Independence Realty Trust (IRT) Investor presentation summary

Operational performance

• Lease rate growth accelerated through 2026, with stable occupancy around 95%.

• 3Q26 operating trends aligned with full-year guidance, supporting momentum into 2027.

• Concessions on new leases declined, with only 29% of new leases carrying concessions in July-August, down from 46% in earlier quarters.

• Gross asking rents remained steady at $1,550 per month, with data science optimizing rates.

• Occupancy strategy prioritized rate over occupancy, maintaining stability at approximately 95%.

Financial and leasing metrics

• Blended lease rate growth for all leases improved to about 2.1% quarter-to-date, up from 0.8% in the first half.

• Other property income growth estimated at 13% for Q3, driven by continued Wi-Fi rollout.

• New lease trade-outs were breakeven in August, indicating stabilization.

• Average concessions on new leases fell to $1,330, down from $1,620 earlier in the year.

• Same-store revenue growth accelerated in the second half, supported by improving rent spreads and Wi-Fi contributions.

Guidance and outlook

• 3Q26 results are tracking in line with full-year guidance, positioning for solid momentum into 2027.

• Forward-looking statements highlight risks such as market demand, pricing pressures, capital market volatility, and regulatory changes.

• Management expects continued improvement in blended lease rate growth heading into Q4.

• Guidance is based on assumptions and subject to risks outlined in SEC filings.

• No obligation to update forward-looking statements unless required by law.