Marilyn Nieves Introduction Independence Realty Trust (NYSE:IRT) is one of the few REITs to deliver a positive return in 2024, easily outperforming the Vanguard Real Estate Index Fund ETF (VNQ): IRT vs VNQ (Seeking Alpha) Looking at the progress the company achieved in Q1 2024, I am confident this outperformance will continue, owing to an attractive market cap rate of 6.8%, a low single-digit rent growth, and improving occupancy. Company Overview You can access all company results here. Independence R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-36041 ______________________________________________________ INDEPENDENCE REALTY TRUST, INC. ...

Financial Performance - Net income available to common shares for Q1 2024 was $17.6 million, compared to $8.6 million in Q1 2023, representing a significant increase [15]. - Earnings per diluted share for Q1 2024 were $0.08, up from $0.04 in Q1 2023 [15]. - Total revenue for the three months ended March 31, 2024, was $160,534 thousand, a decrease from $167,046 thousand in the previous quarter, reflecting a decline of approximately 4.5% [51]. - Net income available to common shares for the three months ended March 31, 2024, was $17,577 thousand, compared to a loss of $40,515 thousand in the previous quarter [51]. - Funds From Operations (FFO) for the three months ended March 31, 2024, was $62,340 thousand, down from $71,984 thousand in the previous quarter, a decrease of about 13.4% [51]. - Core Funds From Operations (CFFO) for the three months ended March 31, 2024, was $61,454 thousand, compared to $68,749 thousand in the previous quarter, a decline of approximately 10.5% [51]. - The company reported earnings per share of $0.08 for the three months ended March 31, 2024, compared to a loss per share of $(0.18) in the previous quarter [51]. - Total revenue for Q1 2024 was $160.534 million, a decrease of 0.5% from $161.374 million in Q1 2023 [52]. - Net income available to common shares increased to $17.577 million in Q1 2024, compared to $8.648 million in Q1 2023, representing a growth of 103.5% [52]. Operational Metrics - Same-store revenue increased by 3.4% in Q1 2024, with average occupancy improving by 120 basis points year-over-year to 94.4% [14]. - The average rental rate for the same-store portfolio increased by 1.5% to $1,551 in Q1 2024 [16]. - Average occupancy rate improved to 94.4% in Q1 2024, up from 93.2% in Q1 2023 [60]. - Total property operating expenses rose to $59.971 million in Q1 2024, compared to $59.255 million in Q1 2023, an increase of 1.2% [52]. - Same-store portfolio net operating income (NOI) for Q1 2024 was $94.371 million, a 2.4% increase from $92.137 million in Q1 2023 [60]. - Total net operating income (NOI) for the portfolio was $96,381,000, with an average effective monthly rent of $1,550 and an overall occupancy rate of 95.0% as of March 31, 2024 [63]. Guidance and Projections - The company confirmed its 2024 EPS guidance range of $0.34 to $0.38 per diluted share [29]. - 2024 full year EPS guidance is revised to a range of $0.34 to $0.38, down from the previous range of $0.40 to $0.44, reflecting a midpoint change of $(0.06) [30]. - CFFO per share guidance remains unchanged at $1.12 to $1.16, with no adjustments to depreciation and amortization or loan discount amortization [30]. - Property revenue growth is projected to remain stable at 3.0% to 4.5%, while controllable operating expense growth is also unchanged at 4.9% to 5.9% [34]. - Acquisition volume guidance has been updated to $0 million to $40 million, indicating a potential increase of $20 million from previous expectations [34]. - Disposition volume is projected to be between $392 million and $396 million, an increase of $70 million from the previous estimate of $324 million [34]. Debt and Liquidity - The company disposed of nine properties for a total gross sales price of $496.8 million, using proceeds to repay $488.9 million of debt, enhancing liquidity to $412 million as of March 31, 2024 [15][21]. - Total debt decreased to $2,277.1 million from $2,549.4 million, resulting in a total debt to total gross assets ratio of 34.1% [46]. - As of March 31, 2024, total assets decreased to $5,972,848 thousand from $6,280,175 thousand as of December 31, 2023, representing a decline of approximately 4.9% [50]. - Total liabilities decreased to $2,413,745 thousand as of March 31, 2024, down from $2,712,981 thousand as of December 31, 2023, a reduction of about 11% [50]. - As of March 31, 2024, the total consolidated debt is $2.277 billion, with a weighted average contractual rate of 4.8% [78]. - The company maintains a consolidated leverage ratio of 32.0%, well below the 60% requirement, indicating strong compliance with debt covenants [84]. Market Performance - The Atlanta market reported a revenue increase of 0.6% to $23.823 million, with net operating income rising by 9.3% to $9.189 million [62]. - Dallas market revenue grew by 3.3% to $21.916 million, while net operating income increased by 8.0% to $13.398 million [62]. - Columbus, OH, saw a revenue increase of 6.6% to $10.906 million, with net operating income up by 4.2% to $6.894 million [62]. - The Denver market experienced a slight revenue decline of 0.7% to $7.439 million, with net operating income decreasing by 0.7% to $7.489 million [62]. - The Nashville market reported a revenue increase of 6.6% to $7.449 million, with net operating income rising by 6.6% to $6.985 million [62]. Renovation and Development - The value add program completed renovations on 320 units in Q1 2024, achieving a weighted average return on investment of 18.0% [22]. - The ongoing renovation projects across various markets have an average rent premium of $271, representing a 21.4% increase in rent [66]. - Future value-add projects are underway in Atlanta, Dallas, and Denver, with additional projects expected to begin in Lexington and Oklahoma City in Q2 and Q3 2024 [68]. - Destination at Arista has 325 planned units with a projected completion date of Q4 2023 and 73.5% of planned units delivered as of March 31, 2024 [72]. - Flatirons Apartments has 296 planned units with a projected completion date of Q4 2024 and 0% of planned units delivered as of March 31, 2024 [72].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact name of registrant as specified in its charter) Ma ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-36041 ______________________________________________________ INDEPENDENCE REALTY TRUST, I ...

Real Estate Portfolio - As of June 30, 2023, the company owned and operated 119 multifamily apartment properties with a total of 35,249 units[107] - The total gross real estate assets amounted to $6.68 billion, with an average occupancy rate of 94.6% across the portfolio[111] - The company has interests in five unconsolidated joint ventures, with one project completed during the quarter, adding 199 units[116] - The number of properties remained stable at 115, while the number of units decreased by 345 to 35,249[1] Financial Performance - Rental and other property revenue increased by $9.0 million to $163.6 million for the three months ended June 30, 2023, compared to $154.6 million for the same period in 2022, primarily due to an 8.0% increase in average effective monthly rents[125] - Net Operating Income increased by $5.8 million to $98.1 million for the three months ended June 30, 2023, compared to $92.3 million for the same period in 2022, reflecting a 6.3% increase[1] - The company recognized a net income of $19.9 million for the six months ended June 30, 2023, a decrease of $49.6 million compared to $69.5 million for the same period in 2022[1] - Net income for Q2 2023 was $10,988,000, compared to a net loss of $7,399,000 in Q2 2022, representing a significant turnaround[150] - Funds From Operations (FFO) for Q2 2023 was $65,264,000, slightly down from $65,414,000 in Q2 2022, while Core Funds From Operations (CFFO) increased to $63,682,000 from $58,589,000[150] Revenue and Expenses - Property operating expenses rose by $3.1 million to $62.1 million for the three months ended June 30, 2023, driven by increases in contract landscaping services, insurance, utilities, advertising, and repairs and maintenance[126] - General and administrative expenses decreased by $1.1 million to $5.9 million for the three months ended June 30, 2023, primarily due to reduced personnel expenses and corporate performance-based incentives[128] - Depreciation and amortization expense decreased by $18.8 million to $54.0 million for the three months ended June 30, 2023, as a result of lower intangible asset amortization expenses[129] - Interest expense increased by $1.2 million to $22.2 million for the three months ended June 30, 2023, primarily due to higher interest rates impacting variable rate loans[131] Cash Flow and Liquidity - Cash flow from operating activities for the six months ended June 30, 2023, was $127.2 million, an increase of 14% from $111.6 million in 2022[162] - The company maintained cash and cash equivalents, and restricted cash of approximately $42.5 million as of June 30, 2023, compared to $42.4 million in 2022[162] - The company plans to utilize cash and cash equivalents of $14.3 million as of June 30, 2023, to meet liquidity requirements[160] Market and Economic Conditions - Average effective monthly rent per unit across the portfolio was $1,538, with the highest in Dallas, TX at $1,791[111] - Average effective monthly rent per unit rose to $1,531 in Q2 2023, an 8.0% increase from $1,417 in Q2 2022[157] - Average occupancy decreased to 94.2% for the three months ended June 30, 2023, down from 95.5% in the same period of 2022[1] - Casualty losses amounted to $0.7 million during the three months ended June 30, 2023, compared to net gains of $5.6 million in the same period of 2022[130] Strategic Initiatives - The company aims to maximize stockholder value through diligent portfolio management and strategic acquisitions[108] - The capital recycling program resulted in the sale of one multifamily apartment community for a gross sales price of $37.3 million, recognizing a gain of $1.0 million[113] - The company plans to implement a new ATM program under its shelf registration statement, subject to market conditions[120] Restructuring and Costs - The company incurred approximately $3.2 million in restructuring costs related to the reorganization of certain departments during the six months ended June 30, 2023[145] - Merger and integration costs were reported at $0 for Q2 2023, down from $1,307,000 in Q2 2022, indicating a reduction in restructuring expenses[155] Investment and Development - Investments in real estate under development totaled $121.7 million as of June 30, 2023, an increase from $105.5 million at the end of 2022[117] - The company recognized $1.2 million in losses from investments in unconsolidated real estate entities during the three months ended June 30, 2023[132] - The company reported a loss of $2.0 million from investments in unconsolidated real estate entities during the six months ended June 30, 2023[144]

Independence Realty Trust, Inc. (NYSE:IRT) Q2 2023 Earnings Conference Call July 27, 2023 9:00 AM ET Company Participants Lauren Torres - IR Scott Schaeffer - President, CEO & Chairman Mike Daley - EVP, Operations & People James Sebra - CFO & Treasurer Conference Call Participants Eric Wolfe - Citi Bradley Heffern - RBC Capital Markets Austin Wurschmidt - KeyBanc Capital Markets John Kim - BMO Capital Markets Anthony Powell - Barclays Bank Operator Thank you for standing by. My name is Briana, and I will be ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-36041 ______________________________________________________ INDEPENDENCE REALTY TRUST, INC. ...

Independence Realty Trust, Inc. (NYSE:IRT) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET Company Participants Lauren Tarola - Investor Relations, Edelman Smithfield Scott Schaeffer - Chief Executive Officer Mike Daley - Executive Vice President-Operations & People Jim Sebra - Chief Financial Officer & Janice Richards, SVP of Operations Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Nick Joseph - Citi Brad Heffern - RBC Capital Markets John Kim - BMO Capital Markets Wes ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact name of registrant as specified in its charter) FORM 10-K (Mark One) | ...