INVESTOR PRESENTATION Millenia, Orlando, FL March 2022 | --- | --- | |---------------------------|-----------| | Overview | 2 – 3 | | Recent Developments | 4 – 6 | | Our Competitive Advantage | 7 – 18 | | Our Path Forward | 19 – 24 | Appendix 1 Table of Contents | --- | --- | |------------------------------------------------------------|----------------| | Market Statistics \nMarket Profiles | 26 \n27 – 41 | | Value Add Summary | 42 | | End Notes | 43 – 44 | | Definitions and Non-GAAP Financial Measure Reco ...

Debt and Interest Rate Exposure - As of December 31, 2021, the company had $826.5 million of its $2,705.3 million total outstanding indebtedness bearing interest at variable rates, exposing it to interest rate risk[156] - A 100-basis point increase in interest rates would result in a $3.5 million increase in annual interest expense, considering the company's current interest rate swap and collar agreements[156] - The company expects to incur additional indebtedness in the future, with approximately $2,553.0 million in balloon payments due at maturity dates ranging from 2022 to 2030[160] - The company has $826.5 million of unsecured debt indexed to LIBOR, with a transition to SOFR expected by July 1, 2023, which may affect financing costs[163] - Compliance with REIT requirements may limit the company's ability to hedge risks effectively, potentially increasing exposure to interest rate changes[159] - The company has $2,650.7 million of outstanding indebtedness as of December 31, 2021, with $1,824.2 million fixed rate and $826.5 million floating rate[324] - The fair value of the company's fixed-rate indebtedness was estimated at $1,903.2 million as of December 31, 2021[325] - An increase in market interest rates may negatively impact the market price of the company's common stock due to higher required distribution yields[227] Compliance and Regulatory Risks - The company may face significant costs related to compliance with environmental laws, which could adversely affect net income and cash available for distributions[166] - The presence of hazardous substances on properties could lead to substantial remediation costs and affect the company's ability to sell or rent properties[168] - The company may incur significant costs related to indoor air quality issues, moisture infiltration, and mold remediation, which could impact financial condition[174] - Compliance with the Americans with Disabilities Act may incur costs that adversely affect net income[175] - The Fair Housing Amendments Act compliance could lead to substantial costs due to potential fines and litigation[176] - Noncompliance with COVID-19 related laws may result in significant costs or business disruptions[177] - Rent control and stabilization laws could limit the ability to raise rents, adversely impacting property values[178] - Legislative changes could negatively affect returns to investors and the company's financial performance[180] Taxation and Distribution Issues - Dividends from REITs are generally not eligible for reduced tax rates, potentially making them less attractive to investors[183] - Borrowing to meet REIT distribution requirements may increase expenses and reduce net income[184] - Failure to maintain REIT qualification could lead to taxation on income, reducing distributions to stockholders[185] - Annual distribution requirements may force the company to distribute funds that could otherwise be reinvested[189] - The use of taxable REIT subsidiaries may increase overall tax liability[194] - Distributions to tax-exempt investors may be classified as unrelated business taxable income (UBTI), requiring tax-exempt investors to pay tax on such income[196] - Foreign investors may be subject to a 30% U.S. withholding tax on ordinary income distributions unless reduced by an applicable treaty[197] - Foreign investors disposing of U.S. real property interests may be subject to FIRPTA tax on recognized gains[198] - The company intends to qualify as "domestically controlled" to avoid FIRPTA tax implications for foreign investors[199] - Distributions may consist of both stock and cash, potentially leading to stockholders owing taxes exceeding cash received[202] Corporate Governance and Control - The company's Charter restricts ownership to prevent any individual or entity from owning more than 9.8% of the outstanding shares[204] - The Maryland General Corporation Law prohibits certain business combinations for five years after an interested stockholder becomes such[206] - The board of directors has the authority to amend the Charter without stockholder approval, which may affect control dynamics[211] - Stockholders have limited control over major policy changes, which are determined by the board of directors[209] - The company is a holding entity dependent on its operating partnership for cash flow, with stockholder claims subordinated to its obligations[214] Financial Performance and Risks - The company may experience a decline in the fair value of its assets, which could lead to impairment charges adversely affecting financial condition and stock price[220] - The company has limited exposure to financial market risks and uses derivative financial instruments to hedge against interest rate changes[321] - The company may issue new shares of common stock, which could dilute existing stockholders' ownership percentages[225] - The company has not established a minimum dividend payment level and cannot assure future dividend payments[231] - The company may suffer losses not covered by insurance, which could lead to loss of invested capital and anticipated profits[219] - The company is subject to various lawsuits and legal proceedings that could result in substantial costs[224] - The company may choose to self-insure a greater portion of risks in the future, which could affect its financial stability[219]

Independence Realty Trust | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | |---------------------------|-----------| | IRT Enterprise Snapshot | 2 | | Recent Developments | 3 – 5 | | Our Competitive Advantage | 6 – 17 | | Our Path Forward | 18 – 21 | Appendix 1 Table of Contents | --- | --- | |------------------------------------------------------------|----------------| | Market Statistics \nMarket Profiles | 23 \n24 – 3 ...

NYSE: IRT WWW.IRTLIVING.COM 1 TABLE OF CONTENTS Company Information 3 Forward-Looking Statements 4 Earnings Release Text 5 Financial & Operating Highlights 12 Balance Sheets 13 | --- | --- | |----------------------------------------------------------------------------------------|-------| | | | | Statements of Operations, FFO & CORE FFO | | | Trailing Five Quarters 14 Three and Twelve Months Ended December 31, 2021 and 2020 15 | | | --- | --- | |-------------------------------------------------------------- ...

Independence Realty Trust, Inc. (NYSE:IRT) Q4 2021 Earnings Conference Call February 17, 2022 9:00 AM ET Company Participants Lauren Torres – Investor Relations Scott Schaeffer – Chief Executive Officer Ella Neyland – Chief Operating Officer Farrell Ender – President Jim Sebra – Chief Financial Officer Conference Call Participants Nick Joseph – Citibank Brad Heffern – RBC Capital Market Neil Malkin – Capital One Securities Anthony Powell – Barclays Austin Wurschmidt – KeyBanc John Kim – BMO Capital Markets ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ 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) (State or Other Jurisdiction of In ...

Financial Data and Key Metrics Changes - In Q3 2021, net income available to common shareholders was $11.5 million, up from $1.1 million in Q3 2020 [28] - Core FFO grew to $22.7 million, a 25% increase from $18.2 million in Q3 2020, with core FFO per share at $0.21, up 10.5% from $0.19 [28] - Same store NOI increased by 14.7%, driven by a revenue growth of 9.4% [29] - The company collected 98.4% of third quarter billings, maintaining a bad debt reserve of $1.2 million [30] Business Line Data and Key Metrics Changes - Same store average occupancy increased to 96%, a 220 basis point increase year-over-year [12] - Average effective monthly rent per unit grew by 7.3% in the quarter [12] - New lease rates increased by 19.8% and renewals were up 5% during Q3, leading to a combined lease-over-lease rental rate increase of 10.5% [21] Market Data and Key Metrics Changes - The total portfolio average occupancy was 96.2% in October, a 130 basis point improvement compared to the previous year [13] - The company is experiencing strong demand due to favorable migration trends and population growth in its markets [11] Company Strategy and Development Direction - The company is focused on executing its value-add program, completing renovations on 330 units in Q3, with a total of 4,419 units renovated since the program's inception [14] - A joint venture was established to develop three new communities in Nashville, indicating a strategy to enter markets with long-term growth potential [15] - The proposed merger with STAR aims to create a 38,000 unit portfolio in the sunbelt region, with expected annual synergies of $28 million [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued strong demand and rental rate growth, with expectations of double-digit blended rent growth in 2022 [44] - The company is evaluating potential impacts of inflation, labor shortages, and supply chain disruptions on its operations [41] - The merger with STAR is expected to close in mid-December, with management confident in achieving projected synergies [17][93] Other Important Information - The board declared a quarterly cash dividend of $0.12 per share, representing a payout ratio of 63% on $0.19 of AFFO during Q3 2021 [34] - The updated guidance for 2021 EPS is a range of $0.18 to $0.23 per diluted share, and for core FFO is a range of $0.80 to $0.82 per share [35] Q&A Session Summary Question: Integration challenges with the merger - Management is confident in the integration process due to similar operating systems and cultures between IRT and STAR, with weekly integration meetings in place [52][55] Question: Value-add platform and material shortages - The company has a procurement supply chain team to mitigate material shortages, focusing on appliances and countertops rather than ground-up construction [58] Question: Demand drivers for pricing power - Strong demand is attributed to a supply-demand imbalance in the markets, compounded by COVID-19 impacts and slowed new construction [59][60] Question: Guidance on blended lease rates - The guidance reflects a midpoint revenue growth of 7.5%, with year-to-date blended rent growth at about 9% [64] Question: Expected capex investments post-merger - No deferred maintenance was found in the STAR portfolio, with recurring capex spending expected to be consistent with IRT's [65] Question: Dividend considerations post-merger - The board will evaluate the dividend after the merger and integration are completed [66] Question: STAR asset integration into redevelopment - The company plans to quickly add STAR assets to the renovation platform, starting with markets already served [70] Question: Impact of asset dispositions on guidance - The removal of six properties from the same store pool had a minimal effect on growth guidance [71][72] Question: Managing potential shareholder sell-down post-merger - Management anticipates that index buying will offset potential sell-downs from STAR's retail shareholders [74]

Independence Realty Trust, Inc. (NYSE:IRT) Q2 2021 Earnings Conference Call July 26, 2021 5:00 PM ET Company Participants Lauren Torres - Investor Relations Scott Schaeffer - Chairman and Chief Executive Officer Farrell Ender - President James Sebra - Chief Financial Officer and Treasurer Conference Call Participants Lauren Torres Thank you for joining us to review Independence Realty Trust Second Quarter 2021 Financial Results and Recent Merger Announcement. On the call with me today are Scott Schaeffer, o ...

Property Portfolio - As of June 30, 2021, the company owned and operated 58 multifamily apartment properties with a total of 16,261 units, and the gross real estate assets amounted to $2,069.716 million[99] - The same-store portfolio consisted of 53 multifamily apartment properties totaling 14,843 units as of June 30, 2021[99] - The number of units in non-same store properties increased by 456 to 1,418, representing a 47.4% increase year-over-year[111] Occupancy and Rental Performance - The overall occupancy rate across the portfolio was 95.6%, with the average effective monthly rent per unit at $1,171[99] - Average occupancy for same store properties improved to 96.1% in Q2 2021, up from 93.1% in Q2 2020, reflecting a 3.0% increase[111] - Average effective monthly rent per unit for same store properties increased by $43 to $1,146, reflecting a 3.9% increase compared to the prior year[111] - Rental and other property revenue increased by $5.2 million to $57.3 million for the three months ended June 30, 2021, compared to $52.1 million for the same period in 2020, driven by a 3.9% increase in average effective monthly rents and a 300-basis point increase in average occupancy[112] - Same-store rental and other property revenue increased by 8.5% to $52.819 million for the three months ended June 30, 2021, compared to $48.703 million for the same period in 2020[135] Financial Performance - Net Operating Income for the three months ended June 30, 2021, was $34.988 million, representing a 12.5% increase from $31.113 million in the same period of 2020[111] - Net income available to common shares for the three months ended June 30, 2021, was $3.386 million, a significant increase of 329.2% from $0.789 million in the same period of 2020[111] - Funds From Operations (FFO) for the six months ended June 30, 2021, was $37.655 million, or $0.37 per share, compared to $30.306 million, or $0.32 per share, for the same period in 2020, reflecting a significant increase[132] - Core Funds From Operations (CFFO) for the six months ended June 30, 2021, was $38.174 million, or $0.37 per share, compared to $31.025 million, or $0.33 per share, for the same period in 2020[132] Expenses and Costs - General and administrative expenses rose by $0.7 million to $4.2 million for the three months ended June 30, 2021, primarily due to increased compensation and corporate office expenses[115] - Property operating expenses increased by $2.5 million to $43.1 million for the six months ended June 30, 2021, primarily due to increased repairs and maintenance[113] - General and administrative expenses rose by $1.2 million to $10.2 million for the six months ended June 30, 2021, from $9.0 million in the same period of 2020, mainly due to a $1.0 million increase in compensation expenses[124] - Depreciation and amortization expense increased by $3.2 million to $33.3 million for the six months ended June 30, 2021, compared to $30.1 million for the same period in 2020[125] Debt and Financing - A new unsecured credit facility of $550 million was established, including a $200 million senior term loan, with a maturity date of May 18, 2026[109] - The company sold 2.9 million shares under its ATM program for total proceeds of $41.7 million, settling all associated forward contracts on June 29, 2021[110] - Cash inflows from financing activities for the six months ended June 30, 2021 were $123.820 million, significantly higher than $37.077 million in 2020, driven by a $200.0 million unsecured term loan[140] Cash Flow and Liquidity - Cash flow from operating activities for the six months ended June 30, 2021 was $43.252 million, an increase of 26% from $34.339 million in 2020[138] - The company reported a net change in cash and cash equivalents of $392 thousand for the six months ended June 30, 2021, compared to $3.728 million in 2020[138] - As of June 30, 2021, the company maintained cash and cash equivalents of approximately $14.0 million, down from $18.2 million in 2020[138] - The company believes its available cash balances and cash flows from operations will be sufficient to meet liquidity requirements for the next twelve months[136] Strategic Initiatives - A merger agreement was entered into on July 26, 2021, with Steadfast Apartment REIT, expected to close in Q4 2021, involving the exchange of approximately 99.8 million shares of IRT common stock[100][104] - The company purchased two properties in May and June 2021 for $66.5 million and $73.4 million, respectively, as part of its capital recycling program[105] - An initial investment of $10.2 million was made in a joint venture to develop a 402-unit community in Richmond, VA, with total expected contributions of $16.4 million[106] - The company aims to maximize stockholder value through diligent portfolio management and strategic acquisitions in non-gateway U.S. markets[98] Accounting and Risk Management - There were no off-balance sheet arrangements during the six months ended June 30, 2021 that materially affected the company's financial condition[142] - There were no material changes in critical accounting estimates and policies since the filing of the 2020 Annual Report[143] - The company reported no material changes in qualitative and quantitative market risks during the six months ended June 30, 2021[144]

Property Portfolio - As of March 31, 2021, the company owned and operated 56 multifamily apartment properties with a total of 15,667 units[82] - The overall occupancy rate across the portfolio was 95.5%, with the highest occupancy in Huntsville, AL at 98.0%[86] - The number of properties in the consolidated portfolio decreased by 3.4% from 58 to 56, with a total of 15,667 units, reflecting a slight decline of 0.9% from the previous year[92] Financial Performance - Consolidated rental and other property revenue increased by $3.6 million to $54.8 million for the three months ended March 31, 2021, compared to $51.2 million for the same period in 2020, primarily due to a 2.6% increase in average occupancy and a 2.9% increase in average effective monthly rents[93] - Net Operating Income (NOI) for the consolidated portfolio rose to $33.973 million, an increase of 8.1% from $31.419 million in the prior year, driven by a significant increase in non-same store properties' NOI by 88.2%[92] - Funds From Operations (FFO) increased to $17.565 million, or $0.17 per share, compared to $14.351 million, or $0.16 per share, in the prior year[104] - Core Funds From Operations (CFFO) rose to $18.004 million, or $0.18 per share, from $14.584 million, or $0.16 per share, in the same period last year[104] - Rental and other property revenue increased by 5.6% to $51.878 million in Q1 2021 from $49.121 million in Q1 2020[108] - Net operating income rose by 5.3% to $31.923 million in Q1 2021 compared to $30.330 million in Q1 2020[108] - Cash flow from operating activities increased significantly to $20.638 million in Q1 2021 from $11.684 million in Q1 2020[110] Occupancy and Rent - The average effective monthly rent across the portfolio was $1,142, with the highest average rent in Orlando, FL at $1,438[86] - Average occupancy across the consolidated portfolio improved to 95.4%, up 2.8% from 92.5% in the previous year, with same store properties achieving an average occupancy of 95.3%[92] - Average occupancy improved to 95.3% in Q1 2021, up from 92.7% in Q1 2020, reflecting a 2.6% increase[108] Renovation and Value Add Initiatives - The company incurred $13.0 million in renovation costs for 3,861 units, achieving a return of 16.1% on total renovation costs[89] - The company has identified 7,076 units across 23 properties for renovations as part of its value add initiative[89] Expenses and Costs - Property operating expenses increased by $1.1 million to $20.8 million, primarily due to a $1.2 million rise in same store property operating expenses attributed to higher real estate taxes and property insurance[94] - General and administrative expenses increased by $0.5 million to $5.9 million, mainly due to a $0.6 million rise in stock-based compensation expenses driven by a higher stock price[96] - Interest expense decreased by $1.1 million to $8.4 million, reflecting lower interest rates compared to the same period in the previous year[98] - Total property operating expenses rose by 6.2% to $19.955 million in Q1 2021 from $18.791 million in Q1 2020[108] - Interest expense decreased to $8.385 million in Q1 2021 from $9.497 million in Q1 2020, indicating improved financing costs[108] Liquidity and Financial Strategy - The company maintained liquidity through cash flows from operations and financing arrangements, ensuring sufficient funds for the next twelve months[109] - The company plans to distribute a minimum of 90% of its REIT taxable income to maintain its REIT qualification[112] Deferred Payment Plans - The company entered into 278 deferred payment plans during 2020, deferring $0.5 million in rent payments, with 104 active plans remaining as of March 31, 2021[88] Casualty Losses - Casualty losses amounted to $0.4 million due to severe snowstorms affecting properties in Texas and Oklahoma during the quarter[98] Stock and Equity - The company has an equity distribution agreement allowing for the sale of up to $150.0 million in common stock under its ATM Program[90] - During the three months ended March 31, 2021, the company sold 2,000 shares at a forward price of $14.50, generating net proceeds of $29,000[91] - The company focuses on acquiring properties with strong and stable occupancies to support rental rate increases[84] - The company aims to maximize stockholder value through diligent portfolio management and strong operational performance[83]