Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (September 2025)
49 slides from Independence Realty Trust's investor presentation, Sep 10, 2025
Slide 1: Investor Presentation September 2025
{3030 at Apopka ‘Orlando, FL INVESTOR PRESENTATION = September 2025 ft INDEPENDENCE A REALTY TRUST
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT 2 Recent Operational Updates 3-4 Drivers of Growth 5-23 + High Growth Markets + Disciplined Capital Allocation + Operational Excellence Track Record of Outperformance 24-26 Appendices: IRT Markets Definitions & Non-GAAP Financial Measure Reconciliations Forward Looking Stat
Slide 3: Why IRT
WHY IRT IRT’s Strategic Approach to the Apartment Sector Has Generated Sector-Leading Shareholder Returns Primarily Class-B Apartments in High-Growth Markets with Solid Demand Fundamentals © 73% of NOI from Sunbelt, 22% from Midwest rs Disciplined Capital Allocation Propels NOI and CFFO per Share =
Slide 4: Recent Operational Updates
RECENT OPERATIONAL UPDATES Solid Q2 2025 Results: + Same-Store Portfolio Results: 1.0% revenue Y/Y growth + 454 Value Add renovation completions at average RO! (0.6%) operating expense Y/Y growth of 16.2% 2.0% NOI Y/Y growth * Leverage on-track to achieve mid- 5x net debt/EBITDA in Q4 2025 99% of de
Slide 5: Recent Operational Updates: Operating Metrics Update
RECENT OPERATIONAL UPDATES Operating Metrics Update Highlights of our operating results from Q2 2025 and the preceding four quarters: > ae ie 052% 951m ecow 254% 955% 955K 955% FON 0226 0524 428 an25 azzs 22 nm ahd 128 225, a7 B24 ozs a125 0225 € Blended a 54% gy z= io a 39% i * Slee 2% 2% 09% 08% 4
Slide 6: Drivers of Growth
~ DRIVERS OF GROWTH
Slide 7: Drivers of Growth
DRIVERS OF GROWTH How IRT generates sector-leading growth and shareholder returns High Growth Markets Sunbelt & Midwest Focused Portfolio Solid Demand Fundamentals Waning New Supply Disciplined Capital Allocation ‘Track record of creating value through ieerallee arectnen Periodic Capital Recycling,
Slide 8: High Growth Markets
HIGH GROWTH MARKETS Predominantly Class-B Apartment Communities Concentrated in Sunbelt & Midwest Markets that Feature Solid Demand Fundamentals IRT’s Strong Presence in Non-Gateway Markets E ? © cpercting Communities Midwest Greater Denver Communities 9 7 7 Units 24306 7347 wee 9% of NOL 73% 22% 5%
Slide 9: Migration into IRT's Markets
HIGH GROWTH MARKETS Migration into IRT’s Markets A greater percentage of the population continues to prefer the Sunbelt and Midwest regions over Gateway markets, attracted to a lower cost of living, quality of life, better tax policy and growing economic opportunity ma amt —sunnet mice ——ereaterdene
Slide 10: Population Growth in IRT Markets Outpaces U.S. and Gateway Markets
HIGH GROWTH MARKETS Population Growth in IRT Markets Outpaces U.S. and Gateway Markets * _IRT’s markets populations continue to grow, as people migrate to our Sunbelt and Midwest cities to start families and establish careers 2021 2002 2028 2028 2008 2028 zon 2028 ——IRTWAY ——Sunbet ——Mia:West ——Grea
Slide 11: Employment Growth Forecasted to Remain Higher in IRT Markets
HIGH GROWTH MARKETS Employment Growth is forecasted to Remain Higher in IRT Markets * IRT’s markets have and are expected to continue enjoying higher employment growth than Gateway markets and the National Average 2021 2002 2028 2004 2005 2028 2007 2028 ——IRTWAY ——Sunboh ——MisWest ——Greater Denver =
Slide 12: Waning New Supply in IRT's Markets
HIGH GROWTH MARKETS Waning New Supply in IRT’s Markets * New supply in IRT markets is down substantially from peak volumes * Construction starts data supports expectation that 2026 — 2028 forecasted new deliveries will be below the 3.5% trailing 10-year average” New Supply Peaked in 20241 and Expect
Slide 13: Population Growth Outstrips Apartment Deliveries in IRT Markets
HIGH GROWTH MARKETS Population Growth Outstrips Apartment Deliveries in IRT Markets Ratio of Population to Supply to Improve" + During 2026-2028, population growth-to-new supply in IRT's markets is expected to improve to 9.0x, far outpacing the * Population growth in IRT markets has outpaced apartme
Slide 14: Population Growth Drives Demand As New Supply Declines
HIGH GROWTH MARKETS Population Growth Drives Demand As New Supply Declines As population growth increases and inventory growth slows in IRT's markets, we expect the resulting Demand Quotient to strengthen throughout our portfolio. Strongest increases expected in Oklahoma City, Atlanta, Dallas-Ft. Wo
Slide 15: Affordability Factor: Owning a Home vs Renting with IRT
HIGH GROWTH MARKETS Affordability Factor: Owning a Home is 2x the Cost of Ren g with IRT Rent vs. Buy Cost Differential continues to support rental demand: + Based on the median home price across IRT's top 10 markets,” the average premium to buy and own a home is 98% higher than IRT’s monthly rent H
Slide 16: Affordability Factor: IRT's Average Rent Price Point
HIGH GROWTH MARKETS Affordability Factor: IRT’s Average Rent is a Compelling Price Point that Attracts Renters + IRT’s rent was ~$661 per month, or 39%, lower than new construction suburban rents” * Additionally, IRT’s Class B communities do not compete directly with Class A development IRT Monthly
Slide 17: Strong Demand for Class B Apartments
HIGH GROWTH MARKETS Strong Demand for Class B Apartments + The defensive nature of class B communities positions them to enjoy steady demand throughout the economic cycle Class B Positioning: + Most opportunity to consistently increase rents + Less exposure tohomeownership. + Less likely to be impac
Slide 18: Value-Add Renovations: Every $1 Invested Boosts NOI by 30%
DISCIPLINED CAPITAL ALLOCATION Value-Add Renovations: Every $1 Invested Boosts NOI by 30% * IRT prioritizes capital allocation to its Value-Add program, where average returns on investment of 16.5% have powered a ~30% lift in annual NOI growth” * Future Value-Add Pipeline of ~13,000 units represents
Slide 19: Value-Add Case Study: Avalon Oaks, Columbus OH
DISCIPLINED CAPITAL ALLOCATION Value-Add Case Study: Avalon Oaks, Columbus OH ‘Our Value-Add Renovations achieve outsized value creation: + Acquired in Feb 2018 for $23.0mm, this 235-unil, 97% occupied ‘community expanded our Columbus footprint in a high-demand submarket with limited new Class A sup
Slide 20: Acquisitions are Accretive to CFFO per Share on Day 1
DISCIPLINED CAPITAL ALLOCATION Acquisitions are Accretive to CFFO per Share on Day 1 * To-date in 2025, we have acquired three communities totaling $214.5 million and 923 apartment homes + Greater scale in markets also supports long-term operating efficiencies Recent Property Acq ns ‘Autumn Breeze 5
Slide 21: Capital Recycling
DISCIPLINED CAPITAL ALLOCATION Capital Recycling + We recently exited Birmingham at an average cap rate of 5.7% and redeployed the proceeds at an average cap rate of 5.8% into new communities with higher expected growth Sold Tapestry Park, July 2024 Sold Ridge Crossings, February 2025 + 354-unit pro
Slide 22: Strong Balance Sheet with Ample Liquidity to Fund Growth
DISCIPLINED CAPITAL ALLOCATION Strong Balance Sheet with Ample Liquidity to Fund Growth ind ~$716M of liquidity including ROE bE y to fund growth” Cormon Easy ‘Agency Rating Outlook Secve abt “rude Fitch Ratings 888 Stable ‘S&P Global Ratings 888 Stable Conservatively Leveraged Well Laddered Debt Ma
Slide 23: Operational Excellence
OPERATIONAL EXCELLENCE IRT’s Commitment to Operational Excellence at its Communities Has Produced High Occupancy, Steady Rent Growth, and Satisfied Residents 305 re zo 20202012022 20232024 YTD 2025 IRT’s Reputation Score Among Residents 200 2025 [By “21998 Effective Monthly @ Total Portfolio Average
Slide 24: Strategic Expense Management
OPERATIONAL EXCELLENCE Strategic Expense Management * At the corporate level, IRT manages expenses to maximize the conversion of rental revenue to NOI and Core FFO per share for investors * _IRT’s operating efficiencies are comparable to those of larger cap apartment REITs GBA as a % of Gross Assets
Slide 25: Track Record of Outperformance
TRACK RECORD OF OUTPERFORMANCE
Slide 26: 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 ie ide IRT's significant outperformance vs. Coastal & 21% Non-Gateway peers zie 2020
Slide 27: CFFO per Share Growth and Cumulative Total Shareholder Return
TRACK RECORD OF OUTPERFORMANCE Greater NOI growth, combined with strategic expense management, has enabled IRT to deliver higher CFFO per share growth and higher total returns for shareholders CFFO per Share Growth Cumulative Total Shareholder Return ® RT 8% Gateway 7, 56% Ea Peat Soup Non-Gatoway,
Slide 28: Appendices
Appendices
Slide 29: IRT Resident Demographics at a Glance
IRT MARKETS IRT Resident Demographics at a Glance" Young, growing resident population benefiting from amenity-rich communities without overextending on rent 48% 52% Gender ° Breakdown " Male Female 80% t Single Married () Alrosidont demographic datas sof reported by reidnts, Dat a of Juno 30,2028, (
Slide 30: IRT Markets: Favorable Resident Demographics
IRT Markets: Favorable Resident Demographics Recent residents in IRT’s top 10 markets are in their mid-30s and make ‘an average annual income of -$78,000, resulting in a ~23% rent to income"? ‘Top S Employment Sectors” ‘eno. ‘are 8 ® oe ‘ServcesRetot 2 dain 1x seats Be & b 2 emer co sroces zm @ a 46
Slide 31: IRT Markets | Atlanta
IRT Markets | Atlanta Community Map Job Growth Population Growth b 140% 112% ossm = 80% 09% a | 22 mms (2028 zou san 2025 ob Growth 2025 Population Growth Us Average 0.60% Us Averoge 070% GotewayMarkels 106% Gateway Markets 0.92% ‘Supply Growth 57% 17e% 208% zs 25228 one ot Comentioe Major Employers
Slide 32: IRT Markets | Dallas
IRT Markets | Dallas Community Map Job Growth Population Growth 150% 1.90% | 119% 110% 127% 1.26% nak 2008S mes pet meses 2025 ob Gromih 2025 Population Gromth Usiverage 608 Usaverage 70% Goteway Markets 104% Gotewoy Makels 0.92% Supply Growth 426% 270% i 218% wt as 228 emote “mst Gaereaiinen = Bayl
Slide 33: IRT Markets | Columbus
IRT Markets | Columbus ‘Community Map Job Growth Population Growth ee 137% 0.58% ' "| | Ili 2024 L 2028 as 08 l 2025 ob Growth 2025 Population Growth Us Average 0.60% Us Averoge 070% GotewayMarkels 104% GotewayMorkets 092% ‘Supply Growth 193% 152% | 1.50% wes ms 2008 Major Employers, Boman (iatel Ca
Slide 34: IRT Markets | Tampa
IRT Markets | Tampa ‘Community Map Ny Population Growth Job Growth 122% 1.59% o7e% 107% | | | l I zm ms 202 2 0252008 2025}0b Growth 2025 Population Growth Us Average 0.60% Usaveroge 070% GalewayMarkels 104% GatewayMarkets 092% ‘Supply Growth 420% 305% 16% ws es 2028 Major Employers brososrnes @) IA
Slide 35: IRT Markets | Denver
IRT Markets | Denver Job Growth Population Growth 097% 088% 100% orem a70% t U [J 20 752026 2 20052028 2025 ob Growth 2025 Population Growth Us Average 0.60% Us Averoge 070% GotewayMarkels 108% Goteway Markets 0.92% ‘Supply Growth 845% 420% 17% Ou 52008 Major Employers, Heath AL Centura =I" Health M
Slide 36: IRT Markets | Indianapolis
IRT Markets | Indianapolis Community Map Job Growth Population Growth 120% 110% om 070% os a | | | mes 7252020 mes 052008 2025|0b Growth 2025 Population Growth Us average 0.60% Usaveroge 070% GalewayMarkels 1.04% GatewayMarkets 092% ‘Supply Growth 240% 7 ia 2004 ‘aren cb Aporment ReveolenCumbevond B
Slide 37: IRT Markets | Oklahoma City
IRT Markets | Oklahoma City ‘Community Map Job Growth Population Growth ee ee a8 howe i o1% Say ] i | = a 8 4 752028 me 20052028 2025}0b Growth 2025 Population Growth Us Average 0.60% Usaveroge 070% GalewayMarkels 1.04% GatewayMarkets 092% eae 251% ry a Major Employers INTEGRIS Papaycom: aC ta Seco:
Slide 38: IRT Markets | Nashville
IRT Markets | Nashville ‘Community Map Job Growth Population Growth 137% hace | I I i ] e 20052026 70k 526 2025 ob Growth 2025 Population Growth Us Average 0.60% Us Averoge 070% GotewayMarkels 104% GotewayMorkets 092% ‘Supply Growth 350% 200% 1 as zs 25228 paces ‘syra.tN Major Employers Saint Thomas
Slide 39: IRT Markets | Raleigh-Durham
IRT Markets | Raleigh-Durham Community Map Job Growth Population Growth BGVENS, ¥ cer sam Durham. J i 7 fas OL One » 197% ii) Xi Ne en I | Sea rt asa aes 2s 208 2025 ob Gromih 2025 Population Growth UsAvecage 0.60% Usaveroye 70% GotewayMarkels 106% Gateway Markets 092% ke A 8m Supply Growth = BI2% 2
Slide 40: IRT Markets | Memphis
IRT Markets | Memphis ‘Community Map aa iL - Een ta Seco: Cotas 02 2005 dla reloune, Creertot Daa as of Aug 2025, (1) Susy srw based on delves IT's submarels Job Growth Population Growth 0.34% 020% o | 0.02% 021% = 2s 52008 2k 52028 2025 ob Growth 2025 Population Growth Us average 0.60% Usaveroge 07
Slide 41: IRT Markets | Houston
IRT Markets | Houston ‘Community Map conigon Prk ater ta Seco: Cotas 02 2005 dla reloune, Creertot Daa as of Aug 2025, (1) Sly srw based on devs RT's submarels Job Growth Population Growth 230% 1.50% 121% 145% aay | I | | rei as U8 mets 2B 2025 ob Growth 2025 Population Growth UsAvecage 0.60% Usaver
Slide 42: IRT Markets | Louisville
IRT Markets | Louisville Community Map Job Growth Population Growth aoe 1.06% oss | | 0.55% 04r% mo G8 th 2 = & 2025 ob 6rowth 2025 oputton Growth usmenge 060% es, Comeaaie | 1ae Coen ee ‘Supply Growth vars come tox ma 1st wp Humana Major Employers, TOYOTA Kind’, 8 ta Seco: Cotas 02 2005 dla reloune
Slide 43: IRT Markets | Charlotte
IRT Markets | Charlotte Population Growth Community Map Job Growth Tee 214% 169% 140% ao I i | 2s 70252026 22h 0252028 2025 ob Growth 2025 Population Growth Us average 0.60% Us Averoge 070% GotewayMarkels 108% Gateway Markets 0.92% ‘Supply Growth 1640% I 605% 2028 — —— Major Employers, eae & = [ie A
Slide 44: IRT Markets | Huntsville
IRT Markets | Huntsville ‘Community Map ta Seco: Cotas 02 2005 dla reloune, Creertot Daa as of Aug 2025, (1) Susy grow based on delves RT's submarels Job Growth Population Growth 2.65% 225% 1.10% ae 0.96% | ri ] 2m 2005 a 20 52008 2025 ob Growth 2025 Population Growth Us Average 0.60% Us Averoge 070
Slide 45: IRT Markets | Orlando
IRT Markets | Orlando ‘Community Map Job Growth + 2 2.29% - 256% b.9. al 1.86%, i ae 14 11088 same ee 2 20z 052028 2024 2025 2026 =F ; 2025 ob Gromih 2025 Population Growth J US Average 0.60% US Average 0.70% Goteway Markets 104% Gateway Markets 092% x Supply Growth econ, sa7% wat ms aan Major Emplo
Slide 46: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS one re avasbicat R's webate wae {UVING com under veto Relations Rs ther SE hinge creas ovaiable rough ns webs Avvo Etective Monthy Rent per Unit ose peru sa help ‘Tse, pe Some Store Average Occupancy rot Ioceenioe the vod EBITDA ond Adjusted E
Slide 47: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Interest Coveroge'se oi cmeuted sy iting Aste EMTOA byhverest expense erDebt, anon Thefoowing tebe provsesa tra ‘ongoleated debttonet deo (Dolarsinthowsond. \Weprevent net debt ananet debt to Austen BTA becouse anogement baleves¢@ueh messi rea
Slide 48: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Independence Realty rust ne Reconciliation of Same-Store Net Operating Income to Net Income (loss) (Collars in thousands) For the Throo:Months Ended (9), “June 30, March 31, December 3%, September30, June 20, 2025 2025 "2024 2024 Reconctation
Slide 49: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, o
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