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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": "We believe that Net Operating Income (\"NOI\"), a non-GAAP financial measure, is a useful supplemental measure of its operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization, casualty related costs and gains, property management expenses, and general and administrative expenses, interest expenses, and net gains on sale of assets.",
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      "text": "Total Gross Assets",
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      "text": "Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).",
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      "text": "Interest Coverage is a ratio computed by dividing Adjusted EBITDA by interest expense",
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      "text": "We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.",
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      "text": "Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income insofar as the measure reflects only operating income and expense at the property level. We use NOI to evaluate performance on a same store and non-same store basis because NOI measures the core operations of property performance by excluding corporate level expenses, financing expenses, and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.",
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      "text": "We review our same store portfolio at the beginning of each calendar year. Properties are added into the same store portfolio if they were owned at the beginning of the previous year. Properties that are held-for-sale or have been sold are excluded from the same store portfolio. We may also refer to the Same Store Portfolio as the IRT Same Store Portfolio.",
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      "text": "Same Store Properties and Same Store Portfolio",
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      "text": "Net Debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (Dollars in thousands).",
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      "text": "Net Operating Income",
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      "text": "(a) Includes accumulated depreciation associated with real estate held for sale, as applicable.",
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      "text": "As of\nJun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023\nTotal assets $ 5,940,261 $ 5,972,848 $ 6,280,175 $ 6,577,790 $ 6,517,400\nPlus: accumulated depreciation (a) 674,236 630,743 606,404 570,966 523,446\nPlus: accumulated amortization 69,532 69,998 73,975 76,691 76,558\nTotal gross assets $ 6,684,029 $ 6,673,589 $ 6,960,554 $ 7,225,447 $ 7,117,404",
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      "text": "As of\nJun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023\nTotal debt $ 2,252,559 $ 2,277,098 $ 2,549,409 $ 2,715,710 $ 2,650,805\nLess: cash and cash equivalents (21,034) (21,275) (22,852) (17,216) (14,349)\nLess: loan discounts and premiums, net (37,253) (39,804) (44,483) (50,772) (53,520)\nTotal net debt $ 2,194,272 $ 2,216,019 $ 2,482,074 $ 2,647,722 $ 2,582,936",
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      "text": "Definitions and Non-GAAP Financial Measure Reconciliations",
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