Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Merger or Acquisition (May 2015)
12 slides from Independence Realty Trust's merger presentation, May 11, 2015
Slide 1: Creating a leading regional multifamily platform
Exhibit 99.2 Creating a leading regional market May 2015 multifamily platform
Slide 2: Disclaimer
Disclaimer SAFE HARBOR STATEMENT UNDER THE PRIVATE LITIGATION REFORM ACT OF 1995 This presentation may include “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. These forward-l
Slide 3: Transformative combination
Transformative combination IRT has entered into a definitive merger agreement to acquire TSRE – Combined scale will provide an enhanced platform to pursue accretive acquisitions and transformational opportunities Enhanced (a) – Number of properties increase from 31 to 50 1 scale (a) – Number of unit
Slide 4: Transaction overview
Transaction overview – Independence Realty Trust, Inc. (“IRT”) has entered into a definitive agreement to acquire all outstanding shares of Trade Street Residential, Inc. (“TSRE”) – Senator Investment Group LP and Monarch Alternative Capital LP, who own ~25% and ~23% of TSRE, respectively, Transacti
Slide 5: The combination will provide enhanced scale
1 The combination will provide enhanced scale… Combined company expected to have over $1.4 billion of total capitalization and over $500 million of equity market capitalization ($ in millions) Properties (a) 31 19 50 Units (a) 9,055 4,989 14,044 Markets 16 11 24 LTM Revenues $63 $61 $124 LTM NOI (b)
Slide 6: A continuation of IRT's regional market expansion strategy
1 …and is a continuation of IRT’s regional market expansion strategy Since January 2014, IRT has acquired 40 properties totaling 11,254 units, representing ~4x unit growth(a) Oklahoma Portfolio Louisville Portfolio Trade Street Residential Purchase Date February 28, 2014 Purchase Date December 8, 20
Slide 7: Improved operating margins, portfolio quality and average age
The combination will result in improved operating margins, portfolio 2 quality and average age C C 8% 13% B 27% Property class B breakdown(a) A 47% 25% B A 62% 45% A 73% Average base rent $827 $1,034 $902 Occupancy 94.0% 95.5% 94.5% LTM NOI margin 52.9% 57.7% 55.3% Average portfolio age of public mu
Slide 8: TSRE's assets have high occupancy and ABR
2 TSRE’s assets have high occupancy and ABR… Fountains Southend Location Charlotte, NC Key highlights Year Built / Renovated 2013 Class A multifamily community located just outside of downtown Charlotte, which boasts Number of units 208 65,000 employees and many entertainment destinations Year compl
Slide 9: Significantly enhance IRT's portfolio quality
2 …and will significantly enhance IRT’s portfolio quality Talison Row at Daniel Island Key highlights Location Daniel Island, SC Class A apartment building developed in Year Built / Renovated 2013 2013 and located in Daniel Island Number of units 274 Island town with traditional neighborhoods integr
Slide 10: Accelerates penetration of high-growth regional markets
3 Accelerates penetration of high-growth regional markets TSRE’s complementary portfolio increases IRT’s geographic diversification, adding exposure to 8 new high quality regional markets and increasing presence in 3 existing markets TSRE market statistics 2015E – 2019E CAGR Pop. Job Market Units gr
Slide 11: Embedded growth opportunities and meaningful synergy potential
4 Embedded growth opportunities and meaningful synergy potential The combined company will have one of the lowest G&A costs in the multifamily industry As a part of the transaction, IRT and RAIT have agreed to change the base asset management construct from 0.75% of total assets to 1.5% of cumulativ
Slide 12: Transformative combination
Transformative combination Enhanced scale Improved portfolio quality Accelerates market penetration Immediate financial benefit 12
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