INDEPENDENCE REALTY TRUST, INC. IRT
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. As of December 31, 2025, we also owned interests in four unconsolidated joint ventures, two of which own and operate multifamily apartment properties that contain an aggregate of 653 units and two that are developing multifamily apartment properties that will, upon completion, contain an aggregate of 642 units. We do not have any foreign operations and our business is not seasonal. Our principal executive offices are located at 1835 Market Street, Suite 2601, Philadelphia, PA 19103 and our telephone number is (267) 270-4800.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $657.7M | $640.0M | $661.0M | $628.5M | $250.3M | $211.9M | $203.2M | $191.2M | $161.2M | $153.4M |
| Cost of revenue | — | — | — | — | — | — | $7.7M | $7.0M | $6.0M | $4.8M |
| Gross profit | — | — | — | — | — | — | $195.5M | $184.3M | $155.2M | $148.5M |
| SG&A | $24.0M | $24.2M | $22.8M | $26.3M | $18.6M | $15.1M | $12.7M | $10.8M | $9.5M | $10.9M |
| Total operating expenses | $537.8M | $514.5M | $514.1M | $526.6M | $198.7M | $168.1M | $152.9M | $139.4M | $115.8M | $113.7M |
| Operating income | — | — | — | — | — | — | — | $51.8M | $45.4M | $39.7M |
| Interest expense | $79.0M | $76.1M | $89.9M | $87.0M | $36.4M | $36.5M | $39.2M | $36.0M | $28.7M | $35.5M |
| Pre-tax income | $56.6M | $39.3M | -$17.2M | $117.2M | $44.6M | $14.8M | $45.9M | $26.3M | $30.2M | -$9.6M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $56.6M | $39.3M | -$17.2M | $117.2M | $44.6M | $14.8M | $45.9M | $26.3M | $30.2M | -$9.6M |
| EPS, basic | 0.24 | 0.17 | -0.08 | 0.53 | 0.41 | 0.16 | 0.51 | 0.30 | 0.41 | -0.19 |
| EPS, diluted | 0.24 | 0.17 | -0.08 | 0.53 | 0.41 | 0.16 | 0.51 | 0.30 | 0.41 | -0.19 |
| Shares, diluted (wtd. avg.) | $234.8M | $225.6M | $224.4M | $223.1M | $109.8M | $94.7M | $90.4M | $87.4M | $73.6M | $52.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.6M | $21.2M | $22.9M | $16.1M | $65.7M | $13.6M | $14.4M | $9.3M | $9.3M | $26.4M |
| Other intangibles | $3.0M | $3.6M | $66.0K | $399.0K | $53.3M | $792.0K | $410.0K | $744.0K | $1.1M | $118.0K |
| Total assets | $6.02B | $6.06B | $6.28B | $6.53B | $6.51B | $1.73B | $1.66B | $1.66B | $1.45B | $1.29B |
| Long-term debt | $2.28B | $2.33B | $2.55B | $2.63B | $2.71B | $945.7M | $985.6M | $985.5M | $778.4M | $743.8M |
| Total liabilities | $2.43B | $2.48B | $2.71B | $2.79B | $2.86B | $1.02B | $1.04B | $1.03B | $804.5M | $765.5M |
| Retained earnings | -$555.3M | -$454.1M | -$348.4M | -$191.7M | -$188.4M | -$178.8M | -$141.5M | -$122.3M | -$85.2M | -$62.2M |
| Total equity | $3.46B | $3.44B | $3.57B | $3.74B | $3.64B | $712.8M | $619.8M | $630.0M | $646.1M | $528.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $282.1M | $259.8M | $262.2M | $249.5M | $52.3M | $75.0M | $75.0M | $68.5M | $54.3M | -$7.5M |
| Depreciation and amortisation | $243.2M | $220.9M | $219.0M | $197.5M | $70.6M | $60.1M | $51.2M | $41.8M | $32.7M | $31.1M |
| Stock-based compensation | $7.9M | $7.1M | $7.7M | $7.9M | $7.2M | $5.6M | $3.1M | $2.5M | $2.0M | $1.2M |
| Capital expenditure | — | — | — | — | $177.0K | $84.0K | $249.0K | $599.0K | $14.4M | $10.7M |
| Investing cash flow | -$142.9M | -$20.6M | -$1.7M | -$135.8M | -$216.1M | -$124.5M | -$106.4M | -$229.5M | -$191.7M | $27.9M |
| Financing cash flow | -$135.1M | -$246.4M | -$253.7M | -$135.4M | $215.9M | $48.8M | $29.8M | $162.4M | $125.6M | -$37.7M |
| Dividends paid | $154.4M | $144.0M | $134.9M | $105.8M | $49.8M | $56.1M | $64.7M | $52.5M | $52.3M | $36.6M |
| Buybacks | $30.0M | $0 | $0 | — | — | — | — | — | — | $62.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-004376.
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