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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": "INDEPENDENCE\nREALTY TRUST",
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      "text": "Slide 17\n(1) Market data as of December 31, 2023.\nSlide 21\n(1) All resident demographic data is self-reported by residents. Average age, average income, and rent-to-income ratio are for residents that have moved in during the three months ending December 31, 2023. Employment sector data is for all residents as of December 31, 2023.\nSlide 22\n(1) Portfolio Summary as of December 31, 2023, NOI for 4Q 2023 and total communities as of December 31, 2023.\n(2) Includes communities located in Denver, Fort Collins, Colorado Springs and Loveland, CO.\nSlide 23\n(1) New deliveries as a % of existing inventory are from CoStar's Q4 2023 data release and are specific to IRT's markets.\n(2) IRT's average asking rent vs. new construction suburban rent for two-bedroom apartments; reflects Yardi Matrix data.\nSlide 24\n(1) Median home prices from Redfin for the month of December 2023 for actual sale prices for All Home types (Single family, Townhomes and Condos).\n(2) Top 10 IRT Markets weighted based on NOI Exposure for IRT Budget-Actuals.\n(3) Homeownership Monthly Costs are calculated using Median Home Values by market are based on the zip code in which IRT's communities are located within, PMI comes from Bank of America mortgage Calculator as of February 6, 2024. Insurance premiums and real estate taxes from Bankrate as of February 6, 2024.\nSlide 27\n(1) This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2024 EPS, FFO, and CFFO could vary significantly from the projections presented. See \"Forward-Looking Statements\". Our guidance is based on the key guidance assumptions.\n(2) Per share guidance is based on 230.9 million weighted average shares and units outstanding.\n(3) Gain on sale of real estate assets includes a gain expected to be realized in Q1 2024 related to the sale of one of the properties identified as held for sale as of December 31, 2023.\n(4) This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. See \"Forward-Looking Statements\".\n(5) Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.\n(6) Includes $128 million related to the sale of two of the six properties identified as held for sale as of December 31, 2023 and $196 million related to the other four properties, which are under contract and expected to be sold in Q1 2024. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections. We undertake no duty to update these assumptions. See \"Forward-Looking Statements\".\nSlide 30\n(1) The 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 as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures. The weighted average Rent Premium including the impact of concessions was $216.\n(2) Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.\n(3) ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable.\n(4) Renovations at one property comprised of 496 units in Atlanta, Georgia remain paused given current market conditions.\n(5) Renovation projects expected to commence during the first half of 2024.\n(6) We consider value add projects completed when over 85% of the property's units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property's units.\nSlide 31\n(1) All resident demographic data is self-reported by residents. Data as of December 31, 2023.\n(2) Data as of the last 90 days ending December 31, 2023.",
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