Independence Realty Trust, Inc. (IRT) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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IRT Revenue Growth
Revenue Breakdown (FY 2018)
IRT's revenue distribution by segment and geography for fiscal year 2018
By Product/Segment
IRT Revenue Analysis (2014–2025)
As of May 6, 2026, Independence Realty Trust, Inc. (IRT) generated trailing twelve-month (TTM) revenue of $661.8 million, reflecting modest growth of +2.5% year-over-year. The most recent quarter (Q1 2026) recorded $165.3 million in revenue, down 1.1% sequentially.
Looking at the longer-term picture, IRT's 5-year compound annual growth rate (CAGR) stands at +25.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $661.0 million in 2023.
Revenue diversification analysis shows IRT's business is primarily driven by Real Estate Other (68%), and Tenant Reimbursement Income (32%). With over half of revenue concentrated in Real Estate Other, the company maintains significant focus in this area while developing other growth vectors.
When compared to Real Estate sector peers including NMR, MAA (+0.8% YoY), and CPT (-23.7% YoY), IRT has outperformed the peer group in terms of revenue growth. Compare IRT vs NMR →
IRT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| IRTCurrent | $662M | +2.5% | +25.4% | 18.4% | |
 NMR | $4.76T | - | - | 11.3% | |
 MAA | $2.2B | +0.8% | +5.7% | 28.0% | |
 CPT | $1.6B | -23.7% | +8.6% | 18.4% | |
 UDR | $1.7B | +2.1% | +6.6% | 18.8% |
IRT Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $657.7M | +2.8% | $-98,050,000 | -14.9% | $121.2M | 18.4% |
| 2024 | $640.0M | -3.2% | $374.5M | 58.5% | $129.4M | 20.2% |
| 2023 | $661.0M | +5.2% | $389.6M | 58.9% | $147.8M | 22.4% |
| 2022 | $628.5M | +151.2% | $372.2M | 59.2% | $93.1M | 14.8% |
| 2021 | $250.3M | +18.1% | $147.5M | 58.9% | $51.9M | 20.8% |
| 2020 | $211.9M | +4.3% | $120.4M | 56.8% | $0 | - |
| 2019 | $203.2M | +6.3% | $115.9M | 57.0% | $103.2M | 50.8% |
| 2018 | $191.2M | +18.6% | $107.9M | 56.4% | $51.8M | 27.1% |
| 2017 | $161.2M | +5.1% | $90.5M | 56.1% | $45.4M | 28.2% |
| 2016 | $153.4M | +40.0% | $85.4M | 55.7% | $39.7M | 25.9% |
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Start ComparisonIRT — Frequently Asked Questions
Quick answers to the most common questions about buying IRT stock.
Is IRT's revenue growth accelerating or slowing?
IRT revenue growth slowed to +2.5%, below the 5-year CAGR of +25.4%. TTM revenue is $662M. The deceleration marks a shift from historical growth rates.
What is IRT's long-term revenue growth rate?
Independence Realty Trust, Inc.'s 5-year revenue CAGR of +25.4% reflects the variable expansion pattern. Current YoY growth of +2.5% is near this long-term average.
How is IRT's revenue distributed by segment?
IRT reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.