Independence Realty Trust, Inc. (IRT) · Nov 2, 2026 · Earnings

IRT earnings hold steady as EPS and FFO guidance get cut

Guidance cut — 2026 EPS cut to $0.18–$0.20 from $0.22–$0.27; FFO cut to $1.13–$1.15 from $1.16–$1.18

Independence Realty Trust earnings show stable cash flow and occupancy, but the multifamily REIT trimmed full-year EPS and FFO guidance.

IRT is a multifamily REIT focused on non-gateway U.S. markets, trying to restart growth through renovations, technology initiatives and the pending Centerspace combination. The merger itself was already announced on September 9, so this filing mainly updates the operating picture and the cost of getting to the deal.

The core operating quarter was roughly in line, not a breakout. Same-store NOI rose 1.6%, but occupancy slipped 40 basis points to 95.0% and NOI margin narrowed 20 basis points to 63.2% (Same-Store Portfolio). CFFO per share was $0.29, unchanged from last year, which matches the published expectation of roughly $0.29; the apparent GAAP EPS beat is less informative because it benefited from a $26.5 million real-estate gain (Income Statement; CFFO reconciliation).

	Q3 2026	Q3 2025	Consensus / prior guidance
Same-store NOI (Same-Store Portfolio)	$101.9M (+1.6%)	$100.3M
Average occupancy (Same-Store Portfolio)	95.0% (-40 bps)	95.4%
CFFO per share (CFFO reconciliation)	$0.29	$0.29	~$0.29
Diluted EPS (Income Statement)	$0.11	$0.03	~$0.05
2026 EPS guidance (Guidance)	$0.18–$0.20		$0.22–$0.27 prior
2026 FFO guidance (Guidance)	$1.13–$1.15		$1.16–$1.18 prior
2026 CFFO guidance (Guidance)	$1.13–$1.15		$1.13–$1.15 prior

The meaningful change is the lower earnings outlook. IRT cut its full-year EPS range by five cents at the midpoint and FFO by three cents, while leaving CFFO unchanged. That says management still expects underlying cash generation to hold, but GAAP earnings and FFO face weaker asset-sale benefits and higher merger-related costs; interest expense guidance also rose by $0.5 million at the midpoint. 〔0〕

The merger remains strategically important but is not newly de-risked here. IRT still targets an end-of-fourth-quarter closing, with a November 10 stockholder vote, and continues to claim $24 million of annual synergies and 5% CFFO accretion. But the filing also records $6.2 million of merger and integration costs through the quarter and warns of additional Q4 costs, severance and debt-prepayment penalties. 〔1〕

The leasing setup is improving, but the payoff is still ahead rather than visible in current cash flow. New-lease trade-outs improved 310 basis points year over year and blended rent growth reached 2.8%, while renovations produced a reported 14.2% quarterly ROI. Those are constructive signs for 2027, but current same-store growth remains modest and occupancy has not yet recovered (Management commentary; Value Add Summary).

Bottom line: The quarter itself was broadly steady, but the lower EPS and FFO outlook outweigh the unchanged CFFO guide. This is a modest setback to the standalone earnings story while investors wait for the already-announced merger to clear its November 10 vote and deliver its promised synergies.

What to watch next

Stockholder votes on Centerspace merger, November 10, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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IRT earnings hold steady as EPS and FFO guidance get cut

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