Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (June 2025)
43 slides from Independence Realty Trust's investor presentation, Jun 2, 2025
Slide 1: Investor Presentation June 2025
ah ae INVESTOR PRESENTATION = June 2025 Cee OEE REALTY TRUST
Slide 2: Table of Contents
Table of Contents Investment Highlights 2 Portfolio Overview 3 Recent Updates 4-5 Drivers of Growth 6-17 Overview Sector-Leading NOI Growth ‘Add Renovations ns Demand Outpacing Supply Housing Affordability Factor IRT’s Value Proposition for Renters Class B Apartment Demand Inelasticity Strong, Flexi
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS Our Simple Business Model of Operating and Renovating Predominantly Class-B Apartment Communities in High-Growth Markets, where Demand Outpaces Supply, Positions IRT to Continue Delivering Sector-Leading Total Returns Class-B Focused Portf. Strong, Flexible Balance Sheet S&P 40
Slide 4: Portfolio Overview
Portfolio Overview IN OH “ , os v co Ne Box wre 75 SC oi @ ax AL GA ; (© re opeates commits o @ FL commas n Lense wp Qi 2025 RESULTS + Core FFO per share of $0.27 * Increased scale in Indianapolis with * Leverage on-track to achieve mid- $59.5 million acquisition (280 units) 5x net debt/EBITDA in Q4
Slide 5: Recent Updates
RECENT UPDATES Recent Operating Trends Demand and Occupancy Effective Same-Store Rental Rate Trade Outs Operating Expenses Prospective resident leads and tours remain strong, indicating sustained demand with quarter-to-date lead volume up 9% and tour volume up 30% ‘compared to last year. ‘Same-store
Slide 6: Recent Updates: Operating Metrics Update
RECENT UPDATES Operating Metrics Update Highlights of our QI 2025 full quarter results included in the charts below: SS 58% 9% 957% sem 95.4% 955% 955% 54% o4o% 124 22 24 A424 A125 24 224 RZ O428 15 124 a2 324 424 ans Occupancy o% o% ay i % 4% i 3% 2% 2% 0% rt 0% - i] | * 49% 4% 3.4% 30% ae o% AT 48
Slide 7: Drivers of Growth: Overview
DRIVERS OF GROWTH: Overview Generating Durable Cash Flow Growth throughout the Economic Cycle Disciplined Capital Allocation Creating value through accretive acquisitions and periodic capital recycling Compelling Supply-Demand Dynamics Waning supply growth and continued strong demand position IRT to
Slide 8: Drivers of Growth: Sector-Leading NOI Growth
DRIVERS OF GROWTH: Sector-Leading NOI Growth Our concentrations of properties in high-growth, high-demand markets, combined with our operational expertise and Value-Add renovations, fuel our sector-leading same-store NOI growth 28S Same Stare NOL Sri spe of Sines) IRT's significant outperformance 23
Slide 9: Drivers of Growth: Accretive Value-Add Renovations
DRIVERS OF GROWTH: Accretive Value-Add Renovations Every $1 Invested Boosts Asset Value by 3x * Value-Add renovations on ~9,700 units to-date have generated a 16.6% return on investment, powering a ~20% lift in annual NOI growth * Future pipeline of ~13,000 Value Add units represents $39-$41 million
Slide 10: Value-Add Case Study: Avalon Oaks, Columbus OH
DRIVERS OF GROWTH: Accretive Value-Add Renovations Value-Add Case Study: Avalon Oaks, Columbus OH (ur Value-Add Renovations achieve outsized value creation: fter zr + Acquired in Feb 2018 for $23.0mm, this 235-unit, 97% occupied community expanded our Columbus footprint in a high-demand submarket wi
Slide 11: Drivers of Growth: Accretive Acquisitions
DRIVERS OF GROWTH: Accretive Acq Acquisitions are Accretive to CFFO per Share on Day 1; Greater Scale Supports Operating Efficiencies Long-Term + Since Q4 2025, we have acquired three communities totaling $217 million and 900 apartment homes + Our remaining -$156 million of forward equity proceeds c
Slide 12: Drivers of Growth: Pending Acquisitions
DRIVERS OF GROWTH: Accretive Acquisitions Pending Acqu jons We are under contract to acquire two communities for $155 million Combined economic cap rate of 5.8%" Immediate operating synergies and scale in both Orlando and Colorado Springs Pending \s Acquis Acquisition date June/July 2025 July 2025 U
Slide 13: Drivers of Growth: Demand Outpacing Supply
DRIVERS OF GROWTH: Demand Outpacing Supply Population Growth Outstrips Apartment Deliveries in IRT Markets, Supporting Long-Term Pricing Power * New completions peaked in 2024 and are forecasted to be dramatically lower in 2025-2027 * Population growth in IRT markets outpaced supply growth by 4.9x d
Slide 14: Drivers of Growth: Demand Outpacing Supply
DRIVERS OF GROWTH: Demand Outpacing Supply * As population growth increases and supply growth slows in IRT's markets, we expect the supply-demand ratio to strengthen throughout our portfolio * Among IRT's top 10 markets, Oklahoma City, Atlanta, Tampa, Indianapolis, and Dallas-Ft. Worth are expected
Slide 15: Drivers of Growth: Housing Affordability Factor
DRIVERS OF GROWTH: Housing 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 IRT’s top 10 markets,” the average premium to buy and own a home is 90% higher than IRT’s monthl
Slide 16: Drivers of Growth: IRT's Value Proposition for Renters
DRIVERS OF GROWTH: IRT’s Value Proposition for Renters IRT’s Average Rent is a Compelling Value that Supports Demand * Onaverage, IRT’s rent was ~$615 per month, or 36% lower than new construction suburban rents” * Additionally, IRT's Class Bcommunities do not compete directly with new Class A devel
Slide 17: Drivers of Growth: Class B Apartment Demand Inelasticity
DRIVERS OF GROWTH: Class B Apartment Demand Inelasticity Defensive Middle-Market Communities are Posi throughout the Economic Cycle joned to Perform Class B Positioning: + Most opportunity to consistently increase rents + Less exposure tohomeownership + Less likely tobe impacted from new constructio
Slide 18: Drivers of Growth: Strong, Flexible Balance Sheet
DRIVERS OF GROWTH: Strong, Flexible Balance Sheet Ample Liquidity to Fund Growth Rating Outlook. BBB Stable BBB Stable Conservatively Leveraged Well Laddered Debt Maturities _—— Sin miions asx 08 C] = |_ 2023 nza2e onzose ca) 270 a (ye sock nc 3 Retin ou Maton 31, 2005, tt ratty shecle ares Pevoence
Slide 19: Why IRT | Why Now
WHY IRT | WHY NOW IRT’s Differentiated Strategic Approach to the Apartment Sector Has and Will Continue to Produce Strong Shareholder Returns Year Total Returns CFFO TT 75% Ss ae 118 Mutiamiy dex = OM TT 277% Muttomiy Index SS. 1008 RMS lon 74% ‘Soxrc: Blomberg data asc he tine periods ees 8202005 {
Slide 20: Why IRT | Why Now: IRT's Formula for Outsized Returns
WHY IRT | WHY NOW IRT’s Formula for Outsized Returns Our approach to operating, renovating, and investing in apartment communities in high-growth, non-gateway markets, where demand for housing outstrips supply growth, positions us to continue delivering outsized returns for investors Value-Add Progr
Slide 21: Appendices
Appendices
Slide 22: IRT's portfolio is focused on the Sunbelt, Midwest and Mountain West
Our Markets IRT’s portfolio of 113 multifamily communities is focused on the Sunbelt, Midwest and Mountain West regions Geographic Dist h-growth market: uti TOP 10 MARKETS Market Units Unit NOH ‘sian 5180 Be alles ‘4007 mM Columbus 2510 mo Tome wa Om Demver® wwe mk. Indianapolis 2259 hm 6% ‘Okichema
Slide 23: Atlanta
Our Markets | Atlanta ‘Community Map Job Growth Population Growth -_ erage cs 0.95% 1.13% : 3 osm eS = Ss a se 2025 Poputeton Growth Bos oe one Eaiiees (oH Supply Growth ae a0 te a es) Seer Co) aoun @, Atlanta represents 1.7% of IT's NOL (Amoerorocnce
Slide 24: Dallas
Our Markets | Dallas ‘Community Map Source: Costar Qt 2005 Job Growth Population Growth 140% 12% sary 19956 | l | il mms 8 mes m8 2025 Job Growth 2025 Population Growth UsAveroge om US Average 058% Gateway Markets 0.55% Gateway Morkets 074% Supply Growth 430% Major Employers Sater AmericanAirlines “
Slide 25: Columbus
Our Markets | Columbus ‘Community Map Job Growth Population Growth 009% 130% Sis 1.13% | I 059% 60% I mm 5H 24 ste 2025]ob Growth 2025 Population Growth Us Avroos om UsAveroge O58 GetewayMorken 055% Gateway Markets 074% Supply Growth 206% 146% 2024 2008 0.60% 2028 sabe Major Employers =o (auinateath
Slide 26: Tampa
Our Markets | Tampa Community Map Job Growth Population Growth 1 152% ] ( arm 2028 74 225208 2025 Population Growth UsAveroge ses Gateway Markets 074% Supply Growth eae Major Employers RAYMOND bnsosncs BY JABIL RAYMOND ars Tampa represents 6.7% of RT's NOI Source: Costar 01 2025
Slide 27: Denver
Our Markets | Denver Job Growth Population Growth ete) 0.98% 1.00% one root us moms 202500 Growin 2025 Population Growin Usmveooe 0 Usage Oa rewey Markets 055% eveyone 074% ‘Supply Growth 148% sim 270% meas a8 soaiies Major Employers = 2 CenturyLink teokael =3 CenturyLin Denver epresenis57% of RTSNO
Slide 28: Indianapolis
Our Markets | Indianapo ‘Community Map Job Growth Population Growth 220% 1.18% a74% 079% — o73% | I wm CB wa mS Usaverooe om UsAveroge (050% Goteway Markets 059% Gotewoy Markets 074% Supply Growth 282% 204 0252008 Major Employers Anthem C@us Geetet0n FF s.vina (Aneeevomnee Indianapolis represents 6.
Slide 29: Oklahoma City
Our Markets | Oklahoma City ‘Community Map. Job Growth Population Growth a= 1.06% thas 072% om in mou ase me sae O78 Ueheoee Ose Getonoyurtes 055 Goewoy ats 0748 Supply Growth sen en oro moms LOBBY Major Employers errs [I paycom aEALT ‘Oklanome City represe Ys 5.4% of RT's NOL A wocrevot
Slide 30: Nashville
Our Markets | Nashville Community Map Job Growth Population Growth 4 LE 1.06% | sie I 090% 7024 205208 Job 2025 Population Growth usAveroge ons UusAveroge 050% GotewayMorkets 0.55% Gotewoy Markets 074% Supply Growth Major Employers NISSAN GROUP s$@Q vanoresner V univensity eure: Costar 01 2025 Nashw
Slide 31: Raleigh-Durham
Our Markets | Raleigh-Durham Community Map ae ' oa BEER ee Qo“ ey a soue: Coiar ot 205 Job Growth Population Growth 20% 20% 201% if [ I not nas 2008 me 2s Usage O78 USaveoge 5h Gotenay Markets 055% Gateway Morets 074% Supply Growth enw 2om 211% amt 28 Major Employers jor Empey atftatlis cisco DLNGRE
Slide 32: Memphis
Our Markets | Memphis ‘Community Map ‘Nonhaven Job Growth Population Growth 051% oi 037% a7 0.01% I ate as Ls wu 7s 08 wee 2s 228 Usaveroge 6 Usaveroge 058% Gateway Morets 053% Gotewoy Markets 074% ‘Supply Growth 2% 1.50% i 041% = a5 Methodiat Memphis represents 3.8% of RT's NOI (A moceevocnce
Slide 33: Houston
Our Markets | Houston ‘Community Map. Job Growth Population Growth 28% 140% I | i 28 a ae) 2025 Population Growth UsAveroge Osh Goteway Markets 0748 Supply Growth 159% ore =] mas Metholist . deur MAA px Walmart Houston represents 3.3% of RT'S NOL
Slide 34: Louisville
Our Markets | Louisville Community Map 71% 0.62% os l I | 224 2005 2008 Population Growth 1.06% 2025|ob Growth 2025 Population Growth Us Average om UsAverage 056% Gateway Markets 055% Gateway Markets 074% Supply Growth 100% 000% 000% mo mm 8 Major Employers sca : eores CH Humana. TOYOTA = G EP Kinks
Slide 35: Charlotte
Our Markets | Charlotte ‘Community Map Job Growth Population Growth 220% 215% _ | ry | | UsAveroge one sAverage Gateway Morkets 0.55% Gateway Markets 074% Supply Growth 16.89% od 503% Major Employers American Airlines “¢, TRUIST EB — 3 fis} | Cchortotte represents 35% of RTs NO! arses
Slide 36: Huntsville
Our Markets | Huntsville ‘Community Map Job Growth Population Growth tom 220% 110% ft | | mm ma SS 2025]ob Growth 2025 Population Growth Us Avroos 7m UsAveroge O58 Goteney Maite 05% Gateway Markets 074% Supply Growth 136% Aptrari Berens SRR SRR Huntsville represents 3.0% of RT'S NOI
Slide 37: Orlando
Our Markets | Orlando Community Map ee Job Growth Population Growth pad 1.26% on 0% ii 120% um mS ey) 2025|ob Growth 2025 Population Growth Us Average om UsAveroge 056% Gateway Markets 055% Gateway Markets 074% Supply Growth 52% il 201% 2008 Major Employer: at Adventist Pei Cee Dieep in CAimoererosn
Slide 38: Favorable Resident Demographics
Our Markets: Favorable Resident Demographics Recent residents in IRT’s top 10 markets ore in their mid-30s and make an average annual income of -$83,000, resulting in a ~21% rent to income", “Top 5 Employment Sectors” | en e008 ss @ oOo 8 2 oot see 2 2 @.B a 5 Derwer.co seo » S&S 2 Bb @ 4 cots OM te
Slide 39: Our Markets: IRT Resident Demographics at a Glance
OUR MARKETS IRT Resident Demographics at a Glance" Young, growing resident population benefiting from amenity-rich communities without overextending on rent 48% 52% Gender h Breakdown : Male Female 80% e Marital om 4 Status ky Single Married Residents make up a diverse job pool (1). Attesidont demog
Slide 40: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS us. pak CCAP) tan to rmemos dec a ovble at RTs web Underivesor Relations IRTs ater SEC logs creates vale rough tha webete ‘Average tect Monthy Rent pr Unit ‘Average eflecve en per uni epresentetheaveroye of pot rent amounts, died see vr rent g
Slide 41: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Interest Coverage a eis computed by cvcing Adste EBITDA oy interest experce Net Deb, a non GAAP nancial mecaure, Joon pronsesey Consoldeted deb tot debt (Dare nthoweora). We present net deb ond net dbo Adjust BTA because mangement belavest so
Slide 42: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Rocondation of Same Store Net Operating Income to Net Income ss) ‘econeition of same-store net operating Income tenet ncome (oss) Sane eet oprag nae Non same soe et cpr name Pre Mepe STAR Partoio NOW (ber came exper) et Property management exc
Slide 43: Forward Looking Statements
FORWARD LOOKING STATEMENTS ‘This presentation contains certain 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. Such forward-looking statements include, but are not limited to,
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