BMO Capital analyst John Kim downgraded Independence Realty Trust to Market Perform from Outperform with an unchanged price target of $19. The shares have been a significant outperformer year-to-date versus its Sunbelt peers, the analyst tells investors in a research note. As Independence looks to build up occupancy, its lease growth rates are lower than multifamily peers, and it is set to deliver lower funds from operations growth in 2024, says BMO.
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