Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Q1 2026 Earnings Presentation
25 slides from Independence Realty Trust's earnings presentation, Apr 30, 2026
Slide 1: Earnings Release & Supplemental Information
EARNINGS RELEASE & SUPPLEMENTAL INFORMATION Legacy at Jones Farm Huntsville, AL Q1 2026 eas wn REALTY TRUST IRTLIVING.COM
Slide 2: Table of Contents
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 Adjust
Slide 3: Company Information
COMPANY INFORMATION 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
Slide 4: Independence Realty Trust Announces First Quarter 2026 Financial Results
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 Quar
Slide 5: First Quarter Summary
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 quarte
Slide 6: Same-Store Portfolio Operating Results
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
Slide 7: Capital Expenditures and Capital Markets
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 mil
Slide 8: 2026 Guidance Assumptions
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
Slide 9: About Independence Realty Trust, Inc.
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 e
Slide 10: Financial & Operating Highlights
FINANCIAL & OPERATING HIGHLIGHTS Dollars in thousands, except per share data For the Three Months Ended March 31, December September 30, June 30, March 31, 2026 31, 2025 2025 2025 2025 Selected Financial Information: Operating Statistics: Net (loss) income available to common shares $ (68) $ 33,266
Slide 11: Balance Sheets
BALANCE SHEETS Dollars in thousands, except per share data As of March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 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
Slide 12: Statements of Operations, FFO & CFFO Trailing Five Quarters
STATEMENTS OF OPERATIONS, FFO & CFFO TRAILING FIVE QUARTERS (Dollars in thousands, except per share data) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Revenue: Rental and other property revenue $ 165,213 $ 166,797 $ 166,888 $ 161,891 $ 1
Slide 13: Statements of Operations, FFO & CFFO
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 Prope
Slide 14: Adjusted EBITDA Reconciliation and Coverage Ratio
ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO Dollars in thousands Three Months Ended March 31, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 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
Slide 15: Same-Store Portfolio NOI & NOI Bridge Trailing Five Quarters
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, December 31, September 30, June 30, March 31, 2026 2025 2025 2025 2025 Revenue: Rental and other property revenue $ 156,095 $ 157,566
Slide 16: Same-Store Portfolio Net Operating Income
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 tax
Slide 17: Same-Store Portfolio Net Operating Income by Market
SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET THREE MONTHS ENDED MARCH 31, 2026 Dollars in thousands, except rent per unit Average Effective Rental and Other Property Property Operating Monthly Rent Revenue Expenses Net Operating Income Average Occupancy per Unit Number of % % % % % Market Pro
Slide 18: Consolidated Property Portfolio NOI Exposure by Market
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 Average Effective Number Gross Real Monthly of Estate Period of Rent per Market Properties Units Assets Occupancy Unit NOI % of NOI Atlanta
Slide 19: Value Add Summary by Market
VALUE ADD SUMMARY BY MARKET PROJECT LIFE TO DATE AS OF MARCH 31, 2026 Total ROI - ROI - Units To Rent Renovation Costs per Unit Interior Total Total Be Units Units Premium % Rent (b) Costs Costs Market Properties Renovated Complete Leased (a) Increase Interior Exterior Total (c) (c) ONGOING Atlanta,
Slide 20: Investment and Development Activity
INVESTMENT AND DEVELOPMENT ACTIVITY Dollars in thousands except per unit amounts 2026 ACQUISITIONS Average Rent Date Purchase Price per Unit at Property Market Units Acquired Price per Unit Acquisition The Retreat at Canal Columbus, OH 140 1/15/2026 $ 29,500 $ 211 $ 1,455 ASSETS HELD FOR SALE AS OF
Slide 21: Debt Summary
DEBT SUMMARY AS OF MARCH 31, 2026 Dollars in thousands Weighted Weighted Weighted Average Average Average Hedged Maturity (in Amount Contractual Rate Effective Rate (a) Type 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 S
Slide 22: Debt and Credit Metrics
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 matu
Slide 23: Definitions
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
Slide 24: Lease Over Lease Effective Rent Growth
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 ter
Slide 25: Non Same-Store Properties and Same-Store Portfolio
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 a
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