# Independence Realty Trust, Inc. (IRT)

> Source: Nexqual · https://nexqual.com/IRT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Independence Realty Trust, Inc. (IRT), nexqual.com/IRT" · informational, not investment advice.

**Price:** USD 15.17 (+2.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.82 · day 14.83–15.22 · 52w 14.33–17.79 · market cap $3.67B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $667M, net income $43.5M (6.5% margin) (SEC filings).
- Valuation: P/E 84.3x (avg 93.3x at the last 2 fiscal year-ends), net debt $2.42B.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $48K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 18.54 (range 15–22).
- Total return with dividends: 1Y -2.8% vs S&P 500 +14.9%; 5Y -18.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.05, revenue estimate $171M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $250M | $629M | $661M | $640M | $658M | $667M |
| Net income | $44.6M | $117M | -$17.2M | $39.3M | $56.6M | $43.5M |
| EPS (diluted) | $0.41 | $0.53 | -$0.08 | $0.17 | $0.24 | — |
| Free cash flow | $52.1M | — | — | — | — | — |
| Net margin | 17.8% | 18.7% | -2.6% | 6.1% | 8.6% | 6.5% |
| Revenue growth | +18.1% | +151.2% | +5.2% | -3.2% | +2.8% | — |
| Cash + short-term investments | $36.0M | $16.1M | $22.9M | $21.2M | $23.6M | — |
| Total debt | $2.71B | $2.63B | $2.55B | $2.33B | $2.28B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 84.3x · P/S 5.5x · EV/Sales 9.1x · P/B 1.1x · Earnings yield 1.19% · Dividend yield (paid, TTM) 4.39% · Net debt $2.42B · EV $6.09B
P/E at fiscal year-ends: Dec 2025 72.6x, Dec 2024 113.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Gebert Richard D | Director | 500 | $7K | 1.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-01 | Gebert Richard D | Director | 500 | $8K | 1.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Gebert Richard D | Director | 500 | $8K | 1.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Gebert Richard D | Director | 500 | $8K | 1.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-01 | Gebert Richard D | Director | 500 | $8K | 1.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Gebert Richard D | Director | 500 | $8K | 1.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 18.54 (low 15, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $19 → $18 |
| 2026-10-14 | UBS | Target lowered | Buy | $18 → $17 |
| 2026-10-14 | Barclays | Target lowered | Overweight | $20 → $19 |
| 2026-09-15 | UBS | Target lowered | Buy | $19 → $18 |
| 2026-09-10 | Citizens | Reiterated | Market Outperform | $22 |
| 2026-08-05 | RBC Capital | Target raised | Outperform | $18 → $19 |
| 2026-07-14 | Barclays | Upgrade | Equal-Weight → Overweight | $19 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.8% | -18.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.8% | -4.0% |
| Volatility (annualized) | 21.8% | 26.7% |
| Max drawdown | -16.0% (Jul 2026→Sep 2026) | -53.1% (Apr 2022→Oct 2023) |

## Peers (REIT - Residential)
MRP (Millrose Properties, Inc.) USD 23.97 +3.81% · JAN (Janus Living, Inc.) USD 28.64 +1.02% · UMH (UMH Properties, Inc.) USD 15.45 +2.86% · CPT (Camden Property Trust) USD 102.74 +2.55% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40% · AMH (American Homes 4 Rent) USD 31.9 +3.10%

## More
Full page: https://nexqual.com/IRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Same Store | $150.6M | 90.2% | +1.4% | $95.4M | 63.4% |
| Nonsame Store | $16.3M | 9.8% | +42.7% | $9.8M | 60.1% |
| Total revenue | $166.9M | 100% | — | $105.2M | 63.0% |

## Company outlook (8-K filed 2026-08-03)

- "Outlook to 'Positive' Affirmed MidPoint of Full Year 2026 Core FFO Per Share Guidance Management Commentary "Market conditions are improving and momentum is building across the portfolio as we move through 2026," said Scott Schaeffer, Chairman and CEO of IRT. "Lead volume is up meaningfully, new lease rate growth is nearing breakeven, and same-store results are ahead of plan."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.05 | +0.0% | $171.3M | 1 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.07 | +176.9% | $172.3M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.16 | $0.13 | +19.2% | $675.1M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.13 | $0.12 | +5.5% | $696.7M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±7.6%; last 8 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.4% | ±7.6% |
| 2027-01-15 | 84 | 31.2% | ±16.0% |
| 2027-04-16 | 175 | 31.4% | ±17.3% |