The company maintains a debt-to-equity ratio of 0.69 as of 2026Q1, reflecting a capital structure heavily reliant on debt to fund ongoing renovation initiatives.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Assets | 6.1B | 6.02B | 6.06B | 6.28B | 6.53B | 6.51B | 1.73B | 1.66B | 1.66B | 1.45B | 1.29B | 1.39B | 694.15M | 181.87M | 146.2M | 131.35M | 209.43K |
| Asset Growth % | 4.14% | -0.6% | -3.54% | -3.86% | 0.39% | 275.05% | 4.25% | 0.29% | 14.39% | 12.08% | -7.05% | 100.59% | 281.67% | 24.4% | 11.3% | 62620.31% | - |
| Real Estate & Other Assets | -5.93B | 182.29M | 5.81B | 5.84B | 6.37B | 6.3B | 9.69M | 1.65B | 1.56B | 1.43B | 1.2B | 9.23M | 2.92M | 846K | 613K | 128.63M | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 2.92M | 1.71B | 0 | 1.55B | 1.42B | 1.2B | 1.33B | 665.74M | 174.32M | 141.28M | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 23.34M | 47.62M | 153.56M | 347.07M | 79.79M | 127.23M | 13.62M | 14.43M | 102.13M | 22.18M | 92.41M | 47.08M | 22.24M | 6.19M | 4.03M | 2.72M | 209.43K |
| Cash & Equivalents | 43.27M | 47.62M | 21.23M | 22.85M | 16.08M | 35.97M | 8.75M | 9.89M | 9.32M | 9.98M | 20.89M | 38.3M | 14.76M | 3.33M | 2.53M | 1.11M | 209.43K |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 345K | 543K | 0 |
| Other Current Assets | -19.93M | 0 | 132.34M | 324.21M | 63.71M | 91.26M | 4.86M | 4.54M | 84.01M | 4.63M | 66.3M | 5.41M | 5.21M | 1.12M | 1.15M | 1.07M | 0 |
| Intangible Assets | 1.56M | 2.97M | 3.64M | 0 | 0 | 53.27M | 792K | 0 | 744K | 1.1M | 118K | 3.73M | 3.25M | 517K | 274K | 0 | 0 |
| Total Liabilities | 2.58B | 2.43B | 2.48B | 2.71B | 2.79B | 2.86B | 1.02B | 1.04B | 1.03B | 804.5M | 765.55M | 1B | 431.12M | 106.96M | 95.35M | 84.29M | 2.5K |
| Total Debt | 2.43B | 2.28B | 2.33B | 2.55B | 2.63B | 2.71B | 978.53M | 985.57M | 985.49M | 778.44M | 743.82M | 975.84M | 418.9M | 103.3M | 92.41M | 82.17M | 0 |
| Net Debt | 2.39B | 2.23B | 2.31B | 2.53B | 2.62B | 2.67B | 969.78M | 975.68M | 976.17M | 768.46M | 722.92M | 937.54M | 404.14M | 99.97M | 89.88M | 81.07M | -209.43K |
| Long-Term Debt | 2.43B | 1.49B | 1.54B | 1.71B | 1.81B | 2.7B | 974.83M | 801.61M | 980.54M | 775.19M | 741.02M | 975.84M | 416.95M | 102.75M | 92.41M | 82.17M | 0 |
| Short-Term Borrowings | 0 | 787.52M | 794.72M | 839.46M | 824.83M | 9.04M | 694K | 183.97M | 0 | 0 | 0 | 0 | 0 | 550K | 0 | 0 | 0 |
| Capital Lease Obligations | 3.23M | 0 | 0 | 0 | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 929.53M | 935.85M | 993.31M | 974.4M | 1.04B | 40.34M | 228.05M | 39.7M | 22.71M | 18.82M | 23.55M | 10.38M | 2.95M | 2.52M | 1.53M | 2.5K |
| Accounts Payable | 0 | 92.36M | 94.67M | 109.07M | 109.68M | 106.33M | 25.42M | 25.4M | 22.82M | 17.22M | 14.03M | 19.3M | 7.5M | 2.37M | 1.99M | 1.53M | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -402.36M | 804.5M | 765.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 144.12M | 8.84M | 8.04M | 9.72M | 13M | -874.11M | 3.95M | 14.69M | 9.06M | 6.6M | 5.71M | 3M | 3.79M | 1.26M | 416K | 590K | 0 |
| Total Equity | 3.52B | 3.59B | 3.58B | 3.57B | 3.74B | 3.64B | 712.77M | 619.76M | 630.04M | 646.12M | 528.69M | 390.03M | 263.03M | 74.91M | 50.85M | 47.06M | 206.92K |
| Equity Growth % | 2.69% | 0.4% | 0.22% | -4.57% | 2.63% | 410.97% | 15.01% | -1.63% | -2.49% | 22.21% | 35.55% | 48.28% | 251.14% | 47.31% | 8.06% | 22641.9% | - |
| Shareholders Equity | 3.39B | 3.46B | 3.44B | 3.43B | 3.6B | 3.48B | 708.06M | 613.28M | 623M | 624.1M | 506.82M | 364.15M | 251.27M | 74.91M | 3.09M | 87K | 204.92K |
| Minority Interest | 128.48M | 129.49M | 132.8M | 135.9M | 141.2M | 161.31M | 4.71M | 6.48M | 7.05M | 22.02M | 21.87M | 25.88M | 11.76M | 0 | 47.76M | 46.97M | 2K |
| Common Stock | 2.36M | 2.37M | 2.31M | 2.25M | 2.24M | 2.21M | 1.02M | 911K | 892K | 846K | 690K | 471K | 318K | 96K | 3K | 0 | 200 |
| Additional Paid-in Capital | 3.98B | 4.01B | 3.87B | 3.75B | 3.75B | 3.68B | 919.62M | 765.99M | 742.43M | 703.85M | 564.63M | 378.19M | 267.68M | 78.11M | 3.49M | 200K | 199.8K |
| Retained Earnings | -595.71M | -555.33M | -454.1M | -348.4M | -191.74M | -188.41M | -178.75M | -141.53M | -122.34M | -85.22M | -62.18M | -14.5M | -16.73M | -3.3M | -401K | -113K | 4.92K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.8% | 0.94% | 0.64% | -0.27% | 1.8% | 1.08% | 0.87% | 2.76% | 1.69% | 2.2% | -0.73% | 2.71% | 0.67% | 0.38% | -0.08% | -0.17% | 1.78% |
| Return on Equity (ROE) | 1.35% | 1.58% | 1.1% | -0.47% | 3.18% | 2.05% | 2.22% | 7.34% | 4.12% | 5.14% | -2.13% | 8.65% | 1.74% | 0.99% | -0.22% | -0.47% | 1.8% |
| Debt / Assets | 39.9% | 37.89% | 38.52% | 40.59% | 40.29% | 41.58% | 56.4% | 59.23% | 59.39% | 53.66% | 57.47% | 70.08% | 60.35% | 56.8% | 63.21% | 62.56% | - |
| Debt / Equity | 0.69x | 0.64x | 0.65x | 0.71x | 0.70x | 0.74x | 1.37x | 1.59x | 1.56x | 1.20x | 1.41x | 2.50x | 1.59x | 1.38x | 1.82x | 1.75x | - |
| Net Debt / EBITDA | 6.55x | 6.13x | 6.60x | 6.89x | 7.56x | 20.72x | 8.65x | 6.25x | 5.11x | 4.70x | 4.65x | 24.49x | 19.19x | 10.70x | 12.49x | 25.92x | -42.49x |
| Book Value per Share | 14.53 | 15.29 | 15.85 | 15.90 | 16.75 | 33.16 | 7.53 | 6.85 | 7.21 | 8.78 | 10.13 | 10.79 | 12.22 | 14.05 | 5.27 | 4.88 | 0.02 |
High Capital Expenditure Intensity
Based on reported financial statements, IRT maintains a debt-to-equity ratio of 0.69 as of 2026Q1, reflecting a capital structure that appears heavily reliant on property-level financing to sustain its ongoing portfolio renovation and value-add initiatives across its secondary market footprint.
The company's debt load of $2.4 billion relative to its equity base suggests limited flexibility to absorb further valuation compression in its Sunbelt assets. Investors should monitor whether this leverage profile restricts the company's ability to navigate potential interest rate volatility or property tax increases.
According to recent SEC filings, the company's cash position of $43.3 million as of 2026Q1 remains thin relative to the significant capital requirements needed to fund its ongoing value-add renovation pipeline and maintain its competitive position in middle-market multifamily submarkets.
The persistent need for capital to drive internal growth appears to create a recurring liquidity strain, as evidenced by the volatility in cash balances over the last ten quarters. This suggests that the company may remain dependent on external financing or asset recycling to fund its operational objectives.
As reported in financial statements, the company's equity base of $3.4 billion has remained relatively stagnant over the past ten quarters, which may indicate that internal capital generation is insufficient to meaningfully expand the net asset value without relying on external equity or debt issuance.
The lack of significant growth in the equity base suggests that the company's value-add strategy is primarily focused on maintaining existing asset yields rather than aggressive portfolio expansion. Investors should consider whether this capital allocation strategy effectively balances the need for dividend stability with the requirement for long-term equity appreciation.
Based on the provided data, the company's practice of capitalizing renovation costs may be masking the true extent of its operational cash burn, as evidenced by the significant discrepancy between reported FFO and the actual cash required for property-level improvements.
This accounting treatment warrants further investigation, as it may artificially inflate the company's reported profitability metrics while obscuring the underlying capital intensity of the business. Analysts should scrutinize whether these capitalized costs are truly value-accretive or if they represent a necessary, recurring expense to prevent portfolio obsolescence.
Quick answers to the most common questions about buying IRT stock.
As of 2025, Independence Realty Trust, Inc. (IRT) had total assets of $6.02B including $47.6M in current assets.
Independence Realty Trust, Inc. (IRT) carries total debt of $2.28B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Independence Realty Trust, Inc. (IRT) has total shareholders' equity (book value) of $3.46B ($15.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Independence Realty Trust, Inc. (IRT) reported a current ratio of 0.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.