Independence Realty Trust
Market Cap
US$1.3b
Last Updated
2019/12/08 00:08 UTC
Data Sources
Company Financials +
Executive Summary
Independence Realty Trust, Inc. (NYSE:IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -20.1% per year for the next 3 years
Snowflake Analysis
Proven track record and fair value.
Similar Companies
Share Price & News
How has Independence Realty Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: IRT has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-1.1%
IRT
-0.4%
US REITs
0.03%
US Market
1 Year Return
43.4%
IRT
12.2%
US REITs
18.6%
US Market
Return vs Industry: IRT exceeded the US REITs industry which returned 12.2% over the past year.
Return vs Market: IRT exceeded the US Market which returned 18.6% over the past year.
Shareholder returns
| IRT | Industry | Market | |
|---|---|---|---|
| 7 Day | -1.1% | -0.4% | 0.03% |
| 30 Day | 3.2% | 1.2% | 1.7% |
| 90 Day | 7.0% | -0.3% | 5.7% |
| 1 Year | 53.1%43.4% | 17.0%12.2% | 21.1%18.6% |
| 3 Year | 107.3%69.6% | 35.2%18.3% | 45.6%36.2% |
| 5 Year | 130.9%58.0% | 56.0%23.8% | 71.1%52.3% |
Price Volatility Vs. Market
How volatile is Independence Realty Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
Are Dividend Investors Getting More Than They Bargained For With Independence Realty Trust, Inc.'s (NYSE:IRT) Dividend?1 month ago | Simply Wall St
Earnings Miss: Independence Realty Trust, Inc. Missed EPS By 17% And Analysts Are Revising Their Forecasts1 month ago | Simply Wall St
Do Directors Own Independence Realty Trust, Inc. (NYSE:IRT) Shares?Valuation
Is Independence Realty Trust undervalued compared to its fair value and its price relative to the market?
34.9%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: IRT ($14.77) is trading below our estimate of fair value ($22.7)
Significantly Below Fair Value: IRT is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: IRT is good value based on its PE Ratio (35.9x) compared to the REITs industry average (38.8x).
PE vs Market: IRT is poor value based on its PE Ratio (35.9x) compared to the US market (18.5x).
Price to Earnings Growth Ratio
PEG Ratio: IRT's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: IRT is overvalued based on its PB Ratio (2.2x) compared to the US REITs industry average (2x).
Next Steps
Future Growth
How is Independence Realty Trust forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
-20.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IRT's earnings are forecast to decline over the next 3 years (-20.1% per year).
Earnings vs Market: IRT's earnings are forecast to decline over the next 3 years (-20.1% per year).
High Growth Earnings: IRT's earnings are forecast to decline over the next 3 years.
Revenue vs Market: IRT's revenue (3.8% per year) is forecast to grow slower than the US market (7.4% per year).
High Growth Revenue: IRT's revenue (3.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if IRT's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Independence Realty Trust performed over the past 5 years?
18.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IRT has a large one-off gain of $25.1M impacting its September 30 2019 financial results.
Growing Profit Margin: IRT's current net profit margins (18.2%) are higher than last year (9.8%).
Past Earnings Growth Analysis
Earnings Trend: IRT's earnings have grown by 18% per year over the past 5 years.
Accelerating Growth: IRT's earnings growth over the past year (103.8%) exceeds its 5-year average (18% per year).
Earnings vs Industry: IRT earnings growth over the past year (103.8%) exceeded the REITs industry 8.3%.
Return on Equity
High ROE: IRT's Return on Equity (6.1%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Independence Realty Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: IRT has a high level of physical assets or inventory.
Debt Coverage by Assets: IRT's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: IRT's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if IRT has a sufficient allowance for bad loans.
Low Risk Liabilities: IRT reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if IRT has an acceptable proportion of non-loan assets held.
Low Risk Deposits: IRT has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if IRT has an appropriate level of bad loans.
Next Steps
Dividend
What is Independence Realty Trust's current dividend yield, its reliability and sustainability?
4.87%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: IRT's dividend (4.87%) is higher than the bottom 25% of dividend payers in the US market (1.42%).
High Dividend: IRT's dividend (4.87%) is in the top 25% of dividend payers in the US market (3.7%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, IRT has been paying a dividend for less than 10 years.
Growing Dividend: IRT's dividend payments have increased, but the company has only paid a dividend for 6 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (115.8%), IRT's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IRT's dividends in 3 years are forecast to be thoroughly covered by earnings (0.9% payout ratio).
Next Steps
Management
What is the CEO of Independence Realty Trust's salary, the management and board of directors tenure and is there insider trading?
6.1yrs
Average management tenure
CEO
Scott Schaeffer (57yo)
6.8yrs
Tenure
US$3,580,956
Compensation
Mr. Scott F. Schaeffer has been the Chief Executive Officer at Independence Realty Trust, Inc. since February 8, 2013 and has been its Chairman since January 2011. Mr. Schaeffer served as Consultant of RAI ...
CEO Compensation Analysis
Compensation vs Market: Scott's total compensation ($USD3.58M) is about average for companies of similar size in the US market ($USD3.87M).
Compensation vs Earnings: Scott's compensation has increased by more than 20% in the past year.
Management Age and Tenure
6.1yrs
Average Tenure
43yo
Average Age
Experienced Management: IRT's management team is seasoned and experienced (6.1 years average tenure).
Board Age and Tenure
4.3yrs
Average Tenure
61yo
Average Age
Experienced Board: IRT's board of directors are considered experienced (4.3 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 4,000 |
| Max Price | US$13.28 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 6,000 |
| Max Price | US$10.33 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4%.
Management Team
Scott Schaeffer (57yo)
Chairman & CEO
- Tenure: 6.8yrs
- Compensation: US$3.58m
Jim Sebra (43yo)
CFO & Treasurer
- Tenure: 7.6yrs
- Compensation: US$1.56m
Ted McHugh
SVP, Edelman Financial Communications & Capital Markets
- Tenure: 0yrs
Farrell Ender (43yo)
President
- Tenure: 5.3yrs
- Compensation: US$1.52m
Jessica Norman
Executive VP
- Tenure: 0yrs
Jason Delozier (35yo)
Chief Accounting Officer
- Tenure: 1.8yrs
Alex Jorgensen
Investor Relations Officer
- Tenure: 0yrs
Board Members
Rick Gebert (61yo)
Independent Director
- Tenure: 2.2yrs
- Compensation: US$119.99k
Scott Schaeffer (57yo)
Chairman & CEO
- Tenure: 6.8yrs
- Compensation: US$3.58m
Mack Pridgen (69yo)
Independent Director
- Tenure: 4.3yrs
- Compensation: US$112.49k
Bill Dunkelberg (76yo)
IndependentDirector
- Tenure: 8.8yrs
- Compensation: US$117.49k
Buster Soaries (68yo)
Independent Director
- Tenure: 8.8yrs
- Compensation: US$119.99k
Richard Ross (60yo)
Director
- Tenure: 4.3yrs
- Compensation: US$99.99k
Mindi McClure (51yo)
Independent Director
- Tenure: 2.5yrs
- Compensation: US$109.99k
Company Information
Independence Realty Trust, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Independence Realty Trust, Inc.
- Ticker: IRT
- Exchange: NYSE
- Founded: 2009
- Industry: Residential REITs
- Sector: Real Estate
- Implied Market Cap: US$1.339b
- Market Cap: US$1.326b
- Shares outstanding: 91.45m
- Website: https://www.irtliving.com
Number of Employees
Location
- Independence Realty Trust, Inc.
- 1835 Market Street
- Suite 2601
- Philadelphia
- Pennsylvania
- 19103
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| IRT | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Aug 2013 |
Biography
Independence Realty Trust, Inc. (NYSE:IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Louisville, Memphis, ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/08 00:08 |
| End of Day Share Price | 2019/12/06 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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 here.