Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (December 2025)
50 slides from Independence Realty Trust's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation December 2025
event at Farmers Market Dallas, 74 INVESTOR PRESENTATION December 2025 (i Noppenence &;
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT 2 Recent Operational Updates 3-4 Drivers of Growth 5-24 * High Growth Markets + Disciplined Capital Allocation + Operational Excellence Track Record of Outperformance 25-27 Appendices: + IRT Markets + Definitions & Non-GAAP Financial Measure Reconciliations * Forward Lookin
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 * Disciplined Capital Allocation Propels NOI and ame \ is CFFO p
Slide 4: Recent Operational Updates
RECENT OPERATIONAL UPDATES jew of Q3 2025 Re: ame-Store * conserva Tracking 7% debt is fixe Q4 2025 is Trending as Expected: Occupancy, Rental Rates & Same-Store Revenue Expenses & NO! Capital Allocation Same-store occupancy remains stable. Expense trends are better than Q4 Disposition: Sold Jamesto
Slide 5: Recent Operational Updates: Operating Metrics
RECENT OPERATIONAL UPDATES Operating Metrics Highlights of our operating results from Q3 2025 and the for the preceding four quarters: ame-Store Excluding Value Add 559% 958% as0K ssw. sie; ER: x eee SBS 855% SEK osaK sea onze ai2sa2s a5 es ata ais 0525 nz nas 0325 SS EO TES % * 26% bs Ig ow Oa o% o
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 Accretive Investments, Periodic Capital Recyclin
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 Markets # Properties m % Units Units now ‘ana, 3 Sis aaa Daa, 7x ry 407 a 38 Columbus, oH 10 asi 76 72 Tampast 6 am 516s. Petersoure FL - Indianapoli
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 Cumulative Total Migrati 16% 19 o
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 * Populations in IRT markets continue to grow, as people migrate to our Sunbelt and Midwest cities to start families and establish careers 20% ——inTWAy ——Sundet_ midwest —— Greater Denver = += Gateway Avg, ~~ ~ Un
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 benefiting from higher employment growth than Gateway markets and the National Average Cumula' Ea) 202 2008 zane 205 208 ar 2028 —rtwav ‘Sunbet MidWest —— Greater De
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 2024; and Expecte
Slide 13: Population Growth Outstrips Apartment Deliveries in IRT Markets
HIGH GROWTH MARKETS Population Growth Outstrips Apartment Deliveries in IRT Markets Population growth in IRT markets has outpaced apartment inventory growth in IRT markets the past three years As population continues to increase and supply wanes, the ratio of population-to-new supply in IRT markets
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 declines in IRT's markets, we expect the resulting Demand Quotient to strengthen throughout our portfolio * Among IRT’s 10 Largest Markets, strongest increases are expecte
Slide 15: Affordability Factor: Owning a Home vs Renting with IRT
HIGH GROWTH MARKETS Affordability Factor: Owning a Home is 2x the Cost of Renting with IRT Rent vs. Buy Cost Differential continues to support rental demand: * Based on the median home price across |RT’s top 10 markets,'!! the average premium to buy and own a home is 93% higher than IRT’s monthly re
Slide 16: Affordability Factor: IRT's Average Rent Attracts Renters
HIGH GROWTH MARKETS Affordability Factor: IRT’s Average Rent is a Compelling Price Point that Attracts Renters + IRT’s rent was ~$658 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 + — Most opportunity to consistently increase rents + Less likely to be impacted from new construction eit > agai e |x Silas ay +
Slide 18: Value-Add Renovations: Every $1 Invested Boosts NOI by 29%
DISCIPLINED CAPITAL ALLOCATION Value-Add Renovations: Every $1 Invested Boosts NOI by 29% * IRT prioritizes capital allocation to its Value-Add program, where average returns on investment of 16.2% have powered a ~29% lift in annual NOI growth!) * Future Value-Add Pipeline of ~12,000 units represent
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-unit, 97% occupied i our Columbus footprint ina with inited new Cass & supply and ents “7% below comps. + Added t0 our
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 * During 2025, we have acquired three communities totaling $214.5 million and 923 apartment homes at an average economic cap rate of 5.8%") * Greater scale in markets also supports long-term operating efficiencies R
Slide 21: Capital Recycling
DISCIPLINED CAPITAL ALLOCATION Capital Recycling * In 2025, we have recycled $161 million from older vintage properties at an average exit cap rate of 5.5% and redeployed the proceeds into new communities with higher expected growth and reduced overall leverage Sold Ridge Crossings, February 2025 So
Slide 22: Opportunistic Stock Issuance and Repurchases
DISCIPLINED CAPITAL ALLOCATION Opportunistic Stock Issuance and Repurchases * IRT has opportunistically accessed the market to raise equity when trading at a premium to NAV... * ..and has repurchased shares when the stock is trading at a significant discount to NAV for a prolonged period of time IRT
Slide 23: Strong, Investment Grade Rated Balance Sheet with Ample Liquidity
DISCIPLINED CAPITAL ALLOCATION Strong, Investment Grade Rated Balance Sheet with Ample Liquidity to Fund Growth ple ca a $61M of available forward equity to fund growth\! ISRO Agency Rating ‘Outlook $6.3B Fitch Ratings BBB Stable coe ‘SRP Global Ratings 388 Stable Conservatively Leveraged Well Ladde
Slide 24: IRT's Commitment to Operational Excellence
OPERATIONAL EXCELLENCE IRT’s Commitment to Operational Excellence at its Communities Has Produced High Occupancy, Steady Rent Growth, and Satisfied Residents gusse $103 $1877 ax we ssa zoe 2002022022200 YTD 2025 [By A090 Effective Monthly @ Total Portfolio Average Rent por Unit ®) ‘Occupancy Ti Rapr
Slide 25: 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 1 as operating efienciesare
Slide 26: Track Record of Outperformance
TRACK RECORD OF OUTPERFORMANCE
Slide 27: 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 NO! growth ‘Same-Store NOI Growth 2025 Same-Store NOI Growth (Midpoint of Guidance) IRT's signi
Slide 28: CFFO per Share Growth and 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 ® won 22mm cs ae bd nthe tno wed by the per ep
Slide 29: Appendices
Dé Appendices amare
Slide 30: IRT Resident Demographics at a Glance
IRT MARKETS IRT Resident Demographics at a Glance") Established, growing resident population benefiting from amenity-rich communi without overextending on rent 48% ip Br brie 80% 52% Female 20% 1 Married Marital Status Single IRT Residents work primarily in essential services Top Industries of Resid
Slide 31: 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 “$85,000, resulting in a~22% rent to income?) ‘Top 5 Employment Sectors 6 aepn Donen 7 Cxahoma cy, 8 seo saa sean. ses as @ @® a2 >» # db & a & ® zo @ & ro
Slide 32: IRT Markets | Atlanta
IRT Markets | Atlanta Community Map Dike Sind Se96.68 ite Sauces: CoStar 09 2005 dala leat, reertol Data a2 of Cctcbe. (1) Surly growth based on devs IRs submartels Population Growth Job Growth 140% 1.12% 075% Ane 0.65% 0.20% = 20042025 2004 2025 2008 2025 Job Growth 2025 Population Growth US Averag
Slide 33: IRT Markets | Dallas
IRT Markets | Dallas Community Map Date Sources: CoStar 092005 cat release, Grasneest Data a8 of Otobe 2025 (3) Supt rout Bose on salves miRTssubmavnets Job Growth Population Growth 200% 454% 111% | | I I mee es 208 pr ee 2025 Jb Growth 2025 Population Growth Us Average 0.45% US Average 041% Gateway
Slide 34: IRT Markets | Columbus
IRT Markets | Columbus Community Map Aeoington Pond Apartment ite Sauces: CoStar 03 2005 dla releute, reertol Daa as of Octcber 2026 (1) Surly grown based on dives IR submatels Job Growth Population Growth 145% 136% 1a 097% i | I zs ms 2028 ns 20252028 2025 Job Growth 2025 Population Growth Us Avera
Slide 35: IRT Markets | Tampa
IRT Markets | Tampa Community Map Job Growth Population Growth = sors se ae = bt ee oe rer ets eon Se co se. oe Supply Growth!” ee 2a esas teagan Vantage onitbrough Major Employers brosur Q sasie BY wise fo) ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 " (1) Susy grow based on
Slide 36: IRT Markets | Denver
IRT Markets | Denver Community Map Job Growth Population Growth ae 100% 0.26% ose 0.66% 1] | | 2024 2005 2008 2004 2005 2028 2025 Job Growth 2025 Population Growth US average 0.48% US Average 041% Gateway Markets (0.01%) Gateway Markets 0.59% Supply GrowtHt” 150% 425% 2008 2005 2026 Major Employers
Slide 37: IRT Markets | Indianapolis
IRT Markets | Indianapolis Community Map Job Growth Population Growth 125% 119% ose 060% ore | | | 200k 20252028 2024 2005 2028 2025 Job Growth 2025 Population Growth US average 0.48% US Average 041% Gateway Markets (0.01%) Gateway Markets 0.59% Supply GrowtHt” 2.63% Sen. Pa Bayi Ch Apartments (vel
Slide 38: IRT Markets | Oklahoma City
IRT Markets | Oklahoma City Community Map Job Growth Population Growth 185% 104% 26% sry 050% 027% a 2242s 28 2h 0528 2025 Job Growth 2025 Population Growth US average 0.48% US Average 041% Gateway Markets (002%) Gateway Markets 0.59% Supply GrowtHt” 347% 370%, 0.06% 20h 20252008 sinha (mmeme HOBBY
Slide 39: IRT Markets | Nashville
IRT Markets | Nashville Community Map Insel ted ‘even ere ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 (1) Surly growth based on deivres IR submatels Job Growth Population Growth 197% 109% 10% aon, l 105% gon meas 2008 ems 28 2025 Jb Growth 2025 Population Growth Us Average 0.4
Slide 40: IRT Markets | Raleigh-Durham
IRT Markets | Raleigh-Durham Community Map ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 (1) Surly growth based on devs IRs submatels Population Growth Job Growth 429 392% i i i Iii 215% 208 2028 2025 Job Growth 2025 Population Growth Us average: 0.48% Us Average atx ‘Gateway Ma
Slide 41: IRT Markets | Memphis
IRT Markets | Memphis Community Map Northave ols 1 Memphis © Me 8 om Nonconnah Oakvile ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 (1) Surly grown based on devs IRs submatels Job Growth Population Growth 0.3% 012% oa | ais a mms 752008 20020052028 2025 Jb Growth 2025 Populatio
Slide 42: IRT Markets | Houston
IRT Markets | Houston Community Map ta Sources: CoSta 03 2006 dla loans Grocrstot Daa sof Ociber 2025 (1) Susy growth based on deivres IRs submatels Population Growth Job Growth 238% 153% 120% 119% orem 076% il pot 2008208 eR eas ae 2025 Job Growth 2025 Population Growth US average 0.48% US Average
Slide 43: IRT Markets | Louisville
IRT Markets | Louisville Community Map roo Apart Prospect Park periment mes ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 (1) Surly grown based on devs RT's submatels Job Growth Population Growth oom 4.00% ° se 051% | 04% — o.90% mes 202008 zee 28 2025 Job Growth 2025 Population
Slide 44: IRT Markets | Charlotte
IRT Markets | Charlotte Community Map ta Sources: CoSta 03 2006 dla loans Grocrstot Daa sof Ociber 2025 (1) Susy grow based on dives oR submatels Job Growth Population Growth 24 20% a 440% 148% 118% | I l | 2m 252028 wee 20052028 2025 Job Growth 2025 Population Growth Us Average 0.48% Us Average oai
Slide 45: IRT Markets | Huntsville
IRT Markets | Huntsville Community Map ita Sewer: Cotter 09 2005 dla laste, Geeraeot Daa a of Octber 2028 (1) Surly grown based on deivres IR submatels Population Growth 225% AO Gcoe 700s 20052028 2025 Job Growth 2025 Population Growth US average 0.48% US Average 041% Gateway Markets (0.01%) Gateway
Slide 46: IRT Markets | Orlando
IRT Markets | Orlando Community Map Job Growth Population Growth ae ee 2% ast 9. 105% 1.13% 12 00% nas ast mas at 2025 lob Growth 2025 Population Growth Usage 048% Usiverage Oa Gateway Markets (201%) Gateway Markets 059% Supply Growth” aoe 499% | 12% mu mas Major Employers Our Dheupri ite Sauces: Co
Slide 47: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS “This presentation may contain non-US. gneraly accepted accounting oeipals "GAAP ofthese ner measures tothe ‘Ciaale GAA fiarclmeaprs beads ts doaret oar Is oth or fared wi he SE avila R's wee wr RTUING com uncer ett Reo F's ‘ther SEC fines ate
Slide 48: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Interest Coverages a ato computed by ing Austad ERTDA by mere expense Net Debt, anon GAA? fnanclal mesure, equals total consolidated debt ess cash ad ash equivalents and loan premiums and dscouns. The flowing abe provides 2 econilton of otal ‘
Slide 49: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Independence Rest Tustin. Aeconcitation of Same-Store Net Operating Income to Net Income (ss) (Cotas in thousands) Forthe a) ‘September 38 une arch 1, Reconcitn of se stor et sperating Income tenet incor ost) Sore ereretcensen ee v0 soar wre o
Slide 50: Forward Looking Statements
FORWARD LOOKING STATEMENTS This contains certain looking within the meaning of Section 27A of the Securttios 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, our earnings: ‘guidance, and the
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