Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Q2 2026 Earnings Presentation
27 slides from Independence Realty Trust's earnings presentation, Aug 4, 2026
Slide 1: Earnings Release & Supplemental Information Q2 2026
EARNINGS RELEASE & IRT LISTED SUPPLEMENTAL INFORMATION wYvse Deep Deuce at Bricktown Oklahoma City.OK Q2 2026 (Arrest A 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 9 Balance Sheets 10 Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”) Trailing Five Quarters 11 Three and Six Months Ended June 30, 2026 and 2025 1
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 w
Slide 4: Independence Realty Trust Announces Second Quarter 2026 Financial Results
Independence Realty Trust Announces Second Quarter 2026 Financial Results PHILADELPHIA – (BUSINESS WIRE) – August 3, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its second quarter 2026 financial results. Second Quarter 2026 EPS of $0.01 Second
Slide 5: Second Quarter Summary
Second Quarter Summary • Net income available to common shares of $3.4 million for the quarter ended June 30, 2026 compared to $8.0 million for the quarter ended June 30, 2025. Earnings per diluted share (“EPS”) of $0.01 for the quarter ended June 30, 2026 compared to $0.03 for the quarter ended Jun
Slide 6: Same-Store Portfolio Operating Results
Same-Store Portfolio(1) Operating Results Three Months Ended Six Months Ended June 30, 2026 Compared to June 30, 2026 Compared to Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 Rental and other property revenue 0.9% increase 1.1% increase Property operating expenses 0.5% increase 1.
Slide 7: Balance Sheet and Liquidity
Balance Sheet and Liquidity At June 30, 2026, our net debt to Adjusted EBITDA was 6.5x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 2.9 years, and 86.9% of our debt was eith
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. Change at Same-Store Portfolio: Previous 2026 Outlook: Current 2026 Outlook: Midpoint 109 properties /
Slide 9: Non-GAAP Financial Measures and Definitions
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
Slide 10: Forward-Looking Statements
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 ea
Slide 11: Financial & Operating Highlights
FINANCIAL & OPERATING HIGHLIGHTS Dollars in thousands, except per share data For the Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Selected Financial Information: Operating Statistics: Net income (loss) available to common shares $ 3,391 $ (68) $
Slide 12: Balance Sheets
BALANCE SHEETS Dollars in thousands, except per share data As of June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Assets: Real estate held for investment, at cost $ 6,798,220 $ 6,700,142 $ 6,596,007 $ 6,571,161 $ 6,356,830 Less: accumulated depreciation (1,029,116) (97
Slide 13: 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 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Revenue: Rental and other property revenue $ 167,126 $ 165,213 $ 166,797 $ 166,888 $ 16
Slide 14: Statements of Operations, FFO & CFFO
STATEMENTS OF OPERATIONS, FFO & CFFO Dollars in thousands, except per share data For the Three Months Ended For the Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Rental and other property revenue $ 167,126 $ 161,891 $ 332,339 $ 322,796 Other revenue 115 297 224 635 Total revenue 16
Slide 15: 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, June 30, 2026 2026 2025 2025 2025 Net (loss) income $ 3,418 $ (127) $ 34,015 $ 6,995 $ 8,172 Add-Back (Deduct): Interest expense 21,583 20,732 20,422 20,455 18,773
Slide 16: 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 June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Revenue: Rental and other property revenue $ 157,076 $ 156,095 $
Slide 17: Same-Store Portfolio Net Operating Income Three and Six Months
SAME-STORE PORTFOLIO NET OPERATING INCOME (a) THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 Dollars in thousands, except per unit data For the Three Months Ended For the Six Months Ended June 30, June 30, 2026 2025 % change 2026 2025 % change Revenue: Rental and other property revenue $ 157,076
Slide 18: Same-Store Portfolio NOI by Market Three Months
SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET THREE MONTHS ENDED JUNE 30, 2026 Dollars in thousands, except rent per unit Rental and Other Property Revenue Property Operating Expenses Net Operating Income Average Occupancy Average Effective Monthly Rent per Unit Number of Market Properties Uni
Slide 19: Same-Store Portfolio NOI by Market Six Months
SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET SIX MONTHS ENDED JUNE 30, 2026 Dollars in thousands, except rent per unit Rental and Other Property Revenue Property Operating Expenses Net Operating Income Average Occupancy Average Effective Monthly Rent per Unit Number of Market Properties Units
Slide 20: 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 June 30, 2026 Average Effective Gross Real Monthly Number of Estate Period of Rent per Market Properties Units Assets Occupancy Unit NOI % of NOI Atlanta,
Slide 21: Value Add Summary by Market
VALUE ADD SUMMARY BY MARKET PROJECT LIFE TO DATE AS OF JUNE 30, 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 22: Investment and Development Activity
INVESTMENT AND DEVELOPMENT ACTIVITY Dollars in thousands except per unit amounts 2026 ACQUISITIONS Date Price per Average Rent per Property Market Units Acquired Purchase Price Unit Unit at Acquisition The Retreat at Canal Columbus, OH 140 1/15/2026 $ 29,500 $ 211 $ 1,455 ASSETS HELD FOR SALE AS OF
Slide 23: Debt Summary
DEBT SUMMARY AS OF JUNE 30, 2026 Dollars in thousands Weighted Weighted Average Average Weighted Average Hedged Effective Maturity (in Amount Contractual Rate Rate (a) Type years) Debt: Unsecured revolver (b) $ 269,372 4.4% 4.8% Floating 2.5 Unsecured term loans (c) 750,000 4.5% 4.0% Floating 2.5 Se
Slide 24: Debt and Credit Metrics
DEBT AND CREDIT METRICS AS OF JUNE 30, 2026 Dollars in thousands Debt Covenant Summary (a) Requirement Actual Compliance Consolidated leverage ratio ≤ 60% 33.4% Yes Consolidated fixed charge coverage ratio ≥ 1.5x 3.0x Yes Unsecured leverage ratio ≤ 60% 24.6% Yes (a) For a complete listing of all deb
Slide 25: 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 26: Net Debt
Net Debt Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in thousands). As of June 30, March 31, December 31, September
Slide 27: Definitions (continued)
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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