Independence Realty Trust
Owns and renovates apartment communities across non-gateway U.S. markets.
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Profile
Owns and manages multifamily apartment communities in non-gateway U.S. markets, earning rent from tenants. Growth comes from in-house operations, targeted renovations, acquisitions and capital recycling, with the portfolio concentrated in the Southeast and Midwest.
Owns and operates multifamily apartment communities across non-gateway U.S. markets, with most rental revenue generated in the Southeast and Midwest. Lease revenue comes from same-store and non same-store properties, while a smaller development and joint-venture program adds exposure to new communities.
Builds value through in-house leasing and property management, targeted unit renovations under its Value Add Program, acquisitions and capital recycling. The operating platform concentrates properties near employment centers, schools and retail, using renovations and expense control to raise occupancy and rents.
Cash flow depends on apartment demand, occupancy, rent collections and property-level costs. Renovation and development work depends on construction costs, contractor execution and joint-venture partners, while operations remain subject to fair-housing, landlord-tenant, rent-control, environmental, zoning and REIT tax rules.
Company facts
Categories
Key statistics
Year to date −7.4% · Average volume (30d) 2.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | RBC Capital | Reiterate | Outperform | $21 | $19 | |
| Jul 14, 2026 | Barclays | Upgrade | Equal Weight | Overweight | $19 | $20 |
| May 14, 2026 | UBS | Reiterate | Buy | $20 | $19 | |
| May 11, 2026 | Barclays | Reiterate | Equal Weight | $21 | $19 | |
| Jan 20, 2026 | Deutsche Bank | Target | $18 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.03 | $0.01 | −60.3% | $166.9M | $167.1M | +0.1% | +1.79% |
| Apr 29, 2026Q1 FY26 | $0.03 | $0.26 | +766.7% | $166.3M | $165.2M | −0.7% | +0.12% |
| Feb 11, 2026Q4 FY25 | $0.09 | $0.32 | +271.7% | $169.9M | $166.8M | −1.8% | −5.29% |
| Oct 29, 2025Q3 FY25 | $0.30 | $0.29 | −3.3% | $170.9M | $167.1M | −2.2% | +4.30% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $161.2M | $162.2M | $167.1M | $167.1M | $165.3M | $167.2M | |
| Gross profit | $94.2M | $93.5M | $97.5M | −$22.8M | −$34.3M | −$33.8M | |
| Operating income | $27.1M | $27.8M | $30.9M | $35.5M | $21.8M | $25.4M | |
| Net income | $8.4M | $8.0M | $6.9M | $33.3M | −$68.0K | $3.4M | |
| Diluted EPS | $0.04 | $0.03 | $0.03 | $0.14 | −$0.00 | $0.01 | |
| Gross margin | 58.4% | 57.7% | 58.4% | -13.6% | -20.7% | -20.2% | |
| Operating margin | 16.8% | 17.1% | 18.5% | 21.3% | 13.2% | 15.2% |
Fiscal years (4-quarter sums)FY21 $250.3M · FY22 $627.2M · FY23 $661.0M · FY24 $640.4M · FY25 $657.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $22.5M · Total debt $2.44B · Total assets $6.09B · Shareholders' equity $3.36B
Dividends
Raised for 5 straight years — most recently to $0.18 from $0.17 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 17 | $0.18 | raised from $0.17 |
| Mar 27, 2026 | Mar 27 | Apr 17 | $0.17 | |
| Dec 31, 2025 | Dec 31 | Jan 23 | $0.17 | |
| Sep 30, 2025 | Sep 30 | Oct 24 | $0.17 | |
| Jun 27, 2025 | Jun 27 | Jul 18 | $0.17 | raised from $0.16 |
| Mar 28, 2025 | Mar 28 | Apr 21 | $0.16 | |
| Dec 31, 2024 | Dec 31 | Jan 17 | $0.16 | |
| Sep 30, 2024 | Sep 30 | Oct 18 | $0.16 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 235.72M · Float 233.89M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 36.07M | 15.30% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 21.80M | 9.25% | 13F | Aug 13, 2026 |
| State Street Corp | 12.98M | 5.51% | 13F | Aug 7, 2026 |
| Wellington Group Holdings LLP | 11.36M | 5.05% | 13G | Nov 8, 2024 |
| Vanguard Capital Management LLC | 10.61M | 4.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 3, 2026 | Richard D. Gebert | director | −500 | $16.70 |
| Jul 1, 2026 | Richard D. Gebert | director | −500 | $16.75 |
| Jun 1, 2026 | Richard D. Gebert | director | −500 | $16.15 |
| May 1, 2026 | Richard D. Gebert | director | −500 | $16.33 |
| Apr 1, 2026 | Richard D. Gebert | director | −500 | $14.85 |
Peers
- Mid-America Apartment Communities
Sunbelt apartment scale and operating platform overlap
- Camden Property Trust
Sunbelt multifamily communities and development overlap
- NexPoint Residential Trust
Value-add Sunbelt workforce apartments overlap
- UDR
Diversified U.S. apartment REIT operating overlap
- AvalonBay Communities
Large multifamily development and operating benchmark
- Equity Residential
Large apartment owner with expansion-market overlap
- Centerspace
Interior-market apartment REIT overlap
- Invitation Homes
Single-family rental substitute for apartment renters
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Independence Realty Trust | $16.31 | +0.03% | $3.84B | 88.9 | 91.7 | 5.8 | +3.0% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| NexPoint Residential Trust | $23.55 | −0.04% | $598.5M | — | — | 2.3 | +2.3% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| Centerspace | $52.48 | +0.01% | $881.8M | 41.7 | 443.1 | 3.3 | −4.0% |
| Invitation Homes | $28.97 | −0.93% | $17.37B | 26.8 | 38.4 | 6.1 | +9.7% |
| Median | 27.9 | 42.5 | 6.8 | +0.2% |