All Roads Lead to Rome; IRT Report Relatively Inline

IRT's report was in-line with our expectations, as although IRT's same store growth beat our estimates on a higher sequential growth rate, the overall earnings line items and reiterated guidance were in-line with our estimates. 3Q26 core FFO was $0.29/share, in-line with Citi and FactSet consensus. Same-store revenue, expense, and NOI growth were +2.0%, +2.5%, and +1.6%, respectively, with SSREV beating our 1.3% estimate on a much higher sequential SSREV growth rate (+2.7%), driven by higher WiFi income (+$2m QoQ) and slightly lower bad debt (90bps vs 110bps in 2Q26). We expect blended rent growth to follow a more normal seasonal pattern in 4Q26, and FY26 blended rent growth may be slightly below the ~1.5% guidance. For 2027, we expect SSREV to accelerate into the mid 2's in 4Q26 and low 3's in 1H27 before decelerating into the low 2's in 2H27, with FY27 averaging mid 2's. Consensus at $1.19-$1.20 will likely climb to $1.22-$1.24 by year-end to reflect the CSR merger, expected to add ~