Citizens JMP Reiterates Market Outperform Rating on Independence Realty Trust (IRT)

Citizens JMP analyst Aaron Hecht reiterated a Market Outperform rating and $25.00 price target on Independence Realty Trust (NYSE: IRT).

The analyst commented, "We reiterate our Market Outperform rating and $25 price target (25% FTM NAV discount) on shares of Independence Realty Trust (IRT) following 2Q25 results. IRT reported Core FFO of $0.28, which was above our estimate of $0.27 and in line with consensus. Same-store NOI growth guidance increased slightly at the midpoint, 5bps, as lower operating expenses more than offset a decline on the top line. IRT and industry peers were generally looking for new lease rate growth to improve more than it did during 2Q25, but it appears competition on lease up projects has incrementally elongated. We continue to believe that supply/demand fundamentals will improve significantly into 2026, but this near-term delay in recognizing benefits through rental rate growth is an interim negative, leaving a level of uncertainty in the market regarding the bull case. Given these dynamics, we have lowered our out-year expectations, but we continue to recommend shares as we believe a meaningful shift in fundamentals will ultimately occur over the next year."

For an analyst ratings summary and ratings history on Independence Realty Trust click here. For more ratings news on Independence Realty Trust click here.

Shares of Independence Realty Trust closed at $16.70 yesterday.

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