Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (June 2026)
43 slides from Independence Realty Trust's investor presentation, Jun 1, 2026
Slide 1: Investor Presentation June 2026
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT Drivers of Performance Track Record of Outperformance Appendices
Slide 3: Why IRT
WHY IRT Highly Differentiated Strategy in Desirable Marl + Weighted to high growth Sunbelt & Midwest markets [Net positive migration driven by better employment and quality of fe opportunitios, genarating steady demand for housing Job growth in RT markets forecasted to inerense to 35x the national a
Slide 4: Recent Operational Updates
RECENT OPERATIONAL UPDATES
Slide 5: Recent Operational Updates
RECENT OPERATIONAL UPDATES : | Sy es ‘Nore oe | a ee 52% 508 a 235 0335 Gis ares Gis G25 325 Ga2s tm gt rr rey So ee | om 0m oR oTm aN a = -_< Ho oO€f ne 3 3% ym ae 55 ies are 40% i Qs G22 325 Ga25 GI G25 Gaz 325 Gaz GN @i25G225 325 Gas Qa Q22026 Updates: ‘Occupancy stable at -95% + Current Effectiv
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-B Communities in Desirable Sun Belt & Midwest Markets e Improving Market Fundamentals Historically Low Supply & Solid Demand Accretive & Disciplined Capital Allocation Prioritizes Value
Slide 8: Differentiated Portfolio
@ DIFFERENTIATED PORTFOLIO Class B Apartment Communities in Sunbelt & Midwest Growth Markets IRT’s Strong Presence jateway Markets Class B communities in attractive markets represent compelling value to renters with a durable demand profile Residents migrate to IRT markets for employment and quality
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 ee e Class 8 Positioning: + Most opportunity to consistently inerease rents + Less exposure to homeownership + Less likely
Slide 10: IRT Communities are a Compelling Value for Middle Market Renters
@ DIFFERENTIATED PORTFOLIO IRT Communities are a Compelling Value for Middle Market Renters Renting at an IRT Community is Significantly Cheaper than Home Ownership“... $5,000 09% Sém00' ‘om 2 home $3000 = 52.000 ‘orta-GA Colas Dale FoeDenver-CO Indananofs- Menghis- Nashle- Okaroma | Raligh_ Tamoa-
Slide 11: Market Fundamentals - Employment Growth
@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 Ea) 20 2028 2008 2028 2008 oer 2028 —irtwav ‘Sunbelt. ——Mia-Wast_ ——Graater Dervar ~~~ Gateway Aug ~~ —Un
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 w
Slide 13: 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 3.0% prior to 2024) * Construction starts have trended below the 11,000 unit trailing 10-year average ®) for several years, wh
Slide 14: 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 15: Resilient Resident Base
@ORESILIENT RESIDENT BASE IRT resiclents average 36 years of age, earn an average annual income of ~$80,000, and are primarily employed in essential services with low risk of automation” Top’ Employment Sectors 1 asome cA sazssa ® ok os 1% smo a 6 Denver.60 sean 8 om b $Cohenbus on sisir om cro sows
Slide 16: Disciplined Capital Allocation: Value-Add Renovations
@ DISCIPLINED CAPITAL ALLOCATION Prioritize Value-Add Renovations Yielding ~16.1% ROI Investment * Since 2018, IRT's Value-Add program has generated average yield on investment of -16.19%", enhancing NOI growth rate by ~20% + Value-add pipeline fully funded from excess free cash flow with no increme
Slide 17: Value-Add Case Study: The Pointe at Vista Ridge, Dallas TX
@ DISCIPLINED CAPITAL ALLOCATION Value-Add Case Study: The Pointe at Vista Ridge, Dallas TX Our Value-Add achieve outsized value *+ Post renovation asset value of $78.0 million, representing an increase of «41% [rom acquisition fi | = + Incremental value creation of $128 milion, after renovation inv
Slide 18: Capital Recycling Upgrades Portfolio Quality
@ DISCIPLINED CAPITAL ALLOCATION Capital Recycling Upgrades Portfolio Quality and Market Concentration + Recycle capital from older vintage communities with less predictable capital expenditure profiles and/or out of locations where we lack scale * Deploy proceeds into newer communities to build sca
Slide 19: Accretive Stock Issuance and Repurchases
© DISCIPLINED CAPITAL ALLOCATION Accretive Stock Issuance and Repurchases + Opportunistically raise equity when trading above NAV and repurchase shares on a leverage neutral basis when the stock is trading at a significant, prolonged discount to NAV IRT’s Premium (Discount) to Net Asset Value) $30.0
Slide 20: Investment Grade Rated Balance Sheet
@ DISCIPLINED CAPITAL ALLOCATION Investment Grade Rated Balance Sheet ° Fitch Ratings BEB Stable S&P Global Ratings BEB Stable Conservatively Leveraged Well Laddered Debt Maturities {ie mllom) $980 | I a6 [| Qe 2025 Gero 42005 4 202608 yo = 00282022050 —_—heeafter, 1 adurtedor the arandad ars restat
Slide 21: Leading CFFO per share Growth and Total Shareholder Returns
TRACK RECORD OF OUTPERFORMANCE Leading CFFO per share Growth and Total Shareholder Returns + IRT's Differentiated Portfolio of Class-B Apartment Communities in Desirable Markets and Operational Excellence have Genereted Superior CFFO per share Growth and Total Returns CFFO per Share Growth Cumulativ
Slide 22: Appendices
Ly 14 Appendices
Slide 23: 2026 Guidance
2026 GUIDANCE Improving Supply and Steady Demand Underpin Expectations FY 2026 Guidance Assumptions“ CFFO per share sm2-$16 Corporate Expenses: Same-Store Portfolio tiv asserts / ss nts G&A plus property management $95- $57 Property revenue growth 10% - 2.4% Interest expense, excluding loan premium
Slide 24: MSA Employment Growth Drivers - IRT Markets
MSA Employment Growth Drivers - IRT Markets BLS CES 2024- Dallas-Fort Worth Raleigh-Durham Nashville Denver Atlanta amps Ingianapoi Columbus, Oklahoma City YOY% /Jobs 3¥r Fest costar Primary Driver | Secondary Driver a Tech Manvfacring vaam Fours ser tilimarean os wis UfeScerces@Gietech _Tochcogy 11
Slide 25: IRT Markets | Atlanta, GA
IRT MARKETS | ATLANTA, GA % Job Growth % Population Growth” tia 2025 2026 ier market Ay, =! H im 200% Major Employers A DELTA @ Geta wae fips} EMORY Giscgen hee OS IRT Market Developments: 5 + Mercedes-Benz: Invosting $34 milion in R&D hub to Alanis Ma USAW ‘complement and expand its 1MB HQ in Sandy
Slide 26: IRT Markets | Dallas, TX
IRT MARKETS | DALLAS, TX % Job Growth % Population Growth” % Apartment Deliveries Dallas IRT Portfolio '° | Total Units © 939,203 Properties: 14 | Units: 4,007 | tio wae Oy | enorme (Cocupancy: 95.6% Pattolio NOI Share: 13.39% (1) Souces: Costar 01 2026 data release; Green Steet data as of Apr 2028
Slide 27: IRT Markets | Columbus, OH
IRT MARKETS | COLUMBUS, OH % Job Growth % Population Growth” i: 2-: a 2026 2026 ier market % Apartment Deliveries © g—a 7 149% on = 140% fron] |_| |_| = _ Major Employers: ff once ee inte) Cardinateath ‘Tue Onto Stare Ce JPMorganchaseQ =” IRT Market Developments: Py + Anduril: Announced plans to inv
Slide 28: IRT Markets | Tampa, FL
IRT MARKETS | TAMPA, FL % Job Growth Maior Employer: 2024 2026 2028 2027 bnancssenea © BABIL PAMOND quae, IRT Market Developments: + Water Street Tampa: Plans continue for the $3 billion mixed perme: Market Uist) | se development on Water Street with residential, retail, and Total Units © 248,823, P
Slide 29: IRT Markets | Indianapolis, IN
IRT MARKETS | INDIANAPOLIS, IN ie 9 v ¥ ‘% Population Growth”) ro) fom Ne Lae 8 e af « iN: a Sees \ ieee OS : Tee eye 2 Re ke dis oo Bore p ret 2025 2026 i= ino, HIRT Market ae 4A teow, spect — ise feng rae ean) a em ely Major Employers: fajor Employers: a Anthem cain Geetsaon <fie> IRT Market Devel
Slide 30: IRT Markets | Denver, CO
IRT MARKETS | DENVER, CO i % Job Growth % Population Growth” 8 8 8 mae oe, e beta) Ea al oes AG Ps ‘Aileatipark Cae | eo 1 aoe ‘ig ® s ee souls a fe Qe eae fiero ‘i we ee | / SS q cf cS a ee 7 abe Spergs es ° @ q 620% = Obi se sey 9 Tadad XO ones P| = A MajorEmployers: Becca Poll aye 2024 2028 2028
Slide 31: IRT Markets | Oklahoma City, OK
IRT MARKETS | OKLAHOMA CITY, OK arcoda—_@— ciate %JobGrowth® — % Population Growth Piedmont mi 19 al 5 he ae 2 | o [ er, 7) Jones J @nerorstife —_ f \ {sens at} imi et or heen! re Oklaho a.City if 2026 2026 al Gy, w~ o_ rr vest a Valgy 100k _ \ @ % Apartment Deliveries ¥ re i Me] 5 — + Som « SS Majo
Slide 32: IRT Markets | Nashville, TN
IRT MARKETS | NASHVILLE; TN % Population Growth” » ec, f | Thee. s (a eR See ms tees aeey eVigne 4s Major Employers: vanornattr Y university NISSAN GROUP Saint Thomas ornorriaucrica Health @c = =S Do IRT Market Developments: ry + Oracle: Advancing plans for $4.5 billion East Bank campus, [See BORON:
Slide 33: IRT Markets | Raleigh-Durham, NC
IRM MARKETS I RALEIGH- DURHAM, NC % Job Growth % Population Growth” 2025 ier market Cain ae | 008 10 1208 =— Major Employers: lvl’ Lenovo @ 2024 2028 2028 2027 citrix DENS Bowie Fidei RT Market Developments: Durham Market IRT Patio ® ‘nha Total Units “: 205,665 | Properties: 6 | Units: 1,690 Slabliz
Slide 34: IRT Markets | Orlando, FL
IRT MARKETS | ORLANDO, FL ‘Sith Apopka terest ——_anamonte y , i s ‘si of %JobGrowth® % Population Growth” Pine Hale hf a | ©} Olando-~w“4"4" } 2026 2026 ier market PSaaort| i i Z . 38 etAdventist AdventHealth IRT Market Developments: a - oe + Disney World: Disney is planning $17 billion in theme par
Slide 35: IRT Markets | Memphis, TN
IRT MARKETS | MEMPHIS, TN arreoaie i] i Oaklawn oe % Job Growth” % Population Growth" \ Northaven 7 aw i Marion 2026 2026 ier market % Apartment Deliveries Southaven FedEx. pists ee daw iS} ES IRT Market Developments: Meisohte Manta eT + FedEx: Plans to upgrade its Memphis World Hub witha 5-story, 1
Slide 36: IRT Markets | Charlotte, NC
IRT MARKETS | CHARLOTTE, NC eh % Job Growth % Population Growth” 3.9 t ee chy Re w ets Is ve @ 40K a 2028 2028 S e ier market he re vine ape [oof a | id sm a = = Major Employers: 5.4 ofAmerica 2 & re 2024 2026 2026 2027 smerican ENERGY. ARS @ attumcatn @ aR Lowe's | IRT Market Developments: = + SMBC
Slide 37: IRT Markets | Houston, TX
IRT MARKETS | HOUSTON, TX SJ &\ : ee % Job Growth % Populal t if RL al cre Je Ytage » we feat yer = AMY yo ped Ber | ou Vitel Houston | —— ab ay te EE 20052028 Masontend —} / q “Blea IRT Market she c ‘eer o ode Houston OC = Major Employers: “ExenMobil ‘Methalist 2024 2026 2026 in Growth) a MbAngerso
Slide 38: IRT Markets | Huntsville, AL
IRT MARKETS | HUNTSVILLE, AL oe 5 0/ % Job Growth % Population Growth” Major Employer: 2024 2026 2026 2027 aby! IRT Market Developments: Huntsville Market IRT Portfolio ® = ret rae day nace aaiet ats Total Units ©: 50,420 Properties: | Units: 1,051 Slabiized Market Oocupancy 87 8% (Cocupancy: 95.6%
Slide 39: IRT Markets | Louisville, KY
IRT MARKETS | LOUISVILLE, KY Frye ene 4 % Job Growth % Population Growth” 2026 2026 ier market Fo; = 2024 2028 2028 2027 TOVOTA ED Kindred 7 IRT Market Developments: Louisvile Market IRT Portfolio ® "fame Tower info 1.000 key convention contr Peta wth Total Units : 98,808 Properties: 3 | Units: 794
Slide 40: Definitions & Non-GAAP Financial Measure Reconciliations
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Slide 41: Definitions & Non-GAAP Financial Measure Reconciliations
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Slide 42: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS —Propentiestnat no mee re of mebegining ot ‘Some Store Properties ond Some Store Poroio -Weresew ou some sere porto a a Properiesore some ‘ondrate developmen! properly the begining a he prev yeor Poperies ator heisor ole ot have cen eka exchal
Slide 43: Forward Looking Statements
FORWARD LOOKING STATEMENTS {Ti nse costae soa ferenainaht a srmnts Nain the anrng of Seis 274 of Se Soo foto Sime anand Socten 21E of the Securities Act of 1934, as amended. Such include, but are not limited to, our earnings guidance, and the aseumetions underying such guidance, ou expectations wah
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