Independence Realty Trust (IRT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Independence Realty Trust published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Independence Realty Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and CFFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Independence Realty Trust is a REIT. Revenue here is the "Total revenue" line of its statement of operations (rental and other property revenue plus other revenue), and EPS is earnings per diluted share. Its headline earnings measure is Core Funds From Operations (CFFO) per share, calculated on weighted-average shares and OP units, shown in the adjusted row. It reports in thousands; figures here are in millions.
• Q3 2026 net income includes a gain of approximately $26.5 million on the September 10, 2026 sale of Stonebridge Crossing in Memphis and $6.2 million of merger and integration costs for the pending Centerspace merger.

Source: Independence Realty Trust Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Independence Realty Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Independence Realty Trust's Rental and other property revenue revenue was $172 million in Q3 2026, up 3% from $167 million in Q3 2025, 100% of total revenue.
• Independence Realty Trust's Other revenue revenue was $0.2 million in Q3 2026, down 39% from $0.3 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Independence Realty Trust's current 2026 guidance table gives EPS of $0.18 to $0.20, FFO per share of $1.13 to $1.15 and CFFO per share of $1.13 to $1.15.

In its Q3 2026 release, Independence Realty Trust said:

“Reaffirmed Mid-points of Full Year 2026 Guidance for Same-Store Revenues, Same-Store NOI and Core FFO per Share”

“Other than merger and integration costs incurred through September 30, 2026, our guidance does not give effect to the Proposed Transaction with Centerspace.”

“Per share guidance is based on 241.6 million weighted average shares and units outstanding, which excludes the impact of shares to be issued in conjunction with the Proposed Transaction with Centerspace.”

Source: Independence Realty Trust Q3 2026 release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the IRT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS, each as first reported in that quarter's release and supplemental package. Q1 2026 was a net loss of $0.1 million, printed as $0.00 per share.

We do not hold a confirmed date for Independence Realty Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Independence Realty Trust is a multifamily apartment REIT. Nearly all of its Q3 2026 total revenue of $172.1 million was rental and other property revenue ($172.0 million) from apartment communities containing 33,398 units across non-gateway U.S. markets including Atlanta, Columbus, Dallas, Denver, Houston, Indianapolis, Nashville, Oklahoma City, Raleigh-Durham and Tampa. (Independence Realty Trust Form 10-Q, Q3 2026, Nov 3, 2026)

Rental and other property revenue rose $5.1 million from a year earlier. Independence Realty Trust attributed $3.1 million, or 2.0%, to its same-store portfolio, driven by $2.3 million of higher other income from the rollout of its Wi-Fi program, lower bad debt and higher average monthly rent. Another $2.0 million came from non same-store properties: two newly developed properties and two acquisitions earning a full quarter of revenue. (Independence Realty Trust Form 10-Q, Q3 2026, Nov 3, 2026)

The same-store portfolio is 109 properties with 31,735 units. Its average occupancy was 95.0%, down 40 bps from a year earlier, and its average rental rate rose 0.6% to $1,605. On like-term leases, new lease rates were down 0.6% and renewals up 4.6%, for blended growth of 2.8%, against 0.1% in Q3 2025. Resident retention was 60.5%. (Independence Realty Trust Q3 2026 release, Nov 2, 2026)

Atlanta is Independence Realty Trust's largest market at 15.0% of NOI (13 properties, 5,180 units), followed by Dallas at 13.3% and Columbus at 7.7%. On September 9, 2026 it agreed to merge with Centerspace, with Centerspace shareholders receiving 3.800 IRT shares per share; the combined company would have 163 apartment communities and approximately 44,400 units across 17 states. (Independence Realty Trust Form 10-Q, Q3 2026, Nov 3, 2026; Independence Realty Trust Q3 2026 release, Nov 2, 2026)

Independence Realty Trust's diluted EPS rose to $0.11 in Q3 2026 from $0.03, mostly because of one-off items. Net income included a gain on sale of real estate of $26.5 million (Stonebridge Crossing), while the year-ago quarter carried a $12.8 million impairment loss. Merger and integration costs for the Centerspace deal were $6.2 million. (Independence Realty Trust Q3 2026 release, Nov 2, 2026; Independence Realty Trust Form 10-Q, Q3 2026, Nov 3, 2026)

FFO strips out real estate depreciation and amortization ($65.3 million) and gains or losses on real estate. FFO per share fell to $0.27 from $0.30. CFFO, which also adds back merger and integration costs, casualty losses and other items and deducts loan premium accretion, was $70.7 million, or $0.29 per share, the same per-share figure as a year earlier. (Independence Realty Trust Q3 2026 release, Nov 2, 2026)

Interest expense rose to $22.7 million from $20.4 million, which Independence Realty Trust attributed primarily to a higher average debt balance from line-of-credit borrowings to fund 2026 acquisitions. During the first nine months of 2026 it repurchased and retired 1,839,460 shares under its stock repurchase program. Diluted weighted-average shares were 236,113,360 in the quarter. (Independence Realty Trust Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Independence Realty Trust gives full-year guidance in its release and updated it with Q3 results. Its 2026 EPS range was cut to $0.18 to $0.20 from $0.22 to $0.27, and FFO per share to $1.13 to $1.15, while CFFO per share stayed at $1.13 to $1.15. Same-store NOI growth guidance is now 1.2% to 1.8% and same-store property revenue growth 1.6% to 1.8%. (Independence Realty Trust Q3 2026 release, Nov 2, 2026)

The guidance does not give effect to the Centerspace merger beyond costs incurred through September 30, 2026. Independence Realty Trust expects the deal to close as early as the end of Q4 2026, subject to shareholder votes on November 10, 2026, and said that, based on $24 million in expected annual synergies, it should be 5% accretive to CFFO. (Independence Realty Trust Q3 2026 release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Independence Realty Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Independence Realty Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning IRT is on is IRT a buy or a sell?, what analysts expect next is on the IRT forecast, and what the company does is on the Independence Realty Trust (IRT) stock page.

Every number on this page can be traced to a document Independence Realty Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.