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Independence Realty Trust is a REIT that invests in class B apartments in secondary markets across the southeast and midwest. For 2019, IRT has had a tremendous run in its stock price. While the stock price trended for years between the $8 and $10 range, underperforming relative to its multifamily peers, strong earnings reports in Q1 and Q2 have propelled the stock price over 25% to approximately $13 per share.
Thesis
Independence Realty Trust’s portfolio of class B apartments in the southeast and value-add initiatives are generating strong net operating income growth. Given