Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that acquires, owns, operates, improves, and manages multifamily apartment communities across non-gateway U.S. markets. Revenue comes from rental income collected from residents of its apartment units. IRT is structured as a self-administered and self-managed REIT, incorporated in Maryland, with operations concentrated in the Southeast and surrounding Sun Belt regions. As of December 31, 2025, IRT owned and operated 114 multifamily apartment properties, including one held through a consolidated joint venture, totaling 33,462 units across its portfolio. The company targets non-gateway markets, distinguishing its footprint from coastal gateway-focused apartment REITs. IRT operates through Independence Realty Operating Partnership, LP, a Delaware limited partnership, as its primary operating entity.

Revenue model

Rental income from residential apartment unit leases across 114 multifamily properties totaling 33,462 units (as of December 31, 2025). As a REIT, IRT is required to distribute at least 90% of taxable income to shareholders as dividends.

Products and services

Multifamily apartment communities. IRT acquires, owns, operates, and improves residential rental properties. Property management is performed internally as a self-managed REIT.

Customers and end markets

Individual residential renters in non-gateway U.S. markets, primarily in the Southeast and Sun Belt regions. End market demand is driven by household formation, regional population growth, and single-family home affordability.

Value-chain role

Direct property owner and operator. IRT acquires and manages its own multifamily assets without reliance on third-party property managers, functioning as both landlord and asset manager.

Geographic exposure

Non-gateway U.S. markets, concentrated in the Southeast and Sun Belt regions. As of December 31, 2025, the portfolio spanned 114 properties across these markets.

Source: SEC 10-K, filed 2026-02-17

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