REIT Signal Desk

Sunbelt apartments · 30 Jun 2026

IRT

Independence Realty

Implied cap

6.91%

+30bp wider vs MAA, CPT

14.85

+1.40%

Equity if +50bp

-11.27%

Premium to peer NAV

-7.07%

MAA · CPT median

6.60%

MAA

7.00%

CPT

6.21%

IRT

6.91%

1H×2 NOI / (live market cap + filing net debt). +50bp holds NOI and debt fixed. Not a NAV.

IRT Independence Realty Trust, Inc.

Yahoo Finance chart · often 15-min delayed

14.85

+1.40%

Volume / 20d

1383689 / 3875389.45

52w

14.33 – 17.79

RSI

44.8

20-DMA

14.75

ATR

0.31

20d vol

18.5%

β VNQ

0.95

β TLT

0.26

In book

watch/other

12-month thesis

Cyclestub, not a thesis

A hold memo is not a 20-DMA blurb. Recs quote the falsifier. Invalidation is occupancy, trade-outs, refinancing wall, or private-market cap rates — not a close below the average. Two-sentence default is a stub until you write it.

REIT operating & capital structure

snapshot entered

Research and recs use the figure the company actually printed. AFFO stays n/a unless the release says AFFO. Core FFO, Nareit FFO, and FFOA are labeled as such. Your cap, your NAV, and your refi spread stay blank — those are not filings. REIT dividends are mostly ordinary income in a taxable account. Basis and holding period still matter. Not tax advice.

FFO / sh

1.14

FY26 CFFO guide midpoint, maintained. Q2 CFFO/sh $0.28. Not AFFO.

FFO yield

7.7%

FFO payout

63.2%

Occupancy

95.0%

same-store average occupancy

SSNOI growth

+1.20%

Trade-out

n/a

blended lags

Implied cap

6.91%

1H×2

Cap ex-dev

n/a

NAV premium

n/a

Your NAV is not set. Peer-cap NAV and the +50bp NAV are in the cap path. Neither one is written here.

Net debt

$2.40B

Net debt / EBITDA

6.5

% floating

13.1%

Div yield (Yahoo)

4.92%

Leverage quintile vs MF peers

Q5

Implied cap vs peers

+30bp

wider vs MAA, CPT. Same layer, live marks, 1H×2 NOI window. Not a quality score.

Duration gap

Short weighted-average maturity. The wall is the risk. Floating share is not what makes this one different.

Cap rates +50bp

n/a

n/a — need implied cap (printed NOI, filing net debt, and a matching equity value).

Occupancy −200bp

n/a

n/a — need occupancy snapshot.

Rates +100bp on floating debt

n/a

n/a — need % floating, net debt, and market cap.

Per door

NOI / door

$12,204

33,898 doors

Net debt / door

$70,891

Equity / door

$105,842

NOI/door vs Sunbelt / garden median $13,309.

NAV bridge

Equity value

n/a

NAV / sh

n/a

Premium

n/a

n/a — Your cap is not set. Do not default a cap.

12-month bridge

Trade-out

New lease

n/a

Renewal

n/a

Blended

n/a

Refi

Interest / yr

n/a

Cents / sh

n/a

AFFO/sh − interest

n/a

n/a — The filing did not print a 24-month maturity wall. Interest only, no principal, no fees.

Fundamentals

Sector

Real Estate

Mkt cap

$3.59B

EV

$5.98B

Total debt

$2.45B

Cash

$37.36M

D/E

70.2

Div yield

4.92%

Div / sh

0.72

Yahoo β

0.98

P/B

1.04

PE (often n/a for REITs)

82.5

FCF

$186.07M

Crowd (labeled sentiment)

neutral · mention velocity 1.00× (last 8h vs prior) · authors 2 · positioning, occupancy

@sunbelttape: $IRT buying $CSR is a second sunbelt/workforce tape. One cycle name in the book. Adding IRT on the merger thread is how you stack the same delivery beta.
@smallcapmf: $IRT workforce garden. Fine as research. Not a second cycle line unless you promote and write the falsifier.

Liquidity at this size

shares-onlyordinaryborrow n/a

ATM spread/mid 120% > 10% — 5–10 lot is not workable. Shares only.

Treated as a US listed ordinary.

ATM spread/mid 120.0% · OI 1421 · 10-lot $15,000. Thresholds: spread/mid > 10% → shares-only; ATM OI < 50 or 10-lot notional > $250,000 → not a 10-lot. Missing bid/ask is unknown, not a block.

PM memo

DECISION: HOLD IRT.

Facts vs price vs crowd
· Last 14.85 (+1.40%) on Yahoo Finance chart · often 15-min delayed. Volume 1383689 vs 20d avg 3875389.45.
· Tape: 20-DMA 14.75, 20d vol 18.5%, β(VNQ) 0.95, β(TLT) 0.26. DMA is context, not invalidation.
· Yahoo snapshot: mcap 3587831808, debt 2446127104, div yield 0.049200002. FFO/AFFO/occupancy/NAV are n/a until entered — never invented. REIT dividends are mostly ordinary income. Not tax advice.
· Crowd (not fact): neutral · velocity 1.00× · authors 2 · positioning, occupancy. Live X scan snapshot (crowd sentiment, not fact).

What matters
· No engine card yet — treat as research only.

Invalidation
· A 3% shock or a broken fundamental print.

This is a research note, not financial advice. Data may be delayed or wrong.

Prints · IRT

REIT prints are SSNOI, occupancy, guidance, and cap-rate commentary — not a reason to dump a 12-month name. Dates are a cached research snapshot, not a live IR feed. Yahoo earnings stay on Research. The 1–5 chips are an occupancy/supply debate snapshot, not a live occupancy print.

2026-10-30MAAprintsunbelt
MAA Q3 SSNOI / occupancy / Sunbelt deliveries
Sunbelt deliveries vs occupancy and trade-outs. If they push through coverage, the cycle hold is wrong.
Cached research snapshot — typical print window, not a live IR calendar
2026-11-01CPTprintsunbelt
CPT Q3 occupancy / Sunbelt garden
Second sunbelt print — research, not a second cycle line. Occupancy vs deliveries.
Cached research snapshot — typical print window, not a live IR calendar

Add a dated print

Manual snapshot only. Occupancy / SSNOI / cap-rate commentary — not a live IR feed.