A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
INDEPENDENCE REALTY TRUST, INC.
IRT
$3.9B
Mkt Cap
$16.61
+1.28%
INDEPENDENCE REALTY TRUST, INC. (IRT) has a current P/E ratio of 69.2, compared to its historical median P/E of 25.3. The stock is currently considered Expensive based on its historical valuation range.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a 5-year average return on invested capital (ROIC) of 2.2%. This is below average and may indicate limited pricing power.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Yes, INDEPENDENCE REALTY TRUST, INC. (IRT) pays a dividend with a trailing twelve-month yield of 4.03%. The company also returns capital through share buybacks, with a buyback yield of 0.77%.
Based on historical P/E analysis, INDEPENDENCE REALTY TRUST, INC. (IRT) appears expensive. The current P/E of 69.2 is 174% above its historical median of 25.3. The estimated fair value CAGR (P/E method) is -14.7%.
INDEPENDENCE REALTY TRUST, INC. (IRT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Independence Realty Trust (IRT) is a self-administered and self-managed REIT that acquires, owns, operates, improves, and manages multifamily apartment communities across non-gateway U.S. markets, primarily in the Southeast and Midwest. As of December 31, 2025, the company owned and operated 114 multifamily properties containing 33,462 units, plus one development property with 296 units and interests in unconsolidated joint ventures owning or developing an additional 1,295 units. IRT's business model centers on three core strategies: acquiring properties in non-gateway markets with strong employment centers and limited new construction, implementing a "Value Add Initiative" that deploys capital into revenue-enhancing renovations to increase occupancy and rental rates, and executing a capital recycling program that disposes of assets in markets lacking scale or facing slowing growth to fund acquisitions and debt reduction. The company targets midrise and garden-style apartments of 150–500 units acquired below replacement cost, focusing on markets with positive net migration, strong employment drivers, and stable resident bases. Unit economics are driven by rental rate growth, occupancy management, and operating expense control, with the company emphasizing professional property management to maximize net operating income through effective marketing, disciplined rental rate management, and efficient expense management. IRT's competitive positioning relies on its focus on high-quality submarkets in non-gateway cities that have experienced reduced competition from national apartment buyers and limited new apartment construction, allowing the company to capture pricing power as supply pressures ease.
【Market fundamentals improving steadily】 Management expects 2026 to deliver meaningfully better results than 2025 as supply pressures continue to recede and demand remains supported by job growth, population migration, and household formation outpacing national averages. The company anticipates capturing recovery market rents while maintaining focus on operating efficiencies, with blended effective rent growth expected to accelerate from approximately 1% in the first half of 2026 to 2.5% in the second half as leasing season progresses and concessions normalize. New lease pricing is expected to improve significantly in the back half of 2026 as asking rents continue to rise and the company benefits from easier comparisons, with management noting that all markets have seen asking rent increases and that supply forecasts for 2026 show inventory growth of only 2.1% across the portfolio—significantly below the 3.7% in 2025 and the 3.2% long-term average. The company plans to complete 2,000–2,500 units of value-add renovations in 2026 and expects to reduce leverage toward the mid-5x range through a combination of pending asset sales and organic EBITDA growth, while the Wi-Fi program is expected to contribute $5.5 million in incremental revenue beginning July 2026.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $1.12–$1.16 | FY2026 |
| EPS | $0.21–$0.28 | FY2026 |
| Same-store NOI growth | 80 basis points at the midpoint | FY2026 |
| Same-store revenue growth | 1.7% | FY2026 |
| Blended effective rent growth | 1.7% | FY2026 |
| Total same-store operating expense growth | 3.4% | FY2026 |
| Other income growth | 5.4% | FY2026 |
| Value-add renovations | 2,000–2,500 units | FY2026 |
| Portfolio inventory growth | 2.1% | FY2026 |
Core FFO per share (FY2026): “we are establishing full year EPS guidance of between $0.21 and $0.28 per share, and core FFO guidance in the range of $1.12- $1.16 per share”
EPS (FY2026): “we are establishing full year EPS guidance of between $0.21 and $0.28 per share, and core FFO guidance in the range of $1.12- $1.16 per share”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 662M | 658M | 640M | 661M | 629M | 250M |
| Net Income | 48M | 57M | 39M | -17M | 117M | 45M |
| EPS | $0.20 | $0.24 | $0.17 | $-0.08 | $0.53 | $0.10 |
| Free Cash Flow | 300M | 129M | 21M | 242M | 231M | 52M |
| ROIC | 0.0% | 2.4% | 2.0% | 1.2% | 3.3% | 2.1% |
| Gross Margin | - | 33.9% | 35.3% | 39.3% | 34.2% | 42.6% |
| Debt/Equity | 0.72 | 0.66 | 0.68 | 0.74 | 0.73 | 0.78 |
| Dividends/Share | $0.67 | $0.67 | $0.64 | $0.62 | $0.54 | $0.11 |
| Operating Income | 0 | 136M | 115M | 73M | 204M | 81M |
| Operating Margin | 0.0% | 20.6% | 18.0% | 11.0% | 32.5% | 32.4% |
| ROE | 1.4% | 1.6% | 1.1% | -0.5% | 3.3% | 2.1% |
| Shares Outstanding | 236M | 236M | 231M | 215M | 221M | 442M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 49M | 110M | 153M | 161M | 191M | 203M | 212M | 250M | 629M | 661M | 640M | 658M | 662M |
| Gross Margin | 30.5% | 32.1% | 56.1% | 51.9% | 51.6% | 50.4% | 45.0% | 42.6% | 34.2% | 39.3% | 35.3% | 33.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.1M | 7.8M | 11M | 9.5M | 11M | 13M | 15M | 19M | 26M | 23M | 24M | 24M | 24M |
| EBIT | 8.5M | 10M | 40M | 45M | 52M | 85M | 51M | 81M | 204M | 73M | 115M | 136M | 0 |
| Op. Margin | 17.4% | 9.3% | 25.9% | 28.2% | 27.1% | 41.9% | 24.2% | 32.4% | 32.5% | 11.0% | 18.0% | 20.6% | 0.0% |
| Net Income | 2.9M | 28M | -9.8M | 30M | 26M | 46M | 15M | 45M | 117M | -17M | 39M | 57M | 48M |
| Net Margin | 6.0% | 25.8% | -6.4% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% | 7.3% |
| Non-Recurring | 2.9M | 6.4M | 32M | 19M | 11M | 36M | 3.9M | 4.6M | 3.5M | 73M | 36M | 13M | 13M |
| Returns on Capital | |||||||||||||
| ROIC | 2.0% | 0.9% | 2.8% | 3.5% | 3.5% | 5.3% | 3.2% | 2.1% | 3.3% | 1.2% | 2.0% | 2.4% | 0.0% |
| ROE | 1.8% | 9.2% | -2.3% | 5.3% | 4.2% | 7.4% | 2.2% | 2.1% | 3.3% | -0.5% | 1.1% | 1.6% | 1.4% |
| ROA | 0.7% | 2.7% | -0.7% | 2.2% | 1.7% | 2.8% | 0.9% | 1.1% | 1.8% | -0.3% | 0.6% | 0.9% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 16M | 19M | -7.5M | 54M | 69M | 75M | 75M | 52M | 250M | 262M | 260M | 282M | 277M |
| Free Cash Flow | 12M | 9.8M | -18M | 40M | 68M | 75M | 75M | 52M | 231M | 242M | 21M | 129M | 300M |
| Owner Earnings | 3.0M | -9.9M | -44M | 18M | 21M | 19M | 8.7M | -32M | -11M | 36M | 32M | 31M | 20M |
| CapEx | 4.2M | 8.9M | 11M | 14M | 599K | 249K | 84K | 177K | 19M | 20M | 239M | 153M | 23M |
| Maint. CapEx | 13M | 28M | 35M | 34M | 45M | 53M | 61M | 77M | 253M | 219M | 221M | 243M | 249M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 0 | 0 |
| D&A | 13M | 28M | 35M | 34M | 45M | 53M | 61M | 77M | 253M | 219M | 221M | 243M | 249M |
| CapEx/OCF | 26.4% | 47.7% | N/A | 26.5% | 59.0% | 60.8% | 49.9% | 82.2% | 33.7% | 55.9% | 45.5% | 48.1% | 8.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 15M | 25M | 37M | 52M | 52M | 65M | 56M | 50M | 106M | 135M | 144M | 154M | 158M |
| Dividend Yield | 7.4% | 7.4% | 7.2% | 5.5% | 4.3% | 3.8% | 3.2% | 0.7% | 2.6% | 4.3% | 3.7% | 3.7% | 4.0% |
| Share Buybacks | 0 | 0 | 62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30M | 30M |
| Buyback Yield | N/A | N/A | 21.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.7% | 0.8% |
| Stock-Based Comp | 206K | 495K | 1.2M | 2.0M | 2.5M | 3.1M | 5.6M | 7.2M | 7.9M | 7.7M | 7.1M | 7.9M | 7.7M |
| Debt Repayment | 26M | 273M | 390M | 3.6M | 0 | 154M | 197M | 302M | 719M | 250M | 491M | 478M | 478M |
| Balance Sheet | |||||||||||||
| Net Debt | 433M | 1.3B | 723M | 769M | 976M | 976M | 937M | 2.7B | 2.6B | 2.5B | 2.3B | 2.3B | 2.4B |
| Cash & Equiv. | 15M | 38M | 21M | 9.3M | 9.3M | 9.9M | 8.8M | 36M | 16M | 23M | 21M | 24M | 23M |
| Long-Term Debt | 417M | 967M | 744M | 778M | 985M | 986M | 946M | 2.7B | 2.6B | 2.5B | 2.3B | 2.3B | 2.4B |
| Debt/Equity | 1.78 | 3.55 | 1.47 | 1.25 | 1.58 | 1.61 | 1.34 | 0.78 | 0.73 | 0.74 | 0.68 | 0.66 | 0.72 |
| Interest Coverage | 1.0 | 0.4 | 1.1 | 1.6 | 1.4 | 2.2 | 1.4 | 2.2 | 2.3 | 0.8 | 1.5 | 1.7 | 1.7 |
| Equity | 251M | 364M | 507M | 624M | 623M | 613M | 708M | 3.5B | 3.6B | 3.4B | 3.4B | 3.5B | 3.4B |
| Total Assets | 694M | 1.4B | 1.3B | 1.5B | 1.7B | 1.7B | 1.7B | 6.5B | 6.5B | 6.3B | 6.1B | 6.0B | 6.1B |
| Total Liabilities | 431M | 993M | 766M | 805M | 1.0B | 1.0B | 1.0B | 2.9B | 2.8B | 2.7B | 2.5B | 2.4B | 2.6B |
| Intangibles | 3.3M | 3.7M | 118K | 1.1M | 744K | 410K | 792K | 53M | 399K | 66K | 3.6M | 3.0M | 1.6M |
| Retained Earnings | -17M | -15M | -62M | -85M | -122M | -142M | -179M | -188M | -192M | -348M | -454M | -555M | -596M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.07 | 0.39 | -0.10 | 0.21 | 0.15 | 0.26 | 0.08 | 0.10 | 0.53 | -0.08 | 0.17 | 0.24 | 0.20 |
| Owner EPS | 0.07 | -0.14 | -0.42 | 0.12 | 0.12 | 0.11 | 0.05 | -0.07 | -0.05 | 0.17 | 0.14 | 0.13 | 0.09 |
| Book Value | 5.98 | 5.03 | 4.91 | 4.24 | 3.55 | 3.41 | 3.84 | 7.88 | 16.26 | 15.93 | 14.89 | 14.68 | 14.40 |
| Cash Flow/Share | 0.37 | 0.26 | -0.07 | 0.37 | 0.39 | 0.42 | 0.41 | 0.12 | 1.13 | 1.22 | 1.12 | 1.20 | 1.26 |
| Dividends/Share | 0.36 | 0.35 | 0.35 | 0.36 | 0.36 | 0.36 | 0.27 | 0.11 | 0.54 | 0.62 | 0.64 | 0.67 | 0.67 |
| Shares Out. | 42.0M | 72.4M | 103.2M | 147.3M | 175.3M | 180.0M | 184.6M | 441.5M | 221.2M | 215.3M | 231.1M | 235.7M | 235.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 5.8 | N/A | 17.2 | 23.0 | 21.6 | 70.4 | 101.2 | 27.6 | N/A | 110.9 | 71.5 | 81.8 |
| P/FCF | 17.9 | 33.2 | N/A | 26.0 | 17.8 | 26.5 | 27.8 | 171.5 | 14.0 | 12.8 | 205.7 | 31.2 | 13.0 |
| EV/EBIT | N/A | 103.4 | 25.0 | 28.1 | 30.3 | 23.0 | 38.4 | 88.5 | 28.6 | 75.3 | 57.6 | 46.3 | N/A |
| Price/Book | 0.4 | 0.4 | 0.6 | 0.8 | 1.0 | 1.6 | 1.5 | 1.3 | 0.9 | 0.9 | 1.3 | 1.2 | 1.2 |
| Price/Sales | N/A | 1.5 | 1.7 | 3.0 | 3.2 | 4.2 | 4.2 | 14.0 | 6.5 | 4.7 | 6.1 | 6.3 | 5.9 |
| FCF Yield | N/A | 6.0% | -6.3% | 7.7% | 11.3% | 7.5% | 7.2% | 1.1% | 7.1% | 7.8% | 0.5% | 3.2% | 7.7% |
| Market Cap | N/A | 163M | 288M | 520M | 603M | 992M | 1.0B | 4.5B | 3.2B | 3.1B | 4.4B | 4.0B | 3.9B |
| Avg. Price | 4.79 | 4.67 | 4.96 | 6.50 | 6.91 | 9.38 | 9.65 | 15.63 | 18.50 | 14.55 | 16.85 | 17.54 | 16.61 |
| Year-End Price | 4.94 | 4.49 | 5.58 | 7.06 | 6.89 | 11.02 | 11.27 | 20.23 | 14.64 | 14.37 | 18.86 | 17.16 | 16.61 |
INDEPENDENCE REALTY TRUST, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
INDEPENDENCE REALTY TRUST, INC. trades at 69.2x trailing earnings, compared to its 15-year median P/E of 25.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 26.7x vs a median of 26.0x. The company's 5-year average ROIC is 2.2% with a gross margin of 37.1%. Total shareholder yield (dividends + buybacks) is 4.8%. At current prices, the estimated annualized return to fair value is +12.3%.
INDEPENDENCE REALTY TRUST, INC. (IRT) reported annual revenue of $658 million in its most recent fiscal year, based on SEC EDGAR filings.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a net profit margin of 8.6%. This is a modest margin.
INDEPENDENCE REALTY TRUST, INC. (IRT) generated $129 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a debt-to-equity ratio of 0.66. This indicates moderate leverage.
INDEPENDENCE REALTY TRUST, INC. (IRT) reported earnings per share (EPS) of $0.24 in its most recent fiscal year.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a return on equity (ROE) of 1.6%. This indicates moderate shareholder returns.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a 5-year average gross margin of 37.1%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for INDEPENDENCE REALTY TRUST, INC. (IRT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a book value per share of $14.68, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver meaningfully better results than 2025 as supply pressures continue to recede and demand remains supported by job growth, population migration, and household formation outpacing national averages. The company anticipates capturing recovery market rents while maintaining focus on operating efficiencies, with blended effective rent growth expected to accelerate from approximately 1% in the first half of 2026 to 2.5% in the second half as leasing season progresses and concessions normalize. New lease pricing is expected to improve significantly in the back half of 2026 as asking rents continue to rise and the company benefits from easier comparisons, with management noting that all markets have seen asking rent increases and that supply forecasts for 2026 show inventory growth of only 2.1% across the portfolio—significantly below the 3.7% in 2025 and the 3.2% long-term average. The company plans to complete 2,000–2,500 units of value-add renovations in 2026 and expects to reduce leverage toward the mid-5x range through a combination of pending asset sales and organic EBITDA growth, while the Wi-Fi program is expected to contribute $5.5 million in incremental revenue beginning July 2026.
Based on recent SEC filings and earnings calls, INDEPENDENCE REALTY TRUST, INC. (IRT) has provided the following forward guidance: Core FFO per share: $1.12–$1.16 (FY2026); EPS: $0.21–$0.28 (FY2026); Same-store NOI growth: 80 basis points at the midpoint (FY2026); Same-store revenue growth: 1.7% (FY2026); Blended effective rent growth: 1.7% (FY2026), plus 4 additional metrics.
Same-store NOI growth (FY2026): “Our 2026 guidance assumes same-store NOI increases 80 basis points at the midpoint, driven by 1.7% same-store revenue growth and a 5.1% increase in controllable operating expenses”
Same-store revenue growth (FY2026): “Our 2026 guidance assumes same-store NOI increases 80 basis points at the midpoint, driven by 1.7% same-store revenue growth and a 5.1% increase in controllable operating expenses”
Blended effective rent growth (FY2026): “And lastly, a blended effective rent growth of 1.7%”
Total same-store operating expense growth (FY2026): “A 50 basis point increase in non-controllable operating expenses, resulting in overall a 3.4% increase in total same-store operating expenses for the year”
Other income growth (FY2026): “A 5.4% increase in other income, primarily comprised of the incremental revenue from our Wi-Fi program of $5.5 million, which is expected to commence in July 2026”
Value-add renovations (FY2026): “In 2026, we expect to renovate between 2,000 and 2,500 units at rates that are consistent with our historical results”