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UPDATE: Wunderlich Securities Reiterates On Independence Realty Trust As Acquisitions Drive NAV Growth

Independence Realty Trust Announces First Quarter Monthly Cash Dividends on its Common Stock
Independence Realty Trust, Inc. Acquires Tennessee Apartment Community

In a report published Monday, Wunderlich Securities analyst Craig Kucera reiterated a Buy rating on Independence Realty Trust (NYSE: IRT), and raised the price target from $9.75 to $10.75.

In the report, Wunderlich Securities noted, “We are raising our price target on Independence Realty Trust (IRT) as management continues to execute on a business model that is successfully navigating a challenging multifamily environment for small cap REITs from a cost of capital perspective. IRT is an externally managed apartment REIT with a focus on secondary apartment markets where IRT management's strategy is to acquire class-B multifamily assets below replacement cost. Initial cap rates continue to be in the 6.5%-7% range and can generally be financed at about 4%. IRT has a clear runway to growth, in our opinion, given management's capacity to leverage relationships within its RAIT Financial Trust (RAS-NR) network to source accretive acquisitions to the REIT and build NAV.”

Independence Realty Trust closed on Friday at $9.70.

Latest Ratings for IRT

May 2015Deutsche BankMaintainsBuy
Jul 2014JMP SecuritiesMaintainsMarket Outperform
Apr 2014WunderlichInitiates Coverage onBuy

View More Analyst Ratings for IRT
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Posted-In: Craig Kucera Wunderlich SecuritiesAnalyst Color Price Target Analyst Ratings


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