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IRTIndependence Realty Trust, Inc.
$15.82$3.7B
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IRT logoIndependence Realty Trust, Inc.(IRT)Earnings, Financials & Key Ratios

IRT•NYSE•REIT / Real Estate
65.9× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryResidential REITsSub-IndustryDiversified apartment REITs
AboutIndependence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.Show more
  • Revenue$658M+2.8%
  • FFO$300M+15.2%
  • FFO/Share1.28+10.7%
  • FFO Payout51.5%-7.0%
  • FFO per Share1.28+10.7%
  • NOI Margin-14.91%-125.5%
  • FFO Margin45.58%+12.1%
  • ROE1.58%+43.5%
  • ROA0.94%+47.0%

IRT Key Insights

Independence Realty Trust, Inc. (IRT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 30.8%
  • ✓FFO growing 16.2% TTM
  • ✓Sustainable FFO payout ratio of 51.5%
  • ✓Healthy dividend yield of 4.2%
  • ✓Trading at only 1.0x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 0.7%
  • ✗Low NOI margin of -14.9%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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IRT Price & Volume

Independence Realty Trust, Inc. (IRT) stock price & volume — 10-year historical chart

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IRT Growth Metrics

Independence Realty Trust, Inc. (IRT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years19.63%
5 Years25.42%
3 Years1.52%
TTM3.23%

Profit CAGR

10 Years7.19%
5 Years30.81%
3 Years-21.57%
TTM60.08%

EPS CAGR

10 Years-11.12%
5 Years-
3 Years16.96%
TTM53.78%

Return on Capital

10 Years3.03%
5 Years2.15%
3 Years2.53%
Last Year2.37%

IRT Recent Earnings

Independence Realty Trust, Inc. (IRT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 2/12 qtrs (17%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$0.26+766.7%
$0.03
Rev
$165M-0.7%
$166M
Q1 2026
Feb 11, 2026
Metric
Actual
Est
EPS
$0.32+271.7%
$0.09
Rev
$167M-1.8%
$170M
Q4 2025
Oct 29, 2025
Metric
Actual
Est
EPS
$0.29-3.3%
$0.30
Rev
$167M-2.2%
$171M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$0.28+0.0%
$0.28
Rev
$162M-1.1%
$164M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.26vs $0.03+766.7%
$165Mvs $166M-0.7%
Q1 2026Feb 11, 2026
$0.32vs $0.09+271.7%
$167Mvs $170M-1.8%
Q4 2025Oct 29, 2025
$0.29vs $0.30-3.3%
$167Mvs $171M-2.2%
Q3 2025Jul 30, 2025
$0.28vs $0.28+0.0%
$162Mvs $164M-1.1%
Based on last 12 quarters of dataView full earnings history →

IRT Peer Comparison

Independence Realty Trust, Inc. (IRT) competitors in Diversified apartment REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NMR logoNMRNomura Holdings, Inc.Direct Competitor25.9B8.9712.115.59%8.48%10.24%4.49
MAA logoMAAMid-America Apartment Communities, Inc.Direct Competitor15.42B132.5035.050.83%18.19%6.81%0.93
CPT logoCPTCamden Property TrustDirect Competitor11.41B108.9930.791.92%32.81%8.71%0.88
UDR logoUDRUDR, Inc.Direct Competitor12.24B37.5633.242.42%28.6%12.37%1.49
AIV logoAIVApartment Investment and Management CompanyDirect Competitor417.18M2.900.75-33.64%186.21%54.65%1.57
NXRT logoNXRTNexPoint Residential Trust, Inc.Direct Competitor684.45M26.97-21.40-3.24%-12.67%-10.13%5.18
EQR logoEQREquity ResidentialProduct Competitor24.01B64.0922.024.06%30.56%8.4%0.77
AVB logoAVBAvalonBay Communities, Inc.Product Competitor24.67B177.3223.994.29%34.64%8.76%0.79

Compare IRT vs Peers

Independence Realty Trust, Inc. (IRT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NMR

Most directly comparable listed peer for IRT.

Scale Benchmark

vs CBRE

Larger-name benchmark to compare IRT against a more recognizable public peer.

Peer Set

Compare Top 5

vs NMR, MAA, CPT, UDR

IRT Income Statement

Independence Realty Trust, Inc. (IRT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
161.22M191.23M203.22M211.91M250.25M628.52M660.98M640.03M657.7M661.77M
Revenue Growth %
5.1%18.62%6.27%4.27%18.1%151.16%5.16%-3.17%2.76%3.23%
Property Operating Expenses
70.72M83.33M87.29M91.47M102.79M256.31M271.41M265.51M755.75M527.77M
Net Operating Income (NOI)
90.49M▲ 0%
107.91M▲ 19.2%
115.93M▲ 7.4%
120.43M▲ 3.9%
147.46M▲ 22.4%
372.22M▲ 152.4%
389.57M▲ 4.7%
374.52M▼ 3.9%
-98.05M▼ 126.2%
134.01M▲ 0%
NOI Margin %
56.13%56.43%57.05%56.83%58.93%59.22%58.94%58.52%-14.91%20.25%
Operating Expenses
43.73M56.04M12.74M120.43M95.52M279.11M241.73M245.1M-219.28M17.99M
G&A Expenses
9.53M10.82M12.74M15.1M18.61M26.26M22.77M24.25M019.4M
EBITDA
163.47M191.19M156M112.05M128.85M345.96M366.81M350.28M364.47M365.17M
EBITDA Margin %
101.4%99.98%76.76%52.88%51.49%55.04%55.49%54.73%55.42%55.18%
Depreciation & Amortization
118.04M139.36M52.81M60.69M76.91M252.85M218.97M220.85M243.24M249.15M
D&A / Revenue %
73.22%72.88%25.99%28.64%30.73%40.23%33.13%34.51%36.98%37.65%
Operating Income
45.42M▲ 0%
51.82M▲ 14.1%
103.18M▲ 99.1%
0▼ 100.0%
51.94M▲ 0%
93.11M▲ 79.3%
147.84M▲ 58.8%
129.43M▼ 12.5%
121.22M▼ 6.3%
116.02M▲ 0%
Operating Margin %
28.18%27.1%50.77%0%20.76%14.81%22.37%20.22%18.43%17.53%
Interest Expense
28.7M36.01M39.23M36.49M36.4M86.95M89.92M76.14M79M4M
Interest Coverage
2.10x1.74x1.28x1.41x2.25x2.39x0.80x1.70x1.73x-
Non-Operating Income
-14.72M-10.79M52.81M-51.37M-29.99M-114.51M75.72M0-15.48M-13.42M
Pretax Income
31.44M▲ 0%
26.61M▼ 15.4%
46.35M▲ 74.2%
14.88M▼ 67.9%
45.53M▲ 206.0%
120.66M▲ 165.0%
-17.81M▼ 114.8%
40.03M▲ 324.8%
57.71M▲ 44.1%
49.05M▲ 0%
Pretax Margin %
19.5%13.92%22.81%7.02%18.19%19.2%-2.69%6.25%8.77%7.41%
Income Tax
0000000000
Effective Tax Rate %
0%0%0%0%0%0%0%0%0%0%
Net Income
30.21M▲ 0%
26.29M▼ 13.0%
45.9M▲ 74.6%
14.77M▼ 67.8%
44.59M▲ 201.9%
117.25M▲ 163.0%
-17.23M▼ 114.7%
39.29M▲ 328.1%
56.56M▲ 43.9%
48.14M▲ 0%
Net Margin %
18.74%13.75%22.58%6.97%17.82%18.65%-2.61%6.14%8.6%7.27%
Net Income Growth %
408.19%-12.97%74.59%-67.82%201.93%162.96%-114.69%328.08%43.95%60.08%
Funds From Operations (FFO)
148.25M▲ 0%
165.65M▲ 11.7%
98.71M▼ 40.4%
75.45M▼ 23.6%
121.5M▲ 61.0%
370.1M▲ 204.6%
201.74M▼ 45.5%
260.14M▲ 28.9%
299.8M▲ 15.2%
297.28M▲ 0%
FFO Margin %
91.96%86.62%48.57%35.61%48.55%58.88%30.52%40.65%45.58%44.92%
FFO Growth %
39.78%11.74%-40.41%-23.56%61.02%204.61%-45.49%28.95%15.24%72.58%
FFO per Share
2.011.901.090.801.111.660.901.151.281.23
FFO Payout Ratio %
35.28%31.68%65.59%74.41%41.01%28.59%66.85%55.36%51.5%12.51%
EPS (Diluted)
0.41▲ 0%
0.30▼ 26.8%
0.07▼ 75.4%
-0.23▼ 411.7%
0.07▲ 132.4%
0.15▲ 101.1%
-0.08▼ 151.2%
0.17▲ 321.4%
0.24▲ 41.2%
0.20▲ 0%
EPS Growth %
315.79%-26.83%-75.4%-411.65%132.43%101.07%-151.2%321.35%41.18%53.78%
EPS (Basic)
0.410.300.07-0.230.080.15-0.080.170.24-
Diluted Shares Outstanding
73.6M87.38M90.42M94.69M109.83M223.12M224.41M225.58M234.75M242.37M

IRT Balance Sheet

Independence Realty Trust, Inc. (IRT) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
1.45B1.66B1.66B1.73B6.51B6.53B6.28B6.06B6.02B6.1B
Asset Growth %
12.08%14.39%0.29%4.25%275.05%0.39%-3.86%-3.54%-0.6%4.14%
Real Estate & Other Assets
1.43B1.56B1.65B9.69M6.3B6.37B5.84B5.81B182.29M-5.93B
PP&E (Net)
1.42B1.55B01.71B2.92M00000
Investment Securities
-1000K-1000K001000K1000K1000K1000K1000K1000K
Total Current Assets
22.18M102.13M14.43M13.62M127.23M79.79M347.07M153.56M47.62M23.34M
Cash & Equivalents
9.98M9.32M9.89M8.75M35.97M16.08M22.85M21.23M47.62M43.27M
Receivables
1000K1000K00000000
Other Current Assets
4.63M84.01M4.54M4.86M91.26M63.71M324.21M132.34M0-19.93M
Intangible Assets
1.1M744K0792K53.27M003.64M2.97M1.56M
Total Liabilities
804.5M1.03B1.04B1.02B2.86B2.79B2.71B2.48B2.43B2.58B
Total Debt
778.44M985.49M985.57M978.53M2.71B2.63B2.55B2.33B2.28B2.43B
Net Debt
768.46M976.17M975.68M969.78M2.67B2.62B2.53B2.31B2.23B2.39B
Long-Term Debt
775.19M980.54M801.61M974.83M2.7B1.81B1.71B1.54B1.49B2.43B
Short-Term Borrowings
00183.97M694K9.04M824.83M839.46M794.72M787.52M0
Capital Lease Obligations
0003M000003.23M
Total Current Liabilities
22.71M39.7M228.05M40.34M1.04B974.4M993.31M935.85M929.53M0
Accounts Payable
17.22M22.82M25.4M25.42M106.33M109.68M109.07M94.67M92.36M0
Deferred Revenue
804.5M-402.36M00000000
Other Liabilities
6.6M9.06M14.69M3.95M-874.11M13M9.72M8.04M8.84M144.12M
Total Equity
646.12M▲ 0%
630.04M▼ 2.5%
619.76M▼ 1.6%
712.77M▲ 15.0%
3.64B▲ 411.0%
3.74B▲ 2.6%
3.57B▼ 4.6%
3.58B▲ 0.2%
3.59B▲ 0.4%
3.52B▲ 0%
Equity Growth %
22.21%-2.49%-1.63%15.01%410.97%2.63%-4.57%0.22%0.4%2.69%
Shareholders Equity
624.1M623M613.28M708.06M3.48B3.6B3.43B3.44B3.46B3.39B
Minority Interest
22.02M7.05M6.48M4.71M161.31M141.2M135.9M132.8M129.49M128.48M
Common Stock
846K892K911K1.02M2.21M2.24M2.25M2.31M2.37M2.36M
Additional Paid-in Capital
703.85M742.43M765.99M919.62M3.68B3.75B3.75B3.87B4.01B3.98B
Retained Earnings
-85.22M-122.34M-141.53M-178.75M-188.41M-191.74M-348.4M-454.1M-555.33M-595.71M
Preferred Stock
0000000000
Return on Assets (ROA)
2.2%1.69%2.76%0.87%1.08%1.8%-0.27%0.64%0.94%0.8%
Return on Equity (ROE)
5.14%4.12%7.34%2.22%2.05%3.18%-0.47%1.1%1.58%1.35%
Debt / Assets
53.66%59.39%59.23%56.4%41.58%40.29%40.59%38.52%37.89%39.9%
Debt / Equity
1.20x1.56x1.59x1.37x0.74x0.70x0.71x0.65x0.64x0.69x
Net Debt / EBITDA
4.70x5.11x6.25x8.65x20.72x7.56x6.89x6.60x6.13x6.55x
Book Value per Share
8.787.216.857.5333.1616.7515.9015.8515.2914.53

IRT Cash Flow Statement

Independence Realty Trust, Inc. (IRT) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
54.32M68.53M75M74.96M52.26M249.54M262.17M259.75M282.15M277.1M
Operating CF Growth %
821.15%26.15%9.44%-0.06%-30.29%377.52%5.06%-0.92%8.62%0.19%
Operating CF / Revenue %
33.7%35.84%36.91%35.37%20.88%39.7%39.66%40.58%42.9%41.87%
Net Income
31.44M26.61M46.35M14.88M45.53M120.66M-17.23M40.03M56.56M48.14M
Depreciation & Amortization
34.2M45.22M52.81M60.69M76.91M252.85M218.97M220.85M243.24M249.15M
Stock-Based Compensation
1.97M2.52M3.12M5.56M7.23M7.89M7.66M7.08M7.88M7.69M
Other Non-Cash Items
1.46M1.43M1.42M-4.2M-74.64M-125.51M66.54M7.34M-18.69M-30.41M
Working Capital Changes
-121K3.44M5.81M-1.97M-2.77M-6.36M-13.77M-15.55M-6.84M2.78M
Cash from Investing
-190.82M-229.46M-106.4M-124.54M-216.12M-135.77M-1.71M-20.61M-142.91M-219.31M
Acquisitions (Net)
0060.77M0-211.12M-57.39M2.15M-2.58M010.26M
Purchase of Investments
-220.25M-215.83M-128.91M0000000
Sale of Investments
45.42M26.8M68.14M0000000
Other Investing
-176.46M-189.03M-60.77M-87.14M37.97M67.36M142.77M157.04M-7.29M-91.77M
Cash from Financing
125.59M162.35M29.78M48.76M215.92M-135.43M-253.74M-246.43M-135.07M-62.87M
Dividends Paid
-52.3M-52.48M-64.75M-56.15M-49.83M-105.83M-134.87M-144.02M-154.39M37.19M
Common Dividends
-52.3M-52.48M-64.75M-56.15M-49.83M-105.83M-134.87M-144.02M-154.39M37.19M
Debt Issuance (Net)
1000K1000K1000K-1000K-1000K-1000K-1000K-1000K-1000K-3M
Share Repurchases
-569K-354K-642K-1.49M-2.93M-5.97M-5.16M-2.6M-30M-62.15M
Other Financing
127.12M-5.28M-2.09M-530K-27.66M-7.89M-3.77M-6.32M-7.41M-151.8M
Net Change in Cash
-10.91M▲ 0%
1.43M▲ 113.1%
-1.61M▼ 213.0%
-818K▲ 49.3%
52.06M▲ 6463.8%
-21.65M▼ 141.6%
6.71M▲ 131.0%
-7.28M▼ 208.4%
4.17M▲ 157.3%
-5.07M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
20.89M14.62M16.05M14.43M13.62M65.67M44.02M50.73M43.45M47.62M
Cash at End
9.98M16.05M14.43M13.62M65.67M44.02M50.73M43.45M47.62M43.27M
Free Cash Flow
39.95M▲ 0%
28.1M▼ 29.7%
29.38M▲ 4.5%
37.56M▲ 27.9%
9.28M▼ 75.3%
103.8M▲ 1018.0%
115.54M▲ 11.3%
84.69M▼ 26.7%
146.52M▲ 73.0%
139.32M▲ 0%
FCF Growth %
319.58%-29.66%4.53%27.86%-75.28%1018.03%11.31%-26.7%73.01%33.82%
FCF / Revenue %
24.78%14.7%14.46%17.72%3.71%16.51%17.48%13.23%22.28%21.05%

IRT Key Ratios

Independence Realty Trust, Inc. (IRT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
2.011.91.090.81.111.660.91.151.281.23
FFO Payout Ratio
35.28%31.68%65.59%74.41%41.01%28.59%66.85%55.36%51.5%12.51%
NOI Margin
56.13%56.43%57.05%56.83%58.93%59.22%58.94%58.52%-14.91%20.25%
Net Debt / EBITDA
4.70x5.11x6.25x8.65x20.72x7.56x6.89x6.60x6.13x6.55x
Debt / Assets
53.66%59.39%59.23%56.4%41.58%40.29%40.59%38.52%37.89%39.9%
Interest Coverage
2.10x1.74x1.28x1.41x2.25x2.39x0.80x1.70x1.73x-
Book Value / Share
8.787.216.857.5333.1616.7515.915.8515.2914.53
Revenue Growth
5.1%18.62%6.27%4.27%18.1%151.16%5.16%-3.17%2.76%3.23%
Related:IRT Dividend History·IRT Revenue History·IRT Price History·IRT P/E History·IRT Financial Ratios·IRT Institutional Holders

IRT SEC Filings & Documents

Independence Realty Trust, Inc. (IRT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Mar 2, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 17, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

IRT Frequently Asked Questions

Independence Realty Trust, Inc. (IRT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Independence Realty Trust, Inc. (IRT) reported $661.8M in revenue for fiscal year 2025. This represents a 12325752% increase from $0.0M in 2010.

Independence Realty Trust, Inc. (IRT) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Independence Realty Trust, Inc. (IRT) is profitable, generating $48.1M in net income for fiscal year 2025 (8.6% net margin).

Dividend & Returns

Yes, Independence Realty Trust, Inc. (IRT) pays a dividend with a yield of 4.16%. This makes it attractive for income-focused investors.

Independence Realty Trust, Inc. (IRT) has a return on equity (ROE) of 1.6%. This is below average, suggesting room for improvement.

Industry Metrics

Independence Realty Trust, Inc. (IRT) generated Funds From Operations (FFO) of $297.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Independence Realty Trust, Inc. (IRT) offers a 4.16% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in IRT back in 2010?

Total return calculator · dividends reinvested · 16+ years of data

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How much would $100/month in IRT be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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