Independence Realty Trust

IRT

REIT - Residential · Real Estate

Price

$16.62

-0.35 (-2.06%)

Market Cap

$3.92B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+113.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 109.8M (2021) → 234.8M (2025)

Independence Realty Trust is a real estate company that owns and operates apartment communities across the United States. It rents homes to everyday renters, mostly in mid-sized cities and suburban markets in the Sun Belt region, such as Atlanta, Dallas, and Nashville. It is a real estate investment trust, or REIT, meaning it is legally structured to own income-producing properties.

The company makes money by collecting monthly rent from its tenants across a portfolio of roughly 110 apartment communities and more than 30,000 units. Because it focuses on affordable, workforce housing in growing Sun Belt markets, it benefits from strong population migration trends in those regions. However, the company carries significant debt typical of REITs, and rising interest rates increase its borrowing costs, which is one of the main financial risks it faces as it looks to grow its portfolio through acquisitions and property improvements.

Winston Score History

Politician Trades

2 trades / 12mo

2 Congressional buys and 0 sells on IRT in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-100.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$6.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Independence Realty Trust is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-20.7%

Thin — -20.7% gross margin

Operating Margin

13.2%

Healthy — 13.2% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.2%

Slow sales growth (3.2% YoY)

EPS YoY

+53.4%

Earnings growing fast (53.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

576%

Turns 576% of profit into real cash

FCF Margin

22.9%

Converts sales into free cash efficiently (22.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Interest Cover

1.44x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

81.6x

Expensive — P/E 81.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-35.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.98%

Moderate income — 3.98% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+6.2%

Dividend growing modestly (6.2% YoY)

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