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IRT

Independence Realty Trust, Inc.

IRT

Independence Realty Trust, Inc. • NYSE
$17.15 ▲ 0.41% (+0.07)
Market Cap $3.96 B
52w High $21.89
52w Low $15.07
Dividend Yield 0.66%
P/E 190.56
Volume 665.35K
Outstanding Shares 230.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $167.138M ▲ $66.64M ▲ $6.893M ▼ 4.124% ▼ $0.03 ▼ $89.185M ▲
Q2-2025 $162.188M ▲ $65.776M ▼ $8.046M ▼ 4.961% ▼ $0.035 ▼ $86.741M ▲
Q1-2025 $161.243M ▼ $67.016M ▲ $8.354M ▲ 5.181% ▲ $0.04 ▲ $86.599M ▼
Q4-2024 $161.31M ▲ $4.856M ▼ $-1.003M ▼ -0.622% ▼ $-0.004 ▼ $94.88M ▲
Q3-2024 $160.135M $60.026M $12.365M 7.722% $0.055 $86.19M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $23.29M ▲ $6.093B ▲ $2.477B ▲ $3.485B ▲
Q2-2025 $19.491M ▼ $5.963B ▼ $2.412B ▲ $3.42B ▼
Q1-2025 $29.055M ▲ $5.983B ▼ $2.396B ▼ $3.455B ▲
Q4-2024 $21.228M ▲ $6.058B ▲ $2.483B ▲ $3.442B ▲
Q3-2024 $17.611M $5.948B $2.459B $3.355B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.995M ▼ $79.345M ▼ $-118.633M ▼ $47.691M ▲ $8.403M ▲ $27.621M ▼
Q2-2025 $8.172M ▼ $82.249M ▲ $-44.783M ▼ $-43.274M ▲ $-5.808M ▼ $37.781M ▼
Q1-2025 $8.526M ▲ $60.365M ▼ $10.441M ▲ $-65.924M ▼ $4.882M ▲ $38.914M ▲
Q4-2024 $-1.101M ▼ $63.434M ▼ $-191.548M ▼ $123.323M ▲ $-4.791M ▼ $-19.573M ▼
Q3-2024 $12.619M $69.239M $-67.61M $-784K $845K $59.764M

Revenue by Products

Product Q4-2018Q1-2025Q2-2025Q3-2025
Same Store
Same Store
 $0 ▲$150.00M ▲$150.00M ▲$150.00M ▲
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Reimbursement Income
Tenant Reimbursement Income
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement IRT’s revenue has been relatively steady in recent years, which suggests a stable base of rental income from its apartment portfolio. Profitability has been modest but generally positive, with occasional small losses, which is common for a REIT investing heavily in upgrades and growth. Operating performance looks reasonably healthy, supported by solid property-level earnings, but net income is sensitive to non‑cash items like depreciation and to interest costs. Overall, the income statement points to a business that is stable rather than spectacular, with results that can fluctuate around a narrow band of small profits or small losses.

Balance Sheet

Balance Sheet The balance sheet shows a typical REIT profile: a large base of property assets financed with a meaningful amount of debt and a substantial equity cushion. Total assets have been fairly stable, indicating a mature portfolio after earlier growth. Debt is significant but has been coming down from prior peaks, which reduces financial risk somewhat, though leverage is still an important factor to watch in a rising or volatile interest-rate environment. Cash on hand is quite low, so the company relies on ongoing cash flows and capital markets access rather than large cash reserves. Equity levels are solid, supporting the idea of a reasonably well-capitalized property owner, but the model remains sensitive to property values and financing conditions.

Cash Flow

Cash Flow Cash flow is a key strength. The company consistently generates healthy cash from operations, comfortably covering its investment spending on property upgrades and leaving room for distributions typical of a REIT. Free cash flow has been positive in recent years, although it moves around as the company ramps renovation and capital projects up or down. Recent periods show a willingness to reinvest heavily in the portfolio, which temporarily reduces free cash flow but is aimed at boosting future rental income. Overall, IRT appears to manage the balance between reinvestment and cash generation reasonably well, though it remains reliant on stable occupancy and rent levels to maintain this profile.

Competitive Edge

Competitive Edge IRT operates in the residential rental space with a clear strategic focus: mid-priced apartment communities in high-growth, non-gateway markets, especially across the Sunbelt. This positioning gives it exposure to population and job growth without competing head-on in the most expensive coastal cities. Its emphasis on Class B properties offers some resilience, as these units can be attractive both to budget‑conscious renters in good times and to downshifters in weaker economies. The value‑add renovation program—upgrading interiors and amenities to justify higher rents—is a core competitive engine and has a track record of driving returns. However, the company still faces intense competition from other multifamily operators, regional concentration risk in Sunbelt markets, and ongoing exposure to shifts in local supply, demand, and regulation. Its edge lies more in consistent execution and focus than in any single unique asset.

Innovation and R&D

Innovation and R&D As a REIT, IRT does not do traditional R&D, but it has built a notable innovation layer around technology and operations. The IRT Connect app and related digital tools streamline rent payments, maintenance requests, and resident communications, which can improve satisfaction and reduce management friction. Partnerships that offer flexible rent payment options and pet management services enhance the resident experience in practical ways. Behind the scenes, the company leans on data analytics to decide where and how to renovate, aiming to maximize the returns from its value‑add program. Future opportunities include deeper use of smart home features, more advanced data-driven pricing and marketing, and further sustainability initiatives. While none of this is proprietary in a tech sense, the combination of scale, process, and technology adoption strengthens IRT’s ability to keep its portfolio competitive and appealing.

Summary

Independence Realty Trust presents as a stable, cash-generative residential REIT with a clear strategy centered on mid-market apartments in growing Sunbelt cities and a disciplined value‑add renovation engine. The financials show steady revenue, modest but generally positive earnings, and strong operating cash flows that support both reinvestment and REIT-level payouts. The balance sheet carries meaningful leverage, typical for the sector, but with a solid equity base and improving debt levels, making interest rate and refinancing conditions key variables. Competitively, IRT benefits from its focus on Class B properties, operational discipline, and an increasingly tech-enabled, resident-centric approach, while still facing cyclical risks in housing demand, regional exposure, and capital market dependence. Overall, it looks like an execution-driven story where operational consistency, renovation returns, and prudent balance sheet management will largely determine future outcomes.

NEWS

October 31, 2025 · 4:05 PM UTC

Independence Realty Trust Publishes 2024 Sustainability Report

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October 29, 2025 · 4:05 PM UTC

Independence Realty Trust Announces Third Quarter 2025 Financial Results

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October 10, 2025 · 4:05 PM UTC

IRT Announces Dates for Third Quarter 2025 Earnings Release and Conference Call

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September 8, 2025 · 4:53 PM UTC

Independence Realty Trust Declares Third Quarter 2025 Dividend

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