IRT
Real EstateIndependence Realty Trust, Inc. · REIT - Residential · $4B
What is Independence Realty Trust, Inc.?
Independence Realty Trust is a Philadelphia-based real estate investment trust focused on multifamily apartment communities across non-gateway U.S. markets. Its portfolio targets residents in amenity-rich submarkets with strong schools and major employment centers.
IRT acquires, owns, and operates apartment communities in mid-sized U.S. cities such as Atlanta, Louisville, Memphis, and Raleigh. The company generates revenue primarily through rental income from its multifamily properties. Its strategy centers on building scale within select submarkets rather than competing in high-cost gateway cities, aiming to deliver consistent distributions and long-term capital appreciation to shareholders.
IRT was founded in 2013 and is headquartered in Philadelphia, Pennsylvania.
- Multifamily apartment community ownership and operation
- Portfolio management in non-gateway U.S. markets
- Resident-focused amenity-rich housing communities
- Regular dividend distributions to REIT shareholders
Is IRT a Good Stock to Buy?
UQS Score rates IRT as Poor overall, placing it in the lowest tier of the scoring range.
Among IRT's five pillars, Valuation registers as Neutral — the lone area that does not carry a Weak label. This suggests the stock is not obviously overpriced relative to its fundamentals, even if those fundamentals themselves present challenges.
Quality, Moat, Growth, and Risk all carry Weak ratings, indicating broad-based concerns across the business — from earnings quality and competitive positioning to growth trajectory and balance-sheet risk.
Pro members can view the exact pillar breakdown and full financial metrics behind IRT's UQS Score at uqs-score.com. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does IRT pay dividends?
Yes — Independence Realty Trust, Inc. pays a dividend.
IRT pays a regular dividend, consistent with its structure as a real estate investment trust — REITs are required by law to distribute the majority of taxable income to shareholders. For income-oriented investors, this distribution cadence is a core part of IRT's return proposition, though the sustainability of the dividend should be weighed against the company's Weak Risk and Quality pillar ratings.
When does IRT report earnings?
Independence Realty Trust reports earnings on a quarterly cadence, typical for U.S.-listed REITs.
IRT's recent operating results reflect the pressures visible in its UQS pillar profile — weak quality and growth indicators suggest the company has faced headwinds in expanding net operating income and maintaining strong margins relative to sector peers. Investors should review management commentary on occupancy trends and same-store performance.
For the most recent quarter's results and guidance, visit Independence Realty Trust's investor relations page directly.
IRT Price History
+10.2% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Independence Realty Trust, Inc.?
Based on Independence Realty Trust, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
IRT Long-term Outlook
IRT's Growth and Risk pillars both carry Weak ratings, pointing to a challenging near-term fundamental outlook. The non-gateway apartment market faces ongoing pressure from elevated new supply in several Sun Belt cities where IRT operates. Until supply normalizes and occupancy trends stabilize, meaningful earnings growth may remain constrained. The Neutral Valuation label suggests the market has already priced in much of this difficulty.
Growth drivers
- Potential recovery in Sun Belt apartment demand as new supply is absorbed
- Operational efficiencies from portfolio scale within targeted submarkets
- Long-term demographic tailwinds supporting multifamily rental demand
Key risks
- Elevated new apartment supply in key markets pressuring occupancy and rents
- High leverage typical of REIT structures amplifying interest rate sensitivity
- Weak Moat rating signals limited pricing power versus local competitors
IRT vs Peers
IRT operates in a competitive multifamily REIT landscape alongside several peers with differing geographic and strategic profiles.
Boardwalk focuses on Canadian rental apartment communities, giving it a distinct regulatory and market environment compared to IRT's U.S. non-gateway strategy.
Millrose Properties operates with a different real estate model, providing an alternative angle on residential property exposure outside the pure multifamily rental space.
CAPREIT is one of Canada's largest residential landlords, offering scale and geographic diversification that differs markedly from IRT's concentrated U.S. mid-market approach.
Frequently Asked Questions
What does Independence Realty Trust do?
Independence Realty Trust owns and operates multifamily apartment communities in non-gateway U.S. markets — cities like Atlanta, Louisville, Memphis, and Raleigh. The company focuses on amenity-rich submarkets with strong schools and employment centers, generating revenue through residential rents and returning capital to shareholders through dividends.
Does IRT pay dividends?
Yes, IRT pays a regular dividend. As a real estate investment trust, it is legally required to distribute the majority of its taxable income to shareholders. Income investors should also consider the company's Weak Risk rating when evaluating dividend sustainability.
When does IRT report earnings?
Independence Realty Trust reports on a quarterly cadence, in line with standard U.S. REIT practice. For exact dates and the most recent results, check the investor relations section of IRT's official website.
Is IRT a good stock to buy?
The UQS Score rates IRT as Poor — the lowest scoring tier. Four of five pillars carry Weak ratings, with only Valuation reaching Neutral. Whether IRT fits a portfolio depends on individual risk tolerance and investment goals. The complete pillar breakdown is available to Pro members on uqs-score.com.
Is IRT overvalued?
IRT's Valuation pillar is rated Neutral, suggesting the stock is neither clearly cheap nor obviously expensive relative to its fundamentals. Given the Weak ratings across Quality, Growth, Moat, and Risk, investors should weigh whether the current price adequately compensates for those underlying challenges.
How does IRT compare to its competitors?
IRT competes in the multifamily REIT space alongside peers such as Boardwalk REIT and CAPREIT, both of which operate primarily in Canada, and Millrose Properties. IRT's differentiation lies in its U.S. non-gateway market focus, though its UQS pillar profile currently trails what stronger-rated peers in the sector may offer.
What is IRT's market cap bracket?
Independence Realty Trust is classified as a mid-cap company. This places it in a segment of the market that typically offers more liquidity than small-caps but less institutional coverage than large-cap REITs.
Who founded Independence Realty Trust?
Independence Realty Trust was founded in 2013. For detailed founding history and leadership background, the company's official investor relations materials and SEC filings are the most reliable sources.
Is IRT a long-term quality investment?
As a long-term quality indicator, IRT's UQS Score of Poor raises caution flags. Weak ratings across Quality, Moat, Growth, and Risk suggest the business currently lacks the durable characteristics that tend to support long-term compounding. Investors focused on quality metrics may want to review the full analysis available to Pro members.
What is the main competitive advantage of Independence Realty Trust?
IRT's stated advantage is its focus on scale within specific non-gateway submarkets — targeting areas with strong schools, retail access, and employment hubs. However, the UQS Moat pillar rates this positioning as Weak, suggesting limited durable competitive differentiation relative to sector peers at this time.
What sector does IRT belong to?
IRT operates in the Real Estate sector, specifically as a multifamily residential REIT. Investors can explore other [Real Estate sector stocks](/sector/real-estate) on UQS Score to compare quality profiles across the space.
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Pro Analysis
IRT — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 28.4 | 31.9 | 20.0 | 22.9 | 28.2 | 43.9 | -0.3 |
| May 18, 2026 | 28.7 | 32.4 | 20.0 | 22.9 | 28.2 | 45.0 | -0.5 |
| May 7, 2026 | 29.2 | 34.2 | 20.0 | 22.8 | 29.7 | 44.5 | -0.1 |
| May 3, 2026 | 29.3 | 34.2 | 20.0 | 22.8 | 29.7 | 44.7 | -0.1 |
| May 2, 2026 | 29.4 | 34.2 | 20.0 | 22.8 | 29.7 | 45.3 | 0.0 |
| Apr 26, 2026 | 29.4 | 34.2 | 20.0 | 22.7 | 29.7 | 45.3 | +0.1 |
| Apr 22, 2026 | 29.3 | 34.2 | 20.0 | 22.7 | 29.7 | 45.0 | -0.1 |
| Apr 21, 2026 | 29.4 | 34.4 | 20.0 | 22.7 | 29.7 | 45.3 | 0.0 |
| Apr 20, 2026 | 29.4 | 34.2 | 20.0 | 22.8 | 29.7 | 45.3 | 0.0 |
| Apr 19, 2026 | 29.4 | 34.1 | 20.0 | 22.8 | 29.7 | 45.3 | -0.2 |
IRT — Pillar Breakdown
Quality
— 31.9/100 (25%)Independence Realty Trust, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 22.9/100 (20%)Independence Realty Trust, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 28.2/100 (15%)Independence Realty Trust, Inc. presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 42.9/100 (15%)Independence Realty Trust, Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 20/100 (25%)Independence Realty Trust, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for IRT.
Score Composition
Financial Data
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How is the IRT UQS Score Calculated?
The UQS (Unified Quality Score) for Independence Realty Trust, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Independence Realty Trust, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Independence Realty Trust, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.