Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Merger or Acquisition (September 2026)
22 slides from Independence Realty Trust's merger presentation, Sep 9, 2026
Slide 1: Independence Realty Trust and Centerspace
INDEPENDENCE REALTY TRUST AND CENTERSPACE An All-Stock Merger Creating an $8.1 Billion Multifamily REIT Focused on High-Growth, Non-Gateway Markets $8.1bn 44,354 ~5% 2027E Leverage Enterprise Value Units Core FFO Accretion Neutral
Slide 2: Safe Harbor
SAFE HARBOR The information contained in this presentation may contain certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), incl
Slide 3: Safe Harbor
SAFE HARBOR Additional factors that could cause results to differ materially from those described above can be found in CSR’s Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent Quarterly Reports on Form 10- Q, including for the quarter ended June 30, 2026, each of
Slide 4: Transaction Summary
TRANSACTION SUMMARY All-Stock Merger Creates an $8.1 Billion Multifamily REIT; Accretive to Core FFO per Share on a Leverage Neutral Basis IRT and CSR to combine in an all-stock transaction Structure & CSR shareholders to receive 3.800 IRT shares for each CSR share and holders of CSR common OP u
Slide 5: Strategic Rationale
STRATEGIC RATIONALE The Merger Adds Scale, Market Diversification, and Earnings Growth on a Leverage Neutral Basis Greater Scale 1 • 44,354 units across 163 communities in 17 states and an $8.1 billion enterprise value, improving cost of capital and access to the capital markets • Improved cost effi
Slide 6: Highly Complementary Portfolios
HIGHLY COMPLEMENTARY PORTFOLIOS Centerspace Adds 10,456 Units in Midwest and Mountain West Markets, with Rents and Occupancy in Line with IRT’s Portfolio PRO FORMA (1) Equity Value $3.9 $1.1 $5.0 ($bn) Enterprise Value $6.2 $2.0 $8.1 ($bn) # of Units (2) 33,898 10,456 44,354 # of Communities (2) 116
Slide 7: High-Quality, Well-Balanced Portfolio
HIGH-QUALITY, WELL-BALANCED PORTFOLIO Pro Forma Portfolio Reflects a Well-Balanced Mix of Class A (33%) and Class B (67%) Properties Portfolio Mix by Asset Class External Amenities External Amenities Metric Class A Class B Units 10,265 / 30% 23,633 / 70% Avg. Property Age (1) 11 Yrs. 16 Yrs. Reveal
Slide 8: Growth, Affordability, and Stability
GROWTH, AFFORDABILITY, AND STABILITY Well-Located Apartment Communities in Sunbelt (58%), Midwest (27%), and Mountain West (15%) Markets that Benefit from Strong Migration and Recovery Tailwinds 163 44,354 95.2% $1,628 Communities Units (1) Avg. SS Occupancy Avg. Effective Monthly Rent in 17 States
Slide 9: Balanced Geographic Composition
BALANCED GEOGRAPHIC COMPOSITION Sunbelt Remains the Largest Exposure at 58% of Pro Forma NOI, Complemented by the Midwest (27%) and Mountain West (15%); No Single Market Exceeds 11% PRO FORMA Mountain West 6% Mountain West 15% Midwest Composition by Mountain 15% Region West (% of NOI) (1) 41% Midwes
Slide 10: Above-Average Population Growth
ABOVE-AVERAGE POPULATION GROWTH Migration to More Affordable Midwest and Mountain West Markets Has Accelerated; Pro Forma Markets are Projected to See Population Growth More Than 3x the U.S. Average 0.2% 0.5% 0.7% ~80% of IRT’s pro forma NOI is from markets with top quartile U.S. 2027–2029 CSR 2027–
Slide 11: Delivering Attractive Risk-Adjusted Returns
DELIVERING ATTRACTIVE RISK-ADJUSTED RETURNS Pro Forma Portfolio Has Delivered Above-Average NOI Growth of 5.7% — with Lower Volatility SS NOI Growth vs. Peers (Indexed to 100) Risk-Adjusted Returns vs. Peers 170 Pro Forma IRT Has Significantly Outperformed Peers Based on SS NOI Growth Pro Forma IRT
Slide 12: A Constructive Supply Backdrop
A CONSTRUCTIVE SUPPLY BACKDROP New Deliveries are Set to Fall through 2029 Across the Combined Footprint, while Population Growth Continues to Outpace the U.S. Average Population Growth Outpaces National Average (1) New Supply is Set to Decrease Substantially in 2027 to 2029 (1) Forecast The Midwest
Slide 13: Key Markets at an Inflection Point
KEY MARKETS AT AN INFLECTION POINT Absorption Has Rebounded in Denver while Minneapolis Remains Stable; Denver Rent Growth Projected to Turn Positive in 2027 Population Growth in Denver Reaccelerated in Early 2026 Absorption in Key Markets Inflected Positive in Q2 2026 (1) 4% Demand Absorption, Net
Slide 14: Balance Sheet Strength Maintained
BALANCE SHEET STRENGTH MAINTAINED Leverage Neutral Transaction, Maintain BBB Investment Grade Rated Balance Sheet, and a Well-Laddered Maturity Profile (1) PRO FORMA (2) Total Capitalization 2% Enterprise Value ($bn) $6.2 $2.0 $8.1 Net Debt + Preferred $2.4 $0.9 $3.2 16% (3) Common Equity Net Debt +
Slide 15: Proven Record of Shareholder Returns
PROVEN RECORD OF SHAREHOLDER RETURNS Since its IPO, IRT Has Outperformed Peers in Total Shareholder Returns Across All Periods by 300 – 400 bps CAGR Since IPO (1) 5-Year CAGR 3-Year CAGR 1-Year CAGR ~400 bps Outperformance ~400 bps Outperformance ~400 bps Outperformance ~300 bps Outperformance 11% 7
Slide 16: A Multi-Year Runway for Value Creation
A MULTI-YEAR RUNWAY FOR VALUE CREATION Scaled Property Management Platform Coupled with a Proven Track Record of Merger Integrations will Help Unlock Significant Operating Synergies Approximately $24mm of Year 1 Synergies Long-Term Upside from Value-Add and Wi-Fi Value-Add Renovations Community Wi-F
Slide 17: Transaction Highlights
TRANSACTION HIGHLIGHTS A Leading Multifamily REIT Positioned to Deliver Best-in-Class Risk-Adjusted Returns Over the Full Cycle Scaled Multifamily REIT with Over 44,000 Units and $8.1 Billion Enterprise Value Complementary Markets Deliver Above-Average NOI Growth, with Lower Volatility Accretive to
Slide 18: Appendix
APPENDIX Dylan at RiNo North Denver, CO
Slide 19: Denver Front Range, CO
DENVER FRONT RANGE, CO Greater Denver’s (1) Projected Population, Employment and Income Growth Coupled with Balanced New Supply Provides Constructive Apartment Fundamentals Population Growth (1) Employment Growth (1) Household Income (1) Next 5-Yrs Next 5-Yrs Next 5-Yrs 3.4% 2.8% 120,159 93,798 1.4%
Slide 20: Minneapolis, MN
MINNEAPOLIS, MN Minneapolis's Population, Employment and Income Growth Coupled with Steady New Supply Should Result in Consistent Growth in the Market Population Growth Employment Growth Household Income Next 5-Yrs Next 5-Yrs Next 5-Yrs 110,998 2.4% 93,798 1.4% 1.0% 0.9% 9% of Pro Forma NOI; 3,721 U
Slide 21: Definitions
DEFINITIONS Average Effective Monthly Rent per Unit Average effective rent per unit represents the average of net rent amounts, after concessions amortized over the life of the lease, divided by the Average Occupancy for the period presented. We believe average effective rent is a helpful measuremen
Slide 22: Definitions (Cont.)
DEFINITIONS (Cont.) Net Operating Income (“NOI”) We believe that NOI, a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty r
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