What Makes Independence Realty (IRT) Attractive

Core Viewpoint - Independence Realty Trust (NYSE:IRT) is favored by hedge funds, with analysts maintaining positive ratings despite some downward adjustments in target prices [1][3]. Analyst Ratings - Citizens JMP analyst Aaron Hecht maintains an Outperform rating on IRT, lowering the target price from $25 to $22, indicating a potential upside of 27.5% for investors [1][2]. - UBS analyst Ami Probandt assigns a Buy rating, raising the price target from $19 to $20, which suggests an upside of nearly 16% [3]. Market Conditions - Hecht anticipates an inflection point in lease rates by 2026 due to a slowdown in deliveries, which is expected to improve supply-side conditions [2]. - Probandt cites easing supply-side conditions and cheap valuations for REITs as reasons for a bullish outlook, expecting total returns of 9%-11% for REITs in the coming year [3]. Company Overview - Independence Realty Trust is a self-managed REIT focused on acquiring and managing multifamily apartment communities, targeting areas near employment, retail centers, and schools in the non-gateway U.S. market [4]. - The company aims to deliver strong returns to investors through dividends and capital gains [4].