243,176,393			245,044,926			239,751,466			239,704,823
Weighted average common shares and OP units		242,374,371			243,707,137			239,576,189			239,438,276			236,665,226

(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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Assets:
Real estate held for investment, at cost	$	6,700,142		$	6,596,007		$	6,571,161		$	6,356,830		$	6,442,303
Less: accumulated depreciation		(972,660	)		(915,247	)		(861,370	)		(810,042	)		(789,619	)
Real estate held for investment, net		5,727,482			5,680,760			5,709,791			5,546,788			5,652,684
Real estate held for sale		76,858			76,468			107,182			119,875			—
Real estate under development		127,840			60,116			65,628			91,849			117,802
Cash and cash equivalents		23,341			23,564			23,290			19,491			29,055
Restricted cash		19,926			24,058			27,639			23,035			19,279
Investment in unconsolidated real estate entities		66,560			98,263			93,965			106,920			101,640
Other assets		44,151			45,711			47,771			38,389			39,330
Derivative assets		11,586			9,840			11,873			14,635			20,084
Intangible assets, net		1,564			2,970			5,453			1,644			3,620
Total assets	$	6,099,308		$	6,021,750		$	6,092,592		$	5,962,626		$	5,983,494
Liabilities and Equity:
Indebtedness, net (a)	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Accounts payable and accrued expenses		84,160			92,355			119,513			105,576			86,399
Accrued interest payable		10,642			8,377			10,265			7,815			10,136
Dividends payable		41,003			41,275			41,592			40,691			37,865
Derivative liabilities		—			346			737			233			29
Other liabilities		8,318			8,496			9,023			7,550			7,929
Total liabilities		2,577,666			2,432,324			2,477,332			2,411,666			2,396,315
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share		—			—			—			—			—
Common shares, $0.01 par value per share		2,357			2,372			2,391			2,338			2,337
Additional paid in capital		3,976,536			4,005,168			4,022,309			3,920,436			3,918,718
Accumulated other comprehensive income		9,982			7,722			9,095			12,038			17,308
Accumulated deficit		(595,712	)		(555,326	)		(548,319	)		(514,623	)		(482,973	)
Total shareholders' equity		3,393,163			3,459,936			3,485,476			3,420,189			3,455,390
Noncontrolling Interests		128,479			129,490			129,784			130,771			131,789
Total equity		3,521,642			3,589,426			3,615,260			3,550,960			3,587,179
Total liabilities and equity	$	6,099,308		$	6,021,750		$	6,092,592		$	5,962,626		$	5,983,494

(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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Revenue:
Rental and other property revenue	$	165,213		$	166,797		$	166,888		$	161,891		$	160,905
Other revenue		109			330			250			297			338
Total revenue		165,322			167,127			167,138			162,188			161,243
Expenses:
Property operating expenses		62,124			57,260			61,699			60,935			59,263
Property management expenses		8,237			6,674			7,891			7,715			7,826
General and administrative expenses (a)		8,514			4,673			4,905			5,982			8,406
Depreciation and amortization expense		64,632			62,984			61,735			59,794			58,725
Casualty losses (gains), net		77			755			419			255			(115	)
Total expenses		143,584			132,346			136,649			134,681			134,105
Interest expense		(20,732	)		(20,422	)		(20,455	)		(18,773	)		(19,348	)
Gain on sale (loss on impairment) of real estate assets, net		—			17,491			(12,841	)		—			1,496
Loss on extinguishment of debt		—			—			—			—			(67	)
Other loss		(86	)		(238	)		(12	)		—			(103	)
(Loss) income from investments in unconsolidated real estate entities		(1,047	)		2,403			9,814			(562	)		(590	)
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172		$	8,526
Loss (income) allocated to noncontrolling interests		59			(749	)		(102	)		(126	)		(172	)
Net (loss) income available to common shares	$	(68	)	$	33,266		$	6,893		$	8,046		$	8,354
Earnings per share - basic	$	0.00		$	0.14		$	0.03		$	0.03		$	0.04
Weighted-average shares outstanding - Basic		236,432,728			237,765,494			233,634,546			233,496,633			230,723,583
Earnings per share - diluted	$	0.00		$	0.14		$	0.03		$	0.03		$	0.04
Weighted-average shares outstanding - Diluted		236,432,728			238,495,087			234,283,170			234,131,752			231,828,484
Funds From Operations (FFO):
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172		$	8,526
Add-Back (Deduct):
Real estate depreciation and amortization		64,114			62,497			61,282			59,372			58,308
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		876			609			375			457			457
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		—			(17,491	)		12,841			—			73
Gain on sale of real estate associated with unconsolidated real estate entities		—			(187	)		(10,389	)		—			—
FFO	$	64,863		$	79,443		$	71,104		$	68,001		$	67,364
FFO per share	$	0.27		$	0.33		$	0.30		$	0.28		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	64,863		$	79,443		$	71,104		$	68,001		$	67,364
Add-Back (Deduct):
Other depreciation and amortization		518			487			453			422			417
Casualty losses (gains), net		77			755			419			255			(115	)
Loan (premium accretion) discount amortization, net		(2,017	)		(2,013	)		(2,001	)		(1,985	)		(2,029	)
Prepayment (gains) penalties on asset dispositions		—			—			—			—			(1,569	)
Loss on extinguishment of debt		—			—			—			—			67
Other loss		86			238			12			—			103
CFFO	$	63,527		$	78,910		$	69,987		$	66,693		$	64,238
CFFO per share	$	0.26		$	0.32		$	0.29		$	0.28		$	0.27
Weighted-average shares and units outstanding		242,374,371			243,707,137			239,576,189			239,438,276			236,665,226

(a)	Included in the three months ended March 31, 2026 and 2025 is $2.4 million and $2.8 million, respectively, 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
	March 31,
	2026			2025
Revenue:
Rental and other property revenue	$	165,213		$	160,905
Other revenue		109			338
Total revenue		165,322			161,243
Expenses:
Property operating expenses		62,124			59,263
Property management expenses		8,237			7,826
General and administrative expenses		8,514			8,406
Depreciation and amortization expense		64,632			58,725
Casualty losses (gains), net		77			(115	)
Total expenses		143,584			134,105
Interest expense		(20,732	)		(19,348	)
Gain on sale of real estate assets, net		—			1,496
Loss on extinguishment of debt		—			(67	)
Other loss		(86	)		(103	)
Loss from investments in unconsolidated real estate entities		(1,047	)		(590	)
Net (loss) income		(127	)		8,526
Loss (income) allocated to noncontrolling interests		59			(172	)
Net (loss) income available to common shares	$	(68	)	$	8,354
Earnings per share - basic	$	0.00		$	0.04
Weighted-average shares outstanding - Basic		236,432,728			230,723,583
Earnings per share - diluted	$	0.00		$	0.04
Weighted-average shares outstanding - Diluted		236,432,728			231,828,484
Funds From Operations (FFO):
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Real estate depreciation and amortization		64,114			58,308
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		876			457
Loss on impairment of real estate assets, net, excluding prepayment gains		—			73
FFO	$	64,863		$	67,364
FFO per share	$	0.27		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	64,863		$	67,364
Add-Back (Deduct):
Other depreciation and amortization		518			417
Casualty losses (gains), net		77			(115	)
Loan (premium accretion) discount amortization, net		(2,017	)		(2,029	)
Prepayment (gains) penalties on asset dispositions		—			(1,569	)
Loss on extinguishment of debt		—			67
Other loss		86			103
CFFO	$	63,527		$	64,238
CFFO per share	$	0.26		$	0.27
Weighted-average shares and units outstanding		242,374,371			236,665,226

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172	$	8,526
Add-Back (Deduct):
Interest expense		20,732			20,422			20,455			18,773		19,348
Depreciation and amortization		64,632			62,984			61,735			59,794		58,725
Casualty losses (gains), net		77			755			419			255		(115	)
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—		(1,496	)
Loss on extinguishment of debt		—			—			—			—		67
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562		590
Other loss		86			238			12			—		103
Adjusted EBITDA	$	86,447		$	98,520		$	92,643		$	87,556	$	85,748

INTEREST COST:
Interest expense	$	20,732		$	20,422		$	20,455		$	18,773	$	19,348

INTEREST COVERAGE:	4.2x			4.8x			4.5x			4.7x		4.4x

	For the Three Months Ended March 31,
	2026			2025
Net (loss) income	$	(127	)	$	8,526
Add-Back (Deduct):
Interest expense		20,732			19,348
Depreciation and amortization		64,632			58,725
Casualty losses (gains), net		77			(115	)
Gain on sale of real estate assets, net		—			(1,496	)
Loss on extinguishment of debt		—			67
Loss from investments in unconsolidated real estate entities		1,047			590
Other loss		86			103
Adjusted EBITDA	$	86,447		$	85,748

INTEREST COST:
Interest expense	$	20,732		$	19,348

INTEREST COVERAGE:	4.2x			4.4x

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
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Revenue:
Rental and other property revenue	$	156,095		$	157,566		$	158,216		$	155,612		$	154,004
Property Operating Expenses:
Real estate taxes		19,750			16,822			17,308			18,691			19,378
Property insurance		3,278			3,275			3,264			3,548			3,900
Personnel expenses		12,808			11,585			13,432			12,376			11,949
Utilities		8,215			7,936			8,027			7,407			7,786
Repairs and maintenance		4,175			3,750			5,591			5,822			4,345
Contract services		6,161			6,087			6,078			6,139			5,790
Advertising expenses		1,862			2,356			2,571			2,686			1,933
Other expenses		1,590			1,593			1,634			1,690			1,623
Total property operating expenses		57,839			53,404			57,905			58,359			56,704
Same-store portfolio NOI	$	98,256		$	104,162		$	100,311		$	97,253		$	97,300

Same-store portfolio NOI margin		62.9	%		66.1	%		63.4	%		62.5	%		63.2	%
Average occupancy		95.2	%		95.3	%		95.3	%		95.3	%		95.3	%
Average effective monthly rent, per unit	$	1,595		$	1,597		$	1,597		$	1,591		$	1,588

	For the Three Months Ended
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Rental and other property revenue
Same-store portfolio	$	156,095	$	157,566	$	158,216	$	155,612	$	154,004
Non same-store portfolio		9,118		9,231		8,672		6,279		6,901
Total rental and other property revenue		165,213		166,797		166,888		161,891		160,905
Property operating expenses
Same-store portfolio		57,839		53,404		57,905		58,359		56,704
Non same-store portfolio		4,285		3,856		3,794		2,576		2,559
Total property operating expenses		62,124		57,260		61,699		60,935		59,263
NOI
Same-store portfolio		98,256		104,162		100,311		97,253		97,300
Non same-store portfolio		4,833		5,375		4,878		3,703		4,342
Total property NOI	$	103,089	$	109,537	$	105,189	$	100,956	$	101,642

(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 MONTHS ENDED March 31, 2026 AND 2025

Dollars in thousands, except per unit data

	For the Three Months Ended
	March 31,
	2026			2025			% change
Revenue:
Rental and other property revenue	$	156,095		$	154,004			1.4	%
Property Operating Expenses:
Real estate taxes		19,750			19,378			1.9	%
Property insurance		3,278			3,900			(15.9	)%
Personnel expenses		12,808			11,949			7.2	%
Utilities		8,215			7,786			5.5	%
Repairs and maintenance		4,175			4,345			(3.9	)%
Contract services		6,161			5,790			6.4	%
Advertising expenses		1,862			1,933			(3.7	)%
Other expenses		1,590			1,623			(2.0	)%
Total property operating expenses		57,839			56,704			2.0	%
Same-store portfolio NOI	$	98,256		$	97,300			1.0	%

Same-store portfolio NOI margin		62.9	%		63.2	%		(0.3	)%
Average occupancy		95.2	%		95.3	%		(0.1	)%
Average effective monthly rent, per unit	$	1,595		$	1,588			0.4	%

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

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED March 31, 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	$	24,651	$	23,991		2.8	%	$	9,560	$	9,523		0.4	%	$	15,093	$	14,466		4.3	%		94.4	%		93.2	%		1.2	%	$	1,581	$	1,596		(0.9	)%
Dallas, TX	14		4,007		22,316		22,234		0.4	%		8,697		8,431		3.2	%		13,618		13,803		(1.3	)%		96.1	%		96.1	%		0.0	%		1,801		1,815		(0.8	)%
Columbus, OH	10		2,510		12,049		11,787		2.2	%		4,521		4,615		(2.0	)%		7,529		7,172		5.0	%		95.4	%		96.2	%		(0.8	)%		1,570		1,525		3.0	%
Tampa-St. Petersburg, FL	6		1,791		10,802		10,573		2.2	%		4,070		3,882		4.8	%		6,731		6,692		0.6	%		95.8	%		96.1	%		(0.3	)%		1,935		1,913		1.2	%
Oklahoma City, OK	8		2,147		8,519		8,355		2.0	%		2,871		2,801		2.5	%		5,648		5,554		1.7	%		95.5	%		96.4	%		(0.9	)%		1,270		1,233		3.0	%
Indianapolis, IN	7		1,979		8,994		8,853		1.6	%		3,369		3,243		3.9	%		5,625		5,611		0.2	%		94.8	%		96.0	%		(1.2	)%		1,477		1,448		2.0	%
Denver, CO	6		1,418		7,984		8,085		(1.2	)%		2,680		2,546		5.3	%		5,304		5,539		(4.2	)%		94.2	%		95.0	%		(0.8	)%		1,837		1,846		(0.5	)%
Nashville, TN	5		1,508		7,575		7,467		1.4	%		2,480		2,492		(0.5	)%		5,096		4,976		2.4	%		95.8	%		96.2	%		(0.4	)%		1,611		1,615		(0.2	)%
Raleigh - Durham, NC	6		1,690		8,049		8,061		(0.1	)%		3,004		2,969		1.2	%		5,045		5,091		(0.9	)%		93.8	%		94.8	%		(1.0	)%		1,541		1,546		(0.3	)%
Charlotte, NC	4		1,014		5,165		5,083		1.6	%		1,715		1,611		6.5	%		3,450		3,471		(0.6	)%		95.9	%		93.6	%		2.3	%		1,662		1,713		(3.0	)%
Houston, TX	5		1,308		5,914		5,900		0.2	%		2,661		2,456		8.3	%		3,253		3,444		(5.5	)%		95.8	%		96.7	%		(0.9	)%		1,457		1,437		1.4	%
Lexington, KY	3		886		4,359		4,043		7.8	%		1,222		1,176		3.9	%		3,137		2,867		9.4	%		96.4	%		96.7	%		(0.3	)%		1,527		1,419		7.6	%
Huntsville, AL	4		1,051		4,626		4,775		(3.1	)%		1,743		1,692		3.0	%		2,883		3,083		(6.5	)%		95.2	%		95.8	%		(0.6	)%		1,395		1,446		(3.5	)%
Memphis, TN	3		883		4,189		4,271		(1.9	)%		1,383		1,475		(6.2	)%		2,806		2,796		0.4	%		96.0	%		96.1	%		(0.1	)%		1,543		1,582		(2.5	)%
Louisville, KY	3		794		3,495		3,377		3.5	%		1,294		1,339		(3.4	)%		2,201		2,038		8.0	%		95.4	%		96.4	%		(1.0	)%		1,350		1,291		4.6	%
Orlando, FL	2		617		3,475		3,418		1.7	%		1,328		1,255		5.8	%		2,147		2,163		(0.7	)%		92.5	%		94.3	%		(1.8	)%		1,881		1,841		2.2	%
Cincinnati, OH	2		542		3,011		2,869		4.9	%		1,115		1,057		5.5	%		1,896		1,812		4.6	%		96.8	%		96.6	%		0.2	%		1,713		1,636		4.7	%
Greenville, SC	1		702		2,712		2,604		4.1	%		969		1,018		(4.8	)%		1,743		1,587		9.8	%		94.9	%		92.0	%		2.9	%		1,285		1,296		(0.8	)%
Charleston, SC	2		518		2,812		2,774		1.4	%		1,091		1,086		0.5	%		1,721		1,688		2.0	%		95.1	%		96.1	%		(1.0	)%		1,778		1,756		1.3	%
Myrtle Beach, SC - Wilmington, NC	3		628		2,565		2,656		(3.4	)%		900		844		6.6	%		1,665		1,812		(8.1	)%		93.4	%		94.3	%		(0.9	)%		1,387		1,393		(0.4	)%
San Antonio, TX	1		306		1,427		1,414		0.9	%		565		576		(1.9	)%		861		838		2.7	%		97.4	%		96.9	%		0.5	%		1,437		1,451		(1.0	)%
Austin, TX	1		256		1,406		1,414		(0.6	)%		601		617		(2.6	)%		804		797		0.9	%		96.7	%		96.4	%		0.3	%		1,756		1,786		(1.7	)%
Total / Weighted Average	109		31,735	$	156,095	$	154,004		1.4	%	$	57,839	$	56,704		2.0	%	$	98,256	$	97,300		1.0	%		95.2	%		95.3	%		(0.1	)%	$	1,595	$	1,588		0.4	%

CONSOLIDATED PROPERTY PORTFOLIO ^(a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

										For the Three Months Ended
										March 31, 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	$	1,137,839		94.2	%	$	1,581	$	15,093		14.7	%
Dallas, TX		14		4,007		903,078		95.6	%		1,801		13,618		13.3	%
Columbus, OH		11		2,650		415,152		95.8	%		1,577		7,932		7.5	%
Tampa-St. Petersburg, FL		6		1,791		398,938		94.5	%		1,935		6,731		6.6	%
Indianapolis, IN		8		2,259		363,126		95.2	%		1,493		6,435		6.3	%
Denver, CO (a)(b)(c)		7		1,722		492,923		93.2	%		1,777		5,953		5.8	%
Oklahoma City, OK		8		2,147		349,402		95.8	%		1,270		5,648		5.5	%
Nashville, TN		5		1,508		380,546		95.4	%		1,611		5,096		5.0	%
Raleigh - Durham, NC		6		1,690		260,822		95.2	%		1,541		5,045		4.9	%
Orlando, FL		4		1,260		283,939		86.2	%		1,891		3,850		3.7	%
Memphis, TN (c)		4		1,383		161,712		92.7	%		1,444		3,769		3.7	%
Charlotte, NC		4		1,014		263,552		95.9	%		1,662		3,450		3.4	%
Houston, TX		5		1,308		218,783		95.6	%		1,457		3,253		3.2	%
Lexington, KY		3		886		168,939		95.4	%		1,527		3,137		3.1	%
Huntsville, AL		4		1,051		243,111		95.6	%		1,395		2,862		2.8	%
Louisville, KY		3		794		100,620		95.5	%		1,350		2,201		2.1	%
Cincinnati, OH		2		542		127,521		97.4	%		1,713		1,896		1.8	%
Greenville, SC		1		702		128,075		93.4	%		1,285		1,743		1.7	%
Charleston, SC		2		518		85,093		95.3	%		1,778		1,721		1.7	%
Myrtle Beach, SC - Wilmington, NC		3		628		70,210		94.6	%		1,387		1,665		1.6	%
San Antonio, TX		1		306		57,889		98.4	%		1,437		861		0.8	%
Austin, TX (a)		1		256		61,782		96.9	%		1,756		804		0.8	%
Total / Weighted Average		115		33,602	$	6,673,052		94.7	%	$	1,593	$	102,763		100.0	%

(a)	Excludes our development projects Flatiron Flats and 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 March 31, 2026.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF March 31, 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		1,409		1,359	$	195		14.2	%	$	18,517	$	3,053	$	21,569		12.6	%		10.8	%
Dallas, TX		7		1,925		1,026		1,020		306		20.9	%		19,591		2,713		22,304		18.7	%		16.4	%
Oklahoma City, OK		5		1,430		803		806		194		18.7	%		17,140		2,372		19,512		13.6	%		11.9	%
Columbus, OH		5		1,306		800		790		248		19.8	%		15,435		1,694		17,130		19.3	%		17.3	%
Indianapolis, IN		3		740		81		84		225		16.5	%		18,419		2,210		20,629		14.7	%		13.1	%
Denver, CO		2		491		230		222		294		22.9	%		14,385		3,695		18,080		24.5	%		19.5	%
Raleigh-Durham, NC		2		489		124		117		227		16.7	%		18,228		3,130		21,358		14.9	%		12.7	%
Lexington, KY		1		436		195		197		363		30.8	%		17,770		1,532		19,302		24.5	%		22.5	%
Nashville, TN		1		418		336		338		180		13.2	%		17,480		1,321		18,801		12.4	%		11.5	%
Charleston, SC		1		274		80		81		277		16.4	%		18,072		4,720		22,792		18.4	%		14.6	%
Total / Weighted Average		34		10,683		5,084		5,014	$	238		18.3	%	$	17,732	$	2,622	$	20,354		16.1	%		14.0	%

FUTURE
Cincinnati, OH		1		350		—		—		—		—			—		—		—		—			—
Charleston, SC		1		244		—		—		—		—			—		—		—		—			—
Nashville, TN		1		176		—		—		—		—			—		—		—		—			—
Lexington, KY		1		150		—		—		—		—			—		—		—		—			—
Total / Weighted Average		4		920		—		—		—		—			—		—		—		—			—

COMPLETED (d)
Atlanta, GA		4		1,482		1,382		1,369		243		21.3	%		12,470		1,503		13,974		23.4	%		20.9	%
Tampa-St. Petersburg, FL		4		1,236		1,180		1,164		288		21.6	%		15,023		1,482		16,505		23.0	%		21.0	%
Memphis, TN		3		1,053		1,017		1,012		240		22.9	%		13,346		916		14,262		21.6	%		20.2	%
Columbus, OH		3		763		725		722		204		22.3	%		10,529		666		11,194		23.3	%		21.9	%
Louisville, KY		2		728		728		786		214		24.0	%		15,663		2,173		17,837		16.4	%		14.4	%
Raleigh-Durham, NC		2		646		603		601		198		17.6	%		15,415		1,585		17,001		15.4	%		14.0	%
Dallas, TX		1		300		262		263		273		18.8	%		19,822		2,152		21,974		16.5	%		14.9	%
Wilmington, NC		1		288		288		287		77		7.6	%		8,118		56		8,174		11.4	%		11.3	%
Austin, TX		1		256		221		221		260		18.1	%		19,039		1,486		20,526		16.4	%		15.2	%
Indianapolis, IN		1		236		210		209		248		22.8	%		15,807		1,484		17,291		18.8	%		17.2	%
Oklahoma City, OK		1		197		171		170		188		22.3	%		17,567		1,443		19,011		12.8	%		11.9	%
Total / Weighted Average		23		7,185		6,787		6,804		232		21.0	%		13,987		1,366	$	15,353		19.9	%		18.2	%

Grand Total/Weighted Average		61		18,788		11,871		11,818	$	235		19.9	%	$	15,570	$	1,987	$	17,557		18.1	%		16.1	%

(a)	See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $194.

(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 14.9%. ROI-Total costs using rent premium including the impact of concessions was 13.2%.

(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 MARCH 31, 2026

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

REAL ESTATE UNDER DEVELOPMENT

Development	Tisdale at Lakeline Station (a)(b)	Flatiron Flats (b)
Location	Austin, Texas	Denver, Colorado
Planned Units	378	296
Start Date	2Q 2022	4Q 2022
Initial Occupancy	4Q 2025	1Q 2025
Completion Date	4Q 2025	1Q 2025
Projected Stabilization date	1Q 2027	2Q 2026
Total Development Costs	$110,551	$114,100
% of Planned Units Delivered as of March 31, 2026	100%	100%
Occupancy % as of April 27, 2026 (c)	33.6%	66.2%
Leased % as of April 27, 2026 (c)	37.3%	81.8%

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

	Lakeline Station (a)			The Mustang (d)			Nexton Pine Hollow			The Approach
Location	*Austin, TX*			*Dallas, TX*			*Charleston, SC*			*Indianapolis, IN*			Total
Units		378			275			324			318			917
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		$	175,888
Remaining expected IRT investment	$	—		$	—		$	459		$	14,675		$	15,134
Carrying value of IRT's investment	$	—		$	31,944		$	29,073		$	5,543		$	66,560

Net operating (loss) income	$	(12	)	$	925		$	—		$	—		$	913
Interest expense		(52	)		(1,133	)		—			—			(1,185	)
CFFO	$	(64	)	$	(208	)	$	—		$	—		$	(272	)
Depreciation		(41	)		(986	)		—			—			(1,028	)
Other income		1			—			—			—			1
Net (loss) income	$	(105	)	$	(1,194	)	$	—		$	—		$	(1,299	)
IRT's equity interest in investments in unconsolidated real estate entities		90.0	%		85.0	%		90.0	%		66.6	%
(Loss) income from investments in unconsolidated real estate entities	$	(94	)	$	(1,015	)	$	—		$	61		$	(1,047	)

	(a)	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.
	(b)	We will continue to classify these properties as development properties since they are in lease-up and have not 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. The property is currently being marketed for sale.

DEBT SUMMARY AS OF March 31, 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)	$	210,372			4.4	%		4.8	%	Floating		2.8
Unsecured term loans (c)		750,000			4.5	%		4.0	%	Floating		2.8
Secured credit facilities (d)		580,193			4.2	%		4.4	%	Fixed		2.7
Mortgages		736,091			3.9	%		4.0	%	Fixed		3.1
Unsecured notes (e)		150,000			5.4	%		5.6	%	Fixed		7.0
Total Principal		2,426,656			4.3	%		4.3	%			3.1
Loan premiums (discounts), net		19,833
Unamortized deferred financing costs		(12,946	)					Credit Ratings:
Total Consolidated Debt		2,433,543						Agency		Rating		Outlook
Equity Market Capitalization		3,598,014						Fitch		BBB		Stable
Total Capitalization	$	6,031,557						S&P		BBB		Stable

(a)

Represents the weighted average effective interest rates for the three months ended March 31, 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 March 31, 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	6/17/2021	6/17/2026	2.18%	—	—
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%
Forward starting swap	$ 150,000	6/17/2026	6/17/2030	3.26%	—	—

	(b)	Unsecured revolver total capacity is $750,000, of which $210,372 was drawn as of March 31, 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) $505,112 secured credit facility, two tranches of which, in an aggregate principal amount of $464,644, 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) $75,081 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 March 31, 2026

Dollars in thousands

(a)	On February 11, 2026, the Company entered into a new $350 million unsecured term loan. With the proceeds, the Company retired its $200 million term loan and, with the balance, will retire its remaining 2026 mortgages at their maturity dates.

Debt Covenant Summary (b)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	32.1%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	2.9x	Yes
Unsecured leverage ratio	≤ 60%	24.2%	Yes

(b)	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 (c)

	Total Units		% of Total			Gross Real Estate Assets		% of Total			Q1 2026 NOI		% of Total
Unencumbered assets		21,848		65.0	%	$	3,927,888		58.9	%	$	66,393		64.6	%
Encumbered assets		11,754		35.0	%		2,745,164		41.1	%		36,370		35.4	%
		33,602		100.0	%	$	6,673,052		100.0	%	$	102,763		100.0	%

(c)	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
	March 31, 2026			March 31, 2025
Interest expense on secured and unsecured debt	$	25,631		$	26,044
Plus: Senior unsecured credit facility commitment fees and other finance related charges		306			288
Plus: Amortization of deferred financing costs		1,012			895
Plus: Amortization related to derivative instruments		226			257
Less: Gain on interest rate hedges		(2,309	)		(3,566	)
Less: Capitalized interest		(2,117	)		(2,541	)
Interest expense before loan (premium accretion) discount amortization, net		22,749			21,377
Less: Loan (premium accretion) discount amortization, net (d)		(2,017	)		(2,029	)
Interest expense per our Consolidated Statement of Operations	$	20,732		$	19,348

(d)	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

Lease Over Lease Effective Rent Growth represents the change in the weighted average effective monthly rental rate, including the impact of concessions, where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9–14 months. We also report Lease Over Lease Effective Rent Growth for All Leases, which represents the change in the weighted average effective monthly rental rate, including the impact of concessions, for 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

	As of
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Total debt	$	2,433,543		$	2,281,475		$	2,296,202		$	2,249,801		$	2,253,957
Less: cash and cash equivalents		(23,341	)		(23,564	)		(23,290	)		(19,491	)		(29,055	)
Less: loan discounts and premiums, net		(19,833	)		(21,850	)		(23,863	)		(25,469	)		(27,454	)
Total net debt	$	2,390,369		$	2,236,061		$	2,249,049		$	2,204,841		$	2,197,448

Net Operating Income

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

	For the Three Months Ended
	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Net (loss) income	$	(127	)	$	34,015		$	6,995		$	8,172		$	8,526
Other revenue		(109	)		(330	)		(250	)		(297	)		(338	)
Property management expenses		8,237			6,674			7,891			7,715			7,826
General and administrative expenses		8,514			4,673			4,905			5,982			8,406
Depreciation and amortization expense		64,632			62,984			61,735			59,794			58,725
Casualty losses (gains), net		77			755			419			255			(115	)
Interest expense		20,732			20,422			20,455			18,773			19,348
(Gain on sale) loss on impairment of real estate assets, net		—			(17,491	)		12,841			—			(1,496	)
Loss on extinguishment of debt		—			—			—			—			67
Other loss		86			238			12			—			103
Loss (income) from investments in unconsolidated real estate entities		1,047			(2,403	)		(9,814	)		562			590
NOI	$	103,089		$	109,537		$	105,189		$	100,956		$	101,642
Less: Non same-store portfolio NOI		4,833			5,375			4,878			3,703			4,342
Same-store portfolio NOI	$	98,256		$	104,162		$	100,311		$	97,253		$	97,300

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
	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Total assets	$	6,099,308	$	6,021,750	$	6,092,592	$	5,962,626	$	5,983,494
Plus: accumulated depreciation (a)		989,530		932,347		890,039		838,718		789,619
Plus: accumulated amortization		78,578		76,419		75,395		72,976		71,001
Total gross assets	$	7,167,416	$	7,030,516	$	7,058,026	$	6,874,320	$	6,844,114

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

Source: View Original Filing on SEC EDGAR

FAQ

How did Independence Realty Trust (IRT) perform financially in Q1 2026?

Independence Realty Trust reported Q1 2026 GAAP EPS of $0.00, FFO per share of $0.27, and CFFO per share of $0.26. Rental and other property revenue reached $165.2 million, and portfolio NOI was $103.1 million, reflecting stable multifamily operations.

What were IRT’s same-store operating results for the quarter ended March 31, 2026?

For Q1 2026, IRT’s same-store portfolio posted 1.4% rental and other property revenue growth and 1.0% NOI growth year over year. Same-store NOI margin was 62.9%, with average occupancy of 95.2% and average effective monthly rent per unit of $1,595.

What guidance did Independence Realty Trust provide for full-year 2026?

IRT reaffirmed 2026 guidance with EPS of $0.21–$0.28, FFO per share of $1.15–$1.19, and CFFO per share of $1.12–$1.16. Guidance assumes 242.2 million weighted average shares and units and same-store NOI growth between (0.6%) and 2.2%.

How active was IRT’s value-add renovation program in Q1 2026?

In Q1 2026, IRT renovated 426 units under its value-add initiative. The company achieved a weighted average ROI of 15.4%, with an average renovation cost of $20,364 per unit and an average monthly rent increase of $261 over comparable unrenovated units.

What is IRT’s leverage and liquidity position as of March 31, 2026?

As of March 31, 2026, IRT’s net debt to Adjusted EBITDA was 6.5x. The weighted average effective interest rate on consolidated debt was 4.3% with a 3.1-year weighted average maturity, and about 89.3% of debt was fixed or hedged. Liquidity totaled roughly $563.0 million.

What dividend did Independence Realty Trust pay for the first quarter of 2026?

IRT’s board declared a first quarter 2026 dividend of $0.17 per common share. The dividend was paid on April 17, 2026 to stockholders of record as of March 27, 2026, resulting in a Q1 2026 CFFO payout ratio of 65.4%.

Filing Exhibits & Attachments

6 documents

Independence Realty Trust (NYSE: IRT) Q1 2026 cash flow, buybacks and outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Independence Realty Trust (IRT) perform financially in Q1 2026?

What were IRT’s same-store operating results for the quarter ended March 31, 2026?

What guidance did Independence Realty Trust provide for full-year 2026?

How active was IRT’s value-add renovation program in Q1 2026?

What is IRT’s leverage and liquidity position as of March 31, 2026?

What dividend did Independence Realty Trust pay for the first quarter of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Independence Realty Trust (NYSE: IRT) Q1 2026 cash flow, buybacks and outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income-investing analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Independence Realty Trust (IRT) perform financially in Q1 2026?

What were IRT’s same-store operating results for the quarter ended March 31, 2026?

What guidance did Independence Realty Trust provide for full-year 2026?

How active was IRT’s value-add renovation program in Q1 2026?

What share repurchases did Independence Realty Trust complete in Q1 2026?

What is IRT’s leverage and liquidity position as of March 31, 2026?

What dividend did Independence Realty Trust pay for the first quarter of 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents