D/b/a Centerspace · NYSE:CSR
D/b/a Centerspace — Centerspace — Merger or Acquisition (September 2026)
22 slides from D/b/a Centerspace's merger presentation, Sep 9, 2026
Slide 1: Independence Realty Trust and Centerspace: An All-Stock Merger
INDEPENDENCE REALTY TRUST AND CENTERSPACE An All-Stock Merger Creating an $8.1 Billion Multifamily REIT Focused on High-Growth, Non-Gateway Markets $8.1bn Enterprise Value 44,354 Units ~5% 2027E Core FFO Accretion Leverage Neutral
Slide 2: Forward-Looking Statements
The information contained in this presentation may contain certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but n
Slide 3: Safe Harbor
SAFE HARBOR 2 Additional factors that could cause results to differ materially from those described above can be found in CSR’s Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended June 30, 2026, each of
Slide 4: Structure & Consideration
Structure & Consideration IRT and CSR to combine in an all-stock transaction CSR shareholders to receive 3.800 IRT shares for each CSR share and holders of CSR common OP units to receive 3.800 IRT OP units for each CSR common OP unit (~67.6 million IRT shares / OP units to be issued) IRT to assume C
Slide 5: Strategic Rationale
STRATEGIC RATIONALE The Merger Adds Scale, Market Diversification, and Earnings Growth on a Leverage Neutral Basis 1 Greater Scale 44,354 units across 163 communities in 17 states and an $8.1 billion enterprise value, improving cost of capital and access to the capital markets Improved cost efficien
Slide 6: Highly Complementary Portfolios
As of June 30, 2026. Excludes IRT’s development projects Flatiron Flats and Tisdale at Lakeline Station. G&A load defined as G&A and property management expenses, net of normalized property management expenses (3% of revenue) divided by total assets, where total HIGHLY COMPLEMENTARY PORTFOLIOS Cente
Slide 7: High-Quality, Well-Balanced Portfolio
Metric Class A Class B Units 10,265 / 30% 23,633 / 70% Avg. Property Age (1) 11 Yrs. 16 Yrs. Avg. Rent / Unit (2) $1,719 $1,537 Metric Class A Class B Units 4,503 / 43% 5,953 / 57% Avg. Property Age (1) 10 Yrs. 21 Yrs. Avg. Rent / Unit (2) $1,936 $1,600 Metric Class A Class B Units 14,768 / 33% 29,5
Slide 8: Growth, Affordability, and Stability
163 Communities in 17 States (1) 44,354 Units (1) 95.2% Avg. SS Occupancy $1,628 Avg. Effective Monthly Rent Well-Located Apartment Communities in Sunbelt (58%), Midwest (27%), and Mountain West (15%) Markets that Benefit from Strong Migration and Recovery Tailwinds GROWTH, AFFORDABILITY, AND STABIL
Slide 9: Balanced Geographic Composition
PRO FORMA Sunbelt 79% Midwest 15% Mountain West 6% Minneapolis 34% Denver 20% Rochester 11% Fort Collins 10% Other (3) 25% Atlanta 11% Denver 7% Minneapolis 9% Dallas 10% Columbus 6% Tampa 5% Indy 4% Ft. Collins 4% OKC 4% Raleigh 4% Other 36% Sunbelt 58% Midwest 27% Mountain West 15% Midwest 59% Mou
Slide 10: Above-Average Population Growth
Migration to More Affordable Midwest and Mountain West Markets Has Accelerated; Pro Forma Markets are Projected to See Population Growth More Than 3x the U.S. Average ABOVE-AVERAGE POPULATION GROWTH Source: CoStar as of August 2026. Weighted average based on pro forma IRT NOI by market. 3-Year compo
Slide 11: Delivering Attractive Risk-Adjusted Returns
156 139 120 100 90 2017 2018 2019 2020 110 120 130 140 150 160 170 Pro Forma IRT Non-Gateway Gateway SS NOI Growth vs. Peers (Indexed to 100) DELIVERING ATTRACTIVE RISK-ADJUSTED RETURNS Pro Forma Portfolio Has Delivered Above-Average NOI Growth of 5.7% — with Lower Volatility Source: Company filings
Slide 12: A Constructive Supply Backdrop
4.0% 3.2% 2.9% 1.9% 1.6% 1.2% 1.3% 3.7% 7.1% 2.1% 3.3% 2.1% 1.9% 4.7% 5.3% 4.1% 3.6% 2.5% 1.9% 1.7% 1.6% '23 '24 '25 Midwest '26E Mountain West '28E '29E '27E Sunbelt 0.2% 0.2% 0.2% 0.5% 0.5% 0.3% 0.5% 0.5% 0.6% 1.0% 1.0% 1.0% 2026E U.S. Avg. 2027E 2028E Midwest Mountain West Sunbelt 2.2x 2.5x 3.9x
Slide 13: Key Markets at an Inflection Point
4% 3% 2% 1% 0% (1%) (2%) '19 '20 '27E '28E '21 '22 Denver '23 '24 '25 '26E Minneapolis '19 '20 '21 '28E Denver Absorption, Net (Units) Negative Positive (6%) (4%) (2%) 0% 2% '25 '26 '27E '28E (5%) 0% 5% 10% '26 '27E '28E Denver '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Minneapolis KEY MARKETS AT AN IN
Slide 14: Balance Sheet Strength Maintained
61% 21% 16% 2% Common Equity Secured Debt Unsecured Debt Preferred Equity Well-Laddered Pro Forma Debt Maturity Schedule (4) BALANCE SHEET STRENGTH MAINTAINED Leverage Neutral Transaction, Maintain BBB Investment Grade Rated Balance Sheet, and a Well-Laddered Maturity Profile (1) $8.1bn % of Total P
Slide 15: Proven Record of Shareholder Returns
7% (6%) (1%) (9%) 11% (2%) 3% (6%) ~400 bps Outperformance ~400 bps Outperformance ~400 bps Outperformance ~300 bps Outperformance 1-Year CAGR 3-Year CAGR 5-Year CAGR CAGR Since IPO (1) Since its IPO, IRT Has Outperformed Peers in Total Shareholder Returns Across All Periods by 300 – 400 bps PROVEN
Slide 16: A Multi-Year Runway for Value Creation
A MULTI-YEAR RUNWAY FOR VALUE CREATION Scaled Property Management Platform Coupled with a Proven Track Record of Merger Integrations will Help Unlock Significant Operating Synergies Approximately $24mm of Year 1 Synergies Value-Add Renovations ~13,200 Unit Runway ~10,000 IRT Pipeline (2) ~3,200 CSR
Slide 17: Transaction Highlights
TRANSACTION HIGHLIGHTS A Leading Multifamily REIT Positioned to Deliver Best-in-Class Risk-Adjusted Returns Over the Full Cycle Scaled Multifamily REIT with Over 44,000 Units and $8.1 Billion Enterprise Value Complementary Markets Deliver Above-Average NOI Growth, with Lower Volatility Accretive to
Slide 18: Appendix
APPENDIX Dylan at RiNo North Denver, CO
Slide 19: Denver Front Range, CO
Net Delivered Units Trailing 12 Mo as a % of Inventory (1) Total Inventory Units 426,453 % of Inventory Under Construction 3.0% TTM Net Deliveries as a % of Inventory 3.0% Market Occupancy (Total / Stabilized) 89.6% (+107bps YoY) / 91.6% Unemployment Rate 3.9% Major Employers: Source: BLS, CoStar as
Slide 20: Minneapolis, MN
Major Employers: Total Inventory Units 288,778 % of Inventory Under Construction 1.4% TTM Net Deliveries as a % of Inventory 1.5% Market Occupancy (Total / Stabilized) 94.0% (+59bps YoY) / 94.8% Unemployment Rate 4.4% Minneapolis's Population, Employment and Income Growth Coupled with Steady New Sup
Slide 21: Definitions: Average Effective Rent, Occupancy, EBITDA
Average Effective Monthly Rent per Unit Average effective rent per unit represents the average of net rent amounts, after concessions amortized over the life of the lease, divided by the Average Occupancy for the period presented. We believe average effective rent is a helpful measurement in evaluat
Slide 22: Net Operating Income Definition
Net Operating Income (“NOI”) We believe that NOI, a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gai