Independence Realty Trust (IRT)
Market Price (11/10/2026): $15.075 | Market Cap: $3.6 BilSector: Real Estate | Industry: Multi-Family Residential REITs
Independence Realty Trust (IRT)
Market Price (11/10/2026): $15.075Market Cap: $3.6 BilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 4.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and Electric Vehicles & Autonomous Driving. Themes include IoT for Buildings, Show more. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -41% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8% Key risksIRT key risks include [1] intense competition from oversupply and aggressive concessions on new rentals in its key Sun Belt markets. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 4.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and Electric Vehicles & Autonomous Driving. Themes include IoT for Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -41% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8% |
| Key risksIRT key risks include [1] intense competition from oversupply and aggressive concessions on new rentals in its key Sun Belt markets. |
Qualitative Assessment
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Independence Realty Trust (IRT) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Significant Miss in Fiscal Q2 2026 Earnings. Independence Realty Trust (IRT) reported diluted FFO of $0.01 per share for fiscal Q2 2026, significantly missing the consensus analyst estimate of $0.27 per share, representing a negative earnings surprise of 96.30%. This weak performance, announced on August 3, 2026, at the start of the specified period, likely contributed to immediate downward pressure on the stock.
2. Market Uncertainty Following Centerspace Merger Announcement. On September 9, 2026, IRT announced an all-stock merger agreement with Centerspace, creating an $8 billion multifamily REIT. While management projected 5% accretion to Core FFO by 2027 and $24 million in annual synergies, large-scale, all-stock mergers often introduce investor uncertainty regarding integration risks, execution challenges, and potential short-term dilution, which can weigh on share price.
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Independence Realty Trust (IRT) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Significant Miss in Fiscal Q2 2026 Earnings. Independence Realty Trust (IRT) reported diluted FFO of $0.01 per share for fiscal Q2 2026, significantly missing the consensus analyst estimate of $0.27 per share, representing a negative earnings surprise of 96.30%. This weak performance, announced on August 3, 2026, at the start of the specified period, likely contributed to immediate downward pressure on the stock.
2. Market Uncertainty Following Centerspace Merger Announcement. On September 9, 2026, IRT announced an all-stock merger agreement with Centerspace, creating an $8 billion multifamily REIT. While management projected 5% accretion to Core FFO by 2027 and $24 million in annual synergies, large-scale, all-stock mergers often introduce investor uncertainty regarding integration risks, execution challenges, and potential short-term dilution, which can weigh on share price.
3. Broad Macroeconomic Headwinds and Rising Interest Rates for REITs in Fiscal Q3 2026. The broader real estate investment trust (REIT) sector faced a challenging macroeconomic environment in fiscal Q3 2026, marked by rising interest rates. Increased oil prices contributed to higher headline inflation, prompting the Federal Reserve to raise interest rates, which negatively impacted REIT valuations. Borrowing costs for REIT debt also increased, with a weighted average coupon rising to 5.5% in fiscal Q3 2026 from 4.7% in fiscal Q1 2026, leading to concerns about higher refinancing costs and lower property values.
4. Analyst Price Target Reductions. Several investment firms lowered their price targets for IRT shares during the period. Wells Fargo & Company reduced its price objective from $19.00 to $18.00 on October 19, 2026, and Barclays decreased its price target from $20.00 to $19.00 on October 14, 2026. Such downgrades can signal a more cautious outlook from institutional analysts, influencing investor sentiment and contributing to downward stock movement.
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Stock Movement Drivers
Fundamental Drivers
The -8.3% change in IRT stock from 7/31/2026 to 11/9/2026 was primarily driven by a -28.8% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.43 | 15.07 | -8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 662 | 672 | 1.5% |
| Net Income Margin (%) | 7.3% | 9.2% | 26.3% |
| P/E Multiple | 80.7 | 57.5 | -28.8% |
| Shares Outstanding (Mil) | 236 | 235 | 0.4% |
| Cumulative Contribution | -8.3% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| IRT | -8.3% | |
| Market (SPY) | 0.8% | 21.5% |
| Sector (XLRE) | -1.0% | 71.1% |
Fundamental Drivers
The -5.5% change in IRT stock from 4/30/2026 to 11/9/2026 was primarily driven by a -26.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.94 | 15.07 | -5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 662 | 672 | 1.5% |
| Net Income Margin (%) | 7.3% | 9.2% | 26.3% |
| P/E Multiple | 78.3 | 57.5 | -26.6% |
| Shares Outstanding (Mil) | 236 | 235 | 0.4% |
| Cumulative Contribution | -5.5% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| IRT | -5.5% | |
| Market (SPY) | 5.0% | 0.5% |
| Sector (XLRE) | 1.4% | 71.2% |
Fundamental Drivers
The -1.1% change in IRT stock from 10/31/2025 to 11/9/2026 was primarily driven by a -64.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.24 | 15.07 | -1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 652 | 672 | 3.1% |
| Net Income Margin (%) | 3.4% | 9.2% | 168.6% |
| P/E Multiple | 159.8 | 57.5 | -64.0% |
| Shares Outstanding (Mil) | 234 | 235 | -0.8% |
| Cumulative Contribution | -1.1% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| IRT | -1.1% | |
| Market (SPY) | 11.3% | 12.4% |
| Sector (XLRE) | 12.1% | 65.6% |
Fundamental Drivers
The 36.7% change in IRT stock from 10/31/2023 to 11/9/2026 was primarily driven by a 32.2% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.02 | 15.07 | 36.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 657 | 672 | 2.3% |
| Net Income Margin (%) | 8.7% | 9.2% | 6.0% |
| P/E Multiple | 43.5 | 57.5 | 32.2% |
| Shares Outstanding (Mil) | 224 | 235 | -4.6% |
| Cumulative Contribution | 36.7% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| IRT | 36.7% | |
| Market (SPY) | 86.2% | 35.8% |
| Sector (XLRE) | 48.2% | 74.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IRT Return | 98% | -33% | -6% | 34% | -9% | -11% | 38% |
| Peers Return | 79% | -38% | -6% | 21% | -7% | -13% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| IRT Win Rate | 83% | 50% | 50% | 42% | 33% | 36% | |
| Peers Win Rate | 83% | 30% | 48% | 58% | 38% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| IRT Max Drawdown | -10% | -46% | -36% | -11% | -29% | -16% | |
| Peers Max Drawdown | -8% | -43% | -33% | -13% | -23% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MAA, CPT, NXRT, UDR, CSR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | IRT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.5% | -9.5% |
| % Gain to Breakeven | 39.9% | 10.5% |
| Time to Breakeven | 162 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.7% | 7.1% |
| Time to Breakeven | 459 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.9% | -33.7% |
| % Gain to Breakeven | 127.0% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.0% | -19.2% |
| % Gain to Breakeven | 11.2% | 23.8% |
| Time to Breakeven | 23 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.8% | -3.7% |
| % Gain to Breakeven | 16.1% | 3.9% |
| Time to Breakeven | 62 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.9% | -12.2% |
| % Gain to Breakeven | 24.8% | 13.9% |
| Time to Breakeven | 83 days | 62 days |
In The Past
Independence Realty Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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| Event | IRT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.5% | -9.5% |
| % Gain to Breakeven | 39.9% | 10.5% |
| Time to Breakeven | 162 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.5% | -6.7% |
| % Gain to Breakeven | 30.7% | 7.1% |
| Time to Breakeven | 459 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.9% | -33.7% |
| % Gain to Breakeven | 127.0% | 50.9% |
| Time to Breakeven | 357 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.0% | -6.8% |
| % Gain to Breakeven | 45.0% | 7.3% |
| Time to Breakeven | 158 days | 15 days |
In The Past
Independence Realty Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Independence Realty Trust (IRT)
Independence Realty Trust (IRT) is a real estate investment trust (REIT) focused on the multifamily apartment sector. The company's primary business involves the acquisition, ownership, and operation of apartment properties, essentially providing rental housing units as its main product or service.
IRT strategically invests in "non-gateway" U.S. markets, such as Atlanta, Louisville, Memphis, and Raleigh. Within these cities, the company targets amenity-rich submarkets that boast good school districts, high-quality retail options, and major employment centers. IRT's primary customers are residents seeking apartment housing in these desirable locations, with the company aiming to deliver attractive risk-adjusted returns to its stockholders through diligent portfolio management and strong operational performance.
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Independence Realty Trust (IRT): Equity Residential for apartments in America's thriving mid-sized cities.
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- Residential Rental Accommodation: Providing leased living spaces in multifamily apartment properties to tenants across various U.S. markets.
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Independence Realty Trust (IRT) primarily sells to individuals. As a real estate investment trust that owns and operates multifamily apartment properties, its major customers are the tenants who lease apartments in its properties.
Based on IRT's investment strategy, the categories of customers it serves include:
- Families and individuals prioritizing education: Tenants who are attracted to properties located in submarkets offering good school districts, indicating a focus on family-friendly environments.
- Working professionals and employees: Individuals or couples seeking residences with convenient access to major employment centers within IRT's target markets.
- Renters valuing amenities and convenience: Tenants who are drawn to amenity-rich submarkets and proximity to high-quality retail, seeking a lifestyle that offers convenience and desirable community features.
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Mr. Schaeffer has served as the Chairman of Independence Realty Trust's board since January 2011 and as its Chief Executive Officer since February 2013. He previously held the positions of Chairman and Chief Executive Officer of RAIT Financial Trust, a real estate investment trust, from 2010 to 2016 and 2009 to 2016, respectively. He also held various other senior leadership roles at RAIT from 2000 to 2016. Independence Realty Trust internalized its management and separated from RAIT in December 2016, at which time Mr. Schaeffer resigned from RAIT. Prior to RAIT, he served as Vice Chairman of Resource America, Inc. and President of Resource Properties, Inc., a wholly owned real estate subsidiary of Resource America.
James J. Sebra, President and Chief Financial Officer
Mr. Sebra has served as President of Independence Realty Trust since September 2024, Chief Financial Officer since May 2012, and Treasurer since January 2011. He also served as Chief Financial Officer and Treasurer of RAIT Financial Trust from May 2012 to March 2017. Mr. Sebra joined RAIT following its acquisition of Taberna Realty Finance Trust, where he was Vice President and Chief Accounting Officer. Before joining Taberna, he was the Controller of Brandywine Realty Trust, a publicly held REIT. His experience also includes working with public accounting firms Arthur Andersen LLP and KPMG LLP, serving publicly and privately held real estate companies.
Ella K. Shaw Neyland, Executive Vice President & Chief Operating Officer
Ms. Neyland is a key member of the executive team at Independence Realty Trust, holding the role of Executive Vice President & Chief Operating Officer.
Michele R. Weisbaum, Executive Vice President, General Counsel, and Secretary
Ms. Weisbaum is responsible for providing critical legal and governance oversight for Independence Realty Trust.
Jason R. Delozier, Chief Accounting Officer and Controller
Mr. Delozier manages the financial reporting and accounting functions for Independence Realty Trust.
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Key Risks to Independence Realty Trust (IRT)
- Market Fluctuations, Oversupply, and Economic Downturns: Independence Realty Trust is susceptible to broader real estate market cycles, including economic downturns and shifts in housing demand, which can adversely affect occupancy rates and rental income. Specifically, oversupply in key Sun Belt markets, where IRT has a significant presence, can put pressure on rent growth and slow down revenue growth.
- Interest Rate Sensitivity: As a real estate investment trust, IRT's profitability and valuation are sensitive to changes in interest rates. Rising interest rates can increase borrowing costs for future acquisitions or refinancing, potentially affecting the company's financial performance. Higher interest rates can also make other income-generating investments more attractive, which might reduce investor interest in REITs.
- Competition and Valuation Risk: IRT operates in a competitive multifamily housing market, facing competition from other REITs and real estate operators. Intense competition can lead to pricing pressures and impact occupancy and rent levels. Furthermore, the company's valuation, as indicated by a relatively high P/E multiple compared to its peers, suggests a meaningful valuation risk if investor sentiment cools.
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The significant and growing institutional investment in the single-family rental (SFR) market, particularly the "build-to-rent" model, poses an emerging threat. These professionally managed, purpose-built rental communities directly compete with multifamily properties for a segment of renters, especially families and individuals seeking more space or private outdoor areas, in the amenity-rich submarkets where Independence Realty Trust operates. This trend represents a scalable alternative housing option that can divert demand from traditional apartment living.
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The addressable markets for Independence Realty Trust (IRT), which owns and operates multifamily apartment properties, can be estimated by the number of existing units in its key non-gateway U.S. markets.
United States Multifamily Market (Overall):
- The U.S. multifamily market was valued at approximately $265 billion in 2022 and is projected to grow to $466 billion by 2030, with a compound annual growth rate (CAGR) of 7.31% between 2023 and 2030.
- Apartment demand in the U.S. totaled roughly 355,000 units in 2025, marking the third-highest annual absorption in the past 25 years.
Key Non-Gateway U.S. Markets:
- Atlanta, Georgia: The multifamily apartment market in Atlanta had an inventory surpassing 591,000 units as of Q1 2025. Atlanta absorbed approximately 19,000 units in 2025. The metro area has a population of over 6.3 million residents, and approximately 6.4 million residents, having added roughly 330,000 people since 2020.
- Louisville, Kentucky: The Louisville Metropolitan Statistical Area (MSA) comprised 99,844 multifamily units (in properties with 50+ units) across 564 apartment communities in 2025. Another report indicates an apartment inventory of 91,610 units with an additional 5,683 units under construction in the 12-county Louisville MSA. As of September 2022, Louisville was the 52nd largest multifamily market with 85,570 completed units.
- Memphis, Tennessee: The Memphis MSA features 540 apartment communities with over 50 units each, totaling 109,056 units. Yardi Matrix covers 527 properties, encompassing 108,590 apartment units in the Memphis market. The Memphis MSA has a population of 1,339,345.
- Raleigh, North Carolina (Raleigh-Durham/The Triangle): The Triangle region, which includes Raleigh, Durham, and Chapel Hill, is supported by 833 multifamily properties containing 180,053 units. As of Q1 2025, Raleigh's multi-unit inventory was 133,591 units. Raleigh-Durham absorbed 16,265 units in Q2 2025 and 8,709 units in 2023, ranking among the top 10 largest apartment markets nationally for demand.
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Independence Realty Trust (IRT) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic property enhancements, market-driven rental adjustments, portfolio optimization, and technological advancements.
The key drivers of future revenue growth for Independence Realty Trust are:
- Value-Add Renovation Program: IRT continues to prioritize its value-add renovation program, which involves upgrading apartment interiors to command higher rental rates and achieve significant returns on investment. For example, the company targeted 15% to 20% ROI on capital improvements across 2,500–3,000 units in 2025. This strategy consistently yields rent premiums and enhances property value, directly contributing to revenue growth. In 2025, IRT renovated 2,003 units with an average unlevered ROI of 15.3%, and plans for 2026 include renovating 2,000 to 2,500 units.
- Occupancy and Rental Rate Growth Driven by Favorable Market Fundamentals: The company aims to increase occupancy rates and implement positive rental rate growth for both new leases and renewals. IRT's markets, particularly the Sunbelt, are expected to benefit from favorable supply-demand dynamics, including stabilizing new deliveries and positive net absorption, driven by population growth and homeownership affordability challenges. In Q1 2024, IRT reported a 3.4% increase in same-store revenue, supported by a 120 basis point improvement in average occupancy to 94.4% year-over-year. Management projects blended effective rent growth of 1.7% for 2026.
- Strategic Portfolio Optimization Through Capital Recycling and Targeted Acquisitions: IRT is actively engaged in capital recycling, selling older, non-core assets, often in the Midwest, to fund acquisitions of newer properties in higher-growth Sunbelt markets such as Atlanta, Dallas, and Raleigh. This disciplined approach aims to enhance the overall quality and growth potential of its portfolio. For example, late-2025 dispositions of older Midwest assets were planned to fund acquisitions in the Southeast, and in 2024, IRT expanded its footprint by acquiring three communities, adding 908 units for $240 million.
- Technological Investments and Operational Efficiencies: IRT is investing in technology, such as AI leasing agents and expanding Wi-Fi initiatives, to drive operational efficiencies. These investments aim to boost occupancy, reduce turnover, improve resident retention, and decrease bad debt. By Q3 2025, bad debt improved to less than 1% of same-store revenues due to enhanced processes and technology. Such improvements directly contribute to maximizing rental income and, therefore, revenue growth.
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Capital Allocation Decisions for Independence Realty Trust (IRT)
Over the last three to five years, Independence Realty Trust (IRT) has made several significant capital allocation decisions, particularly in the areas of share issuance, inbound and outbound investments, and capital expenditures, while also engaging in share repurchases.
Share Repurchases
- In May 2022, Independence Realty Trust authorized a $250 million share repurchase program.
- Between October 1, 2025, and December 31, 2025, IRT repurchased 1.9 million shares for $30 million. This activity fully utilized the previously announced authorization from May 2022.
Share Issuance
- In December 2021, as part of its strategic merger with Steadfast Apartment REIT (STAR), IRT issued new common stock, with each STAR common share converted into 0.905 shares of IRT common stock. Following the merger, former STAR common stockholders held approximately 47% of the combined company's common equity.
- After the second quarter of 2024, IRT issued 13 million shares of common equity on a forward basis for approximately $246 million, with settlement expected in 2025 to fund future acquisitions and investments.
- In the first quarter of 2025, the company entered into a forward sale of $56 million of equity under its At-the-Market (ATM) program, and in the fourth quarter of 2025, net cash settled approximately 2.7 million shares from forward sales for roughly $11.3 million in net proceeds.
Inbound Investments
- In December 2021, Independence Realty Trust completed a strategic merger with Steadfast Apartment REIT, forming a combined company with an equity market capitalization of approximately $5.6 billion and a total enterprise value of about $8.3 billion. This merger significantly expanded IRT's portfolio and operational scale.
Outbound Investments
- The December 2021 merger with Steadfast Apartment REIT resulted in the combined entity owning a portfolio of 131 apartment communities, totaling approximately 38,000 units.
- In the third quarter of 2025, IRT acquired two communities in Orlando, Florida, for an aggregate purchase price of $155 million. These acquisitions were partially funded by proceeds from sales of common stock under forward sale agreements.
- For 2025, IRT's guidance included an anticipated acquisition volume of $280 million to $320 million. Looking ahead to 2026, the company projects an acquisition volume of $145 million, including a $29.5 million property acquisition in Columbus, Ohio, and $115.5 million related to the consolidation of a joint venture property.
Capital Expenditures
- Independence Realty Trust consistently prioritizes its value-add renovation program, which aims to drive rent growth and enhance property value.
- For the full year 2025, total capital expenditures amounted to $126.8 million, comprising $30.4 million in recurring expenditures, $41.2 million for the Value Add program, $44.4 million in non-recurring expenditures, and $10.8 million for development.
- For 2026, projected capital expenditures include $29 million to $33 million for recurring, $42 million to $46 million for the Value Add renovation program, and $32 million to $36 million for non-recurring and revenue-enhancing projects. The company expects to renovate between 2,000 and 2,500 units in 2026 through its value-add program.
Peer Outperformance in Multi-Family Residential REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| IRT | Independence Realty Trust | 0.8% | 57.5x | -4.4% | 30.5% | -26.4% | — |
| VMRK | Vivmark Residential | 4.5% | 25.3x | 15.9% | 37.4% | -5.6% | +21pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 18.7% | 67.8% | 68.5% | WELL 225% · OHI 152% · CTRE 134% |
| Retail REITs | 23 | 17.3% | 43.0% | 35.7% | SKT 139% · SPG 81% · IVT 55% |
| Hotel & Resort REITs | 16 | 52.0% | 54.7% | 13.4% | HST 77% · RHP 76% · APLE 65% |
| Other Specialized REITs | 11 | 0.5% | 24.6% | 12.3% | IRM 182% · EPR 68% · LAMR 67% |
| Real Estate Development | 6 | -0.9% | 29.7% | 10.6% | JOE 52% |
| Industrial REITs | 11 | 14.3% | 36.8% | 1.9% | EGP 17% · STAG 8% · CUBE 5% |
| Single-Family Residential REITs | 4 | 1.5% | 4.7% | -17.4% | AMH -6% · ELS -14% · INVH -21% |
| Multi-Family Residential REITs ← | 12 | -0.8% | 19.5% | -26.4% | ESS -3% · VMRK -6% · UDR -19% |
| Diversified REITs | 12 | 3.3% | 16.1% | -28.9% | EPRT 20% · WPC 16% |
| Office REITs | 19 | 3.0% | 51.4% | -31.4% | CDP 47% · CUZ -4% · HIW -4% |
| Real Estate Services | 27 | -21.5% | -18.3% | -35.4% | JLL 41% · CBRE 30% · COMP -14% |
| Telecom Tower REITs | 3 | 3.1% | 7.9% | -37.8% | AMT -21% · CCI -38% · SBAC -41% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.12 |
| Mkt Cap | 6.9 |
| Rev LTM | 1,113 |
| Op Inc LTM | 190 |
| FCF LTM | 174 |
| FCF 3Y Avg | 212 |
| CFO LTM | 495 |
| CFO 3Y Avg | 521 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.8% |
| Rev Chg 3Y Avg | 0.6% |
| Rev Chg Q | -0.0% |
| QoQ Delta Rev Chg LTM | -0.0% |
| Op Inc Chg LTM | -8.3% |
| Op Inc Chg 3Y Avg | -5.5% |
| Op Mgn LTM | 17.0% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 43.2% |
| CFO/Rev 3Y Avg | 44.8% |
| FCF/Rev LTM | 28.6% |
| FCF/Rev 3Y Avg | 31.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Same-store | 596 | 585 | 585 | 558 | |
| Non same-store | 61 | 53 | 75 | 69 | |
| Other income | 1 | 1 | 1 | 1 | 1 |
| Other property revenue | 9 | ||||
| Rental revenue | 241 | ||||
| Total | 658 | 640 | 661 | 629 | 250 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Same-store | 380 | 371 | 370 | 352 |
| Non same-store | 37 | 32 | 46 | 44 |
| Other revenue | 1 | 1 | 1 | 1 |
| General and administrative expenses | -24 | -24 | -23 | -26 |
| Property management expenses | -30 | -30 | -27 | -24 |
| Depreciation and amortization | -243 | -221 | -219 | -253 |
| Total | 121 | 129 | 148 | 93 |
Price Behavior
| Market Price | $15.07 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 08/13/2013 | |
| Distance from 52W High | -12.1% | |
| 50 Days | 200 Days | |
| DMA Price | $14.92 | $15.71 |
| DMA Trend | down | down |
| Distance from DMA | 1.0% | -4.1% |
| 3M | 1YR | |
| Volatility | 22.2% | 21.5% |
| Downside Capture | 37.71 | 17.53 |
| Upside Capture | -7.81 | 13.32 |
| Correlation (S&P 500) | 15.0% | 12.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.09 | 0.04 | 0.31 | -0.12 | 0.17 | 0.57 |
| Up Beta | 1.27 | -0.27 | 0.40 | -0.35 | -0.17 | 0.52 |
| Down Beta | 0.03 | -0.17 | -0.29 | -0.10 | 0.43 | 0.56 |
| Up Capture | -9% | -14% | 15% | -12% | 11% | 28% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 21 | 31 | 63 | 128 | 377 |
| Down Capture | -28% | 52% | 85% | 4% | 29% | 84% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 21 | 32 | 62 | 119 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRT | |
|---|---|---|---|---|
| IRT | -1.4% | 21.5% | -0.16 | - |
| Sector ETF (XLRE) | 12.6% | 14.7% | 0.57 | 65.6% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 12.3% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 5.5% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -14.4% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 67.0% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 6.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRT | |
|---|---|---|---|---|
| IRT | -5.2% | 26.8% | -0.21 | - |
| Sector ETF (XLRE) | 1.8% | 19.2% | -0.01 | 76.1% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 46.3% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 14.3% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 8.5% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 77.5% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 17.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IRT | |
|---|---|---|---|---|
| IRT | 11.2% | 29.5% | 0.41 | - |
| Sector ETF (XLRE) | 7.4% | 20.4% | 0.31 | 75.5% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 53.4% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 10.3% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 14.1% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 77.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/2/2026 | -0.9% | 0.9% | |
| 8/3/2026 | 1.8% | -0.2% | -2.9% |
| 4/29/2026 | 0.1% | 0.8% | -0.4% |
| 2/11/2026 | -5.3% | -1.4% | -6.0% |
| 10/29/2025 | 4.3% | 7.5% | 12.9% |
| 7/30/2025 | -2.1% | -0.3% | 4.3% |
| 4/30/2025 | -1.4% | -0.4% | -4.3% |
| 2/12/2025 | 2.2% | 3.4% | 4.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 17 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 2.2% | 4.4% | 5.7% |
| Median Negative | -2.0% | -1.7% | -4.3% |
| Max Positive | 6.7% | 8.2% | 12.9% |
| Max Negative | -8.3% | -17.4% | -19.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/2/2026 | -0.9% | 0.9% | |
| 8/3/2026 | 1.8% | -0.2% | -2.9% |
| 4/29/2026 | 0.1% | 0.8% | -0.4% |
| 2/11/2026 | -5.3% | -1.4% | -6.0% |
| 10/29/2025 | 4.3% | 7.5% | 12.9% |
| 7/30/2025 | -2.1% | -0.3% | 4.3% |
| 4/30/2025 | -1.4% | -0.4% | -4.3% |
| 2/12/2025 | 2.2% | 3.4% | 4.5% |
| 10/30/2024 | -0.7% | 2.4% | 10.5% |
| 7/31/2024 | 2.9% | 4.9% | 9.6% |
| 4/24/2024 | -0.6% | 0.0% | 5.3% |
| 2/14/2024 | 6.7% | 4.5% | 7.1% |
| 10/30/2023 | 2.5% | 8.2% | 12.0% |
| 7/26/2023 | -2.9% | -3.6% | -5.8% |
| 4/26/2023 | 4.5% | 4.3% | 5.7% |
| 2/15/2023 | -2.0% | -5.7% | -19.9% |
| 10/26/2022 | 4.1% | 2.5% | 10.8% |
| 7/27/2022 | 3.5% | -1.7% | -3.4% |
| 5/3/2022 | -5.1% | -17.4% | -10.6% |
| 3/7/2022 | 0.6% | -3.6% | 1.1% |
| 1/10/2022 | -1.1% | -3.9% | -0.9% |
| 11/8/2021 | 0.7% | 4.7% | 4.2% |
| 9/13/2021 | 1.7% | 2.1% | 6.6% |
| 7/26/2021 | -8.3% | -1.0% | 0.2% |
| 6/7/2021 | 2.2% | 4.5% | 5.2% |
| 3/8/2021 | -2.1% | 4.5% | 7.4% |
| 11/4/2020 | 0.6% | 7.3% | 4.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 17 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 2.2% | 4.4% | 5.7% |
| Median Negative | -2.0% | -1.7% | -4.3% |
| Max Positive | 6.7% | 8.2% | 12.9% |
| Max Negative | -8.3% | -17.4% | -19.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/03/2026 | 10-Q |
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
Recent Forward Guidance
Updated 11/3/2026Latest: Q3 2026 Earnings Reported 11/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share | Reported | 1.13 | 1.14 | 1.15 | -2.6% | Lowered | Guidance: 1.17 for 2026 | |
| 2026 CFFO per share | Reported | 1.13 | 1.14 | 1.15 | 0.0% | Affirmed | Guidance: 1.14 for 2026 | |
| 2026 Same-Store Property revenue growth | Reported | 1.6% | 1.7% | 1.8% | 0.0% | Affirmed | Guidance: 1.7% for 2026 | |
| 2026 Same-Store NOI growth | Reported | 1.2% | 1.5% | 1.8% | 0.0% | Affirmed | Guidance: 1.5% for 2026 | |
| 2026 General and administrative & property management expenses | Reported | 55.50 Mil | 56.00 Mil | 56.50 Mil | ||||
| 2026 Acquisition volume | Reported | 266.00 Mil | ||||||
| 2026 Disposition volume | Reported | 106.00 Mil | 109.00 Mil | 112.00 Mil | ||||
| 2026 Controllable operating expense growth | Reported | 3.4% | 3.6% | 3.8% | ||||
| 2026 Total operating expense growth | Reported | 1.6% | 2.0% | 2.4% | ||||
| 2026 Interest expense | Reported | 97.00 Mil | 97.50 Mil | 98.00 Mil | ||||
| 2026 Real estate tax and insurance expense growth | Reported | -1.0% | -0.7% | -0.4% | ||||
| 2026 Earnings per share | Reported | 0.18 | 0.19 | 0.2 | -22.4% | Lowered | Guidance: 0.25 for 2026 | |
| 2026 Recurring Capital Expenditures | Reported | 31.00 Mil | 32.00 Mil | 33.00 Mil | ||||
| 2026 Value add renovation program capital expenditures | Reported | 43.00 Mil | 44.00 Mil | 45.00 Mil | ||||
| 2026 Non-recurring and revenue enhancing capital expenditures | Reported | 31.00 Mil | 32.00 Mil | 33.00 Mil | ||||
Prior: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share | Reported | 1.16 | 1.17 | 1.18 | 0.0% | Affirmed | Guidance: 1.17 for 2026 | |
| 2026 CFFO per share | Reported | 1.13 | 1.14 | 1.15 | 0.0% | Affirmed | Guidance: 1.14 for 2026 | |
| 2026 NOI growth | Reported | 1.0% | 1.5% | 2.0% | 0.7% | Raised | Guidance: 0.8% for 2026 | |
| 2026 Property revenue growth | Reported | 1.5% | 1.7% | 1.9% | 0.0% | Affirmed | Guidance: 1.7% for 2026 | |
| 2026 Earnings per share | Reported | 0.22 | 0.25 | 0.27 | 0.0% | Affirmed | Guidance: 0.25 for 2026 | |
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per share | Reported | 1.15 | 1.17 | 1.19 | ||||
| 2026 CFFO per share | Reported | 1.12 | 1.14 | 1.16 | 0.0% | Affirmed | Guidance: 1.14 for 2026 | |
| 2026 NOI growth | Reported | -0.6% | 0.8% | 2.2% | 0.0% | Affirmed | Guidance: 0.8% for 2026 | |
| 2026 Property revenue growth | Reported | 1.0% | 1.7% | 2.4% | ||||
| 2026 Earnings per share | Reported | 0.21 | 0.25 | 0.28 | 0.0% | Affirmed | Guidance: 0.25 for 2026 | |
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 CFFO per share | Reported | 1.12 | 1.14 | 1.16 | -3.0% | Lower New | Guidance: 1.18 for 2025 | |
| 2026 Same-Store NOI growth | Reported | -0.6% | 0.8% | 2.2% | ||||
| 2026 EPS | Reported | 0.21 | 0.25 | 0.28 | -10.9% | -3.0% | Lower New | Guidance: 0.28 for 2025 |
Insider Activity
Updated 11/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gebert, Richard D | Direct | Sell | 11022026 | 14.77 | 500 | 7,385 | 599,204 | Form | |
| 2 | Gebert, Richard D | Direct | Sell | 10012026 | 14.47 | 500 | 7,235 | 594,268 | Form | |
| 3 | Gebert, Richard D | Direct | Sell | 9012026 | 16.16 | 500 | 8,080 | 671,755 | Form | |
| 4 | Gebert, Richard D | Direct | Sell | 8032026 | 16.70 | 500 | 8,350 | 702,552 | Form | |
| 5 | Gebert, Richard D | Direct | Sell | 7012026 | 16.75 | 500 | 8,375 | 713,031 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gebert, Richard D | Direct | Sell | 11022026 | 14.77 | 500 | 7,385 | 599,204 | Form | |
| 2 | Gebert, Richard D | Direct | Sell | 10012026 | 14.47 | 500 | 7,235 | 594,268 | Form | |
| 3 | Gebert, Richard D | Direct | Sell | 9012026 | 16.16 | 500 | 8,080 | 671,755 | Form | |
| 4 | Gebert, Richard D | Direct | Sell | 8032026 | 16.70 | 500 | 8,350 | 702,552 | Form | |
| 5 | Gebert, Richard D | Direct | Sell | 7012026 | 16.75 | 500 | 8,375 | 713,031 | Form | |
| 6 | Gebert, Richard D | Direct | Sell | 6012026 | 16.15 | 500 | 8,075 | 695,564 | Form | |
| 7 | Gebert, Richard D | Direct | Sell | 5012026 | 16.33 | 500 | 8,165 | 610,285 | Form | |
| 8 | Gebert, Richard D | Direct | Sell | 4012026 | 14.85 | 500 | 7,425 | 562,399 | Form | |
| 9 | Gebert, Richard D | Direct | Sell | 3032026 | 16.47 | 500 | 8,235 | 631,987 | Form | |
| 10 | Gebert, Richard D | Direct | Sell | 2042026 | 16.73 | 500 | 8,365 | 650,329 | Form | |
| 11 | Gebert, Richard D | Direct | Sell | 12012025 | 17.00 | 500 | 8,500 | 677,824 | Form | |
| 12 | Gebert, Richard D | Direct | Sell | 11032025 | 15.74 | 500 | 7,870 | 635,455 | Form |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Multi-Family Residential REITs Resources |
| Multi-Housing News |
| Multifamily Executive |
| National Apartment Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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