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REITs · Real Estate · Fiscal year ends Dec 31
Independence Realty Trust reported revenue of $658M in the fiscal year ended Dec 2025, up 2.8% from the year before. Operating income was $120M, an operating margin of 18.2%, and net income was $57M. Operating cash flow of $282M less capital expenditure of $18M left free cash flow of $264M. Net debt was $2.3B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 250 | 629 | 661 | 640 | 658 |
| Operating incomederived: revenue − total costs | 51.6 | 102 | 147 | 125 | 120 |
| Interest expense | 36.4 | 87.0 | 89.9 | 76.1 | 79.0 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | 44.6 | 117 | −17.2 | 39.3 | 56.6 |
| Diluted EPS | 0.41 | 0.53 | −0.08 | 0.17 | 0.24 |
| Diluted shares | 110 | 223 | 224 | 226 | 235 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 36.0 | 16.1 | 22.9 | 21.2 | 23.6 |
| Total assets | 6,507 | 6,532 | 6,280 | 6,058 | 6,022 |
| Long-term debt | 2,705 | 2,632 | 2,549 | 2,334 | 2,281 |
| Total liabilities | 2,865 | 2,794 | 2,713 | 2,483 | 2,432 |
| Shareholders' equity | 3,481 | 3,597 | 3,431 | 3,442 | 3,460 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 52.3 | 250 | 262 | 260 | 282 |
| Capital expenditure | 0.2 | 61.8 | 66.2 | 56.8 | 18.2 |
| Free cash flow | 52.1 | 188 | 196 | 203 | 264 |
| Depreciation & amortisation | 76.9 | 253 | 219 | 221 | 243 |
| Stock-based compensation | 7.2 | 7.9 | 7.7 | 7.1 | 7.9 |
| Acquisitions | 186 | 0.0 | 0.0 | – | – |
| Share buybacks | – | – | 0.0 | 0.0 | 30.0 |
| Dividends paid | 49.8 | 106 | 135 | 144 | 154 |
| Dividend per share | 0.48 | 0.54 | 0.62 | 0.64 | 0.67 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 151.2% | 5.2% | −3.2% | 2.8% |
| Operating income growth (YoY) | – | 97.7% | 44.1% | −14.6% | −4.4% |
| EPS growth (YoY) | – | 29.3% | −115.1% | – | 41.2% |
| Operating margin | 20.6% | 16.2% | 22.2% | 19.6% | 18.2% |
| Net margin | 17.8% | 18.7% | −2.6% | 6.1% | 8.6% |
| Return on equityBlank when equity is negative | 1.3% | 3.3% | −0.5% | 1.1% | 1.6% |
| Free cash flow margin | 20.8% | 29.9% | 29.6% | 31.7% | 40.1% |
| Cash conversion (CFO ÷ net income) | 1.17x | 2.13x | −15.2x | 6.61x | 4.99x |
| Interest cover | 1.42x | 1.17x | 1.63x | 1.65x | 1.52x |
| Debt ÷ equity | 0.78x | 0.73x | 0.74x | 0.68x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,669 | 2,616 | 2,527 | 2,312 | 2,258 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.