Independence Realty Trust, Inc. (IRT) 10-Year Financial Performance & Capital Metrics

IRT • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsRegional Multifamily Specialists

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 $640M -3.2%
FFO $260M +28.9%
FFO/Share 1.15 +28.3%
FFO Payout 55.36% -17.2%
FFO per Share 1.15 +28.3%
NOI Margin 58.52% -0.7%
FFO Margin 40.65% +33.2%
ROE 1.1% +333.3%
ROA 0.64% +336.9%
Debt/Assets 38.52% -5.1%
Net Debt/EBITDA 6.60 -4.2%
Book Value/Share 15.85 -0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 19.0% TTM
✓Sustainable FFO payout ratio of 55.4%
✓Healthy dividend yield of 3.7%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.3%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.25%

5Y25.79%

3Y36.75%

TTM0.89%

Profit (Net Income) CAGR

10Y29.6%

5Y-3.06%

3Y-4.13%

TTM10278.08%

EPS CAGR

10Y1.96%

5Y18.16%

3Y31.59%

TTM7242.86%

ROCE

10Y Avg2.87%

5Y Avg2.09%

3Y Avg2.3%

Latest2.49%

Peer Comparison

Regional Multifamily Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NXRTNexPoint Residential Trust, Inc.	799.74M	31.53	745.39	-6.42%	-19.38%	-14.83%	9.2%	3.52
IRTIndependence Realty Trust, Inc.	4.08B	17.08	100.47	-3.17%	3.42%	0.62%	2.07%	0.65
ESSEssex Property Trust, Inc.	16.33B	253.52	21.97	6.29%	45.46%	14.52%	5.71%	1.16
BRTBRT Apartments Corp.	285.88M	15.03	-28.90	2.15%	-10.08%	-5.19%	6.29%	2.36
CSRCenterspace	1.08B	64.63	-50.89	-0.12%	-7.91%	-2.46%	9.1%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	109.58M	153.39M	161.22M	191.23M	203.22M	211.91M	250.25M	628.52M	660.98M	640.03M
Revenue Growth %	1.23%	0.4%	0.05%	0.19%	0.06%	0.04%	0.18%	1.51%	0.05%	-0.03%
Property Operating Expenses	49.95M	68M	70.72M	83.33M	87.29M	91.47M	102.79M	256.31M	271.41M	265.51M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	35.88M	45.69M	43.73M	56.04M	12.74M	120.43M	95.52M	279.11M	241.73M	245.1M
G&A Expenses	7.79M	10.86M	9.53M	10.82M	12.74M	15.1M	18.61M	26.26M	22.77M	24.25M
EBITDA+	38.28M	155.52M	163.47M	191.19M	156M	112.05M	128.85M	345.96M	366.81M	350.28M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	28.09M	115.86M	118.04M	139.36M	52.81M	60.69M	76.91M	252.85M	218.97M	220.85M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	10.18M	39.66M	45.42M	51.82M	103.18M	0	51.94M	93.11M	147.84M	129.43M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	23.55M	35.53M	28.7M	36.01M	39.23M	36.49M	36.4M	86.95M	89.92M	76.14M
Interest Coverage	0.43x	1.12x	1.58x	1.44x	2.63x	-	1.43x	1.07x	1.64x	1.70x
Non-Operating Income	-43.53M	13.68M	-14.72M	-10.79M	52.81M	-51.37M	-29.99M	-114.51M	75.72M	0
Pretax Income+	30.16M	-9.55M	31.44M	26.61M	46.35M	14.88M	45.53M	120.66M	-17.81M	40.03M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	28.24M	-9.8M	30.21M	26.29M	45.9M	14.77M	44.59M	117.25M	-17.23M	39.29M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	8.61%	-1.35%	4.08%	-0.13%	0.75%	-0.68%	2.02%	1.63%	-1.15%	3.28%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	2.64%	0.88%	0.4%	0.12%	-0.4%	-0.24%	0.61%	2.05%	-0.45%	0.29%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.78	-0.19	0.41	0.30	0.07	-0.23	0.07	0.15	-0.08	0.17
EPS Growth %	4.57%	-1.24%	3.16%	-0.27%	-0.75%	-4.12%	1.32%	1.01%	-1.51%	3.21%
EPS (Basic)	0.78	-0.19	0.41	0.30	0.07	-0.23	0.08	0.15	-0.08	0.17
Diluted Shares Outstanding	36.16M	52.18M	73.6M	87.38M	90.42M	94.69M	109.83M	223.12M	224.41M	225.58M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.39B	1.29B	1.45B	1.66B	1.66B	1.73B	6.51B	6.53B	6.28B	6.06B
Asset Growth %	1.01%	-0.07%	0.12%	0.14%	0%	0.04%	2.75%	0%	-0.04%	-0.04%
Real Estate & Other Assets+	9.23M	1.2B	1.43B	1.56B	1.65B	9.69M	6.3B	6.37B	5.84B	5.81B
PP&E (Net)	1.33B	1.2B	1.42B	1.55B	0	1.71B	2.92M	0	0	0
Investment Securities	0	-1000K	-1000K	-1000K	0	0	1000K	1000K	1000K	1000K
Total Current Assets+	47.08M	92.41M	22.18M	102.13M	14.43M	13.62M	127.23M	79.79M	347.07M	153.56M
Cash & Equivalents	38.3M	20.89M	9.98M	9.32M	9.89M	8.75M	35.97M	16.08M	22.85M	21.23M
Receivables	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Assets	5.41M	66.3M	4.63M	84.01M	4.54M	4.86M	91.26M	63.71M	324.21M	132.34M
Intangible Assets	3.73M	118K	1.1M	744K	0	792K	53.27M	0	0	3.64M
Total Liabilities	1B	765.55M	804.5M	1.03B	1.04B	1.02B	2.86B	2.79B	2.71B	2.48B
Total Debt+	975.84M	743.82M	778.44M	985.49M	985.57M	978.53M	2.71B	2.63B	2.55B	2.33B
Net Debt	937.54M	722.92M	768.46M	976.17M	975.68M	969.78M	2.67B	2.62B	2.53B	2.31B
Long-Term Debt	975.84M	741.02M	775.19M	980.54M	801.61M	974.83M	2.7B	1.81B	1.71B	1.54B
Short-Term Borrowings	0	0	0	0	1000K	694K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	3M	3.25M	0	0	0
Total Current Liabilities+	23.55M	18.82M	22.71M	39.7M	228.05M	40.34M	1.04B	974.4M	993.31M	935.85M
Accounts Payable	19.3M	14.03M	17.22M	22.82M	25.4M	25.42M	106.33M	109.68M	109.07M	94.67M
Deferred Revenue	0	0	0	-402.36M	0	0	0	0	0	0
Other Liabilities	3M	5.71M	6.6M	9.06M	14.69M	3.95M	-874.11M	13M	9.72M	8.04M
Total Equity+	390.03M	528.69M	646.12M	630.04M	619.76M	712.77M	3.64B	3.74B	3.57B	3.58B
Equity Growth %	0.48%	0.36%	0.22%	-0.02%	-0.02%	0.15%	4.11%	0.03%	-0.05%	0%
Shareholders Equity	364.15M	506.82M	624.1M	623M	613.28M	708.06M	3.48B	3.6B	3.43B	3.44B
Minority Interest	25.88M	21.87M	22.02M	7.05M	6.48M	4.71M	161.31M	141.2M	135.9M	132.8M
Common Stock	471K	690K	846K	892K	911K	1.02M	2.21M	2.24M	2.25M	2.31M
Additional Paid-in Capital	378.19M	564.63M	703.85M	742.43M	765.99M	919.62M	3.68B	3.75B	3.75B	0
Retained Earnings	-14.5M	-62.18M	-85.22M	-122.34M	-141.53M	-178.75M	-188.41M	-191.74M	-348.4M	-454.1M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	-0.01%	0.02%	0.02%	0.03%	0.01%	0.01%	0.02%	-0%	0.01%
Return on Equity (ROE)	0.09%	-0.02%	0.05%	0.04%	0.07%	0.02%	0.02%	0.03%	-0%	0.01%
Debt / Assets	0.7%	0.57%	0.54%	0.59%	0.59%	0.56%	0.42%	0.4%	0.41%	0.39%
Debt / Equity	2.50x	1.41x	1.20x	1.56x	1.59x	1.37x	0.74x	0.70x	0.71x	0.65x
Net Debt / EBITDA	24.49x	4.65x	4.70x	5.11x	6.25x	8.65x	20.72x	7.56x	6.89x	6.60x
Book Value per Share	10.79	10.13	8.78	7.21	6.85	7.53	33.16	16.75	15.90	15.85

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.73M	-7.53M	54.32M	68.53M	75M	74.96M	52.26M	249.54M	262.17M	259.75M
Operating CF Growth %	0.19%	-1.4%	8.21%	0.26%	0.09%	-0%	-0.3%	3.78%	0.05%	-0.01%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	30.16M	-9.55M	31.44M	26.61M	46.35M	14.88M	45.53M	120.66M	-17.23M	40.03M
Depreciation & Amortization	28.09M	34.82M	34.2M	45.22M	52.81M	60.69M	76.91M	252.85M	218.97M	220.85M
Stock-Based Compensation	495K	1.22M	1.97M	2.52M	3.12M	5.56M	7.23M	7.89M	7.66M	7.08M
Other Non-Cash Items	-64.22M	2.02M	1.46M	1.43M	1.42M	-4.2M	-74.64M	-125.51M	66.54M	7.34M
Working Capital Changes	7.39M	-5.48M	-121K	3.44M	5.81M	-1.97M	-2.77M	-6.36M	-13.77M	-15.55M
Cash from Investing+	-153.47M	27.78M	-190.82M	-229.46M	-106.4M	-124.54M	-216.12M	-135.77M	-1.71M	-20.61M
Acquisitions (Net)	-137.1M	0	0	0	60.77M	0	-211.12M	-57.39M	2.15M	-2.58M
Purchase of Investments	-24.95M	-105K	-220.25M	-215.83M	-128.91M	0	0	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	0	0	0	0
Other Investing	-7.43M	38.44M	-176.46M	-189.03M	-60.77M	-87.14M	37.97M	67.36M	142.77M	157.04M
Cash from Financing+	158.28M	-37.66M	125.59M	162.35M	29.78M	48.76M	215.92M	-135.43M	-253.74M	-246.43M
Dividends Paid	-25.1M	-36.58M	-52.3M	-52.48M	-64.75M	-56.15M	-49.83M	-105.83M	-134.87M	-144.02M
Common Dividends	-25.1M	-36.58M	-52.3M	-52.48M	-64.75M	-56.15M	-49.83M	-105.83M	-134.87M	-144.02M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Share Repurchases	0	-62.16M	-569K	-354K	-642K	-1.49M	-2.93M	-5.97M	-5.16M	-2.6M
Other Financing	-32.59M	-3.63M	127.12M	-5.28M	-2.09M	-530K	-27.66M	-7.89M	-3.77M	-6.32M
Net Change in Cash+	23.54M	-17.41M	-10.91M	1.43M	-1.61M	-818K	52.06M	-21.65M	6.71M	-7.28M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	14.76M	38.3M	20.89M	14.62M	16.05M	14.43M	13.62M	65.67M	44.02M	50.73M
Cash at End	38.3M	20.89M	9.98M	16.05M	14.43M	13.62M	65.67M	44.02M	50.73M	43.45M
Free Cash Flow+	9.78M	-18.2M	39.95M	28.1M	29.38M	37.56M	9.28M	103.8M	115.54M	84.69M
FCF Growth %	-0.15%	-2.86%	3.2%	-0.3%	0.05%	0.28%	-0.75%	10.18%	0.11%	-0.27%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.56	2.03	2.01	1.9	1.09	0.8	1.11	1.66	0.9	1.15
FFO Payout Ratio	44.56%	34.49%	35.28%	31.68%	65.59%	74.41%	41.01%	28.59%	66.85%	55.36%
NOI Margin	54.41%	55.67%	56.13%	56.43%	57.05%	56.83%	58.93%	59.22%	58.94%	58.52%
Net Debt / EBITDA	24.49x	4.65x	4.70x	5.11x	6.25x	8.65x	20.72x	7.56x	6.89x	6.60x
Debt / Assets	70.08%	57.47%	53.66%	59.39%	59.23%	56.4%	41.58%	40.29%	40.59%	38.52%
Interest Coverage	0.43x	1.12x	1.58x	1.44x	2.63x	-	1.43x	1.07x	1.64x	1.70x
Book Value / Share	10.79	10.13	8.78	7.21	6.85	7.53	33.16	16.75	15.9	15.85
Revenue Growth	122.7%	39.98%	5.1%	18.62%	6.27%	4.27%	18.1%	151.16%	5.16%	-3.17%

Revenue by Segment

	2018
Real Estate Other	13.65M
Real Estate Other Growth	-
Tenant Reimbursement Income	6.55M
Tenant Reimbursement Income Growth	-

Frequently Asked Questions

Valuation & Price

Independence Realty Trust, Inc. (IRT) has a price-to-earnings (P/E) ratio of 100.5x. This suggests investors expect higher future growth.

Growth & Financials

Independence Realty Trust, Inc. (IRT) reported $651.9M in revenue for fiscal year 2024. This represents a 7421% increase from $8.7M in 2011.

Independence Realty Trust, Inc. (IRT) saw revenue decline by 3.2% over the past year.

Yes, Independence Realty Trust, Inc. (IRT) is profitable, generating $22.3M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

Yes, Independence Realty Trust, Inc. (IRT) pays a dividend with a yield of 3.74%. This makes it attractive for income-focused investors.

Independence Realty Trust, Inc. (IRT) has a return on equity (ROE) of 1.1%. This is below average, suggesting room for improvement.

Industry Metrics

Independence Realty Trust, Inc. (IRT) generated Funds From Operations (FFO) of $260.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Independence Realty Trust, Inc. (IRT) offers a 3.74% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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