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

Independence Realty Trust, Inc. (NYSE:IRT) is one of the best residential REITs to buy. On June 9, Citizens JMP maintained a Market Outperform rating on IRT, assigning a price target of $25 on the shares. Analysts believe the company is better positioned in the near term compared to Mid-America Apartment Communities, Inc. (NYSE:MAA), which holds a Market Outperform rating with a $170 price target.

Citizens JMP analysts said that even though Independence Realty Trust has a positive outlook, it is not enough to change the company’s full-year forecast. The company has paid dividends for 13 years in a row, with a current yield of 3.74% and a 6.25% dividend increase in the past year.

While the near-term forecast for IRT remains strong, analysts pointed out that the company is relying on a shift in the supply and demand balance in the Sunbelt apartment market to see substantial gains in net operating income.

Independence Realty Trust is keeping a close watch on market trends as it moves forward with its strategic initiatives. The company’s results will depend on how these conditions evolve in the near future.

Independence Realty Trust, Inc. (NYSE:IRT) is a real estate investment trust that owns and manages apartment communities in growing American cities like Atlanta, Dallas, and Denver. The company buys properties near job centers with good schools and shopping centers.

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