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Independence Realty
(NYSE:IRT)
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Rating:64Neutral
Price Target:
$17.50
▲(8.36% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid but uneven financial quality (strong recent growth and margins, tempered by earnings volatility and inconsistent free-cash-flow conversion). Technicals are supportive with the stock above major moving averages and positive momentum. Valuation is mixed: an attractive dividend is offset by a highly negative P/E, while the earnings call tone is constructive on affirmed FFO guidance and capital allocation but flags concessions and lease-spread pressure as key near-term risks.
Positive Factors
High Occupancy & Resident Retention
Sustained ~95% occupancy and 60.5% retention support recurring rental income and reduce turnover-related downtime and leasing costs. Over a multi-month horizon this stability underpins predictable cash flows, aiding FFO reliability and financing flexibility for capex and debt reduction.
Negative Factors
Elevated Concessions
High concession incidence materially reduces effective rents and compresses new-lease economics. If concessions persist across leasing cycles, this will restrain revenue growth and margin recovery, slowing FFO improvement and weakening the reinvestment capacity over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy & Resident Retention
Sustained ~95% occupancy and 60.5% retention support recurring rental income and reduce turnover-related downtime and leasing costs. Over a multi-month horizon this stability underpins predictable cash flows, aiding FFO reliability and financing flexibility for capex and debt reduction.
Read all positive factors
Independence Realty Key Performance Indicators (KPIs)
Any
Number of Properties
Count of distinct properties in the portfolio, revealing how diversified the company is across locations and asset types. A larger, well‑spread property base reduces exposure to local downturns and can enable cost efficiencies; a concentrated portfolio increases location-specific risk.
Count of distinct properties in the portfolio, revealing how diversified the company is across locations and asset types. A larger, well‑spread property base reduces exposure to local downturns and can enable cost efficiencies; a concentrated portfolio increases location-specific risk.
Data provided by:
The Fly
The FlyIndependence Realty (IRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.07B
Dividend Yield3.88%
Average Volume (3M)3.09M
Price to Earnings (P/E)82.1
Beta (1Y)0.59
Revenue Growth3.28%
EPS Growth53.31%
CountryUS
Employees917
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.20
Shares Outstanding235,714,680
10 Day Avg. Volume2,989,985
30 Day Avg. Volume3,088,851
Financial Highlights & Ratios
PEG Ratio1.77
Price to Book (P/B)1.18
Price to Sales (P/S)6.22
P/FCF Ratio27.91
Enterprise Value/Market Cap1.51
Enterprise Value/Revenue9.30
Enterprise Value/Gross Profit45.94
Enterprise Value/Ebitda16.26
Forecast
1Y Price Target
$18.20Price Target Upside12.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.15
Revenue Forecast (FY)$672.91M
Independence Realty Business Overview & Revenue Model
Company Description
Independence Realty Trust (IRT), publicly traded as NYSE: IRT, operates as a real estate investment trust specializing in owning and managing multifamily apartment communities. Their portfolio is concentrated in non-gateway U.S. markets such as At...
How the Company Makes Money
IRT primarily makes money by generating rental income from its multifamily apartment portfolio. Its main revenue stream is residential rent paid by tenants under lease agreements, typically recognized over the lease term. In addition to base rent,...
Independence Realty Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call portrayed a generally constructive outlook: portfolio fundamentals are stabilizing with occupancy steady (95.2%), asking rents up 2.8% YTD, same-store revenue and NOI growing, affirmed full-year FFO guidance, and successful capital deployment (value-add returns ~15.4%, $30M of buybacks this quarter). Key near-term challenges include elevated concessions (27% of right-term leases, avg $1,241), negative new lease trade-outs in Q1 (-4%), and market-specific supply pressure in select markets. Management expects concessions to moderate, new lease spreads to reach breakeven in leasing season, and leverage to decline from 6.5x toward mid-5x, supporting a positive bias despite acknowledged headwinds.Positive Updates
Stable Occupancy and Resident Retention
Average occupancy remained stable at 95.2% and resident retention was 60.5%, both consistent with expectations and supporting revenue stability.
Negative Updates
Elevated Concession Activity
Concession activity remained elevated versus historical levels. In Q1 roughly 27% of right-term leases had concessions averaging $1,241. Concessions increased materially late last year and continued into Q1, pressuring new lease spreads.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Occupancy and Resident Retention
Average occupancy remained stable at 95.2% and resident retention was 60.5%, both consistent with expectations and supporting revenue stability.
Read all positive updates
Company Guidance
IRT affirmed full-year guidance, reiterating core FFO per share of $1.12–$1.16 while reporting Q1 core FFO of $0.26; same‑store revenue grew 1.4% and same‑store NOI rose 1.0% with same‑store expenses up 2.0%, average occupancy steady at 95.2% and resident retention 60.5%. Management expects full‑year blended rent growth of ~1.7% (Q1 blended growth was 70 bps), renewal rate growth of 3.2%, new‑lease trade‑outs that were -4% in Q1 to reach breakeven this leasing season, and asking rents up 2.8% YTD (top market YTD increases: Raleigh 5.7%, Indianapolis 5.2%, Oklahoma City 4.8%, Columbus 4.6%, Nashville 4.5%; Atlanta +80 bps; Dallas +2.1%). Capital allocation targets remain intact: 2026 value‑add completions of 2,000–2,500 units (426 completed in Q1 at a 15.4% average unlevered return), two assets and a JV marketed for sale, $30M of buybacks in Q1 (1.8M shares; 3.7M shares/$60M repurchased since Q4), no debt maturities until 2028, net debt / adjusted EBITDA of 6.5x trending toward the mid‑5s, and a property Wi‑Fi rollout of 19,000 units on track for July 1 with ~50% resident conversion.Independence Realty Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 661.77M | 657.70M | 640.03M | 660.98M | 628.52M | 250.25M |
| Gross Profit | 134.01M | -98.05M | 374.52M | 389.57M | 372.22M | 147.46M |
| EBITDA | 378.58M | 379.95M | 337.03M | 291.08M | 460.46M | 158.84M |
| Net Income | 48.14M | 56.56M | 39.29M | -17.23M | 117.25M | 44.59M |
Balance Sheet | ||||||
| Total Assets | 6.10B | 6.02B | 6.06B | 6.28B | 6.53B | 6.51B |
| Cash, Cash Equivalents and Short-Term Investments | 43.27M | 47.62M | 21.23M | 22.85M | 16.08M | 35.97M |
| Total Debt | 2.43B | 2.28B | 2.33B | 2.55B | 2.63B | 2.71B |
| Total Liabilities | 2.58B | 2.43B | 2.48B | 2.71B | 2.79B | 2.86B |
| Stockholders Equity | 3.39B | 3.46B | 3.44B | 3.43B | 3.60B | 3.48B |
Cash Flow | ||||||
| Free Cash Flow | 151.56M | 146.52M | 84.69M | 115.54M | 103.80M | 9.28M |
| Operating Cash Flow | 277.10M | 282.15M | 259.75M | 262.17M | 249.54M | 52.26M |
| Investing Cash Flow | -219.31M | -142.91M | -20.61M | -1.71M | -135.77M | -216.12M |
| Financing Cash Flow | -62.87M | -135.07M | -246.43M | -253.74M | -135.43M | 215.92M |
Independence Realty Technical Analysis
Positive
16.15
Price Trends
16.38
Positive
15.97
Positive
16.08
Positive
Market Momentum
0.22
Negative
52.11
Neutral
39.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRT, the sentiment is Positive. The current price of 16.15 is below the 20-day moving average (MA) of 16.60, below the 50-day MA of 16.38, and above the 200-day MA of 16.08, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 52.11 is Neutral, neither overbought nor oversold. The STOCH value of 39.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRT.
Independence Realty Risk Analysis
Independence Realty disclosed 95 risk factors in its most recent earnings report. Independence Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Independence Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $4.35B | 10.15 | 7.90% | 6.18% | 761.80% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $4.07B | 82.08 | 1.40% | 3.88% | 3.28% | 53.31% | |
58 Neutral | $981.70M | 114.96 | 1.15% | 4.58% | 33.21% | ― | |
54 Neutral | $705.89M | -21.65 | -10.30% | 7.06% | -1.46% | 0.65% | |
50 Neutral | $409.99M | 0.71 | 176.90% | 7.42% | -16.20% | 99.72% |
* Real Estate Sector Average
IRT
Independence Realty
16.72
-0.07
-0.39%
AIV
Apartment Investment & Management
2.79
-0.45
-13.81%
CSR
Centerspace
55.18
-2.08
-3.64%
NXRT
NexPoint Residential
27.28
-4.44
-13.99%
MRP
Millrose Properties Inc Class A
28.32
1.66
6.21%
Independence Realty Corporate Events
Executive/Board ChangesShareholder Meetings
Independence Realty Shareholders Approve Governance and Pay Measures
Positive
May 13, 2026
On May 13, 2026, Independence Realty Trust, Inc. held its 2026 Annual Meeting of Stockholders, at which investors elected nine directors to the board for terms expiring at the 2027 annual meeting and ratified KPMG LLP as the company’s indepe...
Business Operations and StrategyRegulatory Filings and Compliance
Independence Realty Trust Provides Updated Investor Presentation Materials
Neutral
May 4, 2026
Independence Realty Trust, Inc. has prepared an investor slide presentation that it may use in meetings with investors beginning May 4, 2026. The materials are being furnished under securities regulations in a way that avoids them being treated as...
Business Operations and StrategyStock BuybackFinancial Disclosures
Independence Realty Trust Reports Stable Q1 2026 Performance
Neutral
Apr 29, 2026
Independence Realty Trust reported first-quarter 2026 results on April 29, 2026, with net income to common shareholders slipping to a $0.1 million loss and EPS of $0.00, while core FFO per share edged down to $0.26 from $0.27 a year earlier, in li...
Business Operations and StrategyRegulatory Filings and Compliance
Independence Realty Trust Launches New Investor Presentation Outreach
Neutral
Mar 2, 2026
Independence Realty Trust, Inc. disclosed that it will use a slide presentation in meetings with investors beginning on March 2, 2026, signaling a new round of investor outreach. The materials are being furnished under securities regulations rathe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.