# INDEPENDENCE REALTY TRUST, INC.

Summary updated: 2026-10-02T13:59:59.359648Z
Canonical: https://finbar.com/research/companies/independence-realty-trust-inc

## 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](https://app.finbar.com/go?id=P34419622)[2](https://www.irtliving.com/who-we-are)

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](https://app.finbar.com/go?id=P71575566)[4](https://app.finbar.com/go?id=T16712742) The company was formed in 2009. [5](https://app.finbar.com/go?id=T9987153) For scale, FY2025 total consolidated revenue was $657.7 million. [4](https://app.finbar.com/go?id=T16712742)
[1](https://app.finbar.com/go?id=P34419622)[2](https://www.irtliving.com/who-we-are)[3](https://app.finbar.com/go?id=P71575566)[4](https://app.finbar.com/go?id=T16712742)[5](https://app.finbar.com/go?id=T9987153)[2](https://www.irtliving.com/who-we-are)

## 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](https://app.finbar.com/go?id=P115069524)[7](https://app.finbar.com/go?id=P76993928)[8](https://www.irtliving.com/Apartments/Texas/North-Richland-Hills/The-Delano-at-North-Richland-Hills?switch_cls%5Bid%5D=101824)[9](https://www.irtliving.com/Apartments/Florida/Apopka/3030-at-Apopka)[10](https://www.irtliving.com/Apartments/Georgia/Marietta/Rosemont-at-East-Cobb)

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](https://app.finbar.com/go?id=P29670580) 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](https://www.irtliving.com/living-here/resident-benefits)[13](https://www.irtliving.com/living-here/leasing)[14](https://www.irtliving.com/living-here/finding)

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](https://app.finbar.com/go?id=T12966116)[5](https://app.finbar.com/go?id=T9987153)[7](https://app.finbar.com/go?id=P76993928)
[6](https://app.finbar.com/go?id=P115069524)[7](https://app.finbar.com/go?id=P76993928)[8](https://www.irtliving.com/Apartments/Texas/North-Richland-Hills/The-Delano-at-North-Richland-Hills?switch_cls%5Bid%5D=101824)[9](https://www.irtliving.com/Apartments/Florida/Apopka/3030-at-Apopka)[10](https://www.irtliving.com/Apartments/Georgia/Marietta/Rosemont-at-East-Cobb)[11](https://app.finbar.com/go?id=P29670580)[12](https://www.irtliving.com/living-here/resident-benefits)[13](https://www.irtliving.com/living-here/leasing)[14](https://www.irtliving.com/living-here/finding)[15](https://app.finbar.com/go?id=T12966116)[5](https://app.finbar.com/go?id=T9987153)[8](https://www.irtliving.com/Apartments/Texas/North-Richland-Hills/The-Delano-at-North-Richland-Hills?switch_cls%5Bid%5D=101824)[9](https://www.irtliving.com/Apartments/Florida/Apopka/3030-at-Apopka)[10](https://www.irtliving.com/Apartments/Georgia/Marietta/Rosemont-at-East-Cobb)[12](https://www.irtliving.com/living-here/resident-benefits)[13](https://www.irtliving.com/living-here/leasing)[14](https://www.irtliving.com/living-here/finding)

## 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](https://app.finbar.com/go?id=P34419622)[16](https://app.finbar.com/go?id=P13082807)

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](https://app.finbar.com/go?id=T16712737) The company’s principal executive offices are in Philadelphia, Pennsylvania. [1](https://app.finbar.com/go?id=P34419622)
[1](https://app.finbar.com/go?id=P34419622)[16](https://app.finbar.com/go?id=P13082807)[17](https://app.finbar.com/go?id=T16712737)[17](https://app.finbar.com/go?id=T16712737)[17](https://app.finbar.com/go?id=T16712737)[17](https://app.finbar.com/go?id=T16712737)[18](https://www.sec.gov/Archives/edgar/data/1466085/000143774926004376/irt20251231_10k.htm)

## 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](https://app.finbar.com/go?id=P54718164)[20](https://app.finbar.com/go?id=P32032787)

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](https://app.finbar.com/go?id=P94794707)[22](https://app.finbar.com/go?id=P96399415)

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](https://app.finbar.com/go?id=T9987153)[23](https://app.finbar.com/go?id=T5844303)
[19](https://app.finbar.com/go?id=P54718164)[20](https://app.finbar.com/go?id=P32032787)[21](https://app.finbar.com/go?id=P94794707)[22](https://app.finbar.com/go?id=P96399415)[5](https://app.finbar.com/go?id=T9987153)[5](https://app.finbar.com/go?id=T9987153)[5](https://app.finbar.com/go?id=T9987153)[5](https://app.finbar.com/go?id=T9987153)[23](https://app.finbar.com/go?id=T5844303)[23](https://app.finbar.com/go?id=T5844303)[23](https://app.finbar.com/go?id=T5844303)[23](https://app.finbar.com/go?id=T5844303)

## Company history

Independence Realty Trust was formed in Maryland on March 26, 2009. [24](https://app.finbar.com/go?id=P9320756) 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](https://investors.irtliving.com/press-releases/press-release/2013/Independence-Realty-Trust-Inc-Announces-Pricing-of-Public-Offering/default.aspx)

IRT expanded through acquisitions, including its 2015 purchase of Trade Street Residential, which added 19 properties and 4,989 units. [26](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Completes-Acquisition-of-Trade-Street-Residential/default.aspx)[27](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Announces-Third-Quarter-2015-Financial-Results-and-Provides-Quarterly-Supplemental-Information/default.aspx) In 2016, the company completed the internalization of its management and separation from RAIT Financial Trust. [28](https://investors.irtliving.com/press-releases/press-release/2016/Independence-Realty-Trust-Completes-Management-Internalization/default.aspx) Its largest expansion came with the December 2021 merger with Steadfast Apartment REIT, which added 68 communities and 21,394 units. [29](https://app.finbar.com/go?id=P27377786)[30](https://app.finbar.com/go?id=P119932079)[31](https://investors.irtliving.com/press-releases/press-release/2021/Independence-Realty-Trust-and-Steadfast-Apartment-REIT-Complete-Strategic-Merger/default.aspx) In September 2024, IRT promoted CFO Jim Sebra to president while Scott Schaeffer continued as chairman and CEO. [32](https://investors.irtliving.com/press-releases/press-release/2024/Independence-Realty-Trust-Promotes-Jim-Sebra-to-President/default.aspx)
[24](https://app.finbar.com/go?id=P9320756)[29](https://app.finbar.com/go?id=P27377786)[30](https://app.finbar.com/go?id=P119932079)[25](https://investors.irtliving.com/press-releases/press-release/2013/Independence-Realty-Trust-Inc-Announces-Pricing-of-Public-Offering/default.aspx)[26](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Completes-Acquisition-of-Trade-Street-Residential/default.aspx)[27](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Announces-Third-Quarter-2015-Financial-Results-and-Provides-Quarterly-Supplemental-Information/default.aspx)[28](https://investors.irtliving.com/press-releases/press-release/2016/Independence-Realty-Trust-Completes-Management-Internalization/default.aspx)[31](https://investors.irtliving.com/press-releases/press-release/2021/Independence-Realty-Trust-and-Steadfast-Apartment-REIT-Complete-Strategic-Merger/default.aspx)[32](https://investors.irtliving.com/press-releases/press-release/2024/Independence-Realty-Trust-Promotes-Jim-Sebra-to-President/default.aspx)

## Sources

1. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P34419622)
2. [www.irtliving.com](https://www.irtliving.com/who-we-are)
3. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P71575566)
4. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16712742)
5. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T9987153)
6. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P115069524)
7. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P76993928)
8. [www.irtliving.com](https://www.irtliving.com/Apartments/Texas/North-Richland-Hills/The-Delano-at-North-Richland-Hills?switch_cls%5Bid%5D=101824)
9. [www.irtliving.com](https://www.irtliving.com/Apartments/Florida/Apopka/3030-at-Apopka)
10. [www.irtliving.com](https://www.irtliving.com/Apartments/Georgia/Marietta/Rosemont-at-East-Cobb)
11. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P29670580)
12. [www.irtliving.com](https://www.irtliving.com/living-here/resident-benefits)
13. [www.irtliving.com](https://www.irtliving.com/living-here/leasing)
14. [www.irtliving.com](https://www.irtliving.com/living-here/finding)
15. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T12966116)
16. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P13082807)
17. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16712737)
18. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1466085/000143774926004376/irt20251231_10k.htm)
19. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P54718164)
20. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P32032787)
21. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P94794707)
22. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 1)](https://app.finbar.com/go?id=P96399415)
23. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2026 Q 1)](https://app.finbar.com/go?id=T5844303)
24. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P9320756)
25. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2013/Independence-Realty-Trust-Inc-Announces-Pricing-of-Public-Offering/default.aspx)
26. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Completes-Acquisition-of-Trade-Street-Residential/default.aspx)
27. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2015/Independence-Realty-Trust-Announces-Third-Quarter-2015-Financial-Results-and-Provides-Quarterly-Supplemental-Information/default.aspx)
28. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2016/Independence-Realty-Trust-Completes-Management-Internalization/default.aspx)
29. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2021 Y)](https://app.finbar.com/go?id=P27377786)
30. [INDEPENDENCE REALTY TRUST, INC. — Full financial report (2021 Y)](https://app.finbar.com/go?id=P119932079)
31. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2021/Independence-Realty-Trust-and-Steadfast-Apartment-REIT-Complete-Strategic-Merger/default.aspx)
32. [investors.irtliving.com](https://investors.irtliving.com/press-releases/press-release/2024/Independence-Realty-Trust-Promotes-Jim-Sebra-to-President/default.aspx)

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