Property-level profitability has shown extreme volatility, with NOI margins collapsing from a historical baseline near 60% to -20.7% in 2026Q1.
| 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 |
|---|
| Revenue | 661.77M | 657.7M | 640.03M | 660.98M | 628.52M | 250.25M | 211.91M | 203.22M | 191.23M | 161.22M | 153.39M | 109.58M | 49.2M | 19.94M | 16.63M | 8.67M | 5.37K |
| Revenue Growth % | 3.23% | 2.76% | -3.17% | 5.16% | 151.16% | 18.1% | 4.27% | 6.27% | 18.62% | 5.1% | 39.98% | 122.7% | 146.72% | 19.93% | 91.84% | 161345.33% | - |
| Property Operating Expenses | 527.77M | 755.75M | 265.51M | 271.41M | 256.31M | 102.79M | 91.47M | 87.29M | 83.33M | 70.72M | 68M | 49.95M | 23.43M | 9.43M | 8.07M | 4.48M | 0 |
| Net Operating Income (NOI) | 134.01M | -98.05M | 374.52M | 389.57M | 372.22M | 147.46M | 120.43M | 115.93M | 107.91M | 90.49M | 85.39M | 59.62M | 25.78M | 10.51M | 8.56M | 4.19M | 5.37K |
| NOI Margin % | 20.25% | -14.91% | 58.52% | 58.94% | 59.22% | 58.93% | 56.83% | 57.05% | 56.43% | 56.13% | 55.67% | 54.41% | 52.39% | 52.72% | 51.49% | 48.35% | 100% |
| Operating Expenses | 17.99M | -219.28M | 245.1M | 241.73M | 279.11M | 95.52M | 120.43M | 12.74M | 56.04M | 43.73M | 45.69M | 35.88M | 15.39M | 5.33M | 4.67M | 2.35M | 440 |
| G&A Expenses | 19.4M | 0 | 24.25M | 22.77M | 26.26M | 18.61M | 15.1M | 12.74M | 10.82M | 9.53M | 10.86M | 7.79M | 2.87M | 920K | 1.21M | 575K | 440 |
| EBITDA | 365.17M | 364.47M | 350.28M | 366.81M | 345.96M | 128.85M | 112.05M | 156M | 191.19M | 163.47M | 155.52M | 38.28M | 21.06M | 9.35M | 7.2M | 3.13M | 4.93K |
| EBITDA Margin % | 55.18% | 55.42% | 54.73% | 55.49% | 55.04% | 51.49% | 52.88% | 76.76% | 99.98% | 101.4% | 101.39% | 34.93% | 42.8% | 46.86% | 43.29% | 36.09% | 91.8% |
| Depreciation & Amortization | 249.15M | 243.24M | 220.85M | 218.97M | 252.85M | 76.91M | 60.69M | 52.81M | 139.36M | 118.04M | 115.86M | 28.09M | 12.52M | 4.41M | 3.47M | 1.77M | 0 |
| D&A / Revenue % | 37.65% | 36.98% | 34.51% | 33.13% | 40.23% | 30.73% | 28.64% | 25.99% | 72.88% | 73.22% | 75.53% | 25.64% | 25.45% | 22.13% | 20.84% | 20.43% | 0% |
| Operating Income | 116.02M | 121.22M | 129.43M | 147.84M | 93.11M | 51.94M | 0 | 103.18M | 51.82M | 45.42M | 39.66M | 10.18M | 8.54M | 4.93M | 3.73M | 1.36M | 4.93K |
| Operating Margin % | 17.53% | 18.43% | 20.22% | 22.37% | 14.81% | 20.76% | 0% | 50.77% | 27.1% | 28.18% | 25.86% | 9.29% | 17.36% | 24.74% | 22.44% | 15.66% | 91.8% |
| Interest Expense | 4M | 79M | 76.14M | 89.92M | 86.95M | 36.4M | 36.49M | 39.23M | 36.01M | 28.7M | 35.53M | 23.55M | 8.5M | 3.66M | 3.31M | 1.73M | 0 |
| Interest Coverage | - | 1.73x | 1.70x | 0.80x | 2.39x | 2.25x | 1.41x | 1.28x | 1.74x | 2.10x | 0.73x | 2.28x | 1.35x | 1.35x | 1.13x | 0.79x | - |
| Non-Operating Income | -13.42M | -15.48M | 0 | 75.72M | -114.51M | -29.99M | -51.37M | 52.81M | -10.79M | -14.72M | 13.68M | -43.53M | -2.9M | 0 | 0 | 0 | 0 |
| Pretax Income | 49.05M | 57.71M | 40.03M | -17.81M | 120.66M | 45.53M | 14.88M | 46.35M | 26.61M | 31.44M | -9.55M | 30.16M | 2.94M | 1.27M | 427K | -370K | 4.93K |
| Pretax Margin % | 7.41% | 8.77% | 6.25% | -2.69% | 19.2% | 18.19% | 7.02% | 22.81% | 13.92% | 19.5% | -6.23% | 27.52% | 5.98% | 6.39% | 2.57% | -4.27% | 91.8% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 1.2K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.14% | 0% | 0% | 0% | 24.41% |
| Net Income | 48.14M | 56.56M | 39.29M | -17.23M | 117.25M | 44.59M | 14.77M | 45.9M | 26.29M | 30.21M | -9.8M | 28.24M | 2.94M | 625K | -108K | -112K | 3.73K |
| Net Margin % | 7.27% | 8.6% | 6.14% | -2.61% | 18.65% | 17.82% | 6.97% | 22.58% | 13.75% | 18.74% | -6.39% | 25.77% | 5.98% | 3.13% | -0.65% | -1.29% | 69.4% |
| Net Income Growth % | 60.08% | 43.95% | 328.08% | -114.69% | 162.96% | 201.93% | -67.82% | 74.59% | -12.97% | 408.19% | -134.7% | 860.61% | 370.4% | 678.7% | 3.57% | -3105.9% | - |
| Funds From Operations (FFO) | 297.28M | 299.8M | 260.14M | 201.74M | 370.1M | 121.5M | 75.45M | 98.71M | 165.65M | 148.25M | 106.06M | 56.34M | 15.46M | 5.04M | 3.36M | 1.66M | 3.73K |
| FFO Margin % | 44.92% | 45.58% | 40.65% | 30.52% | 58.88% | 48.55% | 35.61% | 48.57% | 86.62% | 91.96% | 69.14% | 51.41% | 31.42% | 25.26% | 20.19% | 19.14% | 69.4% |
| FFO Growth % | 72.58% | 15.24% | 28.95% | -45.49% | 204.61% | 61.02% | -23.56% | -40.41% | 11.74% | 39.78% | 88.26% | 264.4% | 206.87% | 50.03% | 102.41% | - | - |
| FFO per Share | 1.23 | 1.28 | 1.15 | 0.90 | 1.66 | 1.11 | 0.80 | 1.09 | 1.90 | 2.01 | 2.03 | 1.56 | 0.72 | 0.95 | 0.35 | 0.17 | 0.00 |
| FFO Payout Ratio % | 12.51% | 51.5% | 55.36% | 66.85% | 28.59% | 41.01% | 74.41% | 65.59% | 31.68% | 35.28% | 34.49% | 44.56% | 96.88% | 59.13% | 4.44% | 0.3% | 0% |
| EPS (Diluted) | 0.20 | 0.24 | 0.17 | -0.08 | 0.15 | 0.07 | -0.23 | 0.07 | 0.30 | 0.41 | -0.19 | 0.78 | 0.14 | 0.12 | -0.01 | -0.01 | 0.00 |
| EPS Growth % | 53.78% | 41.18% | 321.35% | -151.2% | 101.07% | 132.43% | -411.65% | -75.4% | -26.83% | 315.79% | -124.36% | 457.14% | 16.67% | 1171.43% | 3.45% | - | - |
| EPS (Basic) | - | 0.24 | 0.17 | -0.08 | 0.15 | 0.08 | -0.23 | 0.07 | 0.30 | 0.41 | -0.19 | 0.78 | 0.14 | 0.12 | -0.01 | -0.01 | 0.00 |
| Diluted Shares Outstanding | 242.37M | 234.75M | 225.58M | 224.41M | 223.12M | 109.83M | 94.69M | 90.42M | 87.38M | 73.6M | 52.18M | 36.16M | 21.53M | 5.33M | 9.64M | 9.64M | 9.64M |
Volatile Property-Level Operating Margins
As reported in recent financial filings, IRT experienced significant volatility in NOI margins, which plummeted to -20.7% in 2026Q1 from a historical baseline near 60%, suggesting that the company is struggling to maintain consistent property-level profitability amidst ongoing operational adjustments and potential cost-heavy integration cycles.
The dramatic swing in NOI margins indicates that the company's cost structure is highly sensitive to non-recurring expenses or accounting adjustments that obscure underlying property performance. Investors should monitor whether these margin contractions are temporary artifacts of portfolio optimization or if they signal a structural inability to pass rising property taxes and insurance costs to the tenant base.
Based on the company's reported figures, FFO per share has exhibited extreme inconsistency, ranging from a low of $0.07 in 2023Q4 to a peak of $0.39 in 2025Q4, which complicates the assessment of dividend safety and long-term earnings power for institutional shareholders.
The wide variance in FFO suggests that the company's earnings are heavily influenced by non-operating items or timing differences in capital recycling. Given the significant gap between FFO and AFFO in several periods, the quality of these earnings appears questionable, warranting further investigation into the sustainability of the current dividend payout.
According to the provided income statement data, the company frequently reports near-zero or negative net income, a common REIT phenomenon where massive depreciation charges on real estate assets mask the actual cash-generating capacity of the underlying multifamily portfolio.
Because GAAP net income is fundamentally disconnected from the economic reality of property appreciation, analysts must focus on the reconciliation between FFO and AFFO to understand the true impact of recurring maintenance CAPEX. The recurring negative net income figures suggest that the company's accounting depreciation significantly exceeds the actual economic wear and tear of its assets.
As evidenced by the erratic AFFO performance, which dipped to negative $26.3 million in 2024Q4, the company's reliance on heavy capital expenditures to drive value-add growth may be creating a persistent drag on cash flow that is not fully captured by headline FFO metrics.
The frequent divergence between FFO and AFFO suggests that the company's renovation program requires substantial, ongoing cash outlays that may be under-accounted for in standard performance metrics. This raises concerns about whether the internal rate of return on these renovations is sufficient to justify the capital intensity required to maintain the portfolio's competitive position.
Quick answers to the most common questions about buying IRT stock.
For fiscal year 2025, Independence Realty Trust, Inc. (IRT) reported total revenue of $657.7M. This represents a 12249778.9% increase compared to $0.0M in 2010.
Independence Realty Trust, Inc. (IRT) is profitable, generating $56.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.6%.
Independence Realty Trust, Inc. (IRT) reported an operating income of $121.2M, resulting in an operating profit margin of 18.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Independence Realty Trust, Inc. (IRT) generated $-98.0M in gross profit for the year, representing a gross profit margin of -14.9%. This demonstrates the company's core pricing power and production efficiency.