Independence Realty Trust is a self-administered, self-managed REIT that owns and operates multifamily apartment communities across non-gateway U.S. markets including Atlanta, Dallas, Denver, Houston, Nashville, and Raleigh-Durham. The company generates revenue primarily through rents on one- and two-bedroom units leased on short-term (typically one-year) leases, with residents paying monthly rent plus deposits and move-in fees, while IRT bears responsibility for property taxes, utilities, insurance, and maintenance. As a REIT, the company must distribute at least 90% of its taxable income to shareholders and pursues growth through selective property acquisitions, capital improvements, and portfolio optimization while maintaining flexibility to adjust rents at lease renewal and respond to market conditions across its diversified geographic portfolio.