Overview
Independence Realty Trust, Inc. (IRT) is a self-managed real estate investment trust focused on acquiring, owning, operating, improving, and managing multifamily apartment communities in non-gateway U.S. markets. The company describes its resident-focused purpose as providing “exceptional living experiences.” [1][2]
IRT’s portfolio is concentrated in Southeastern and Midwestern states. As of June 30, 2026, it reported 116 properties with 33,898 apartment units.[3][4] The company was formed in 2009.[5] For scale, FY2025 total consolidated revenue was $657.7 million.[4] [1][2][3][4][5][2]
Products & services
Independence Realty Trust’s core offering is rental apartment homes, generally leased to residents for a year or less with monthly payments. Its wholly owned IRT Management provides leasing, rental, operating and property-management services; it managed 33,462 units at the end of 2025. Apartment layouts, finishes and community amenities differ by property: examples include quartz countertops, stainless-steel appliances, pools and fitness centers.[6][7][8][9][10]
Through its Value Add Initiative, IRT renovates selected apartments and community areas. At December 31, 2025, the identified renovation pipeline covered 18,789 units at 61 properties; 11,445 units had been renovated, at an average cost of $17,372 per unit. IRT reported an approximately 16.1% return on total renovation costs.[11] Resident-facing services include an online portal for rent payments and maintenance requests, flexible rent-payment options, rent-payment credit reporting, pet screening, referral rewards and, at select properties, Airbnb-friendly hosting. Online leasing and interactive 3D tours are also available, with offerings varying by community.[12][13][14]
For 2025, rental and other property revenue was $656.5 million, comprising $595.6 million from same-store properties and $60.9 million from non-same-store properties. These are portfolio reporting categories, not separate apartment products. The company does not separately report revenue by apartment type, floor plan, amenity or individual ancillary service.[15][5][7] [6][7][8][9][10][11][12][13][14][15][5][8][9][10][12][13][14]
Geographic presence
Independence Realty Trust’s portfolio is entirely U.S.-based and spans 12 states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. The company describes its properties as primarily concentrated in the Southeast, with major markets including Atlanta, Dallas, Denver, Columbus, Indianapolis, Raleigh-Durham, Oklahoma City, Nashville, Houston and Tampa.[1][16]
As of June 30, 2026, the portfolio comprised 116 properties and 33,898 units across 23 markets. Atlanta was the largest market by share of quarterly net operating income (NOI), at 14.8%, followed by Dallas at 13.2% and Columbus at 7.6%; these figures are NOI shares, not revenue percentages.[17] The company’s principal executive offices are in Philadelphia, Pennsylvania.[1] [1][16][17][17][17][17][18]
Business segments
Independence Realty Trust reports two operating segments: same-store and non-same-store multifamily properties. Its chief operating decision maker evaluates property results primarily using net operating income (NOI); the company does not report separate geographic or property-type segments.[19][20]
The same-store portfolio is reviewed at the start of each calendar year. A property is included if it was owned and was not a development property at the beginning of the prior year; properties held for sale or sold are excluded. The filings do not specify a separate minimum ownership period or stabilization test, nor do they provide a distinct eligibility rule for non-same-store properties.[21][22]
By approximate share of reportable-segment results, same-store properties contributed 90.7% of FY2025 revenue and 91.1% of NOI; non-same-store properties contributed 9.3% and 8.9%, respectively. In Q1 2026, same-store contributed 94.5% of revenue and 95.3% of NOI, while non-same-store contributed 5.5% and 4.7%. These percentages are calculated from the segment revenue and NOI reported for each period.[5][23] [19][20][21][22][5][5][5][5][23][23][23][23]
Company history
Independence Realty Trust was formed in Maryland on March 26, 2009.[24] It entered the public markets in August 2013, when it priced a public offering and began trading on NYSE MKT under the ticker IRT.[25]
IRT expanded through acquisitions, including its 2015 purchase of Trade Street Residential, which added 19 properties and 4,989 units.[26][27] In 2016, the company completed the internalization of its management and separation from RAIT Financial Trust.[28] Its largest expansion came with the December 2021 merger with Steadfast Apartment REIT, which added 68 communities and 21,394 units.[29][30][31] In September 2024, IRT promoted CFO Jim Sebra to president while Scott Schaeffer continued as chairman and CEO.[32] [24][29][30][25][26][27][28][31][32]
Sources
- INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)
- www.irtliving.com[2]
- INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 2)[4][17]
- www.irtliving.com[8]
- www.irtliving.com[9]
- www.irtliving.com[10]
- www.irtliving.com[12]
- www.irtliving.com[13]
- www.irtliving.com[14]
- www.sec.gov[18]
- INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 1)[22][23]
- investors.irtliving.com[25]
- investors.irtliving.com[26]
- investors.irtliving.com[27]
- investors.irtliving.com[28]
- INDEPENDENCE REALTY TRUST, INC. — Full financial report (2021 Y)[29][30]
- investors.irtliving.com[31]
- investors.irtliving.com[32]
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