Independence Realty Trust (IRT) Financials

$16.44 -0.06 (-0.33%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$16.43 -0.01 (-0.07%)

As of 05/6/2026 05:46 PM Eastern

Annual Income Statements for Independence Realty Trust

This table shows Independence Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	28	-9.80	30	26	46	15	45	117	-17	39	57
Consolidated Net Income / (Loss)	30	-9.56	31	27	46	15	46	121	-18	40	58
Net Income / (Loss) Continuing Operations	24	-41	31	27	46	15	46	121	-18	40	58
Total Pre-Tax Income	-41	2.91	31	27	11	15	46	123	-13	40	47
Total Operating Income	10	40	61	62	50	44	4.52	96	144	125	120
Total Gross Profit	110	149	155	184	124	203	147	372	634	610	628
Total Revenue	110	153	161	191	203	212	250	629	661	640	658
Operating Revenue	103	153	161	191	203	212	250	629	661	640	658
Total Cost of Revenue	0.00	4.85	6.01	6.96	80	8.62	103	256	27	30	30
Operating Cost of Revenue	-	4.85	6.01	6.96	80	8.62	103	256	27	30	30
Total Operating Expenses	99	109	95	122	73	159	143	276	490	485	508
Selling, General & Admin Expense	7.79	11	9.53	11	13	15	19	26	23	24	24
Depreciation Expense	28	35	34	45	53	61	77	253	219	221	243
Other Operating Expenses / (Income)	50	63	68	76	7.73	83	-	-	244	236	239
Restructuring Charge	14	0.04	1.34	-	0.00	0.00	47	5.51	3.21	0.00	0.00
Other Special Charges / (Income)	-	-	-19	-11	-	0.71	0.36	-8.87	0.93	3.94	1.31
Total Other Income / (Expense), net	-51	-37	-29	-36	-39	-29	41	26	-157	-86	-73
Interest Expense	51	37	29	36	39	36	47	87	90	76	79
Other Income / (Expense), net	0.02	-0.00	0.09	0.14	-	7.55	88	113	-67	-9.86	5.80
Other Gains / (Losses), net	-	-	-	-	35	0.00	0.00	-2.17	-4.49	0.35	11
Net Income / (Loss) Attributable to Noncontrolling Interest	1.91	0.25	1.24	0.32	0.46	0.11	0.94	3.41	-0.58	0.74	1.15
Basic Earnings per Share	$0.78	($0.19)	$0.41	$0.30	$0.51	$0.16	$0.41	$0.53	($0.08)	$0.17	$0.24
Weighted Average Basic Shares Outstanding	36.15M	52.18M	73.34M	87.09M	89.80M	93.66M	108.55M	221.97M	224.41M	224.80M	233.92M
Diluted Earnings per Share	$0.78	($0.19)	$0.41	$0.30	$0.51	$0.16	$0.41	$0.53	($0.08)	$0.17	$0.24
Weighted Average Diluted Shares Outstanding	36.16M	52.18M	73.60M	87.38M	90.42M	94.69M	109.83M	223.12M	224.41M	225.58M	234.75M
Weighted Average Basic & Diluted Shares Outstanding	47.47M	69.04M	84.96M	89.25M	91.13M	101.86M	220.97M	224.33M	224.77M	230.91M	237.28M

This table shows Independence Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	3.93	-41	18	10	12	-1.01	8.35	8.05	6.89	33	-0.07
Consolidated Net Income / (Loss)	3.99	-42	18	11	13	-1.10	8.53	8.17	7.00	34	-0.13
Net Income / (Loss) Continuing Operations	3.99	-42	18	11	13	-1.10	8.53	8.17	7.00	34	-0.13
Total Pre-Tax Income	5.16	-39	19	11	13	-2.98	9.12	8.73	-2.82	32	0.92
Total Operating Income	39	40	39	29	31	37	27	28	30	33	22
Total Gross Profit	98	101	153	151	153	99	153	154	159	160	157
Total Revenue	169	167	161	158	160	161	161	162	167	167	165
Operating Revenue	169	167	161	158	160	161	161	162	167	167	165
Total Cost of Revenue	71	66	7.50	7.67	7.38	62	7.83	7.72	7.89	6.68	8.24
Operating Cost of Revenue	71	66	7.50	7.67	7.38	62	7.83	7.72	7.89	6.68	8.24
Total Operating Expenses	59	61	114	122	122	63	126	127	129	127	135
Selling, General & Admin Expense	3.66	5.04	8.38	6.24	4.77	4.86	8.41	5.98	4.91	4.67	8.51
Depreciation Expense	56	56	54	54	55	58	59	60	62	63	65
Other Operating Expenses / (Income)	-	-	60	61	61	-	59	61	62	57	62
Other Special Charges / (Income)	0.04	0.06	-8.23	0.15	1.25	-0.08	-0.12	0.26	0.42	2.25	0.08
Total Other Income / (Expense), net	-34	-79	-20	-17	-18	-40	-18	-19	-33	-1.67	-21
Interest Expense	22	24	20	17	18	20	19	19	20	20	21
Other Income / (Expense), net	-12	-56	-0.00	0.00	0.69	-21	1.39	0.00	-13	19	-0.09
Other Gains / (Losses), net	-1.18	-	-0.83	-0.85	-0.70	-	-0.59	-0.56	9.81	2.40	-1.05
Net Income / (Loss) Attributable to Noncontrolling Interest	0.06	-1.14	0.38	0.20	0.26	-0.10	0.17	0.13	0.10	0.75	-0.06
Basic Earnings per Share	$0.02	($0.19)	$0.08	$0.05	$0.05	($0.01)	$0.04	$0.03	$0.03	$0.14	$0.00
Weighted Average Basic Shares Outstanding	224.50M	224.41M	224.63M	224.79M	224.82M	224.80M	230.72M	233.50M	233.63M	233.92M	236.43M
Diluted Earnings per Share	$0.02	($0.19)	$0.08	$0.05	$0.05	($0.01)	$0.04	$0.03	$0.03	$0.14	$0.00
Weighted Average Diluted Shares Outstanding	225.14M	224.41M	225.23M	225.42M	226.06M	225.58M	231.83M	234.13M	234.28M	234.75M	236.43M
Weighted Average Basic & Diluted Shares Outstanding	224.71M	224.77M	225.08M	225.12M	225.10M	230.91M	233.78M	233.82M	239.11M	237.28M	235.71M
Cash Dividends to Common per Share	$0.16	-	$0.16	$0.16	$0.16	-	$0.16	$0.17	$0.17	-	$0.17

This table details how cash moves in and out of Independence Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	24	-17	-12	1.43	-1.61	-0.82	52	-22	6.72	-7.28	4.17
Net Cash From Operating Activities	19	-7.53	54	69	75	75	52	250	262	260	282
Net Cash From Continuing Operating Activities	19	-7.53	54	69	75	75	52	250	262	260	282
Net Income / (Loss) Continuing Operations	30	-9.56	31	27	46	15	46	121	-18	40	58
Consolidated Net Income / (Loss)	30	-9.56	31	27	46	15	46	121	-18	40	58
Depreciation Expense	28	35	34	45	53	61	77	253	219	221	243
Amortization Expense	0.39	2.76	1.46	1.39	2.11	2.65	2.41	-6.00	-6.31	-5.19	-3.38
Non-Cash Adjustments To Reconcile Net Income	-47	-30	-13	-8.08	-32	-1.28	-70	-112	81	20	-8.57
Changes in Operating Assets and Liabilities, net	7.39	-5.48	-0.12	3.44	5.81	-1.97	-2.77	-6.36	-14	-16	-6.85
Net Cash From Investing Activities	-153	28	-192	-229	-106	-125	-216	-136	-1.71	-21	-143
Net Cash From Continuing Investing Activities	-153	28	-192	-229	-106	-125	-216	-136	-1.71	-21	-142
Purchase of Property, Plant & Equipment	-34	-12	-222	-216	-106	-145	-140	-286	-147	-357	-288
Acquisitions	-137	-0.14	-	-	0.00	0.00	-186	-	-26	-12	-36
Sale of Property, Plant & Equipment	18	40	44	27	-	58	177	254	231	391	158
Divestitures	-	-	-	-	-	-	0.00	-	2.15	0.00	0.00
Other Investing Activities, net	-0.21	-	-14	-40	-	-37	-43	-104	-62	-43	24
Net Cash From Financing Activities	158	-38	126	162	30	49	216	-135	-254	-246	-135
Net Cash From Continuing Financing Activities	158	-38	126	162	46	49	216	-135	-254	-246	-135
Repayment of Debt	-273	-390	-152	-201	-158	-237	-628	-64	-380	-807	-585
Repurchase of Common Equity	-0.19	-62	-	-	-	-	0.00	-	0.00	0.00	-30
Payment of Dividends	-26	-39	-54	-53	-49	-57	-50	-109	-138	-148	-158
Issuance of Debt	392	104	200	400	234	196	595	0.00	270	600	480
Issuance of Common Equity	-	245	137	22	21	148	317	49	-0.42	111	162
Other Financing Activities, net	66	104	-5.06	-4.97	-2.09	-1.54	-18	-11	-4.74	-2.60	-3.49
Cash Interest Paid	22	33	27	36	38	34	29	96	96	81	83

This table details how cash moves in and out of Independence Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	6.48	1.74	-8.83	5.50	0.85	-4.79	4.88	-5.81	8.40	-3.31	-4.36
Net Cash From Operating Activities	76	59	44	83	69	63	60	82	79	60	55
Net Cash From Continuing Operating Activities	76	59	44	83	69	63	60	82	79	60	55
Net Income / (Loss) Continuing Operations	3.99	-42	18	11	13	-1.10	8.53	8.17	7.00	34	-0.13
Consolidated Net Income / (Loss)	3.99	-42	18	11	13	-1.10	8.53	8.17	7.00	34	-0.13
Depreciation Expense	56	56	54	54	55	58	59	60	62	63	65
Amortization Expense	-1.65	-1.57	-1.38	-1.30	-1.26	-1.25	-0.88	-0.82	-0.84	-0.84	-0.78
Non-Cash Adjustments To Reconcile Net Income	13	59	-5.33	3.19	2.68	19	3.61	2.41	4.19	-19	4.93
Changes in Operating Assets and Liabilities, net	4.74	-12	-21	16	-0.07	-11	-9.62	13	7.26	-17	-13
Net Cash From Investing Activities	-59	141	255	-17	-68	-192	10	-45	-119	10	-66
Net Cash From Continuing Investing Activities	-59	141	255	-17	-68	-192	10	-45	-119	11	-66
Purchase of Property, Plant & Equipment	67	-147	-25	-31	-26	-276	-80	-34	-138	-34	-53
Acquisitions	-	-	-1.27	-	-	-	-12	-5.84	-8.32	-11	-12
Sale of Property, Plant & Equipment	-	195	293	28	70	0.07	109	-	0.00	49	0.00
Divestitures	-	-	-	-	-	-	-	-	-	-31	0.09
Other Investing Activities, net	-127	71	-11	-12	-107	75	-6.80	-4.52	-3.41	39	-1.42
Net Cash From Financing Activities	-11	-198	-308	-61	-0.78	123	-66	-43	48	-74	6.28
Net Cash From Continuing Financing Activities	-11	-198	-308	-61	-0.78	123	-66	-43	48	-74	6.28
Repayment of Debt	-32	24	-364	-60	-71	139	-278	-45	-167	-95	-482
Repurchase of Common Equity	-0.41	-	-	-0.07	-0.38	-	0.00	-	-	-	-30
Payment of Dividends	-37	-37	-37	-37	-37	-37	-38	-38	-41	-42	-42
Issuance of Debt	60	-185	94	37	108	-89	201	42	155	81	562
Issuance of Common Equity	-	-	0.00	-	-	-	50	-0.13	101	12	0.00
Other Financing Activities, net	-0.96	-	-1.60	-1.06	-0.11	-1.44	-1.24	-2.18	-0.03	-0.04	-2.58

This table presents Independence Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,383	1,294	1,451	1,659	1,664	1,735	6,507	6,532	6,280	6,058	6,022
Total Current Assets	38	21	9.99	9.32	9.89	8.75	36	16	23	21	24
Cash & Equivalents	38	21	9.99	9.32	9.89	8.75	36	16	23	21	24
Plant, Property, & Equipment, net	-40	-52	-84	-112	-158	-209	-243	-425	-583	-741	-915
Accumulated Depreciation	40	52	84	112	158	209	243	425	583	741	915
Total Noncurrent Assets	1,385	1,325	1,525	1,762	1,813	1,935	6,714	6,941	6,840	6,778	6,913
Long-Term Investments	-	-	-	1,660	1,796	1,917	6,487	6,695	6,348	6,456	6,694
Intangible Assets	3.74	0.12	1.10	0.74	0.41	0.79	53	0.40	0.07	3.64	2.97
Other Noncurrent Operating Assets	1,381	1,325	1,524	101	16	17	174	245	492	318	216
Total Liabilities & Shareholders' Equity	1,383	1,294	1,451	1,659	1,664	1,735	6,507	6,532	6,280	6,058	6,022
Total Liabilities	993	766	805	1,029	1,044	1,022	2,865	2,794	2,713	2,483	2,432
Total Current Liabilities	19	14	17	23	25	55	106	150	109	0.00	0.35
Short-Term Debt	-	-	-	-	-	30	-	-	-	0.00	0.35
Total Noncurrent Liabilities	974	752	787	1,006	1,019	967	2,758	2,645	2,604	2,483	2,432
Long-Term Debt	967	744	778	985	986	-	-	-	-	2,334	2,281
Other Noncurrent Operating Liabilities	7.24	7.70	8.85	21	33	967	2,758	2,645	2,604	149	151
Total Equity & Noncontrolling Interests	390	529	646	630	620	713	3,642	3,738	3,567	3,575	3,589
Total Preferred & Common Equity	364	507	624	623	613	708	3,481	3,597	3,431	3,442	3,460
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	364	507	624	623	613	708	3,481	3,597	3,431	3,442	3,460
Common Stock	379	565	705	743	767	921	3,681	3,753	3,754	3,870	4,008
Retained Earnings	-15	-62	-85	-122	-142	-179	-188	-192	-348	-454	-555
Accumulated Other Comprehensive Income / (Loss)	-0.01	3.68	4.63	2.02	-12	-34	-12	35	26	26	7.72
Noncontrolling Interest	26	22	22	7.05	6.48	4.71	161	141	136	133	129

This table presents Independence Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,634	6,494	6,517	6,578	5,973	5,940	5,948	5,983	5,963	6,093	6,099
Total Current Assets	24	12	14	17	21	21	18	29	19	23	23
Cash & Equivalents	24	12	14	17	21	21	18	29	19	23	23
Plant, Property, & Equipment, net	-379	-475	-520	-567	-623	-668	-716	-790	-810	-861	-973
Accumulated Depreciation	379	475	520	567	623	668	716	790	810	861	973
Total Noncurrent Assets	6,989	6,956	7,023	7,128	6,574	6,587	6,646	6,744	6,753	6,931	7,049
Long-Term Investments	6,705	6,742	6,710	6,842	6,272	6,308	6,437	6,544	6,464	6,665	6,767
Intangible Assets	1.04	0.00	0.00	0.27	0.00	0.00	1.16	3.62	1.64	5.45	1.56
Other Noncurrent Operating Assets	283	215	313	286	302	279	208	196	288	260	280
Total Liabilities & Shareholders' Equity	6,634	6,494	6,517	6,578	5,973	5,940	5,948	5,983	5,963	6,093	6,099
Total Liabilities	2,897	2,789	2,822	2,910	2,414	2,407	2,459	2,396	2,412	2,477	2,578
Total Current Liabilities	126	106	153	184	91	102	121	86	0.23	0.74	0.00
Short-Term Debt	-	-	-	-	-	-	1.78	-	0.23	0.74	0.00
Total Noncurrent Liabilities	2,771	2,683	2,670	2,726	2,323	2,305	2,338	2,310	2,411	2,477	2,578
Long-Term Debt	-	-	-	-	-	-	-	2,254	2,250	2,296	2,434
Other Noncurrent Operating Liabilities	2,771	2,683	2,670	2,726	2,323	2,305	2,338	56	162	180	144
Total Equity & Noncontrolling Interests	3,737	3,705	3,695	3,668	3,559	3,534	3,489	3,587	3,551	3,615	3,522
Total Preferred & Common Equity	3,595	3,566	3,556	3,529	3,424	3,399	3,355	3,455	3,420	3,485	3,393
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,595	3,566	3,556	3,529	3,424	3,399	3,355	3,455	3,420	3,485	3,393
Common Stock	3,752	3,755	3,757	3,753	3,756	3,757	3,758	3,921	3,923	4,025	3,979
Retained Earnings	-194	-215	-240	-272	-367	-393	-416	-483	-515	-548	-596
Accumulated Other Comprehensive Income / (Loss)	38	25	39	48	35	34	14	17	12	9.10	9.98
Noncontrolling Interest	141	139	139	139	136	135	134	132	131	130	128

This table displays calculated financial ratios and metrics derived from Independence Realty Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	122.85%	39.98%	5.10%	18.62%	6.27%	4.27%	18.10%	151.16%	5.16%	-3.17%	2.76%
EBITDA Growth	66.15%	99.67%	24.78%	13.33%	-3.60%	8.93%	49.53%	166.24%	-36.63%	14.48%	10.34%
EBIT Growth	-10.70%	288.77%	53.10%	3.13%	-19.56%	1.98%	79.48%	127.55%	-63.43%	50.70%	8.72%
NOPAT Growth	-16.55%	-7,995.49%	110.77%	3.04%	-19.37%	-13.02%	-89.68%	2,034.27%	4.27%	24.75%	-4.45%
Net Income Growth	924.32%	-131.69%	429.05%	-15.37%	74.20%	-67.91%	206.04%	165.02%	-114.76%	324.82%	44.15%
EPS Growth	457.14%	-124.36%	315.79%	-26.83%	70.00%	-68.63%	156.25%	29.27%	-115.09%	312.50%	41.18%
Operating Cash Flow Growth	19.09%	-140.23%	821.15%	26.15%	9.44%	-0.06%	-30.29%	377.52%	5.06%	-0.92%	8.62%
Free Cash Flow Firm Growth	-33.13%	22.98%	79.37%	1,596.33%	-87.13%	420.48%	66.00%	-90.80%	-123.60%	704.65%	118.87%
Invested Capital Growth	97.59%	-5.06%	13.02%	-103.83%	-270.67%	-488.73%	-143.57%	-2.09%	4.68%	-3.50%	-48.95%
Revenue Q/Q Growth	27.11%	-20.70%	36.12%	0.00%	0.00%	1.27%	10.04%	15.83%	0.65%	-0.94%	0.95%
EBITDA Q/Q Growth	51.16%	420.93%	23.96%	143.64%	101.94%	21.90%	53.28%	7.36%	-19.63%	11.73%	12.89%
EBIT Q/Q Growth	76.06%	248.55%	38.36%	0.00%	0.00%	60.29%	114.13%	3.52%	-49.19%	39.27%	40.27%
NOPAT Q/Q Growth	23.01%	-2,297.40%	158.81%	0.00%	0.00%	95.31%	-89.50%	218.87%	-30.41%	-2.19%	6.00%
Net Income Q/Q Growth	16.24%	-125.44%	276.79%	0.00%	0.00%	-41.74%	54.73%	4.38%	-130.51%	7,843.33%	155.45%
EPS Q/Q Growth	16.42%	-126.03%	182.00%	0.00%	0.00%	-44.83%	41.38%	-17.19%	-130.77%	1,800.00%	166.67%
Operating Cash Flow Q/Q Growth	83.69%	-116.00%	1,195.59%	2.92%	6.28%	-1.64%	-40.70%	46.98%	0.34%	1.67%	-1.14%
Free Cash Flow Firm Q/Q Growth	31.65%	-430.20%	53.31%	771.13%	-88.72%	2,093.67%	63.66%	-91.51%	-112.05%	461.29%	119.19%
Invested Capital Q/Q Growth	-3.91%	0.34%	3.75%	-103.41%	-29.40%	-558.60%	-144.78%	1.68%	11.11%	2.09%	-9.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	96.84%	96.27%	96.36%	60.85%	95.93%	58.93%	59.22%	58.94%	58.52%	95.42%
EBITDA Margin	35.30%	50.36%	59.78%	57.12%	51.81%	54.13%	68.54%	72.65%	43.78%	51.76%	55.58%
Operating Margin	9.29%	25.86%	37.61%	32.67%	24.79%	20.67%	1.81%	15.35%	21.74%	19.61%	18.23%
EBIT Margin	9.31%	25.85%	37.66%	32.74%	24.79%	24.24%	36.84%	33.38%	11.61%	18.07%	19.11%
Profit (Net Income) Margin	27.52%	-6.23%	19.50%	13.92%	22.81%	7.02%	18.19%	19.20%	-2.69%	6.25%	8.77%
Tax Burden Percent	-73.80%	-328.01%	100.00%	100.00%	415.99%	100.00%	100.00%	98.23%	133.70%	100.87%	123.73%
Interest Burden Percent	-400.55%	7.35%	51.78%	42.50%	22.12%	28.96%	49.39%	58.55%	-17.36%	34.32%	37.10%
Effective Tax Rate	0.00%	1,518.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.72%	-43.79%	4.55%	9.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	4.17%	23.21%	0.63%	-75.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	8.52%	41.71%	0.80%	-5.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	9.24%	-2.08%	5.35%	4.17%	7.42%	2.23%	2.09%	3.27%	-0.49%	1.12%	1.61%
Cash Return on Invested Capital (CROIC)	-64.87%	-38.60%	-7.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.98%	2.96%	4.42%	4.03%	3.03%	3.02%	2.24%	3.22%	1.20%	1.87%	2.08%
Return on Assets (ROA)	2.90%	-0.71%	2.29%	1.71%	2.79%	0.88%	1.10%	1.85%	-0.28%	0.65%	0.96%
Return on Common Equity (ROCE)	8.70%	-1.97%	5.15%	4.08%	7.34%	2.21%	2.01%	3.14%	-0.47%	1.08%	1.55%
Return on Equity Simple (ROE_SIMPLE)	8.28%	-1.89%	5.04%	4.27%	7.56%	2.10%	1.31%	3.35%	-0.52%	1.16%	0.00%
Net Operating Profit after Tax (NOPAT)	7.13	-563	61	62	50	44	4.52	96	101	125	120
NOPAT Margin	6.50%	-366.88%	37.61%	32.67%	24.79%	20.67%	1.81%	15.35%	15.22%	19.61%	18.23%
Net Nonoperating Expense Percent (NNEP)	-3.46%	-67.00%	3.91%	85.18%	-0.53%	-2.13%	0.97%	0.37%	-1.81%	-1.33%	-1.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.58%	2.82%	3.51%	2.04%
Cost of Revenue to Revenue	0.00%	3.16%	3.73%	3.64%	39.15%	4.07%	41.08%	40.78%	41.06%	41.48%	4.58%
SG&A Expenses to Revenue	7.11%	7.08%	5.91%	5.66%	6.27%	7.12%	7.44%	4.18%	3.44%	3.79%	3.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	90.71%	70.98%	58.67%	63.69%	36.06%	75.26%	57.12%	43.87%	37.20%	38.91%	77.19%
Earnings before Interest and Taxes (EBIT)	10	40	61	63	50	51	92	210	77	116	126
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	77	96	109	105	115	172	457	289	331	366
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.61	0.84	1.00	1.05	1.77	1.60	0.72	0.98	0.97	1.30	1.21
Price to Tangible Book Value (P/TBV)	0.62	0.84	1.00	1.05	1.77	1.60	0.73	0.98	0.97	1.30	1.21
Price to Revenue (P/Rev)	2.03	2.76	3.87	3.41	5.33	5.35	9.95	5.58	5.02	6.98	6.36
Price to Earnings (P/E)	7.87	0.00	20.67	24.80	23.61	76.76	55.85	29.91	0.00	113.66	73.90
Dividend Yield	15.25%	11.73%	9.63%	9.82%	6.04%	4.52%	2.03%	3.45%	4.20%	3.23%	3.83%
Earnings Yield	12.71%	0.00%	4.84%	4.03%	4.24%	1.30%	1.79%	3.34%	0.00%	0.88%	1.35%
Enterprise Value to Invested Capital (EV/IC)	0.89	0.93	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	10.74	7.62	8.78	0.00	1.32	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	30.41	15.13	14.68	0.00	2.56	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	115.32	29.46	23.30	0.00	5.34	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	165.05	0.00	23.34	0.00	5.34	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	62.82	0.00	26.04	0.00	3.59	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	1.37	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.48	1.41	1.20	1.56	1.59	0.04	0.00	0.00	0.00	0.00	0.64
Long-Term Debt to Equity	2.48	1.41	1.20	1.56	1.59	0.00	0.00	0.00	0.00	0.00	0.64
Financial Leverage	2.04	1.80	1.27	0.07	-1.20	-2.04	-1.93	-1.79	-1.79	-1.80	-1.20
Leverage Ratio	3.18	2.91	2.34	2.44	2.66	2.55	1.89	1.77	1.75	1.73	1.69
Compound Leverage Factor	-12.74	0.21	1.21	1.04	0.59	0.74	0.93	1.03	-0.30	0.59	0.63
Debt to Total Capital	71.25%	58.45%	54.64%	61.00%	61.39%	4.02%	0.00%	0.00%	0.00%	0.00%	38.86%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.02%	0.00%	0.00%	0.00%	0.00%	0.01%
Long-Term Debt to Total Capital	71.25%	58.45%	54.64%	61.00%	61.39%	0.00%	0.00%	0.00%	0.00%	0.00%	38.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.91%	1.72%	1.55%	0.44%	0.40%	0.63%	4.43%	3.78%	3.81%	3.71%	2.21%
Common Equity to Total Capital	26.84%	39.83%	43.81%	38.56%	38.20%	95.35%	95.57%	96.22%	96.19%	96.29%	58.93%
Debt to EBITDA	24.99	9.63	8.08	9.02	9.36	0.26	0.00	0.00	0.00	0.00	6.24
Net Debt to EBITDA	24.00	9.36	7.97	-6.26	-7.79	-16.53	0.00	0.00	0.00	0.00	-12.13
Long-Term Debt to EBITDA	24.99	9.63	8.08	9.02	9.36	0.00	0.00	0.00	0.00	0.00	6.24
Debt to NOPAT	135.62	-1.32	12.84	15.77	19.57	0.68	0.00	0.00	0.00	0.00	19.03
Net Debt to NOPAT	130.25	-1.28	12.68	-10.95	-16.29	-43.27	0.00	0.00	0.00	0.00	-36.99
Long-Term Debt to NOPAT	135.62	-1.32	12.84	15.77	19.57	0.00	0.00	0.00	0.00	0.00	19.03
Altman Z-Score	0.24	0.49	0.63	0.51	0.71	0.71	0.55	0.89	0.79	1.13	1.08
Noncontrolling Interest Sharing Ratio	5.76%	5.20%	3.74%	2.28%	1.08%	0.84%	3.81%	4.10%	3.79%	3.76%	3.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.98	1.49	0.58	0.41	0.39	0.16	0.34	0.11	0.21	0.22	68.10
Quick Ratio	1.98	1.49	0.58	0.41	0.39	0.16	0.34	0.11	0.21	0.22	68.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-644	-496	-102	1,531	197	1,026	1,703	157	-37	224	398
Operating Cash Flow to CapEx	115.85%	0.00%	30.63%	36.25%	70.49%	86.02%	0.00%	775.06%	0.00%	0.00%	216.32%
Free Cash Flow to Firm to Interest Expense	-12.61	-13.50	-3.50	42.53	5.02	28.11	36.49	1.80	-0.41	2.94	5.04
Operating Cash Flow to Interest Expense	0.37	-0.21	1.86	1.90	1.91	2.05	1.12	2.87	2.91	3.42	3.57
Operating Cash Flow Less CapEx to Interest Expense	0.05	0.56	-4.20	-3.35	-0.80	-0.33	1.93	2.50	3.85	3.87	1.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.12	0.12	0.12	0.12	0.06	0.10	0.10	0.10	0.11
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.29	0.38	0.35	3.30	0.34	1.56	2.37	2.48	2.61	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	1,255.02	949.39	1,049.21	110.59	1,075.34	233.91	153.81	147.09	140.04	0.00
Cash Conversion Cycle (CCC)	0.00	-1,255.02	-949.39	-1,049.21	-110.59	-1,075.34	-233.91	-153.81	-147.09	-140.04	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,318	1,252	1,415	-54	-201	-1,183	-2,881	-2,941	-2,804	-2,902	-847
Invested Capital Turnover	0.11	0.12	0.12	0.28	-1.59	-0.31	-0.12	-0.22	-0.23	-0.22	-0.93
Increase / (Decrease) in Invested Capital	651	-67	163	-1,469	-147	-982	-1,698	-60	138	-98	-278
Enterprise Value (EV)	1,176	1,168	1,415	-25	269	-757	-3,872	-3,064	-2,915	-1,878	-127
Market Capitalization	222	424	624	652	1,083	1,134	2,490	3,507	3,320	4,466	4,180
Book Value per Share	$7.74	$7.35	$7.47	$7.01	$6.75	$7.47	$33.11	$16.05	$15.27	$15.29	$14.47
Tangible Book Value per Share	$7.66	$7.34	$7.46	$7.00	$6.74	$7.46	$32.61	$16.05	$15.27	$15.28	$14.46
Total Capital	1,357	1,273	1,425	1,616	1,605	743	3,642	3,738	3,567	3,575	5,871
Total Debt	967	744	778	985	986	30	0.00	0.00	0.00	0.00	2,282
Total Long-Term Debt	967	744	778	985	986	0.00	0.00	0.00	0.00	0.00	2,281
Net Debt	928	723	768	-684	-821	-1,896	-6,523	-6,712	-6,371	-6,477	-4,436
Capital Expenditures (CapEx)	16	-28	177	189	106	87	-38	32	-84	-34	130
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-14	-17	-23	-25	-25	-106	-150	-109	-95	0.00
Debt-free Net Working Capital (DFNWC)	19	6.86	-7.23	-13	-16	-17	-70	-133	-86	-73	24
Net Working Capital (NWC)	19	6.86	-7.23	-13	-16	-47	-70	-133	-86	-73	23
Net Nonoperating Expense (NNE)	-23	-553	29	36	4.02	29	-41	-24	118	85	62
Net Nonoperating Obligations (NNO)	928	723	768	-684	-821	-1,896	-6,523	-6,679	-6,371	-6,477	-4,436
Total Depreciation and Amortization (D&A)	28	38	36	47	55	63	79	247	213	216	240
Debt-free, Cash-free Net Working Capital to Revenue	-17.62%	-9.15%	-10.68%	-11.93%	-12.50%	-11.99%	-42.49%	-23.80%	-16.50%	-14.79%	0.00%
Debt-free Net Working Capital to Revenue	17.34%	4.47%	-4.49%	-7.06%	-7.63%	-7.86%	-28.12%	-21.24%	-13.04%	-11.47%	3.58%
Net Working Capital to Revenue	17.34%	4.47%	-4.49%	-7.06%	-7.63%	-21.95%	-28.12%	-21.24%	-13.04%	-11.47%	3.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.78	($0.19)	$0.41	$0.30	$0.51	$0.16	$0.41	$0.53	($0.08)	$0.17	$0.24
Adjusted Weighted Average Basic Shares Outstanding	36.15M	52.18M	73.34M	87.09M	89.80M	93.66M	108.55M	221.97M	224.41M	224.80M	233.92M
Adjusted Diluted Earnings per Share	$0.78	($0.19)	$0.41	$0.30	$0.51	$0.16	$0.41	$0.53	($0.08)	$0.17	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	36.16M	52.18M	73.60M	87.38M	90.42M	94.69M	109.83M	223.12M	224.41M	225.58M	234.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.47M	69.04M	84.96M	89.25M	91.13M	101.86M	220.97M	224.33M	224.77M	230.91M	237.28M
Normalized Net Operating Profit after Tax (NOPAT)	17	28	30	36	35	31	36	65	103	91	85
Normalized NOPAT Margin	15.16%	18.12%	18.73%	18.97%	17.35%	14.71%	14.53%	10.37%	15.66%	14.16%	12.90%
Pre Tax Income Margin	-37.29%	1.90%	19.50%	13.92%	5.48%	7.02%	18.19%	19.54%	-2.02%	6.20%	7.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.20	1.08	2.07	1.74	1.28	1.41	1.98	2.41	0.85	1.52	1.59
NOPAT to Interest Expense	0.14	-15.31	2.07	1.74	1.28	1.20	0.10	1.11	1.12	1.65	1.52
EBIT Less CapEx to Interest Expense	-0.12	1.84	-3.98	-3.51	-1.43	-0.98	2.79	2.04	1.79	1.97	-0.06
NOPAT Less CapEx to Interest Expense	-0.18	-14.55	-3.99	-3.51	-1.43	-1.19	0.91	0.74	2.05	2.10	-0.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	87.18%	-405.18%	173.10%	199.68%	105.48%	380.63%	110.10%	89.98%	-777.57%	369.26%	274.34%
Augmented Payout Ratio	87.80%	-1,055.69%	173.10%	199.68%	105.48%	380.63%	110.10%	89.98%	-777.57%	369.26%	326.33%

This table displays calculated financial ratios and metrics derived from Independence Realty Trust's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	237,280,268.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	237,280,268.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.99%	2.61%	-0.52%	-3.39%	-5.02%	-3.64%	0.44%	2.39%	4.37%	3.83%	2.53%
EBITDA Growth	-8.28%	-65.24%	9.21%	-5.90%	5.60%	92.31%	-5.63%	5.86%	-8.30%	57.62%	-1.01%
EBIT Growth	-32.38%	-128.92%	23.35%	-16.14%	16.30%	195.67%	-27.20%	-4.70%	-44.24%	226.40%	-24.11%
NOPAT Growth	-1.58%	-31.45%	-6.62%	-15.87%	-20.32%	-7.08%	-26.94%	-4.70%	-31.03%	79.47%	-19.90%
Net Income Growth	-76.06%	-220.65%	102.45%	-3.94%	216.61%	97.35%	-52.53%	-22.58%	-44.57%	3,183.77%	-101.49%
EPS Growth	-71.43%	-226.67%	100.00%	0.00%	150.00%	94.74%	-50.00%	-40.00%	-40.00%	1,500.00%	-100.00%
Operating Cash Flow Growth	-4.84%	1.51%	-6.08%	3.41%	-8.65%	7.19%	37.02%	-0.93%	14.60%	-5.11%	-8.36%
Free Cash Flow Firm Growth	-89.15%	-208.97%	-183.21%	-178.14%	-179.16%	212.89%	-616.73%	-1,141.35%	-1,260.33%	114.05%	106.31%
Invested Capital Growth	-5.43%	4.68%	10.32%	6.58%	6.03%	-3.50%	73.24%	75.60%	73.81%	-48.95%	-14.07%
Revenue Q/Q Growth	2.84%	-0.93%	-3.90%	-1.33%	1.09%	0.52%	0.17%	0.59%	3.05%	-0.01%	-1.08%
EBITDA Q/Q Growth	-6.59%	-53.55%	143.00%	-10.75%	4.83%	-15.41%	19.25%	0.12%	-9.19%	45.38%	-25.11%
EBIT Q/Q Growth	-20.98%	-161.27%	335.19%	-26.35%	9.58%	-49.60%	78.98%	-3.59%	-35.89%	195.03%	-58.39%
NOPAT Q/Q Growth	12.59%	-28.48%	3.19%	1.24%	6.64%	-16.59%	10.95%	-3.94%	-22.41%	55.94%	-34.68%
Net Income Q/Q Growth	-63.72%	-1,144.98%	143.12%	-41.23%	19.56%	-108.74%	872.98%	-4.15%	-14.40%	386.26%	-100.37%
EPS Q/Q Growth	-60.00%	-1,050.00%	142.11%	-37.50%	0.00%	-120.00%	500.00%	-25.00%	0.00%	366.67%	-100.00%
Operating Cash Flow Q/Q Growth	-5.59%	-21.93%	-25.55%	88.44%	-16.60%	-8.38%	-4.84%	36.25%	-3.53%	-24.14%	-8.09%
Free Cash Flow Firm Q/Q Growth	-6.38%	-154.58%	-160.45%	41.29%	5.15%	177.84%	-1,692.60%	-5.67%	-3.85%	114.38%	-59.96%
Invested Capital Q/Q Growth	-5.39%	11.11%	2.47%	-2.24%	-6.01%	2.09%	74.78%	6.78%	-13.77%	-9.07%	1.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.17%	60.27%	57.97%	56.72%	57.59%	61.75%	95.15%	95.24%	95.28%	96.01%	95.02%
EBITDA Margin	48.10%	22.55%	57.02%	51.57%	53.48%	45.00%	53.57%	53.32%	46.99%	68.32%	51.72%
Operating Margin	23.03%	23.75%	17.85%	18.32%	19.32%	22.91%	17.76%	16.96%	18.24%	19.91%	13.15%
EBIT Margin	16.13%	-9.98%	24.41%	18.22%	19.75%	9.90%	17.69%	16.96%	10.55%	31.13%	13.10%
Profit (Net Income) Margin	2.36%	-24.93%	11.19%	6.66%	7.88%	-0.69%	5.29%	5.04%	4.19%	20.35%	-0.08%
Tax Burden Percent	77.19%	106.48%	95.59%	100.00%	94.72%	36.99%	93.53%	93.57%	-248.14%	107.61%	-13.80%
Interest Burden Percent	18.99%	234.77%	47.95%	36.57%	42.12%	-18.71%	31.95%	31.75%	-15.98%	60.75%	4.25%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	1.58%	-0.49%	-0.24%	-0.25%	-0.01%	1.12%	0.86%	0.80%	0.64%	1.61%	1.38%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	1.60%	-1.03%	2.59%	1.92%	2.04%	1.03%	1.90%	1.84%	1.14%	3.39%	1.43%
Return on Assets (ROA)	0.24%	-2.57%	1.18%	0.70%	0.81%	-0.07%	0.57%	0.55%	0.45%	2.22%	-0.01%
Return on Common Equity (ROCE)	1.52%	-0.47%	-0.23%	-0.24%	-0.01%	1.08%	0.82%	0.77%	0.61%	1.55%	1.33%
Return on Equity Simple (ROE_SIMPLE)	1.65%	0.00%	-0.25%	-0.27%	-0.02%	0.00%	0.89%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	39	28	29	29	31	26	29	28	21	33	22
NOPAT Margin	23.03%	16.63%	17.85%	18.32%	19.32%	16.03%	17.76%	16.96%	12.77%	19.91%	13.15%
Net Nonoperating Expense Percent (NNEP)	-0.51%	-1.06%	-0.16%	-0.28%	-0.28%	-0.42%	-0.38%	-0.37%	-0.26%	0.02%	-0.50%
Return On Investment Capital (ROIC_SIMPLE)	-	0.78%	-	-	-	0.72%	0.49%	0.47%	0.36%	0.57%	0.37%
Cost of Revenue to Revenue	41.83%	39.73%	42.03%	43.28%	42.41%	38.25%	4.85%	4.76%	4.72%	3.99%	4.98%
SG&A Expenses to Revenue	2.17%	3.02%	5.22%	3.94%	2.98%	3.02%	5.21%	3.69%	2.93%	2.80%	5.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.14%	36.52%	40.12%	38.41%	38.26%	38.84%	77.39%	78.28%	77.04%	76.09%	81.87%
Earnings before Interest and Taxes (EBIT)	27	-17	39	29	32	16	29	28	18	52	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	81	38	92	82	86	72	86	86	79	114	86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.86	0.97	1.05	1.24	1.38	1.30	1.42	1.21	1.10	1.21	1.04
Price to Tangible Book Value (P/TBV)	0.86	0.97	1.05	1.24	1.38	1.30	1.42	1.21	1.10	1.21	1.04
Price to Revenue (P/Rev)	4.64	5.02	5.44	6.44	7.14	6.98	7.65	6.42	5.88	6.36	5.34
Price to Earnings (P/E)	53.53	0.00	0.00	0.00	0.00	113.66	163.04	148.98	171.94	73.90	73.40
Dividend Yield	4.43%	4.20%	4.00%	3.42%	3.12%	3.23%	3.01%	3.67%	4.03%	3.83%	4.57%
Earnings Yield	1.87%	0.00%	0.00%	0.00%	0.00%	0.88%	0.61%	0.67%	0.58%	1.35%	1.36%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	1.12	0.05	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	2.19	0.10	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	6.81	0.32	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	6.22	0.29	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	2.59	0.12	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.63	0.63	0.64	0.64	0.69
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.63	0.63	0.64	0.64	0.69
Financial Leverage	-1.83	-1.79	-1.80	-1.80	-1.85	-1.80	-1.49	-1.49	-1.53	-1.20	-1.22
Leverage Ratio	1.78	1.75	1.72	1.72	1.75	1.73	1.67	1.68	1.69	1.69	1.70
Compound Leverage Factor	0.34	4.12	0.82	0.63	0.74	-0.32	0.53	0.53	-0.27	1.02	0.07
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	38.59%	38.79%	38.85%	38.86%	40.86%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	38.59%	38.78%	38.84%	38.86%	40.86%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.78%	3.81%	3.81%	3.81%	3.83%	3.71%	2.26%	2.25%	2.20%	2.21%	2.16%
Common Equity to Total Capital	96.22%	96.19%	96.19%	96.19%	96.12%	96.29%	59.16%	58.96%	58.95%	58.93%	56.98%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.01	0.00	6.91	6.80	7.09	6.24	6.67
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-21.76	0.00	-13.24	-12.79	-13.56	-12.13	-11.95
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	6.91	6.80	7.09	6.24	6.67
Debt to NOPAT	0.00	0.00	0.00	0.00	0.01	0.00	19.61	19.81	20.31	19.03	21.25
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-50.29	0.00	-37.58	-37.27	-38.82	-36.99	-38.04
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	19.61	19.81	20.30	19.03	21.25
Altman Z-Score	0.65	0.74	0.93	1.07	1.13	1.07	1.23	1.04	0.92	1.04	0.81
Noncontrolling Interest Sharing Ratio	3.78%	3.79%	3.78%	3.79%	3.80%	3.76%	3.74%	3.75%	3.71%	3.66%	3.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.09	0.21	0.23	0.21	0.15	0.22	0.34	83.65	31.60	68.10	0.00
Quick Ratio	0.09	0.21	0.23	0.21	0.15	0.22	0.34	83.65	31.60	68.10	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	201	-110	-286	-168	-159	124	-1,974	-2,086	-2,166	311	125
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	2,593.66%	0.00%	23.02%	0.00%	238.95%	57.50%	0.00%	104.37%
Free Cash Flow to Firm to Interest Expense	9.13	-4.64	-14.02	-9.62	-8.70	6.27	-101.68	-111.12	-105.91	15.25	6.02
Operating Cash Flow to Interest Expense	3.44	2.50	2.16	4.76	3.78	3.21	3.11	4.38	3.88	2.95	2.67
Operating Cash Flow Less CapEx to Interest Expense	6.49	4.56	15.30	4.57	6.22	-10.73	4.53	2.55	-2.87	3.66	0.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.10	0.11	0.11	0.10	0.10	0.11	0.11	0.11	0.11	0.11
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.35	2.48	2.88	2.51	2.10	2.61	3.13	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	108.89	147.09	126.60	145.58	174.08	140.04	116.76	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-108.89	-147.09	-126.60	-145.58	-174.08	-140.04	-116.76	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,154	-2,804	-2,735	-2,796	-2,964	-2,902	-732	-682	-776	-847	-835
Invested Capital Turnover	-0.21	-0.23	-0.23	-0.23	-0.21	-0.22	-0.37	-0.37	-0.35	-0.93	-0.84
Increase / (Decrease) in Invested Capital	-162	138	315	197	190	-98	2,003	2,114	2,188	-278	-103
Enterprise Value (EV)	-3,674	-2,915	-2,565	-1,977	-1,704	-1,878	715	33	-429	-127	-695
Market Capitalization	3,047	3,320	3,593	4,218	4,615	4,466	4,902	4,136	3,832	4,180	3,533
Book Value per Share	$15.71	$15.27	$15.24	$15.10	$14.90	$15.29	$14.96	$14.63	$14.91	$14.47	$14.30
Tangible Book Value per Share	$15.70	$15.27	$15.24	$15.10	$14.90	$15.28	$14.95	$14.62	$14.88	$14.46	$14.29
Total Capital	3,668	3,567	3,559	3,534	3,490	3,575	5,841	5,801	5,912	5,871	5,955
Total Debt	0.00	0.00	0.00	0.00	1.78	0.00	2,254	2,250	2,297	2,282	2,434
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	2,254	2,250	2,296	2,281	2,434
Net Debt	-6,859	-6,371	-6,294	-6,329	-6,453	-6,477	-4,319	-4,233	-4,391	-4,436	-4,357
Capital Expenditures (CapEx)	-67	-49	-268	3.20	-45	276	-27	34	138	-14	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-184	-109	-91	-102	-119	-95	-86	0.00	0.00	0.00	0.00
Debt-free Net Working Capital (DFNWC)	-166	-86	-70	-81	-102	-73	-57	19	23	24	23
Net Working Capital (NWC)	-166	-86	-70	-81	-103	-73	-57	19	23	23	23
Net Nonoperating Expense (NNE)	35	69	11	18	18	27	20	19	14	-0.73	22
Net Nonoperating Obligations (NNO)	-6,822	-6,371	-6,294	-6,329	-6,453	-6,477	-4,319	-4,233	-4,391	-4,436	-4,357
Total Depreciation and Amortization (D&A)	54	54	52	53	54	56	58	59	61	62	64
Debt-free, Cash-free Net Working Capital to Revenue	-27.97%	-16.50%	-13.76%	-15.59%	-18.46%	-14.79%	-13.48%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	-25.35%	-13.04%	-10.54%	-12.38%	-15.74%	-11.47%	-8.95%	3.02%	3.57%	3.58%	3.53%
Net Working Capital to Revenue	-25.35%	-13.04%	-10.54%	-12.38%	-16.01%	-11.47%	-8.95%	2.99%	3.46%	3.53%	3.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.02	($0.19)	$0.08	$0.05	$0.05	($0.01)	$0.04	$0.03	$0.03	$0.14	$0.00
Adjusted Weighted Average Basic Shares Outstanding	224.50M	224.41M	224.63M	224.79M	224.82M	224.80M	230.72M	233.50M	233.63M	233.92M	236.43M
Adjusted Diluted Earnings per Share	$0.02	($0.19)	$0.08	$0.05	$0.05	($0.01)	$0.04	$0.03	$0.03	$0.14	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	225.14M	224.41M	225.23M	225.42M	226.06M	225.58M	231.83M	234.13M	234.28M	234.75M	236.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	224.71M	224.77M	225.08M	225.12M	225.10M	230.91M	233.78M	233.82M	239.11M	237.28M	235.71M
Normalized Net Operating Profit after Tax (NOPAT)	27	28	22	21	23	26	19	19	22	25	15
Normalized NOPAT Margin	16.14%	16.65%	13.50%	13.03%	14.07%	16.00%	11.73%	11.98%	12.94%	14.88%	9.24%
Pre Tax Income Margin	3.06%	-23.42%	11.70%	6.66%	8.32%	-1.85%	5.65%	5.39%	-1.69%	18.91%	0.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.23	-0.70	1.92	1.65	1.73	0.81	1.47	1.47	0.86	2.55	1.04
NOPAT to Interest Expense	1.76	1.17	1.41	1.66	1.69	1.31	1.47	1.47	1.04	1.63	1.05
EBIT Less CapEx to Interest Expense	4.28	1.35	15.06	1.47	4.17	-13.13	2.89	-0.37	-5.88	3.26	-1.51
NOPAT Less CapEx to Interest Expense	4.81	3.23	14.55	1.48	4.13	-12.63	2.89	-0.37	-5.70	2.34	-1.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	229.23%	-777.57%	-1,641.25%	-1,614.63%	-28,582.98%	369.26%	486.50%	531.04%	680.04%	274.34%	329.79%
Augmented Payout Ratio	229.95%	-777.57%	-1,645.93%	-1,619.88%	-28,669.44%	369.26%	486.50%	531.04%	680.04%	326.33%	451.98%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways for Independence Realty Trust (NYSE: IRT) based on the latest quarterly data and the four-year trend in revenue, profitability, liquidity and capital structure. Bullets are organized to show potential positives first, then neutral factors, then negatives.

Strong quarterly operating cash flow: Net cash from continuing operating activities was solid in 2025, with about 82.2M (Q2), 79.3M (Q3) and 60.2M (Q4) in the quarters shown, and about 60.4M in Q1 2025, indicating durable cash generation to support dividends and debt service.
Revenue trend improving in 2025 vs 2024: Q4 2025 operating revenue reached 167.1M and total revenue 167.1M, up from Q4 2024 levels (around 160.9M), signaling modest top-line growth.
Net income attributable to common shareholders remained positive in 2025: Quadruple-quarter results show positive net income to common shareholders in each quarter (e.g., Q1 2025 ≈ 8.35M, Q2 ≈ 10.35M, Q3 ≈ 6.89M, Q4 ≈ 33.27M) with a notable spike in Q4 2025.
Operating income stayed positive and rising in 2025: Total Operating Income was roughly 30.49M (Q3 2025) and 33.28M (Q4 2025), indicating ongoing profitability at the operating level.
Dividend per share edged higher in late 2025: Cash dividends per share rose to 0.17 in Q4 2025 (vs 0.16 in earlier quarters), supporting a policy of returning capital to shareholders.
Depreciation remains a sizable non-cash cost: Depreciation expense was around 58–63M per quarter in 2025, reflecting a large fixed-asset base and ongoing capital investment in property and equipment.
Share count rising modestly, keeping EPS modest: Weighted average basic and diluted shares outstanding were about 233–237 million across 2025, helping explain relatively modest earnings per share despite positive net income.
Debt load trending higher: Long-term debt rose from about 2.21B in Q1 2025 to roughly 2.30B by Q3 2025, increasing leverage and interest costs over time.
Elevated other operating expenses in several quarters: Other operating expenses / (income) were significant in multiple quarters (e.g., Q4 2025 around 57.3–57.6M; Q3 2025 around 61.7M), reducing gross profitability and contributing to quarterly earnings variability.
Financing activity has been uneven, with negative net cash from financing in several periods: Net cash from financing activities is negative in multiple quarters (e.g., Q4 2025: about -73.6M), reflecting debt repayments, dividends and other financing outflows.

Overall, IRT demonstrates solid operating cash flow and improving top-line stability in 2025, with positive quarterly net income and a modestly rising equity base. However, the increased debt load, sizable non-cash depreciation, and notable financing outflows warrant attention for longer-term leverage and liquidity management. Retail investors may view IRT as offering meaningful recurring cash generation and an ongoing dividend, but should weigh the balance sheet leverage and quarterly earnings volatility when assessing risk and return potential.

05/07/26 03:50 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Independence Realty Trust's Financials

When does Independence Realty Trust's financial year end?

According to the most recent income statement we have on file, Independence Realty Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Independence Realty Trust's net income changed over the last 10 years?

Independence Realty Trust's net income appears to be on an upward trend, with a most recent value of $57.71 million in 2025, rising from $30.16 million in 2015. The previous period was $40.03 million in 2024. Find out what analysts predict for Independence Realty Trust in the coming months.

What is Independence Realty Trust's operating income?

Independence Realty Trust's total operating income in 2025 was $119.91 million, based on the following breakdown:

Total Gross Profit: $627.59 million
Total Operating Expenses: $507.68 million

How has Independence Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Independence Realty Trust's total revenue changed from $109.58 million in 2015 to $657.70 million in 2025, a change of 500.2%.

How much debt does Independence Realty Trust have?

Independence Realty Trust's total liabilities were at $2.43 billion at the end of 2025, a 2.0% decrease from 2024, and a 144.9% increase since 2015.

How much cash does Independence Realty Trust have?

In the past 10 years, Independence Realty Trust's cash and equivalents has ranged from $8.75 million in 2020 to $38.30 million in 2015, and is currently $23.56 million as of their latest financial filing in 2025.

How has Independence Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Independence Realty Trust's book value per share changed from 7.74 in 2015 to 14.47 in 2025, a change of 87.0%.

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Financial statements for NYSE:IRT last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Independence Realty Trust (IRT) Financials

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