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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": "We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.",
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      "text": "Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).",
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      "text": "Interest Coverage is a ratio computed by dividing Adjusted EBITDA by interest expense",
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      "text": "We 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. We may also refer to the Same Store Portfolio as the IRT Same Store Portfolio.",
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      "text": "Other 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.",
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      "text": "Net Operating Income",
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      "kind": "paragraph",
      "text": "We 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.",
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      "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).",
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      "text": "Same Store Properties and Same Store Portfolio",
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      "text": "Total Gross Assets",
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      "text": "(a) Includes accumulated depreciation associated with real estate held for sale, as applicable.",
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      "text": "As of\nSep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022\nTotal assets $ 6,577,790 $ 6,517,400 $ 6,493,747 $ 6,532,095 $ 6,633,533\nPlus: accumulated depreciation (a) 570,966 523,446 475,001 426,097 386,606\nPlus: accumulated amortization 76,691 76,558 76,558 76,710 77,141\nTotal gross assets $ 7,225,447 $ 7,117,404 $ 7,045,306 $ 7,034,902 $ 7,097,280",
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      "text": "As of\nSep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022\nTotal debt $ 2,715,710 $ 2,650,805 $ 2,628,632 $ 2,631,645 $ 2,713,625\nLess: cash and cash equivalents (17,216) (14,349) (12,448) (16,084) (23,753)\nLess: loan discounts and premiums, net (50,772) (53,520) (56,256) (59,937) (63,340)\nTotal net debt $ 2,647,722 $ 2,582,936 $ 2,559,928 $ 2,555,624 $ 2,626,532",
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      "text": "Definitions and Non-GAAP Financial Measure Reconciliations",
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