Independence Realty Trust has had a mixed ride, with longer term holders facing a sizeable drawdown even as the share price edges around the mid teens today. This puts the focus squarely on whether its cash flows are enough to support the current valuation. With a merger on the way and a history of fluctuating total returns, the question now is how much of the trust’s future cash generation is already reflected in that US$15.05 price tag. Over the past 5 years the stock has fallen 27.9%,…