Independence Realty Trust (IRT) investor relations material

Strategic focus and market positioning

• Portfolio concentrated in high-growth Sunbelt and Midwest markets with job growth projected at twice the national average in 2026, supporting strong housing demand and positive migration trends.

• Class B communities offer compelling value, with rents significantly lower than homeownership and new construction, attracting stable, middle-income renters by necessity.

• Resident base is largely employed in essential services, with an average annual income of $88,000 and a conservative rent-to-income ratio of 22%.

• Markets represent top states for in-migration, with 68.5% of NOI from states ranked highest for population inflow.

Operational performance and 2026 guidance

• FY 2025 CFFO per share was $1.17, with 2026 guidance of $1.12–$1.16 per share.

• Same-store NOI growth guidance for 2026 is 1.0%–2.4%, with stable occupancy and modest rent increases expected.

• Operating expense growth is projected at 2.9%–3.9%, with continued focus on cost control and efficiency.

• $40M in stock buybacks since November 2025, including $10M in February 2026 at an average price of $16.34 per share.

Drivers of performance

• Differentiated portfolio in non-gateway markets, insulated from new supply pressures and economic downturns.

• Value-add renovation program delivers ~16.1% ROI, enhancing NOI growth by 20% and funded from free cash flow.

• Capital recycling strategy includes selling older assets and acquiring newer properties in growth markets at attractive cap rates (5.7%–5.9%).

• Opportunistic equity issuance and share repurchases based on NAV premiums or discounts.