What is Independence's earnings per share (EPS)?

Independence (IRT) reported diluted earnings per share of $0.24 for fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Independence Financials

IRT

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Independence (IRT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI IRT FY2025 2026-04-30

Depreciation-heavy property accounting leaves cash generation telling a truer operating story than earnings, while debt reduction slowly improves the balance sheet.

Across recent years, operating cash flow stayed around $260M to $282M even while net income swung from loss to profit, so the headline earnings volatility says more about accounting than about day-to-day cash production. With depreciation at $243.2M and interest expense at $79.0M, the key operating question is less whether the properties produce cash and more how much of that cash is already committed to financing costs and distributions.

The balance sheet has become less debt-heavy, with long-term debt down from $2.55B to $2.28B. Because total assets also eased from $6.28B to $6.02B, the improvement came mainly from paying down obligations rather than from growing into leverage through a larger asset base.

Cash on hand remained deliberately lean at roughly $21.2M to $23.6M, which means liquidity is managed through ongoing inflows instead of a large cash reserve. Even so, operating cash flow of $282.1M covered dividends of $154.4M and still supported other capital uses, a sign of a cash-through model rather than a cash-hoarding one.

Financial Health Signals

Financial Health Score 45/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Independence's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

6/7

Independence passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

4.99x

For every $1 of reported earnings, Independence generates $4.99 in operating cash flow ($282.1M OCF vs $56.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$657.7M

YoY+2.8%

5Y CAGR+25.4%

10Y CAGR+19.6%

Independence generated $657.7M in revenue in fiscal year 2025. This represents an increase of 2.8% from the prior year.

EBITDA

N/A

Net Income

$56.6M

YoY+43.9%

5Y CAGR+30.8%

10Y CAGR+6.5%

Independence reported $56.6M in net income in fiscal year 2025. This represents an increase of 43.9% from the prior year.

EPS (Diluted)

$0.24

YoY+41.2%

5Y CAGR+8.4%

10Y CAGR-11.1%

Independence earned $0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$23.6M

YoY+11.0%

5Y CAGR+21.9%

10Y CAGR-4.7%

Independence held $23.6M in cash against $2.3B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.67

YoY+4.7%

5Y CAGR+4.4%

Independence paid $0.67 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Shares Outstanding

237M

YoY+2.8%

5Y CAGR+18.4%

10Y CAGR+17.6%

Independence had 237M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.6%

YoY+2.5pp

5Y CAGR+1.6pp

10Y CAGR-18.9pp

Independence's net profit margin was 8.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.

Return on Equity

1.6%

YoY+0.5pp

5Y CAGR-0.5pp

10Y CAGR-6.7pp

Independence's ROE was 1.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$30.0M

Independence spent $30.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

IRT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$657.7M+2.8%	$640.0M-3.2%	$661.0M+5.2%	$628.5M+151.2%	$250.3M+18.1%	$211.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$24.0M-1.2%	$24.2M+6.5%	$22.8M-13.3%	$26.3M+41.1%	$18.6M+23.3%	$15.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$79.0M+3.8%	$76.1M-15.3%	$89.9M+3.4%	$87.0M+138.9%	$36.4M-0.2%	$36.5M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	$56.6M+43.9%	$39.3M+328.1%	-$17.2M-114.7%	$117.2M+163.0%	$44.6M+201.9%	$14.8M
EPS (Diluted)	$0.24+41.2%	$0.17+312.5%	$-0.08-115.1%	$0.53+29.3%	$0.41+156.2%	$0.16

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$165.3M-1.1%	$167.1M0.0%	$167.1M+3.1%	$162.2M+0.6%	$161.2M+0.2%	$161.0M+0.5%	$160.1M+1.1%	$158.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$8.5M	N/A	$4.9M-18.0%	$6.0M-28.8%	$8.4M	N/A	$4.8M-23.7%	$6.2M
Operating Income	$98.3M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$20.7M	N/A	$20.5M+9.0%	$18.8M-3.0%	$19.3M	N/A	$18.3M+4.9%	$17.5M
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$68K-100.2%	$33.3M+382.6%	$6.9M-14.3%	$8.0M-3.7%	$8.4M+934.6%	-$1.0M-108.1%	$12.4M+19.4%	$10.4M
EPS (Diluted)	$0.00-100.0%	$0.14+366.7%	$0.030.0%	$0.03-25.0%	$0.04	$0.00-100.0%	$0.050.0%	$0.05

IRT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$6.0B-0.6%	$6.1B-3.5%	$6.3B-3.9%	$6.5B+0.4%	$6.5B+275.0%	$1.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$23.6M+11.0%	$21.2M-7.1%	$22.9M+42.1%	$16.1M-55.3%	$36.0M+311.1%	$8.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B-2.0%	$2.5B-8.5%	$2.7B-2.9%	$2.8B-2.5%	$2.9B+180.3%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B-2.2%	$2.3B-8.5%	$2.5B-3.1%	$2.6B-2.7%	$2.7B+186.1%	$945.7M
Total Equity	$3.5B+0.5%	$3.4B+0.3%	$3.4B-4.6%	$3.6B+3.3%	$3.5B+391.6%	$708.1M
Retained Earnings	-$555.3M-22.3%	-$454.1M-30.3%	-$348.4M-81.7%	-$191.7M-1.8%	-$188.4M-5.4%	-$178.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$6.1B+1.3%	$6.0B-1.2%	$6.1B+2.2%	$6.0B-0.3%	$6.0B-1.2%	$6.1B+1.8%	$5.9B+0.1%	$5.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$23.3M-0.9%	$23.6M+1.2%	$23.3M+19.5%	$19.5M-32.9%	$29.1M+36.9%	$21.2M+20.5%	$17.6M-16.3%	$21.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.6B+6.0%	$2.4B-1.8%	$2.5B+2.7%	$2.4B+0.6%	$2.4B-3.5%	$2.5B+0.9%	$2.5B+2.2%	$2.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.4B+6.7%	$2.3B-0.6%	$2.3B+2.1%	$2.2B-0.2%	$2.3B-3.4%	$2.3B+2.1%	$2.3B+1.5%	$2.3B
Total Equity	$3.4B-1.9%	$3.5B-0.7%	$3.5B+1.9%	$3.4B-1.0%	$3.5B+0.4%	$3.4B+2.6%	$3.4B-1.3%	$3.4B
Retained Earnings	-$595.7M-7.3%	-$555.3M-1.3%	-$548.3M-6.5%	-$514.6M-6.6%	-$483.0M-6.4%	-$454.1M-9.1%	-$416.2M-6.0%	-$392.6M

IRT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$282.1M+8.6%	$259.8M-0.9%	$262.2M+5.1%	$249.5M+377.5%	$52.3M-30.3%	$75.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$177K+110.7%	$84K
Free Cash Flow	N/A	N/A	N/A	N/A	$52.1M-30.4%	$74.9M
Investing Cash Flow	-$142.9M-593.6%	-$20.6M-1103.6%	-$1.7M+98.7%	-$135.8M+37.2%	-$216.1M-73.5%	-$124.5M
Financing Cash Flow	-$135.1M+45.2%	-$246.4M+2.9%	-$253.7M-87.4%	-$135.4M-162.7%	$215.9M+342.8%	$48.8M
Dividends Paid	$154.4M+7.2%	$144.0M+6.8%	$134.9M+27.4%	$105.8M+112.4%	$49.8M-11.2%	$56.1M
Share Buybacks	$30.0M	$0	$0	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$55.3M-8.1%	$60.2M-24.1%	$79.3M-3.5%	$82.2M+36.3%	$60.4M-4.8%	$63.4M-8.4%	$69.2M-16.6%	$83.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$66.0M-755.3%	$10.1M+108.5%	-$118.6M-164.9%	-$44.8M-528.9%	$10.4M+105.5%	-$191.5M-183.3%	-$67.6M-301.2%	-$16.9M
Financing Cash Flow	$6.3M+108.5%	-$73.6M-254.2%	$47.7M+210.2%	-$43.3M+34.4%	-$65.9M-153.5%	$123.3M+15830.0%	-$784K+98.7%	-$60.7M
Dividends Paid	$40.6M0.0%	$40.6M+2.3%	$39.7M+7.5%	$36.9M-0.7%	$37.2M+3.4%	$36.0M0.0%	$36.0M0.0%	$36.0M
Share Buybacks	$29.9M	N/A	N/A	N/A	$0	N/A	N/A	N/A

IRT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.6%+2.5pp	6.1%+8.8pp	-2.6%-21.3pp	18.6%+0.8pp	17.8%+10.8pp	7.0%
Return on Equity	1.6%+0.5pp	1.1%+1.6pp	-0.5%-3.8pp	3.3%+2.0pp	1.3%-0.8pp	2.1%
Return on Assets	0.9%+0.3pp	0.7%+0.9pp	-0.3%-2.1pp	1.8%+1.1pp	0.7%-0.2pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.66-0.0	0.68-0.1	0.74+0.0	0.73-0.0	0.78-0.6	1.34
FCF Margin	N/A	N/A	N/A	N/A	20.8%-14.5pp	35.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	59.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-0.0%-19.9pp	19.9%+15.8pp	4.1%-0.8pp	5.0%-0.2pp	5.2%+5.8pp	-0.6%-8.3pp	7.7%+1.2pp	6.5%
Return on Equity	0.0%-1.0pp	1.0%+0.8pp	0.2%-0.0pp	0.2%0.0pp	0.2%+0.3pp	-0.0%-0.4pp	0.4%+0.1pp	0.3%
Return on Assets	0.0%-0.5pp	0.5%+0.4pp	0.1%-0.0pp	0.1%-0.0pp	0.1%+0.2pp	-0.0%-0.2pp	0.2%+0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.72+0.1	0.660.0	0.660.0	0.660.0	0.65-0.0	0.680.0	0.68+0.0	0.66
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Independence's annual revenue?

Independence (IRT) reported $657.7M in total revenue for fiscal year 2025. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Independence's revenue growing?

Independence (IRT) revenue grew by 2.8% year-over-year, from $640.0M to $657.7M in fiscal year 2025.

Is Independence profitable?

Yes, Independence (IRT) reported a net income of $56.6M in fiscal year 2025, with a net profit margin of 8.6%.

How much debt does Independence have?

As of fiscal year 2025, Independence (IRT) had $23.6M in cash and equivalents against $2.3B in long-term debt.

What is Independence's net profit margin?

Independence (IRT) had a net profit margin of 8.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Independence pay dividends?

Yes, Independence (IRT) paid $0.67 per share in dividends during fiscal year 2025.

What is Independence's return on equity (ROE)?

Independence (IRT) has a return on equity of 1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Independence's operating cash flow?

Independence (IRT) generated $282.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Independence's total assets?

Independence (IRT) had $6.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Independence buy back shares?

Yes, Independence (IRT) spent $30.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Independence have outstanding?

Independence (IRT) had 237M shares outstanding as of fiscal year 2025.

What is Independence's debt-to-equity ratio?

Independence (IRT) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Independence's return on assets (ROA)?

Independence (IRT) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Independence's Piotroski F-Score?

Independence (IRT) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Independence's earnings high quality?

Independence (IRT) has an earnings quality ratio of 4.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Independence?

Independence (IRT) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.