NYSE : IRT
Independence Realty Trust, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 14.72 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.55B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 666.02M | 656.48M | 638.91M | 659.84M | 627.41M | 249.49M |
| Other Revenue | 11.14M | 12.28M | 1.47M | -3.35M | -1.06M | 760.00K |
| Total Revenue | 677.16M | 668.76M | 640.38M | 656.50M | 626.36M | 250.25M |
| Property Expenses | 266.27M | 260.19M | 258.13M | 265.07M | 251.46M | 102.79M |
| Selling, General & Administrative | 32.70M | 33.05M | 31.62M | 29.11M | 31.11M | 18.61M |
| Depreciation & Amortization | 254.21M | 243.24M | 220.85M | 218.97M | 252.85M | 76.91M |
| Total Operating Expenses | 553.18M | 536.47M | 510.61M | 513.14M | 535.42M | 198.31M |
| Operating Income | 123.98M | 132.29M | 129.77M | 143.35M | 90.94M | 51.94M |
| Interest Expense | -83.19M | -79.00M | -76.14M | -89.92M | -86.95M | -36.40M |
| Other Non-Operating Income | -440.00K | -352.00K | -1.00K | -427.00K | 1.56M | |
| EBT Excluding Unusual Items | 40.35M | 52.94M | 53.63M | 53.00M | 5.54M | 15.54M |
| Merger & Restructuring Charges | -5.50M | -47.06M | ||||
| Gain (Loss) on Sale of Assets | 4.65M | 6.15M | -9.86M | -66.55M | 111.76M | 87.67M |
| Total Insurance Settlements | 476.00K | 8.87M | ||||
| Other Unusual Items | -1.18M | -1.38M | -3.73M | -1.05M | -10.62M | |
| Pretax Income | 44.30M | 57.71M | 40.03M | -17.81M | 120.66M | 45.53M |
| Earnings From Continuing Operations | 44.30M | 57.71M | 40.03M | -17.81M | 120.66M | 45.53M |
| Minority Interest in Earnings | -819.00K | -1.15M | -742.00K | 580.00K | -3.41M | -940.00K |
| Net Income | 43.48M | 56.56M | 39.29M | -17.23M | 117.25M | 44.59M |
| Net Income to Common | 43.48M | 56.56M | 39.29M | -17.23M | 117.25M | 44.59M |
| Basic Shares Outstanding | 235.56M | 233.92M | 224.80M | 224.41M | 221.97M | 108.55M |
| Diluted Shares Outstanding | 236.56M | 234.75M | 225.58M | 224.41M | 223.12M | 109.83M |
| EPS (Basic) | 0.18 | 0.24 | 0.17 | -0.08 | 0.53 | 0.41 |
| EPS (Diluted) | 0.18 | 0.24 | 0.17 | -0.08 | 0.53 | 0.41 |
| Dividend Per Share | 0.69 | 0.67 | 0.64 | 0.62 | 0.54 | 0.48 |
| Operating Margin | 18.31% | 19.78% | 20.27% | 21.84% | 14.52% | 20.76% |
| Profit Margin | 6.42% | 8.46% | 6.14% | -2.62% | 18.72% | 17.82% |
| EBITDA | 378.19M | 375.53M | 350.63M | 362.32M | 343.79M | 128.85M |
| EBITDA Margin | 55.85% | 56.15% | 54.75% | 55.19% | 54.89% | 51.49% |
| D&A For Ebitda | 254.21M | 243.24M | 220.85M | 218.97M | 252.85M | 76.91M |
| EBIT | 123.98M | 132.29M | 129.77M | 143.35M | 90.94M | 51.94M |
| EBIT Margin | 18.31% | 19.78% | 20.27% | 21.84% | 14.52% | 20.76% |
| Funds From Operations (FFO) | 283.98M | 285.91M | 272.79M | 270.47M | 263.18M | 31.74M |
| FFO Per Share | 1.17 | 1.19 | 1.18 | 1.17 | 1.15 | 0.29 |
| Adjusted Funds From Operations (AFFO) | 285.91M | 272.79M | 270.47M | 263.18M | 31.74M | |
| AFFO Per Share | 1.19 | 1.18 | 1.17 | 1.15 | 0.29 | |
| FFO Payout Ratio | 56.65% | 54.00% | 52.80% | 49.87% | 40.21% | 157.01% |
| Revenue as Reported | 666.83M | 657.70M | 640.03M | 660.98M | 628.52M | 250.25M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 5.84B | 5.74B | 5.74B | 5.78B | 6.30B | 6.26B |
| Cash & Equivalents | 22.51M | 23.56M | 21.23M | 22.85M | 16.08M | 35.97M |
| Other Intangible Assets | 418.00K | 2.97M | 3.64M | 66.00K | 399.00K | 53.27M |
| Restricted Cash | 24.18M | 24.06M | 22.22M | 27.88M | 27.93M | 29.70M |
| Other Current Assets | 77.76M | 76.47M | 110.11M | 296.33M | 35.78M | 61.56M |
| Trading Asset Securities | 14.85M | 9.84M | 29.30M | 29.94M | 41.11M | 2.49M |
| Other Long-Term Assets | 112.59M | 141.20M | 129.69M | 125.88M | 111.99M | 63.05M |
| Total Assets | 6.09B | 6.02B | 6.06B | 6.28B | 6.53B | 6.51B |
| Current Portion of Long-Term Debt | 83.56M | 336.22M | 6.46M | |||
| Current Portion of Leases | 811.00K | |||||
| Long-Term Debt | 2.36B | 1.95B | 2.33B | 2.55B | 2.63B | 2.71B |
| Long-Term Leases | 2.74M | 2.27M | 2.12M | 2.70M | 3.40M | |
| Accounts Payable | 101.71M | 92.36M | 94.67M | 109.07M | 109.68M | 106.33M |
| Accrued Expenses | 8.30M | 8.38M | 8.63M | 7.92M | 7.71M | 7.17M |
| Other Current Liabilities | 43.43M | 41.27M | 37.83M | 36.86M | 32.19M | 16.79M |
| Other Long-Term Liabilities | 5.43M | 5.41M | 5.91M | 7.02M | 9.60M | 17.09M |
| Total Liabilities | 2.60B | 2.43B | 2.48B | 2.71B | 2.79B | 2.86B |
| Common Stock | 2.36M | 2.37M | 2.31M | 2.25M | 2.24M | 2.21M |
| Additional Paid-In Capital | 3.98B | 4.01B | 3.87B | 3.75B | 3.75B | 3.68B |
| Retained Earnings | -634.70M | -555.33M | -454.10M | -348.40M | -191.74M | -188.41M |
| Comprehensive Income & Other | 13.38M | 7.72M | 26.07M | 25.51M | 35.10M | -11.94M |
| Total Common Equity | 3.36B | 3.46B | 3.44B | 3.43B | 3.60B | 3.48B |
| Minority Interest | 127.52M | 129.49M | 132.80M | 135.90M | 141.20M | 161.31M |
| Shareholders' Equity | 3.49B | 3.59B | 3.58B | 3.57B | 3.74B | 3.64B |
| Total Liabilities & Equity | 6.09B | 6.02B | 6.06B | 6.28B | 6.53B | 6.51B |
| Total Debt | 2.45B | 2.28B | 2.34B | 2.55B | 2.64B | 2.72B |
| Net Cash (Debt) | -2.41B | -2.25B | -2.29B | -2.50B | -2.58B | -2.68B |
| Net Cash Per Share | -10.18 | -9.59 | -10.13 | -11.14 | -11.55 | -24.39 |
| Filing Date Shares Outstanding | 235.32M | 236.90M | 230.55M | 224.49M | 224.09M | 220.70M |
| Total Common Shares Outstanding | 235.31M | 236.85M | 230.48M | 224.42M | 223.83M | 220.48M |
| Book Value Per Share | 14.28 | 14.61 | 14.94 | 15.29 | 16.07 | 15.79 |
| Tangible Book Value | 3.36B | 3.46B | 3.44B | 3.43B | 3.60B | 3.43B |
| Tangible Book Value Per Share | 14.27 | 14.60 | 14.92 | 15.29 | 16.07 | 15.55 |
| Land | 588.58M | 573.78M | 564.97M | 540.95M | 579.09M | 567.51M |
| Buildings | 5.58B | 5.45B | 5.32B | 5.29B | 5.70B | 5.62B |
| Construction In Progress | 67.81M | 60.12M | 116.86M | 98.36M | 105.52M | 41.78M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 43.48M | 56.56M | 39.29M | -17.23M | 117.25M | 44.59M |
| Depreciation & Amortization | 254.21M | 243.24M | 220.85M | 218.97M | 252.85M | 76.91M |
| Other Amortization | 3.92M | 3.66M | 2.79M | 3.29M | 3.73M | 1.64M |
| Gain (Loss) on Sale of Assets | 1.50M | |||||
| Asset Writedown | -6.15M | -6.15M | 9.86M | 66.55M | -111.76M | -87.67M |
| Stock-Based Compensation | 7.57M | 7.88M | 7.08M | 7.66M | 7.89M | 7.23M |
| Income (Loss) on Equity Investments | -10.33M | -11.07M | -347.00K | 4.49M | 2.17M | |
| Change in Accounts Payable | -1.65M | 2.46M | -7.09M | -3.23M | -2.50M | -3.63M |
| Change in Other Net Operating Assets | -12.05M | -9.31M | -8.46M | -10.54M | -3.86M | 863.00K |
| Other Operating Activities | -4.73M | -5.13M | -4.23M | -7.79M | -16.24M | 12.33M |
| Operating Cash Flow | 275.77M | 282.15M | 259.75M | 262.17M | 249.54M | 52.26M |
| Acquisition of Real Estate Assets | -279.42M | -306.61M | -413.62M | -212.85M | -347.52M | -182.49M |
| Sale of Real Estate Assets | 48.74M | 157.94M | 390.88M | 230.79M | 253.56M | 177.49M |
| Net Sale / Acq. of Real Estate Assets | -230.68M | -148.67M | -22.74M | 17.94M | -93.96M | -5.00M |
| Cash Acquisition | 94.00K | 2.15M | -186.12M | |||
| Investment in Marketable & Equity Securities | 4.40M | 4.78M | -2.58M | -26.00M | -57.39M | -25.00M |
| Other Investing Activities | 4.65M | 980.00K | 4.72M | 4.21M | 15.58M | |
| Investing Cash Flow | -221.54M | -142.91M | -20.61M | -1.71M | -135.77M | -216.12M |
| Long-Term Debt Issued | 479.51M | 600.00M | 270.00M | 707.50M | 594.50M | |
| Long-Term Debt Repaid | -578.90M | -804.79M | -379.94M | -771.89M | -615.18M | |
| Net Debt Issued (Repaid) | 68.48M | -99.39M | -204.79M | -109.94M | -64.39M | -20.68M |
| Issuance of Common Stock | 112.56M | 162.44M | 111.30M | 48.65M | 317.02M | |
| Repurchase of Common Stock | -62.73M | -33.49M | -2.60M | -4.74M | -5.97M | -2.93M |
| Common Dividends Paid | -160.88M | -154.39M | -144.02M | -134.87M | -105.83M | -49.83M |
| Other Financing Activities | -7.49M | -10.24M | -6.32M | -4.20M | -7.89M | -27.66M |
| Net Cash Flow | 4.17M | 4.17M | -7.28M | 6.71M | -21.65M | 52.06M |
| Levered Free Cash Flow | 186.07M | 185.55M | 325.46M | -139.33M | 229.96M | 56.89M |
| Unlevered Free Cash Flow | 234.15M | 231.26M | 370.25M | -86.42M | 280.58M | 78.00M |
| Cash Interest Paid | 82.63M | 82.63M | 80.61M | 96.02M | 96.38M | 29.23M |
| Change in Working Capital | -13.69M | -6.84M | -15.55M | -13.77M | -6.36M | -2.77M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.60B | 4.17B | 4.46B | 3.43B | 3.77B | 5.70B |
| Enterprise Value | 6.01B | 6.57B | 6.85B | 6.22B | 6.52B | 6.73B |
| Last Close Price | 14.72 | 16.89 | 18.47 | 13.75 | 14.57 | 21.70 |
| Price/FFO Ratio | 14.04 | 14.19 | 15.65 | 11.76 | 12.67 | 74.84 |
| Price/AFFO Ratio | 14.17 | 15.62 | 11.71 | 12.65 | 74.82 | |
| PE Ratio | 83.37 | 73.78 | 113.48 | 32.19 | 127.84 | |
| PS Ratio | 5.33 | 6.24 | 6.96 | 5.23 | 6.03 | 22.78 |
| PB Ratio | 1.03 | 1.16 | 1.25 | 0.96 | 1.01 | 1.56 |
| P/OCF Ratio | 13.09 | 14.79 | 17.16 | 13.10 | 15.12 | 109.08 |
| EV/Sales Ratio | 8.89 | 9.82 | 10.69 | 9.47 | 10.41 | 26.91 |
| EV/EBITDA Ratio | 15.91 | 17.49 | 19.53 | 17.17 | 18.96 | 52.25 |
| EV/EBIT Ratio | 48.54 | 49.65 | 52.76 | 43.39 | 71.67 | 129.63 |
| Debt / Equity Ratio | 0.70 | 0.64 | 0.65 | 0.71 | 0.70 | 0.75 |
| Debt / EBITDA Ratio | 6.45 | 6.07 | 6.65 | 7.03 | 7.64 | 21.09 |
| Net Debt / Equity Ratio | 0.69 | 0.63 | 0.64 | 0.70 | 0.69 | 0.74 |
| Net Debt / EBITDA Ratio | 6.37 | 6.00 | 6.52 | 6.90 | 7.50 | 20.79 |
| Asset Turnover | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.06 |
| Quick Ratio | 0.16 | 0.07 | 0.36 | 0.34 | 0.38 | 0.28 |
| Current Ratio | 0.59 | 0.28 | 1.30 | 2.45 | 0.81 | 0.95 |
| Return on Equity (ROE) | 1.26% | 1.61% | 1.12% | -0.49% | 3.27% | 2.09% |
| Return on Assets (ROA) | 1.29% | 1.37% | 1.31% | 1.40% | 0.87% | 0.79% |
| Earnings Yield | 1.20% | 1.35% | 0.88% | -0.50% | 3.11% | 0.78% |
| Dividend Yield | 4.82% | 3.80% | 3.31% | 4.05% | 3.20% | 1.86% |
| Payout Ratio | 401.77% | 272.98% | 366.55% | 90.26% | 111.76% | |
| Buyback Yield / Dilution | -3.12% | -4.06% | -0.52% | -0.58% | -103.15% | -15.99% |
| Total Shareholder Return | 1.69% | -0.26% | 2.79% | 3.47% | -99.94% | -14.14% |