Independence Realty Trust (IRT) is a multifamily REIT that focuses on middle-market communities across non-gateway MSAs. Recently, its assets have been enjoying exceptionally strong same-store NOI growth, causing its shares to surge to a near 20% premium to net asset value. While the business model remains sound and the outlook remains positive for the foreseeable future, the fairly high leverage and the large premium to NAV makes these shares one of the less attractive options in the multifamily space at present.
Business Model
IRT focuses their acquisitions on markets in the Southeast and