Detailed financial statements for Independence Realty Trust, Inc. (IRT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Independence Realty Trust (IRT), publicly traded as NYSE: IRT, operates as a real estate investment trust specializing in owning and managing multifamily apartment communities. Their portfolio is concentrated in non-gateway U.S. markets such as Atlanta, Louisville, Memphis, and Raleigh.
Analysis Summary
Independence Realty Trust, Inc. reported revenue of $657.7M in the most recent fiscal year, growing at a 5-year CAGR of 25.4%. Net income reached $56.6M, with a 30.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 1.0%, operating margin 17.0%, net margin 6.5%. Free cash flow grew at 31.3% CAGR over 5 years.
At $14.80 (closing price, October 29, 2026), IRT trades at a P/E of 80.65 and an ROE of 1.27%. Market capitalisation stands at $3.5B.
Balance sheet quality for IRT: current ratio of 0.1, net debt of $2.23B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $146.5M represents 259% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $153.4M | $161.2M | $191.2M | $203.2M | $211.9M | $250.3M | $628.5M | $661.0M | $640.0M | $657.7M |
| Cost of Revenue | $68.0M | $70.7M | $83.3M | $87.3M | $91.5M | $102.8M | $256.3M | $271.4M | $265.5M | $755.7M |
| Gross Profit | $85.4M | $90.5M | $107.9M | $115.9M | $120.4M | $147.5M | $372.2M | $389.6M | $374.5M | -$98.0M |
| Research & Development | -$0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.9M | $9.5M | $10.8M | $12.7M | $15.1M | $18.6M | $26.3M | $22.8M | $24.2M | 0 |
| Operating Expenses | $45.7M | $43.7M | $56.0M | $12.7M | $120.4M | $95.5M | $279.1M | $241.7M | $245.1M | -$219.3M |
| Operating Income | $39.7M | $45.4M | $51.8M | $103.2M | 0 | $51.9M | $93.1M | $147.8M | $129.4M | $121.2M |
| EBITDA | $60.8M | $94.3M | $107.8M | $103.2M | $112.1M | $158.8M | $460.5M | $291.1M | $337.0M | $379.9M |
| Interest Expense | $35.5M | $28.7M | $36.0M | $39.2M | $36.5M | $36.4M | $87.0M | $89.9M | $76.1M | $79.0M |
| Pre-tax Income | -$9.6M | $31.4M | $26.6M | $46.4M | $14.9M | $45.5M | $120.7M | -$17.8M | $40.0M | $57.7M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$9.8M | $30.2M | $26.3M | $45.9M | $14.8M | $44.6M | $117.2M | -$17.2M | $39.3M | $56.6M |
| EPS | $-0.19 | $0.41 | $0.30 | $0.07 | $0.16 | $0.08 | $0.15 | $-0.08 | $0.17 | $0.24 |
| EPS (Diluted) | $-0.19 | $0.41 | $0.30 | $0.07 | $0.16 | $0.07 | $0.15 | $-0.08 | $0.17 | $0.24 |
| Shares Outstanding (Diluted) | 52.2 M | 73.6 M | 87.4 M | 90.4 M | 94.7 M | 109.8 M | 223.1 M | 224.4 M | 225.6 M | 234.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $167.1M | $167.1M | $165.3M | $167.2M |
| Gross Profit | $97.5M | -$22.8M | -$34.3M | -$33.8M |
| Operating Income | $30.9M | $35.5M | $21.8M | $25.4M |
| EBITDA | $89.2M | $117.4M | $85.2M | $89.9M |
| Net Income | $6.9M | $33.3M | -$68,000 | $3.4M |
| EPS | $0.03 | $0.14 | $-0.00 | $0.01 |
| EPS (Diluted) | $0.03 | $0.14 | $-0.00 | $0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.9M | $10.0M | $9.3M | $9.9M | $8.8M | $36.0M | $16.1M | $22.9M | $21.2M | $47.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.2M | $7.6M | $8.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | -$3.9M | -$7.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $92.4M | $22.2M | $102.1M | $14.4M | $13.6M | $127.2M | $79.8M | $347.1M | $153.6M | $47.6M |
| Property, Plant & Equipment | $1.20B | $1.42B | $1.55B | 0 | $1.71B | $6.26B | 0 | $5.78B | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $118,000 | $1.1M | $744,000 | 0 | $792,000 | $53.3M | 0 | $66,000 | $3.6M | $3.0M |
| Total Assets | $1.29B | $1.45B | $1.66B | $1.66B | $1.73B | $6.51B | $6.53B | $6.28B | $6.06B | $6.02B |
| Accounts Payable | $14.0M | $17.2M | $22.8M | $25.4M | $25.4M | $106.3M | $109.7M | $109.1M | $94.7M | $92.4M |
| Short-term Debt | 0 | 0 | 0 | $184.0M | $694,000 | $6.5M | $824.8M | 0 | $794.7M | $787.5M |
| Total Current Liabilities | $18.8M | $22.7M | $39.7M | $228.1M | $40.3M | $136.8M | $974.4M | $153.8M | $935.8M | $929.5M |
| Long-term Debt | $741.0M | $775.2M | $980.5M | $801.6M | $974.8M | $2.71B | $1.81B | $2.55B | $1.54B | $1.49B |
| Total Liabilities | $765.5M | $804.5M | $1.03B | $1.04B | $1.02B | $2.86B | $2.79B | $2.71B | $2.48B | $2.43B |
| Retained Earnings | -$62.2M | -$85.2M | -$122.3M | -$141.5M | -$178.8M | -$188.4M | -$191.7M | -$348.4M | -$454.1M | -$555.3M |
| Total Equity | $506.8M | $624.1M | $623.0M | $613.3M | $708.1M | $3.48B | $3.60B | $3.43B | $3.44B | $3.46B |
| Total Debt | $743.8M | $778.4M | $985.5M | $985.6M | $978.5M | $2.71B | $2.63B | $2.55B | $2.33B | $2.28B |
| Net Debt | $722.9M | $768.5M | $976.2M | $975.7M | $969.8M | $2.67B | $2.62B | $2.53B | $2.31B | $2.23B |
| Working Capital | $73.6M | -$535,000 | $62.4M | -$213.6M | -$26.7M | -$9.5M | -$894.6M | $193.2M | -$782.3M | -$881.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $23.3M | $47.6M | $43.3M | $22.5M |
| Total Assets | $6.09B | $6.02B | $6.10B | $6.09B |
| Total Liabilities | $2.48B | $2.43B | $2.58B | $2.60B |
| Total Equity | $3.49B | $3.46B | $3.39B | $3.36B |
| Total Debt | $2.30B | $2.28B | $2.43B | $2.44B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$9.6M | $31.4M | $26.6M | $46.4M | $14.9M | $44.6M | $117.2M | -$17.2M | $40.0M | $56.6M |
| Depreciation & Amortization | $34.8M | $34.2M | $45.2M | $52.8M | $60.7M | $76.9M | $252.8M | $219.0M | $220.9M | $243.2M |
| Stock-based Compensation | $1.2M | $2.0M | $2.5M | $3.1M | $5.6M | $7.2M | $7.9M | $7.7M | $7.1M | $7.9M |
| Change in Working Capital | -$5.5M | -$121,000 | $3.4M | $5.8M | -$2.0M | $863,000 | -$3.9M | -$13.8M | -$15.6M | -$6.8M |
| Operating Cash Flow | -$7.5M | $54.3M | $68.5M | $75.0M | $75.0M | $52.3M | $249.5M | $262.2M | $259.8M | $282.1M |
| Capital Expenditure | -$10.7M | -$14.4M | -$40.4M | -$45.6M | -$37.4M | -$43.0M | -$145.7M | -$146.6M | -$175.1M | -$135.6M |
| Acquisitions | 0 | 0 | 0 | $60.8M | 0 | -$186.1M | 0 | $2.1M | -$2.6M | 0 |
| Stock Repurchased | -$62.2M | -$569,000 | -$354,000 | -$642,000 | -$1.5M | -$2.9M | -$6.0M | -$5.2M | -$2.6M | -$30.0M |
| Dividends Paid | -$36.6M | -$52.3M | -$52.5M | -$64.7M | -$56.1M | -$49.8M | -$105.8M | -$134.9M | -$144.0M | -$154.4M |
| Free Cash Flow | -$18.2M | $40.0M | $28.1M | $29.4M | $37.6M | $9.3M | $103.8M | $115.5M | $84.7M | $146.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $79.3M | $60.2M | $55.3M | $80.9M |
| Capital Expenditure | -$51.7M | -$18.0M | -$23.6M | -$40.3M |
| Free Cash Flow | $27.6M | $42.2M | $31.7M | $40.6M |
| Dividends Paid | -$39.7M | $113.8M | -$40.6M | -$40.0M |
| Stock-based Compensation | $1.0M | $1.1M | $3.8M | $1.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.1% | +18.6% | +6.3% | +4.3% | +18.1% | +151.2% | +5.2% | -3.2% | +2.8% | |
| Net Income Growth (YoY) | +408.2% | -13.0% | +74.6% | -67.8% | +201.9% | +163.0% | -114.7% | +328.1% | +43.9% | |
| EPS Growth (YoY) | +315.8% | -26.8% | -75.2% | +115.3% | -52.9% | +98.9% | -151.2% | +321.4% | +41.2% | |
| Shares Change (YoY) | +41.0% | +18.7% | +3.5% | +4.7% | +16.0% | +103.1% | +0.6% | +0.5% | +4.1% | |
| FCF Growth (YoY) | +319.6% | -29.7% | +4.5% | +27.9% | -75.3% | +1,018.0% | +11.3% | -26.7% | +73.0% | |
| Gross Margin | 55.7% | 56.1% | 56.4% | 57.0% | 56.8% | 58.9% | 59.2% | 58.9% | 58.5% | -14.9% |
| Operating Margin | 25.9% | 28.2% | 27.1% | 50.8% | 0.0% | 20.8% | 14.8% | 22.4% | 20.2% | 18.4% |
| EBITDA Margin | 39.6% | 58.5% | 56.4% | 50.8% | 52.9% | 63.5% | 73.3% | 44.0% | 52.7% | 57.8% |
| Net Margin | -6.4% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% |
| FCF Margin | -11.9% | 24.8% | 14.7% | 14.5% | 17.7% | 3.7% | 16.5% | 17.5% | 13.2% | 22.3% |
| Effective Tax Rate | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.35 | $0.54 | $0.32 | $0.32 | $0.40 | $0.08 | $0.47 | $0.51 | $0.38 | $0.62 |
| Dividends Per Share | $0.70 | $0.71 | $0.60 | $0.72 | $0.59 | $0.45 | $0.47 | $0.60 | $0.64 | $0.66 |
| Shares Outstanding (Basic) | 51.6 M | 73.3 M | 87.1 M | 89.8 M | 93.7 M | 108.6 M | 222.0 M | 224.4 M | 224.8 M | 233.9 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 1.27% |
| Return on Invested Capital | 495.61% |
| Return on Assets | 0.71% |
| Gross Margin | 1.00% |
| Operating Margin | 17.04% |
| Net Margin | 6.52% |
Financial Health
| Debt / Equity | 0.73 |
| Current Ratio | 0.27 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -46.95 | 24.61 | 30.60 | 189.50 | 83.94 | 342.57 | 112.40 | -199.22 | 116.71 | 72.83 |
| P/B | 0.91 | 1.19 | 1.28 | 2.06 | 1.78 | 0.81 | 1.04 | 1.00 | 1.30 | 1.18 |
| P/S | 3.00 | 4.59 | 4.18 | 6.22 | 5.94 | 11.20 | 5.95 | 5.19 | 6.97 | 6.22 |
| Gross Margin | 55.7% | 56.1% | 56.4% | 57.0% | 56.8% | 58.9% | 59.2% | 58.9% | 58.5% | -14.9% |
| Operating Margin | 25.9% | 28.2% | 27.1% | 50.8% | 0.0% | 20.8% | 14.8% | 22.4% | 20.2% | 18.4% |
| Net Margin | -6.4% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% |
Related companies: PSA · NHI · SKT · EPR · BNL · COLD · SHO
Explore sector: Real Estate · REIT - Residential
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