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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 20\n(1) This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2023 EPS, FFO, and CFFO could vary significantly\nfrom the projections presented. See \"Forward-Looking Statements\". Our guidance is based on the key guidance assumptions.\n(2) Per share guidance is based on 230.4 million weighted average shares and units outstanding.\n(3) Gain on sale (loss on impairment) of real estate assets includes gains (impairments) on one asset sale that occurred during the first quarter of 2023, one property identified as held for sale as\nof September 30, 2023, and nine other assets targeted for sale as part of our Portfolio Optimization and Deleveraging Strategy.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. See \"Forward-Looking\nStatements\"\n(5) Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded a $72.1 million loan premium,\nnet, related to STAR debt. This loan premium will be accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion will\nbe excluded from CFFO.\n(6) Includes one asset sale that occurred in the first quarter 2023 and one property identified as held for sale as of September 30, 2023. We expect sales of the other nine properties included in\nthe Portfolio Optimization and Deleveraging Strategy to close in 2024. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these\nassumptions except as required by law. See \"Forward-Looking Statements\".",
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      "text": "Slide 22\n(1) The 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 as of the date presented, as\ndetermined by management consistent with its customary rent-setting and evaluation procedures.\n(2) 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\nunit 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\nindividual projects.\n(3) Calculated using the rent premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit.\n(4) Calculated using the rent premium per unit per month, multiplied by 12, divided by the total renovation costs per unit.\n(5) During the three months ended September 30, 2023, we paused renovations at one property comprised of 496 units in Atlanta, Georgia given current market conditions.\n(6) Renovation projects expected to commence during the first half of 2024.\n(7) 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\nexpire until we complete 100% of the property's units.",
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      "text": "Slide 13\n(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 during the three months ending\nSeptember 30, 2023. Employment sector data is for all residents as of September 30, 2023.",
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      "text": "Slide 19\n(1) IPO date of August 13, 2013.",
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      "text": "Slide 38\n(1) All resident demographic data is self-reported by residents. Data as of September 30, 2023.\n(2) Data as of the last 90 days ending September 30, 2023.",
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      "text": "40",
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      "text": "End Notes (continued)",
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