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.

Symbol: IRT
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Residential
Market cap: $3.47B
52 week range: 14.46 - 17.79

Valuation

Share price: $14.70 (close of 2026-09-28)
P/E (TTM): 81.80x
Price to book: 0.99x
Price to free cash flow: 12.57x
Enterprise value: $5.89B
Book value per share: $14.79

Price performance

Period	Change
1 day	+0.48%
5 days	+0.27%
1 month	-9.87%
3 months	-13.07%
6 months	-0.41%
Year to date	-15.90%
1 year	-11.12%
3 years	+4.48%
5 years	-28.88%
10 years	+60.48%
All time	+73.96%

Members of Congress who disclosed IRT trades

Gilbert Ray Cisneros · Josh Gottheimer · Lisa McClain

Profitability and growth

Return on equity: 1.58%
Return on assets: 0.94%
Net margin: 8.60%
EBITDA margin: 45.58%
Revenue growth: 2.76%
Net income growth: 43.95%
Free cash flow growth: 8.62%

Cash flow and balance sheet

Free cash flow yield (TTM): 7.96%
Net debt to EBITDA: 6.34x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $657.70M
EBITDA: $299.80M
Net income: $56.56M
Earnings per share: $0.24
Shares outstanding: 233.92M

Income statement by year

Period end	Revenue	Gross profit	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	$195.50M	$45.90M	$0.51
2018-12-31	$191.23M	$184.27M	$26.29M	$0.30
2017-12-31	$161.22M	$155.21M	$30.21M	$0.41
2016-12-31	$153.39M	$148.54M	-$9.55M	$-0.19

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
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	96.20%	22.58%	7.41%	-
2018-12-31	96.36%	13.75%	4.17%	3.23%
2017-12-31	96.27%	18.74%	4.67%	3.21%
2016-12-31	96.84%	-6.23%	-1.81%	3.17%

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	$282.15M	$7.88M
2024-12-31	$259.75M	$7.08M
2023-12-31	$262.17M	$7.66M
2022-12-31	$249.54M	$7.89M
2021-12-31	$52.08M	$7.23M
2020-12-31	$74.88M	$5.56M
2019-12-31	$74.75M	$3.12M
2018-12-31	$67.93M	$2.52M
2017-12-31	$39.95M	$1.97M
2016-12-31	-$18.20M	$1.22M