2024-05-02 12:05:38 ET
Summary
- Independence Realty Trust is one of the few REITs to deliver a positive return so far in 2024.
- Net debt accounts for just 38% of enterprise value, with the company largely completing its non-core disposal program.
- Weighted average cost of debt is only 4.2% thanks to hedging, with limited maturities until 2028.
- Underlying property-level growth is in the low single digits, which coupled with a 6.8% market cap rate offers a high single-digit return on enterprise value.
- Occupancy improved by 0.9% Y/Y to 95% at the end of Q1 2024, with further improvements key to strengthen the company's negotiating position with tenants.
Introduction
Independence Realty Trust ( IRT ) is one of the few REITs to deliver a positive return in 2024, easily outperforming the Vanguard Real Estate Index Fund ETF ( VNQ ):
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Independence Realty Trust: Poised To Outperform Thanks To Low Leverage And Improving Occupancy