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Independence Realty Trust

IRT NYSE Multi-Family Residential REITs Financials FY2016–FY2025

Independence Realty Trust's revenue rose 2.8% to $658 million in fiscal 2025. Its net margin was 8.6%, up from 6.1% a year earlier. It paid out $184 million in dividends and buybacks. The diluted share count rose 4.1%.

Last close · Oct 23, 2026

$14.96

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$658M
2.8% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$56.6M
44.0%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.3%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
83.1x
On $0.18 EPS (TTM)

What Independence Realty Trust does

No business description yet.

Legal name
INDEPENDENCE REALTY TRUST, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001437749-26-004376
0001466085

Revenue and margins

Independence Realty Trust had $658M of revenue in fiscal 2025, up 2.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Independence Realty Trust returned $184M to shareholders in fiscal 2025. The diluted share count rose 4.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Independence Realty Trust yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.3B and divides by 234.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 83.1x · peers 35.0x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Independence Realty Trust can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $36.0M$16.1M$22.9M$21.2M$23.6M
Debt incl. finance leases $2.7B$2.6B$2.5B$2.3B$2.3B
Net debt / EBITDA 16.9x5.7x8.7x6.9x6.0x
Debt / equity 0.8x0.7x0.7x0.7x0.7x
Interest coverage 2.2x2.4x0.8x1.5x1.7x
Total assets $6.5B$6.5B$6.3B$6.1B$6.0B
Total liabilities $2.9B$2.8B$2.7B$2.5B$2.4B
Shareholders' equity $3.5B$3.6B$3.4B$3.4B$3.5B
Net debt (− = net cash) $2.7B$2.6B$2.5B$2.3B$2.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

100%

$0.1M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Richard D GebertDirector Sold plan 500 $16.16 $0.0M Form 4
Aug 3, 2026 Richard D GebertDirector Sold plan 500 $16.70 $0.0M Form 4
Jul 1, 2026 Richard D GebertDirector Sold plan 500 $16.75 $0.0M Form 4
Jun 1, 2026 Richard D GebertDirector Sold plan 500 $16.15 $0.0M Form 4
May 1, 2026 Richard D GebertDirector Sold plan 500 $16.33 $0.0M Form 4
Apr 1, 2026 Richard D GebertDirector Sold plan 500 $14.85 $0.0M Form 4
Mar 2, 2026 Richard D GebertDirector Sold plan 500 $16.47 $0.0M Form 4
Feb 2, 2026 Richard D GebertDirector Sold plan 500 $16.73 $0.0M Form 4
Dec 1, 2025 Richard D GebertDirector Sold plan 500 $17.00 $0.0M Form 4
Nov 3, 2025 Richard D GebertDirector Sold plan 500 $15.74 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.4%−3.6%−3.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Independence Realty Trust IRT $3.5B 2.8% — — 2.3% 83.1x —
Camden Property Trust CPT $10.4B 1.9% — 24.5% 6.3% 33.8x — Compare →
UDR UDR $11.8B 2.4% 32.3% — 6.0% 24.4x — Compare →
Essex Property Trust ESS $17.9B 6.4% 47.7% — — 43.3x — Compare →
Mid-America Apartment Communities MAA $14.0B 0.8% — — 5.7% 36.3x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $153M $161M $191M $203M $212M $250M $629M $661M $640M $658M
Gross profit $149M $155M $184M $196M — — — — — —
Operating income $39.7M $45.4M $51.8M — — — — — — —
Interest expense $35.5M $28.7M $36.0M $39.2M $36.5M $36.4M $87.0M $89.9M $76.1M $79.0M
Pretax income −$9.6M $30.2M $26.3M $45.9M $14.8M $44.6M $117M −$17.2M $39.3M $56.6M
Income tax $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Net income −$9.6M $30.2M $26.3M $45.9M $14.8M $44.6M $117M −$17.2M $39.3M $56.6M
Diluted EPS −$0.19 $0.41 $0.30 $0.51 $0.16 $0.41 $0.53 −$0.08 $0.17 $0.24
Diluted shares 0.05B 0.07B 0.09B 0.09B 0.09B 0.11B 0.22B 0.22B 0.23B 0.23B
Cash flow
Cash from operations −$7.5M $54.3M $68.5M $75.0M $75.0M $52.3M $250M $262M $260M $282M
Capital expenditure $10.7M $14.4M $0.6M $0.2M $0.1M $0.2M — — — —
Free cash flow −$18.2M $40.0M $67.9M $74.8M $74.9M $52.1M — — — —
Depreciation and amortization $34.8M $34.2M $45.2M $52.8M $60.7M $76.9M $253M $219M $221M $243M
Stock-based compensation $1.2M $2.0M $2.5M $3.1M $5.6M $7.2M $7.9M $7.7M $7.1M $7.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $186M $0.0M $0.0M $0.0M $0.0M
Share buybacks $62.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $30.0M
Dividends paid $36.6M $52.3M $52.5M $64.7M $56.1M $49.8M $106M $135M $144M $154M
Dividends and buybacks $98.7M $52.3M $52.5M $64.7M $56.2M $49.8M $106M $135M $144M $184M
Balance sheet
Cash and short-term investments $20.9M $9.3M $9.3M $9.9M $8.8M $36.0M $16.1M $22.9M $21.2M $23.6M
Total debt $744M $778M $986M $986M $946M $2.7B $2.6B $2.5B $2.3B $2.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $1.3B $1.5B $1.7B $1.7B $1.7B $6.5B $6.5B $6.3B $6.1B $6.0B
Total liabilities $766M $805M $1.0B $1.0B $1.0B $2.9B $2.8B $2.7B $2.5B $2.4B
Shareholders' equity $507M $624M $623M $613M $708M $3.5B $3.6B $3.4B $3.4B $3.5B
Margins
Gross margin 96.8% 96.3% 96.4% 96.2% — — — — — —
Operating margin 25.9% 28.2% 27.1% — — — — — — —
EBITDA margin 48.6% 49.4% 50.8% 67.9% 52.8% 63.1% 72.7% 44.1% 52.5% 57.6%
Net margin −6.2% 18.7% 13.8% 22.6% 7.0% 17.8% 18.7% −2.6% 6.1% 8.6%
FCF margin −11.9% 24.8% 35.5% 36.8% 35.3% 20.8% — — — —
Returns
Return on capital 2.4% 3.4% 3.4% 5.3% 3.2% 2.0% 3.2% 0.9% 1.9% 2.3%
Return on equity −2.2% 5.3% 4.2% 7.4% 2.2% 2.1% 3.3% −0.5% 1.1% 1.6%
Return on assets −0.7% 2.2% 1.7% 2.8% 0.9% 1.1% 1.8% −0.3% 0.6% 0.9%
Growth
Revenue growth 40.0% 5.1% 18.6% 6.3% 4.3% 18.1% 151.2% 5.2% −3.2% 2.8%
Net income growth −131.7% — −13.0% 74.6% −67.8% 201.9% 163.0% −114.7% — 44.0%
EPS growth −124.4% — −26.8% 70.0% −68.6% 156.3% 29.3% −115.1% — 41.2%
FCF growth −286.0% — 70.0% 10.0% 0.2% −30.4% — — — —
Share count change 44.3% 41.0% 18.7% 3.5% 4.7% 16.0% 103.2% 0.6% 0.5% 4.1%
Financial health
Net debt / EBITDA 9.7x 9.7x 10.1x 7.1x 8.4x 16.9x 5.7x 8.7x 6.9x 6.0x
Debt / equity 1.5x 1.3x 1.6x 1.6x 1.3x 0.8x 0.7x 0.7x 0.7x 0.7x
Interest coverage 1.1x 1.6x 1.4x 2.2x 1.4x 2.2x 2.4x 0.8x 1.5x 1.7x
Capital allocation
Capex / revenue 7.0% 8.9% 0.3% 0.1% 0.0% 0.1% — — — —
Stock comp / revenue 0.8% 1.2% 1.3% 1.5% 2.6% 2.9% 1.3% 1.2% 1.1% 1.2%
Payouts / FCF — 130.9% 77.3% 86.6% 75.0% 95.7% — — — —
Quality scores
Accruals ratio −0.2% −1.8% −2.7% −1.8% −3.5% −0.2% −2.0% −4.4% −3.6% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0001466085). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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