Independence Realty Trust, Inc. (IRT)

Independence Realty Trust, Inc., an S&P 400 MidCap Company, is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. IRT's investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT's main investment objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. Independence Realty Trust, Inc. was established in 2009 and is incorporated in Maryland.

Ticker: IRT
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Residential
Market cap: $3.50B
52-week range: $14.33 - $17.79

Valuation

Share price: $14.84 (close of Nov 12, 2026)
P/E (TTM): 57.14x
Price to book: 1.01x
Price to free cash flow: 27.30x
Enterprise value: $5.88B
Book value per share: $14.76

Price performance

Period	Change
1 day	-0.80%
5 days	-3.13%
1 month	+0.13%
3 months	-11.61%
6 months	-9.84%
Year to date	-15.10%
1 year	-10.39%
3 years	+14.33%
5 years	-40.92%
10 years	+70.97%
All time	+75.62%

Short interest

As of: Oct 30, 2026
Short % of float: 12.09%
Shares short: 20.37M
Days to cover: 6.40
Change since prior report: +4.52%
Source: FINRA consolidated short interest

Members of Congress who disclosed IRT trades

Gilbert Ray Cisneros · Josh Gottheimer · Lisa McClain

Super investors holding IRT

Ken Griffin (Citadel)

Profitability and growth

Return on equity: 1.58%
Return on assets: 0.94%
Net margin: 8.60%
Revenue growth: 2.76%
Net income growth: 43.95%
Free cash flow growth: 51.48%

Cash flow and balance sheet

Free cash flow yield (TTM): 3.66%
Net debt to EBITDA: 5.86x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $657.70M
Net income: $56.56M
Earnings per share: $0.24
Interest expense: $79.00M
Shares outstanding: 233.92M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$657.70M	$56.56M	$0.24
2024-12-31	$640.03M	$39.29M	$0.17
2023-12-31	$660.98M	-$17.23M	-$0.08
2022-12-31	$628.52M	$117.25M	$0.53
2021-12-31	$250.25M	$44.59M	$0.41
2020-12-31	$211.91M	$14.77M	$0.16
2019-12-31	$203.22M	$45.90M	$0.51
2018-12-31	$191.23M	$26.29M	$0.30
2017-12-31	$161.22M	$30.21M	$0.41
2016-12-31	$153.39M	-$9.55M	-$0.19

Margins and returns by year

Period end	Net margin	Return on equity
2025-12-31	8.60%	1.58%
2024-12-31	6.14%	1.10%
2023-12-31	-2.61%	-0.48%
2022-12-31	18.65%	3.14%
2021-12-31	17.82%	1.22%
2020-12-31	6.97%	2.07%
2019-12-31	22.58%	7.41%
2018-12-31	13.75%	4.17%
2017-12-31	18.74%	4.67%
2016-12-31	-6.23%	-1.81%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$23.56M	$2.28B
2024-12-31	$21.23M	$2.33B
2023-12-31	$22.85M	$2.55B
2022-12-31	$16.08M	$2.63B
2021-12-31	$35.97M	$2.71B
2020-12-31	$8.75M	$945.69M
2019-12-31	$9.89M	$985.57M
2018-12-31	$9.32M	$985.49M
2017-12-31	$9.32M	$778.44M
2016-12-31	$20.89M	$743.82M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$128.28M	$7.88M
2024-12-31	$84.69M	$7.08M
2023-12-31	$49.32M	$7.66M
2022-12-31	$103.80M	$7.89M
2021-12-31	$9.28M	$7.23M
2020-12-31	$37.56M	$5.56M
2019-12-31	$29.38M	$3.12M
2018-12-31	$28.10M	$2.52M
2017-12-31	$39.95M	$1.97M
2016-12-31	-$18.20M	$1.22M

Dividend history

Most recent payment: Sep 30, 2026
Paid in the last twelve months: $0.70

Payment date	Dividend per share
2026-09-30	$0.18
2026-06-26	$0.18
2026-03-27	$0.17
2025-12-31	$0.17
2025-09-30	$0.17
2025-06-27	$0.17
2025-03-28	$0.16
2024-12-31	$0.16

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-02	Sep 2026	$0.29
2026-08-03	Jun 2026	$0.27
2026-04-29	Mar 2026	$0.27
2026-02-11	Dec 2025	$0.32
2025-10-29	Sep 2025	$0.30
2025-07-30	Jun 2025	$0.28
2025-04-30	Mar 2025	$0.28
2025-02-12	Dec 2024	$0.32

Filings and sources

Company website: irtliving.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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