Independence Realty Trust Q3 adjusted EBITDA beats estimates; reaffirms FY guidance
IRT•Independence Realty Trust reported Q3 adjusted EBITDA of $95.1 million, beating the $94.11 million estimate, and EPS of $0.11, up from $0.03 a year earlier. It reaffirmed 2026 guidance midpoints for same-store revenue, NOI and CFFO per share, lowered EPS guidance to $0.18-$0.20, and expects its Centerspace merger to close as early as year-end.
1. Quarterly results
Independence Realty Trust reported Q3 adjusted EBITDA of $95.1 million, above the $94.11 million analyst estimate. EPS rose to $0.11 from $0.03 a year earlier, and net income was $25.1 million.
2. Guidance and merger
The company reaffirmed the midpoints of its 2026 guidance for same-store revenue, NOI and CFFO per share, but lowered its 2026 EPS guidance to $0.18-$0.20 from $0.22-$0.27. It expects its merger with Centerspace to close as early as the end of Q4 2026 and cited $24 million in annual synergies.
3. Operating drivers
Rental revenue increased 2.0% in Q3. CEO Scott Schaeffer said new lease trade-outs improved 310 basis points year over year, driving blended rent growth of 2.8%. The company completed 744 unit renovations, with an average monthly rent increase of $244 per unit over unrenovated units.
