Independence Realty Trust, Inc. is a US-listed company in the multi-family residential REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $667m, up 3.5% on a year earlier, about the same pace as a quarter earlier. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders.
Our model value for Independence Realty Trust is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Independence Realty Trust, Inc.'s trailing-twelve-month revenue grew 3.5% year on year, with a free-cash-flow margin of 41.4%.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 0.2% while net income fell 27.3%: a 27pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to ffo per share of $1.16 to $1.18 for the 2026 Full Year; property revenue growth of 1.50 to 1.90 for the 2026 Full Year.
No model value for Independence Realty Trust, Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Independence Realty Trust, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.7 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$13 ~$11–$15 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Independence Realty Trust, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Independence Realty Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.7% of total assets over 10 years.
Operating margin has been a median 21.6%; its worst year was -2000.0%.
Free cash flow was positive in 9 of 10 years, at a median 36.7% of revenue.
The diluted share count rose 137.3% over five years; stock-based pay has been a median 1.3% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.16 | −34% | $675m | +3% |
| Next | $0.13 | −20% | $697m | +3% |
Next year's EPS estimate has moved +5.5% in 90 days, across 2 analysts.
The consensus EPS forecast for the current fiscal year is +19.2% on 90 days ago. In the last 30 days, 0 analysts raised Independence Realty Trust, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.13 | $0.12 |
| 60 days ago | $0.24 | $0.15 |
| 30 days ago | $0.20 | $0.12 |
| 7 days ago | $0.20 | $0.12 |
| Now | $0.16 | $0.13 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.06 | $0.02 | −73.8% |
| Mar 2026 | $0.03 | $0.00 | −84.0% |
| Dec 2025 | $0.08 | $0.06 | −26.3% |
| Sept 2025 | $0.06 | $0.04 | −26.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −2.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $645m | $667m | +3.5% |
| Net margin | 4.3% | 3.0% | −29.7% |
| P/E multiple | 126.0x | 174.9x | +38.9% |
| Share count | 229m | 236m | −2.9% |
Biggest factor: net margin.
Last 3 years +23.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $649m | $667m | +2.8% |
| Net margin | 10.7% | 3.0% | −71.6% |
| P/E multiple | 39.4x | 174.9x | +343.6% |
| Share count | 225m | 236m | −4.9% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| IRT | +97% | −33% | −6% | +34% | −9% | −12% |
| Industry peers (median) | +59% | −33% | +1% | +19% | −7% | −4% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| IRT | 83% | 50% | 50% | 42% | 33% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| IRT | −10% | −46% | −36% | −11% | −29% | −16% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 57% from February 13, 2020 to April 3, 2020. Getting back needed a 130% gain, reached on March 26, 2021, 357 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 3, 2026 | +2.6% | +3.3% | +0.6% | −2.2% |
| April 29, 2026 | −0.1% | +1.0% | +0.6% | −0.6% |
| February 11, 2026 | −6.6% | −1.6% | −2.8% | −7.3% |
| October 29, 2025 | −0.1% | −1.1% | +3.0% | +8.6% |
| July 30, 2025 | −4.3% | −0.5% | −2.5% | +2.0% |
| April 30, 2025 | −1.3% | +0.7% | −0.4% | −4.3% |
| February 12, 2025 | +1.7% | +0.7% | +2.9% | +4.0% |
| October 30, 2024 | −0.5% | −2.3% | +2.7% | +10.8% |
| July 31, 2024 | +2.9% | +0.2% | +4.9% | +9.6% |
| April 24, 2024 | −0.1% | −0.4% | +0.6% | +5.9% |
| February 14, 2024 | +8.2% | +1.6% | +5.9% | +8.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $656.7M |
| FY23 Q4 | $661M |
| FY24 Q1 | $660.1M |
| FY24 Q2 | $654.6M |
| FY24 Q3 | $646.1M |
| FY24 Q4 | $640M |
| FY25 Q1 | $640.7M |
| FY25 Q2 | $644.5M |
| FY25 Q3 | $651.5M |
| FY25 Q4 | $657.7M |
| FY26 Q1 | $661.8M |
| FY26 Q2 | $666.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 21.0% |
| FY23 Q4 | 5.2% |
| FY24 Q1 | 3.2% |
| FY24 Q2 | 0.9% |
| FY24 Q3 | -1.6% |
| FY24 Q4 | -3.2% |
| FY25 Q1 | -2.9% |
| FY25 Q2 | -1.5% |
| FY25 Q3 | 0.8% |
| FY25 Q4 | 2.8% |
| FY26 Q1 | 3.3% |
| FY26 Q2 | 3.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q2 | 14.2% |
| FY16 Q3 | 23.6% |
| FY16 Q4 | 25.9% |
| FY17 Q1 | 28.6% |
| FY17 Q2 | 28.5% |
| FY17 Q3 | 28.5% |
| FY17 Q4 | 28.2% |
| FY18 Q1 | 27.0% |
| FY18 Q2 | 26.4% |
| FY18 Q3 | 26.8% |
| FY18 Q4 | 27.1% |
| FY19 Q1 | 26.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 39.8% |
| FY23 Q4 | 39.7% |
| FY24 Q1 | 39.3% |
| FY24 Q2 | 40.0% |
| FY24 Q3 | 39.5% |
| FY24 Q4 | 40.6% |
| FY25 Q1 | 43.1% |
| FY25 Q2 | 42.7% |
| FY25 Q3 | 43.8% |
| FY25 Q4 | 42.9% |
| FY26 Q1 | 41.9% |
| FY26 Q2 | 41.4% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 0 | 9 | 17 | 20 | 49 | 110 | 153 | 161 | 191 | 203 | 212 | 250 | 629 | 661 | 640 | 658 | 667 |
| Gross profit | — | — | — | — | — | — | 149 | 155 | 184 | 195 | — | — | — | — | — | — | — |
| EBITDA | 0 | 3 | 7 | 9 | 21 | 38 | 74 | 80 | 97 | — | — | — | — | — | — | — | — |
| Operating income | 0 | 1 | 4 | 5 | 9 | 10 | 40 | 45 | 52 | — | — | — | — | — | — | — | — |
| Net income | 0 | −0 | −0 | 1 | 3 | 28 | −10 | 30 | 26 | 46 | 15 | 45 | 117 | −17 | 39 | 57 | 20 |
| Diluted EPS | $0.00 | −$0.04 | −$0.00 | $0.01 | $0.07 | $0.39 | −$0.10 | $0.20 | $0.15 | $0.26 | $0.08 | $0.20 | $0.53 | −$0.08 | $0.17 | $0.24 | $0.09 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +>999% | +91.8% | +19.9% | +146.6% | +122.8% | +40.0% | +5.1% | +18.6% | +6.3% | +4.3% | +18.1% | +151.2% | +5.2% | −3.2% | +2.8% | +3.5% |
| EBITDA | — | +>999% | +130.1% | +29.8% | +125.3% | +81.7% | +94.6% | +6.9% | +21.9% | — | — | — | — | — | — | — | — |
| Operating income | — | +>999% | +175.0% | +32.2% | +73.1% | +19.2% | +289.5% | +14.5% | +14.1% | — | — | — | — | — | — | — | — |
| Net income | — | <−999% | — | — | +378.0% | +860.6% | −134.7% | — | −13.0% | +74.6% | −67.8% | +201.9% | +163.0% | −114.7% | — | +43.9% | −27.3% |
| Diluted EPS | — | <−999% | — | — | +366.7% | +457.1% | −124.4% | — | −26.8% | +70.0% | −68.6% | +156.3% | +158.5% | −115.1% | — | +41.2% | −29.4% |
| Margins | |||||||||||||||||
| Gross margin | — | — | — | — | — | — | 96.8% | 96.3% | 96.4% | 96.2% | — | — | — | — | — | — | — |
| EBITDA margin | 100.0% | 36.1% | 43.3% | 46.9% | 42.8% | 34.9% | 48.6% | 49.4% | 50.7% | — | — | — | — | — | — | — | — |
| Operating margin | 100.0% | 15.7% | 22.4% | 24.7% | 17.4% | 9.3% | 25.9% | 28.2% | 27.1% | — | — | — | — | — | — | — | — |
| Net margin | 80.0% | −1.3% | −0.7% | 3.1% | 6.0% | 25.8% | −6.4% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | −2.6% | 6.1% | 8.6% | 3.0% |
| Free-cash-flow margin | — | — | — | 22.9% | 23.5% | 8.9% | −11.9% | 24.8% | 35.5% | 36.8% | 35.3% | 20.8% | 39.7% | 39.7% | 40.6% | 42.9% | 41.4% |
| Cash flow | |||||||||||||||||
| Cash from operations | 0 | 2 | 4 | 6 | 16 | 19 | −8 | 54 | 69 | 75 | 75 | 52 | 250 | 262 | 260 | 282 | 276 |
| Capital spending | — | — | — | 1 | 4 | 9 | 11 | 14 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | — | — | 5 | 12 | 10 | −18 | 40 | 68 | 75 | 75 | 52 | 250 | 262 | 260 | 282 | 276 |
| Stock-based pay | — | — | — | 0 | 0 | 0 | 1 | 2 | 3 | 3 | 6 | 7 | 8 | 8 | 7 | 8 | 8 |
| Free cash flow after stock pay | — | — | — | 4 | 11 | 9 | −19 | 38 | 65 | 72 | 69 | 45 | 242 | 255 | 253 | 274 | 268 |
| Balance sheet | |||||||||||||||||
| Cash | 0 | 1 | 3 | 3 | 15 | 38 | 21 | 9 | 9 | 10 | 9 | 36 | 16 | 23 | 21 | 24 | 23 |
| Total debt | 0 | — | 92 | 103 | 419 | 976 | 750 | 785 | 991 | 991 | 950 | 2,705 | 2,632 | 2,549 | 2,334 | 2,281 | 2,443 |
| Net debt (negative = net cash) | −0 | −1 | 90 | 100 | 404 | 937 | 729 | 775 | 982 | 981 | 941 | 2,669 | 2,616 | 2,527 | 2,312 | 2,258 | 2,421 |
| Diluted shares | 3m | 3m | 44m | 43m | 43m | 72m | 104m | 147m | 175m | 181m | 189m | 220m | 223m | 224m | 226m | 235m | 236m |
| Returned to shareholders | |||||||||||||||||
| Dividends | 0 | 0 | 0 | 3 | 15 | 25 | 37 | 52 | 52 | 65 | 56 | 50 | 106 | 135 | 144 | 154 | 161 |
| Buybacks | — | — | — | — | — | — | 62 | — | — | — | — | — | — | 0 | 0 | 30 | — |
| Total returned | 0 | 0 | 0 | 3 | 15 | 25 | 99 | 52 | 52 | 65 | 56 | 50 | 106 | 135 | 144 | 184 | 161 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 160 | 161 | 161 | 162 | 167 | 167 | 165 | 167 |
| Net income | 12 | −1 | 8 | 8 | 7 | 10 | −0 | 3 |
| Diluted EPS | $0.05 | $0.00 | $0.04 | $0.03 | $0.03 | $0.04 | $0.00 | $0.01 |
| Growth (year on year) | ||||||||
| Revenue | −5.0% | −3.6% | +0.4% | +2.4% | +4.4% | +3.8% | +2.5% | +3.1% |
| Net income | +214.6% | — | −52.5% | −23.8% | −44.3% | — | −100.8% | −57.9% |
| Diluted EPS | +150.0% | — | −50.0% | −40.0% | −40.0% | — | −100.0% | −66.7% |
| Margins | ||||||||
| Net margin | 7.7% | −0.6% | 5.2% | 5.0% | 4.1% | 6.0% | −0.0% | 2.0% |
| Free-cash-flow margin | 43.2% | 39.4% | 37.4% | 50.7% | 47.5% | 36.0% | 33.5% | 48.4% |
| Cash flow | ||||||||
| Cash from operations | 69 | 63 | 60 | 82 | 79 | 60 | 55 | 81 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 69 | 63 | 60 | 82 | 79 | 60 | 55 | 81 |
| Stock-based pay | 1 | 1 | 4 | 2 | 1 | 1 | 4 | 2 |
| Free cash flow after stock pay | 68 | 62 | 56 | 80 | 78 | 59 | 52 | 79 |
| Last 12 months unless stated | IRT | UMH | UDR | CSR | NXRT | ESS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $667m | $279m | $1.7bn | $257m | $253m | $1.9bn | $268m |
| Revenue growth, last 12 months | 3.5% | 8.5% | 1.5% | −6.0% | −0.5% | 4.5% | 1.4% |
| Revenue growth, 3-year average | 0.9% | 9.4% | 2.5% | −1.0% | −2.9% | 5.4% | 2.5% |
| Revenue growth, latest quarter | 3.1% | 10.8% | 0.0% | −16.6% | 2.3% | 4.1% | 1.7% |
| Gross margin | 96.1% | 91.2% | — | 96.6% | — | 70.1% | 91.2% |
| Operating margin | 26.9% | — | 40.8% | 56.1% | 11.1% | 29.5% | 26.6% |
| Operating margin, 3-year average | 27.5% | — | 26.7% | 30.3% | 27.2% | 38.8% | 26.7% |
| Net margin | 3.0% | 1.6% | 30.4% | 35.4% | −13.2% | 17.8% | 2.3% |
| Cash from operations / revenue | 41.4% | 29.9% | 51.7% | 30.2% | 32.9% | 57.0% | 31.5% |
| Free-cash-flow margin | 41.4% | −13.2% | 37.5% | 89.2% | −4.9% | 25.4% | 10.4% |
| Free-cash-flow margin, 3-year average | 41.4% | −7.2% | 36.3% | 26.5% | −5.4% | 25.9% | 17.4% |
| Stock pay / revenue | 1.1% | 1.7% | 1.6% | 1.6% | 4.0% | 0.7% | 1.6% |
| Change in share count | 3.0% | 2.0% | −0.8% | −7.9% | −1.5% | 0.0% | −0.0% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $602M | 36.1M | 15.5% | ▲ 1.1% |
| Vanguard Portfolio Management LLC | $364M | 21.8M | 9.4% | ▲ 1.8% |
| State Street Corp | $219M | 13.0M | 5.6% | ▼ 0.7% |
| Vanguard Capital Management LLC | $177M | 10.6M | 4.6% | ▼ 0.1% |
| Prudential Financial Inc | $131M | 7.9M | 3.4% | ▲ 0.1% |
| Alliancebernstein L.P. | $118M | 7.9M | 3.0% | ▼ 3.8% |
| Geode Capital Management, LLC | $117M | 7.0M | 3.0% | ▲ 4.7% |
| T. Rowe Price Investment Management, Inc. | $108M | 6.5M | 2.8% | ▼ 35.3% |
| Nomura Asset Management International Inc. | $92.9M | 5.6M | 2.4% | ▼ 18.5% |
| Morgan Stanley | $92M | 5.5M | 2.4% | ▼ 4.7% |
| Franklin Resources Inc | $90M | 5.4M | 2.3% | ▲ 45.3% |
| Long Pond Capital, LP | $85.6M | 5.1M | 2.2% | ▼ 10.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Independence Realty Trust, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Gebert Richard D Director | November 2, 2026 | Sell pre-set plan | 500 | $14.77 | $7,385 |
| Gebert Richard D Director | October 1, 2026 | Sell pre-set plan | 500 | $14.47 | $7,235 |
| Gebert Richard D Director | September 1, 2026 | Sell pre-set plan | 500 | $16.16 | $8,080 |
| Gebert Richard D Director | August 3, 2026 | Sell pre-set plan | 500 | $16.70 | $8,350 |
| Gebert Richard D Director | July 1, 2026 | Sell pre-set plan | 500 | $16.75 | $8,375 |
| Gebert Richard D Director | June 1, 2026 | Sell pre-set plan | 500 | $16.15 | $8,075 |
| Gebert Richard D Director | May 1, 2026 | Sell pre-set plan | 500 | $16.33 | $8,165 |
| Gebert Richard D Director | April 1, 2026 | Sell pre-set plan | 500 | $14.85 | $7,425 |
| Gebert Richard D Director | March 2, 2026 | Sell pre-set plan | 500 | $16.47 | $8,235 |
| Gebert Richard D Director | February 2, 2026 | Sell pre-set plan | 500 | $16.73 | $8,365 |
| Gebert Richard D Director | December 1, 2025 | Sell pre-set plan | 500 | $17.00 | $8,500 |
| Gebert Richard D Director | November 3, 2025 | Sell pre-set plan | 500 | $15.74 | $7,870 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Independence Realty Trust, Inc. shares.
Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
