Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | Maryland | 26-4567130 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer | | Incorporation or Organization) | Identification No.) | | 1835 Market Street, Suite 2601 | | | Philadelphia, PA | 19103 | | (Address of Principal Executive Offices) | (Zip Code) | (267) 270-4800 (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly pe ...

Independence Realty Trust, Inc. (NYSE:IRT) Q1 2022 Earnings Conference Call May 4, 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 Austin Wurschmidt - KeyBanc Nick Joseph - Citi Neil Malkin - Capital One Anthony Powell - Barclays Peter Abramowitz - Jefferies Operator Hello everyone, and a warm welcome to the Indepe ...

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 | | | --- | --- | |-------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - In Q4 2021, net income available to common shareholders was $28.6 million, up from $13.3 million in Q4 2020, while full-year net income was $44.6 million, up from $14.8 million in 2020 [34] - Core FFO grew 57.9% to $31 million in Q4 2021, with core FFO per share increasing 14.3% to $0.24 per share; for the full year, core FFO grew 33.6% to $92 million, and core FFO per share grew 15.1% to $0.84 per share [35] - The net debt to adjusted EBITDA ratio improved to 7.5 times after property sales, down from 7.7 times at the end of 2021 [14][43] Business Line Data and Key Metrics Changes - Same-store NOI growth was 15.1% in Q4 2021, driven by a 10.2% revenue growth, with a 9.7% increase in average rental rates and a 90 basis points increase in average occupancy [38] - For the full year 2021, same-store revenue grew 8.4%, driven by a 5.9% increase in average rental rates and a 230 basis points increase in average occupancy [39] - The value-add program completed renovations on 953 units for the full year, achieving a return on investment of nearly 30% [24] Market Data and Key Metrics Changes - The merger with STAR has expanded the portfolio to 119 communities, with approximately 70% of NOI coming from the Sunbelt region, which is expected to continue experiencing strong growth fundamentals [12] - Same-store average occupancy for the combined portfolio was 95.9% during Q4 2021, reflecting strong demand in non-gateway markets [19] Company Strategy and Development Direction - The company aims to achieve at least $28 million in annual synergies from the STAR merger, focusing on capital recycling and expanding presence in high-growth markets [50] - The strategy includes continuing the value-add program and exploring joint venture development opportunities while maintaining a conservative financial structure [13][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth potential, citing strong demand for multifamily apartments and a significant supply-demand imbalance in the market [17] - The company expects NOI at the combined same-store portfolio to increase by 11% in 2022, with average occupancy projected at 95.7% and rental rates expected to increase by 10% [45] Other Important Information - The company completed the sale of six properties for a total of $297 million, realizing a total gain of $172 million [31] - The company has a pipeline of approximately 20,000 value-add units, with plans to renovate 2,000 units in 2022 and ramping up to 4,000 units per year thereafter [26] Q&A Session Summary Question: Transitioning STAR assets onto IRT operating system - The transition was completed smoothly, with occupancy trending slightly down but expected to recover [55][58] Question: Shareholder turnover since the merger - Approximately $750 million in incremental purchasing demand is expected from index rebalancing, with around $15 million to $16 million in retail volume increase since the merger [60][62] Question: Main risks present for integration - The major integration efforts are largely complete, with only the payroll systems remaining to be combined [65] Question: Synergies realization - $6 million of the anticipated $8 million in property management expense synergies has already been locked in for 2022, with potential additional upside [67] Question: Rent growth and tenant affordability - Rent-to-income ratios across the portfolio are at 19%, indicating tenants can manage further price increases despite inflation [79] Question: Funding commitments for development projects - Operating cash flow, projected at $105 million for the year, will be used to fund development commitments without increasing leverage [87] Question: Future large transactions - The company remains open to acquisitions that meet specific criteria but will prioritize capital recycling and internal opportunities [90]

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 ...