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].

Debt and Interest Rate Exposure - As of December 31, 2023, the company had $835.1 million of its $2,515.7 million total outstanding consolidated indebtedness bearing interest at variable rates, exposing it to interest rate risk[153]. - A 100-basis point increase in interest rates would result in a $0.9 million increase in annual interest expense due to current interest rate swap and collar agreements[153]. - The company expects to incur additional indebtedness in the future, with approximately $2,401.6 million requiring balloon payments at maturity dates ranging from 2024 to 2030[157]. - The company had $834.5 million of unsecured debt indexed to the Secured Overnight Financing Rate (SOFR) as of December 31, 2023[162]. - The transition to SOFR may introduce volatility, as daily changes in SOFR have been more volatile than those in other benchmark rates like USD LIBOR[164]. - Compliance with REIT requirements may limit the company's ability to hedge risks effectively, potentially increasing exposure to interest rate changes[156]. - As of December 31, 2023, the company has $2.52 billion of outstanding indebtedness, with $1.68 billion fixed rate and $0.84 billion floating rate[334]. - The company has three float-to-fixed interest rate swaps with a total notional amount of $500 million and two interest rate collars totaling $250 million[334]. - An increase of 100 basis points in the SOFR interest rate curve would result in an interest expense increase of $865,000 for variable-rate indebtedness[339]. - The company is exposed to market risk from interest rate changes, which may affect the value of financial instruments[330]. Environmental and Compliance Risks - The company may face significant costs related to environmental compliance, which could adversely affect net income and cash available for distributions[167]. - The presence of hazardous substances on properties could lead to substantial remediation costs and affect the ability to sell or rent properties[168]. - The company may incur significant costs related to indoor air quality issues, including mold remediation, which could impact financial condition[174]. - Compliance with the Fair Housing Amendments Act (FHAA) is mandatory, and failure to comply could lead to substantial costs, including fines and litigation expenses[177]. - Legislative changes regarding rent control and tenant rights may adversely affect the company's ability to raise rents and could impact property values[178]. - The company may incur costs related to compliance with the Disabilities Act, which could negatively affect financial performance[176]. Financial Performance and Results - Total revenue for the year ended December 31, 2023, was $660,983 thousand, an increase of 5.8% compared to $628,525 thousand in 2022[364]. - The Company reported a net loss of $17,807 thousand for 2023, compared to a net income of $120,659 thousand in 2022, indicating a significant decline in profitability[364]. - Rental and other property revenue increased to $659,841 thousand in 2023, up from $627,414 thousand in 2022, representing a growth of 5.2%[364]. - Total assets decreased to $6,280,175 thousand as of December 31, 2023, down from $6,532,095 thousand in 2022, a reduction of approximately 3.9%[362]. - The Company’s total liabilities decreased to $2,712,981 thousand in 2023 from $2,794,228 thousand in 2022, a decline of about 2.9%[362]. - The Company maintained effective internal control over financial reporting as of December 31, 2023, according to the audit opinion[354]. - The Company’s cash and cash equivalents increased to $22,852 thousand in 2023 from $16,084 thousand in 2022, reflecting a growth of approximately 42.1%[362]. - The Company incurred property operating expenses of $244,330 thousand in 2023, an increase from $232,275 thousand in 2022, representing a rise of about 5.2%[364]. - The Company’s accumulated deficit increased to $(348,405) thousand in 2023 from $(191,735) thousand in 2022, indicating a worsening financial position[362]. - The company recognized a noncontrolling interest upon consolidation of a former unconsolidated real estate entity, amounting to $256[371]. - The company reported a total comprehensive income of $3,431,297 for the year 2023[371]. - Net loss for 2023 was $17,807,000 compared to a net income of $120,659,000 in 2022[374]. - Net cash provided by operating activities increased to $262,170,000 in 2023 from $249,537,000 in 2022[374]. - Total cash, cash equivalents, and restricted cash at the end of 2023 was $50,732,000, up from $44,017,000 in 2022[376]. - Cash paid for interest in 2023 was $96,022,000, slightly down from $96,383,000 in 2022[376]. Shareholder and Stockholder Dynamics - The company may need to borrow funds to meet REIT minimum distribution requirements, which could increase expenses and reduce net income[184]. - Maintaining REIT qualification requires distributing at least 90% of taxable income, potentially limiting funds available for reinvestment[190]. - The company faces a 100% penalty tax on net income from prohibited transactions, which could reduce investment returns[193]. - If the operating partnership, IROP, is not treated as a partnership for tax purposes, it may be subject to corporate taxation, reducing available distributions[196]. - Distributions to tax-exempt investors may be classified as unrelated business taxable income (UBTI), requiring tax-exempt investors to pay tax on such income[197]. - The company intends to comply with various REIT requirements, which may hinder its ability to maximize profits and affect stock trading prices[191]. - Changes in federal income tax laws could adversely affect the company and its shareholders, impacting overall returns[180]. - The company’s Charter restricts any person from owning more than 9.8% of the outstanding shares to maintain REIT qualification[205]. - The Maryland General Corporation Law prohibits certain business combinations for five years after an interested stockholder becomes such, which may hinder acquisition attempts[207]. - The company may issue additional shares without stockholder approval, potentially affecting control dynamics[215]. - The bylaws designate specific courts for disputes, which may limit stockholders' ability to seek favorable judicial outcomes[218]. - The company may issue new shares of common stock, which could dilute existing stockholders' ownership percentage[225]. - Future issuances of debt securities may adversely affect the trading price of the company's common stock[229]. - The total number of shares outstanding as of December 31, 2023, is 224,706,731[371]. Real Estate Investments and Operations - The company owned and operated 116 multifamily apartment properties with a total of 34,431 units as of December 31, 2023[378]. - The company recognized a loss on impairment of real estate assets amounting to $66,547,000 in 2023[374]. - Capital expenditures in 2023 were $146,629,000, compared to $83,979,000 in 2022[374]. - The company completed the consolidation of a previously unconsolidated real estate entity, recognizing in-place leases valued at $398,000[391]. - The geographic concentration of rental revenue for 2023 was led by Texas (20.82%), Georgia (15.52%), and North Carolina (9.95%)[405]. - The carrying value of investments in real estate under development in Denver, Colorado was $98,365,000 as of December 31, 2023, down from $105,518,000 in 2022[400]. - The company recognized casualty losses of $925,000 in 2023, compared to gains of $(8,866,000) in 2022[398]. - The company recognized reimbursements of payroll-related expenses of $3,232,000 during the year ended December 31, 2023, related to employee retention credits[426]. - The STAR Merger, completed on December 16, 2021, involved assets valued at approximately $4.77 billion and liabilities of $1.89 billion[380]. - The STAR Merger resulted in the acquisition of 68 apartment communities containing 21,394 units, with a total purchase price of $4,677,522,000[434][436]. - The total sale price for the properties sold in 2023 was $562,575, with a net gain on sale of $1,900 after accounting for defeasance and debt prepayment gains[447]. - The total loss on impairment recorded for real estate assets in 2023 was $66,547, with significant losses from properties such as The Meadows at River Run and Fielders Creek[447]. - No property acquisitions were made during the year ended December 31, 2023, maintaining a focus on divestitures rather than expansion[449]. - The company expects to use net proceeds from property sales to reduce indebtedness, enhancing financial stability[444].

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 ...

Property Portfolio and Operations - As of March 31, 2023, the company owned and operated 119 multifamily apartment properties with a total of 35,249 units[103] - The total gross real estate assets amounted to $6,648.9 million, with an average occupancy rate of 94.1% across the portfolio[106] - The company focuses on acquiring properties in non-gateway cities with strong and stable occupancies to support rental rate increases[104] - The average effective monthly rent per unit across the portfolio was $1,535, with the highest average rent in Dallas, TX at $1,783[106] Financial Performance - Rental and other property revenue increased by $11.2 million to $161.1 million for the three months ended March 31, 2023, compared to $150.0 million for the same period in 2022, primarily due to a 10.8% increase in average effective monthly rents[116] - Net operating income increased by $7.5 million to $99.3 million for the three months ended March 31, 2023, representing an 8.2% increase compared to $91.8 million in the prior year[116] - Net income for the three months ended March 31, 2023, was $8,872,000, a decrease of 88.5% compared to $76,880,000 for the same period in 2022[131] - Funds From Operations (FFO) for Q1 2023 was $62,263,000, representing a slight increase of 3.6% from $60,111,000 in Q1 2022[128] - Core Funds From Operations (CFFO) for Q1 2023 was $62,493,000, up 8.8% from $57,710,000 in Q1 2022[128] - Same-store portfolio Net Operating Income (NOI) increased by 8.2% to $99,303,000 in Q1 2023 from $91,766,000 in Q1 2022[132] - Rental and other property revenue rose by 7.5% to $156,813,000 in Q1 2023 compared to $145,826,000 in Q1 2022[132] Expenses and Costs - Property operating expenses rose by $3.4 million to $59.3 million for the three months ended March 31, 2023, from $55.9 million in the same period of 2022, mainly due to increased repairs and maintenance[117] - Interest expense increased by $1.6 million to $22.1 million for the three months ended March 31, 2023, primarily due to higher interest rates affecting variable rate loans[122] - General and administrative expenses increased by $0.2 million to $8.2 million for the three months ended March 31, 2023, primarily due to inflationary pressures[119] - Property management expenses increased by $0.8 million to $6.4 million for the three months ended March 31, 2023, driven by inflationary pressures on salaries and IT services[118] - Total property operating expenses increased by 6.4% to $57,510,000 in Q1 2023 from $54,060,000 in Q1 2022[132] Investments and Sales - During the three months ended March 31, 2023, the company sold one multifamily apartment community for a gross sales price of $37.3 million, recognizing a gain on sale of $1.0 million[107] - The company had investments in unconsolidated real estate of $92.9 million as of March 31, 2023, up from $80.2 million at the end of 2022[109] - The company recognized $0.8 million in losses from investments in unconsolidated real estate entities during the three months ended March 31, 2023[121] - The gain on the sale of real estate assets was $1.0 million for the three months ended March 31, 2023, compared to $94.7 million from four properties sold in the same period of 2022[123] Cash Flow and Liquidity - Cash flow provided by operating activities was $46,911,000 in Q1 2023, an increase from $40,580,000 in Q1 2022[136] - Cash and cash equivalents, and restricted cash at the end of Q1 2023 were approximately $34.8 million, down from $50.8 million at the end of Q1 2022[136] - The company plans to meet liquidity requirements through cash balances of $12.4 million as of March 31, 2023, and financing arrangements[135] Renovations and Improvements - The company completed renovations on 635 units in Q1 2023, achieving a return on investment of 19.1% since the inception of the value add program in January 2018[111] Interest Rate and Financial Instruments - A new interest rate swap contract was entered into on March 16, 2023, with a notional value of $200 million and a strike rate of 3.39%[112] Company Strategy and Market Focus - The company aims to maximize stockholder value through diligent portfolio management and strong operational performance[104] - The company has no foreign operations and its business is not seasonal, focusing solely on the U.S. market[103]

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) | ...

Financial Data and Key Metrics Changes - For Q4 2022, net income available to common shareholders was $33.6 million, up from $28.6 million in Q4 2021 [25] - For the full year 2022, net income available to common shareholders was $117.2 million, up from $44.6 million in 2021 [25] - Same-store NOI growth in Q4 was 13%, driven by a revenue growth of 9.8% [26] - Average rental rate increased by 12% in 2022, supporting a double-digit increase in revenue [16] - Leverage reduced from 7.7 times EBITDA a year ago to 6.9 times at year-end 2022 [16][52] Business Line Data and Key Metrics Changes - The value-add program completed renovations on 656 units in Q4 and 1,451 units for the full year, achieving an ROI of over 24% [7][22] - Average occupancy for non-value-add communities was 94.6% in Q4, below the target of 95% [20] - The company plans to renovate between 2,500 to 3,000 units in 2023 [7][22] Market Data and Key Metrics Changes - Strong migration trends into southern markets, with states like Florida, Texas, and North Carolina representing over 60% of NOI [10] - Job growth in these markets averaged 5% since March 2020, contributing to the company's performance [10] Company Strategy and Development Direction - The company is focused on enhancing shareholder value and investing in its portfolio, particularly in attractive markets with solid renter demand [32] - A $2 million investment in EV charging stations is planned, with the first phase involving 192 charging stations at 32 communities [24] - The company anticipates a mild recession in 2023 but remains confident in its growth potential due to its portfolio's positioning [17] Management's Comments on Operating Environment and Future Outlook - Management expects to build upon a solid foundation with a 6.5% NOI growth forecast for 2023 [17] - The company acknowledges the need to improve occupancy rates and is focused on enhancing leasing and sales processes [42] - Management is optimistic about the growth opportunities in resilient markets despite macroeconomic uncertainties [8][17] Other Important Information - Same-store operating expenses increased by 4.6% in Q4, primarily due to higher real estate taxes and utility expenses [52] - The company has no debt maturities in 2023 and only $70 million in 2024, maintaining sufficient liquidity [27] Q&A Session Summary Question: Concerns about operations team and occupancy - Management acknowledged changes in the operations team to improve occupancy and adapt to market conditions [36] Question: Impact of pricing and revenue management - Management noted that the pricing team was slow to react to market changes, affecting occupancy and revenue [38] Question: Guidance on occupancy and market rent growth - Management provided an average occupancy assumption of 94.5% for the year, with expectations for seasonal gains [39] Question: Changes in resident demographics and pricing sensitivity - Management indicated that the value-add program attracts a different demographic willing to pay higher rents for improved properties [82] Question: Disposition of properties and pricing dynamics - Management confirmed the sale of properties at a lower price than initially expected due to market conditions [93][100] Question: Expectations for retention ratio - Management targets a retention ratio of approximately 53% for the year [109]