Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (March 2026)
47 slides from Independence Realty Trust's investor presentation, Mar 2, 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION = March 2026 INDEPENDENCE LTY TRUST
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT Recent Operational Updates & 2026 Guidance Drivers of Performance Track Record of Outperformance Appendices 6-23 24-26 27-47
Slide 3: Why IRT
WHY IRT Combination of a highly di ferentiated strategy focused on markets with attractive long-term fundamentals, accretive capital allocation, and operational excellence has driven superior shareholder Highly Differentiated Strategy in Desirable Markets Weighted to job rich, high migration Sunbelt
Slide 4: Recent Operational Updates & 2026 Guidance
RECENT OPERATIONAL UPDATES & 2026 GUIDANCE
Slide 5: Recent Operational Updates
RECENT OPERATIONAL UPDATES ‘Samo-Store Portfolio Results: Revenue growth V/¥ 5. 70 bps improvement in bad dabt © Operating expense growth V/¥ 2 50 bps increase in average occupancy 2 Same Store Total : SBR 950k 9554 OS SO —_ Ss5% 955% asaH samo forms ai2s 225 325 ats em ais 2s nae nas 295825 ans as
Slide 6: 2026 Guidance
2026 GUIDANCE Improving Supply and Steady Demand Underpin Expectations FY 2026 Guidance Assumptions” CFFO per share gu2-$16 Corporate Expense Same Store Portfolio tio posers / 31739 units: G&A plus property management 955-457 Property revenue growth 10% 24% Interest expense, excluding loan premium a
Slide 7: Drivers of Performance
‘lovento at Farmers Market Dallas. TX DRIVERS OF PERFORMANCE
Slide 8: Our Drivers of Performance
OUR DRIVERS OF PERFORMANCE How IRT Generates Sector Leading Shareholder Returns (a) Differentiated Portfolio in Desirable Sun Belt & Midwest Markets Class-B Communi B) Improving Market Fundamentals Historically Low Supply & Solid Demand Aceretive & Disciplined Capital Allocation Prioritizes Value Ad
Slide 9: Differentiated Portfolio
@ DIFFERENTIATED PORTFOLIO IRT Owns Predominantly Class B Apartment Communities in Highly Attractive Sunbelt & Midwest Markets Strong Presence in Non-Gateway Markets Class B communities in attractive markets represent compelling value to renters by necessity Cost of home ownership continues to favor
Slide 10: Differentiated Portfolio: Steady Demand for Class B Apartments
@ DIFFERENTIATED PORTFOLIO Steady Demand for Class B Apartments + The resilient nature of class B communities positions them to enjoy steady demand throughout the economic cycle as ta) Class B Positioning: Most opportunity to consistently increase rents + Loss expoture to homeownership + Less Ikely
Slide 11: IRT Communities are a Compelling Value for Renters by Necessity
@ DIFFERENTIATED PORTFOLIO IRT Communities are a Compelling Value for Renters by Necessity Renting at an IRT Community is Sig ray Cheaper than Home Owners! ‘On Average, Homeownership Costs are | 34% - 197% higher than IRT's Rent H om _ | : | : ‘tarta-GA Coluus- DalasFon Demer-CO Indanapcis- Memos Na
Slide 12: Market Fundamentals - Employment Growth
@ MARKET FUNDAMENTALS - EMPLOYMENT GROWTH Employment Growth is Expected to Remain Higher in IRT Markets + Job growth across IRT markets is forecasted to average 60 basis points — double that of the National average 140% 12.0% 19.0% 80%, 0% 40%, 20% 00% / Li 2021 2022 2028 2008 2005 208 207 20208 twa
Slide 13: Positive Migration into IRT Markets
© MARKET FUNDAMENTALS - MIGRATION Positive Migration into IRT Markets * People continue migrating away from higher cost Gateway markets and into IRT's markets for employment opportunities, access to good school systems, and a better quality of life * ~68.5% of IRT’s NOI” comes from 7 of the 10 state
Slide 14: Market Fundamentals - Supply
@ MARKET FUNDAMENTALS - SUPPLY New Supply Pressure is Waning & Trending to Historically Low Levels New deliveries are trending significantly below the long-term average of 2.9% prior to 2024" Construction starts have trended below the 11,000 unit trailing 10-year average for several years, which sup
Slide 15: Market Fundamentals - Demand
@ MARKET FUNDAMENTALS - DEMAND Demand Quotients in IRT Markets Outpace Gateway Market Averages + The ratios of Population Growth- and Employment Growth-to-New Supply in IRT markets are forecasted to accelerate and further outpace Gateway Markets + This favorable supply-demand dynamic provides greate
Slide 16: Stable Resident Base
@ STABLE RESIDENT BASE Recent residents in IRT’s top 10 markets are in their mid-30s and make an average annual income of -$85,000, resulting in a ~22% rent to income” ‘Top 5 Employment Sectors” reer soases - eae A santa 2 so a 6 Potent 2 deneico ss a me ry pene «cami sos om 9 traonapoi soz eee 5 te
Slide 17: Disciplined Capital Approach: Value-Add
@ DISCIPLINED CAPITAL APPROACH: VALUE-ADD Prioritize Value-Add Renovations Yielding ~16.1% ROI Investment * Since 2018, IRT's Value-Add program has generated average yield on investment of ~16.1%"”, enhancing NOI growth rate by ~20% + Value-add pipeline fully funded from excess free cash flow with n
Slide 18: Value-Add Case Study: The Pointe at Vista Ridge, Dallas TX
@ DISCIPLINED CAPITAL APPROACH: VALUE-ADD Value-Add Case Study: The Pointe at Vista Ridge, Dallas TX Our Value-Add Renovations achieve outsized value creation: + Post renovation asset value of $737 milion, representing an increase of 35% from acquisition + Incremental value creation of $8.9 milion,
Slide 19: Disciplined Capital Approach: Capital Recycling
Q@DISCIPLINED CAPITAL APPROACH: CAPITAL RECYCLING + Recycle capital from older vintage properties with less predictable capex profiles and/or out of locations where we lack scale + Deploy proceeds into best opportunities for long-term value creation: acquire newer communities to build scale in highe
Slide 20: Disciplined Capital Approach: Accretive Acquisitions
@ DISCIPLINED CAPITAL APPROACH: ACCRETIVE ACQUISITIONS + During 2025, we acquired three communities totaling $214.5 million and 923 apartment homes at an average economic cap rate of 5.8%" + Greater scale in markets supports long-term operating efficiencies M2 Orlando, FL Autumn Breeze 5050 at Apopk
Slide 21: Accretive Stock Issuance and Repurchases
© DISCIPLINED CAPITAL APPROACH: ACCRETIVE STOCK ISSUANCE AND REPURCHASES + IRT has opportunistically accessed the market to raise equity when trading at a premium to NAV... and has repurchased shares on a leverage neutral basis when the stock is trading at a significant discount to NAV IRT’s Premium
Slide 22: Investment Grade Rated Balance Sheet
© DISCIPLINED CAPITAL APPROACH Investment Grade Rated Balance Sheet Simple Capital Structure” Investment Grade Rated Secured Debt Rati Unsecured Debt a Fitch Ratings eB Stable SAP Global Ratings 888 Stable Conservatively Leveraged Well Laddered Debt Matu {S inmitons) li i H 5 n2023 an2024 ans ous 28
Slide 23: Best-in-Class Property Management
@ BEST-IN-CLASS PROPERTY MANAGEMENT IRT’s Commitment to Operational Excellence Has Produced High Occupancy, Steady Rent Growth, and Satisfied Residents ®OOO0o0o Pra Ann 5 fsa “IRT has been doing a stellar job of managing opex growth (just 0.5% in FY25), demonstrating a lean cost structure relative t
Slide 24: Best-in-Class Property Management: Operating Efficiencies
@ BEST-IN-CLASS PROPERTY MANAGEMENT IRT’s Operating Efficiencies Compare Favorably to Those of Larger Cap Apartment REITs GBA as a % of Gross Assets (2) voabes - | Larger Cap Peers Siler Cap Peers sors for BR and NAR) didedby ot asels aus accomulteddeprcatonas arte in each compan/srast sd BTR, CSP,
Slide 25: Track Record of Outperformance
TRACK RECORD OF OUTPERFORMANCE
Slide 26: Track Record of Outperformance: Sector-Leading NOI Growth
TRACK RECORD OF OUTPERFORMANCE Sector-Leading NOI Growth + Our focus on high-growth markets, disciplined capital allocation, and commitment to operational excellence has fuel our sector-leading same-store NOI growth IRTs significant outperformance vs. Coastal & son, Non-Gateway NovGawey peers + BreG
Slide 27: Appendices
Appendices
Slide 28: Building Blocks for NAV & Implied Cap Rate Analysis
BUILDING BLOCKS FOR NAV & IMPLIED CAP RATE ANALYSIS Based on the Midpoint of 2026 Guidance haterents Same Store NOI Guidenee $4020 32 ‘Nom Same Store NOI Guidance 25 “a Future value add renovation NOI ay Total 2026 Nominal NOI Sars Property management fae (a0) — 7026 Recurring capital exp Go) ro For
Slide 29: IRT Markets | Atlanta
Population Growth IRT Markets | Atlanta Job Growth Community Map é 5 4 hee 112% sex 070% 2a = 026% 2m ates 2086 mes 0a 2020 2025}0b Growin 2025 Population Growth UsAveroge 0.58% usaveroge 030% GotewoyMerkets 0.05% Goreway Markets 057% Supply Growtit”” 500% 205% orm ze 20252088 Major Eaton A DELTA SB
Slide 30: IRT Markets | Dallas
IRT Markets | Dallas ‘Community Map Job Growth Population Growth © — fos es ree 200% oe 09% 83x 105% 100% p ppc | aw | I | ae frre PRS wee | -- - - - ere oont Worth Dallas: ® 5 2025}0b Growin 2025 Population Growth PS Yas UsAveroge OS us average 039% ieteony, al “ GateweyMankets 0.05% Gateway Market
Slide 31: IRT Markets | Columbus
IRT Markets | Columbus ‘Community Map Job Growth Population Growth e, ie =A were 1.62% iam * spo eS 0.95% unbonu o75% re {eee sgn | 0.92% i | a ys aif 2004 os 2008 2004 pws Ses 2025}0b Growin 2025 Population Growth ww "ato UsAveroge oes US Averoge 030% ez GatewoyMarkets 0.05% Gateway Markets 057% te
Slide 32: IRT Markets | Indianapolis
IRT Markets | Indianapolis Community Map neta tet sa “wtarocin abancn. nebien a NPSL Le e. Nin wei oo val rarer Sal aA 9 Grajae Sourcot CoStar Qs soa data slvse Greantret Dts oof Fabraary 2025, (0) Supply growth bated or delverenin IRs submarcate Job Growth Population Growth, 120% 1.19% 00 ET) = = s
Slide 33: IRT Markets | Tampa
IRT Markets | Tampa Community Map Job Growth Population Growth 12% tam ores { 030% r] sex re ass 2025) Growin 2025 opsoton Growth Usweroge Oe ueaeroge Ose Gonwoyentets 008 Gareway ates O57 Supply Growtit”” 0% 2am 2% moons as —— veneer ajo Employer bressiwner Q) saci "YAY? onus. Sourcot CoStar Qs soa
Slide 34: IRT Markets | Denver
IRT Markets | Denver ‘Community Map ey oles og i ‘COLORADO oe Sourcot CoStar Qs soa data slvse Greantret Dts oof Fabraary 2025, (0 Suapy growth bated or delveresin IR submarcete Job Growth Population Growth 07% icky I | I [ 2024 2004 2025 Population Growth UsAveroge us average 030% Gatewoy Morkets G
Slide 35: IRT Markets | Oklahoma City
IRT Markets | Oklahoma City Community Map Job Growth Population Growth cates see) Hehe 002% 082% G1 Fer (ky 027% my ar i m2 ze 20252026 Union Oty — stars Ba 2025 Job Growth Mico ate Spee Us Average oes & As O rece GatewoyMorkets 0.05% rat 9. if Supply Growtit”” 00% 324% | | ri — 20242025208 Major Em
Slide 36: IRT Markets | Nashville
IRT Markets | Nashville ‘Community Map (c} Nashville, ~~ ee ina, Ry Le GS) Jose feel hte Sourcot CoStar a 2025 dt alaste (0) Supply growth Bated or del resntreet Dats ox of Fobrary 2025, retin RTs abmaraets. Job Growth Population Growth 197% 105% 119% asm, i | | mes 20252020 mm 2082028 2025}ob Growi
Slide 37: IRT Markets | Raleigh-Durham
IRT Markets | Raleigh-Durham Community Map Job Growth Population Growth cd a To) AOU 420% | a i 208% 22 2052028 2025 Population Growth Us average 030% Goreway Markets 057% Supply Growtit”” 876% 14% 181% = a woes 0508 Sourcot CoStar Qs soa data slvse Greantret Dts oof Fabraary 2025, jl (0 Suaphy grow
Slide 38: IRT Markets | Orlando
IRT Markets | Orlando ‘Community Map Job Growth Population Growth 220% 255% aan 179% | | | mes 7052008 x 2025}0b Growin 2025 Population Growth Usaveroge 058% US Averoge 030% GotewoyMorkets 0.05% Goreway Markets 057% Supply Growtit”” 545% 529% 4.08% 2028 2028 seeosoune — Major Employers socnere aati
Slide 39: IRT Markets | Memphis
IRT Markets | Memphis ‘Community Map ie Wefan set of oad ; © 2. OATH Sourcot CoStar Qs soa data slvse Greantret Dts oof Fabraary 2025, (0 Suapy growth bated or delveresin IRs submarcete 010% Population Growth | 003% 1.08% i mms ates 2020 2028 2025}ob Growth "2025 Population Growih Usaveroge 058% US
Slide 40: IRT Markets | Houston
IRT Markets | Houston ‘Community Map ae e Sourcot CoStar Qs 200s dt sloose Grosntrct Dats ox of February 2625, (0 Suaphy growth bated or delverese ITs submarkte Job Growth Population Growth 220% 150% 120% 44% li ] | | 2m mas 2008 pooh 2025 Population Grow! UsAveroge 058s US Averoge 030% GotewoyMorke
Slide 41: IRT Markets | Charlotte
IRT Markets | Charlotte ‘Community Map \ ae Sourcot CoStar Qs soa data sls Gresntreet Dts (0 Suaphy growth bated or delveresin IR submarcete Job Growth Population Growth Bae 219% 140% 143% 119% ry l | mes 2252020 zs 2028 2025}0b Growin 2025 Population Growth UsAveroge 058% US Averoge 030% GotewoyMor
Slide 42: IRT Markets | Louisville
Population Growth IRT Markets | Louisville ‘Community Map Job Growth yo — ben \& jf. ‘ 098% 00% = EG, Ne ie are own oars ] cots es mes 08 2025, Growin 2025 Population Growth wsarroge 058% useage 05 GatmcovNetes 0098 on Ge ee PNeN ae i Supply Growtit”” 1.0 com 00% mh mst Maier Raployars came roroTa C
Slide 43: IRT Markets | Huntsville
IRT Markets | Huntsville Community Map Job Growth Population Growth s mi Merdiaraie 2.65% 225% = acon a Ly Brvecs lee 1 085% | oe 7 ig Sonos _ ous * che ie tS | a | i s el ae 2m 20252028 pore er 4 = 2025 Job Growth 2025 Population Growth: eyes wes | Usaverage OSES Usaveroge O08 a fe Tae ts) 4 Gotewo
Slide 44: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS “ome GAAP tnoncll measures sinctatedin us document ond or srepors edo nh wth heSEC ovoleblat R's webate rw RTUVEKGcom under rvestrRelatons R's cer SEC fags ‘reo ovale rteough tase ‘Average etve Monthly Rent per Unit vices ft prevertes, Tris wh
Slide 45: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Netdeb.onon esscornan co We presentetdebtansne! debt to Auted EBD ur ret postion and progress ebiona dolerlordolerbars, The tetowina tomer Sb ‘fact December 31, September 30, June 20, 1, "m2. ‘28 "2005." March 34,2025. Tota ete S 2ama7s $ 2zm2
Slide 46: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS ‘SomeStore Properties nd Some-Store Poffo Pee endinor propentyan ot Propertes Tale orhovebeen 0 Rent Premium on Volue Add Renovations herent nt of tnt on tarot ; eure tofu’ concen Hom ow Increoseorent generated Ie un renova. Renovation Costs p
Slide 47: Forward Looking Statements
FORWARD LOOKING STATEMENTS ‘This presentation contains cettain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and, Section 21€ of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to,
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