Independence Realty Trust, Inc. filed a Form 425 on November 2, 2026, disclosing its third quarter 2026 financial results and details of its pending merger with Centerspace, including exchange ratio, ownership splits, and updated full-year guidance.

Key Highlights

  • Q3 2026 EPS: Earnings per diluted share were $0.11 for the quarter ended September 30, 2026, compared to $0.03 for the same period in 2025, according to the filing.
  • CFFO per share: Core FFO per share was $0.29 for Q3 2026 and Q3 2025, with total CFFO of $70.7 million versus $70.0 million in the prior-year quarter.
  • Same-store NOI growth: The same-store portfolio, comprising 109 properties and 31,735 units, reported NOI growth of 1.6% for the quarter ended September 30, 2026.
  • Centerspace merger terms: Centerspace shareholders will receive 3.800 shares of IRT common stock for each Centerspace common share; shareholder votes are scheduled for November 10, 2026.
  • Post-merger ownership: Legacy IRT stockholders and IROP unit holders will own approximately 78%, and legacy Centerspace shareholders and unit holders approximately 22%, of combined shares and units upon closing.
  • Value Add Program: IRT completed 744 unit renovations in Q3 2026 at an average cost of $20,597 per unit, achieving a weighted average return on investment of 14.2%.
  • Quarterly dividend: The board declared a quarterly dividend of $0.18 per common share, paid October 23, 2026, to stockholders of record as of September 30, 2026.

IRT Q3 2026 Results and Centerspace Merger Progress

Independence Realty Trust (NYSE:IRT), a multifamily apartment REIT headquartered in Philadelphia, reported net income available to common shares of $25.1 million for the quarter ended September 30, 2026, compared to $6.9 million for the quarter ended September 30, 2025. Adjusted EBITDA was $95.1 million for Q3 2026 versus $92.6 million in Q3 2025. The company's same-store portfolio posted a 2.0% increase in rental revenues and a 2.5% increase in property operating expenses, yielding NOI growth of 1.6% for the quarter. Average occupancy in the same-store portfolio was 95.0%, a decrease of 40 basis points year over year, and blended like-term lease rent growth was 2.8% in Q3 2026 versus 0.1% in Q3 2025.

Regarding the pending Centerspace merger, which was announced on September 9, 2026, the filing states the combined entity is expected to be an $8 billion enterprise value REIT with 163 apartment communities and approximately 44,400 units across 17 states. IRT disclosed that it expects to realize $24 million in annual synergies and that the transaction "should be 5% accretive to CFFO." The proposed transaction is expected to close as early as the end of Q4 2026, subject to stockholder and shareholder approval on November 10, 2026, and other customary conditions. On September 10, 2026, IRT also sold Stonebridge Crossing in Memphis, Tennessee for a gross sales price of $55.8 million, resulting in a gain on sale of approximately $26.5 million.

On the balance sheet, the filing reported net debt to Adjusted EBITDA of 6.2x at September 30, 2026, a weighted average effective interest rate of 4.3% on consolidated debt, and approximately $491.6 million in total liquidity. For full-year 2026 guidance, the company reaffirmed CFFO per share of $1.13 to $1.15, unchanged at the midpoint from prior guidance, while updating its EPS range to $0.18 to $0.20, down from the prior range of $0.22 to $0.27.

What Was Disclosed

IRT filed a Form 425 reporting Q3 2026 financial results, including EPS, CFFO, same-store NOI growth, Value Add Program data, balance sheet metrics, and updated full-year 2026 guidance, alongside material terms and status of the pending Centerspace merger.