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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 55 slides",
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  "authorName": "Independence Realty Trust",
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  "presentationDate": "2024-09-01 00:00:00",
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      "text": "Purchase Price $23.0, Invested Capital $6.6, Value Created $19.6, Total Value $49.2",
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      "text": "Post renovation community is valued at $49.2mm(1), representing an increase of 114% from acquisition\nIncremental value creation of $19.6mm, after renovation investment. On an equivalent cap rate basis, incremental value creation represents an 85% increase from acquisition.\nEnhanced resident profile, resulting in a 66% average effective monthly rental rate increase as of June 2024\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) 6/30/2024 Change Revenue (TTM) $2.6mm $4.0mm +53% NOI (TTM) $1.4mm $2.7mm +95% NOI Margin 52.6% 66.9% +1,430 bps Average Effective Monthly Rent $868 $1,440 +66%",
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