Independence Realty Trust, Inc. · NYSE:IRT
Independence Realty Trust — Investor Presentation (June 2026)
47 slides from Independence Realty Trust's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
REALTY TRUST INVESTOR PRESENTATION June 2026 (Aneacre rast
Slide 2: Table of Contents
TABLE OF CONTENTS . Why IRT 2 Recent Operational Updates 3-4 Drivers of Performance 5-21 Track Record of Outperformance 22 - 24 Appendices 25-46 | fi INDEPENDENCE (Apeaty TRUST
Slide 3: Why IRT
• • – • – • • Chart Title Chart Title • 241% • 15% 76% 4% 10-Year 5-Year IRT Peer Group • • • – – • – • • • 2
Slide 4: Recent Operational Updates
Bayview Club Od Z Shane Indianapolis, IN RECENT OPERATIONAL UPDATES
Slide 5: Recent operational updates: occupancy
95.3% 95.0% 94.9% 94.9% 94.4% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 • • • o o • 4
Slide 6: Recent operational updates
Bayview Club Indianapolis, IN
Slide 7: Our Drivers of Performance
OUR DRIVERS OF PERFORMANCE How IRT Generates Sector Leading Shareholder Returns ra) Differentiated Portfolio Class-B Communities in Desirable Sun Belt & Midwest Markets B) Improving Market Fundamentals Historically Low Supply & Solid Demand ic) Accretive & Disciplined Capital Allocation Prioritizes
Slide 8: Communities
A • 130 Communities Average community age (2) • 22 years IN OH CO KY TBU Desktop NC $6.2B OK TN • 37,828Units SC In gross assets TX AL GA FL • • • 7
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 Class Capture households moving down in a recession Capture seniors who sell homes to fund retirement —~ Capture individua
Slide 10: Monthly Cost of Owning vs. Renting
A $5,000 89% more to $4,000 own a home Monthly Cost $3,000 $2,000 $1,000 $- Atlanta - GA Columbus - Dallas-Fort Denver - CO Indianapolis - Memphis - Nashville - Oklahoma Raleigh - Tampa - FL IRT Top 10 OH Worth - TX IN TN TN City - OK Durham - NC Markets WAV IRT In-Place Monthly Rent Homeownership C
Slide 11: Market Rent Growth Comparison
B • 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2021 2022 2023 2024 2025 2026 2027 2028 IRT WAV Sunbelt Mid-West Greater Denver Gateway Avg. United States 10
Slide 12: Top 5 States for In-Migration
• • ̶ ̶ Top 5 States for In-Migration (Sorted by 2025 Migration Results) 2025 2024 2023 Texas 1 2 1 Florida 2 4 2 North Carolina 3 3 3 Tennessee 4 5 5 South Carolina 5 1 4 11
Slide 13: Construction Starts Signaling Declining New Supply
B • • • • • 6.0% 5.6% 25,000 5.0% 20,000 4.3% Construction Starts Signaling Declining 4.0% 15,000 New Supply Trend Long Term Avg. 3.2% 3.1% 2.9% 3.0% 2.6% 10,000 2.0% 5,000 1.2% 1.3% 1.0% 0 2020 Q1 2021 Q3 2020 Q3 2021 Q1 2022 Q1 2022 Q3 2023 Q1 2023 Q3 2024 Q1 2024 Q3 2025 Q1 2025 Q3 2026 Q1 2026 Q
Slide 14: Supply and Demand Outlook
B • • 7.0x 1.8x 6.1x 6.0x 1.6x 1.5x 1.5x 5.0x 1.4x 4.2x 4.0x 1.2x 1.1x 3.0x 2.6x 1.0x 2.0x 0.8x 0.7x 1.0x 0.6x 0.0x 0.4x -1.0x 0.2x -1.2x -2.0x 0.0x 3 Yr. Historical Average 3 Yr. Projected Average 3 Yr. Historical Average 3 Yr. Projected Average (2023-2025) (2026-2028) (2023-2025) (2026-2028) 13
Slide 15: Communities and Resident Demographics
C 130 Communities IN OH CO TBU OK Desktop TN NC $6.2B 37,828Units In gross assets TX GA FL (1) All resident demographic data is self-reported by residents. Average age, average income, and rent-to-income ratio are for residents that have moved in 14 during the three months ending March 31, 2026. Emp
Slide 16: Value Add Program: Previously Renovated Units
D • • 2024 2025 ~$423 ~$247 ~$138 ~$808 ~0.6% ~3.2% ~0.4% ~2.4% ~$12 ~$67 ~2.6% ~2.0% ~$21 ~$35 Previously In place program Future Pipeline Total Renovated Units + 2026 starts Baseline Value Add Total Baseline Value Add Total 11,871 6,917 3,873 22,661 15
Slide 17: Value Created
D • • • • $12.8 $78.0 $9.8 $55.4 At acquisition Invested Capital Value Created Total Value (1) 16
Slide 18: Gateway at Pinellas, Tampa, FL
D • • • • • Gateway at Pinellas Gateway at Pinellas Tampa, FL Tampa, FL 17
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) $30.0
Slide 20: Capital Structure: Secured and Unsecured Debt
D Secured Debt Unsecured Debt 19% Equity 62% 19% 19
Slide 21: Best-in-Class Property Management
@ BEST-IN-CLASS PROPERTY MANAGEMENT IRT’s Commitment to Operational Excellence Has Produced High Occupancy, Steady Rent Growth & Satisfied Residents High Occupancy, Steady Rent Growth” IRT’s Reputation Score Among Residents 95.0% 980% 947% 94.5% 955% 95.A% 95.2% 925% eee meen een ee ee nae ver 832 o
Slide 22: Same-Store Operating Expense Growth and G&A
E 5-Year Average Same-Store Operating Expense Growth (1) G&A as a % of Gross Assets (2)(3) 21
Slide 23: Track Record of Outperformance
TRACK RECORD OF OUTPERFORMANCE
Slide 24: Same-Store NOI Growth
• Same-Store NOI Growth (1) 2026 Same-Store NOI Growth (Midpoint of Guidance) (1) 23
Slide 25: Leading CFFO per Share Growth and Total Shareholder Returns
TRACK RECORD OF OUTPERFORMANCE Leading CFFO per share Growth and Total Shareholder Returns * IRT’s Differentiated Portfolio of Class-B Apartment Communities in Desirable Markets and Operational Excellence have Generated Superior CFFO per share Growth and Total Returns CFFO per Share Growth Cumulativ
Slide 26: Appendices
| Sel! F%, ’ Fa zt! A 7 awl Te. ak ices Append
Slide 27: CFFO per Share Guidance Bridge
($ in millions except per share data) $1.20 $0.01 $1.19 $0.01 $1.18 $1.17 $1.17 $1.16 $(0.03) $1.15 $(0.01) $1.14 $1.14 $(0.01) $1.13 $1.12 2025 SS NOI Growth Non-SS impact to CFFO Interest Expense JV Pref Income Overhead Costs 2026 • • • 26
Slide 28: Market Economic Drivers and Highlights
BLS CES 2024- CoStar Market 2025 3-Yr Fcst Primary Driver Secondary Driver Key Highlights YOY% / Jobs Dallas–Fort Worth +0.3% Financial Services Tech Manufacturing Goldman Sachs 5K-employee campus; 100 HQ relocations 2018–24; 21 Fortune Corporate Relocation +14,200 +2.3% "Y'all Street" #1 N. Americ
Slide 29: Atlanta Market
1.01% 0.90% 0.39% 0.20% 0.27% 0.25% 0.21% 0.05%0.12% -0.05% -0.21% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 5.68% 2.94% 2.03% 2.06% 2024 2025 2026 2027 • Mercedes-Benz: Investing $34 million in R&D hub to Atlanta Market IRT Portfolio (5) complement and expand its 1MB HQ in
Slide 30: Dallas Market
1.37% 1.20% 0.69% 0.39% 0.20% 0.25% 0.21% 0.03% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 3.29% 2.13% 2.23% 0.74% 2024 2025 2026 2027 • Goldman Sachs: Opening their $500 million, 800,000 SF Dallas Market IRT Portfolio (5) Victory Park campus in Uptown/Park
Slide 31: Columbus Market
1.10% 0.86% 0.83% 0.39% 0.20% 0.25% 0.21% 0.15% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 3.34% 2.34% 1.45% 1.46% 2024 2025 2026 2027 • Anduril: Announced plans to invest $900+ million to build a 5 Columbus Market IRT Portfolio (5) million SF drone manufact
Slide 32: Tampa Market
1.02% 0.63% 0.53% 0.39% 0.20% 0.25% 0.21% 0.13%0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 3.51% 2.51% 1.85% 1.78% 2024 2025 2026 2027 • Water Street Tampa: Plans continue for the $3 billion mixed- Tampa Market IRT Portfolio (5) use development on Water Stree
Slide 33: Indianapolis Market
0.92% 0.63% 0.39% 0.18% 0.20% 0.25% 0.21% 0.14% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 2.65% 3.03% 0.68% 0.31% 2024 2025 2026 2027 • Eli Lilly: Spending up to $1.8 billion to upgrade its Indianapolis Indianapolis Market IRT Portfolio (5) research and man
Slide 34: Denver Market
0.36% 0.34% 0.39% 0.30% 0.25% 0.20% 0.21% 0.12% 0.05% -0.05% -0.30% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 7.75% 4.24% 3.30% 0.80% 2024 2025 2026 2027 • BioMed Realty: Has earmarked $200 million to invest in new Denver Market IRT Portfolio (5) construction, lab conversion
Slide 35: Oklahoma City Market
0.79% 0.51% 0.39% 0.20% 0.25% 0.21% 0.19% 0.10%0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 3.60% 2.54% 1.12% 2024 2025 2026 2027 • OKC Thunder: Began construction on their $900 million multi- Oklahoma City Market IRT Portfolio (5) use basketball arena in down
Slide 36: Nashville Market
1.17% 1.01% 0.88% 0.39% 0.20% 0.24% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 3.30% 2.94% 1.90% 0.91% 2024 2025 2026 2027 • Oracle: Advancing plans for $4.5 billion East Bank campus, Nashville Market IRT Portfolio (5) with commitment to making i
Slide 37: Raleigh-Durham Market
1.73% 1.30% 1.34% 0.43% 0.39% 0.20% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 8.76% 1.87% 1.94% 1.84% 2024 2025 2026 2027 • VinFast: Continuing development on their $4 billion electric Raleigh-Durham Market IRT Portfolio (5) vehicle manufacturin
Slide 38: Orlando Market
1.09% 0.90% 0.57% 0.34% 0.39% 0.20% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 5.22% 5.45% 5.12% 1.50% 2024 2025 2026 2027 • Disney World: Disney is planning $17 billion in theme park Orlando Market IRT Portfolio (5) investments, including buildi
Slide 39: Memphis Market
0.39% 0.25%0.25% 0.20% 0.21% 0.12% 0.05% 0.05% -0.05% -0.28% -0.28% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 4.08% 1.41% 0.00% 0.18% 2024 2025 2026 2027 • FedEx: Plans to upgrade its Memphis World Hub with a 5-story, Memphis Market IRT Portfolio (5) 1.6 million SF facility
Slide 40: Charlotte Market
2.40% 1.87% 1.45% 0.40% 0.39% 0.20% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 17.19% 10.03% 8.33% 4.33% 2024 2025 2026 2027 • SMBC: Establishing second U.S. headquarters in Charlotte with Charlotte Market IRT Portfolio (5) a $50.5 million invest
Slide 41: Houston Market
1.56% 1.28% 0.65% 0.39% 0.17% 0.20% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 7.89% 3.57% 2.38% 1.67% 2024 2025 2026 2027 • Eli Lilly: Plans to build $6.5 billion pharmaceutical Houston Market IRT Portfolio (5) manufacturing facility at Generati
Slide 42: Huntsville Market
1.06% 0.82% 0.71% 0.39% 0.20% 0.18% 0.25% 0.21% 0.05%0.12% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 13.50% 6.11% 0.49% 0.47% 2024 2025 2026 2027 • U.S. Space Command: Has taken operational control of the Huntsville Market IRT Portfolio (5) Redstone Arsenal facility t
Slide 43: Louisville Market
0.63% 0.46% 0.39% 0.20% 0.25% 0.21% 0.12% 0.05% -0.10% -0.03% -0.05% -0.43% 2025 2026 2025 2026 IRT Market Gateway Markets U.S. Average 5.57% 1.06% 0.00% 0.12% 2024 2025 2026 2027 • Humana Tower: Poe Companies plans to redevelop the Louisville Market IRT Portfolio (5) Humana Tower into a 1,000 key c
Slide 44: Definitions & Non-GAAP Financial Measure Reconciliations
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS This presentation may contain non-U.S. generally accepted accounting principals ("GAAP") financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this docu
Slide 45: Definitions & Non-GAAP Financial Measure Reconciliations: Net Debt
DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS Net Debt ~Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in t
Slide 46: Value-add program definitions and notes
̶ ̶ ̶ The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-se
Slide 47: Forward-looking statements
This release 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, our earnings guidance, and the as
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