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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": "Communities Identified for Sale",
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      "text": "Strategy was announced in October 2023\nDisposition of 10 non-core properties (~2,750 units) in 7 markets\n9 communities acquired in 2021 as part of the STAR merger\nAggregate gross sales proceeds of approximately $525mm to be utilized to immediately pay down ~$519mm of debt\n~$196mm of debt paid down in 2023 and the following repayment amounts are expected in 1Q 2024:\n~$122mm of property level secured debt\n~$53mm of other secured debt\n~$148mm of outstanding borrowings on the line of credit\nWeighted average disposition economic cap rate of 5.80% (1)\nKey elements of the disposition rationale:\nExit selected markets\nImprove portfolio operating efficiencies\nAccelerate deleveraging path while reducing secured debt and near-term maturities\nRepay amounts outstanding on the revolving line of credit thereby increasing financial flexibility and liquidity\nImprove unencumbered asset pool and related ratios\nExpected to breakeven on a cash flow basis after accounting for the annual cap ex requirements on these assets\nAs of February 15, 2024, 6 communities have been sold (including 4 communities sold in December 2023) and 4 communities are under contract for sale and expected to be sold in the remainder of 1Q 2024",
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      "kind": "source-note",
      "text": "Note: Pro forma for the completion of the Portfolio Optimization and Deleveraging Strategy",
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      "text": "Selected Impact to Portfolio & Balance Sheet\n12/31/2023 Actual\n12/31/2023 Pro Forma\nConsolidated Operating Communities (2) 116 110\nTotal Operating Units (3) 34,431 32,685\nAverage Effective Monthly Rent (4) $1,558 $1,555\nNet Debt / TEV (5) 42% 39%\nNet Debt / LOA Adjusted EBITDA (6) 6.7x 6.2x",
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