Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (May 2025)
41 slides from Independence Realty Trust's investor presentation, May 5, 2025
Slide 1: Investor Presentation May 2025
| INVESTOR PRESENTATION May 2025 (B INDEPENDENCE ( A REALTY TRUST Ko
Slide 2: Table of Contents
Table of Contents About IRT 2 Investment Highlights 3 Recent Updates * Operating Metrics 4 Drivers of Growth + Overview 5 + Internal Growth 6 © Track Record of Performance © Value Adé Progr © Market Fundam * Disciplined Capital Allocation 12 + Flexible Balance Sheet “4 + Strong Corporate Governance
Slide 3: About IRT
ABOUT IRT Q12025 RESULTS and UPDATES 2025 GUIDANCE AFFIRMED Core FFO per shore of $0.27 + Increased scale in Indianapolis wi + Core FFO per share of S175 ot the milion acquisition 280 units) Gene ED Some Store Portfolio Rests: ‘Under contract to acquire communitiesin + Same'Store NOI growth of2.05%
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Generating attractive risk-adjusted returns by investing in well-located multifamily apartment communities in desirable, high-growth markets Well-Located Portfolio Strong, Flexible Balance Sheet
Slide 5: Recent Updates: Operating Metrics Update
RECENT UPDATES Operating Metrics Update Highlights of our current QI 2025 full quarter results included in the charts below: 958% 959% 57% oS6% 955% 055% 5 94.9% ee 9.4% 95.4% 228 326 42s 125 12 224 Add Same-Store Total®? 6 E ee 6 49% x aa 7B ” so ” 5 m ~ 10% Fa | i | oom non 008 oe 2 mt % * = i : *
Slide 6: Overview
Overview Improving apartment fundamentals are expected to drive strong rent and CFFO growth, continued success in Value Add renovations, and the opportunity to increase scale using our liquidity and flexible balance sheet Disciplined Capital Allocation Creating value with Accretive Acquisitions ‘and
Slide 7: Drivers of Growth: Track Record of Performance
DRIVERS OF GROWTH Internal Growth - IRT’s Track Record of Performance Our concentrations of properties in high-demand markets, operational rigor, and Value Add renovations have fueled our sector-leading same-store NOI growth ‘Same-Store NOI Growth‘) Midpoint of Guidance for 2025 Same-Store NOI Growt
Slide 8: Internal Growth - Value Add Program
DRIVERS OF GROWTH Internal Growth - Value Add Program Value Add Program Boosts Same-Store NOI by 20%, on Average * Value Add renovations have generated a 16.6% return on investment across 9,717 units completed to-date. + $27 million” of 101 from completed 1d. ~20% lift * Our future pipeline of -13,0
Slide 9: Value Add Case Study: Avalon Oaks, Columbus OH
DRIVERS OF GROWTH Value Add Case Study: Avalon Oaks, Columbus OH + Acquired in Feb 2018 for $23.0mm, this 235-unit, 97% occupied ce high-demand ass A + Added to our Value-Add Program in February 2020, renovation ‘upgrades included: kitchen and amenity enhancements, in-unit W/Ds, and coffer upside th
Slide 10: Internal Growth - Market Fundamentals
DRIVERS OF GROWTH Internal Growth - Market Fundamentals Improving market fundamentals to support higher rent growth, stable occupancy . i ked in 2024 and are forecasted . in RT compares favorably 10 the national average ratio’ of 29x + Going forward, pop markets is forecasted New Supply Expected to
Slide 11: Internal Growth - Market Fundamentals
DRIVERS OF GROWTH Internal Growth - Market Fundamentals oA i hit 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 to see the strongest in
Slide 12: Rent vs. Buy Differential Will Support Rental Demand
DRIVERS OF GROWTH Internal Growth - Market Fundamentals Rent vs. Buy Differential Will Support Rental Demand + Monthly Ci rents Place Rents ge, ip i 36% 196% higher than IRT’s Rent sexo — aca ‘4.000 | moreto | towna | ss00 1 home I yom tot H H soso H H H H s2m0 i H H H : sie i shone f i 500 uy H & 1
Slide 13: Disciplined Capital Allocation
DRIVERS OF GROWTH Disciplined Capital Allocati Accretive acquisitions to increase scale and operating efficiency + Since raising $268 million of equity in 2024, we have acquired three communities totaling $217 million ‘ent Property Acq ns We intend to use the remaining -$156 million of proceeds to f
Slide 14: Disciplined Capital Allocation - Capital Recycling
DRIVERS OF GROWTH Disciplined Capital Allocation - Capital Recycling Sold Tapestry Park, July 2024 Acquired Gateway at Pinellas, August 2024 + 354-unit property in Birmingham, Alabama + 288-unit community in Tampa, Florida + Gross sale price was $70.8 milion + Gross sale price was $82.0 million + Ec
Slide 15: Flexible Balance Sheet
DRIVERS OF GROWTH Flexible Balance Sheet Simple capital structure & -$750 {$162 milion of available forward equity to fund growth” * Common Equty = Secured Debt ‘Agency Rating Outlook Unsere Dat Fitch Ratings 988 Stable $7.3B uaa 9 SEP GlobalRatings 888 Stable 13% Conservatively Leveraged i wi Ol ea
Slide 16: Strong Corporate Governance Aligned with Shareholder Interests
DRIVERS OF GROWTH Strong Corporate Governance Aligned with Shareholder Interests Majority independent directors * GreenStreet Corporate Governance Opted-out of MUTA(in 2024 - no rating of 75 (vs. 64 average) classification of Board without Executive Compensation driven by sharaholderapproval Objecti
Slide 17: Track Record of Performance
WHY IRT | WHY NOW Track Record of Performance IRT's differentiated strategic app! h to the multi-f strong returns and core FFO growth Fr Juced y sector has p 1-Year Total Returns”) , TT 27%, Mutfamdy Index = 11% AMS Su 19% 5-Year Total Returns TT 125% RMS SS 51% Muttamiy index SS 42% 10-Year Total R
Slide 18: IRT's Formula for Outsized Returns
WHY IRT | WHY NOW IRT’s Formula for Outsized Returns We have a proven track record of outperformance and, going forward, have the fundamentals and opportunities in place to generate outsized returns for investors rack Recor; jest in Class ortunities jutsize Track Record Best in Cl Opport Outsized of
Slide 19: Appendices
Appendices
Slide 20: 2025 Guidance
RECENT UPDATES 2025 Guidance IRT's 2025 guidance reflects strong improvement in fundamentals, setting up for higher growth in NOI and Core FFO per share in 2026 FY 2025 Guidance Highlights” CFFO per share 16-19 il ido Same-Store Portfolio: ‘Avg, occupancy contribution 05% Property revenue growth 21%
Slide 21: Portfolio focused on high-growth markets in Sunbelt, Midwest and Mountain West
Our Markets IRT’s portfolio of 173 multifamily communities is focused on high-growth markets in the Sunbelt, Midwest and Mountain West regions Geographic Distribution TOP 10 MARKE! Morket uns Sunt Nor Alona 5180 Datos 4007 ek Coumbus 2510 m 7% Tompe 91 mm Oemer® ura mS ielonepals 2259 m8 Ooneme cay
Slide 22: Atlanta
Our Markets | Atlanta ‘Community Map Job Growth Population Growth 122% 120% 19% 120% [ | I i | I ma ms m0 2025}0b Growin 201 Fopton Grown Usaverage tex UusAverage GotewayMakels 100% GotenayMartels 075% sly Growth ceoy SUPPly Growtl 1.00% 086% | xa mms Atlanta represents 43% of RT's NO!
Slide 23: Dallas
Our Markets | Dallas ‘Community Map Job Growth Population Growth 134% min 225208 mms 2008 202500 Grown 2025 Population Growth Usaveroge tex Usaveroge GotewayMakels 100% GotenayMartels 075% Supply Growth ame 220% 09% mas 2008 Major Employers orScott White Sarer Pinions ‘American Airlines“, Rees Dalla
Slide 24: Columbus
Our Markets | Columbus ‘Community Map aoe Job Growth Population Growth 109% 090% oor oan | | 2025 ob Growth 2025 Population Growth, UsAverage 108% usaveroge ose, GotewoyMorkets 075% Supply Growth 14 es | | | aS = Major Employers —— (intel) Caan [) _ im JPMorganchaseQ "iS Columbus represents 72% of R
Slide 25: Tampa
Our Markets | Tampa Community Map Job Growth Population Growth 90% a70% | 089% | 2% wats amas 2025 Population Growth tex Usaverge Os 100% GotenayMartels 075% ‘Supply Growth a10% tomy 12% amt meas m8 Major Employers RUNOND bresssunes Q) vase ™yNEX “Tompo represents 67% of RT's NOI CAmocreroonce
Slide 26: Denver
Our Markets | Denver Job Growth Population Growth 120% 1.00% 0% oes oso I I o8T% wu asa wu mas 8 2025 ob Growth 2025 Popultion Growin Usaveroge 108% Usaverage GotewayMakels 100% GotewoyMarkes 075% Supply Growth 169% 2% i 048% rr) eons Major Employers gy = Centura “3 Health. AP zs Recrrerecnae $),3 C
Slide 27: Indianapolis
Our Markets | Indianapolis ‘Community Map Job Growth Poy 230% 096% 110% ] a7o% ma 8 mu 2025 ob Growth 2 Usaveroge tex us GotewayMakels 100% a ‘Supply Growth 259% pulation Growth 070% l 000% zoe 2028 2025 Population Growth rage ewoyMotkels 075% 0% 0.06% ms RS Major Employers Anthem, Su, SAlusen Geeta
Slide 28: Oklahoma City
Our Markets | Oklahoma City ‘Community Map Job Growth Population Growth 07% tee as 00% 070% | 050% | 2024 2028 2026 24 2028 2028 2025}0b Grown 2025 Population Growth Usaveroge tex Usaveroge GotewayMakels 100% GotenayMartels 075% Supply Growth a6 205% on mas 2088 Major Employers FI paycom ‘Okohome Ci
Slide 29: Nashville
Our Markets | Nashville Job Growth Population Growth ‘Community Map ee ax 104% | l | I 2028 2008 2s (2028 2025 Population Growth, us Avera 56 GotewoyMorkels 073% Supply Growth % Nashville represents 5.0% of IT's NOI CAmocreroonce NISSAN GROUP
Slide 30: Raleigh-Durham
Our Markets | Raleigh-Durham abi Map Job Growth Population Growth 520% sa 200% d 274% 270% | ibe | 255% mamas 208 wu ms 08 2025}0b Growin 2025 Population Growth Usaverage 108% Usaveroge GotewayMakels 100% GotenayMartels 075% ‘Supply Growth a70% 190% zz: = ma 5208 bet MalorEweloyes atta U peace Douke
Slide 31: Memphis
Our Markets | Memphis ‘Community Map ia hl > 7 Job Growth Population Growth 025% arm ian ous es a i | i mat nas 008 a ee) 202500 Grown 2025 Population Growth Usaveroge tex Usaverge Os GotewayMakels 100% GotenayMartels 075% ‘Supply Growth 200% 158% 2008 Major Employers Memphis represents 3.9% of IT's
Slide 32: Houston
Our Markets | Houston ‘Community Map Job Growth Population Growth 150% 120% 086%, % | | 142% uh 0828 2025}0b Growin 2025 Population Growth Usaverage tex saver ons GotewayMakels 100% GotenayMartels 075% Supply Growth 18 sim 18% a mah 52008 Houston represents 3.4% of IT's NOI CAmocreroonce
Slide 33: Louisville
Our Markets | Louisville ‘Community Map Job Growth Population Growth aan osm 097% eum 040% | | I | | | mat mas wu 8 2025}0b Growin 2025 Population Growth Usaverage tex UusAverage 4 GotewayMakels 100% GotenayMartels 075% Supply Growth 197% 0% 000% 20m 20252028 Sa ae Major Employers «Gi @ fin) Humana
Slide 34: Charlotte
Our Markets | Charlotte ‘Community Map a 4 Population Growth Job Growth 10% 158% 149% tors 142% tare wu was ms 08 2025 ob Grown 2025 Popultion Growin Usaveroge 108% Us average 4% GoeweyMorkets 100% GotenayMartels 075% Supply Growth 150% oom HK wu | 5S Major Employers Bankof America ‘American Airline
Slide 35: Huntsville
Our Markets | Huntsville Population Growth ‘Community Map Job Growth Hal 1.16% ais i ca mo a ae er 2s etn ren ees Une ose Seite oe eis ‘Supply Growth wt os Bs wea Major Employers — woneice QB aptaari Bremers Huntsville represents 31% of IT's NOL
Slide 36: Orlando
Our Markets | Orlando Job Growth Population Growth 179% 166% 136% 41.32% || 137% 127% 2004 2026 2024 2028 2028 2028 202500 Grown 2025 Population Growth Usaveroge tex Usaverage 054% GotewayMakels 100% GotenayMartels 075% Supply Growth 51% 505% | | ' mak 2005 Major Employers . atAdventist ar Dieups Or
Slide 37: IRT Resident Demographics at a Glance
OUR MARKETS IRT Resident Demographics at a Glance” Young, growing resident ion benefiting overextending on rent 6 Residents makeup a Resdents moving tour 52% diverse job poo! communities: 48% Gender i , Breakdown : ; aretromout-ot state ch Male Female s iia 80% 20% Average Rent to 7 oe > Income of O
Slide 38: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS reco ovetatetaughitswebite ‘Average Eectve Monthy Ren per Unit ‘Some Stor Average Ocevponcy EBTOA ona AcjsteEBTOA, Funds rom Operations FO") and Core Funds rom Operations "CFFO") ‘omputotonrot eh ster Rt
Slide 39: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS ‘Comtted dbo net eb Datrsn novo) sot Warch 31, December31, September30, June 30, March 31, 2008 2024 2008 te 33288857 S0aGES S__«22ee Ge SF 2250560 $2277.08 ‘Less: cash and cash equivalents (23,058) (1228) (7s) @t0s4) (21.275) ‘Less: loan disc
Slide 40: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Independence Reaky Trust In. ‘econeliaton of Same Store Net Operating Ieome to Net Ince (ss) (Gols in housans) Mech Demet, September 38, neo, cn 3 ‘Reconettion of samestorenet operating come ont nome os) Smostiortennatginame s ams woums § won
Slide 41: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation certains cori ervarookng statement win te meaning of Secon 27Ao! he Sesures Ac of 188, a5 amended, and Section 21 of tho Socuris Exchango Act of 1934, a8 amended. Such fovartlockng stalomentsincude, but ae not itd to, our sarings guidance, andthe sesompln
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