Independence Realty Trust, Inc.
IRT Mid CapReal Estate · REIT - Residential
Updated: Jun 23, 2026, 22:21 UTC
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Valuation Analysis
About the Company
Independence Realty Trust, Inc. a Maryland corporation, is a self-administered and self-managed real estate investment trust (REIT) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units. As of December 31, 2025
Independence Realty Trust, Inc. Stock at a Glance
Independence Realty Trust, Inc. (IRT) is currently trading at $16.26 with a market capitalization of $3.9B. The trailing P/E ratio stands at 81.3x, with a forward P/E of 95.65x. The 52-week range spans from $14.60 to $18.18; the current price is 10.6% below the yearly high. Year-over-year revenue growth stands at +2.3%. The net profit margin stands at 7.16%.
💰 Dividend
Independence Realty Trust, Inc. pays an annual dividend of $0.69 per share, representing a yield of 4.24%. The payout ratio stands at 340%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
14 analysts rate Independence Realty Trust, Inc. (IRT) on consensus: None. The average price target is $19.14, implying +17.73% from the current price. Analyst price targets range from $17.00 to $22.00.
Independence Realty Trust, Inc.: The Investment Case in Detail
Independence Realty Trust, Inc. (IRT) operates in the Real Estate — specifically REIT - Residential — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
With a gross margin near 60.81%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.
The Bear Case
Revenue growth has slowed to just 2.3%, which is below nominal GDP — the business is no longer outgrowing the broader economy. A trailing P/E above 50 combined with revenue growth below 20% is a dangerous combination — the market is paying a steep growth multiple for what is, by the data, only moderately fast expansion. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 60.81% — indicates pricing power
- Solid dividend yield of 4.24%
- Positive free cash flow
- –High valuation multiple (P/E 81.3x)
- –Currently flagged as overvalued
Technical Snapshot
The price is in a transition zone relative to the moving averages — no clear signal.
Risk Profile
The data points to relatively defensive market behavior, elevated short interest (5.73%).
Trading Data
💵 Dividend Info
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