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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Millrose Properties, Inc. (MRP). Click either name above to swap in a different company.
Millrose Properties, Inc. is the larger business by last-quarter revenue ($189.5M vs $165.3M, roughly 1.1× INDEPENDENCE REALTY TRUST, INC.).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Millrose Properties, Inc. is a U.S.-based real estate enterprise primarily focused on the acquisition, ownership, operation, and management of income-generating multi-family residential assets. Its core markets span the U.S. Mid-Atlantic and Southeast regions, and it also offers professional property management services to select third-party property owners.
IRT vs MRP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $189.5M |
| Net Profit | — | $122.2M |
| Gross Margin | — | — |
| Operating Margin | — | 84.8% |
| Net Margin | — | 64.5% |
| Revenue YoY | 2.5% | — |
| Net Profit YoY | — | 285.8% |
| EPS (diluted) | $0.00 | $0.74 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $189.5M | ||
| Q3 25 | $167.1M | $179.3M | ||
| Q2 25 | $162.2M | $149.0M | ||
| Q1 25 | $161.2M | $82.7M | ||
| Q4 24 | $161.0M | — | ||
| Q3 24 | $160.1M | — | ||
| Q2 24 | $158.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $122.2M | ||
| Q3 25 | $6.9M | $105.1M | ||
| Q2 25 | $8.0M | $112.8M | ||
| Q1 25 | $8.4M | $39.8M | ||
| Q4 24 | $-1.0M | — | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | $10.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 84.8% | ||
| Q3 25 | — | 85.3% | ||
| Q2 25 | — | 85.1% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 64.5% | ||
| Q3 25 | 4.1% | 58.6% | ||
| Q2 25 | 5.0% | 75.7% | ||
| Q1 25 | 5.2% | 48.1% | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | 7.7% | — | ||
| Q2 24 | 6.5% | — |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.74 | ||
| Q3 25 | $0.03 | $0.63 | ||
| Q2 25 | $0.03 | $0.68 | ||
| Q1 25 | $0.04 | $0.39 | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $0.05 | — | ||
| Q2 24 | $0.05 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $35.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $5.9B |
| Total Assets | $6.1B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $35.0M | ||
| Q3 25 | $23.3M | $242.6M | ||
| Q2 25 | $19.5M | $66.6M | ||
| Q1 25 | $29.1M | $89.5M | ||
| Q4 24 | $21.2M | — | ||
| Q3 24 | $17.6M | — | ||
| Q2 24 | $21.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $5.9B | ||
| Q3 25 | $3.5B | $5.9B | ||
| Q2 25 | $3.4B | $5.9B | ||
| Q1 25 | $3.5B | $5.9B | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.4B | — |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $9.3B | ||
| Q3 25 | $6.1B | $9.0B | ||
| Q2 25 | $6.0B | $8.0B | ||
| Q1 25 | $6.0B | $7.2B | ||
| Q4 24 | $6.1B | — | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $3.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 30.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $3.7B | ||
| Q3 25 | $79.3M | $123.1M | ||
| Q2 25 | $82.2M | $109.1M | ||
| Q1 25 | $60.4M | $21.3M | ||
| Q4 24 | $259.8M | — | ||
| Q3 24 | $69.2M | — | ||
| Q2 24 | $83.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | 30.05× | ||
| Q3 25 | 11.51× | 1.17× | ||
| Q2 25 | 10.22× | 0.97× | ||
| Q1 25 | 7.23× | 0.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
MRP
Segment breakdown not available.
