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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 53 slides",
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  "authorName": "Independence Realty Trust",
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  "presentationDate": "2024-02-01 00:00:00",
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      "text": "Purchase Price $23.0, Invested Capital $6.2, Value Created $19.0, Total Value $48.2",
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      "text": "Achieved outsized value creation\nPost renovation community is valued at $48.2mm(1), representing an increase of 109% from acquisition\nIncremental value creation of $19.0mm, after renovation investment. On an equivalent cap rate basis, incremental value creation represents an 83% increase from acquisition.\nEnhanced resident profile, resulting in a 58.6% average effective monthly rental rate increase as of December 2023\nGenerated unlevered ROI of 30% on total renovation costs",
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      "text": "Note: Dollars in millions except average monthly rental rate.\n(1) Assumes exit cap rate of 5.25%",
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      "text": "At Acquisition (2/27/2018), 12/31/2023, Change. Revenue (TTM) $2.6mm, $4.0mm, +52%. NOI (TTM) $1.4mm, $2.6mm, +89%. NOI Margin 52.6%, 66.9%, +1,430 bps. Average Effective Monthly Rent $868, $1,376, +59%.",
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      "kind": "title",
      "text": "Value-Add Case Study: Avalon Oaks – The Economics",
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