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Our Company IRT, a Maryland corporation, is a self-administered and self-managed real estate investment trust ( REIT ) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an …
18.23% operating margin is respectable but not wide. ROIC at 1.64%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.8%, essentially flat. Margins also contracted 1.4pp. This is a business that needs a catalyst.
Net debt of $2.26B represents 8.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$662M
▲ +2.8% YoY
Net Income (TTM)
$48M
▲ +43.9% YoY
Op. Margin
17.30%
▼ -1.4pp YoY
ROIC
1.57%
Cash Flow & Balance Sheet
FCF (TTM)
$277M
▲ +8.6% YoY
Op. Cash Flow (TTM)
$277M
▲ +8.6% YoY
Net Debt
$2.41B
Cash & Equiv.
$23M
5Y CAGR: +25.4%
5Y CAGR: +30.4%
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