| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 21 | 84.4x | 17.8x | Bottom tier | |
Growth | 50 | 3.5% | 7.1% | Around median | |
Quality | 38 | 2.0% | 4.5% | Bottom tier | |
Safety | 42 | 6.3x | 2.6x | Around median | |
Capital Return | 62 | 4.54% | 2.12% | Around median | |
Momentum | 38 | -3.4% | 2.9% | Bottom tier | |
Sentiment | 63 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Independence Realty Trust is a real estate investment trust focused on multifamily residential communities in Sun Belt and Midwest markets, generating revenue primarily from residential unit rents, along with other property revenue. It supports its model through unit renovations and community repositioning; renovated units are intended to compete with newer properties at a lower price, and renovations achieved a 16% return on investment in the first half of fiscal 2026. The company also added a community WiFi program as a new revenue source, launching it in 19 communities during May and June 2026 before the full rollout in July.
In the second quarter of fiscal 2026, IRT recorded revenue of $167.2 million, net income of $3.4 million, and earnings per share of $0.01, compared with revenue of $165.3 million and a net loss of $68 thousand in the first quarter of fiscal 2026. Core FFO per share was $0.28, while same-store net operating income grew 1.2% and same-store revenue grew 0.9%, with other property revenue leading growth with a 7.3% increase. The available EDGAR data did not include a figure for gross profit or its margin, but same-store operating expenses increased only 0.5%, and average occupancy was 95%.
During the twelve-month period ended in 2026, revenue was $666.8 million, net income was $43.5 million, and earnings per share were approximately $0.184, compared with revenue of $657.7 million, net income of $56.6 million, and earnings per share of $0.24 in fiscal 2025. Operationally, the pricing mix varied geographically in the second quarter of fiscal 2026: new lease spreads were 2.3% in the Midwest, negative 3.8% in the Sun Belt, and negative 3.2% in the West. Meanwhile, renewal spreads increased to 4.1%, lifting blended same-store lease growth to 1.3%.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average target of $19.33 and a narrow range between $19 and $20; the average is approximately 6.3% above the top of the 52-week range of $18.18, while the year's range extends from $14.60 to $18.18. No comparable price-to-earnings ratio is available, so IRT's valuation depends more clearly on Core FFO, the stability of its guidance at $1.14 per share for fiscal 2026, and the company's ability to convert improving rents and the WiFi program into sustainable growth despite higher interest expense and weakness at The Tisdale.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue was $167.2 million, net income was $3.4 million, and earnings per share were $0.01, while Core FFO per share reached $0.28. Same-store net operating income grew 1.2%, exceeding the original guidance midpoint of 0.8%, supported by 0.9% same-store revenue growth and a 7.3% increase in other property revenue. Bad debt also declined to 1.1% of revenue from 1.3% a year earlier, while same-store operating expenses increased only 0.5%.
The data show a gradual improvement, but the recovery was not even across all markets. Same-store new lease spreads improved from negative 3.9% in the first quarter to negative 2.7% in the second quarter of fiscal 2026, then to negative 1.1% in July and became slightly positive in August activity that was 65% completed. Meanwhile, Sun Belt spreads remained at negative 3.8% in the second quarter, while the Midwest recorded positive 2.3%, and the West shifted to positive 0.2% in July after negative 3.2% in the quarter.
The program contributed approximately $400 thousand in revenue in the second quarter of fiscal 2026 after launching in 19 communities in May and June. Management is targeting $5 million to $5.5 million in program revenue and approximately $3 million in net operating income during fiscal 2026. Penetration reached 70% in July, with expectations that it will reach 80%–85% by year-end, followed by an addition of at least $0.01 to Core FFO per share in fiscal 2027.
IRT completed 1,026 units in the first half of fiscal 2026 and is targeting the completion of 2,000–2,500 units during the year at a realized return of 16%. The company reduced unit completion time from 30–35 days to less than 20 days, reducing the program's impact on occupancy. Management believes this efficiency could enable volume to increase to 3,000–4,000 units annually, while renovated units generated more than 20% annual growth in same-store net operating income, according to the call.
The company needs to achieve blended rent spreads of 1.6% or better on the remaining half of second-half leases, even though 87% of the year's revenue growth has been achieved or contracted. It also raised interest expense guidance by $2 million due to higher SOFR and temporary debt levels, which helped keep the midpoint of Core FFO guidance at $1.14 per share. The Tisdale adds execution risk after its occupancy reached 36% in the second quarter and 42% in July 2026, with stabilization expected in the first quarter of fiscal 2027.
The company intends to use the proceeds from the sale of Stonebridge Crossing in Memphis to reduce debt and expects to end fiscal 2026 with a net debt-to-EBITDA ratio in the mid-5x range. In June 2026, Fitch revised its outlook from stable to positive, and both Fitch and S&P affirmed the BBB rating. However, management raised the midpoint of interest expense guidance by $2 million, showing that financing costs remain a meaningful factor in Core FFO growth.
