{ "docId": "019de517-5461-710c-be0f-511cc73421ba", "docSlug": "ff33b16e4d4c023b2686c62af2e9b641", "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 45 slides", "authorId": "independence-realty-trust", "authorName": "Independence Realty Trust", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3296399, "pageNumber": 42, "pageCount": 45, "prevPage": 41, "nextPage": 43, "slideType": "appendix_disclosure", "function": "appendix", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-5461-710c-be0f-511cc73421ba/42", "deckHref": "/decks/019de517-5461-710c-be0f-511cc73421ba", "deckJsonHref": "/decks/019de517-5461-710c-be0f-511cc73421ba.json", "deckAnchorHref": "/decks/019de517-5461-710c-be0f-511cc73421ba#slide-42", "components": [ { "bbox": { "h": 0.04, "w": 0.07, "x": 0.89, "y": 0.94 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4e8abc2-9a1d-4eca-a92b-9d873ddd695c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.41, "w": 0.905, "x": 0.045, "y": 0.51 }, "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": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a5101f6c-ea12-4027-82e6-ba8d2791aed3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.905, "x": 0.045, "y": 0.36 }, "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": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "daa99e18-aa1d-43d0-9115-049faa05517f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.905, "x": 0.045, "y": 0.21 }, "kind": "list", "text": "Average Effective Monthly Rent per Unit\nAverage effective rent per unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented. 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": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e9c250ad-8962-478b-86f5-579b1dea12e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.905, "x": 0.045, "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": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fd12bb10-fcae-4f9f-9aea-b7eda4ef1a00", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.905, "x": 0.045, "y": 0.14 }, "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. IRT's other SEC filings are also available through this website.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dc687f30-455f-434f-88b1-126aa7288c0a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.02, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "41", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "934cfa09-2a31-494f-8e5a-23c882579652", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.045, "y": 0.05 }, "kind": "title", "text": "Definitions and Non-GAAP Financial Measure Reconciliations", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cdebf70c-064a-4ac9-9805-ea53871a36ea", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }