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): $15.075
Market Cap: $3.6 Bil
Sector: Real Estate
Industry: Multi-Family Residential REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total 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 generation
CFO/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 volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and Electric Vehicles & Autonomous Driving. Themes include IoT for Buildings, Show more.

Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -41%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%

Key risks
IRT key risks include [1] intense competition from oversupply and aggressive concessions on new rentals in its key Sun Belt markets.

0 Attractive yield
Total 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%
1 Attractive cash flow generation
CFO/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%
2 Low stock price volatility
Vol 12M is 21%
3 Megatrend and thematic drivers
Megatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and Electric Vehicles & Autonomous Driving. Themes include IoT for Buildings, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -41%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 67%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%
7 Key risks
IRT key risks include [1] intense competition from oversupply and aggressive concessions on new rentals in its key Sun Belt markets.

IRT in ETFs

Weight = IRT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.13%
IJH0.10%
VB0.04%
USRT0.30%
SCHH0.25%
IWN0.24%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

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.

Show more
Updated on 11/2/2026

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.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

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)731202611092026Change
Stock Price ($)16.4315.07-8.3%
Change Contribution By: 
Total Revenues ($ Mil)6626721.5%
Net Income Margin (%)7.3%9.2%26.3%
P/E Multiple80.757.5-28.8%
Shares Outstanding (Mil)2362350.4%
Cumulative Contribution-8.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
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)430202611092026Change
Stock Price ($)15.9415.07-5.5%
Change Contribution By: 
Total Revenues ($ Mil)6626721.5%
Net Income Margin (%)7.3%9.2%26.3%
P/E Multiple78.357.5-26.6%
Shares Outstanding (Mil)2362350.4%
Cumulative Contribution-5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
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)1031202511092026Change
Stock Price ($)15.2415.07-1.1%
Change Contribution By: 
Total Revenues ($ Mil)6526723.1%
Net Income Margin (%)3.4%9.2%168.6%
P/E Multiple159.857.5-64.0%
Shares Outstanding (Mil)234235-0.8%
Cumulative Contribution-1.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
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)1031202311092026Change
Stock Price ($)11.0215.0736.7%
Change Contribution By: 
Total Revenues ($ Mil)6576722.3%
Net Income Margin (%)8.7%9.2%6.0%
P/E Multiple43.557.532.2%
Shares Outstanding (Mil)224235-4.6%
Cumulative Contribution36.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
IRT36.7% 
Market (SPY)86.2%35.8%
Sector (XLRE)48.2%74.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IRT Return98%-33%-6%34%-9%-11%38%
Peers Return79%-38%-6%21%-7%-13%2%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
IRT Win Rate83%50%50%42%33%36% 
Peers Win Rate83%30%48%58%38%38% 
S&P 500 Win Rate75%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

EventIRTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.5%-9.5%
  % Gain to Breakeven39.9%10.5%
  Time to Breakeven162 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.5%-6.7%
  % Gain to Breakeven30.7%7.1%
  Time to Breakeven459 days31 days
2020 COVID-19 Crash
  % Loss-55.9%-33.7%
  % Gain to Breakeven127.0%50.9%
  Time to Breakeven357 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-10.0%-19.2%
  % Gain to Breakeven11.2%23.8%
  Time to Breakeven23 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.8%-3.7%
  % Gain to Breakeven16.1%3.9%
  Time to Breakeven62 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-19.9%-12.2%
  % Gain to Breakeven24.8%13.9%
  Time to Breakeven83 days62 days

Compare to MAA, CPT, NXRT, UDR, CSR

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.

EventIRTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.5%-9.5%
  % Gain to Breakeven39.9%10.5%
  Time to Breakeven162 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.5%-6.7%
  % Gain to Breakeven30.7%7.1%
  Time to Breakeven459 days31 days
2020 COVID-19 Crash
  % Loss-55.9%-33.7%
  % Gain to Breakeven127.0%50.9%
  Time to Breakeven357 days140 days
2014-2016 Oil Price Collapse
  % Loss-31.0%-6.8%
  % Gain to Breakeven45.0%7.3%
  Time to Breakeven158 days15 days

Compare to MAA, CPT, NXRT, UDR, CSR

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.

AI Analysis | Feedback

Independence Realty Trust (IRT): Equity Residential for apartments in America's thriving mid-sized cities.

AI Analysis | Feedback

  • Residential Rental Accommodation: Providing leased living spaces in multifamily apartment properties to tenants across various U.S. markets.

AI Analysis | Feedback

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:

  1. 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.
  2. Working professionals and employees: Individuals or couples seeking residences with convenient access to major employment centers within IRT's target markets.
  3. 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.

AI Analysis | Feedback

null

AI Analysis | Feedback

Scott F. Schaeffer, Chairman of the Board and Chief Executive Officer
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.

AI Analysis | Feedback

Here are the key risks to the business of Independence Realty Trust (IRT):

Key Risks to Independence Realty Trust (IRT)

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Better Bets vs. Independence Realty Trust (IRT)

Peer Outperformance in Multi-Family Residential REITs

IRT has outperformed 55% of its 11 Multi-Family Residential REITs peers over 5Y. Among the peers that beat it is VMRK. Multi-Family Residential REITs ranks 8th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Multi-Family Residential REITs constituents that IRT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
33%
of 12 industry peers · -4.4% return
3Y
83%
of 12 industry peers · 30.5% return
5Y
55%
of 11 industry peers · -26.4% return
Multi-Family Residential REITs peers with revenue growth within 4pp of IRT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 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
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Multi-Family Residential REITs is IRT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IRTMAACPTNXRTUDRCSRMedian
NameIndepend.Mid-Amer.Camden P.NexPoint.UDR Centersp. 
Mkt Price15.07119.40100.2415.7736.7157.5247.12
Mkt Cap3.513.810.20.411.81.06.9
Rev LTM6722,2251,5542541,7122571,113
Op Inc LTM1125852692732822190
FCF LTM1286232217459677174
FCF 3Y Avg927143328059091212
CFO LTM2781,0017137485477495
CFO 3Y Avg2731,0607708086491521

Growth & Margins

IRTMAACPTNXRTUDRCSRMedian
NameIndepend.Mid-Amer.Camden P.NexPoint.UDR Centersp. 
Rev Chg LTM3.1%1.0%-1.0%2.1%0.6%-6.0%0.8%
Rev Chg 3Y Avg0.8%1.4%0.5%-2.8%2.0%-0.9%0.6%
Rev Chg Q3.0%1.0%-3.7%0.8%-0.9%-16.6%-0.0%
QoQ Delta Rev Chg LTM0.7%0.3%-0.9%0.2%-0.2%-4.4%-0.0%
Op Inc Chg LTM-8.6%-6.3%-8.1%-10.8%6.1%-12.4%-8.3%
Op Inc Chg 3Y Avg-9.1%-5.3%-5.7%-14.8%4.3%-5.2%-5.5%
Op Mgn LTM16.7%26.3%17.3%10.7%19.2%8.6%17.0%
Op Mgn 3Y Avg18.7%28.5%18.5%11.9%18.0%9.1%18.3%
QoQ Delta Op Mgn LTM-0.4%-0.6%-0.4%-0.4%0.2%0.1%-0.4%
CFO/Rev LTM41.3%45.0%45.9%29.2%49.9%30.2%43.2%
CFO/Rev 3Y Avg41.6%48.1%49.5%31.4%51.1%34.6%44.8%
FCF/Rev LTM19.1%28.0%14.2%29.2%34.8%30.2%28.6%
FCF/Rev 3Y Avg13.9%32.4%21.3%31.4%34.9%34.6%31.9%

Valuation

IRTMAACPTNXRTUDRCSRMedian
NameIndepend.Mid-Amer.Camden P.NexPoint.UDR Centersp. 
Mkt Cap3.513.810.20.411.81.06.9
P/S5.36.26.61.66.93.85.8
P/Op Inc31.723.738.114.935.943.833.8
P/EBIT23.922.77.99.612.56.611.0
P/E57.535.79.2-10.816.910.613.7
P/CFO12.813.814.45.413.812.513.3
Total Yield6.4%7.9%15.3%4.5%10.7%14.8%9.3%
Dividend Yield4.6%5.1%4.4%13.7%4.8%5.3%5.0%
FCF Yield 3Y Avg2.5%4.4%2.8%10.8%4.8%9.2%4.6%
D/E0.70.40.43.90.50.80.6
Net D/E0.70.40.43.90.50.70.6

Returns

IRTMAACPTNXRTUDRCSRMedian
NameIndepend.Mid-Amer.Camden P.NexPoint.UDR Centersp. 
1M Rtn2.1%3.5%2.7%-18.5%8.0%2.9%2.8%
3M Rtn-8.8%-8.6%-7.1%-35.7%-1.3%5.8%-7.8%
6M Rtn-6.2%-5.6%-2.5%-44.4%0.4%-12.9%-5.9%
12M Rtn-4.4%-3.3%2.6%-45.7%10.8%1.3%-1.0%
3Y Rtn30.5%11.0%27.3%-36.8%27.1%30.1%27.2%
1M Excs Rtn7.6%9.1%8.3%-12.9%13.6%8.5%8.4%
3M Excs Rtn-3.8%-3.6%-1.9%-30.0%4.2%11.0%-2.7%
6M Excs Rtn-5.7%-5.2%-2.1%-43.9%0.9%-12.5%-5.4%
12M Excs Rtn-11.1%-11.1%-4.6%-54.1%3.4%-8.7%-9.9%
3Y Excs Rtn-41.3%-58.1%-42.3%-104.5%-41.8%-34.6%-42.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Same-store596585585558 
Non same-store61537569 
Other income11111
Other property revenue    9
Rental revenue    241
Total658640661629250


Operating Income by Segment
$ Mil2025202420232022
Same-store380371370352
Non same-store37324644
Other revenue1111
General and administrative expenses-24-24-23-26
Property management expenses-30-30-27-24
Depreciation and amortization-243-221-219-253
Total12112914893


Price Behavior

Price Behavior
Market Price$15.07 
Market Cap ($ Bil)3.5 
First Trading Date08/13/2013 
Distance from 52W High-12.1% 
   50 Days200 Days
DMA Price$14.92$15.71
DMA Trenddowndown
Distance from DMA1.0%-4.1%
 3M1YR
Volatility22.2%21.5%
Downside Capture37.7117.53
Upside Capture-7.8113.32
Correlation (S&P 500)15.0%12.5%
IRT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.090.040.31-0.120.170.57
Up Beta1.27-0.270.40-0.35-0.170.52
Down Beta0.03-0.17-0.29-0.100.430.56
Up Capture-9%-14%15%-12%11%28%
Bmk +ve Days12182862130427
Stock +ve Days12213163128377
Down Capture-28%52%85%4%29%84%
Bmk -ve Days10253664121325
Stock -ve Days10213262119365

[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%0.5765.6%
Equity (SPY)13.3%13.7%0.6512.3%
Gold (GLD)3.7%28.8%0.125.5%
Commodities (DBC)38.2%21.3%1.42-14.4%
Real Estate (VNQ)13.7%14.3%0.6567.0%
Bitcoin (BTCUSD)-25.3%43.6%-0.556.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%-0.0176.1%
Equity (SPY)11.8%17.3%0.5146.3%
Gold (GLD)17.8%19.1%0.7514.3%
Commodities (DBC)8.0%19.6%0.298.5%
Real Estate (VNQ)1.5%18.9%-0.0377.5%
Bitcoin (BTCUSD)4.4%51.6%0.2717.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IRT
IRT11.2%29.5%0.41-
Sector ETF (XLRE)7.4%20.4%0.3175.5%
Equity (SPY)15.3%18.0%0.7253.4%
Gold (GLD)12.1%16.5%0.6010.3%
Commodities (DBC)7.6%18.1%0.3314.1%
Real Estate (VNQ)6.1%20.7%0.2577.7%
Bitcoin (BTCUSD)60.0%66.3%1.0011.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity19.5 Mil
Short Interest: % Change Since 93020261.7%
Average Daily Volume3.8 Mil
Days-to-Cover Short Interest5.1 days
Basic Shares Quantity235.4 Mil
Short % of Basic Shares8.3%

Earnings Returns History

Updated 11/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/2026-0.9%0.9% 
8/3/20261.8%-0.2%-2.9%
4/29/20260.1%0.8%-0.4%
2/11/2026-5.3%-1.4%-6.0%
10/29/20254.3%7.5%12.9%
7/30/2025-2.1%-0.3%4.3%
4/30/2025-1.4%-0.4%-4.3%
2/12/20252.2%3.4%4.5%
...
SUMMARY STATS   
# Positive151617
# Negative12119
Median Positive2.2%4.4%5.7%
Median Negative-2.0%-1.7%-4.3%
Max Positive6.7%8.2%12.9%
Max Negative-8.3%-17.4%-19.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/2026-0.9%0.9% 
8/3/20261.8%-0.2%-2.9%
4/29/20260.1%0.8%-0.4%
2/11/2026-5.3%-1.4%-6.0%
10/29/20254.3%7.5%12.9%
7/30/2025-2.1%-0.3%4.3%
4/30/2025-1.4%-0.4%-4.3%
2/12/20252.2%3.4%4.5%
10/30/2024-0.7%2.4%10.5%
7/31/20242.9%4.9%9.6%
4/24/2024-0.6%0.0%5.3%
2/14/20246.7%4.5%7.1%
10/30/20232.5%8.2%12.0%
7/26/2023-2.9%-3.6%-5.8%
4/26/20234.5%4.3%5.7%
2/15/2023-2.0%-5.7%-19.9%
10/26/20224.1%2.5%10.8%
7/27/20223.5%-1.7%-3.4%
5/3/2022-5.1%-17.4%-10.6%
3/7/20220.6%-3.6%1.1%
1/10/2022-1.1%-3.9%-0.9%
11/8/20210.7%4.7%4.2%
9/13/20211.7%2.1%6.6%
7/26/2021-8.3%-1.0%0.2%
6/7/20212.2%4.5%5.2%
3/8/2021-2.1%4.5%7.4%
11/4/20200.6%7.3%4.7%
SUMMARY STATS   
# Positive151617
# Negative12119
Median Positive2.2%4.4%5.7%
Median Negative-2.0%-1.7%-4.3%
Max Positive6.7%8.2%12.9%
Max Negative-8.3%-17.4%-19.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202604/30/202610-Q
12/31/202502/17/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/18/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/30/202410-Q
12/31/202302/28/202410-K
09/30/202310/31/202310-Q
06/30/202307/27/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202604/30/202610-Q
12/31/202502/17/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202402/18/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/30/202410-Q
12/31/202302/28/202410-K
09/30/202310/31/202310-Q
06/30/202307/27/202310-Q
03/31/202304/28/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202205/04/202210-Q
12/31/202102/24/202210-K
09/30/202110/29/202110-Q
06/30/202107/26/202110-Q
03/31/202104/30/202110-Q
12/31/202002/18/202110-K
09/30/202010/29/202010-Q
06/30/202007/30/202010-Q
03/31/202005/07/202010-Q
12/31/201902/18/202010-K

Recent Forward Guidance

Updated 11/3/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 FFO per shareReported1.131.141.15-2.6% LoweredGuidance: 1.17 for 2026
2026 CFFO per shareReported1.131.141.150.0% AffirmedGuidance: 1.14 for 2026
2026 Same-Store Property revenue growthReported1.6%1.7%1.8% 0.0%AffirmedGuidance: 1.7% for 2026
2026 Same-Store NOI growthReported1.2%1.5%1.8% 0.0%AffirmedGuidance: 1.5% for 2026
2026 General and administrative & property management expensesReported55.50 Mil56.00 Mil56.50 Mil   
2026 Acquisition volumeReported 266.00 Mil    
2026 Disposition volumeReported106.00 Mil109.00 Mil112.00 Mil   
2026 Controllable operating expense growthReported3.4%3.6%3.8%   
2026 Total operating expense growthReported1.6%2.0%2.4%   
2026 Interest expenseReported97.00 Mil97.50 Mil98.00 Mil   
2026 Real estate tax and insurance expense growthReported-1.0%-0.7%-0.4%   
2026 Earnings per shareReported0.180.190.2-22.4% LoweredGuidance: 0.25 for 2026
2026 Recurring Capital ExpendituresReported31.00 Mil32.00 Mil33.00 Mil   
2026 Value add renovation program capital expendituresReported43.00 Mil44.00 Mil45.00 Mil   
2026 Non-recurring and revenue enhancing capital expendituresReported31.00 Mil32.00 Mil33.00 Mil   


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 FFO per shareReported1.161.171.180.0% AffirmedGuidance: 1.17 for 2026
2026 CFFO per shareReported1.131.141.150.0% AffirmedGuidance: 1.14 for 2026
2026 NOI growthReported1.0%1.5%2.0% 0.7%RaisedGuidance: 0.8% for 2026
2026 Property revenue growthReported1.5%1.7%1.9% 0.0%AffirmedGuidance: 1.7% for 2026
2026 Earnings per shareReported0.220.250.270.0% AffirmedGuidance: 0.25 for 2026

Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 FFO per shareReported1.151.171.19   
2026 CFFO per shareReported1.121.141.160.0% AffirmedGuidance: 1.14 for 2026
2026 NOI growthReported-0.6%0.8%2.2% 0.0%AffirmedGuidance: 0.8% for 2026
2026 Property revenue growthReported1.0%1.7%2.4%   
2026 Earnings per shareReported0.210.250.280.0% AffirmedGuidance: 0.25 for 2026

Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 CFFO per shareReported1.121.141.16-3.0% Lower NewGuidance: 1.18 for 2025
2026 Same-Store NOI growthReported-0.6%0.8%2.2%   
2026 EPSReported0.210.250.28-10.9%-3.0%Lower NewGuidance: 0.28 for 2025

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gebert, Richard D DirectSell1102202614.775007,385599,204Form
2Gebert, Richard D DirectSell1001202614.475007,235594,268Form
3Gebert, Richard D DirectSell901202616.165008,080671,755Form
4Gebert, Richard D DirectSell803202616.705008,350702,552Form
5Gebert, Richard D DirectSell701202616.755008,375713,031Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gebert, Richard D DirectSell1102202614.775007,385599,204Form
2Gebert, Richard D DirectSell1001202614.475007,235594,268Form
3Gebert, Richard D DirectSell901202616.165008,080671,755Form
4Gebert, Richard D DirectSell803202616.705008,350702,552Form
5Gebert, Richard D DirectSell701202616.755008,375713,031Form
6Gebert, Richard D DirectSell601202616.155008,075695,564Form
7Gebert, Richard D DirectSell501202616.335008,165610,285Form
8Gebert, Richard D DirectSell401202614.855007,425562,399Form
9Gebert, Richard D DirectSell303202616.475008,235631,987Form
10Gebert, Richard D DirectSell204202616.735008,365650,329Form
11Gebert, Richard D DirectSell1201202517.005008,500677,824Form
12Gebert, Richard D DirectSell1103202515.745007,870635,455Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Long Pond Capital, LP$85.3 Mil8.7%32ADD +472.4%13F
Rush Island Management, LP$51.5 Mil3.5%22New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rush Island Management, LP$51.5 Mil3.5%22New13F
Long Pond Capital, LP$85.3 Mil8.7%32ADD +472.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Conversant Capital LLC$14.9 Mil2.8%13Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Long Pond Capital, LP$85.3 Mil8.7%32ADD +472.4%13F
Rush Island Management, LP$51.5 Mil3.5%22New13F
Core Cache Last Updated: 11/9/2026