Independence Realty Trust : IRT Investor Presentation May 2026

Published: 2026-05-04 17:10:10 ET IRT

Published on 05/04/2026 at 05:10 pm EDT

Talison Row at Daniel Island

Charleston, SC

INVESTOR PRESENTATION May 2026

Talison Row at Daniel Island

Charleston, SC

Talison Row at Daniel Island

Charleston, SC

Combination of a highly differentiated strategy focused on markets with attractive long-term fundamentals, accretive capital allocation, and operational excellence has driven superior shareholder returns

Highly Differentiated Strategy in Desirable Markets

Weighted to job-rich, high-migration Sunbelt & Midwest markets

Job growth in IRT markets forecasted to increase to

3.5x the national average in 2026 (1)

Net positive migration driven by better employment and quality of life opportunities, generating steady demand for housing

Renting significantly more affordable than home

ownership (~89% more expensive to own a home) (1)

Renting IRT apartment costs ~34% less than a new construction (1)

269%

Total Return(5)

15%

Stable, Durable, Workforce-Oriented Resident Base

Serving renter by necessity: stable, middle-income households

Counter-cyclical demand from "trade-down" customers

Strong credit profile: conservative 23% rent-to-income ratio with an average annual income of ~$80k

~80% of IRT residents are employed in roles that are less susceptible to AI automation as they perform necessary functions in the economy.

75% 3%

Accretive & Disciplined Capital Allocation

Value-add program drives robust returns, delivering

~16.1% return on investment and a 20% enhancement in NOI growth rate (2)

Significant embedded value: future pipeline of ~11K units represents ~$32m in incremental NOI (2)

Investment grade balance sheet (BBB | Stable) with

~$563m liquidity

Accessed equity capital opportunistically when trading above NAV and buying back shares when stock trading below NAV for a prolonged period

10-Year

IRT

5-Year

Peer Group

Best-in-Class Property Management

Veteran team with long multifamily track record

Operating efficiency on par with larger caps

IRT G&A load of 34bps on gross assets vs large cap peers at 38bps(3)

Consistent outperformance on occupancy, rent, margins (47% SS NOI growth since 2019 vs. peer group at 21%) (4)

Local property management capabilities in each

market with boots on the ground

Job growth data based on CoStar Data Q1 2026. Relative cost of renting data based on Yardi Q1 2026 data.

Incremental NOI is based on an estimated cost per unit of ~$18,500 and a 16.1% annual ROI based on IRT's historical returns. Value add pipeline data is as of March 31, 2026. These projections constitute forward-looking information. See "Forward-Looking Statements" at the end of this presentation.

See slide 23 for additional information.

S&P Capital IQ Pro data as of the time periods ended 4/30/2026; Peer Group based on simple average of AVB, BTR, CPT, CSR, EQR, ESS, MAA, NXRT, and UDR.

Brunswick Point Wilmington, NC

RECENT OPERATIONAL UPDATES

Q1 2026 CFFO per share of $0.26

40 bps increase Y/Y in effective monthly rents

60 bps Y/Y improvement in bad debt

426 value add renovations completed in Q1

Q1 2026 Same-Store Portfolio Results:

Revenue growth Y/Y 1.4%

Operating expense growth Y/Y 2.0%

NOI growth Y/Y 1.0%

Same-Store Total

Same-Store Excluding Value Add Same-Store Value Add

Average Occupancy (1)

95.4% 95.4% 95.7% 95.5% 95.4%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

95.3% 95.0% 94.4% 94.9% 94.9%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

95.3% 95.3% 95.3% 95.3% 95.2%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

New Leases

Renewals

Blended

Same-Store Lease over

Lease Rent Growth (1)

4.8% 4.3%

2.6% 3.0% 3.2%

0.6% 0.8% 0.1% 1.0% 0.7%

-4.5%

-3.2% -3.7% -3.5% -4.0%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Q2 2026 Leasing & Occupancy Trending as Expected: Q1 2026 Stock Buy-Backs:

Same-store average occupancy holding steady relative to Q1 2026

Asking rents increased approximately 2.8% (January 1 - April 27, 2026)

New lease trade outs in April improved ~100-150 bps relative to Q1 2026 (2)

Renewal lease trade outs in April & May tracking modestly ahead of plan at

~4%

Repurchased 1.8M shares at an average price of $16.24, for a total of $30M

$60M total buy-back activity since November 2025

(1) See average occupancy and lease over lease rent growth definitions in the definitions and non-GAAP financial measure reconciliations section.

4 (2) Based on all new leases completed in our same-store portfolio.

Cherry Grove Commons Myrtle Beach, SC

Cherry Grove Commons

Myrtle Beach, SC

Cherry Grove Commons Myrtle Beach, SC

Differentiated Portfolio

Class-B Communities in Desirable Sun Belt & Midwest Markets

Durable, Workforce-Oriented Resident Base

Largely Focused on Essential Services Insulated from A.I. Job

Displacement

Accretive & Disciplined Capital Allocation

Prioritizes Value Add Program to Grow NOI

Best-in-Class Property Management

A Robust Track Record of Improving Efficiency & Controlling Expenses

Improving Market Fundamentals

Historically Low Supply & Solid Demand

IRT's Strong Presence in Non-Gateway Markets

IN OH

TBU Desktop

Operating Communities

Sunbelt (3)

Midwest

Denver (2)

Communities

Units

24,749

7,131

1,722

% of NOI

73%

21%

NOI is consolidated net operating income for the three months ended 3/31/2026.

Our Colorado market includes communities located in Fort Collins, Colorado Springs and Denver. It excludes one wholly-owned development community in Denver that is in lease-up with stabilization expected to occur in Q2 2026.

For the three months ended 3/31/2026. Sunbelt markets defined as AL, FL, GA, NC, OK, SC, TN and TX.

Class B communities in attractive markets represent compelling value to renters by necessity

Cost of home ownership continues to favor renting as it is 89% more expensive to own a home

Job growth in IRT markets forecasted to increase 3.5x the national average in 2026

Residents migrate to IRT markets for employment and quality of life, generating steady demand for housing

New apartment deliveries now trending below the long-term average

Demand quotients in IRT markets are stronger than in gateway markets

The resilient nature of class B communities positions them to enjoy steady demand throughout

Higher income residents move down in a recession

Renters move down to Class B as rent increases outstrip income growth

the economic cycle

Class

Class B Positioning:

Most opportunity to consistently increase rents

Less exposure to homeownership

Less likely to be impacted from new construction

Capture households moving down in a recession

Capture seniors who sell homes

to fund retirement

Capture individuals/families moving up with career progression

Sample Resident Demographic:

Value driven

Middle income category

Renters by necessity

Residents Require Housing That Is:

A good value (affordable)

Lower income residents move up as income grows

Well maintained, spacious, comfortable, clean and modern

Equipped with state-of-the-art amenities

Conveniently located

Renting at an IRT Community is Significantly Cheaper than Home Ownership (1)…

Atlanta - GA Columbus - Dallas-Fort Denver - CO Indianapolis - Memphis - Nashville - Oklahoma Raleigh - Tampa - FL

OH Worth - TX

IRT In-Place Monthly Rent

City - OK Durham - NC

Homeownership Cost

IRT Top 10

Markets WAV

89%

more to own a home

$5,000

$4,000

Monthly Cost

$3,000

$2,000

$1,000

…And Significantly Less than Renting a Unit at a Newly Constructed Property (2)

$583 more per month for new construction

$3,500

$3,000

Monthly Rents

$2,500

$2,000

$1,500

$1,000

$500

Atlanta Dallas - Fort

Worth

Columbus Denver Raleigh -

Durham

Oklahoma City

Indianapolis Tampa Nashville Memphis

Total/WAV

IRT In-Place Monthly Rent New Construction

(1) Sources: Redfin, Bankrate, FRED, Freddie Mac

9 (2) IRT's Average Asking Rent vs. new construction suburban rent for two-bedroom apartments; reflects Yardi Q1 2026 data.

B MARKET FUNDAMENTALS - EMPLOYMENT GROWTH

2026 job growth across IRT markets is forecasted to outpace the National average by ~3.5x

Cumulative Total Employment Growth Since 2021

Forecast

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

2021 2022 2023 2024 2025 2026 2027 2028

IRT WAV Sunbelt Mid-West Greater Denver Gateway Avg. United States

Source: CoStar market-level data, Q1 2026. Gateway Markets include Boston, Washington, DC, Los Angeles, Miami, San Francisco, and New York.

People continue migrating away from higher cost Gateway markets and into IRT's markets for

employment opportunities, access to good school systems, and a better quality of life

~68% of IRT's NOI (1) comes from 7 of the 10 states with the highest in-migration, per U-Haul

Top 5 State for In-Migration

(Sorted by 2025 Migration Results)

2025

2024

2023

Texas

Florida

North Carolina

Tennessee

South Carolina

51%

of NOI (1)

TX, FL, NC, TN and SC ̶ representing 51% of IRT's NOI (1) ̶ have ranked among the Top 5 markets for in-migration for the past three consecutive years:

Source: U-Haul Growth Index date, https://www.uhaul.com/about/migration. Percentages are based on IRT's consolidated NOI by State, as reported in its Supplemental Information package.

(1) Represents IRT's consolidated NOI generated by communities in the states highlighted, for the quarter ended 3/31/2025.

New deliveries are trending significantly below the long-term average of 3.0% prior to 2024 (1)

Construction starts have trended below the 11,000 unit trailing 10-year average (2) for several years, which supports the expectation of meaningfully lower deliveries in 2026 - 2028

New Supply (3)

Construction Starts (4)

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

New supply peaked in 2024; expected to decline substantially

2025 Market Supply represented 3.7%, 60bps above IRT's Submarket

5.6%

4.3%

3.2% 3.1%

2.9%

Long Term Avg.

2.6%

1.2% 1.3%

2021 2022 2023 2024 2025 2026E 2027E 2028 E

Construction duration results in a lag of 18-24+ months between multifamily starts to delivery

Construction Starts Signaling Declining New Supply Trend

25,000

20,000

15,000

10,000

5,000

2020 Q1

2020 Q3

2021 Q1

2021 Q3

2022 Q1

2022 Q3

2023 Q1

2023 Q3

2024 Q1

2024 Q3

2025 Q1

2025 Q3

2026 Q1

2026 Q3

2027 Q1

2027 Q3

2028 Q1

2028 Q3

Construction Units Delivery Units Linear (Delivery Units)

Source: CoStar Q1 2026 data release

The 3.0% is based on the average annual increases in inventory in IRT submarkets, weighted by our NOI in each market, for 2014-2023.

The 10-year trailing average for construction starts is based on total units started in IRT submarkets.

Supply % of inventory based on annual increases in inventory in IRT submarkets, weighted by our NOI in each market.

Construction Starts and Deliveries represent the totals for the submarkets where IRT owns, as reported by CoStar.

The ratios of Population Growth- and Employment Growth-to-New Supply in IRT markets are

forecasted to accelerate and further outpace Gateway Markets

This favorable supply-demand dynamic provides greater pricing power

Population Growth Per Unit of New Supply (1)(2)(3)

Employment Growth Per Unit of New Supply (1)(2)(3)

7.0x

6.0x

4.2x

2.6x

Gateway Markets

6.1x

1.8x

1.6x

1.1x

0.7x

Gateway Markets

IRT

1.5x 1.5x

5.0x

1.4x

4.0x

3.0x

2.0x

1.0x

1.2x

1.0x

0.8x

0.6x

0.0x

-1.0x

-2.0x

IRT

Gateway Markets

IRT

-1.2x

0.4x

0.2x

0.0x

3 Yr. Historical Average 3 Yr. Projected Average 3 Yr. Historical Average 3 Yr. Projected Average

(2023-2025) (2026-2028) (2023-2025) (2026-2028)

Based on CoStar Data Q1 2026. Three-year historical is 2023-2025. Three-year projection is 2026-2028. Gateway Markets include Boston, Los Angeles, New York, San Francisco, Washington D.C.

IRT Weighted Average based on NOI Exposure by market.

Recent residents in IRT's top 10 markets are in their mid-30s and make

an average annual income of ~$80,000, resulting in a ~23% rent to income(1)

TBUODKes ktop

IN OH

PORTFOLIO AVERAGE

10 Memphis, TN

9 Nashville, TN

8 Tampa-St. Petersburg, FL

7 Oklahoma City, OK

6 Indianapolis, IN

5 Raleigh-Durham, NC

4 Columbus, OH

3 Denver, CO

2 Dallas, TX

1 Atlanta, GA

Resident

Average Age(1)

Market*

TN NC

TX GA

Top 10 IRT Markets

by NOI

Services/Retail Professional

Key

Market*

Atlanta, GA

Rent/

Income(1)

21.5%

Dallas, TX

22.5%

Denver, CO

27.8%

Top 5 Employment Sectors(1)

Market* Average Income 1 2 3 4 5

Atlanta, GA $82,698

Dallas, TX $92,917

3 Denver, CO

$84,849

4 Columbus, OH

$75,317

5 Indianapolis, IN

$70,818

6 Raleigh-Durham, NC

$76,778

7 Oklahoma City, OK

$81,497

8 Tampa-St. Petersburg, FL

$83,682

9 Nashville, TN

$71,410

10 Memphis, TN

$79,306

PORTFOLIO AVERAGE

$79,927

Healthcare

Columbus, OH

24.6%

Technology

Raleigh-Durham, NC

24.6%

Sales

Indianapolis, IN

24.2%

Engineering

Oklahoma City, OK

18.6%

Self Employed

Tampa-St. Petersburg, FL

29.0%

Construction

Nashville, TN

23.9%

Student/Education

Memphis, TN

25.5%

Hospitality

PORTFOLIO AVERAGE 23.1%

All resident demographic data is self-reported by residents. Average age, average income, and rent-to-income ratio are for residents that have moved in during the three months ending March 31, 2026. Employment sector data is for all residents as of March 31, 2026.

14 . * Market size ranked by number of apartment units.

Since 2018, IRT's Value-Add program has generated average yield on investment of ~16.1%(1),

enhancing NOI growth rate by ~20%

Value-add pipeline fully funded from excess free cash flow with no incremental debt or equity capital required

Value-Add Incremental NOI (2,3)

Enhanced NOI Growth Rate

($ millions)

~$247

Incremental Value Creation (2,4)

~$423

~$138

~$808

~$12 ~$67

2024 2025

~2.6%

~0.6% ~3.2%

~2.0%

~0.4% ~2.4%

~$21

~$35

Previously Renovated Units

In place program

+ 2026 starts

Future Pipeline Total

Baseline Value-Add Total

Units: 11,871 6,917 3,873 22,661

See definitions of Rent Premium on Value Add Renovations, Renovation Costs per Unit, and Return on Investment on Value Add Renovations.

Value add pipeline data is as of March 31, 2026. These projections constitute forward-looking information. See "Forward-Looking Statements" at the end of this presentation.

Value Add Incremental NOI is based on an estimated cost per unit of ~$18,500 and a 16.1% annual ROI based on IRT's historical returns.

Before After

Our Value-Add Renovations achieve outsized value creation:

Post renovation asset value of $78.0 million, representing an increase of

41% from acquisition

Incremental value creation of $12.8 million, after renovation investment.

Enhanced resident profile, resulting in a 22% average effective rental rate increase as of December 2025

Generated unlevered ROI of 15.1% on interior improvements (2)

$9.8

$55.4

$12.8 $78.0

12/16/21

Revenue (TTM)

$5.1mm

$7.3mm

+42%

NOI (TTM)

$3.0mm

$4.5mm

+48%

NOI Margin

59.3%

61.7%

+240 bps

Ave. Eff. Monthly Rent

$1,420

$1,730

+22%

At Acquisition

3/31/26

Change

As of March 2026, we have invested $9.8mm in the property including approximately $5.8mm through our Value-Add program and renovations are 88% complete

At acquisition (1) Invested Capital Value Created Total Value (1)

Assumes an equivalent acquisition and current cap rate of 5.5%.

Sold Jamestown at St. Matthews in Louisville, KY

Recycle capital from older vintage properties with less predictable capex profiles and/or out of locations where we lack scale

Deploy proceeds into best opportunities for long-term value creation:

− acquire newer communities to build scale in higher growth markets,

− reduce leverage,

Acquired 3030 at Apopka and M2 in Orlando, FL

− and/or buy-back shares

During 2025, we sold two communities at an average economic cap rate(1) of 5.5% for gross proceeds of $161 million

We acquired three communities during 2025 totaling $214.5 million at an average economic cap rate of 5.8%

Economic cap rates are based on estimated forward 12-month NOI, less a property management fee and estimated capex, at the time of the transaction.

IRT has opportunistically accessed the market to raise equity when trading at a premium to

NAV…

…and has repurchased shares on a leverage neutral basis when the stock is trading at a significant discount to NAV

IRT's Premium (Discount) to Net Asset Value(1)(2)

November 2025:

Repurchased 1.9M shares at an average price of $16.00, for a total of $30M

an average price of $16.24,

for a total of $29.9M

Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26

IRT Stock Price

Consensus NAV

September 2024: Secondary offering at price of $19.75

February/March 2026:

Repurchased 1.8M shares at

Q4 2024:

ATM Issuance at average

price of $20.26

March 2025:

ATM Issuance at average price of $21.28

$30.00

$28.00

$26.00

$24.00

$22.00

$20.00

$18.00

$16.00

$14.00

$12.00

$10.00

Sources: S&P Global's Capital IQ Pro. Average monthly IRT closing stock price and consensus NAV estimates 3/31/2024 - 4/30/2026..

Please refer to our Building Blocks for NAV & Implied Cap Rate Analysis on page 28 for additional information.

Simple Capital Structure(1)

19%

62%

$6.4B

Total Enterprise Value

19%

Investment Grade Rated

Agency

Rating

Outlook

Fitch Ratings

BBB

Stable

S&P Global Ratings

BBB

Stable

Conservatively Leveraged

Well Laddered Debt Maturities(1)

5.9x

5.7x

6.7x

($ in millions)

$980

$629

$457

$210

Q4 2023 Q4 2024 Q4 2025 2026 2027 2028 2029 2030 Thereafter

(1) As of March 31, 2026, as adjusted for the amended and restated credit agreement the Company entered into in February 2026 and the planned payoff of mortgages maturing during 2026 using unsecured revolver capacity.

Disclaimer

Independence Realty Trust Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:01 UTC.