INDEPENDENCE REALTY TRUST, INC. IRT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 14.96 2026-10-23
Market cap $3.53B 2026-06-30 share count
52-week range 14.33 - 17.79

Valuation FY2025 figures against the last close

P/S5.4x
P/E62.3x
P/FCF12.5x
EV/EBITDA—
Dividend yield4.4%
Diluted EPS0.24

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.240.17-0.080.530.410.160.510.300.41-0.19
EPS, diluted 0.240.17-0.080.530.410.160.510.300.41-0.19
Shares, diluted (wtd. avg.) 234.8M225.6M224.4M223.1M109.8M94.7M90.4M87.4M73.6M52.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M 800M Revenue, FY2016: 153.4M Gross profit, FY2016: 148.5M Net income, FY2016: -9.6M Revenue, FY2017: 161.2M Gross profit, FY2017: 155.2M Net income, FY2017: 30.2M Revenue, FY2018: 191.2M Gross profit, FY2018: 184.3M Net income, FY2018: 26.3M Revenue, FY2019: 203.2M Gross profit, FY2019: 195.5M Net income, FY2019: 45.9M Revenue, FY2020: 211.9M Net income, FY2020: 14.8M Revenue, FY2021: 250.3M Net income, FY2021: 44.6M Revenue, FY2022: 628.5M Net income, FY2022: 117.2M Revenue, FY2023: 661M Net income, FY2023: -17.2M Revenue, FY2024: 640M Net income, FY2024: 39.3M Revenue, FY2025: 657.7M Net income, FY2025: 56.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $153.4M $161.2M $191.2M $203.2M $211.9M $250.3M $628.5M $661.0M $640.0M $657.7M
Gross profit $148.5M $155.2M $184.3M $195.5M — — — — — —
Net income -$9.6M $30.2M $26.3M $45.9M $14.8M $44.6M $117.2M -$17.2M $39.3M $56.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated Item 1.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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