Independence Realty Trust (IRT) financial statements
Independence Realty Trust reported revenue of $658M in fiscal 2025, up 17.6% a year over 9 years.
Net income was $57M and the operating margin 18.2%, against 25.9% in 2016.
Free cash flow was $147M, and the company returned $154M in dividends and $30M in net buybacks.
The diluted share count rose 350% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Independence Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $153M | $161M | $191M | $203M | $212M | $250M | $629M | $661M | $640M | $658M |
| Cost of revenue | $5M | $6M | $7M | $8M | — | — | — | — | — | — |
| Gross profit | $149M | $155M | $184M | $195M | — | — | — | — | — | — |
| Selling, general and admin | $11M | $10M | $11M | $13M | $15M | $19M | $26M | $23M | $24M | $24M |
| Operating income | $40M | $45M | $52M | $50M | $44M | $52M | $102M | $147M | $125M | $120M |
| Interest expense | $36M | $29M | $36M | $39M | $36M | $36M | $87M | $90M | $76M | $79M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$10M | $30M | $26M | $46M | $15M | $45M | $117M | -$17M | $39M | $57M |
| EPS (diluted) | -$0.19 | $0.41 | $0.30 | $0.51 | $0.16 | $0.41 | $0.53 | -$0.08 | $0.17 | $0.24 |
| Diluted shares | 52M | 74M | 87M | 90M | 95M | 110M | 223M | 224M | 226M | 235M |
| Gross margin | 96.8% | 96.3% | 96.4% | 96.2% | — | — | — | — | — | — |
| Operating margin | 25.9% | 28.2% | 27.1% | 24.8% | 20.7% | 20.6% | 16.2% | 22.2% | 19.6% | 18.2% |
| Net margin | -6.4% | 18.7% | 13.7% | 22.6% | 7.0% | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% |
Balance sheet
Fiscal years, from Independence Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $10M | $9M | $10M | $9M | $36M | $16M | $23M | $21M | $24M |
| Total assets | $1.3B | $1.5B | $1.7B | $1.7B | $1.7B | $6.5B | $6.5B | $6.3B | $6.1B | $6.0B |
| Total liabilities | $766M | $805M | $1.0B | $1.0B | $1.0B | $2.9B | $2.8B | $2.7B | $2.5B | $2.4B |
| Shareholders' equity | $507M | $624M | $623M | $613M | $708M | $3.5B | $3.6B | $3.4B | $3.4B | $3.5B |
| Net debt | -$21M | -$10M | -$9M | -$10M | -$9M | -$36M | -$16M | -$23M | -$21M | -$24M |
Cash flow
Fiscal years, from Independence Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8M | $54M | $69M | $75M | $75M | $52M | $250M | $262M | $260M | $282M |
| Capital spending | $11M | $14M | $40M | $46M | $37M | $43M | $84M | $147M | $118M | $136M |
| Free cash flow | -$18M | $40M | $28M | $29M | $38M | $9M | $166M | $116M | $141M | $147M |
| Stock-based compensation | $1M | $2M | $3M | $3M | $6M | $7M | $8M | $8M | $7M | $8M |
| Dividends paid | $37M | $52M | $52M | $65M | $56M | $50M | $106M | $135M | $144M | $154M |
| Share buybacks (net) | -$62M | — | — | — | — | — | — | $0 | $0 | -$30M |
| Net borrowing | -$181M | — | — | — | — | — | — | -$250M | -$491M | -$478M |
| Free cash flow margin | -11.9% | 24.8% | 14.7% | 14.5% | 17.7% | 3.7% | 26.3% | 17.5% | 22.1% | 22.3% |
| Dividends per share | $0.70 | $0.71 | $0.60 | $0.72 | $0.59 | $0.45 | $0.47 | $0.60 | $0.64 | $0.66 |
Questions
What was Independence Realty Trust's revenue in 2025?
$658M in fiscal 2025, from its 10-K filing.
How much free cash flow does Independence Realty Trust generate?
$147M in fiscal 2025 (operating cash flow minus capital spending).
From Independence Realty Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.