Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (November 2025)
49 slides from Independence Realty Trust's investor presentation, Nov 10, 2025
Slide 1: Investor Presentation — November 2025
INVESTOR PRESENTATION — November 2025 ( A Lpemennct
Slide 2: Table of Contents
TABLE OF CONTENTS Why IRT 2 Recent Operational Updates 3 Drivers of Growth 4-23 + High Growth Markets * Disciplined Capital Allocation + Operational Excellence Track Record of Outperformance 24 - 26 Appendices: + IRT Markets *+ Definitions & Non-GAAP Financial Measure Reconciliations | + Forward Loo
Slide 3: Why IRT
WHY IRT IRT’s Strategic Approach to the Apartment Sector Has Generated Sector-Leading Shareholder Returns Primarily Class-B Apartments in High-Growth Markets with Solid Demand Fundamentals © 73% of NOI from Sunbelt, 22% from Midwest Disciplined Capital Allocation Propels NOI and CFFO per Share o Val
Slide 4: Recent Operational Updates
RECENT OPERATIONAL UPDATES Operating Metrics Q3 2025 Result: + Same-Store Portfolio Results: + Bad debt «ive of same store + Conservative Leverage: 1.4% revenue Y/Y growth revenues Tracking mid-5x net debt/EBITDA (0:7%) operating expense Y/Y growth + 788 Value Add units completed at 99.7% debt is fi
Slide 5: Drivers of Growth
EET) DRIVERS OF GROWTH
Slide 6: Drivers of Growth
DRIVERS OF GROWTH How IRT generates sector-leading growth and shareholder returns High Growth Markets Sunbelt & Midwest Focused Portfolio Solid Demand Fundamentals Waning New Supply Disciplined Ca Techie retort Accretive Investments, patiedie|Canrtallnecyeling? Opportunistic Stock Repurchases, and b
Slide 7: High Growth Markets: Sunbelt & Midwest Class-B Communities
HIGH GROWTH MARKETS Predominantly Class-B Apartment Communities Concentrated in Sunbelt & Midwest Markets that Feature Solid Demand Fundamentals IRT’s Strong Presence in Non-Gateway Markets IRT's Markets Properties Unis Unis NOT? Toni, Ga 3 Geo 6S us P Dallas TK u 40071883, Combs, OH 1 ano 1470 Resp
Slide 8: Migration into IRT's Markets
HIGH GROWTH MARKETS Migration into IRT’s Markets A greater percentage of the population continues to prefer the Sunbelt and Midwest regions over Gateway markets, attracted to a lower cost of living, quality of life, better tax policy and growing economic opportunity ma amt —sunnet mice ——ereaterdene
Slide 9: Population Growth in IRT Markets Outpaces U.S. and Gateway Markets
HIGH GROWTH MARKETS Population Growth in IRT Markets Outpaces U.S. and Gateway Markets * _IRT’s markets populations continue to grow, as people migrate to our Sunbelt and Midwest cities to start families and establish careers 20% —rtwav ‘Sunbet_ © ——Mid.West_ ——Grester Denver — » -Gateway Avg, — — U
Slide 10: Employment Growth Forecasted to Remain Higher in IRT Markets
HIGH GROWTH MARKETS Employment Growth is forecasted to Remain Higher in IRT Markets * IRT’s markets have and are expected to continue enjoying higher employment growth than Gateway markets and the National Average Ea) nae 2008 zone 205 2008 ar 2008 —rtwav ‘Sunbet ——Midest ——Greater Denver — + =Gatew
Slide 11: Waning New Supply in IRT's Markets
HIGH GROWTH MARKETS Waning New Supply in IRT’s Markets * New supply in IRT markets is down substantially from peak volumes * Construction starts data supports expectation that 2026 ~ 2028 forecasted new deliveries will be below the 3.5% trailing 10-year average” New Supply Peaked in 20241 and Expect
Slide 12: Population Growth Outstrips Apartment Deliveries in IRT Markets
HIGH GROWTH MARKETS Population Growth Outstrips Apartment Deliveries in IRT Markets Population growth in IRT markets has outpaced apartment inventory growth in IRT markets the past three years As population continues to increase and supply wanes, the ratio of population-to-new supply in IRT markets
Slide 13: Population Growth Drives Demand As New Supply Declines
HIGH GROWTH MARKETS Population Growth Drives Demand As New Supply Declines * As population growth increases and inventory growth slows in IRT's markets, we expect the resulting Demand Quotient to strengthen throughout our portfolio * Strongest increases expected in Oklahoma City, Atlanta, Dallas-Ft.
Slide 14: Affordability Factor: Owning a Home vs. Renting with IRT
HIGH GROWTH MARKETS Affordability Factor: Owning a Home is 2x the Cost of Ren g 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 93% higher than IRT’s monthly rent H
Slide 15: Affordability Factor: IRT's Average Rent Attracts Renters
HIGH GROWTH MARKETS Affordability Factor: IRT’s Average Rent is a Compelling Price Point that Attracts Renters + IRT’s rent was ~$658 per month, or 39%, lower than new construction suburban rents” * Additionally, IRT’s Class B communities do not compete directly with Class A development IRT Monthly
Slide 16: Strong Demand for Class B Apartments
HIGH GROWTH MARKETS Strong Demand for Class B Apartments + The defensive nature of class B communities positions them to enjoy steady demand throughout the economic cycle Class B Positioning: + Most opportunity to consistently increase rents + Less exposure tohomeownership. + Less likely to be impac
Slide 17: Value-Add Renovations: Every $1 Invested Boosts NOI by 29%
DISCIPLINED CAPITAL ALLOCATION Value-Add Renovations: Every $1 Invested Boosts NOI by 29% * IRT prioritizes capital allocation to its Value-Add program, where average returns on investment of 16.2% have powered a ~29% lift in annual NOI growth" * Future Value-Add Pipeline of ~12,000 units represents
Slide 18: Value-Add Case Study: Avalon Oaks, Columbus OH
DISCIPLINED CAPITAL ALLOCATION Value-Add Case Study: Avalon Oaks, Columbus OH ‘Our Value-Add Renovations achieve outsized value creation: + Acquired in Feb 2018 for $23.0mm, this 235-unil, 97% occupied ‘community expanded our Columbus footprint in a high-demand submarket with limited new Class A sup
Slide 19: Acquisitions are Accretive to CFFO per Share on Day-1
DISCIPLINED CAPITAL ALLOCATION Acquisitions are Accretive to CFFO per Share on Day-1 * During 2025, we have acquired three communities totaling $214.5 million and 923 apartment homes at an average economic cap rate of 5.8%") + Greater scale in markets also supports long-term operating efficiencies R
Slide 20: Capital Recycling
DISCIPLINED CAPITAL ALLOCATION Capital Recycling + We recently exited Birmingham at an average cap rate of 5.7% and redeployed the proceeds at an average cap rate of 5.8% into new communities with higher expected growth Sold Tapestry Park, July 2024 Sold Ridge Crossings, February 2025 + 354-unit pro
Slide 21: Opportunistic Stock Issuance and Repurchases
DISCIPLINED CAPITAL ALLOCATION Opportunistic Stock Issuance and Repurchases * IRT has opportunistically accessed the market to raise equity when trading at a premium to NAV... * ...and has repurchased shares when the stock is trading at a significant discount to NAV for a prolonged period of time IR
Slide 22: Strong, Investment Grade Rated Balance Sheet with Ample Liquidity
DISCIPLINED CAPITAL ALLOCATION Strong, Investment Grade Rated Balance Sheet with Ample Liquidity to Fund Growth ple capital structure and -$628M of y including. Mveunart orden $61M of f to fund growth oe Ra Agency Rating Outlook $6.3B Fitch Ratings BBB Stable Taal co ‘S8P Global Ratings 888 Stable C
Slide 23: Operational Excellence: High Occupancy, Steady Rent Growth
OPERATIONAL EXCELLENCE IRT’s Commitment to Operational Excellence at its Communities Has Produced High Occupancy, Steady Rent Growth, and Satisfied Residents gusog S158 $1560 $1877 ee ex ve $1200 os | | 2021 2025 zoe 20002022022 2m 02d YTD 2025 putation Se: ‘Among Residents [By “21998 Effective Mont
Slide 24: Strategic Expense Management
OPERATIONAL EXCELLENCE Strategic Expense Management * At the corporate level, IRT manages expenses to maximize the conversion of rental revenue to NOI and Core FFO per share for investors * _IRT’s operating efficiencies are comparable to those of larger cap apartment REITs GRA as a % of Gross Assets
Slide 25: Track Record of Outperformance
Slide 26: 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 ie ide IRT's significant oulperformance 24% vs. Coastal & Non-Gateway 210% peers % 1
Slide 27: CFFO per Share Growth and Cumulative Total Shareholder Return
TRACK RECORD OF OUTPERFORMANCE Greater NOI growth, combined with strategic expense management, has enabled IRT to deliver higher CFFO per share growth and higher total returns for shareholders CFFO per Share Growth Cumulative Total Shareholder Return ® at ee NewGsteway -— <Conmal = = Peer and VOR no
Slide 28: Appendices
Appendices
Slide 29: IRT Resident Demographics at a Glance
IRT MARKETS IRT Resident Demographics at a Glance" Established, growing resident population benefiting from amenity-rich communities without overextending on rent 52% 48% fp Gender Breakdown Female 80% Married IRT Residents work primarily Residents movingto our ‘communities: are fromout-of state ‘of
Slide 30: IRT Markets: Favorable Resident Demographics
IRT Markets: Favorable Resident Demographics Recent residents in IRT’s top 10 markets are in their mid-30s and make ‘an average annual income of -$85,000, resulting in a 22% rent to income” ‘Top S Employment Sectors” ‘eno. seen 8 ® oe a 2 dain 1x sane Be & b 5 emerco 8607 ez & @ a 46 coker seson ® o
Slide 31: IRT Markets | Atlanta
IRT Markets | Atlanta Job Growth ‘Community Map 10% 81% 020% a 204 ams 2028 2025 Job Growth Us Average 048% Goteway Markets (0.0'%) Population Growth 110% oem 7% 2008 2025 2028 2025 Population Growth US average oats GotewayMorkets 0.59% ‘Supply Growth” 579% 201% I 158% a ADELTA gos, EMORY @ HEALTHCA
Slide 32: IRT Markets | Dallas
IRT Markets | Dallas ‘Community Map Date Sources: Coster 092025 cata releas, Crasnezest Data a8 of Otobe 2005 (1) Supt rout Based on aavees mIRT = submvnets Job Growth Population Growth 200% 150% tn l | | I I meas et por 202500 Grown 2025 Population Growin Usaveroge 08% Usaeom Oa Geteveyuartet (000)
Slide 33: IRT Markets | Columbus
IRT Markets | Columbus ta Seco: CoStar 08 2005 dla relaute, Groeratot Daa aa of Octber 2028, (1) Susy srw base on delves IR submarels Job Growth Population Growth 140% 1.16% aca) 097% tae 079% mes mms 2008 mes 7s 2028 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Marke
Slide 34: IRT Markets | Tampa
IRT Markets | Tampa ‘Community Map = ta Seco: CoStar 08 2005 dla relaute, Groeratot Daa aa of Octber 2028, (1) Surly grow base on deve RT's submarels Job Growth Population Growth Ws 1.53% 070% 0.86% | l It zm ms 202 20k 252006 2025 ob Growth 2025 Population Growth Us Average 048%, Usaveroge 04% Gote
Slide 35: IRT Markets | Denver
IRT Markets | Denver ‘Community Map ta Seco: CoStar 08 2005 dla relaute, Groeratot Daa aa of Octber 2028, (1) Sly srw based on deve IRs submarels Job Growth Population Growth 097% pe 020% oom 060% 1] | [| mea 20052028 2024 2025 208 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04%
Slide 36: IRT Markets | Indianapolis
IRT Markets | Indianapolis ‘Community Map Job Growth Population Growth 1.25% 119% i i o9r% Pi osx 7004 J l 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Markets (0.01%) Goteway Markets 0.59% ‘Supply Growth” 263% | i 000% 2s (208 ‘aren cb Aporment erp. Major Employers A
Slide 37: IRT Markets | Oklahoma City
IRT Markets | Oklahoma City Community Map yee eae ee Job Growth Population Growth 105% 1.04% 06% gsr = | | | = zoe aes 2028 zs 20252028, 2025}0b Growth 2025 Population Growth Us average 046% Usaveroge 04% GatewayMarkets (0.018) GatewayMarkels 029% Serv Growl 3u7% gym 0.06% Major Employers ey Qwmeme
Slide 38: IRT Markets | Nashville
IRT Markets | Nashville ‘Community Map Job Growth Population Growth 137% 165% 100% ao I 105% gon mes 2028 mms 228 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Markets (0.01%) Goteway Markets 0.59% ‘Supply Growth” sare 239% ] 100% ns 20252028 ta Seco: CoStar 08 2005 dl
Slide 39: IRT Markets | Raleigh-Durham
IRT Markets | Raleigh-Durham Community Map Job Growth Population Growth = 420% 2n% 269% li I l I mms 2000 Ou 0058, 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Markets (0.01%) Goteway Markets 0.59% rimornie oa ‘Supply Growt” ore 2% 133% = 204 208 rekon TF Woteson Ber
Slide 40: IRT Markets | Memphis
IRT Markets | Memphis ‘Community Map ee i? * pi ss cnconnah Oskevile ta Seco: CoStar 08 2005 dla relaute, Groeratot Daa aa of Octber 2028, (1) Sly grow bases on delves R's submarels Population Growth r] oss | et a mes 752008 200 20052028 2025 ob Growth 2025 Population Growth Us Average 048%, Usavero
Slide 41: IRT Markets | Houston
IRT Markets | Houston Job Growth Population Growth 228% 159% 120% 449% arom 076% i Tai Sues UT rat as 2025 ob Gromih 2025 Population Gromth Usiverge 046% Usmeroge are Gotewoy Markets (0.079) Gateway Markets 050% ‘Supply Growth” 700% 205% |_| 0.23% was ams ceriaratatatounr Coren pees pee Major Employ
Slide 42: IRT Markets | Louisville
IRT Markets | Louisville Community Map Job Growth Population Growth oom 4.00% os sd 051% | pase 0.39% meats 2028 ze 20252028 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Markets (0.01%) Goteway Markets 0.59% ‘Supply Growth” 107% 000% 000% ms 2m (2028 osc Porc Apartent
Slide 43: IRT Markets | Charlotte
IRT Markets | Charlotte Community Map Job Growth Population Growth a 2% 140% 140% 116% l I | ze mes 2008 wes 2052008, 2025 ob Growth 2025 Population Growth Usaveroge 045% Usaveroge 04% GotewayMorkels (01%) Gateway Morkels 059% ‘Supply Growth” 107% 1021% 3.686% wes US 2008, prec. wong Major Employers
Slide 44: IRT Markets | Huntsville
IRT Markets | Huntsville Community Map Job Growth Population Growth 265% 225% 100% — 00% la ' | | 2A 205 a wm 2257026 2025 ob Growth 2025 Population Growth Us average 048%, Usaveroge 04% Goteway Markets (0.01%) Goteway Markets 0.59% ‘Supply Growth” 13658 6.19% 001% mms ms 2028 Major Employers coynen
Slide 45: IRT Markets | Orlando
IRT Markets | Orlando Community Map (1) Susy grow base on devs IT's submarels . Job Growth Population Growth on 255% 10% 1.19% es 00% 202k 252028 22k 2008 2025 ob Growth 2025 Population Growth Us Average 048%, Us Averoge oi Goteway Markets (0.01%) Goteway Markets 0.59% ‘Supply Growth” 6.00% 401% | 1
Slide 46: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS cane toencei measures ioe mest dec comparanie one re avasbicat R's webate wae {UVING com under veto Relations Rs ther SE hinge creas ovaiable rough ns webs Avvo Etective Monthy Rent per Unit “Teme nen ie rent pe Some Store Average Occuponcy to
Slide 47: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Interest Coveroge'se oi cmeuted sy iting Aste EMTOA byhverest expense erst. enon “Thetalowing ode proses cetera Conoicred oto rover ot Dart incwsona Wepreen net aebtandne et eseveshso edt mense reovengero5e see beenuscwe moyrot away ccf cotnor
Slide 48: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Independence Rear Tustin Aeconcitaton of Same-Stoe Net Operating Income to Net Inccme (ss) (Botan thoes) Forint nda — = = So Racncon f eestor nt peng comet tn im) sresromtcorey seme + wm $0 em fm ke oo Nano sire sig rere om eu sm om on ne oe r
Slide 49: 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, o
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