Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (May 2026)
47 slides from Independence Realty Trust's investor presentation, May 4, 2026
Slide 1: Investor Presentation May 2026
Tallson Row at Danie! sland ‘Charleston,SC INVESTOR PRESENTATION May 2026 rf INDEPENDENCE (A REALTY TRUST
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT 2 Recent Operational Updates 3-4 Drivers of Performance Se 21 22-24
Slide 3: Why IRT
WHY IRT Combination of a highly differentiated strategy focused on markets with attractive long-term fundamentals, capital ion, and operati has driven superior shareholder returns Highly Differentiated Strategy in Desirable Markets Serving renter by necessity: stable, middle-income households + Coun
Slide 4: Recent Operational Updates
Slide 5: Recent Operational Updates
RECENT OPERATIONAL UPDATES ‘+ @1 2026 CFFO per share of $0.26 ‘Qi 2026 Same-Store Portfolio Results: © AO bps increase ¥/Vin effective monthiyrents, © Revenue growth © 60 bps /¥improvementin bad debt > Operating expense growih Y/Y -<_426 value add renovations completed in Qh = _ NO growth YAN - Same
Slide 6: Drivers of Performance
DRIVERS OF PERFORMANCE
Slide 7: Our Drivers of Performance
OUR DRIVERS OF PERFORMANCE How IRT Generates Sector Leading Shareholder Returns A) Differentiated Portfolio Class-8 Communities in Desirable Sun Belt & Midwest Markets Improving Market Fundamentals Historically Low Supply & Solid Demand Accretive & Disciplined Capital Allocation es Value Add Program
Slide 8: Differentiated Portfolio
@ DIFFERENTIATED PORTFOLIO IRT Owns Predominantly Class B Apartment Communities in Highly Attractive Sunbelt & Midwest Markets IRT’s 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
Slide 9: 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 Class 8 Positioning: ‘Most opportunity to consistently increase rents. + Less exposure to homeownership + Less likely to b
Slide 10: 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 Significantly Cheaper than Home Ownership “)... $5,000 29% mmore'to $4000 oma home ¥ § sooo : sia + ‘tuta-GA Cohmun- Dateefog Cerver-CO Indeapela- Mempis- Natit Okitams | Rabih T
Slide 11: Market Fundamentals - Employment Growth
Q@MARKET FUNDAMENTALS - EMPLOYMENT GROWTH Employment Growth is Expected to Remain Higher in IRT Markets + 2026 job growth across IRT markets is forecasted to outpace the National average by ~3.5x Cumulative 2021 Ea 2008 2024 2025 zon 2028 —rrway ‘Surber Wid. West Greater ewer += Gateway Ag. ~ = ~Uni
Slide 12: 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% of IRT’s NOI) comes from 7 of the 10 states
Slide 13: New Supply Pressure is Waning & Trending to Historically Low Levels
© MARKET FUNDAMENTALS - SUPPLY New Supply Pressure is Waning & Trending to Historically Low Levels + New deliveries are trending significantly below the long-term average of 3.0% prior to 2024?) * Construction starts have trended below the 11,000 unit trailing 10-year average) for several years, whi
Slide 14: Demand Quotients in IRT Markets Outpace Gateway Market Averages
© 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 15: 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 “$80,000, resulting in a ~23% rent to income!) Top 5 Employment Sectors? ‘tes moos cts 87 arid yet. cage ae, aa Enooyren ® é he @ @ C) ef ® ® s @ @ @ blepepoePre een 2 2 a
Slide 16: Prioritize Value-Add Renovations Yielding ~16.1% ROI
© 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
Slide 17: 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 Mor value-add Renovations achieve outsized value creation: Ll Ey ‘ + Post renovation asset value of $78.0 milion, representing an increase of {4196 from acquisition + Incremental value creation of $1
Slide 18: Disciplined Capital Approach: Capital Recycling
® DISCIPLINED CAPITAL APPROACH: CAPITAL RECYCLING "proper whee recicabe properties with less predictable capex oe are sTOWn. at St Marthews Wi Louies profiles and/or out of locations where we lack scale * Deploy proceeds into best opportunities for long-term value creation: = acquire newer communiti
Slide 19: 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 Premi
Slide 20: Investment Grade Rated Balance Sheet
© DISCIPLINED CAPITAL APPROACH Investment Grade Rated Balance Sheet Simple Conital Sructurett ‘Agency ating Outlook secured Dobe Unsere O28 Fitch Ratings 588 Stable ‘SRP Global Ratings cc Stable Conservatively Leveraged Well Laddered Debt Maturities 7 ss - »» oO ‘hig unsecured eae apc, (Areeeens
Slide 21: 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 High Occupancy, Steady Rent Growth!!! sson 780% s47% gasy 959% 954% s52% suse susea $3599 $4599 sen yors 2020200022703 eA BODS._QAION sm cage tect M
Slide 22: 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 1080p 238 bee — 4 ‘Smaller Cap Pers “IRT has been doing a stellar job of managing opex growth (just 0.5% in FY25), demonstrating a lean cost structure relative to the broader res
Slide 23: Track Record of Outperformance
TRACK RECORD OF OUTPERFORMANCE
Slide 24: 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 2026 Same Store NOI Growth (Midpoint of Gukance IRT's significant ‘outperformance vs,
Slide 25: Track Record of Outperformance: CFFO Growth and Total Returns
TRACK RECORD OF OUTPERFORMANCE IRT’s Differentiated Portfolio of Class-B Apartment Communities in Desirable Markets Have Delivered Leading CFFO per share Growth and Total Returns for Shareholders CFFO per Share Growth () Cumulative Total Shareholder Return (2 $ espoie air ese toncateney — scant = —
Slide 26: Appendices
Appendices
Slide 27: 2026 Guidance
2026 GUIDANCE Improving Supply and Steady Demand Underpin Expectations FY 2026 Guidance Assumptions") CCFFO per share: $112-$1.16 Corporate Expenses: Same-Store Portfolio 103 sropertes 3,735 nts): GBA plus property management $55-$57 Property revenue growth 1.0%-2.4% Interest expense, excluding loan
Slide 28: MSA Employment Growth Drivers — IRT Markets
MSA Employment Growth Drivers — IRT Markets Mark ee Seas | caster, | primary ov cary rh Key Highligh arket ima dary Driv cey Highlights vos obs | 3¥F Fest a eu uf Dallas-Fort Worth 40.3% Financial: sevice Tech Manufacturing Goins loves cams; 100 HO relocations 2018-24; 21 Fortune aerator OE3, 23% “r
Slide 29: IRT Markets | Atlanta
IRT Markets | Atlanta Community Map Job Growth oss ozs. 02% mes m8 mT 2026 Job Growth Us average 0128 Gateway Markets 0.05% Population Growth 2007 026 Population Grown Us Average 021% Gateway Markets 0.05% 101% Supply Growtl” 2a | 200% ms 206% 27 Major Emplo ren Tiercesee Bene ivesings34 mitonn R&D
Slide 30: IRT Markets | Dallas
IRT Markets | Dallas Community Map Job Growth Population Growth BA bee 137% 070% Vw 3 VRS le Gforce, eae : ‘ os 2 po | | 2 t ery aSKY noes weather oF ort Worth 208) a 2025 2028 ‘oar ® walk Sa 2026 lob Growth 2026 Population Growth PON Usmvernge 012% Usaverage alk eh Gateway Marets 06% Gateway Mattes
Slide 31: IRT Markets | Columbus
IRT Markets | Columbus Community Map Job Growth Population Growth “ 00% SOK, ore A com ¥ ms me ms amet WA 2026 ob Grow 2026 Population Growth Usnange 012% WSaenge oot Gaewey Makes 005% GuewayNntels 005% Supply Growth” som ase | 006 ms Major Employers initia aed g “Cada OhioHealth 1 Mandurl Announced
Slide 32: IRT Markets | Indianapolis
IRT Markets | Indianapolis Community Map Rae a. = Se rope Job Growth Population Growth one ost I li I ee 2027 p26 00 Gown 26 opanion row US averag az USAverge 021% Gateway Markets 0.05% GatewayNarkels 0.05% Supply Growtll” 3.00% — 060% -— a 2s mm Market Developments + BI Lly: Spending up $1 8 ion to
Slide 33: IRT Markets | Tampa
IRT Markets | Tampa Community Map Job Growth Population Growth "a 063% 102% 036% oss ee = | | = mms eT mms mT 2026 Job Growth 2026 Population Growth, Us average 2% US Average 021% Gateway Markets 0.05% Supply Growtll” Gateway Markets 0.05% 251% 129% | 170% 205 mos 20a Tomek Major Employers iP) (A mo
Slide 34: IRT Markets | Denver
IRT Markets | Denver Community Map Job Growth Population Growth ~*~ as wo oe com oe 0% ° 4 038% = _ = il a! i x oe ra _ aw fF Dine. - ee anne Supply Growth” - _ Oo 080% = ale Major Employers Heat ‘Market Developments. a Rei Gohl ~~ Bitte Rea igs cured $20 rillontoieain now cent b a witniemmnte On $'
Slide 35: IRT Markets | Oklahoma City
IRT Markets | Oklahoma City Community Map Job Growth Population Growth Oumha-@. 3 ® 07% cha C oo os 051% gaa Sc ee a | ‘Yoklahorna City aes ma 207 2026 Population Growth US Average 021% Gateway Markets 0.05% Supply Growtll” 250% 14% 0% mms maT ‘Major Employers Qsceme Market Developments ‘OKC Thunder
Slide 36: IRT Markets | Nashville
IRT Markets | Nashville Community Map 2 aN Te et Market Developments tomaking thar global HO, & ans for $4.5 bilon East Bank campus, weh commament Population Growth Job Growth 101%, baled Sas 081% oso oe | ms 7 mo moter 2026 10 Growth 2026 Population Growth Uaverage 0128 USAverage 21% Gateway Market
Slide 37: IRT Markets | Raleigh-Durham
IRT Markets | Raleigh-Durham Community Map arket Developments + VinFast Contning development on ther biton elec veike ‘manufacturing facity in Chatham Job Growth 135% 090%, | mo aT Population Growth 300% 200% | 210% 2 as aT 2026 Population Growth, 2026 108 Growth Uaverage 0128 Usaverage 0218 Gateway
Slide 38: IRT Markets | Orlando
IRT Markets | Orlando Community Map SS erent eae ae ‘ena 728 Market Developments ‘Disney Worle: Dsney planing $17 bilion n theme park mvestnents, Including bulling a fith park over the next wo decades, Population Growth Job Growth 08% | il | [ I | AS 226 ob Growth 2 p26 Population Grown Us avenge 01
Slide 39: IRT Markets | Memphis
IRT Markets | Memphis Population Growth Community Map Job Growth cos a2 & a $ AW, [ | 7: wees terra Mem 4 baat Oe 9. gS oom al me ier ws asm 202610» Growin 2026 Population Growth Usmerge O28 Usaerage alk Gateway Marets 06% Gateway Mattes 0.05% ‘Supply Growth"! som ores 005% z we er Rest = Major Empl
Slide 40: IRT Markets | Houston
IRT Markets | Houston Community Map Job Growth Population Growth 000% 050% sam t li 25 amas zr 2026 108 Growsh °° 726 Population Growth UsAverge 012% UsAversge 021% Gateway Markets 00536 GatewayNarkels 0.05% Supply Growtll” asm 2028 230% 2005 107% 27 Market Developments 2 BI Lily Plars‘o build $6 5
Slide 41: IRT Markets | Charlotte
IRT Markets | Charlotte Community Map Market Developments Estabishng second US. headquarters Charote wih a $50.8 millon + Scout Motors: Announced new HO in Mecilenturg County, investing $200+ riflon and ereting 7.200 jos. [y'Sesemhoacdon cba tnutacacenies Job Growth Population Growth 13% 240% ex ce
Slide 42: IRT Markets | Louisville
IRT Markets | Louisville Community Map Population Growth Job Growth ooo 00% ] 04% 040% a 005% 010% us ms 2026 Population Growth Us avenge 012% UsAversge 021% Gateway Markets 00536 GatewayNarkels 0.05% Supply Growtll” 550% com ora me maT lovee Major Employers «p> Fim) anne TOYOTA a eC market Developm
Slide 43: IRT Markets | Huntsville
IRT Markets | Huntsville Community Map Job Growth Population Growth fs) are on iad 048 ‘- ‘B. | 016% g 705, 20087 20s 20827 2026.lob Growth 2026 Population Growth Ps ek Us Avera 12% US Average 021% . 4h “4 Gateway Markets 0.05% Gateway Markets 0.05% atte ies ee Supply Growtt" 611% ose 047% mes 2028
Slide 44: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS “This pesentaon me contain or. general acepted accountng tna ("GAAP") nancial measutes. A reenclaton of hese non-GAAP nancial measures tothe mos ee” Compratie GAAP fnancl menuresic code Inthe document andr I repre led rained wh the SEC valle a
Slide 45: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Net Debt ee det, nor-GRAe tne messi, suas tal consctas dee oan premiums and cucours otal consldted debe wrt de (dls a thowsancs). We pesent net debt ance debt djs EBITOA because manaperentbleves ta seul mensre of eu eed poston ad ropes owatd r
Slide 46: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Non Same tore Properties and Non Same toe Portis Propet tit i not meet the defiant same-store propery at of he behing ef the previous yr. Same Store Propeies and Same Store Portal - We review aur samestote porto atthe beginning af each lent ye
Slide 47: Forward Looking Statements
FORWARD LOOKING STATEMENTS This rolease contains certain forward-looking statements within tho moaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securtios Exchange Act of 1934, as amended. Such forward-looking statements include, but are net limited to, our ear
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