Independence Realty Trust
About: Independence Realty Trust Inc is a real estate investment trust (REIT) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. It owns and operates multifamily apartment properties, across non-gateway U.S markets, including Louisville, Memphis, Atlanta, and Raleigh. The company is focused on gaining scale within key amenity-rich submarkets that offer school districts, retail, and various employment centers.
Employees: 952
0
Funds holding %
of 6,823 funds
–
Analysts bullish %
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
1,998% more call options, than puts
Call options by funds: $986K | Put options by funds: $47K
196% more first-time investments, than exits
New positions opened: 74 | Existing positions closed: 25
33% more funds holding in top 10
Funds holding in top 10: 3 [Q2] → 4 (+1) [Q3]
16% more capital invested
Capital invested by funds: $3.96B [Q2] → $4.6B (+$639M) [Q3]
13% more funds holding
Funds holding: 337 [Q2] → 382 (+45) [Q3]
1.67% more ownership
Funds ownership: 93.99% [Q2] → 95.65% (+1.67%) [Q3]
5% more repeat investments, than reductions
Existing positions increased: 126 | Existing positions reduced: 120
Research analyst outlook
2 Wall Street Analysts provided 1 year price targets over the past 3 months
Low target
$21
11%
upside
Avg. target
$22
16%
upside
High target
$23
21%
upside
2 analyst ratings
0 positive
0%
2 neutral
100%
0 negative
0%
Barclays Richard Hightower 22% 1-year accuracy 2 / 9 met price target | 21%upside $23 | Equal-Weight Initiated | 17 Dec 2024 |
BMO Capital John Kim 65% 1-year accuracy 11 / 17 met price target | 11%upside $21 | Market Perform Upgraded | 15 Nov 2024 |
Financial journalist opinion
Based on 3 articles about IRT published over the past 30 days
Positive
Seeking Alpha
1 week ago
Apartment Rents Are Too Low
Apartment rental rates are significantly below equilibrium due to oversupply from zero interest rate policies, with rents expected to rise 10%-20% by 2027. Investment opportunities in apartment REITs are promising; current low valuations present a buying opportunity as equilibrium is restored and rents increase. Coastal, Midwestern, and Sunbelt apartment REITs, as well as Canadian REIT BSR, offer varied prospects based on regional supply/demand dynamics and management capabilities.
Neutral
Business Wire
1 week ago
Independence Realty Trust Announces Expanded Unsecured Credit Facility, Reflecting Increased Financial Flexibility and More Favorable Capital Structure
PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced that on January 8, 2025 its operating partnership, Independence Realty Operating Partnership, LP, entered into an amended and restated unsecured credit facility. The new facility increases the borrowing capacity under IRT's existing revolver from $500 million to $750 million and extends the maturity date of the revolver from January 2026 to January 2029. As of closing, the amount outstanding under the r.
Neutral
Seeking Alpha
2 weeks ago
Sector Spotlight: Multifamily REITs - They Survived Until 2025!
COVID-19 led to a migration to Sunbelt cities, causing a surge in apartment rents and subsequent overbuilding, which is now stabilizing. Multifamily REITs saw a decline in valuations but are now modestly valued with a P/AFFO multiple averaging 18.3x, higher than the broader REIT market. Despite suppressed rent growth and occupancy, strong job markets and reduced new supply suggest the potential for landlords to regain pricing power.
Neutral
Business Wire
1 month ago
Independence Realty Trust Announces Fourth Quarter 2024 Dividend
PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced that today IRT's board of directors declared a quarterly dividend of $0.16 per share of IRT common stock, payable on January 17, 2025 to stockholders of record at the close of business on December 31, 2024. About Independence Realty Trust, Inc. Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets inc.
Positive
Seeking Alpha
1 month ago
Property Type Round-Up From REITworld 2024
REITs are poised for growth with stabilizing interest rates, low new supply, and robust balance sheets supporting higher rents and long-term asset growth. Healthcare REITs benefit from strong senior housing demand and limited new supply, despite valuation debates and management changes at Healthcare Realty. Multifamily and single-family rental sectors show regional variability, but long-term growth driven by demographic trends.
Positive
Seeking Alpha
1 month ago
12 REITs Poised For Potential Outperformance
As REIT prices rise, high-yield opportunities dwindle, making this a good time to focus on dividend growth for better long-term returns. Dividend growth stocks, despite lower initial yields, can surpass higher-yielding stocks over time, offering better yield on cost. Dividend growers often outperform the REIT average in total returns, driven by strong AFFO growth and superior gains in stock price.
Neutral
Business Wire
2 months ago
Independence Realty Trust Scheduled to Participate in Nareit's REITworld Annual Conference
PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that Scott Schaeffer, Chairman and Chief Executive Officer, Jim Sebra, Chief Financial Officer and President, Jason Delozier, Chief Accounting Officer and Janice Richards, SVP of Operations are scheduled to host meetings with investors and analysts at Nareit's REITworld 2024 Annual Conference in Las Vegas on November 19 and 20. The company has posted its November Investor Presentation on its websi.
Neutral
Seeking Alpha
2 months ago
Independence Realty Trust, Inc. (IRT) Q3 2024 Earnings Call Transcript
Independence Realty Trust, Inc. (IRT) Q3 2024 Earnings Call Transcript
Positive
Zacks Investment Research
2 months ago
Independence Realty Trust (IRT) Matches Q3 FFO Estimates
Independence Realty Trust (IRT) came out with quarterly funds from operations (FFO) of $0.29 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.30 per share a year ago.
Neutral
Business Wire
2 months ago
Independence Realty Trust Announces Third Quarter 2024 Financial Results and ‘BBB' Investment Grade Rating from S&P
PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its third quarter 2024 financial results and that it has received a ‘BBB' issuer credit rating and stable outlook from S&P Global Ratings. Third Quarter Highlights Net income available to common shares of $12.4 million for the quarter ended September 30, 2024 compared to $3.9 million for the quarter ended September 30, 2023. Earnings per diluted share of $0.05 fo.
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