Aston

Wake Forest, NC

INVESTOR PRESENTATION May 2024

Table of Contents

Overview

2

Recent Operating Metrics

3

Company History and Performance

4 - 6

Current Priorities / Business Plan

7 - 18

Differentiated Portfolio in Attractive Markets

19 - 24

Path to Long-Term Growth

25

Appendix

2024 Guidance

27

ESG Initiatives

28

Market Statistics

29

Value Add Summary

30

Demographic Profile

31

Market Profiles

32 - 46

End Notes

47 - 48

Definitions and Non-GAAP Financial Measure Reconciliations

49 - 51

Forward-Looking Statement

52

1

IRT Overview

PORTFOLIO SUMMARY (1)

OWN AND OPERATE

110

Communities

32,685

Units

Sunbelt Exposure

74% of NOI

OK

CO

94.4%(2)TX

1Q24 Portfolio Avg Occupancy

+120 basis points Y-o-Y

IN

OH

KY

TN

NC

SC

AL

GA

IRT's Operating Communities

FL

Asset Held for Sale

SAME STORE HIGHLIGHTS

Q1 2024 (2)

  • Revenue growth: 3.4% Y-o-Y
  • Resident retention: 54.3%, +610bps Y-o-Y and +330bps Q-o-Q
  • Avg rental rate: +1.5% to $1,551
  • NOI growth: 2.4% Y-o-Y

UPSIDE FROM VALUE ADD

  • Projects to date have generated a 19.3% unlevered return on
    interior costs and an avg rental increase of 20.5% (3)
  • ~12,000 units available for value add renovation

2024 GUIDANCE

  • Same Store property revenue growth of 3.75% and NOI
    growth of 2.5% at the midpoint of our guided range(4)
  • Core FFO per share guidance range of $1.12-$1.16

All notations throughout this presentation appear as "End Notes" on pages 47-48.

2

Strong Performance Across Key Operating Metrics

Same Store Excluding Value Add

100%

Occupancy

94.6%

94.9%

94.8%

94.6%

95.3%

95%

90%

85%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24

(2)

New Leases

TotalStoreSame GrowthRentLeaseover

3%

2.6%

2%

0.5%

1%

-0.3%

0%

-1%

-2.4%

-2%

Lease

-3%

-4%

-4.2%

-5%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24

Same Store Value Add

93.9%

94.5%

93.2%

93.6%

92.9%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24

Renewals

6%

5%

4.8%

4.9%

4.4%

4%

3.0%

3%

2.3%

2%

1%

0%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24

Same Store Total (1)

94.5%

94.5%

94.4%

95.1%

94.2%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24(3)

Blended

6%

5%

4%

3%

2.9%

2.5%

2%

2.0%

1.2%

1%

0.2%

0%

Q2 23

Q3 23

Q4 23

Q1 24

Q2 QTD

24(4)

Note: As of May 1, 2024, same-store portfolio occupancy was 95.6%, same-store portfolio excluding ongoing value add occupancy was 95.8% and value add occupancy was 94.9%. All notations throughout this presentation appear as "End Notes" on pages 47-48.

3

Company History

Aug. 2013

Sep. 2015

Dec. 2016

Apr. 2018

Dec. 2021

Oct. 2023

Completes IPO;

Acquires Trade

Completes

Commences first

Acquires Steadfast

Announces Portfolio

begins trading on

Street Residential

internalization of

phase of value-add

Apartment REIT

Optimization and

the NYSE

(NASDAQ: TSRE) for

management (1)

renovations

("STAR") for $2.6bn

Deleveraging

$264 mm

initiative

Strategy

of Operating Units (2)

Acquired 68 properties

Steadfast

21,394 units (3)

Acquisition

35,498 35,526

Acquired 19 properties

4,989 units

34,431

32,685

Total Number

Trade Street

Acquisition

15,880 15,554 15,667

13,724

14,017

12,982

8,819

2,790

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

4

IRT is Delivering Industry Leading Operating Performance

Relative to peers in non-gateway and coastal markets, IRT outpaced industry growth over the past few years and momentum is expected to continue due to our attractive location in sunbelt markets, as well as our investments in value add renovations and new development initiatives

Same Store NOI Growth

CFFO per Share Growth

145

IRT

140

135

Non-Gateway

130

125

120

Peer Group

115

Coastal

110

105

100

95

90

2019

2020

2021

2022

2023

2024

Guidance

(Mid-Point)

IRT

Non-Gateway

Coastal

Peer Group

155

IRT

150

145

Non-Gateway

140

135

130

125

Peer Group

120

115

Coastal

110

105

100

95

90

2019

2020

2021

2022

2023

2024

Guidance

(Mid-Point)

IRT

Non-Gateway

Coastal

Peer Group

Source: Company reports; coastal peer group includes AVB, EQR, ESS, and UDR; non-gateway peer group includes CPT, CSR, MAA, and NXRT. Same store NOI growth and CFFO per share metrics are based on the definitions used by the peer group companies and may not be comparable.

5

Track Record of Value Creation

IRT has a proven track record of outperforming its peers

1-Year

3-Year

5-Year

Since IPO (1)

300%

256%

250%

200%

150%

150%

100%

89%

80%

50%

14%

17%

2%

0%

3%

0%

-2%

-3%

-3%

-50%

RMS

Multifamily Index

IRT

Source: Bloomberg Market data as of April 30, 2024.

Note: Represents compound total return, with dividends reinvested.

6

Current Priorities / Business Plan

1

2

3

4

5

Continue value add renovations

at ~2,500 annually

Complete on-balance sheet and joint venture developments

Capital recycling to position portfolio for long-term growth while deleveraging

Use free cash flow to further delever the balance sheet to ~5.0x

Drive on-site efficiencies through

the use of technology

Talison Row at Daniel Island Charleston, SC

Miller Creek at Germantown Memphis, TN

7

1 Value Add Program: Improving Our Growth Profile

IRT's historical projects have generated an 17.5% return on investment across approximately 8,091 units,

resulting in around $280 million of incremental value creation (1)

Sizeable ~15,000 unit value add pipeline providing up to ~$600 million of incremental shareholder value

Value Add Pipeline (2)

In-Place Program

Identified 2024

Future Pipeline

Total

($ in millions)

Starts

Units to Renovate

11,856

1,425

9,381

22,662

Units Renovated-to-Date

(8,091)

-

-

(8,091)

Remaining Units to Renovate

3,765

1,425

9,381

14,571

Remaining Renovation Costs (3)

$68 - $72

$26 - $27

$169 - $178

$262 - $277

Incremental NOI (4)

$12- $13

$4- $5

$30 - $31

$46 - $48

Incremental Value Creation (5)

$148 - $156

$56 - $59

$368 - $389

$572 - $604

All notations throughout this presentation appear as "End Notes" on pages 47-48.

8

1 Value-Add Case Study: Avalon Oaks - Project Overview

Before

After

Columbus, OH community acquired for $23.0mm in February 2018

▪ Middle market community with 235 units that at the time of

acquisition helped to increase our scale in the Columbus

market

▪ Attractive Columbus submarket insulated from the new Class A

construction

▪ Opportunity to reposition the community through value-add

renovation

- 97% occupied at acquisition

- In-place asking rents approximately 7% below

submarket competitive set

- Strong demand for upgraded community

- Potential for operating cost savings

Added to our value-add program in February 2020

Upgrades include:

▪ Stainless steel appliances

▪ Painted cabinet boxes with new doors and resurfaced

countertops

▪ Washers and dryers in each unit

▪ Clubhouse redesign with addition of business center

▪ New layout for fitness center and upgraded playground

▪ Laundry room conversion to pet spa

As of March 2024, we have invested $6.3mm in the property

including approximately $2.7mm through our value-add program

and renovations are 89% complete

9

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Disclaimer

Independence Realty Trust Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 12:44:04 UTC.