Independence Realty Trust (IRT)
Owns and renovates apartment communities across non-gateway U.S. markets.
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Owns and manages multifamily apartment communities in non-gateway U.S. markets, earning rent from tenants. Growth comes from in-house operations, targeted renovations, acquisitions and capital recycling, with the portfolio concentrated in the Southeast and Midwest.
Owns and operates multifamily apartment communities across non-gateway U.S. markets, with most rental revenue generated in the Southeast and Midwest. Lease revenue comes from same-store and non same-store properties, while a smaller development and joint-venture program adds exposure to new communities.
Builds value through in-house leasing and property management, targeted unit renovations under its Value Add Program, acquisitions and capital recycling. The operating platform concentrates properties near employment centers, schools and retail, using renovations and expense control to raise occupancy and rents.
Cash flow depends on apartment demand, occupancy, rent collections and property-level costs. Renovation and development work depends on construction costs, contractor execution and joint-venture partners, while operations remain subject to fair-housing, landlord-tenant, rent-control, environmental, zoning and REIT tax rules.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | UBS | Reiterate | Rating: —Target: $19 | Target: $18 |
| Aug 5, 2026 | RBC Capital | Reiterate | Rating: —Target: $21 | Target: $19 |
| Jul 14, 2026 | Barclays | Upgrade | Target: $19 | Target: $20 |
| May 14, 2026 | UBS | Reiterate | Rating: —Target: $20 | Target: $19 |
| May 11, 2026 | Barclays | Reiterate | Rating: —Target: $21 | Target: $19 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $22.5M · Total debt $2.44B · Total assets $6.09B · Shareholders' equity $3.36B
- Revenue
- $167.2M
- Operating income
- $25.4M
- Net income
- $3.4M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 100.22% | 236.26M shares | |
|---|---|---|---|
| 400 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.36% | 852.4K shares | |
| 11 holders · as of Sep 1, 2026 | |||
| Adds to | 100.58% | ||
235.74M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 100.58%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.30% | 36.07M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 9.25% | 21.80M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.51% | 12.98M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.50% | 10.61M | as of Jun 30, 2026 |
AllianceBernstein L.P.Institution | 3.37% | 7.94M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 1, 2026 | Richard D. Gebert | director | −500 | $16.16 |
| Aug 3, 2026 | Richard D. Gebert | director | −500 | $16.70 |
| Jul 1, 2026 | Richard D. Gebert | director | −500 | $16.75 |
| Jun 1, 2026 | Richard D. Gebert | director | −500 | $16.15 |
| May 1, 2026 | Richard D. Gebert | director | −500 | $16.33 |
- Mid-America Apartment Communities
Sunbelt apartment scale and operating platform overlap
- Camden Property Trust
Sunbelt multifamily communities and development overlap
- NexPoint Residential Trust
Value-add Sunbelt workforce apartments overlap
- UDR
Diversified U.S. apartment REIT operating overlap
- Equity Residential
Large apartment owner with expansion-market overlap
- Centerspace
Interior-market apartment REIT overlap
- Invitation Homes
Single-family rental substitute for apartment renters
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Independence Realty Trust | $14.57 | −1.32% | $3.48B | 80.4 | 67.9 | 5.2 | +3.2% |
| Mid-America Apartment Communities | $119.06 | −0.08% | $13.87B | 34.8 | 38.0 | 6.2 | +1.0% |
| Camden Property Trust | $98.80 | −0.51% | $9.98B | 33.0 | 104.3 | 6.3 | −0.9% |
| NexPoint Residential Trust | $21.18 | −2.49% | $552.0M | — | — | 2.2 | +2.4% |
| UDR | $33.86 | −0.72% | $10.96B | 21.7 | 57.0 | 6.4 | −0.0% |
| Equity Residential | $61.67 | −1.10% | $23.38B | 27.3 | 39.8 | 7.5 | +2.1% |
| Centerspace | $55.10 | −1.50% | $940.0M | 44.4 | — | 3.5 | −4.0% |
| Invitation Homes | $26.95 | −0.72% | $16.12B | 24.9 | 36.1 | 5.6 | +9.7% |
| Median | 30.2 | 39.8 | 6.2 | +1.0% |