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Our portfolio of 75% Class B communities is highly defensive during recessionary periods.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:40.071+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b711d493-d3a9-4bf2-afda-c6dca6007d48", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.07, "x": 0.899, "y": 0.94 }, "kind": "source-note", "text": "INDEPENDENCE\nREALTY TRUST", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Fort Worth Columbus Denver Oklahoma City Indianapolis Tampa Nashville Memphis Houston IRT Top 10 Markets Avg 30% lower rents IRT In Place Rents New Construction Rents", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:39.642+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79b7e3e9-8ba8-4ba6-baf6-0d1d97d3de5d", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.601, "x": 0.199, "y": 0.216 }, "kind": "chart", "text": "New Deliveries as a % of Existing Inventory (1) 3.7% 3.6% 4.8% ~3.1% ~2.3% ~2.0% 2021 2022 2023 2024 E 2025 E 2026 E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:39.642+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2cf38d5-2d09-4efd-93f3-e16d1b73bd52", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.02, "x": 0.036, "y": 0.954 }, "kind": "source-note", "text": "23", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Growth\nNational Average 0.43%\nGateway Markets 1.02%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:52.357+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12dda5fc-b1ef-4be3-9d40-cb7b47ecd8af", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.149, "x": 0.537, "y": 0.317 }, "kind": "list", "text": "2023 Job Growth\nNational Average 1.28%\nGateway Markets 1.37%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:52.357+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c7936d0-6d4d-4aaa-9b2a-2443b7093562", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.48, "x": 0.474, "y": 0.686 }, "kind": "paragraph", "text": "Differentiators\nEstablished tourism hub\nCentrally located in FL, easily accessible to drive to and from close markets\nJob growth is expected to be at 3.4% annually through 2025, compared to 1.7% nationally\nMajor employers include:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": 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null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:52.357+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "151838ff-6235-435e-b07b-87c7a79101cf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.059, "x": 0.201, "y": 0.785 }, "kind": "paragraph", "text": "Millenia 700\nOrlando, FL", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null 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NOI is a non-GAAP financial measure. See slides 49-51 for definitions and reconciliations.\n(3) Return on investment or ROI throughout this presentation is calculated as rent premium per unit per month, multiplied by 12 months, dividend by interior renovation costs or total renovation costs, as applicable. 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. Project results are through December 31, 2023.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual full year 2024 CFFO could vary significantly from the projections presented. See \"Forward-Looking Statement\" at the end of this presentation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a379e86-f289-4a8d-a9b3-3a25ae732f53", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.83 }, "kind": "list", "text": "Slide 14\n(1) Excludes 209 units from Views of Music City phase II.\n(2) Image represents a rendering of the community.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "110936f6-3ce9-4e6b-86a4-805ebda84b6d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.03, "y": 0.78 }, "kind": "list", "text": "Slide 13\n(1) Occupancy % is calculated using the leased or occupied units, as applicable, divided by the number of delivered units.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42182b7b-0319-412c-8a5a-f98708000033", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.95, "x": 0.03, "y": 0.29 }, "kind": "list", "text": "Slide 3\n(1) Same-store portfolio includes 106 properties, which represent 31,829 units.\n(2) Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months.\n(3) 1Q 2024 QTD average occupancy is through February 28, 2024. 1Q 2024 QTD new lease and renewal rates are for leases commencing during 1Q 2024 that were signed as of February 28, 2024.\n(4) As of February 28, 2024, same-store portfolio occupancy was 94.5%, same-store portfolio excluding ongoing value add occupancy was 94.9% and value add occupancy was 93.4%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "623f9c51-b486-4bff-9530-78e75984a969", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.03, "y": 0.56 }, "kind": "list", "text": "Slide 6\n(1) IPO date of August 13, 2013.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4ae89a8-6ba0-45ee-b3f5-c55d0599e6fa", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.03, "y": 0.44 }, "kind": "list", "text": "Slide 4\n(1) A wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS) acted as IRT's external advisor until IRT internalized the advisor in December 2016.\n(2) Number of operating units reflects all consolidated properties, at 100%, excluding properties under development.\n(3) Excludes acquisition of 2 properties (621 units) under development.\n(4) Pro forma for the completion of the Portfolio Optimization and Deleveraging Strategy. See page 26 and Appendix for further detail.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1ce6c32-4a7c-4ba3-a632-6889d94227db", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.95, "x": 0.03, "y": 0.62 }, "kind": "list", "text": "Slide 8\n(1) Calculated as incremental NOI, divided by a 5.5% cap rate, net of capital investment. Incremental NOI of $21.5 million equates to total units completed to date of 7,771 multiplied by $231 rent premium annualized. Total costs-to-date of $122.1 million equates to total units completed to date multiplied cost per unit of $15,716.\n(2) Value add pipeline data is as of December 31, 2023. These projections constitute forward-looking information. See \"Forward-Looking Statement\" at the end of this presentation.\n(3) Illustrative estimated cost / unit ranging from $15,000 to $16,000.\n(4) Illustrative 17.7% annual ROI based on IRT's historical returns.\n(5) Calculated as incremental NOI, divided by 5.5% cap rate net of capital invested.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da3aefd7-be13-4848-9140-e2168f1c6e5d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.03, "y": 0.9 }, "kind": "list", "text": "Slide 15\n(1) Calculated using forward twelve-month NOI after recurring Cap Ex.\n(2) Including one consolidated joint venture operating community and excluding properties under development.\n(3) Includes 178 consolidated joint venture operating units at 100%. Excludes 621 consolidated units under development and 653 unconsolidated joint venture units under development.\n(4) For the consolidated portfolio for the three months ended December 31, 2023. Excludes development projects.\n(5) Stock price as of February 9, 2024.\n(6) LQA EBITDA for 2023 is excluding EBITDA generated from 4 properties that were sold in 4Q 2023 as part of the Portfolio Optimization and Deleveraging Strategy.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:56.236+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8595389-4acf-41ff-a5d3-624703826981", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "47", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Average age, average income, and rent-to-income ratio are for residents that have moved in during the three months ending December 31, 2023. Employment sector data is for all residents as of December 31, 2023.\nSlide 22\n(1) Portfolio Summary as of December 31, 2023, NOI for 4Q 2023 and total communities as of December 31, 2023.\n(2) Includes communities located in Denver, Fort Collins, Colorado Springs and Loveland, CO.\nSlide 23\n(1) New deliveries as a % of existing inventory are from CoStar's Q4 2023 data release and are specific to IRT's markets.\n(2) IRT's average asking rent vs. new construction suburban rent for two-bedroom apartments; reflects Yardi Matrix data.\nSlide 24\n(1) Median home prices from Redfin for the month of December 2023 for actual sale prices for All Home types (Single family, Townhomes and Condos).\n(2) Top 10 IRT Markets weighted based on NOI Exposure for IRT Budget-Actuals.\n(3) Homeownership Monthly Costs are calculated using Median Home Values by market are based on the zip code in which IRT's communities are located within, PMI comes from Bank of America mortgage Calculator as of February 6, 2024. Insurance premiums and real estate taxes from Bankrate as of February 6, 2024.\nSlide 27\n(1) This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2024 EPS, FFO, and CFFO could vary significantly from the projections presented. See \"Forward-Looking Statements\". Our guidance is based on the key guidance assumptions.\n(2) Per share guidance is based on 230.9 million weighted average shares and units outstanding.\n(3) Gain on sale of real estate assets includes a gain expected to be realized in Q1 2024 related to the sale of one of the properties identified as held for sale as of December 31, 2023.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. See \"Forward-Looking Statements\".\n(5) Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.\n(6) Includes $128 million related to the sale of two of the six properties identified as held for sale as of December 31, 2023 and $196 million related to the other four properties, which are under contract and expected to be sold in Q1 2024. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections. We undertake no duty to update these assumptions. See \"Forward-Looking Statements\".\nSlide 30\n(1) 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-setting and evaluation procedures. The weighted average Rent Premium including the impact of concessions was $216.\n(2) Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.\n(3) ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable.\n(4) Renovations at one property comprised of 496 units in Atlanta, Georgia remain paused given current market conditions.\n(5) Renovation projects expected to commence during the first half of 2024.\n(6) We consider value add projects completed when over 85% of the property's units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property's units.\nSlide 31\n(1) All resident demographic data is self-reported by residents. Data as of December 31, 2023.\n(2) Data as of the last 90 days ending December 31, 2023.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:54.875+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "963e2aff-0a23-4ccc-a76e-fd989156b1e8", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.02, "x": 0.029, "y": 0.953 }, "kind": "source-note", "text": "48", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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IRT believes average effective rent per unit is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:57.184+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "109d25bd-2a7a-4cd7-886e-0867fb758536", "parentComponentId": null }, { "bbox": { "h": 0.34, "w": 0.906, "x": 0.047, "y": 0.509 }, "kind": "list", "text": "Funds From Operations (\"FFO\") and Core Funds From Operations (\"CFFO\")\nWe believe that FFO and Core FFO (\"CFFO\"), each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (\"NAREIT\"), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT's definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.\nCFFO is a computation made by analysts and investors to measure a real estate company's operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, abandoned deal costs, loan premium accretion and discount amortization, debt extinguishment costs, and merger and integration costs from the determination of FFO.\nOur calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:57.184+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12c86fda-27ae-480e-9a8c-d60c1cb2c381", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.906, "x": 0.047, "y": 0.29 }, "kind": "list", "text": "Same-Store Average Occupancy\nSame-store average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:57.184+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd66f385-3f94-4fae-a989-f91cd819c3a1", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.906, "x": 0.047, "y": 0.35 }, "kind": "list", "text": "EBITDA and Adjusted EBITDA\nEBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as asset sales, debt extinguishments and acquisition related debt extinguishment expenses, casualty losses, and abandoned deal costs. EBITDA and Adjusted EBITDA are each non-GAAP measures. IRT considers each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or nonoperating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. IRT's calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, IRT's Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:57.184+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d39a51dd-47fd-4d95-a601-5f58ef92250b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.906, "x": 0.047, "y": 0.142 }, "kind": "paragraph", "text": "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 document and/or IRT's reports filed or furnished with the SEC available at IRT's website www.IRTLIVING.com under Investor Relations. 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The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:58.091+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a920bf8-4b88-4c80-8955-b37649bdce72", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.64, "x": 0.045, "y": 0.124 }, "kind": "paragraph", "text": "Interest Coverage is a ratio computed by dividing Adjusted EBITDA by interest expense", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:58.091+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6405fdde-ac17-4792-b2de-5078331a3477", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.91, "x": 0.045, "y": 0.422 }, "kind": "paragraph", "text": "Net Operating Income\nWe believe that Net Operating Income (\"NOI\"), a non-GAAP financial measure, is a useful supplemental measure of its operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization, casualty related costs and gains, property management expenses, and general and administrative expenses, interest expenses, and net gains on sale of assets.\nOther REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income insofar as the measure reflects only operating income and expense at the property level. We use NOI to evaluate performance on a same store and non-same store basis because NOI measures the core operations of property performance by excluding corporate level expenses, financing expenses, and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:58.091+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bdfa93c-54f6-4f6b-89bb-135f6190ab47", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.91, "x": 0.045, "y": 0.157 }, "kind": "paragraph", "text": "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 thousands).", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:58.091+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b49ca3a8-02d5-47ea-bd65-153e63de14f2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.91, "x": 0.045, "y": 0.649 }, "kind": "paragraph", "text": "Same Store Properties and Same Store Portfolio\nWe review our same store portfolio at the beginning of each calendar year. Properties are added into the same store portfolio if they were owned at the beginning of the previous year. Properties that are held-for-sale or have been sold are excluded from the same store portfolio. 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Such forward looking statements include, but are not limited to, our earnings guidance and certain actions that we expect or seek to take in connection with our portfolio optimization and deleveraging strategy and anticipated enhancements to our financial results and future growth from this strategy. 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We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:55.411+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40fd3380-7426-4553-8aab-8ac1323cc7bd", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.889, "x": 0.048, "y": 0.275 }, "kind": "disclaimer", "text": "Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, failure to realize cost savings, efficiencies and other benefits that we expect to result from our portfolio optimization and deleveraging strategy, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve rent increases and occupancy levels on account of the value add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the \"Risk Factors\" sections of our Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:59:55.411+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f00702d3-62c6-4e29-b960-24e49ec4f8f6", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.025, "x": 0.02, "y": 0.954 }, "kind": "source-note", "text": "52", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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