IRT 10-Q: Q3 Net Income $25.7M on Memphis Sale Gain; Debt Rises to $2.40B Ahead of Centerspace Vote
IRT is trading near its 52-week low of $14.33 (3.3% above the low).
Summary
IRT's Q3 10-Q shows net income of $25.7 million ($0.11 per share) boosted by a $26.5 million gain on the Memphis sale, with total debt up to $2.401 billion and $6.2 million of merger costs booked ahead of the November 10 Centerspace shareholder vote.
Key Events · Earnings and Guidance · IRT
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Q3 Net Income $25.7M on Sale Gain
Net income allocable to common shares was $25.7 million, or $0.11 per diluted share, versus $6.9 million ($0.03) a year ago, lifted by a $26.5 million gain on the September 10 sale of Stonebridge Crossing in Memphis for $55.75 million.
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Debt Climbs to $2.401 Billion
Total consolidated debt carrying amount rose to $2.401 billion from $2.281 billion at December 31, 2025, after $800 million of revolver and term loan draws and $165.7 million of mortgage repayments; weighted average contractual rate is 4.4%.
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Merger Costs and Pro Forma Leverage
IRT booked $6.2 million of merger and integration costs in Q3 2026 and disclosed that combined IRT-Centerspace debt would have been roughly $3.214 billion as of September 30, 2026.
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Buyback: $29.9M Repurchased, $190.1M Left
1,839,460 shares were repurchased and retired in the first nine months at a $16.24 weighted average for $29.9 million, leaving $190.1 million authorized under the program; no shares were bought in Q3.
Analysis · IRT · Real Estate & Construction
The headline numbers were already out yesterday, but the full 10-Q is where the balance sheet lives: total debt carrying amount climbed to $2.401 billion from $2.281 billion at year-end as IRT drew $800 million on its revolver and term loan and paid off $165.7 million of mortgages. Net income of $25.7 million ($0.11 per share) is flattered by a $26.5 million gain on the Memphis disposition, while $6.2 million of merger costs already hit the P&L. The filing also quantifies the leverage the Centerspace deal creates — roughly $3.214 billion of combined debt on a pro forma basis — which is the number shareholders will weigh against the November 10 vote, alongside a recorded RealPage antitrust loss contingency whose class-certification motions land early next year.
How filings like this one have moved
In the 30 days to Nov 4, 2026, 32.4% of the 2240 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, IRT was trading at $14.81 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $14.33 to $17.79. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.