{ "docId": "019de518-0d55-74fe-b13e-b800bd10f814", "docSlug": "da49f2418b6d366cbac9e0e7822d06d9", "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 53 slides", "authorId": "independence-realty-trust", "authorName": "Independence Realty Trust", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3296399, "pageNumber": 48, "pageCount": 53, "prevPage": 47, "nextPage": 49, "slideType": "appendix", "function": "appendix", "density": "overcrowded", "nDataPoints": 25, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-0d55-74fe-b13e-b800bd10f814/48", "deckHref": "/decks/019de518-0d55-74fe-b13e-b800bd10f814", "deckJsonHref": "/decks/019de518-0d55-74fe-b13e-b800bd10f814.json", "deckAnchorHref": "/decks/019de518-0d55-74fe-b13e-b800bd10f814#slide-48", "components": [ { "bbox": { "h": 0.2, "w": 0.95, "x": 0.03, "y": 0.08 }, "kind": "list", "text": "Slide 2\n(1) Portfolio Summary data is as of December 31, 2023 or full year 2023, as applicable, and is pro forma for completion of property sales included in our Portfolio Optimization Strategy.\n(2) Highlights are for the IRT same store portfolio for the twelve months ended December 31, 2023 vs. the twelve months ended December 31, 2022. NOI is a non-GAAP financial measure. See slides 49-51 for definitions and reconciliations.\n(3) Return on investment or ROI throughout this presentation is calculated as rent premium per unit per month, multiplied by 12 months, dividend by interior renovation costs or total renovation costs, as applicable. Rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, and the market rent for an unrenovated unit. Project results are through December 31, 2023.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual full year 2024 CFFO could vary significantly from the projections presented. See \"Forward-Looking Statement\" at the end of this presentation.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0a379e86-f289-4a8d-a9b3-3a25ae732f53", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.83 }, "kind": "list", "text": "Slide 14\n(1) Excludes 209 units from Views of Music City phase II.\n(2) Image represents a rendering of the community.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "110936f6-3ce9-4e6b-86a4-805ebda84b6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.03, "y": 0.78 }, "kind": "list", "text": "Slide 13\n(1) Occupancy % is calculated using the leased or occupied units, as applicable, divided by the number of delivered units.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42182b7b-0319-412c-8a5a-f98708000033", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.95, "x": 0.03, "y": 0.29 }, "kind": "list", "text": "Slide 3\n(1) Same-store portfolio includes 106 properties, which represent 31,829 units.\n(2) Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months.\n(3) 1Q 2024 QTD average occupancy is through February 28, 2024. 1Q 2024 QTD new lease and renewal rates are for leases commencing during 1Q 2024 that were signed as of February 28, 2024.\n(4) As of February 28, 2024, same-store portfolio occupancy was 94.5%, same-store portfolio excluding ongoing value add occupancy was 94.9% and value add occupancy was 93.4%.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "623f9c51-b486-4bff-9530-78e75984a969", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.03, "y": 0.56 }, "kind": "list", "text": "Slide 6\n(1) IPO date of August 13, 2013.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4ae89a8-6ba0-45ee-b3f5-c55d0599e6fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.03, "y": 0.44 }, "kind": "list", "text": "Slide 4\n(1) A wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS) acted as IRT's external advisor until IRT internalized the advisor in December 2016.\n(2) Number of operating units reflects all consolidated properties, at 100%, excluding properties under development.\n(3) Excludes acquisition of 2 properties (621 units) under development.\n(4) Pro forma for the completion of the Portfolio Optimization and Deleveraging Strategy. See page 26 and Appendix for further detail.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d1ce6c32-4a7c-4ba3-a632-6889d94227db", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.95, "x": 0.03, "y": 0.62 }, "kind": "list", "text": "Slide 8\n(1) Calculated as incremental NOI, divided by a 5.5% cap rate, net of capital investment. Incremental NOI of $21.5 million equates to total units completed to date of 7,771 multiplied by $231 rent premium annualized. Total costs-to-date of $122.1 million equates to total units completed to date multiplied cost per unit of $15,716.\n(2) Value add pipeline data is as of December 31, 2023. These projections constitute forward-looking information. See \"Forward-Looking Statement\" at the end of this presentation.\n(3) Illustrative estimated cost / unit ranging from $15,000 to $16,000.\n(4) Illustrative 17.7% annual ROI based on IRT's historical returns.\n(5) Calculated as incremental NOI, divided by 5.5% cap rate net of capital invested.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "da3aefd7-be13-4848-9140-e2168f1c6e5d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.95, "x": 0.03, "y": 0.9 }, "kind": "list", "text": "Slide 15\n(1) Calculated using forward twelve-month NOI after recurring Cap Ex.\n(2) Including one consolidated joint venture operating community and excluding properties under development.\n(3) Includes 178 consolidated joint venture operating units at 100%. Excludes 621 consolidated units under development and 653 unconsolidated joint venture units under development.\n(4) For the consolidated portfolio for the three months ended December 31, 2023. Excludes development projects.\n(5) Stock price as of February 9, 2024.\n(6) LQA EBITDA for 2023 is excluding EBITDA generated from 4 properties that were sold in 4Q 2023 as part of the Portfolio Optimization and Deleveraging Strategy.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8595389-4acf-41ff-a5d3-624703826981", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "47", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab8c4b36-3d8c-41ba-8349-4a8654d34898", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "End Notes", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "abe054b1-315a-49e2-8589-15447f6755c3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }