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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 45 slides",
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  "authorName": "Independence Realty Trust",
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  "presentationDate": "2023-11-01 00:00:00",
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      "text": "Slide 12\n(1) Median home prices from Redfin for the month of September 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 Actuals-Budget.\n(3) Home ownership Monthly Costs are calculated using Median Home Values by market are based on the zip code in which IRT's communities are located within, Insurance premiums from Bankrate as of November 9, 2023, and real estate taxes based on estimates from nearby sales from Trulia (weighted by property NOI's across each IRT community and market).",
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      "text": "Slide 5\n(1) Calculated as incremental NOI, divided by a 5.5% cap rate, net of capital investment. Incremental NOI of $18.6 million equates to total units completed to date of 7,285 multiplied by $213 rent premium annualized. Total costs-to-date of $110.6 million equates to total units completed to date multiplied cost per unit of $15,189.\n(2) Value add pipeline data is as of September 30, 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 $14,500 to $15,500.\n(4) Illustrative 17.9% annual ROI based on IRT's historical returns.\n(5) Calculated as incremental NOI, divided by 5.5% cap rate net of capital invested.",
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      "text": "Slide 6\n(1) Occupancy % is calculated using the leased or occupied units, as applicable, divided by the number of delivered units.",
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      "text": "Slide 11\n(1) Portfolio Summary as of September 30 2023, NOI for 3Q 2023 and total communities as of September 30, 2023.\n(2) Includes communities located in Denver, Fort Collins, Colorado Springs and Loveland, CO.",
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      "text": "Slide 3\n(1) Same-store portfolio includes 115 properties, which represent 34,197 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) 4Q 2023 QTD average occupancy is through October 28, 2023. 4Q 2023 QTD new lease and renewal rates are for leases commencing during 4Q 2023 that were signed as of October 28, 2023.\n(4) As of October 28, 2023, same-store portfolio occupancy was 94.6%, same-store portfolio excluding ongoing value add occupancy was 95.0%, and value add occupancy was 93.1%.",
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      "text": "Slide 9\n(1) Market data as of September 30, 2023.",
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      "text": "Slide 2\n(1) For the total portfolio as of 3Q 2023, as applicable; including portfolio average rental rate growth for the IRT same store portfolio for the three months ended September 30, 2023.\n(2) Highlights are for the IRT same store portfolio for the three months ended September 30, 2023 vs. the three months ended September 30, 2022. NOI is a non-GAAP financial measure. See slides 52-54 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 and the market rent for an unrenovated unit. Project results are through September 30, 2023.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual full year 2023 CFFO could vary significantly from the projections presented. See \"Forward-Looking Statement\" at the end of this presentation.",
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      "text": "39",
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      "text": "End Notes",
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