NXRT vs IIPR vs IRT vs REFI vs MAA

For growth investors, Chicago Atlantic Real Estate Finance, Inc.

(REFI) is the stronger pick with 15. 2% revenue growth year-over-year, versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the better valuation at 6. 9x trailing P/E (6. 5x forward), making it the more compelling value choice. Analysts rate Independence Realty Trust, Inc. (IRT) a "Buy" — based on 27 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Chicago Atlantic Real Estate Finance, Inc.

(REFI) is the cheapest at 6. 9x versus Independence Realty Trust, Inc. at 68. 2x. On forward P/E, Chicago Atlantic Real Estate Finance, Inc. is actually cheaper at 6. 5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Mid-America Apartment Communities, Inc. wins at 3. 38x versus Innovative Industrial Properties, Inc. 's 3. 60x.

Over the past 5 years, Chicago Atlantic Real Estate Finance, Inc.

(REFI) delivered a total return of +24. 7%, compared to -50. 0% for Innovative Industrial Properties, Inc. (IIPR). Over 10 years, the gap is even starker: IIPR returned +439. 9% versus REFI's +26. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Mid-America Apartment Communities, Inc.

(MAA) is the lower-risk stock at 0. 30β versus Innovative Industrial Properties, Inc. 's 0. 91β — meaning IIPR is approximately 198% more volatile than MAA relative to the S&P 500. On balance sheet safety, Innovative Industrial Properties, Inc. (IIPR) carries a lower debt/equity ratio of 21% versus 5% for NexPoint Residential Trust, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Chicago Atlantic Real Estate Finance, Inc.

(REFI) is pulling ahead at 15. 2% versus -13. 8% for Innovative Industrial Properties, Inc. (IIPR). On earnings-per-share growth, the picture is similar: Independence Realty Trust, Inc. grew EPS 41. 2% year-over-year, compared to -30. 8% for NexPoint Residential Trust, Inc.. Over a 3-year CAGR, REFI leads at 8. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Chicago Atlantic Real Estate Finance, Inc.

(REFI) is the more profitable company, earning 57. 1% net margin versus -12. 7% for NexPoint Residential Trust, Inc. — meaning it keeps 57. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: REFI leads at 57. 1% versus 11. 1% for NXRT. At the gross margin level — before operating expenses — IIPR leads at 88. 7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Mid-America Apartment Communities, Inc. (MAA) is the more undervalued stock at a PEG of 3. 38x versus Innovative Industrial Properties, Inc. 's 3. 60x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Chicago Atlantic Real Estate Finance, Inc. (REFI) trades at 6. 5x forward P/E versus 99. 9x for Independence Realty Trust, Inc. — 93. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for IIPR: 49. 6% to $84. 67.

All stocks in this comparison pay dividends.

Chicago Atlantic Real Estate Finance, Inc. (REFI) offers the highest yield at 100. 0%, versus 4. 0% for Independence Realty Trust, Inc. (IRT).

For long-horizon retirement investors, Mid-America Apartment Communities, Inc.

(MAA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 30), 4. 6% yield). Both have compounded well over 10 years (MAA: +70. 8%, REFI: +26. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: NXRT is a small-cap income-oriented stock; IIPR is a small-cap deep-value stock; IRT is a small-cap income-oriented stock; REFI is a small-cap high-growth stock; MAA is a mid-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.