IRT

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Independence Realty Trust, Inc.

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Key Metrics

Previous Close: $14.50
52-Week Range: $14.34 – $17.79
Market Cap: $3.51B
P/E (TTM): 80.61
EPS (TTM): 0.18
Dividend Yield: 4.96%

Advanced Metrics

Price/Book: 1.02
PEG Ratio: —
Return on Equity: 1.26%
Return on Assets: 1.29%
Gross Margin: 60.68%
Operating Margin: 14.75%
Profit Margin: 6.42%
Current Ratio: 0.59
Debt/Equity: 0.70
Total Debt: $2.45B
Free Cash Flow: $186.07M
Revenue Growth: 3.00%
Earnings Growth: -66.70%
Enterprise Value: $5.95B

IRT Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$628.52M	$660.98M	$640.03M	$657.70M
Cost of Revenue	$256.31M	$271.41M	$265.51M	$269.26M
Gross Profit	$372.22M	$389.57M	$374.52M	$388.43M
Selling, General & Admin	$26.26M	$22.77M	$24.25M	$23.97M
Operating Expenses	$279.11M	$241.73M	$245.10M	$267.21M
Operating Income	$93.11M	$147.84M	$129.43M	$121.22M
EBITDA	$460.46M	$291.08M	$337.03M	$379.95M
Pretax Income	$120.66M	-$17.81M	$40.03M	$57.71M
Net Income	$117.25M	-$17.23M	$39.29M	$56.56M
Diluted EPS	0.53	-0.08	0.17	0.24
Diluted Shares	223.01M	224.41M	225.58M	234.75M

IRT Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$16.08M	$22.85M	$21.23M	$23.56M
Current Assets	$79.79M	$347.07M	$153.56M	$124.09M
Total Assets	$6.53B	$6.28B	$6.06B	$6.02B
Current Liabilities	$974.40M	$993.31M	$935.85M	$929.53M
Long-Term Debt	$1.81B	$1.71B	$1.54B	$1.49B
Total Debt	$2.63B	$2.55B	$2.33B	$2.28B
Total Liabilities	$2.79B	$2.71B	$2.48B	$2.43B
Retained Earnings	-$191.74M	-$348.40M	-$454.10M	-$555.33M
Shareholders' Equity	$3.60B	$3.43B	$3.44B	$3.46B
Working Capital	-$894.61M	-$646.24M	-$782.28M	-$805.44M
Net Debt	$2.62B	$2.53B	$2.31B	$2.26B

IRT Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$249.54M	$262.17M	$259.75M	$282.15M
Capital Expenditure	-$145.74M	-$212.85M	-$175.06M	-$153.86M
Free Cash Flow	$103.80M	$49.32M	$84.69M	$128.28M
Depreciation & Amortisation	$252.85M	$218.97M	$220.85M	$243.24M
Stock-Based Compensation	$7.89M	$7.66M	$7.08M	$7.88M
Investing Cash Flow	-$135.77M	-$1.71M	-$20.61M	-$142.91M
Financing Cash Flow	-$135.43M	-$253.74M	-$246.43M	-$135.07M
Dividends Paid	-$105.83M	-$134.87M	-$144.02M	-$154.39M
Share Repurchases	-$5.97M	-$5.16M	-$2.60M	-$33.49M
Net Change in Cash	-$21.65M	$6.71M	-$7.28M	$4.17M

IRT Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$161.24M	$162.19M	$167.14M	$167.13M	$165.32M	$167.24M
Cost of Revenue	$67.09M	$68.65M	$69.59M	$63.93M	$70.36M	$71.31M
Gross Profit	$94.15M	$93.54M	$97.55M	$103.19M	$94.96M	$95.94M
Selling, General & Admin	$8.41M	$5.98M	$4.91M	$4.67M	$8.51M	$5.68M
Operating Expenses	$67.13M	$65.78M	$66.64M	$67.66M	$73.15M	$70.55M
Operating Income	$27.02M	$27.76M	$30.91M	$35.53M	$21.82M	$25.39M
EBITDA	$86.60M	$86.74M	$89.19M	$117.42M	$85.24M	$89.86M
Pretax Income	$8.53M	$8.17M	$7.00M	$34.01M	-$127.00K	$3.42M
Net Income	$8.35M	$8.05M	$6.89M	$33.27M	-$68.00K	$3.39M
Diluted EPS	0.04	0.03	0.03	0.14	0.00	0.01
Diluted Shares	231.83M	234.13M	234.28M	238.50M	236.43M	236.04M

IRT Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$29.05M	$19.49M	$23.29M	$23.56M	$23.34M	$22.51M
Current Assets	$48.33M	$162.40M	$158.11M	$124.09M	$120.13M	$124.45M
Total Assets	$5.98B	$5.96B	$6.09B	$6.02B	$6.10B	$6.09B
Current Liabilities	$926.34M	$962.26M	$969.91M	$929.53M	$931.67M	$1.01B
Long-Term Debt	$1.46B	$1.44B	$1.50B	$1.49B	$1.64B	$1.59B
Total Debt	$2.25B	$2.25B	$2.30B	$2.28B	$2.43B	$2.44B
Total Liabilities	$2.40B	$2.41B	$2.48B	$2.43B	$2.58B	$2.60B
Retained Earnings	-$482.97M	-$514.62M	-$548.32M	-$555.33M	-$595.71M	-$634.70M
Shareholders' Equity	$3.46B	$3.42B	$3.49B	$3.46B	$3.39B	$3.36B
Working Capital	-$878.00M	-$799.86M	-$811.80M	-$805.44M	-$811.54M	-$880.88M
Net Debt	$2.22B	$2.23B	$2.27B	$2.26B	$2.41B	$2.42B

IRT Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$60.37M	$82.25M	$79.34M	$60.19M	$55.32M	$80.92M
Capital Expenditure	-$21.45M	-$44.47M	-$51.72M	-$36.22M	-$23.61M	-$44.36M
Free Cash Flow	$38.91M	$37.78M	$27.62M	$23.97M	$31.71M	$36.55M
Depreciation & Amortisation	$58.73M	$59.80M	$61.73M	$62.98M	$64.63M	$64.86M
Stock-Based Compensation	$3.95M	$1.85M	$1.03M	$1.06M	$3.75M	$1.73M
Investing Cash Flow	$10.44M	-$44.78M	-$118.63M	$10.06M	-$65.95M	-$47.02M
Financing Cash Flow	-$65.92M	-$43.27M	$47.69M	-$73.56M	$6.28M	-$30.47M
Dividends Paid	-$37.19M	-$36.93M	-$39.69M	-$40.59M	-$40.59M	-$40.01M
Share Repurchases	-$1.24M	-$2.18M	-$29.00K	-$30.04M	-$32.52M	-$256.00K
Net Change in Cash	$4.88M	-$5.81M	$8.40M	-$3.31M	-$4.36M	$3.43M

Market Snapshot

About

Independence Realty Trust is a real estate investment trust (REIT) focused on acquiring, owning, operating, and managing multifamily apartment communities across non-gateway U.S. markets. The company targets Class A and B apartment properties in suburban and neighborhood locations with strong demographics and employment fundamentals. IRT's portfolio consists of garden-style and mid-rise apartment communities primarily in the Sunbelt and Midwest regions. The company employs a vertically integrated operating platform to manage its properties efficiently. Independence Realty focuses on markets with favorable supply-demand dynamics and strong population and job growth trends.