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  "documentTitle": "Independence Realty Trust | Investor Presentation Deck | 55 slides",
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  "presentationDate": "2024-09-01 00:00:00",
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      "text": "Slide 7\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 two properties (621 units) under development.",
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      "text": "Slide 4\n(1) Same-store portfolio includes 108 properties, which represent 32,153 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) As of September 28, 2024, same-store portfolio occupancy was 95.7%, same-store portfolio excluding ongoing value add occupancy was 96.0% and value add occupancy was 94.8%. 3Q 2024 QTD average occupancy is through September 28, 2024.",
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      "text": "Slide 2\n(1) Portfolio Summary data is as of June 30, 2024 or for the quarter-ended June 30, 2024, as applicable.\n(2) Highlights are for the IRT same store portfolio for the three months ended June 30, 2024 vs. the three months ended June 30, 2023. 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 June 30, 2024.\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.",
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      "text": "Slide 17\n(1) Excludes 209 units from Views of Music City phase II.\n(2) Image represents a rendering of the community.",
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      "text": "Slide 11\n(1) Calculated as incremental NOI, divided by a 5.5% cap rate, net of capital investment. Incremental NOI of $23.5 million equates to total units completed to date of 8,469 multiplied by $232 rent premium annualized. Total costs-to-date of $138 million equates to total units completed to date multiplied cost per unit of $16,301.\n(2) Value add pipeline data is as of June 30, 2024. These projections constitute forward-looking information. See \"Forward-Looking Statement\" at the end of this presentation.\n(3) Illustrative estimated cost / unit ranging from $18,000 to $19,000.\n(4) Illustrative 17.1% annual ROI based on IRT's historical returns.\n(5) Calculated as incremental NOI, divided by 5.5% cap rate net of capital invested.",
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      "text": "Slide 20\n(1) Market data as of June 30, 2024.\n(2) Proforma Debt Maturity represents June 30, 2024 debt maturity adjusted for $150 million private placement ($75 million maturing in October 2031 and $75 million maturing in October 2034) being used to pay off property mortgages maturing in 2024 and 2025 and a portion of the revolver.",
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      "text": "Slide 9\n(1) Bloomberg Market data; Year-to-date as of September 27, 2024.\n(2) IPO date of August 13, 2013.",
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      "text": "Slide 24\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 June 30, 2024. Employment sector data is for all residents as of June 30, 2024.",
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      "text": "49",
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      "text": "End Notes",
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