IRT Reaffirms 2023 Outlook, Analyst Expects Growth To Continue With Sunbelt Portfolio Demand Drivers

JMP Securities analyst Aaron Hecht upgraded Independence Realty Trust Inc IRT to Market Outperform from Market Perform at a price target of $20.
The analyst is bullish on the company's growth prospects following Q1 2023 earnings release last month.
IRT's Q1 revenues of $161.1 million were almost in line with the consensus, and core FFO per share increased to $0.27 from $0.25 in the prior year quarter.
IRT reaffirmed 2023 outlook expecting core FFO per share of $1.12 to $1.16 and growth in same-store revenue growth of 5.7% to 7.0% and NOI of 5% to 8%.
The analyst expects the company to benefit from its value-add portfolio and demand drivers for residential real estate across the Sunbelt portfolio.
Hecht raised 2023 and 2024 Core FFO estimates to $1.15 (from $1.14) and $1.22 (from $1.21), respectively.
Price Action: IRT shares are trading higher by 0.12% at $16.96 on the last check Monday.

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