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6Material company update
Apr 29, 2026·SEC
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Mar 2, 2026·SEC
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Feb 11, 2026·SEC
Independence Realty Trust, Inc.(IRT)Earnings, Financials & Key Ratios
IRT•NYSE•REIT / Real Estate
$17.35
72.3× P/E·Price updated Jul 7, 2026
AboutIndependence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, and Raleigh. IRT's investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.Show more
- Revenue$658M+2.8%
- FFO$300M+15.2%
- FFO/Share1.28+10.7%
- FFO Payout51.5%-7.0%
- FFO per Share1.28+10.7%
- NOI Margin-14.91%-125.5%
- FFO Margin45.58%+12.1%
- ROE1.58%+43.5%
- ROA0.94%+47.0%
IRT Price & Volume
Independence Realty Trust, Inc. (IRT) stock price & volume — 10-year historical chart
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Volatile Property Margins Obscure Capital Expenditure Risks
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Strained
Cash Flow:Mixed
Primary Risk:Volatile Property-Level Operating Margins
Key Thesis Takeaways
- Independence Realty Trust faces significant operational headwinds as evidenced by erratic NOI margins that plummeted to -20.7% in 2026Q1, signaling potential integration challenges within its multifamily portfolio.
- While the company pursues a value-add strategy, the heavy reliance on capital expenditures—which reached $83 million in 2024Q4—frequently constrains free cash flow and complicates dividend sustainability.
- Investors should remain cautious given the persistent discrepancy between GAAP net income and FFO, which suggests that headline earnings may not accurately reflect the company's underlying cash-generating capacity.
Verdict Logic
the company's dividend payout ratio relative to AFFO has fluctuated wildly, reaching an unsustainable 2.33x in 2023Q4, which indicates significant risk to income-focused shareholders.
IRT Growth Metrics
Independence Realty Trust, Inc. (IRT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years19.63%
5 Years25.42%
3 Years1.52%
TTM3.23%
Profit CAGR
10 Years7.19%
5 Years30.81%
3 Years-21.57%
TTM60.08%
EPS CAGR
10 Years-11.12%
5 Years-
3 Years16.96%
TTM53.78%
Return on Capital
10 Years3.03%
5 Years2.15%
3 Years2.53%
Last Year2.37%
IRT Recent Earnings
Independence Realty Trust, Inc. (IRT) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 2/12 qtrs (17%)
Q2 2026Latest
Apr 29, 2026Metric
Actual
Est
EPS
$0.26+766.7%
$0.03
Rev
$165M-0.7%
$166M
Q1 2026
Feb 11, 2026Metric
Actual
Est
EPS
$0.32+271.7%
$0.09
Rev
$167M-1.8%
$170M
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$0.29-3.3%
$0.30
Rev
$167M-2.2%
$171M
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$0.28+0.0%
$0.28
Rev
$162M-1.1%
$164M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.26vs $0.03+766.7% | $165Mvs $166M-0.7% |
| Q1 2026 | Feb 11, 2026 | $0.32vs $0.09+271.7% | $167Mvs $170M-1.8% |
| Q4 2025 | Oct 29, 2025 | $0.29vs $0.30-3.3% | $167Mvs $171M-2.2% |
| Q3 2025 | Jul 30, 2025 | $0.28vs $0.28+0.0% | $162Mvs $164M-1.1% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Independence Realty Trust, Inc. (IRT)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $17.35 | $4.09B | 72.29 | 2.76% | 8.6% | 1.58% | 3.79% | |
| $9.42 | $27.53B | 12.81 | 5.59% | 8.48% | 10.24% | — | |
| $141.71 | $16.49B | 37.49 | 0.83% | 18.19% | 6.81% | — | |
| $117.58 | $12.31B | 33.21 | 1.92% | 32.81% | 8.71% | — | |
| $41.24 | $13.44B | 36.50 | 2.42% | 28.6% | 12.37% | — | |
| $2.94 | $422.94M | 0.76 | -33.64% | 186.21% | 54.65% | — |
Compare IRT vs Peers
Independence Realty Trust, Inc. (IRT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
IRT SEC Filings & Documents
Independence Realty Trust, Inc. (IRT) SEC filings — annual & quarterly reports (10-K, 10-Q)
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IRT Frequently Asked Questions
Independence Realty Trust, Inc. (IRT) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Independence Realty Trust, Inc.'s revenue?
Independence Realty Trust, Inc. (IRT) reported $661.8M in revenue for fiscal year 2025. This represents a 12325752% increase from $0.0M in 2010.
How fast is Independence Realty Trust, Inc. growing?
Independence Realty Trust, Inc. (IRT) grew revenue by 2.8% over the past year. Growth has been modest.
Is IRT profitable?
Yes, Independence Realty Trust, Inc. (IRT) is profitable, generating $48.1M in net income for fiscal year 2025 (8.6% net margin).
Dividend & Returns
Does IRT pay dividends?
Yes, Independence Realty Trust, Inc. (IRT) pays a dividend with a yield of 3.79%. This makes it attractive for income-focused investors.
What is IRT's return on equity?
Independence Realty Trust, Inc. (IRT) has a return on equity (ROE) of 1.6%. This is below average, suggesting room for improvement.
Industry Metrics
What is Independence Realty Trust, Inc.'s FFO?
Independence Realty Trust, Inc. (IRT) generated Funds From Operations (FFO) of $297.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Is IRT a good dividend stock?
Independence Realty Trust, Inc. (IRT) offers a 3.79% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.