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Independence Realty Trust, Inc. a Maryland corporation, is a self-administered and self-managed real estate investment trust (REIT) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units. As of December 31, 2025, we also owned interests in four unconsolidated joint ventures, two of which own and operate multifamily apartment properties that contain an aggregate of 653 units and two that are developing multifamily apartment properties that will, upon completion, contain an aggregate of 642 units. Independence Realty Trust, Inc. was incorporated in 2009 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $658M | $380M | $57M | $128M | 1.6% | 2.8% | 43.9% |
| 2024 | $640M | $337M | $39M | $85M | 1.1% | -3.2% | -328.1% |
| 2023 | $661M | $291M | $-17M | $49M | -0.5% | 5.2% | -114.7% |
| 2022 | $629M | $460M | $117M | $104M | 3.3% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 628.52 | 660.98 | 640.04 | 657.70 |
| Operating Revenue | - | 627.41 | 659.84 | 638.91 | 656.48 |
| Cost Of Revenue | - | 256.31 | 271.41 | 265.51 | 269.26 |
| Gross Profit | - | 372.22 | 389.57 | 374.52 | 388.43 |
| Operating Expense | - | 279.11 | 241.73 | 245.10 | 267.21 |
| Selling General And Administration | - | 26.26 | 22.77 | 24.24 | 23.97 |
| Total Expenses | - | 535.42 | 513.14 | 510.61 | 536.47 |
| Operating Income | - | 93.11 | 147.84 | 129.43 | 121.22 |
| EBITDA | - | 460.46 | 291.08 | 337.03 | 379.95 |
| Normalized EBITDA | - | 345.35 | 361.89 | 350.62 | 375.18 |
| EBIT | - | 207.61 | 72.11 | 116.17 | 136.71 |
| Interest Expense | - | 86.96 | 89.92 | 76.14 | 79 |
| Net Interest Income | - | -86.96 | -89.92 | -76.14 | -79 |
| Other Non Operating Income Expenses | - | 1.56 | -0.43 | 0 | -0.35 |
| Other Income Expense | - | 114.51 | -75.72 | -13.25 | 15.48 |
| Interest Expense Non Operating | - | 86.96 | 89.92 | 76.14 | 79 |
| Net Non Operating Interest Income Expense | - | -86.96 | -89.92 | -76.14 | -79 |
| Pretax Income | - | 120.66 | -17.81 | 40.03 | 57.71 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 24.17 | 0 | -2.86 | 1 |
| Net Income Continuous Operations | - | 120.66 | -17.81 | 40.03 | 57.71 |
| Net Income From Continuing And Discontinued Operation | - | 117.25 | -17.23 | 39.29 | 56.56 |
| Net Income From Continuing Operation Net Minority Interest | - | 117.25 | -17.23 | 39.29 | 56.56 |
| Net Income | - | 117.25 | -17.23 | 39.29 | 56.56 |
| Net Income Common Stockholders | - | 117.25 | -17.23 | 39.29 | 56.56 |
| Net Income Including Noncontrolling Interests | - | 120.66 | -17.81 | 40.03 | 57.71 |
| Normalized Income | - | 26.31 | 53.58 | 50.03 | 52.79 |
| Diluted NI Availto Com Stockholders | - | 117.25 | -17.23 | 39.29 | 56.56 |
| Basic Average Shares | - | 221.97 | 224.41 | 224.80 | 233.92 |
| Diluted Average Shares | - | 223.01 | 224.41 | 225.58 | 234.75 |
| Reconciled Depreciation | - | 252.85 | 218.97 | 220.85 | 243.24 |
| Reconciled Cost Of Revenue | - | 256.31 | 271.41 | 265.51 | 269.26 |
| Total Unusual Items | - | 115.12 | -70.81 | -13.60 | 4.77 |
| Total Unusual Items Excluding Goodwill | - | 115.12 | -70.81 | -13.60 | 4.77 |
| Minority Interests | - | -3.41 | 0.58 | -0.74 | -1.15 |
| Special Income Charges | - | 3.36 | -4.26 | -3.74 | -1.38 |
| Other Special Charges | - | -8.87 | 1.05 | 3.74 | 1.38 |
| Restructuring And Mergern Acquisition | - | 5.50 | 3.21 | 0 | 0 |
| Gain On Sale Of Security | - | 111.76 | -66.55 | -9.86 | 6.15 |
| Depreciation Amortization Depletion Income Statement | - | 252.85 | 218.97 | 220.85 | 243.24 |
| Depreciation And Amortization In Income Statement | - | 252.85 | 218.97 | 220.85 | 243.24 |
| General And Administrative Expense | - | 26.26 | 22.77 | 24.24 | 23.97 |
| Other Gand A | - | 26.26 | 22.77 | 24.24 | 23.97 |
| Earnings From Equity Interest | - | -2.17 | -4.49 | 0.35 | 11.07 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Independence Realty Trust, Inc.this co. | IRT | $4.0B | 70.67↑ premium | 1.16 | 1.6% | 16.46 |
| Kite Realty Group Trust | KRG | $5.7B | 19.00 | 1.85 | 9.7% | 10.58 |
| Sabra Health Care REIT, Inc. | SBRA | $4.5B | 28.64 | 1.58 | 5.5% | 15.18 |
| COPT Defense Properties | CDP | $3.7B | 24.33 | 2.45 | 10.1% | 15.25 |
| Newmark Group, Inc. | NMRK |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.6B |
| 28.68 |
| 2.48 |
| 8.6% |
| 13.22 |
| National Health Investors, Inc. | NHI | $3.3B | 23.29 | 2.18 | 9.3% | 16.16 |
| Dynex Capital, Inc. | DX | $2.8B | 8.77 | 1.19 | 13.6% | - |
| InvenTrust Properties Corp. | IVT | $2.6B | 23.04 | 1.43 | 6.2% | 12.22 |
| Douglas Emmett, Inc. | DEI | $2.4B | 150.56 | 1.29 | 0.9% | 11.72 |
| Peer Median | - | 23.81 | 1.71 | 9.0% | 13.22 | |