Buy Rating for Independence Realty: Strategic Asset Reallocation and Growth Prospects Drive Positive OutlookWe think that the increased investment guidance for 2025 underscores that view and sets up well for run rate FFO into 2026 as the fundamentals also continue to show better signs of recovery. Fundamentally, occupancy, retention rate, and renewals remain solid, and new leases are improving, though still remain negative. In addition, management's commentary suggests that 2H25 visibility into trade outs imply better performance than 1H25, which could be bolstered by continued positive absorption in IRT's markets. Lastly, we are updating our estimates, maintaining our 2025 core FFO/sh estimate of $1.17, and modestly lowering our 2026 core estimate to $1.21 from $1.26. We maintain our Buy rating and $21 PT.