IRT
Independence Realty Trust, Inc.
IRT's fundamentals are mixed: earnings per share more than doubled, but its operating margin fell 2 points to 17%. At 57x earnings, it's trading below its usual 67x. Analysts expect strong earnings growth.
IRT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
IRT's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like IRT.
IRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 31x | $7.94 | -47% |
| Current | 57x | $14.84 | — |
| Forward | 65x | $14.84 | — |
| Fair | 67x | $17.31 | +17% |
| Expensive | 110x | $28.64 | +93% |
Historical ranges are pointers, not guarantees.
IRT's PE is in its fair range at 57x. On analysts' estimates for next year's earnings, today's price would be 65x.
IRT Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Strong growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for IRT, but weaker profitability.
IRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.23 | -13% |
| Q3 2026 | $0.26 | +160% |
| Q2 2026 | $0.18 | +50% |
| Q1 2026 | $0.20 | +43% |
| Q4 2025 | $0.24 | +33% |
| Q3 2025 | $0.10 | +$0.10 |
| Q2 2025 | $0.12 | +$0.15 |
| Q1 2025 | $0.14 | +$0.17 |
| Q4 2024 | $0.18 | +$0.25 |
IRT's earnings per share have fallen from their peak: $0.26 over the past year, against $0.71 in early 2022.
IRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $172.1M | +3% |
| Q2 2026 | $167.2M | +3.1% |
| Q1 2026 | $165.3M | +2.5% |
| Q4 2025 | $167.1M | +3.8% |
| Q3 2025 | $167.1M | +4.4% |
| Q2 2025 | $162.2M | +2.4% |
| Q1 2025 | $161.2M | +0.4% |
| Q4 2024 | $161M | -3.6% |
IRT's revenue grew through 2022 and has held roughly level since: $172M last quarter, up 3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | -1.5 points |
| Q2 2026 | 16% | -1.5 points |
| Q1 2026 | 13% | -3.7 points |
| Q4 2025 | 21% | -2.1 points |
| Q3 2025 | 18% | -1.1 points |
| Q2 2025 | 17% | -1.4 points |
| Q1 2025 | 17% | -1 points |
| Q4 2024 | 23% | -0.8 points |
IRT's operating margin was 17% last quarter, down 1.5 points from the same quarter a year ago.
IRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $81.2M | +2.3% |
| Q2 2026 | $80.9M | -1.6% |
| Q1 2026 | $55.3M | -8.4% |
| Q4 2025 | $60.2M | -5.1% |
| Q3 2025 | $79.3M | +15% |
| Q2 2025 | $82.2M | -0.9% |
| Q1 2025 | $60.4M | +37% |
| Q4 2024 | $63.4M | +7.2% |
IRT's free cash flow was $278M over the past year, down 2.7% from the year before. Free cash flow isn't a meaningful measure for real estate companies like IRT.
IRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +76K shares |
| 1 year | +0.8% | +1.8M shares |
| 3 years | +4.9% | +11M shares |
| 5 years | +129% | +133M shares |
| Available history | +161% | +146M shares |
IRT has 236M diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1,000 |
| Q1 2026 | $29.9M |
IRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.5x | High |
| Q2 2026 | 6.6x | High |
| Q1 2026 | 6.6x | High |
| Q4 2025 | 6.2x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 6.3x | High |
| Q1 2025 | 6.4x | High |
| Q4 2024 | 6.7x | High |
IRT's net debt is about 6.5 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like IRT.
IRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.1 | Neutral |
| Stochastic | 17.6 | Oversold |
IRT's weekly RSI is 40 (neutral) and its Stochastic is 18 (oversold).
IRT PE vs Real Estate Sector
| Metric | IRT | Sector median | Relative |
|---|---|---|---|
| PE | 57x | 24x | 139% above |
| PE % | 44 | 23 | 21 pts above |
IRT is trading at 57x earnings, a 139% premium to the Real Estate sector's median of 24x.
IRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.8 | 0.4% above |
| 20 week MA | $15.8 | 5.9% below |
| 50 week MA | $16.2 | 8.1% below |
| 100 week MA | $17.3 | 14% below |
| 200 week MA | $17.2 | 14% below |
IRT has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 14% below its 200-week average.
IRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.9 | $13.6 | -2.6% |
| 2021 | $13.6 | $23.6 | +73% |
| 2022 | $23.6 | $17.0 | -28% |
| 2023 | $17.0 | $15.3 | -9.8% |
| 2024 | $15.3 | $20.0 | +30% |
| 2025 | $20.0 | $17.5 | -12% |
| 2026 YTD | $17.5 | $14.8 | -15% |
IRT has finished lower in four of the last six years. It's down 15% so far in 2026.