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REIT owning apartment communities in non-gateway Sun Belt and Midwest US markets.
REIT owning apartment communities in non-gateway Sun Belt and Midwest US markets.
Collects monthly rent from apartment residents, with growth from raising rents on renewal and from renovating units as they turn over to earn more on the same building. A 2021 merger with Steadfast Apartment REIT enlarged the portfolio.
Moat: none (scale). Apartment REITs compete on location and amenities; limited structural pricing power versus other multifamily owners.
Headquarters: Philadelphia, Pennsylvania, US · Founded: 2011 · Employees: 904
Size Independence Realty Trust (IRT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $3.63B, the 1409th largest of 3,117 United States companies the cockpit tracks. Shares closed at $15.00 on 6 Nov 2026.
Performance Over six months the shares fell 8.7%, against -4.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +5.0%); the operating margin is 16.7% (peer median 48.8%).
Valuation It trades at 65.8× forward earnings against a peer median of 19.3× (2nd most expensive of 19).
Short interest Short interest is 8.3% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $672M | $658M | $640M | $661M | $629M |
| Revenue growth | — | +3% | -3% | +5% | — |
| Gross profit | $136M | $145M | $154M | $167M | $117M |
| EBITDA | $370M | $364M | $350M | $364M | $343M |
| Net income | $61.7M | $56.6M | $39.3M | -$17.2M | $117M |
| Free cash flow | $176M | $187M | $151M | $116M | $165M |
| Capital expenditure | $142M | $136M | $118M | $147M | $84.0M |
| Total debt | $2.40B | $2.28B | $2.28B | $2.43B | $2.64B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Independence Realty Trust IRT | $3.63B | -9% | +3% | 17% | 65.8× | n/a |
| Mid-America Apartment Communities MAA | $13.8B | -8% | +1% | 27% | 38.7× | n/a |
| Camden Property Trust CPT | $13.4B | -3% | +1% | 18% | 119.0× | n/a |
| UDR UDR | $11.6B | -1% | +1% | 19% | 62.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.5% | +3.2% | 8th lowest of 21 |
| 6-month return | -8.7% | -4.7% | 7th lowest of 21 |
| Distance from 52-week high | -15.7% | -13.8% | 9th lowest of 21 |
| Revenue growth (TTM) | +3.1% | +5.0% | 8th lowest of 21 |
| Operating margin | 16.7% | 48.8% | 2nd lowest of 21 |
| Forward P/E | 65.8× | 19.3× | 2nd most expensive of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 17% | 65.8× | n/a | n/a |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 41% | 12.1× | n/a | n/a |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 36% | 20.5× | n/a | n/a |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 76% | 14.9× | n/a | n/a |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 18% | 69.2× | n/a | n/a |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 49% | 18.3× | n/a | n/a |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 45% | 20.6× | n/a | n/a |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 26% | 44.5× | n/a | n/a |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 39% | 16.3× | n/a | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | 61% | n/a | n/a | n/a |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 62% | 17.1× | n/a | n/a |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 73% | 14.8× | n/a | n/a |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 81% | 13.1× | n/a | n/a |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | 12% | n/a | n/a | n/a |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 65% | 14.6× | n/a | n/a |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 53% | 30.1× | n/a | n/a |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 52% | 32.6× | n/a | n/a |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 48% | 26.1× | n/a | n/a |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 45% | 22.5× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 56% | 19.4× | n/a | n/a |