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Independence Realty Trust (IRT) FY2025 results: revenue $658 million, up 2.8% on the year

Independence Realty Trust, Inc. (IRT) reported revenue of $658 million for fiscal 2025, the year ended 31 December 2025, up 2.8% on the year before. Net income was $57 million, up 43.9%, and diluted earnings per share $0.24. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$658 million
+2.8% on the year
FY2018FY2025
Operating margin
18.2%
19.6% a year earlier
FY2018FY2025
Net income
$57 million
+43.9% on the year
FY2018FY2025
Diluted EPS
$0.24
+41.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 19 new.

  • Q4 net income turned positive: Net income available to common shares was $33.3 million in Q4, against a loss of $1.0 million a year earlier. Diluted EPS was $0.14, against $0.00.
  • Same-store NOI growth in both periods: Same-store NOI grew 1.8% in Q4 and 2.4% for 2025, on same-store revenue growth of 2.0% in Q4 and 1.7% for the year.
  • Same-store occupancy held near 95%: Same-store average occupancy was 95.4% in Q4, down 10 basis points, and 95.4% for 2025, up 30 basis points.
  • New-lease rents fell, renewals rose: Same-store lease-over-lease effective rent growth in Q4 was (3.7)% on new leases, 2.9% on renewals and 0.8% blended, against 0.1% blended in Q3.
  • Value-add renovations completed in Q4 and year: The company completed 486 Value Add renovations in Q4 at a 15.1% weighted ROI. For 2025 it completed 2,003 renovations at a 15.3% weighted ROI.
Read the Q4 FY2025 earnings call summary

From this 10-K

Independence Realty Trust is a self-administered and self-managed real estate investment trust that buys, owns, operates, improves and manages apartment communities in non-gateway U.S. markets. It was formed as a Maryland corporation on March 26, 2009, and its principal executive offices are in Philadelphia. It has no foreign operations.

Independence Realty Trust, Inc., the 10-K for 2025

Independence Realty Trust is a self-administered and self-managed real estate investment trust that buys, owns, operates, improves and manages apartment communities in non-gateway U.S. markets. It was formed as a Maryland corporation on March 26, 2009, and its principal executive offices are in Philadelphia. It has no foreign operations.

The portfolio

At December 31, 2025, it owned and operated 114 apartment properties with 33,462 units in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. It also owned a development in Denver, Colorado that is planned to have 296 units, and interests in four joint ventures, two that own properties with 653 units and two that are developing properties planned to have 642 units. Its residents generally sign leases of one year or less. Its own property manager, IRT Management, runs all 33,462 of its units.

How it invests

It looks for properties near major employment centers in non-gateway cities, in submarkets with good school districts and little new apartment construction. Its acquisition target is midrise or garden-style communities of 150-500 units. Through its Value Add Initiative, begun in 2018, it renovates and upgrades units to raise rents: the pipeline covers 18,789 units across 61 properties, and 11,445 of them had been renovated through December 31, 2025. It sells properties in markets where it lacks scale and puts the proceeds into acquisitions or debt reduction.

2025 activity

In 2025 it bought a 280-unit community in Indianapolis and 240-unit and 403-unit communities in Orlando, and sold communities in Birmingham, Alabama and Louisville, Kentucky. On January 15, 2026, it bought a 140-unit community in Columbus, Ohio. It also entered a joint venture in January 2025 to develop Nexton Pine Hollow, planned to have 324 units in Charleston, South Carolina.

Structure and people

It operates as an umbrella partnership REIT, holding its assets through its operating partnership, IROP, of which it owned 97.6% at December 31, 2025. It reports two segments, same-store and non same-store. It had 904 employees at December 31, 2025, all in the United States and none covered by collective bargaining agreements.

From Independence Realty Trust's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue658640661+2.8%
Operating income120125147-4.4%
Operating margin18.2%19.6%22.2%
Interest expense79.076.189.9+3.8%
Income tax0.00.00.0
Net income56.639.3-17.2+43.9%
Net margin8.6%6.1%-2.6%
Diluted EPS$0.24$0.17-$0.08+41.2%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow282260262+8.6%
Capital expenditure18.256.866.2-67.9%
Free cash flow264203196+30.0%
Free cash flow margin40.1%31.7%29.6%
Cash from investing-143-20.6-1.7
Cash from financing-135-246-254
Depreciation and amortisation243221219+10.1%
Share-based compensation7.97.17.7+11.4%
Buybacks30.00.00.0
Dividends paid154144135+7.2%
Dividend per share$0.67$0.64$0.62+4.7%
Diluted shares, weighted235m226m224m+4.1%
Shares outstanding at period end237m231m225m+2.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,4603,4423,431+0.5%
Non-controlling interest129133136-2.5%
Debt2,2812,3342,549-2.2%
Other liabilities151149164+1.1%
Total liabilities and equity6,0226,0586,280-0.6%
Intangible assets3.03.60.1-18.5%
Cash and equivalents23.621.222.9+11.0%
Other assets5,9956,0336,257-0.6%
Total assets6,0226,0586,280-0.6%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.