Independence Realty Trust, Inc. (IRT) Balance Sheet
IRT balance sheet, 2025
December 31, 2025 · U.S. dollars$6.02B assets = $2.43B liabilities + $3.59B equity
Both columns are drawn to the same scale: what IRT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IRT financial health
Descriptive bands, not a rating. Fiscal 2025.
IRT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.29B2016 | $6.02B2025 | +18.6%/yr | |
| Total liabilities | $765.5M2016 | $2.43B2025 | +13.7%/yr | |
| Shareholders’ equity | $528.7M2016 | $3.46B2025 | +23.2%/yr | |
| Cash & short-term investments | $20.9M2016 | $47.6M2025 | +9.6%/yr | |
| Total debt | $891.1M2016 | $2.28B2025 | +11.0%/yr | |
| Net cash (debt) | −$870.2M2016 | −$2.23B2025 | −$1.4B | |
| Working capital | $73.6M2016 | −$881.9M2025 | −$955.5M | |
| Book value per share | $10.132016 | $14.742025 | +4.3%/yr | |
| Current ratio | 4.912016 | 0.052025 | −4.86 | |
| Debt / equity | 1.692016 | 0.662025 | −1.03 | |
| Shares outstanding | 52.2M2016 | 234.8M2025 | +18.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IRT assets
IRT liabilities and equity
IRT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IRT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $47.6M | $21.2M | $22.9M | $16.1M | $36.0M | $8.8M | $9.9M | $9.3M | $10.0M | $20.9M |
| Cash & equivalents | $47.6M | $21.2M | $22.9M | $16.1M | $36.0M | $8.8M | $9.9M | $9.3M | $10.0M | $20.9M |
| Short-term investments | — | — | $29.9M | $41.1M | $2.5M | — | $953,000 | $8.3M | $4.6M | $5.5M |
| Receivables | $0 | $0 | $0 | $0 | $3.9M | $0 | $0 | $8.8M | $7.6M | $5.2M |
| Inventory | $76.5M | $110.1M | $296.3M | $35.8M | $61.6M | $0 | $0 | $77.3M | −$7.3M | $60.8M |
| Other current assets | $0 | $22.2M | $27.9M | $27.9M | $25.8M | $4.9M | $4.5M | $6.7M | $11.9M | $5.5M |
| Total current assets | $47.6M | $153.6M | $347.1M | $79.8M | $127.2M | $13.6M | $14.4M | $102.1M | $22.2M | $92.4M |
| Property, plant & equipment (net) | $0 | $0 | $5.78B | $3.1M | $6.26B | $2.6M | $2.8M | $1.55B | $1.42B | $1.20B |
| Goodwill & intangible assets | $3.0M | $3.6M | $66,000 | $399,000 | $178.5M | $792,000 | $410,000 | $744,000 | $1.1M | $118,000 |
| Long-term investments | $98.3M | $92.0M | $89.0M | $80.2M | $25.0M | $0 | $953,000 | $85.6M | $7.3M | $64.7M |
| Other non-current assets | $5.87B | $5.81B | $66.8M | $6.37B | $0 | $1.72B | $1.65B | $0 | $0 | $0 |
| Total assets | $6.02B | $6.06B | $6.28B | $6.53B | $6.51B | $1.73B | $1.66B | $1.66B | $1.45B | $1.29B |
| Liabilities | ||||||||||
| Accounts payable | $92.4M | $94.7M | $109.1M | $109.7M | $106.3M | $25.4M | $25.4M | $22.8M | $17.2M | $14.0M |
| Short-term debt | $787.5M | $794.7M | $839.5M | $824.8M | $6.5M | $481.9M | $482.4M | $402.4M | $101.6M | $147.3M |
| Deferred revenue | — | — | $884.2M | — | — | — | — | −$402.4M | −$101.6M | −$147.3M |
| Total current liabilities | $929.5M | $935.8M | $153.8M | $974.4M | $136.8M | $39.6M | $44.1M | $39.7M | $22.7M | $18.8M |
| Long-term debt | $2.28B | $2.29B | $2.48B | $2.63B | $11.9M | $975.5M | $993.3M | $985.5M | $778.4M | $743.8M |
| Other long-term liabilities | $0 | $0 | $76.5M | $0 | $2.72B | $6.9M | $6.9M | $4.1M | $3.4M | $2.9M |
| Total liabilities | $2.43B | $2.48B | $2.71B | $2.79B | $2.86B | $1.02B | $1.04B | $1.03B | $804.5M | $765.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.4M | $2.3M | $2.2M | $2.2M | $2.2M | $1.0M | $911,000 | $892,000 | $704.7M | $565.3M |
| Retained earnings (deficit) | −$555.3M | −$454.1M | −$348.4M | −$191.7M | −$188.4M | −$178.8M | −$141.5M | −$122.3M | −$85.2M | −$62.2M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $7.7M | $26.1M | $25.5M | $35.1M | −$11.9M | −$33.8M | −$12.1M | $2.0M | $4.6M | $3.7M |
| Minority interest | $129.5M | $132.8M | $135.9M | $141.2M | $161.3M | $4.7M | $6.5M | $7.0M | $22.0M | $21.9M |
| Total shareholders' equity | $3.46B | $3.44B | $3.43B | $3.60B | $3.48B | $712.8M | $619.8M | $630.0M | $646.1M | $528.7M |
| Key figures | ||||||||||
| Total debt | $2.28B | $2.33B | $2.55B | $2.63B | $2.71B | $1.46B | $1.48B | $1.39B | $880.1M | $891.1M |
| Net cash (debt) | −$2.23B | −$2.31B | −$2.53B | −$2.62B | −$2.67B | −$1.45B | −$1.47B | −$1.38B | −$870.1M | −$870.2M |
| Working capital | −$881.9M | −$782.3M | $193.2M | −$894.6M | −$9.5M | −$26.0M | −$29.7M | $62.4M | −$535,000 | $73.6M |
| Tangible book value | $3.46B | $3.44B | $3.43B | $3.60B | $3.30B | $712.0M | $619.3M | $629.3M | $645.0M | $528.6M |
| Book value per share | $14.74 | $15.26 | $15.29 | $16.12 | $31.69 | $7.53 | $6.85 | $7.21 | $8.78 | $10.13 |
| Shares outstanding | 234.8M | 225.6M | 224.4M | 223.1M | 109.8M | 94.7M | 90.4M | 87.4M | 73.6M | 52.2M |
| Current ratio | 0.05 | 0.16 | 2.26 | 0.08 | 0.93 | 0.34 | 0.33 | 2.57 | 0.98 | 4.91 |
| Quick ratio | 0.05 | 0.02 | 0.15 | 0.02 | 0.29 | 0.22 | 0.22 | 0.46 | 0.77 | 1.39 |
| Debt / equity | 0.66 | 0.68 | 0.74 | 0.73 | 0.78 | 2.04 | 2.38 | 2.20 | 1.36 | 1.69 |
| Equity / assets | 57.5% | 56.8% | 54.6% | 55.1% | 53.5% | 41.1% | 37.2% | 38.0% | 44.5% | 40.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $22.5M | $43.3M | $47.6M | $23.3M | $19.5M | $29.1M | $21.2M | $17.6M | $21.0M | $21.3M | $22.9M | $17.2M |
| Cash & equivalents | $22.5M | $43.3M | $47.6M | $23.3M | $19.5M | $29.1M | $21.2M | $17.6M | $21.0M | $21.3M | $22.9M | $17.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $38.4M | $38.8M | $29.9M | $53.3M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $76.5M | $107.2M | $119.9M | $0 | $110.1M | $0 | $0 | $0 | $0 | $75.4M |
| Other current assets | $0 | $0 | $24.1M | $27.6M | $23.0M | $19.3M | $22.2M | $30.6M | $96.2M | $119.2M | $324.2M | $31.8M |
| Total current assets | $22.5M | $23.3M | $148.1M | $158.1M | $162.4M | $48.3M | $153.6M | $48.2M | $117.2M | $140.5M | $347.1M | $124.4M |
| Property, plant & equipment (net) | $0 | $0 | $5.74B | $0 | $0 | $5.77B | $0 | $2.0M | $2.1M | $5.67B | $5.78B | $6.27B |
| Goodwill & intangible assets | $418,000 | $1.6M | $3.0M | $5.5M | $3.3M | $7.2M | $3.6M | $1.2M | $0 | $0 | $66,000 | $265,000 |
| Long-term investments | $70.0M | $66.6M | $98.3M | $94.0M | $106.9M | $101.6M | $92.0M | $95.4M | $90.3M | $89.5M | $89.0M | $87.6M |
| Other non-current assets | $6.00B | $6.01B | $28.7M | $5.84B | $5.69B | $53.8M | $5.81B | $5.80B | $5.73B | $73.2M | $66.8M | $92.6M |
| Total assets | $6.09B | $6.10B | $6.02B | $6.09B | $5.96B | $5.98B | $6.06B | $5.95B | $5.94B | $5.97B | $6.28B | $6.58B |
| Liabilities | ||||||||||||
| Accounts payable | $101,713 | $84.2M | $92.4M | $119.5M | $105.6M | $86.4M | $94.7M | $119.3M | $102.0M | $83.7M | $109.1M | $138.5M |
| Short-term debt | $83.6M | $130.0M | $336.2M | $798.5M | $808.2M | $791.9M | $794.7M | $792.7M | $705.6M | $712.1M | $839.5M | $878.4M |
| Deferred revenue | — | — | — | — | — | — | — | $58.5M | $688.1M | — | $884.2M | — |
| Total current liabilities | $83.6M | $130.0M | $478.2M | $969.9M | $962.3M | $926.3M | $935.8M | $955.7M | $851.3M | $839.8M | $153.8M | $1.06B |
| Long-term debt | $1.59B | $1.64B | $2.28B | $2.29B | $2.25B | $2.22B | $2.29B | $2.27B | $1.55B | $1.56B | $1.71B | $2.72B |
| Other long-term liabilities | $930.0M | $809.9M | $0 | $0 | $0 | $0 | $0 | $0 | $8.4M | $8.9M | $849.2M | $0 |
| Total liabilities | $2.60B | $2.58B | $2.43B | $2.48B | $2.41B | $2.40B | $2.48B | $2.46B | $2.41B | $2.41B | $2.71B | $2.91B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.4M | $2.4M | $2.4M | $2.4M | $2.3M | $2.3M | $2.3M | $2.2M | $2.3M | $2.3M | $2.2M | $2.2M |
| Retained earnings (deficit) | −$634.7M | −$595.7M | −$555.3M | −$548.3M | −$514.6M | −$483.0M | −$454.1M | −$416.2M | −$392.6M | −$367.0M | −$348.4M | −$272.0M |
| Accumulated other comprehensive income | $13.4M | $10.0M | $7.7M | $9.1M | $12.0M | $17.3M | $26.1M | $13.8M | $34.4M | $34.5M | $25.5M | $47.9M |
| Minority interest | $127.5M | $128.5M | $129.5M | $129.8M | $130.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.36B | $3.39B | $3.46B | $3.49B | $3.42B | $3.46B | $3.44B | $3.36B | $3.40B | $3.42B | $3.43B | $3.53B |
| Key figures | ||||||||||||
| Total debt | $2.44B | $2.43B | $2.28B | $2.30B | $2.25B | $2.25B | $2.33B | $2.29B | $2.25B | $2.28B | $2.55B | $3.59B |
| Net cash (debt) | −$2.42B | −$2.39B | −$2.23B | −$2.27B | −$2.23B | −$2.22B | −$2.31B | −$2.27B | −$2.23B | −$2.26B | −$2.53B | −$3.58B |
| Working capital | −$61.0M | −$106.7M | −$330.1M | −$811.8M | −$799.9M | −$878.0M | −$782.3M | −$907.5M | −$734.1M | −$699.3M | $193.2M | −$937.7M |
| Tangible book value | $3.36B | $3.39B | $3.46B | $3.48B | $3.42B | $3.45B | $3.44B | $3.35B | $3.40B | $3.42B | $3.43B | $3.53B |
| Book value per share | $14.23 | $14.00 | $14.20 | $14.55 | $14.61 | $14.90 | $15.26 | $14.84 | $15.08 | $15.20 | $15.28 | $15.68 |
| Shares outstanding | 236.0M | 242.4M | 243.7M | 239.6M | 234.1M | 231.8M | 225.6M | 226.1M | 225.4M | 225.2M | 224.5M | 225.1M |
| Current ratio | 0.27 | 0.18 | 0.31 | 0.16 | 0.17 | 0.05 | 0.16 | 0.05 | 0.14 | 0.17 | 2.26 | 0.12 |
| Quick ratio | 0.27 | 0.33 | 0.10 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | 0.03 | 0.15 | 0.02 |
| Debt / equity | 0.73 | 0.72 | 0.66 | 0.66 | 0.66 | 0.65 | 0.68 | 0.68 | 0.66 | 0.67 | 0.74 | 1.02 |
| Equity / assets | 55.1% | 55.6% | 57.5% | 57.2% | 57.4% | 57.7% | 56.8% | 56.4% | 57.2% | 57.3% | 54.6% | 53.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
IRT financial position
At the end of fiscal 2025 (December 31, 2025), Independence Realty had total assets of $6.0 billion (down 0.6% from a year earlier), total liabilities of $2.4 billion and shareholders' equity of $3.5 billion. It held $47.6 million in cash and short-term investments against $2.3 billion of debt, net debt of $2.2 billion. Its current ratio was 0.05. In the latest quarter (ended June 30, 2026) total assets were $6.1 billion and equity $3.4 billion.
Related: IRT income statement, IRT cash flow statement, IRT key metrics. See the IRT stock overview for the latest quote and news.
IRT balance sheet FAQ
What are Independence Realty's total assets?
Independence Realty reported total assets of $6.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.1 billion a year earlier.
How much debt does Independence Realty have?
Independence Realty had $2.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.66.
How much cash does Independence Realty have?
Independence Realty held $47.6 million in cash and short-term investments at the end of fiscal 2025; with $2.3 billion of debt that is net debt of $2.2 billion.
What is Independence Realty's book value?
Independence Realty's shareholders' equity (book value) was $3.5 billion at the end of fiscal 2025, or $14.74 per share.
What is Independence Realty's current ratio?
Independence Realty had current assets of $47.6 million and current liabilities of $929.5 million, a current ratio of 0.05 (current liabilities exceed current assets).
How much goodwill does Independence Realty have?
Independence Realty carried $3.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.