PHILADELPHIA, PA — Independence Realty Trust (NYSE: IRT) reaffirmed its 2026 earnings outlook after stable occupancy, rising rents, and continued apartment demand helped offset pressure from higher operating expenses and weaker year-over-year earnings in the first quarter.
The multifamily apartment real estate investment trust reported first-quarter core funds from operations of $0.26 per share, compared with $0.27 per share a year earlier, while earnings per share fell to break-even from $0.04.
Same-store net operating income rose 1% from a year earlier as rental revenue increased 1.4%, partially offset by a 2% increase in property operating expenses.
The company said resident retention remained strong at 60.5%, while asking rents increased 2.8% so far this year as supply pressures eased across several of its markets.
“Portfolio occupancy and retention rates remain stable and supply pressure continues to abate across our portfolio,” Chairman and Chief Executive Officer Scott Schaeffer said in a statement.
Independence Realty Trust continued investing in apartment renovations during the quarter, completing upgrades on 426 units with an average return on investment of 15.4%.
The renovations generated average monthly rent increases of $261 per unit over comparable unrenovated apartments, according to the company.
IRT also expanded its Columbus, OH, footprint through the acquisition of a 140-unit apartment community for $29.5 million.
In Austin, TX, the company assumed full ownership of the 378-unit Tisdale at Lakeline Station development after acquiring its joint venture partner’s remaining 10% interest.
The property remained in lease-up and was 33.6% occupied as of April 27.
The REIT refinanced 2026 debt maturities during the quarter through a new $350 million unsecured term loan maturing in 2030, extending its debt maturity schedule with no remaining maturities until 2028.
IRT also repurchased approximately 1.8 million shares during the quarter for roughly $29.9 million under its existing stock buyback program.
At March 31, the company reported approximately $563 million in liquidity and net debt equal to 6.5 times adjusted EBITDA.
The board declared a quarterly dividend of $0.17 per share, paid April 17 to shareholders of record as of March 27.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.