Don't worry about it. IRT is still at a good price for accumulating a position. I'd like to see it move up, but it needs to collect a bigger institutional position and some attention before it does. The properties it is buying are a great start on that, but the impending secondary is probably holding the price now. As things stand, however, it has a higher yield, as an EREIT, than RAS or NRF and relatively stable prices, so it looks like a good place to move money as MREIT prices rise. IRT will rise, but probably not until next year, and when it does the impetus is most likely to be a dividend increase.
I think the OK deal will close by 12/31 and then by the end of the 1st Q they will have all $ invested and they will be able to slightly increase the dividend. Then the stock price moves up. Then they do the offering...............just a prediction.