Independence Realty Trust affirms 2026 FFO outlook

Independence Realty Trust

29/04/2026 21:42

Overview

US multifamily REIT's Q1 adjusted FFO falls to $63.5 million from $64.2 million

Adjusted EBITDA for Q1 missed analyst expectations

Company repurchased 1.8 mln shares for $29.9 mln in Q1

Outlook

Company affirms full-year 2026 EPS guidance of $0.21 to $0.28 per share

Company maintains 2026 CFFO per share guidance at $1.12 to $1.16

Company expects 2026 same-store NOI growth between -0.6% and 2.2%

Result Drivers

MODEST NOI GROWTH - Same-store portfolio NOI increased 1.0% year-over-year, as rental revenue growth of 1.4% was partly offset by a 2.0% rise in property operating expenses

VALUE ADD INITIATIVE - Completed 426 unit renovations in Q1, achieving an average ROI of 15.4% and average monthly rent increase of $261 per renovated unit

STABLE OCCUPANCY AND RETENTION - Portfolio occupancy remained steady at 95.2% and resident retention rate was 60.5%, supported by consistent demand and easing supply pressures, according to CEO Scott Schaeffer

Company press release: ID:nBw2Txsj8a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0
Q1 Net Income
-$100,000
Q1 Adjusted EBITDA
Miss
$86.40 mln
$87.83 mln (7 Analysts)
Q1 Adjusted FFO
$63.50 mln
Q1 Dividend
$0.17


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "buy"

Wall Street's median 12-month price target for Independence Realty Trust, Inc is $18.50, about 13.4% above its April 28 closing price of $16.32

The stock recently traded at 74 times the next 12-month earnings vs. a P/E of 72 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)