A Business at a Glance
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Our Company IRT, a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 658M | 658M | 640M | 661M | 629M | 250M |
| Net Income | 57M | 57M | 39M | -17M | 117M | 45M |
| EPS | $0.24 | $0.24 | $0.17 | $-0.08 | $0.53 | $0.20 |
| Free Cash Flow | 147M | 147M | 141M | 116M | 166M | 9.3M |
| ROIC | 2.4% | 2.4% | 2.0% | 1.3% | 3.3% | 1.3% |
| Gross Margin | 33.9% | 33.9% | 35.3% | 29.8% | 21.4% | 31.9% |
| Debt/Equity | 0.66 | 0.66 | 0.68 | 0.71 | 0.73 | 0.78 |
| Dividends/Share | $0.66 | $0.67 | $0.64 | $0.62 | $0.54 | $0.22 |
| Operating Income | 136M | 136M | 115M | 73M | 204M | 81M |
| Operating Margin | 20.6% | 20.6% | 18.0% | 11.0% | 32.5% | 32.4% |
| ROE | 1.6% | 1.6% | 1.1% | -0.5% | 3.3% | 1.3% |
| Shares Outstanding | 236M | 236M | 231M | 215M | 221M | 224M |
INDEPENDENCE REALTY TRUST, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
INDEPENDENCE REALTY TRUST, INC. trades at 65.4x 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 25.3x vs a median of 27.2x. The company's 5-year average ROIC is 2.1% with a gross margin of 30.4%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is +11.1%.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a current P/E ratio of 65.4, 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 2.1%. This is below average and may indicate limited pricing power.
INDEPENDENCE REALTY TRUST, INC. (IRT) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, INDEPENDENCE REALTY TRUST, INC. (IRT) pays a dividend with a trailing twelve-month yield of 4.17%. The company also returns capital through share buybacks, with a buyback yield of 0.81%.
Based on historical P/E analysis, INDEPENDENCE REALTY TRUST, INC. (IRT) appears expensive. The current P/E of 65.4 is 159% above its historical median of 25.3. The estimated fair value CAGR (P/E method) is -15.8%.
INDEPENDENCE REALTY TRUST, INC. (IRT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
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 $147 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 30.4%. 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.