Independence Realty Trust stock rating reiterated by JMP at Market Outperform

Investing.com - JMP Securities has reiterated its Market Outperform rating and $25.00 price target on Independence Realty Trust (NYSE:IRT), currently trading at $16.70 near its 52-week low, following the company’s second-quarter 2025 financial results. According to InvestingPro data, the REIT offers a 4.07% dividend yield and has maintained dividend payments for 13 consecutive years.

The real estate investment trust, with a market capitalization of $4 billion, reported Core FFO of $0.28 per share, exceeding JMP’s estimate of $0.27 and meeting consensus expectations. The results prompted JMP to maintain its price target, which represents a 25% forward-twelve-month NAV discount. InvestingPro’s Fair Value analysis suggests the stock is currently undervalued, with analysts setting price targets between $20 and $25.

Independence Realty Trust slightly increased its same-store NOI growth guidance at the midpoint by 5 basis points, as lower operating expenses more than offset a decline in top-line revenue. The company, along with industry peers, had anticipated stronger new lease rate growth during the second quarter of 2025.

JMP noted that competition from lease-up projects has extended the timeline for rental rate improvements, creating near-term uncertainty in the market regarding the bull case for multifamily REITs. This development has led the firm to reduce its expectations for future years.

Despite lowering out-year projections, JMP continues to recommend Independence Realty Trust shares, expressing confidence that a significant improvement in supply/demand fundamentals will materialize over the next year, particularly into 2026.

In other recent news, Independence Realty Trust has maintained its Market Outperform rating from JMP analysts, who also kept the price target at $25.00. The company’s first-quarter results for 2025 showed that core Funds From Operations aligned with both JMP and consensus estimates at $0.27 per share. Management confirmed their guidance for 2025 across all key metrics following these results. Despite a slightly underwhelming lease rate growth for the quarter, analysts noted positive supply and demand dynamics. Independence Realty Trust has taken steps to capitalize on its share price by issuing additional equity through an at-the-market offering. Additionally, Citizens JMP analysts reiterated their Market Outperform rating and highlighted a favorable near-term outlook compared to Mid-America Apartment Communities (NYSE:MAA). However, this outlook did not prompt a change in the company’s full-year guidance. New details regarding the second-quarter outlook were shared for the first time by management.

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