Independence Realty Trust (IRT) Cash Flow: Operating & Free Cash Flow

Independence Realty Trust (IRT) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Independence Realty Trust generated $282.15M of operating cash flow and spent $153.86M on capital expenditures. That left free cash flow of $128.28M, up 51.5% from $84.69M a year earlier, or 19.5% of revenue. It returned $187.88M to shareholders through $154.39M in dividends and $33.49M in share buybacks.

Independence Realty Trust Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Independence Realty Trust, Inc. (IRT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	57.71	40.03	-17.23	120.66	44.59	14.88	46.35	26.61	31.44
Depreciation & Amortization	243.24	220.85	218.97	252.85	76.91	60.69	52.82	45.22	34.20
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	-34.52	-10.69	-14.63
Stock Based Compensation	7.88	7.08	7.66	7.89	7.23	5.56	3.12	2.52	1.97
Change in Working Capital	-6.85	-15.55	-13.77	-6.36	-2.77	-1.97	5.81	3.44	-0.12
Change in Accounts Receivable	-8.02	-7.92	0.00	-0.03	0.00	0.00	0.00	-0.51	-1.27
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.47	-0.24
Change in Accounts Payable	2.46	-7.09	-3.23	-2.50	-3.63	0.75	3.49	3.28	1.58
Change in Other Working Capital	-3.68	-3.16	-5.34	-17.20	1.50	-2.73	2.32	0.20	-0.19
Other Operating Activities	-3.68	-3.16	-5.34	-17.20	1.50	-4.20	1.42	1.43	1.46
Net Cash from Operating Activities	282.15	259.75	262.17	249.54	52.26	74.96	75.00	68.53	54.32
Investing Activities
Capital Expenditures	-153.86	-175.06	-212.85	-145.74	-42.97	-37.40	-45.63	-40.43	-14.37
Acquisitions	-35.74	-11.65	-26.00	-60.80	-211.12	0.00	60.77	0.00	0.00
Purchases of Investments	-206.73	0.00	0.00	0.00	0.00	0.00	-128.91	-215.83	-220.25
Sales/Maturities of Investments	157.94	0.00	0.00	0.00	0.00	0.00	68.14	26.80	45.42
Other Investing Activities	4.19	-2.58	142.77	-57.39	12.97	-87.14	-60.77	-189.03	-176.46
Net Cash from Investing Activities	-142.91	-20.61	-1.71	-135.77	-216.12	-124.54	-106.40	-229.46	-190.83
Financing Activities
Debt Repayment	-578.90	-804.79	-379.94	-771.89	-615.18	-41.28	76.28	198.55	51.35
Common Stock Issued	162.44	111.30	0.00	48.65	317.02	148.21	20.98	21.91	137.35
Common Stock Repurchased	-33.49	-2.60	-5.16	-5.97	-2.93	-1.49	-0.64	-0.35	-0.57
Dividends Paid	-154.39	-144.02	-134.87	-105.83	-49.83	-56.15	-64.75	-52.48	-52.30
Other Financing Activities	-10.24	-6.32	-3.77	-7.89	-27.66	-0.53	-2.09	-5.28	-10.24
Net Cash from Financing Activities	-135.07	-246.43	-253.74	-135.43	215.92	48.76	29.78	162.35	125.59
Summary
Net Change in Cash	4.17	-7.28	6.72	-21.65	52.06	-0.82	-1.61	1.43	-10.91
Cash at Beginning of Period	43.45	50.73	44.02	65.67	13.62	14.43	16.05	14.62	20.89
Cash at End of Period	47.62	43.45	50.73	44.02	65.67	13.62	14.43	16.05	9.99
Free Cash Flow	128.29	84.69	49.32	103.80	9.28	37.56	29.38	28.10	39.95
Supplemental Disclosures
Interest Paid	82.63	80.62	96.02	96.38	29.23	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Independence Realty Trust Cash Flow

What is Independence Realty Trust's free cash flow?

Independence Realty Trust generated free cash flow of $128.28M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $282.15M minus $153.86M of capital expenditures. That was up 51.5% from $84.69M a year earlier. Free cash flow equaled 19.5% of revenue.

How much does Independence Realty Trust spend on capital expenditures?

Independence Realty Trust spent $153.86M on capital expenditures in fiscal 2025, compared with $175.06M a year earlier. That equals 54.5% of operating cash flow.

Does Independence Realty Trust pay dividends or buy back shares?

Yes. In fiscal 2025 Independence Realty Trust returned $154.39M in dividends and $33.49M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition