Independence Realty Trust, Inc., an S&P 400 MidCap Company. It is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets. IRT's investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT's main objective is to provide attractive risk-adjusted returns …
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Competitive advantage assessment
Key risks
Dilutive or Undisciplined GrowthGrowth discipline is questionable (score 0.04), raising dilution concerns.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Independence Realty Trust, Inc. ranks #15 of 21
scored companies in REIT - Residential by moat score — the top 71%.
The widest moat in the group is Millrose Properties, Inc. (MRP)
at 97/100.
Moat scores for companies ranked near IRT in REIT - Residential
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 41
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 46
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 7
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 50
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 30
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is Independence Realty Trust, Inc.'s moat score?
Independence Realty Trust, Inc. (IRT) scores 37 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #15 of 21 scored companies in REIT - Residential, the top 71%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 24 companies in REIT - Residential. Its strongest defense is Operational Efficiency (50/100) and its weakest is Capital Recycling & Growth (7/100).
How does Independence Realty Trust, Inc. compare with other REIT - Residential companies?
Independence Realty Trust, Inc. ranks #15 of 21 scored companies in REIT - Residential by moat score. The widest moat in REIT - Residential is Millrose Properties, Inc. (MRP) at 97/100. The companies ranked closest are Veris Residential, Inc. (VRE) at 39 just above it and D/B/A Centerspace (CSR) at 36 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 24 companies in REIT - Residential. The defenses are then weighted to produce the overall score out of 100.
Why is Independence Realty Trust, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Independence Realty Trust, Inc.?
The REIT Specialized template measures 6 defenses, and IRT scores: Rent Pricing Power (49), AFFO Strength (41), Balance Sheet & Cost of Capital (46), Capital Recycling & Growth (7), Operational Efficiency (50), Portfolio Quality & Diversification (30). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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