Independence Realty Trust, Inc.

NYSE:IRT Stock Report

Market Cap: US$4.1b

Independence Realty Trust Future Growth

Future criteria checks 0/6

Independence Realty Trust's earnings are forecast to decline at 15.6% per annum while its annual revenue is expected to grow at 1.8% per year. EPS is expected to decline by 26.1% per annum. Return on equity is forecast to be 0.8% in 3 years.

Key information

-15.6%

Earnings growth rate

-26.11%

EPS growth rate

Residential REITs earnings growth-7.0%
Revenue growth rate1.8%
Future return on equity0.80%
Analyst coverage

Good

Last updated14 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 21

IRT: Dividend Increase And Buyback Activity Will Support Upside Potential

Analysts now place Independence Realty Trust's price target near $19.07, compared with about $18.96 previously. This reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.
Seeking Alpha • May 02

Independence Realty Trust: Patience Is Key

Summary Independence Realty Trust is navigating a shift from high supply/low demand to low supply/high demand in Sunbelt and Midwest multifamily markets. Q1 2026 results showed a 2.8% increase in asking rents, but CFFO and NOI margins declined year-over-year; full-year CFFO guidance remains unchanged. IRT's value-add renovation program continues to drive NOI growth and is fully funded by excess free cash flow, with significant value creation potential. I maintain a 'Hold' rating, citing undervaluation but recommending investors await Q2/Q3 data to confirm operational improvements before adding exposure. Read the full article on Seeking Alpha
Narrative Update • Apr 28

IRT: Completed Buyback And 2026 Earnings Guidance Will Support Upside Potential

Analysts have slightly reduced their price target on Independence Realty Trust, citing updated assumptions that reflect lower revenue growth and profit margin forecasts, along with a higher projected P/E multiple. This has resulted in a new fair value estimate moving from about $19.11 to $18.96 per share.
Narrative Update • Apr 12

IRT: Completed Buyback And 2026 Earnings Guidance Will Support Upside Potential

Analysts have reduced their price target on Independence Realty Trust by about $0.29 to $19.11, reflecting small adjustments to fair value estimates, discount rate assumptions, and expected future P/E levels. What's in the News Independence Realty Trust issued earnings guidance for full year 2026, expecting earnings per diluted share in a range of $0.21 to $0.28 (company guidance).
Narrative Update • Mar 29

IRT: Completed Buyback And 2026 Earnings Guidance Will Support Upside Potential

Analysts have kept their fair value estimate for Independence Realty Trust steady at about $19.39 per share, while making only slight adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions. This suggests their overall view on the stock's potential remains broadly unchanged.
Narrative Update • Mar 11

IRT: Completed Buyback And 2026 Guidance Will Support Upside Potential

Analysts trimmed their price target for Independence Realty Trust by about $0.43 to $19.39, as small tweaks to fair value estimates, discount rate assumptions, revenue growth, profit margin and forward P/E inputs led to a slightly more conservative outlook on the shares. What's in the News Independence Realty Trust issued earnings guidance for full year 2026, setting an expected range for earnings per diluted share of $0.21 to $0.28 (company guidance).
Narrative Update • Feb 25

IRT: Buyback Completion And 2026 Guidance Will Support Future Upside Potential

Analysts have adjusted their price target for Independence Realty Trust to about $19.82 per share, down from roughly $20.21. They cited updated assumptions that combine a lower revenue growth outlook and a slightly higher discount rate, partially offset by a higher projected profit margin and a reduced future P/E multiple.
Narrative Update • Feb 11

IRT: Modest Assumption Tweaks Will Support Future Upside Potential

Analysts have made a slight adjustment to their price target on Independence Realty Trust, reflecting modest tweaks to discount rate assumptions, revenue growth expectations, profit margin outlook and future P/E inputs, while keeping their fair value estimate effectively unchanged at about $20.21 per share. Valuation Changes Fair Value: Model fair value remains unchanged at about $20.21 per share, indicating no material shift in the overall valuation outcome.
Narrative Update • Jan 28

IRT: Slightly Higher Assumptions Will Still Set Up Future Upside Potential

Analysts have trimmed their price target on Independence Realty Trust slightly to about US$20.21 from US$20.50, reflecting minor adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News From July 1, 2025 to September 30, 2025, Independence Realty Trust reported no share repurchases under its existing buyback authorization, with 0 shares repurchased for US$0 million in that period (Key Developments).
Narrative Update • Jan 06

IRT: Lower 2025 EPS Guidance Will Set Up Future Upside Potential

Analysts have kept their fair value estimate for Independence Realty Trust steady at US$20.50, while fine tuning underlying assumptions such as the discount rate, long term revenue growth, profit margin and future P/E. This reflects only marginal model updates rather than a shift in overall view.
Narrative Update • Dec 19

IRT: Lower 2025 Earnings Guidance Will Set Up Attractive Upside Opportunity

Analysts have modestly trimmed their price target on Independence Realty Trust by 0.07 dollars to 20.50 dollars. This reflects slightly lower revenue growth expectations that are partly offset by marginally improved profit margin and a steadier discount rate outlook.
Narrative Update • Dec 05

IRT: Future Earnings Reset Will Offer Attractive Upside Opportunity

Analysts have slightly reduced their price target on Independence Realty Trust by approximately 2 percent to around $20.57 per share. They cite modestly lower expectations for revenue growth and profit margins, while noting that the discount rate and forward valuation multiples remain broadly stable.
Narrative Update • Sep 06

Sun Belt Market Dynamics Will Boost Multifamily Rental Stability

Despite a modest decline in the future P/E ratio, indicating marginally improved earnings expectations, Independence Realty Trust’s consensus analyst price target remained unchanged at $21.04. What's in the News The company repurchased zero shares under its buyback program between April 1 and June 30, 2025, with no change since the May 18, 2022 announcement.
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New Narrative • May 26

Sun Belt Household Formation Will Sustain Rental Demand

Favorable Sun Belt demographic trends, declining new supply, and homeownership challenges support strong occupancy, rent growth, and sustained pricing power for IRT.
Seeking Alpha • Mar 06

Independence Realty Trust: Aligned To Benefit From Population Migration

Summary Independence Realty Trust, Inc. has outperformed the S&P 500 due to its strong portfolio of multifamily properties and strategic focus on the sunbelt region. IRT's Q4 earnings showed mixed results, but net income improved significantly, and the REIT continues to expand its portfolio with strategic acquisitions. Despite a higher valuation, IRT's strong dividend coverage and potential for future growth make it a compelling investment, especially with ongoing population shifts to the sunbelt. Elevated interest rates pose a risk, but IRT's focus on renovations and portfolio expansion should drive long-term shareholder value. Read the full article on Seeking Alpha
Seeking Alpha • Oct 09

Independence Realty Trust: Likely Priced In After Its Year-To-Date Rally

Summary Independence Realty Trust, Inc. has surged by approximately 25% year-to-date, likely driven by lower U.S. interest rates and asset class discounts. Despite boasting solid occupancy rates and rental escalation prospects, the REIT faces headwinds from a potential retracement to supply-demand equilibrium in the residential housing market. Short-term headwinds from the hurricane season and share issuances are probably material. However, the extent of their impact remains debatable. An extensive CapEx roadmap might yield benefits, but at what cost? Our NAVPS model sets IPR REIT's fair value of $19.13, which is in fair value territory. Moreover, a peer-based analysis shows that the REIT's dividend profile is in the lower quantile. Read the full article on Seeking Alpha
Seeking Alpha • Aug 05

Independence Realty Trust: Robust Operating Performance But Time To Play Offense (Rating Downgrade)

Summary Independence Realty Trust is a multifamily REIT with significant exposure to the Sun Belt region. The REIT has outperformed the Vanguard Real Estate Index Fund ETF by roughly 24% in 2024. Core FFO was flat Y/Y in Q2 2024 but the REIT increased its full-year outlook due to better expense control. While I do not see operating red flags on the horizon, it may be prudent to take profits due to the REIT's defensive nature and low leverage. A normalization of economic momentum or a deterioration in occupancy may negatively affect the shares. Read the full article on Seeking Alpha
Seeking Alpha • May 02

Independence Realty Trust: Poised To Outperform Thanks To Low Leverage And Improving Occupancy

Summary Independence Realty Trust is one of the few REITs to deliver a positive return so far in 2024. Net debt accounts for just 38% of enterprise value, with the company largely completing its non-core disposal program. Weighted average cost of debt is only 4.2% thanks to hedging, with limited maturities until 2028. Underlying property-level growth is in the low single digits, which coupled with a 6.8% market cap rate offers a high single-digit return on enterprise value. Occupancy improved by 0.9% Y/Y to 95% at the end of Q1 2024, with further improvements key to strengthen the company's negotiating position with tenants. Read the full article on Seeking Alpha
Seeking Alpha • Feb 17

Independence Realty: Q4 Earnings Show Improved Portfolio Strength

Summary Independence Realty Trust has outperformed competitors and the Vanguard Real Estate ETF in terms of total return which makes it a strong contender. The recent earnings report showed mixed financial performance, with a decrease in net income but increased revenue, NOI, and portfolio occupancy. IRT is implementing a portfolio optimization and debt reduction strategy, selling properties and reducing debt to improve financials. While the dividend yield of 4.5% is well-covered, the lack of growth is disappointing. Read the full article on Seeking Alpha
Seeking Alpha • Dec 17

Independence Realty: Steep Discount Overshadows The Yield

Summary Independence Realty Trust is a REIT focused on multi-family apartment communities in secondary markets. The portfolio is spread across many markets in the attractive Sunbelt region. The REIT has shown strong performance with high occupancy rates and growth in revenue and operating income. It is also very conservative in its use of leverage and there are no significant maturities until 2026. The yield may not be high when compared to other options today, but the very steep discount to NAV makes the shares attractive. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:IRT - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202769441N/AN/A7
12/31/202667439N/AN/A8
3/31/202667248139277N/A
12/31/202566957147282N/A
9/30/202566322158285N/A
6/30/202564528159275N/A
3/31/202564130161276N/A
12/31/202464039141260N/A
9/30/20246420129255N/A
6/30/2024650-9127262N/A
3/31/2024656-8117259N/A
12/31/2023656-17116262N/A
9/30/202365457121261N/A
6/30/202364569143265N/A
3/31/202363751155256N/A
12/31/2022626117166250N/A
9/30/2022540112103170N/A
6/30/202244310866121N/A
3/31/20223451182472N/A
12/31/202125045952N/A
9/30/2021227294688N/A
6/30/2021221194684N/A
3/31/2021216164884N/A
12/31/2020212153875N/A
9/30/2020209253776N/A
6/30/2020206293073N/A
3/31/2020205432772N/A
12/31/201920346N/A75N/A
9/30/201920237N/A71N/A
6/30/201919937N/A69N/A
3/31/201919525N/A67N/A
12/31/201819126N/A69N/A
9/30/201818418N/A67N/A
6/30/201817514N/A62N/A
3/31/201816830N/A58N/A
12/31/201716130N/A54N/A
9/30/2017157-17N/A4N/A
6/30/2017155-16N/A2N/A
3/31/2017154-6N/A-3N/A
12/31/2016153-10N/A-8N/A
9/30/201615535N/A47N/A
6/30/201614257N/A24N/A
3/31/201612728N/A18N/A
12/31/201511028N/A19N/A
9/30/20158624N/A10N/A
6/30/2015740N/A23N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IRT's earnings are forecast to decline over the next 3 years (-15.6% per year).

Earnings vs Market: IRT's earnings are forecast to decline over the next 3 years (-15.6% per year).

High Growth Earnings: IRT's earnings are forecast to decline over the next 3 years.

Revenue vs Market: IRT's revenue (1.8% per year) is forecast to grow slower than the US market (11.7% per year).

High Growth Revenue: IRT's revenue (1.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IRT's Return on Equity is forecast to be low in 3 years time (0.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/26 18:01
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Independence Realty Trust, Inc. is covered by 27 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wesley GolladayBaird
Anthony PowellBarclays
Anthony PowellBarclays