Independence Realty Trust (IRT) FY2024 results: revenue $640 million, down 3.2% on the year

Independence Realty Trust, Inc. (IRT) reported revenue of $640 million for fiscal 2024, the year ended 31 December 2024, down 3.2% on the year before. Net income was $39 million, and diluted earnings per share $0.17. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$640 million

-3.2% on the year

FY2017FY2024

Operating margin

19.6%

22.2% a year earlier

FY2017FY2024

Net income

$39 million

FY2017FY2024

Diluted EPS

$0.17

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	640	661	629	-3.2%
Operating income	125	147	102	-14.6%
Operating margin	19.6%	22.2%	16.2%
Interest expense	76.1	89.9	87.0	-15.3%
Income tax	0.0	0.0	0.0
Net income	39.3	-17.2	117
Net margin	6.1%	-2.6%	18.7%
Diluted EPS	$0.17	-$0.08	$0.53

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	260	262	250	-0.9%
Capital expenditure	56.8	66.2	61.8	-14.2%
Free cash flow	203	196	188	+3.6%
Free cash flow margin	31.7%	29.6%	29.9%
Cash from investing	-20.6	-1.7	-136
Cash from financing	-246	-254	-135
Depreciation and amortisation	221	219	253	+0.9%
Share-based compensation	7.1	7.7	7.9	-7.6%
Buybacks	0.0	0.0	n/a
Dividends paid	144	135	106	+6.8%
Dividend per share	$0.64	$0.62	$0.54	+3.2%
Diluted shares, weighted	226m	224m	223m	+0.5%
Shares outstanding at period end	231m	225m	224m	+2.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,442	3,431	3,597	+0.3%
Non-controlling interest	133	136	141	-2.3%
Debt	2,334	2,549	2,632	-8.5%
Other liabilities	149	164	163	-8.8%
Total liabilities and equity	6,058	6,280	6,532	-3.5%
Intangible assets	3.6	0.1	0.4	+5,421.2%
Cash and equivalents	21.2	22.9	16.1	-7.1%
Other assets	6,033	6,257	6,516	-3.6%
Total assets	6,058	6,280	6,532	-3.5%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.