8-K - IRT - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________

FORM 8-K

_____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 12, 2025

_____________________________________________

Independence Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________

Maryland	001-36041	26-4567130
(State or other jurisdiction<br><br>of incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)

1835 Market Street, Suite 2601

Philadelphia, Pennsylvania, 19103

(Address of Principal Executive Office) (Zip Code)

(267) 270-4800

(Registrant’s telephone number, including area code)

N/A

Former name or former address, if changed since last report

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))		Title of each class	Trading Symbol(s)	Name of each exchange on which registered
---	---	---
Common stock	IRT	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On February 12, 2025, we issued a press release announcing our financial results for the three and twelve months ended December 31, 2024. Additionally, we are furnishing certain supplemental information with this Current Report. Copies of such press release and such supplemental information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report and are incorporated by reference into this Item 2.02. The information in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

The information provided in Item 2.02 above is incorporated by reference into this Item 7.01. The information incorporated by reference into this this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information incorporated by reference into this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

99.1	Press Release
99.2	Supplemental Information
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Independence Realty Trust, Inc.
February 12, 2025	By:	/s/ James J. Sebra
	Name:	James J. Sebra
	Title:	President, Chief Financial Officer and Treasurer

Document

Exhibit 99.1

Independence Realty Trust Announces Fourth Quarter and Full Year 2024 Financial Results

Introduces Full Year 2025 Guidance

PHILADELPHIA – (BUSINESS WIRE) – February 12, 2025 — Independence Realty Trust, Inc. (“IRT” and the “Company”) (NYSE: IRT), a multifamily apartment REIT, announces its fourth quarter and full year 2024 financial results and establishes full year 2025 guidance.

EPS of $0.17 for 2024

CFFO of $0.32 for Fourth Quarter and $1.16 for Full Year 2024

High-End of Guidance

Same Store Portfolio NOI Increased 5.3% and 3.2% during Fourth Quarter and Full Year 2024

In-Line with Guidance

Solid Occupancy Gains and Rental Rate Growth

Completed 1,671 Renovations in Value Add Program

Achieving Average ROI of 15.7% During the Year

Enhanced Balance Sheet Strength and Flexibility

Net Debt-to-Adjusted EBITDA Improved to 5.9x at Year End 2024

BBB Issuer Credit Rating from S&P Achieved

Unsecured Line of Credit Renewed and Expanded in January 2025

Management Commentary

“2024 was another strong year for IRT as we achieved the high-end of our guidance, with CFFO per share of $1.16 and NOI growth of 3.2%,” said Scott Schaeffer, Chairman and CEO of IRT. “This performance is a reflection of our continued focus on balancing occupancy and rental rate growth, underpinned by accomplishing strategic milestones. Looking ahead to 2025, we believe we are well-positioned to grow CFFO as we capitalize on rebounding market fundamentals to create value for shareholders.”

Fourth Quarter Highlights

•Net loss available to common shares of $1.0 million for the quarter ended December 31, 2024 compared to $40.5 million for the quarter ended December 31, 2023. Loss per diluted share of $0.00 for the quarter ended December 31, 2024 compared to $0.18 for the quarter ended December 31, 2023.

•Same-store portfolio net operating income (“NOI”) grew 5.3% for the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023.

•Core Funds from Operations (“CFFO”) of $75.0 million for the quarter ended December 31, 2024 compared to $68.7 million for the quarter ended December 31, 2023. CFFO per share was $0.32 for the fourth quarter of 2024, as compared to $0.30 for the fourth quarter of 2023.

•Adjusted EBITDA of $94.5 million for the quarter ended December 31, 2024 compared to $95.6 million for the quarter ended December 31, 2023.

•Value add program completed renovations at 395 units during the quarter ended December 31, 2024, achieving a weighted average return on investment during the quarter of 15.1%.

•Increased our unsecured credit facility from $500 million to $750 million and extended the maturity under the facility, thereby strengthening our balance sheet while enhancing long-term value through lower interest expense.

Full Year Highlights

•Net income available to common shares of $39.3 million for the year ended December 31, 2024 compared to net loss available to common shares of $17.2 million for the year ended December 31, 2023. Earnings per diluted share of $0.17 for the year ended December 31, 2024 compared to loss per diluted share of $0.08 for the year ended December 31, 2023.

•Same-store portfolio NOI grew 3.2% for the year ended December 31, 2024 compared to the year ended December 31, 2023.

•CFFO of $266.9 million for the year ended December 31, 2024 compared to $263.9 million for the year ended December 31, 2023. CFFO per share was $1.16 for the year ended December 31, 2024, as compared to $1.15 for the year ended December 31, 2023.

•Adjusted EBITDA of $350.3 million for the year ended December 31, 2024 compared to $366.8 million for the year ended December 31, 2023. The decrease was primarily driven by asset sales completed in connection with our Portfolio Optimization and Deleveraging Strategy, which also reduced net debt to Adjusted EBITDA from 6.7x for the fourth quarter of 2023 to 5.9x for the fourth quarter of 2024.

•Value add program completed renovations at 1,671 units during the year ended December 31, 2024, achieving a weighted average return on investment of 15.7%.

2025 Guidance Highlights

•Earnings per diluted share of $0.19 to $0.22.

•CFFO per share of $1.16 to $1.19.

•2025 same-store NOI growth of 0.8% to 3.3%.

Included later in this press release are assumptions underlying our guidance and definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP, as well as discussion of our same-store methodology.

Same-Store Portfolio(1) Operating Results

	Fourth Quarter 2024 Compared to<br><br>Fourth Quarter 2023	Full Year 2024 Compared to<br><br>Full Year 2023
Rental and other property revenue	2.3% increase	3.0% increase
Property operating expenses	3.0% decrease	2.5% increase
NOI	5.3% increase	3.2% increase
Portfolio average occupancy	100 bps increase to 95.5%	110 bps increase to 95.2%
Portfolio average rental rate	0.8% increase to $1,570	1.3% increase to $1,563
NOI Margin	180 bps increase to 66.3%	20 bps increase to 63.3%

(1)Same-store portfolio includes 107 properties, which represent 31,433 units.

Operating Metrics

The table below summarizes operating metrics for the same-store portfolio for the applicable periods.

	4Q 2024		3Q 2024
Same-Store Portfolio(1)
Average Occupancy	95.5	%	95.5	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(4.6)	%	(3.5)	%
Renewal Leases	5.4	%	3.8	%
Blended	0.0	%	0.8	%
Resident Retention Rate	51.6	%	57.0	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy	95.8	%	95.9	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(5.0)	%	(3.9)	%
Renewal Leases	5.4	%	3.8	%
Blended	(0.3)	%	0.7	%
Resident Retention Rate	50.9	%	57.5	%
Value Add (26 properties with Ongoing Value Add)
Average Occupancy	94.8	%	94.3	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(3.5)	%	(2.6)	%
Renewal Leases	5.5	%	4.0	%
Blended	0.7	%	1.1	%
Resident Retention Rate	53.2	%	55.6	%

(1)Same-store portfolio includes 107 properties, which represent 31,433 units.

(2)Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for leasing concessions, for each unit that had a prior lease and current lease that are for a term of 9-14 months. 4Q 2024 new, renewal, and blended lease over lease

rent growth for all leases was (6.0%), 5.5%, and (0.9%), respectively. 3Q 2024 new, renewal, and blended lease over lease rent growth for all leases was (3.6%), 4.5%, and 1.2%, respectively.

Value Add Program

We completed renovations on 395 units during the quarter ended December 31, 2024, achieving a return on investment of 15.1%, with an average cost per unit renovated of $18,368, and an average monthly rent increase per unit of $230 over unrenovated comps. We completed renovations on 1,671 units during the year ended December 31, 2024, achieving a return on investment of 15.7%, with an average cost per unit renovated of $18,294, and an average monthly rent increase per unit of $239 over unrenovated comps. See the Value Add Summary page of our supplemental information for additional information on our projects’ life to date as of December 31, 2024.

Investment Activity

Held for Sale

•As of December 31, 2024, we had one property in Birmingham, Alabama classified as held for sale. We recognized a loss on impairment of $21.0 million during the quarter ended December 31, 2024. We expect the sale to close in February 2025 for gross sales proceeds of $111.0 million. We intend to use the proceeds from the sale of this property to fund future property acquisitions.

Acquisitions

•Highland Ridge, Charlotte, North Carolina: On November 1, 2024, we acquired a 300-unit multifamily apartment property for $73.5 million. This acquisition expanded our footprint in Charlotte, North Carolina from 714 units to 1,014 units.

•Serenza at Ocoee Village, Orlando, Florida: On December 5, 2024, we acquired a 320-unit multifamily apartment property for $84.3 million. This acquisition expanded our footprint in Orlando, Florida from 297 units to 617 units.

•We are currently under contract to acquire a 280-unit multifamily apartment property in Indianapolis, Indiana, which is expected to expand our footprint in the Indianapolis market while providing enhanced scale and synergies. The aggregate purchase price of this property is $59.5 million, which we expect to fund using proceeds from our Birmingham sale. We expect to complete this acquisition during the first quarter of 2025. While this property is under contract, there can be no assurance that this acquisition will be consummated at expected pricing levels, within expected time frames, or at all.

Capital Expenditures

For the quarter ended December 31, 2024, recurring capital expenditures for the total portfolio were $4.2 million, or $125 per unit, value add and non-recurring expenditures for the total portfolio were $16.1 million and development expenditures for the total portfolio were $10.8 million, respectively. For the year ended December 31, 2024, recurring capital expenditures for the total portfolio were $24.9 million, or $750 per unit, value add and non-recurring expenditures for the total portfolio were $90.5 million and development expenditures for the total portfolio were $52.4 million, respectively.

Capital Markets

At-the-Market-Offering and Public Offering of Common Stock

During the second half of 2024, we entered into forward sales transactions under our previously announced ATM Program for the forward sale of an aggregate of 2,498,300 shares of our common stock. On December 30, 2024, we physically settled the forward sales transactions for the forward sale of all 2,498,300 shares at a weighted average price of $20.06 per share resulting in proceeds of $50.1 million.

In connection with our previously announced September 2024 public offering of 11,500,000 shares of common stock, we entered into a forward sale agreement with Citigroup. On December 30, 2024, we physically settled 3,250,000 of those shares at a weighted average price of $19.04, per share resulting in proceeds of $61.9 million.

The combined proceeds of $112.0 million were used to fund a portion of the purchase prices of the property acquisitions that closed during the fourth quarter 2024. As of December 31, 2024, there were 8,250,000 shares remaining under forward sale agreements, which if physically settled at the then forward price would result in additional proceeds to us of $155.8 million. We intend to use any such future proceeds for future acquisitions.

Private Placement of $150 Million of Unsecured Notes

On October 1, 2024, we received the proceeds from the previously announced $150.0 million unsecured private placement notes, and as of January 6, 2025, we had used a portion of the proceeds to repay $114.0 million of property mortgages maturing in late 2024 and early 2025, with the balance of the proceeds expected to be used to repay a $17.1 million property mortgage maturing in May 2025 and to reduce the borrowings under our unsecured revolver.

‘BBB’ Issuer Credit Rating from S&P Global Ratings

On October 30, 2024, we received a ‘BBB’ issuer credit rating and stable outlook from S&P Global Ratings. The rating is for Independence Realty Trust, Inc. and our operating partnership Independence Realty Operating Partnership L.P.

Expanded Unsecured Credit Facility, Reflecting Increased Financial Flexibility and More Favorable Capital Structure

On January 8, 2025, we entered into an amended and restated credit agreement that increased our borrowing capacity under our existing revolver from $500 million to $750 million, and extended its maturity date from January 2026 to January 2029. This transaction strengthened our balance sheet by extending our weighted average debt maturity and increasing our liquidity. It also created long-term stakeholder value through lower interest costs.

Balance Sheet and Liquidity

At December 31,2024, our net debt-to-adjusted EBITDA was 5.9x, an improvement of 0.8x as compared to December 31, 2023. As of the same date, we had unrestricted cash and cash equivalents of $21.2 million, $155.8 million remaining under forward equity sale agreements, and $305.5 million of capacity remaining on our unsecured revolver, representing total liquidity of $482.5 million. Adjusting for the January 2025 expansion of our unsecured revolver, we have liquidity of $732.5 million.

Dividend Distribution

On December 16, 2024, our Board of Directors declared a quarterly dividend of $0.16 per share of our common stock. The fourth quarter dividend was paid on January 17, 2025 to stockholders of record at the close of business on December 31, 2024.

2025 EPS, FFO and CFFO Guidance

We are introducing guidance ranges for 2025 diluted earnings per share (“EPS”), FFO and CFFO per share and same-store NOI. A reconciliation of IRT's projected EPS to FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how IRT calculates CFFO and for management’s definition and rationale for the usefulness of CFFO.

2025 Full Year EPS and CFFO Guidance(1)(2)	Low			High
Earnings per share	$	0.19		$	0.22
Adjustments:
Depreciation and amortization	1.00			1.00
FFO per share	$	1.19	$1.19	$	1.22
Loan (premium accretion) discount amortization, net	(0.03)			(0.03)
CFFO per share	$	1.16		$	1.19

(1)This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2025 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”. Our guidance is based on the key guidance assumptions detailed below.

(2)Per share guidance is based on 241.2 million weighted average shares and units outstanding.

2025 Guidance Assumptions

Our key guidance assumptions for 2025 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio	2025 Outlook(1)
Number of properties/units	108 properties / 31,611 units
Property revenue growth	2.1% to 3.1%
Controllable operating expense growth	3.3% to 4.3%
Real estate tax and insurance expense growth	2.1% to 4.0%
Total operating expense growth	2.8% to 4.1%
NOI growth	0.8% to 3.3%
Corporate Expenses
General and administrative & property management expenses	$55 million to $57 million
Interest expense(2)	$88 million to $90 million
Transaction/Investment Volume(3)
Acquisition volume	$280 million to $320 million
Disposition volume	$110 million to $112 million
Capital Expenditures
Recurring	$25 million to $27 million
Value add renovation program	$48 million to $58 million
Non-recurring and revenue enhancing	$47 million to $51 million
Development	$5 million to $6 million

(1)This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.

(3)Acquisition volume reflects one property in Indianapolis that we expect to acquire during the first quarter of 2025 for approximately $60 million and $220 million to $260 million of acquisitions we expect to complete during 2025 using proceeds remaining under forward equity sale agreements. Disposition volume reflects the sale of one property in Birmingham that we expect to close in February 2025.

Selected Financial Information

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, February 13, 2025 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A replay of the conference call can also be accessed telephonically until Thursday, February 20, 2025, by dialing 1.800.770.2030, access code 1963990.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investor Relations" section.

About IRT

Independence Realty Trust, Inc. (NYSE: IRT), an S&P MidCap 400 Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities across non-gateway U.S. markets. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity-rich submarkets that offer good school districts and high-quality retail. IRT’s main objective is to provide attractive risk-adjusted returns to stockholders through diligent portfolio management, strong operational performance, and consistent returns on capital through distributions and capital appreciation. More information may be found on the Company’s website www.irtliving.com.

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, anticipated enhancements to our financial results, and our future growth, including from additional acquisitions funded by proceeds from our recent equity and debt financings and property sales. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve rent increases and occupancy levels on account of the value add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party’s unauthorized access to our data or data of our residents, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

Schedule I

Independence Realty Trust, Inc.

Selected Financial Information

Dollars in thousands, except per share data (unaudited)

	For the Three Months Ended
	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023
Selected Financial Information:
Operating Statistics:
Net (loss) income available to common shares	$(1,001)	$12,365	$10,354	$17,577	$(40,515)
(Loss) earnings per share -- diluted	$0.00	$0.05	$0.05	$0.08	$(0.18)
Rental and other property revenue	$160,617	$159,860	$158,104	$160,331	$166,730
Property operating expenses	$54,195	$60,538	$60,883	$59,971	$59,703
NOI	$106,422	$99,322	$97,221	$100,360	$107,027
NOI margin	66.3%	62.1%	61.5%	62.6%	64.2%
Adjusted EBITDA	$94,533	$87,453	$83,609	$84,683	$95,640
FFO per share	$0.33	$0.30	$0.28	$0.27	$0.31
CFFO per share	$0.32	$0.29	$0.28	$0.27	$0.30
Dividends per share	$0.16	$0.16	$0.16	$0.16	$0.16
CFFO payout ratio	50.0%	55.2%	57.1%	59.3%	53.3%
Portfolio Data:
Total gross assets	$6,882,296	$6,733,864	$6,684,029	$6,673,589	$6,960,554
Total number of operating properties (a)	113	110	110	111	116
Total units (a)	33,615	32,670	32,685	32,877	34,431
Portfolio period end occupancy (a)	95.4%	95.5%	95.5%	95.0%	94.6%
Portfolio average occupancy (a)	95.4%	95.4%	95.3%	94.4%	94.4%
Portfolio average effective monthly rent, per unit (a)	$1,572	$1,571	$1,554	$1,550	$1,558
Same-store portfolio period end occupancy (b)	95.5%	95.5%	95.5%	95.0%	94.7%
Same-store portfolio average occupancy (b)	95.5%	95.5%	95.4%	94.4%	94.5%
Same-store portfolio average effective<br> monthly rent, per unit (b)	$1,570	$1,570	$1,558	$1,554	$1,558
Capitalization:
Total debt (c)	$2,333,683	$2,286,694	$2,252,559	$2,277,098	$2,549,409
Common share price, period end	$19.84	$20.50	$18.74	$16.13	$15.30
Market equity capitalization	$4,697,713	$4,736,212	$4,330,137	$3,726,224	$3,528,996
Total market capitalization	$7,031,396	$7,022,906	$6,582,696	$6,003,322	$6,078,405
Total debt/total gross assets	33.9%	34.0%	33.7%	34.1%	36.6%
Net debt to Adjusted EBITDA (d)	5.9x	6.3x	6.5x	6.7x	6.7x
Interest coverage	4.8x	4.8x	4.8x	4.1x	4.1x
Common shares and OP Units:
Shares outstanding	230,838,249	225,093,090	225,122,235	225,070,396	224,706,731
OP units outstanding	5,941,643	5,941,643	5,941,643	5,941,643	5,946,571
Common shares and OP units outstanding	236,779,892	231,034,733	231,063,878	231,012,039	230,653,302
Weighted average common shares and OP units	230,893,621	230,762,299	230,734,872	230,570,707	230,452,570

(a)Excludes our development projects Flatiron Flats and Destination at Arista, as applicable. See the definitions at the end of this release. Destination at Arista no longer met the definition of a development project in the fourth quarter of 2024.

(b)Same-store portfolio consists of 107 properties, which represent 31,433 units.

(c)Includes indebtedness associated with real estate held for sale, as applicable.

(d)Reflects net debt to Adjusted EBITDA, which is annualized for each period presented, including adjustments for the timing of acquisitions and dispositions impacting quarterly EBITDA. For the five quarters ended December 31, 2024, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.0x, 6.4x, 6.6x, 6.5x, and 6.5x, respectively.

Schedule II

Independence Realty Trust, Inc.

Reconciliation of Net (Loss) Income to Funds from Operations and Core Funds From Operations

(Dollars in thousands, except share and per share amounts)

(unaudited)

	For the Three Months Ended December 31,				For the Year Ended<br> December 31,
	2024		2023		2024		2023
Funds From Operations (FFO):
Net (loss) income	$	(1,100)	$	(41,654)	$	40,033	$	(17,807)
Add-Back (Deduct):
Real estate depreciation and amortization	57,332		55,510		219,360		217,716
Our share of real estate depreciation and amortization<br> from investments in unconsolidated real estate entities	(212)		636		1,581		2,115
Loss on impairment (gain on sale) of real estate assets, net,<br> excluding prepayment gains	20,928		57,492		11,815		68,447
FFO	$	76,948	$	71,984	$	272,789	$	270,471
FFO per share	$	0.33	$	0.31	$	1.18	$	1.17
CORE Funds From Operations (CFFO):
FFO	$	76,948	$	71,984	$	272,789	$	270,471
Add-Back (Deduct):
Other depreciation and amortization	410		391		1,493		1,252
Casualty (gains) losses	(80)		59		3,935		925
Loan (premium accretion) discount amortization, net	(2,249)		(2,659)		(9,167)		(10,899)
Prepayment (gains) penalties on asset dispositions	—		(1,229)		(1,953)		(1,900)
Loss (gain) on extinguishment of debt	2		124		(200)		124
Other expense	—		79		1		743
Restructuring costs	—		—		—		3,213
CFFO	$	75,031	$	68,749	$	266,898	$	263,929
CFFO per share	$	0.32	$	0.30	$	1.16	$	1.15
Weighted-average shares and units outstanding	230,893,621		230,452,570		230,741,085		230,364,184

Schedule III

Independence Realty Trust Inc.

Reconciliation from Net (Loss) Income to Same-Store Net Operating Income (a)

Dollars in thousands

(unaudited)

	For the Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Other revenue	(346)		(275)		(298)		(203)		(316)
Property management expenses	7,379		7,379		7,666		7,499		6,660
General and administrative<br> expenses	4,856		4,765		6,244		8,381		5,043
Depreciation and amortization<br> expense	57,742		55,261		54,127		53,721		55,902
Casualty (gains) losses	(80)		1,249		465		2,301		59
Interest expense	19,770		18,308		17,460		20,603		23,537
(Gain on sale) loss on impairment<br> of real estate assets, net	20,928		(688)		152		(10,530)		56,263
(Gain) loss on extinguishment of debt	2		—		—		(203)		124
Other loss	—		—		—		1		79
(Income) loss from investments in<br> unconsolidated real estate entities	(2,729)		703		850		829		1,330
NOI	$	106,422	$	99,322	$	97,221	$	100,360	$	107,027
Less: Non same-store portfolio NOI	6,024		3,926		3,979		7,812		11,664
Same-store portfolio NOI	$	100,398	$	95,396	$	93,242	$	92,548	$	95,363

(a)Same-store portfolio consists of 107 properties, which represent 31,433 units.

Schedule IV

Independence Realty Trust, Inc.

Reconciliation of Net (Loss) Income to Adjusted EBITDA and Interest Coverage Ratio

(Dollars in thousands)

(unaudited)

	Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Add-Back (Deduct):
Interest expense	19,770		18,308		17,460		20,603		23,537
Depreciation and amortization	57,742		55,261		54,127		53,721		55,902
Casualty (gains) losses	(80)		1,249		465		2,301		59
Loss on impairment (gain on sale) of<br> real estate assets, net	20,928		(688)		152		(10,530)		56,263
Loss (gain) on extinguishment of debt	2		—		—		(203)		124
(Income) loss from investments in<br> unconsolidated real estate entities	(2,729)		703		850		829		1,330
Other loss (income), net	—		—		—		1		79
Adjusted EBITDA	$	94,533	$	87,453	$	83,609	$	84,683	$	95,640
INTEREST COST:
Interest expense	$	19,770	$	18,308	$	17,460	$	20,603	$	23,537
INTEREST COVERAGE:	4.8x		4.8x		4.8x		4.1x		4.1x
	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
---	---	---	---	---	---	---	---	---
	2024		2023		2024		2023
Net (loss) income	$	(1,100)	$	(41,654)	$	40,033	$	(17,807)
Add-Back (Deduct):
Interest expense	19,770		23,537		76,141		89,921
Depreciation and amortization	57,742		55,902		220,854		218,968
Casualty (gains) losses	(80)		59		3,935		925
Loss on impairment (gain on sale) of real estate assets, net	20,928		56,263		9,862		66,547
Loss (gain) on extinguishment of debt	2		124		(200)		124
(Income) loss from investments in unconsolidated real estate<br> entities	(2,729)		1,330		(347)		4,488
Other loss (income), net	—		79		1		427
Restructuring costs	—		—		—		3,213
Adjusted EBITDA	$	94,533	$	95,640	$	350,279	$	366,806
INTEREST COST:
Interest expense	$	19,770	$	23,537	$	76,141	$	89,921
INTEREST COVERAGE:	4.8x		4.1x		4.6x		4.1x

Schedule V

Independence Realty Trust, Inc.

Definitions

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of net rent amounts, after leasing concessions amortized over the life of the lease, divided by the average occupancy (in units) for the period presented. We believe average effective rent is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as loss on impairment (gain on sale) of real estate, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses, income (loss) from investments in unconsolidated real estate entities, and restructuring costs. We consider each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or non-operating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. Our calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, our Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

We believe that FFO and CFFO, each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, loss on impairment (gain on sale) of real estate and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.

CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, loan premium accretion and discount amortization, debt extinguishment costs, and restructuring costs from the determination of FFO.

non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Net Debt

Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (dollars in thousands).

	As of
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Total debt	$	2,333,683	$	2,286,694	$	2,252,559	$	2,277,098	$	2,549,409
Less: cash and cash equivalents	(21,228)		(17,611)		(21,034)		(21,275)		(22,852)
Less: loan discounts and premiums, net	(31,721)		(33,970)		(37,253)		(39,804)		(44,483)
Total net debt	$	2,280,734	$	2,235,113	$	2,194,272	$	2,216,019	$	2,482,074

We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.

Net Operating Income

We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expenses, net gains on sale of assets, and restructuring costs.

Other REITs may use different methodologies for calculating NOI and, accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned and not a development property at the beginning of the previous year. Properties that are held for sale or have been sold are excluded from the same-store portfolio.

Rent Premium on Value Add Renovations

The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront leasing concessions, if any, and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures. We believe excluding the impact of upfront leasing concessions from our rental rates when comparing to the market rental rates for unrenovated units makes the comparison most relevant and the resulting premium provides management with an indicator of the increased rent generated by the unit renovation.

Renovation Costs per Unit

Renovation costs per unit includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.

Return on Investment (“ROI”) on Value Add Renovations

ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable. We use ROI on value add renovation projects to measure the profitability of a renovation project relative to other projects or relative to other uses of our capital.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).

	As of
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Total assets	$	6,057,919	$	5,948,204	$	5,940,261	$	5,972,848	$	6,280,175
Plus: accumulated depreciation (a)	753,539		715,702		674,236		630,743		606,404
Plus: accumulated amortization	70,838		69,958		69,532		69,998		73,975
Total gross assets	$	6,882,296	$	6,733,864	$	6,684,029	$	6,673,589	$	6,960,554

(a)Includes accumulated depreciation associated with real estate held for sale, as applicable.

Document

Exhibit 99.2

NYSE: IRT

WWW.IRTLIVING.COM

TABLE OF CONTENTS

Company Information	3
Forward-Looking Statements	4
Earnings Release Text	5
Financial & Operating Highlights	14
Balance Sheets	15
Statements of Operations, FFO & CFFO
Trailing Five Quarters	16
Year EndedDecember 31, 2024and2023	17
Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	18
Year EndedDecember 31, 2024and2023	18
Same-Store Portfolio Net Operating Income and NOI Bridge
Trailing Five Quarters	19
Year EndedDecember 31, 2024and2023	20
Same-Store Portfolio Net Operating Income by Market
Three Months EndedDecember 31, 2024and2023	21
Year EndedDecember 31, 2024and2023	22
Property Portfolio NOI Exposure by Market	23
Value Add Summary	24
Investment & Development Activity	25
Debt Summary	27
Debt Maturity, Debt Covenant & Unencumbered Asset Statistics	26
Definitions	29

Independence Realty Trust

December 31, 2024

Company Information:

Corporate Headquarters	1835 Market Street, Suite 2601
	Philadelphia, PA 19103
	267.270.4800
Trading Symbol	NYSE: “IRT”
Investor Relations Contact	Edelman Smithfield
	Lauren Torres
	917-365-7979
	IRT@edelman.com

Forward-Looking Statements

Independence Realty Trust Announces Fourth Quarter and Full Year 2024 Financial Results

Introduces Full Year 2025 Guidance

EPS of $0.17 for 2024

CFFO of $0.32 for Fourth Quarter and $1.16 for Full Year 2024

High-End of Guidance

Same Store Portfolio NOI Increased 5.3% and 3.2% during Fourth Quarter and Full Year 2024

In-Line with Guidance

Solid Occupancy Gains and Rental Rate Growth

Completed 1,671 Renovations in Value Add Program

Achieving Average ROI of 15.7% During the Year

Enhanced Balance Sheet Strength and Flexibility

Net Debt-to-Adjusted EBITDA Improved to 5.9x at Year End 2024

BBB Issuer Credit Rating from S&P Achieved

Unsecured Line of Credit Renewed and Expanded in January 2025

Management Commentary

Fourth Quarter Highlights

•Same-store portfolio net operating income (“NOI”) grew 5.3% for the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023.

•Adjusted EBITDA of $94.5 million for the quarter ended December 31, 2024 compared to $95.6 million for the quarter ended December 31, 2023.

•Value add program completed renovations at 395 units during the quarter ended December 31, 2024, achieving a weighted average return on investment during the quarter of 15.1%.

Full Year Highlights

•Same-store portfolio NOI grew 3.2% for the year ended December 31, 2024 compared to the year ended December 31, 2023.

•Value add program completed renovations at 1,671 units during the year ended December 31, 2024, achieving a weighted average return on investment of 15.7%.

2025 Guidance Highlights

•Earnings per diluted share of $0.19 to $0.22.

•CFFO per share of $1.16 to $1.19.

•2025 same-store NOI growth of 0.8% to 3.3%.

Same-Store Portfolio(1) Operating Results

	Fourth Quarter 2024 Compared to<br><br>Fourth Quarter 2023	Full Year 2024 Compared to<br><br>Full Year 2023
Rental and other property revenue	2.3% increase	3.0% increase
Property operating expenses	3.0% decrease	2.5% increase
NOI	5.3% increase	3.2% increase
Portfolio average occupancy	100 bps increase to 95.5%	110 bps increase to 95.2%
Portfolio average rental rate	0.8% increase to $1,570	1.3% increase to $1,563
NOI Margin	180 bps increase to 66.3%	20 bps increase to 63.3%

(1)Same-store portfolio includes 107 properties, which represent 31,433 units.

Operating Metrics

The table below summarizes operating metrics for the same-store portfolio for the applicable periods.

	4Q 2024		3Q 2024
Same-Store Portfolio(1)
Average Occupancy	95.5	%	95.5	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(4.6)	%	(3.5)	%
Renewal Leases	5.4	%	3.8	%
Blended	0.0	%	0.8	%
Resident Retention Rate	51.6	%	57.0	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy	95.8	%	95.9	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(5.0)	%	(3.9)	%
Renewal Leases	5.4	%	3.8	%
Blended	(0.3)	%	0.7	%
Resident Retention Rate	50.9	%	57.5	%
Value Add (26 properties with Ongoing Value Add)
Average Occupancy	94.8	%	94.3	%
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases	(3.5)	%	(2.6)	%
Renewal Leases	5.5	%	4.0	%
Blended	0.7	%	1.1	%
Resident Retention Rate	53.2	%	55.6	%

(1)Same-store portfolio includes 107 properties, which represent 31,433 units.

rent growth for all leases was (6.0%), 5.5%, and (0.9%), respectively. 3Q 2024 new, renewal, and blended lease over lease rent growth for all leases was (3.6%), 4.5%, and 1.2%, respectively.

Value Add Program

Investment Activity

Held for Sale

Acquisitions

Capital Expenditures

Capital Markets

At-the-Market-Offering and Public Offering of Common Stock

Private Placement of $150 Million of Unsecured Notes

‘BBB’ Issuer Credit Rating from S&P Global Ratings

Expanded Unsecured Credit Facility, Reflecting Increased Financial Flexibility and More Favorable Capital Structure

Balance Sheet and Liquidity

Dividend Distribution

2025 EPS, FFO and CFFO Guidance

2025 Full Year EPS and CFFO Guidance(1)(2)	Low			High
Earnings per share	$	0.19		$	0.22
Adjustments:
Depreciation and amortization	1.00			1.00
FFO per share	$	1.19	$1.19	$	1.22
Loan (premium accretion) discount amortization, net	(0.03)			(0.03)
CFFO per share	$	1.16		$	1.19

(2)Per share guidance is based on 241.2 million weighted average shares and units outstanding.

2025 Guidance Assumptions

Our key guidance assumptions for 2025 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio	2025 Outlook(1)
Number of properties/units	108 properties / 31,611 units
Property revenue growth	2.1% to 3.1%
Controllable operating expense growth	3.3% to 4.3%
Real estate tax and insurance expense growth	2.1% to 4.0%
Total operating expense growth	2.8% to 4.1%
NOI growth	0.8% to 3.3%
Corporate Expenses
General and administrative & property management expenses	$55 million to $57 million
Interest expense(2)	$88 million to $90 million
Transaction/Investment Volume(3)
Acquisition volume	$280 million to $320 million
Disposition volume	$110 million to $112 million
Capital Expenditures
Recurring	$25 million to $27 million
Value add renovation program	$48 million to $58 million
Non-recurring and revenue enhancing	$47 million to $51 million
Development	$5 million to $6 million

Selected Financial Information

See the schedules at the end of this earnings release for selected financial information for IRT.

Non-GAAP Financial Measures and Definitions

Conference Call

Supplemental Information

About IRT

Forward-Looking Statements

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023
Selected Financial Information:
Operating Statistics:
Net (loss) income available to common shares	$(1,001)	$12,365	$10,354	$17,577	$(40,515)
(Loss) earnings per share -- diluted	$0.00	$0.05	$0.05	$0.08	$(0.18)
Rental and other property revenue	$160,617	$159,860	$158,104	$160,331	$166,730
Property operating expenses	$54,195	$60,538	$60,883	$59,971	$59,703
NOI	$106,422	$99,322	$97,221	$100,360	$107,027
NOI margin	66.3%	62.1%	61.5%	62.6%	64.2%
Adjusted EBITDA	$94,533	$87,453	$83,609	$84,683	$95,640
FFO per share	$0.33	$0.30	$0.28	$0.27	$0.31
CFFO per share	$0.32	$0.29	$0.28	$0.27	$0.30
Dividends per share	$0.16	$0.16	$0.16	$0.16	$0.16
CFFO payout ratio	50.0%	55.2%	57.1%	59.3%	53.3%
Portfolio Data:
Total gross assets	$6,882,296	$6,733,864	$6,684,029	$6,673,589	$6,960,554
Total number of operating properties (a)	113	110	110	111	116
Total units (a)	33,615	32,670	32,685	32,877	34,431
Portfolio period end occupancy (a)	95.4%	95.5%	95.5%	95.0%	94.6%
Portfolio average occupancy (a)	95.4%	95.4%	95.3%	94.4%	94.4%
Portfolio average effective monthly rent, per unit (a)	$1,572	$1,571	$1,554	$1,550	$1,558
Same-store portfolio period end occupancy (b)	95.5%	95.5%	95.5%	95.0%	94.7%
Same-store portfolio average occupancy (b)	95.5%	95.5%	95.4%	94.4%	94.5%
Same-store portfolio average effective<br> monthly rent, per unit (b)	$1,570	$1,570	$1,558	$1,554	$1,558
Capitalization:
Total debt (c)	$2,333,683	$2,286,694	$2,252,559	$2,277,098	$2,549,409
Common share price, period end	$19.84	$20.50	$18.74	$16.13	$15.30
Market equity capitalization	$4,697,713	$4,736,212	$4,330,137	$3,726,224	$3,528,996
Total market capitalization	$7,031,396	$7,022,906	$6,582,696	$6,003,322	$6,078,405
Total debt/total gross assets	33.9%	34.0%	33.7%	34.1%	36.6%
Net debt to Adjusted EBITDA (d)	5.9x	6.3x	6.5x	6.7x	6.7x
Interest coverage	4.8x	4.8x	4.8x	4.1x	4.1x
Common shares and OP Units:
Shares outstanding	230,838,249	225,093,090	225,122,235	225,070,396	224,706,731
OP units outstanding	5,941,643	5,941,643	5,941,643	5,941,643	5,946,571
Common shares and OP units outstanding	236,779,892	231,034,733	231,063,878	231,012,039	230,653,302
Weighted average common shares and OP units	230,893,621	230,762,299	230,734,872	230,570,707	230,452,570

(b)Same-store portfolio consists of 107 properties, which represent 31,433 units.

(c)Includes indebtedness associated with real estate held for sale, as applicable.

BALANCE SHEETS

Dollars in thousands, except per share data

	As of
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Assets:
Real estate held for investment, at cost	$	6,363,936	$	6,341,504	$	6,218,019	$	6,183,009	$	6,259,212
Less: accumulated depreciation	(740,957)		(715,702)		(667,681)		(622,713)		(582,760)
Real estate held for investment, net	5,622,979		5,625,802		5,550,338		5,560,296		5,676,452
Real estate held for sale	110,112		—		69,829		98,603		296,334
Real estate under development	116,861		115,221		115,196		109,338		98,365
Cash and cash equivalents	21,228		17,611		21,034		21,275		22,852
Restricted cash	22,224		30,632		26,364		20,625		27,880
Investment in unconsolidated real estate entities	91,975		95,393		90,347		89,487		89,044
Other assets	39,596		43,566		28,731		34,379		39,245
Derivative assets	29,300		18,821		38,422		38,845		29,937
Intangible assets, net	3,644		1,158		—		—		66
Total assets	$	6,057,919	$	5,948,204	$	5,940,261	$	5,972,848	$	6,280,175
Liabilities and Equity:
Indebtedness, net	$	2,274,651	$	2,286,694	$	2,202,961	$	2,212,273	$	2,426,788
Indebtedness associated with real estate held<br> for sale, net	59,032		—		49,598		64,825		122,621
Accounts payable and accrued expenses	94,670		119,286		102,040		83,678		109,074
Accrued interest payable	8,630		6,858		6,795		7,145		7,917
Dividends payable	37,827		36,906		36,906		36,896		36,858
Derivative liabilities	—		1,779		—		—		—
Other liabilities	8,035		7,966		8,421		8,928		9,723
Total liabilities	2,482,845		2,459,489		2,406,721		2,413,745		2,712,981
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share	—		—		—		—		—
Common shares, $0.01 par value per share	2,308		2,250		2,251		2,251		2,247
Additional paid in capital	3,868,006		3,755,311		3,754,756		3,753,833		3,751,942
Accumulated other comprehensive income	26,065		13,835		34,380		34,501		25,513
Accumulated deficit	(454,104)		(416,223)		(392,627)		(367,015)		(348,405)
Total shareholders' equity	3,442,275		3,355,173		3,398,760		3,423,570		3,431,297
Noncontrolling Interests	132,799		133,542		134,780		135,533		135,897
Total equity	3,575,074		3,488,715		3,533,540		3,559,103		3,567,194
Total liabilities and equity	$	6,057,919	$	5,948,204	$	5,940,261	$	5,972,848	$	6,280,175

STATEMENTS OF OPERATIONS, FFO & CFFO

TRAILING FIVE QUARTERS (Dollars in thousands, except per share data)

	For the Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Revenue:
Rental and other property revenue	$	160,617	$	159,860	$	158,104	$	160,331	$	166,730
Other revenue	346		275		298		203		316
Total revenue	160,963		160,135		158,402		160,534		167,046
Expenses:
Property operating expenses	54,195		60,538		60,883		59,971		59,703
Property management expenses	7,379		7,379		7,666		7,499		6,660
General and administrative expenses (a)	4,856		4,765		6,244		8,381		5,043
Depreciation and amortization expense	57,742		55,261		54,127		53,721		55,902
Casualty (gains) losses	(80)		1,249		465		2,301		59
Total expenses	124,092		129,192		129,385		131,873		127,367
Interest expense	(19,770)		(18,308)		(17,460)		(20,603)		(23,537)
(Loss on impairment) gain on sale of real estate<br> assets, net	(20,928)		688		(152)		10,530		(56,263)
(Loss) gain on extinguishment of debt	(2)		—		—		203		(124)
Other loss	—		—		—		(1)		(79)
Income (loss) from investments in unconsolidated<br> real estate entities	2,729		(703)		(850)		(829)		(1,330)
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Loss (income) allocated to noncontrolling interests	99		(255)		(201)		(384)		1,139
Net (loss) income available to common shares	$	(1,001)	$	12,365	$	10,354	$	17,577	$	(40,515)
(Loss) earnings per share - basic	$	—	$	0.05	$	0.05	$	0.08	$	(0.18)
Weighted-average shares outstanding - Basic	224,951,978		224,820,656		224,793,229		224,627,115		224,505,999
(Loss) earnings per share - diluted	$	—	$	0.05	$	0.05	$	0.08	$	(0.18)
Weighted-average shares outstanding - Diluted	224,951,978		226,058,400		225,418,825		225,226,270		224,505,999
Funds From Operations (FFO):
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Add-Back (Deduct):
Real estate depreciation and amortization	57,332		54,880		53,757		53,390		55,510
Our share of real estate depreciation and<br> amortization from investments in unconsolidated<br> real estate entities	(212)		598		598		598		636
Loss on impairment (gain on sale) of real estate<br> assets, net, excluding prepayment gains	20,928		160		336		(9,609)		57,492
FFO	$	76,948	$	68,258	$	65,246	$	62,340	$	71,984
FFO per share	$	0.33	$	0.30	$	0.28	$	0.27	$	0.31
CORE Funds From Operations (CFFO):
FFO	$	76,948	$	68,258	$	65,246	$	62,340	$	71,984
Add-Back (Deduct):
Other depreciation and amortization	410		382		370		331		391
Casualty (gains) losses	(80)		1,249		465		2,301		59
Loan (premium accretion) discount amortization,<br> net	(2,249)		(2,239)		(2,283)		(2,395)		(2,659)
Prepayment (gains) penalties on asset dispositions	—		(848)		(184)		(921)		(1,229)
Loss (gain) on extinguishment of debt	2		—		—		(203)		124
Other expense	—		—		—		1		79
CFFO	$	75,031	$	66,802	$	63,614	$	61,454	$	68,749
CFFO per share	$	0.32	$	0.29	$	0.28	$	0.27	$	0.30
Weighted-average shares and units<br> outstanding	230,893,621		230,762,299		230,734,872		230,570,707		230,452,570

(a)Included in the three months ended March 31, 2024 is $2.5 million of stock compensation expense recorded with respect to stock awards granted to retirement eligible employees.

STATEMENTS OF OPERATIONS, FFO & CFFO

(Dollars in thousands, except per share data)

	For the Three Months Ended December 31,				For the Year Ended<br> December 31,
	2024		2023		2024		2023
Revenue:
Rental and other property revenue	$	160,617	$	166,730	$	638,913	$	659,841
Other revenue	346		316		1,122		1,142
Total revenue	160,963		167,046		640,035		660,983
Expenses:
Property operating expenses	54,195		59,703		235,588		244,330
Property management expenses	7,379		6,660		29,923		27,081
General and administrative expenses	4,856		5,043		24,245		22,766
Depreciation and amortization expense	57,742		55,902		220,854		218,968
Casualty (gains) losses	(80)		59		3,935		925
Total expenses	124,092		127,367		514,545		514,070
Interest expense	(19,770)		(23,537)		(76,141)		(89,921)
(Loss on impairment) gain on sale of real estate assets, net	(20,928)		(56,263)		(9,862)		(66,547)
(Loss) gain on extinguishment of debt	(2)		(124)		200		(124)
Other loss	—		(79)		(1)		(427)
Income (loss) from investments in unconsolidated real<br> estate entities	2,729		(1,330)		347		(4,488)
Restructuring costs	—		—		—		(3,213)
Net (loss) income	(1,100)		(41,654)		40,033		(17,807)
Loss (income) allocated to noncontrolling interests	99		1,139		(742)		580
Net (loss) income available to common shares	$	(1,001)	$	(40,515)	$	39,291	$	(17,227)
(Loss) earnings per share - basic	$	—	$	(0.18)	$	0.17	$	(0.08)
Weighted-average shares outstanding - Basic	224,951,978		224,505,999		224,798,958		224,414,443
(Loss) earnings per share - diluted	$	—	$	(0.18)	$	0.17	$	(0.08)
Weighted-average shares outstanding - Diluted	224,951,978		224,505,999		225,584,327		224,414,443
Funds From Operations (FFO):
Net (loss) income	$	(1,100)	$	(41,654)	$	40,033	$	(17,807)
Add-Back (Deduct):
Real estate depreciation and amortization	57,332		55,510		219,360		217,716
Our share of real estate depreciation and amortization<br> from investments in unconsolidated real estate entities	(212)		636		1,581		2,115
Loss on impairment (gain on sale) of real estate assets, net,<br> excluding prepayment gains	20,928		57,492		11,815		68,447
FFO	$	76,948	$	71,984	$	272,789	$	270,471
FFO per share	$	0.33	$	0.31	$	1.18	$	1.17
CORE Funds From Operations (CFFO):
FFO	$	76,948	$	71,984	$	272,789	$	270,471
Add-Back (Deduct):
Other depreciation and amortization	410		391		1,493		1,252
Casualty (gains) losses	(80)		59		3,935		925
Loan (premium accretion) discount amortization, net	(2,249)		(2,659)		(9,167)		(10,899)
Prepayment (gains) penalties on asset dispositions	—		(1,229)		(1,953)		(1,900)
Loss (gain) on extinguishment of debt	2		124		(200)		124
Other expense	—		79		1		743
Restructuring costs	—		—		—		3,213
CFFO	$	75,031	$	68,749	$	266,898	$	263,929
CFFO per share	$	0.32	$	0.30	$	1.16	$	1.15
Weighted-average shares and units outstanding	230,893,621		230,452,570		230,741,085		230,364,184

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Add-Back (Deduct):
Interest expense	19,770		18,308		17,460		20,603		23,537
Depreciation and amortization	57,742		55,261		54,127		53,721		55,902
Casualty (gains) losses	(80)		1,249		465		2,301		59
Loss on impairment (gain on sale) of<br> real estate assets, net	20,928		(688)		152		(10,530)		56,263
Loss (gain) on extinguishment of debt	2		—		—		(203)		124
(Income) loss from investments in<br> unconsolidated real estate entities	(2,729)		703		850		829		1,330
Other loss (income), net	—		—		—		1		79
Adjusted EBITDA	$	94,533	$	87,453	$	83,609	$	84,683	$	95,640
INTEREST COST:
Interest expense	$	19,770	$	18,308	$	17,460	$	20,603	$	23,537
INTEREST COVERAGE:	4.8x		4.8x		4.8x		4.1x		4.1x
	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
---	---	---	---	---	---	---	---	---
	2024		2023		2024		2023
Net (loss) income	$	(1,100)	$	(41,654)	$	40,033	$	(17,807)
Add-Back (Deduct):
Interest expense	19,770		23,537		76,141		89,921
Depreciation and amortization	57,742		55,902		220,854		218,968
Casualty (gains) losses	(80)		59		3,935		925
Loss on impairment (gain on sale) of real estate assets, net	20,928		56,263		9,862		66,547
Loss (gain) on extinguishment of debt	2		124		(200)		124
(Income) loss from investments in unconsolidated real estate<br> entities	(2,729)		1,330		(347)		4,488
Other loss (income), net	—		79		1		427
Restructuring costs	—		—		—		3,213
Adjusted EBITDA	$	94,533	$	95,640	$	350,279	$	366,806
INTEREST COST:
Interest expense	$	19,770	$	23,537	$	76,141	$	89,921
INTEREST COVERAGE:	4.8x		4.1x		4.6x		4.1x

SAME-STORE PORTFOLIO NET OPERATING INCOME & NOI BRIDGE (a) (b)

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

	For the Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Revenue:
Rental and other property revenue	$	151,326	$	152,742	$	150,983	$	147,533	$	147,880
Property Operating Expenses:
Real estate taxes	16,547		16,471		18,268		18,577		18,086
Property insurance	3,841		3,841		3,941		4,075		4,178
Personnel expenses	11,884		13,118		12,564		11,938		11,491
Utilities	7,704		7,953		7,142		7,411		7,135
Repairs and maintenance	2,408		6,307		6,346		4,730		3,301
Contract services	5,270		5,770		5,786		5,020		5,175
Advertising expenses	1,677		2,283		2,042		1,576		1,597
Other expenses	1,597		1,603		1,652		1,658		1,554
Total property operating expenses	50,928		57,346		57,741		54,985		52,517
Same-store portfolio NOI	$	100,398	$	95,396	$	93,242	$	92,548	$	95,363	Same-store portfolio NOI margin	66.3	%	62.5	%	61.8	%	62.7	%	64.5	%
---	---	---	---	---	---	---	---	---	---	---
Average occupancy	95.5	%	95.5	%	95.4	%	94.4	%	94.5	%	Average effective monthly rent, per unit	$	1,570	$	1,570	$	1,558	$	1,554	$	1,558
---	---	---	---	---	---	---	---	---	---	---
	For the Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Rental and other property revenue
Same-store portfolio	$	151,326	$	152,742	$	150,983	$	147,533	$	147,880
Non same-store portfolio	9,291		7,118		7,121		12,798		18,850
Total rental and other property revenue	160,617		159,860		158,104		160,331		166,730
Property operating expenses
Same-store portfolio	50,928		57,346		57,741		54,985		52,517
Non same-store portfolio	3,267		3,192		3,142		4,986		7,186
Total property operating expenses	54,195		60,538		60,883		59,971		59,703
NOI
Same-store portfolio	100,398		95,396		93,242		92,548		95,363
Non same-store portfolio	6,024		3,926		3,979		7,812		11,664
Total property NOI	$	106,422	$	99,322	$	97,221	$	100,360	$	107,027

(a)Same-store portfolio consists of 107 properties, which represent 31,433 units.

(b)See the definitions at the end of this release for a reconciliation from GAAP net income (loss) to NOI.

SAME-STORE PORTFOLIO NET OPERATING INCOME (a)

THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023

Dollars in thousands, except per unit data

	For the Three Months Ended<br> December 31,						For the Year Ended<br> December 31,
	2024		2023		% change		2024		2023		% change
Revenue:
Rental and other property revenue	$	151,326	$	147,880	2.3	%	$	602,584	$	585,277	3.0	%
Property Operating Expenses:
Real estate taxes	16,547		18,086		(8.5)	%	69,863		72,518		(3.7)	%
Property insurance	3,841		4,178		(8.1)	%	15,698		14,618		7.4	%
Personnel expenses	11,884		11,491		3.4	%	49,504		45,592		8.6	%
Utilities	7,704		7,135		8.0	%	30,210		28,296		6.8	%
Repairs and maintenance	2,408		3,301		(27.1)	%	19,791		20,122		(1.6)	%
Contract services	5,270		5,175		1.8	%	21,846		21,584		1.2	%
Advertising expenses	1,677		1,597		5.0	%	7,578		6,342		19.5	%
Other expenses	1,597		1,554		2.8	%	6,510		6,625		(1.7)	%
Total property operating expenses	50,928		52,517		(3.0)	%	221,000		215,697		2.5	%
Same-store portfolio NOI	$	100,398	$	95,363	5.3	%	$	381,584	$	369,580	3.2	%		Same-store portfolio NOI margin	66.3		%	64.5	%	1.8	%	63.3	%	63.1	%	0.2	%
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Average occupancy	95.5		%	94.5		%	1.0	%	95.2		%	94.1		%	1.1	%
Average effective monthly rent,<br> per unit	$	1,570		$	1,558		0.8	%	$	1,563		$	1,543		1.3	%

(a)Same-store portfolio consists of 107 properties, which represent 31,433 units.

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED DECEMBER 31, 2024

Dollars in thousands, except rent per unit

			Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2024		2023		% Change		2024		2023		% Change		2024		2023		% Change		2024		2023		% Change		2024		2023		% Change
Atlanta, GA	13	5,180	$	24,110	$	24,398	(1.2)	%	$	8,676	$	9,212	(5.8)	%	$	15,433	$	15,186	1.6	%	93.8	%	92.6	%	1.2	%	$	1,599	$	1,648	(3.0)	%
Dallas, TX	14	4,007	22,240		21,700		2.5	%	7,652		8,401		(8.9)	%	14,589		13,299		9.7	%	96.5	%	94.1	%	2.4	%	1,809		1,814		(0.3)	%
Columbus, OH	10	2,510	11,602		10,805		7.4	%	4,056		3,722		9.0	%	7,546		7,083		6.5	%	95.4	%	94.5	%	0.9	%	1,511		1,425		6.0	%
Indianapolis, IN	7	1,979	8,794		8,388		4.8	%	3,055		3,087		(1.0)	%	5,739		5,301		8.3	%	95.8	%	94.5	%	1.3	%	1,435		1,369		4.8	%
Oklahoma City, OK	8	2,147	8,287		7,887		5.1	%	2,597		2,553		1.7	%	5,690		5,334		6.7	%	95.5	%	95.3	%	0.2	%	1,228		1,184		3.7	%
Nashville, TN	5	1,508	7,640		7,525		1.5	%	1,961		2,371		(17.3)	%	5,680		5,154		10.2	%	96.6	%	94.8	%	1.8	%	1,627		1,634		(0.4)	%
Tampa-St. Petersburg, FL	5	1,452	8,497		8,082		5.1	%	2,975		2,893		2.8	%	5,522		5,189		6.4	%	96.1	%	95.5	%	0.6	%	1,899		1,822		4.2	%
Denver, CO	6	1,397	7,584		7,537		0.6	%	2,201		2,342		(6.0)	%	5,383		5,195		3.6	%	95.3	%	95.4	%	(0.1)	%	1,775		1,725		2.9	%
Raleigh - Durham, NC	6	1,690	7,924		7,957		(0.4)	%	2,712		2,579		5.2	%	5,211		5,378		(3.1)	%	95.2	%	94.9	%	0.3	%	1,553		1,562		(0.6)	%
Memphis, TN	4	1,383	6,158		6,111		0.8	%	2,038		1,997		2.1	%	4,120		4,114		0.1	%	93.6	%	92.8	%	0.8	%	1,495		1,519		(1.6)	%
Houston, TX	5	1,308	5,863		5,761		1.8	%	2,309		2,461		(6.2)	%	3,554		3,300		7.7	%	96.3	%	95.8	%	0.5	%	1,432		1,423		0.6	%
Louisville, KY	4	1,150	5,211		4,724		10.3	%	1,822		1,832		(0.5)	%	3,389		2,892		17.2	%	96.6	%	96.3	%	0.3	%	1,330		1,284		3.6	%
Lexington, KY	3	886	4,021		3,777		6.5	%	1,120		1,115		0.4	%	2,901		2,662		9.0	%	96.1	%	96.6	%	(0.5)	%	1,408		1,323		6.4	%
Huntsville, AL	3	873	4,184		4,131		1.3	%	1,323		1,327		(0.3)	%	2,861		2,803		2.1	%	96.4	%	95.8	%	0.6	%	1,478		1,530		(3.4)	%
Charlotte, NC	3	714	3,707		3,800		(2.4)	%	1,110		1,085		2.3	%	2,597		2,715		(4.3)	%	95.8	%	95.6	%	0.2	%	1,716		1,762		(2.6)	%
Myrtle Beach, SC - Wilmington, NC	3	628	2,678		2,687		(0.3)	%	770		783		(1.7)	%	1,908		1,904		0.2	%	94.6	%	94.3	%	0.3	%	1,396		1,420		(1.7)	%
Cincinnati, OH	2	542	2,874		2,781		3.3	%	974		996		(2.2)	%	1,900		1,785		6.4	%	97.0	%	95.1	%	1.9	%	1,624		1,598		1.6	%
Charleston, SC	2	518	2,814		2,665		5.6	%	988		941		5.0	%	1,826		1,724		5.9	%	97.1	%	94.4	%	2.7	%	1,739		1,692		2.8	%
Greenville, SC	1	702	2,566		2,689		(4.6)	%	915		947		(3.4)	%	1,651		1,742		(5.2)	%	93.8	%	94.9	%	(1.1)	%	1,290		1,293		(0.2)	%
Orlando, FL	1	297	1,675		1,658		1.0	%	636		708		(10.2)	%	1,039		950		9.4	%	95.6	%	95.8	%	(0.2)	%	1,792		1,815		(1.3)	%
Austin, TX	1	256	1,461		1,396		4.7	%	528		603		(12.4)	%	933		793		17.7	%	96.0	%	94.4	%	1.6	%	1,791		1,808		(0.9)	%
San Antonio, TX	1	306	1,436		1,421		1.1	%	510		562		(9.3)	%	926		860		7.7	%	98.5	%	96.4	%	2.1	%	1,444		1,475		(2.1)	%
Total / Weighted<br> Average	107	31,433	$	151,326	$	147,880	2.3	%	$	50,928	$	52,517	(3.0)	%	$	100,398	$	95,363	5.3	%	95.5	%	94.5	%	1.0	%	$	1,570	$	1,558	0.8	%

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

YEAR ENDED DECEMBER 31, 2024

Dollars in thousands, except rent per unit

			Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2024		2023		% Change		2024		2023		% Change		2024		2023		% Change		2024		2023		% Change		2024		2023		% Change
Atlanta, GA	13	5,180	$	96,822	$	96,866	0.0	%	$	37,892	$	36,219	4.6	%	$	58,928	$	60,645	(2.8)	%	93.6	%	92.2	%	1.4	%	$	1,607	$	1,636	(1.8)	%
Dallas, TX	14	4,007	88,868		86,650		2.6	%	33,366		34,300		(2.7)	%	55,502		52,350		6.0	%	95.5	%	94.2	%	1.3	%	1,814		1,799		0.8	%
Columbus, OH	10	2,510	45,155		42,386		6.5	%	17,044		15,832		7.7	%	28,111		26,555		5.9	%	95.1	%	94.7	%	0.4	%	1,471		1,391		5.8	%
Indianapolis, IN	7	1,979	35,062		32,976		6.3	%	12,913		12,730		1.4	%	22,149		20,246		9.4	%	96.0	%	94.0	%	2.0	%	1,407		1,354		3.9	%
Oklahoma City, OK	8	2,147	32,800		31,111		5.4	%	11,029		10,609		4.0	%	21,772		20,501		6.2	%	95.3	%	93.9	%	1.4	%	1,212		1,172		3.4	%
Tampa-St. Petersburg, FL	5	1,452	33,427		31,991		4.5	%	12,110		12,044		0.5	%	21,317		19,947		6.9	%	95.7	%	94.7	%	1.0	%	1,860		1,814		2.5	%
Denver, CO	6	1,397	30,587		29,974		2.0	%	9,486		9,388		1.0	%	21,101		20,586		2.5	%	96.1	%	95.2	%	0.9	%	1,747		1,720		1.6	%
Nashville, TN	5	1,508	30,351		29,321		3.5	%	9,697		9,959		(2.6)	%	20,654		19,363		6.7	%	95.5	%	93.6	%	1.9	%	1,633		1,612		1.3	%
Raleigh - Durham, NC	6	1,690	32,023		31,541		1.5	%	11,744		10,550		11.3	%	20,279		20,991		(3.4)	%	95.0	%	94.4	%	0.6	%	1,551		1,544		0.5	%
Memphis, TN	4	1,383	24,929		24,686		1.0	%	8,721		8,237		5.9	%	16,208		16,449		(1.5)	%	93.7	%	93.5	%	0.2	%	1,513		1,510		0.2	%
Houston, TX	5	1,308	23,536		22,882		2.9	%	10,288		10,642		(3.3)	%	13,248		12,240		8.2	%	95.8	%	95.5	%	0.3	%	1,433		1,402		2.2	%
Louisville, KY	4	1,150	19,916		18,268		9.0	%	7,948		7,554		5.2	%	11,968		10,714		11.7	%	96.0	%	94.2	%	1.8	%	1,322		1,279		3.4	%
Lexington, KY	3	886	15,812		14,956		5.7	%	4,779		4,555		4.9	%	11,033		10,401		6.1	%	96.7	%	96.8	%	(0.1)	%	1,372		1,295		5.9	%
Huntsville, AL	3	873	16,390		16,380		0.1	%	5,686		5,609		1.4	%	10,703		10,772		(0.6)	%	95.9	%	95.4	%	0.5	%	1,493		1,536		(2.8)	%
Charlotte, NC	3	714	15,076		15,260		(1.2)	%	4,707		4,428		6.3	%	10,369		10,832		(4.3)	%	95.5	%	95.5	%	—	%	1,734		1,761		(1.5)	%
Myrtle Beach, SC - Wilmington, NC	3	628	10,830		10,711		1.1	%	3,491		3,291		6.1	%	7,339		7,420		(1.1)	%	95.1	%	94.8	%	0.3	%	1,407		1,412		(0.4)	%
Cincinnati, OH	2	542	11,372		10,839		4.9	%	4,178		4,038		3.5	%	7,195		6,801		5.8	%	96.4	%	94.5	%	1.9	%	1,608		1,572		2.3	%
Charleston, SC	2	518	11,017		10,444		5.5	%	4,466		4,184		6.7	%	6,552		6,260		4.7	%	96.4	%	94.6	%	1.8	%	1,713		1,652		3.7	%
Greenville, SC	1	702	10,514		10,461		0.5	%	4,019		3,845		4.5	%	6,495		6,616		(1.8)	%	94.2	%	94.2	%	—	%	1,302		1,268		2.7	%
Orlando, FL	1	297	6,668		6,363		4.8	%	2,782		2,706		2.8	%	3,886		3,657		6.3	%	94.8	%	93.8	%	1.0	%	1,794		1,805		(0.6)	%
San Antonio, TX	1	306	5,729		5,773		(0.8)	%	2,339		2,563		(8.7)	%	3,391		3,210		5.6	%	97.3	%	96.2	%	1.1	%	1,463		1,482		(1.3)	%
Austin, TX	1	256	5,700		5,438		4.8	%	2,315		2,415		(4.1)	%	3,384		3,023		11.9	%	95.0	%	92.1	%	2.9	%	1,800		1,791		0.5	%
Total/Weighted Average	107	31,433	$	602,584	$	585,277	3.0	%	$	221,000	$	215,698	2.5	%	$	381,584	$	369,579	3.2	%	95.2	%	94.1	%	1.1	%	$	1,563	$	1,543	1.3	%

PROPERTY PORTFOLIO (a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

							For the Three Months Ended<br> December 31, 2024
Market	Number of Properties	Units	Gross Real <br>Estate <br>Assets		Period End<br> Occupancy		Average <br>Effective<br> Monthly Rent <br>per Unit		NOI		% of NOI
Atlanta, GA	13	5,180	$	1,107,680	93.8	%	$	1,599	$	15,432	14.5	%
Dallas, TX	14	4,007	880,188		96.5	%	1,809		14,589		13.7	%
Columbus, OH	10	2,510	380,928		95.6	%	1,511		7,546		6.9	%
Tampa-St. Petersburg, FL	6	1,791	399,163		96.1	%	1,963		6,818		6.4	%
Denver, CO (a)(b)	7	1,722	495,388		95.0	%	1,775		6,652		6.3	%
Indianapolis, IN	7	1,979	294,522		95.3	%	1,435		5,739		5.4	%
Oklahoma City, OK	8	2,147	337,446		96.3	%	1,228		5,690		5.3	%
Nashville, TN	5	1,508	375,025		96.0	%	1,627		5,680		5.3	%
Raleigh - Durham, NC	6	1,690	254,625		94.2	%	1,553		5,211		4.9	%
Memphis, TN	4	1,383	160,408		94.7	%	1,495		4,120		3.9	%
Houston, TX	5	1,308	214,977		96.6	%	1,432		3,554		3.3	%
Louisville, KY	4	1,150	143,283		96.8	%	1,330		3,389		3.2	%
Charlotte, NC	4	1,014	262,601		93.6	%	1,562		3,259		3.1	%
Huntsville, AL	4	1,051	241,595		95.7	%	1,456		3,248		3.1	%
Lexington, KY	3	886	163,697		96.8	%	1,408		2,901		2.7	%
Birmingham, AL (c)	1	720	122,694		96.1	%	1,425		1,992		1.9	%
Myrtle Beach, SC - Wilmington, NC	3	628	68,341		94.3	%	1,396		1,908		1.8	%
Cincinnati, OH	2	542	124,877		96.8	%	1,624		1,900		1.8	%
Charleston, SC	2	518	82,210		95.7	%	1,739		1,826		1.7	%
Greenville, SC	1	702	126,274		92.8	%	1,290		1,651		1.6	%
Orlando, FL	2	617	132,879		94.0	%	1,840		1,438		1.4	%
San Antonio, TX	1	306	57,527		98.0	%	1,444		926		0.9	%
Austin, TX	1	256	60,302		96.5	%	1,791		933		0.9	%
Total / Weighted Average	113	33,615	$	6,486,630	95.4	%	$	1,572	$	106,402	100.0	%

(a)Excludes our development project Flatiron Flats. See the definitions at the end of this release.

(b)Includes properties in our Fort Collins, CO and Colorado Springs, CO markets.

(c)Represents one property that was held for sale as of December 31, 2024.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF DECEMBER 31, 2024

									Renovation Costs per Unit (b)
Market	Total Properties	Total <br>Units To Be Renovated	Units Complete	Units <br>Leased	Rent Premium (a)		% Rent Increase		Interior	Exterior		Total		ROI - Interior Costs(c)		ROI - Total Costs (c)
Ongoing
Atlanta, GA	5	2,344	1,210	1,186	$	254	18.5	%		$	2,283	$	20,872	16.4	%	14.6	%
Dallas, TX	5	1,462	854	841	283		19.6	%	19,465	2,226		21,691		17.4	%	15.6	%
Columbus, OH	4	1,098	613	605	268		21.6	%	14,999	1,431		16,430		21.4	%	19.6	%
Oklahoma City, OK	4	1,087	663	652	162		17.3	%	17,185	2,213		19,398		11.3	%	10.0	%
Lexington, KY	1	436	56	49	253		20.5	%	17,662	2,038		19,700		17.2	%	15.4	%
Nashville, TN	1	418	298	296	169		12.3	%	17,021	1,321		18,342		11.9	%	11.1	%
Memphis, TN	1	362	303	301	377		34.4	%	15,901	807		16,708		28.4	%	27.1	%
Tampa-St. Petersburg, FL	1	348	244	242	323		22.1	%	17,471	1,875		19,346		22.2	%	20.0	%
Raleigh-Durham, NC	1	318	255	253	208		16.5	%	16,215	1,046		17,261		15.4	%	14.5	%
Austin, TX	1	256	199	194	256		17.7	%	18,451	1,486		19,937		16.7	%	15.4	%
Denver, CO	1	252	35	30	318		29.0	%	11,883	4,048		15,931		32.1	%	23.9	%
Indianapolis, IN	1	236	200	199	260		24.0	%	15,718	1,484		17,202		19.9	%	18.2	%
Total / Weighted Average	26	8,617	4,930	4,848	$	253	19.9	%	17,487	$	1,979	$	19,466	17.3	%	15.6	%
Future (d)
Atlanta, GA	3	1,334	—	—	—		—		—	—		—		—		—
Dallas, TX	3	763	—	—	—		—		—	—		—		—		—
Oklahoma City, OK	2	540	—	—	—		—		—	—		—		—		—
Raleigh-Durham, NC	2	488	—	—	—		—		—	—		—		—		—
Indianapolis, IN	2	460	—	—	—		—		—	—		—		—		—
Charleston, SC	1	274	—	—	—		—		—	—		—		—		—
Denver, CO	1	240	—	—	—		—		—	—		—		—		—
Total / Weighted Average	14	4,099	—	—	—		—		—	—		—		—		—
Completed (e)
Atlanta, GA	3	978	916	900	$	215	20.8	%		$	1,139	$	10,160	28.6	%	25.4	%
Tampa-St. Petersburg, FL	3	888	851	848	279		21.7	%	14,205	1,327		15,532		23.5	%	21.5	%
Columbus, OH	3	763	714	711	205		22.4	%	10,374	666		11,040		23.7	%	22.3	%
Louisville, KY	2	728	728	785	215		24.1	%	15,621	2,173		17,794		16.5	%	14.5	%
Memphis, TN	2	691	690	684	183		18.0	%	12,110	974		13,084		18.1	%	16.8	%
Raleigh-Durham, NC	1	328	325	323	195		19.0	%	14,648	2,108		16,756		15.9	%	13.9	%
Wilmington, NC	1	288	288	287	77		7.6	%	8,120	56		8,176		11.4	%	11.3	%
Total / Weighted Average	15	4,664	4,512	4,538	$	210	20.5	%		$	1,236	$	13,334	20.9	%	18.9	%
Grand Total/Weighted Average	55	17,380	9,442	9,386	$	232	20.2	%		$	1,725	$	16,628	18.7	%	16.8	%

All values are in US Dollars.

(a) See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of leasing concessions was $223.

(b)See the definitions section for a full description of Renovation Costs per Unit.

(c)See the definitions section for a full description of ROI. ROI-Interior costs using rent premium including the impact of leasing concessions was 18.0%. ROI-Total costs using rent premium including the impact of leasing concessions was 16.1%.

(d)Projects scheduled to start in Q1 2025 are located in Atlanta, GA, Dallas, TX, Denver, CO and Raleigh-Durham, NC. Projects scheduled to start in Q2 2025 are located in Atlanta, GA, Charleston, SC, Dallas, TX, Indianapolis, IN, Oklahoma City, OK and Raleigh-Durham, NC. Projects scheduled to start in Q3 2025 are located in Atlanta, GA, Dallas, TX, Indianapolis, IN and Oklahoma City, OK.

(e)We consider value add projects completed when over 85% of the property’s units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property’s units.

(f)Includes Meadows, Haverford, Crestmont and Creekside that were formerly a part of the value add program but were sold in October 2022 (with respect to Meadows), February 2022 (with respect to Haverford) and December 2021 (with respect to Crestmont and Creekside).

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

| 2024 ACQUISITIONS | | --- || Property | Market | Units | Acquisition Date | Purchase Price | | Price per Unit | | Average Rent per Unit at Acquisition | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Gateway at Pinellas | Tampa-St. Petersburg, FL | 288 | 8/13/24 | $ | 82,000 | $ | 285 | $ | 2,228 | | Highland Ridge | Charlotte, NC | 300 | 11/01/24 | 73,500 | | 245 | | 1,703 | | | Serenza at Ocoee Village | Orlando, FL | 320 | 12/05/24 | 84,250 | | 263 | | 1,905 | | | Total | | 908 | | $ | 239,750 | $ | 264 | $ | 1,941 || 2024 DISPOSITIONS | | --- || Property | Location | Units | Disposition date | Sale price | | Price per unit | | Average rent per unit at disposition | | Gain on sale (loss on impairment) , net (a) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Villas of Kingwood | Houston, TX | 330 | 2/13/24 | $ | 53,700 | $ | 163 | $ | 1,454 | $ | 62 | | Belmar Villas | Denver, CO | 318 | 2/13/24 | 74,300 | | 234 | | 1,606 | | 46 | | | Hearthstone at City Center | Denver, CO | 360 | 3/12/24 | 74,000 | | 206 | | 1,690 | | 88 | | | Villas at Huffmeister | Houston, TX | 294 | 3/25/24 | 44,250 | | 151 | | 1,557 | | (415) | | | Westmont Commons | Asheville, NC | 252 | 3/28/24 | 49,875 | | 198 | | 1,505 | | 25,856 | | | Reserve at Creekside | Chattanooga, TN | 192 | 4/30/24 | 28,500 | | 152 | | 1,462 | | (152) | | | Tapestry Park | Birmingham, AL | 354 | 7/17/24 | 70,800 | | 200 | | 1,644 | | (14,419) | | | Total | | 2,100 | | $ | 395,425 | $ | 188 | $ | 1,571 | $ | 11,066 |

(a)During the three months ended December 31, 2023, we recognized an aggregate loss on impairment of $32,956 on the Villas at Kingwood, Belmar Villas, Hearthstone at City Center, Villas at Huffmeister, and Reserve at Creekside, including $1,105 of defeasance and debt prepayment gains on these dispositions. During the three months ended March 31, 2024, we recognized a loss on impairment of $15,107 on Tapestry Park.

ASSETS HELD FOR SALE AS OF DECEMBER 31, 2024
Property	Location	Units	Q4 2024 Loss on Impairment
Ridge Crossings	Birmingham, AL	720	$20,928	REAL ESTATE UNDER DEVELOPMENT (a)
---		Development	Flatiron Flats
---	---
Location	Denver, Colorado
Planned Units	296
Start Date	4Q 2022
Initial Occupancy	1Q 2025
Completion Date	1Q 2025
Projected Stabilization date	3Q 2026
Total Estimated Development Costs	$113,210
% of Development Costs Left to Fund	4%
Real Estate Under Development at December 31, 2024 (excludes capitalized interest)	$108,396

(a)Destination at Arista no longer met the definition of a development project in the fourth quarter of 2024 upon reaching 90% occupancy. Flatiron Flats will continue to be classified as a development property since it is in lease-up and has not yet reached overall occupancy of 90%.

INVESTMENT AND DEVELOPMENT ACTIVITY - (CONTINUED)

| INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES | | --- || Property | Location | Units | Estimated Delivery Date | Total Construction Budget | | Total Project Debt | | IRT Equity Interest in JV | | Remaining Expected IRT Investment | | Carrying Value of IRT’s Investment | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Metropolis at Innsbrook (a) | Richmond, VA | 402 | — | $ | 85,883 | $ | 59,000 | 84.8 | % | $ | — | $ | 21,163 | | Views of Music City II (b) | Nashville, TN | 209 | — | 33,439 | | 21,736 | | 50.0 | % | — | | 5,905 | | | The Crockett (c) | Nashville, TN | 199 | — | — | | — | | — | % | — | | — | | | Lakeline Station | Austin, TX | 378 | Q2 2025 | 110,551 | | 76,500 | | 90.0 | % | — | | 36,107 | | | The Mustang (d) | Dallas, TX | 275 | — | 109,583 | | 79,447 | | 85.0 | % | — | | 28,801 | | | Total | | 1,264 | | $ | 339,456 | $ | 236,683 | | | $ | — | $ | 91,975 |

(a)Metropolis at Innsbrook is operating and was listed for sale during Q1 2025. We expect this property to be sold during 2025 and to receive our proportionate share of the gain on sale and a return of our invested capital.

(b)Views of Music City phase II is operating and was listed for sale during Q1 2025. We have a right of first refusal on any sale of the Views of Music City II. We expect this property to be sold during 2025 and to receive our preferred return and invested capital.

(c)The Crockett is an operating property consisting of 199 units. On July 16, 2024, we amended the joint venture agreement governing the entity that owns this property and Views of Music City II. The amendment to the joint venture agreement resulted in the return of our invested capital in the amount of $5.5 million and preferred return in the amount of $3.0 million, net, thereon on October 17, 2024, while also providing us with a right of first refusal on any sale of The Crockett.

(d)The Mustang became an operating property during the fourth quarter of 2024 and consists of 275 units. We have a call option that gives us the right to buy the property upon the earlier of the date upon which the property achieves 85% occupancy or August 15, 2025.

Subsequent Investment in Unconsolidated Real Estate Entity

On January 30, 2025, we entered into a joint venture for the development of Nexton Pine Hollow, a to-be-built multifamily apartment project comprised of 324 units in Charleston, SC. We have committed to invest an aggregate of $28.6 million in this joint venture, and, as of January 30, 2025, had funded $8.4 million on account of this commitment.

DEBT SUMMARY AS OF DECEMBER 31, 2024

Dollars in thousands

	Amount		Weighted Average Contractual Rate (e)		Weighted Average Hedged Effective Rate (f)		Type	Weighted Average Maturity (in years)
Debt:
Unsecured revolver (a)	$	194,478	5.5	%	4.8	%	Floating(g)	4.0
Unsecured term loans (b)	600,000		5.6	%	4.0	%	Floating(g)	2.5
Secured credit facilities (c)	585,635		4.2	%	4.4	%	Fixed	3.9
Mortgages	780,794		3.8	%	4.0	%	Fixed	3.7
Unsecured private placement notes (d)	150,000		5.4	%	5.6	%	Fixed	8.3
Total Principal	2,310,907		4.6	%	4.3	%		3.8
Loan premiums (discounts), net	31,721
Unamortized deferred financing costs	(8,945)
Total Consolidated Debt	2,333,683
Market Equity Capitalization, at period end	4,697,713
Total Capitalization	$	7,031,396

(a)On January 8, 2025, we amended and restated our unsecured credit agreement to increase our revolver capacity from $500,000 to $750,000 and to amend the maturity date of borrowings under the unsecured revolver to January 8, 2029.

(b)Consists of a (i) $200,000 unsecured term loan with a maturity date of May 18, 2026 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028.

(c)Consists of a (i) $509,386 secured credit facility, two tranches of which, in an aggregate principal amount of $468,918, have a maturity date of August 1, 2028 and the third tranche of which, in the principal amount of $40,468, has a maturity date of March 1, 2030 and a (ii) $76,249 secured credit facility with a maturity date of July 1, 2030.

(d)Consists of (i) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2031 and at a fixed annual interest rate of 5.32% and (ii) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2034 and at a fixed annual interest rate of 5.53%.

(e)Represents the weighted average of the contractual interest rates in effect as of the three months ended December 31, 2024, without regard to any interest rate swaps or collars.

(f)Represents the weighted average effective interest rates for the three months ended December 31, 2024, including the impact of interest rate swaps and collars, amortization of hedging costs, and deferred financing costs but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.

(g)As of December 31, 2024, we maintained the below hedges that have effectively fixed a portion of our floating rate debt.

Hedges:	Notional		Start	End	Swap Rate		Floor Rate		Cap Rate
Swap	$	150,000	6/17/2021	6/17/2026	2.18	%	—		—
Swap	$	150,000	5/17/2022	5/17/2027	0.99	%	—		—
Swap	$	200,000	3/17/2023	3/17/2030	3.39	%	—		—
Collar	$	100,000	1/17/2024	1/17/2028	—		1.50	%	2.50	%
Collar	$	100,000	11/17/2024	1/17/2028	—		1.50	%	2.50	%

DEBT MATURITY, DEBT COVENANT AND UNENCUMBERED ASSET STATS

AS OF DECEMBER 31, 2024

Dollars in thousands

(a) Reflects our December 31, 2024 debt maturity schedule as adjusted for the amended and restated credit agreement that we entered into on January 8, 2025. The amended and restated credit agreement increases our borrowing capacity under our existing revolver from $500 million to $750 million and extends the maturity date of the revolver from January 2026 to January 2029.

Debt Covenant Summary (b)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	30.5%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.5x	Yes
Unsecured leverage ratio	≤ 60%	27.9%	Yes

(b)For a complete listing of all debt covenants along with definitions of each covenant calculation see the Fifth Amended, Restated and Consolidated Credit Agreement, which was filed as Exhibit 10.1 of our Form 8-K filed on January 10, 2025.

Encumbered & Unencumbered Statistics (c)

	Total Units	% of Total		Gross Assets		% of Total		Q4 2024 NOI		% of Total
Unencumbered assets	21,216	63.1	%	$	4,140,591	60.2	%	$	66,167	62.2	%
Encumbered assets	12,399	36.9	%	2,741,705		39.8	%	40,235		37.8	%
	33,615	100.0	%	$	6,882,296	100.0	%	$	106,402	100.0	%

(c)Excludes our development project Flatiron Flats. See the definitions at the end of this release.

DEFINITIONS

Average Effective Monthly Rent per Unit

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO

and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.

Net Debt

	As of
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Total debt	$	2,333,683	$	2,286,694	$	2,252,559	$	2,277,098	$	2,549,409
Less: cash and cash equivalents	(21,228)		(17,611)		(21,034)		(21,275)		(22,852)
Less: loan discounts and premiums, net	(31,721)		(33,970)		(37,253)		(39,804)		(44,483)
Total net debt	$	2,280,734	$	2,235,113	$	2,194,272	$	2,216,019	$	2,482,074

Net Operating Income

A reconciliation from GAAP net (loss) income to NOI is provided below (dollars in thousands):

	For the Three Months Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Net (loss) income	$	(1,100)	$	12,620	$	10,555	$	17,961	$	(41,654)
Other revenue	(346)		(275)		(298)		(203)		(316)
Property management expenses	7,379		7,379		7,666		7,499		6,660
General and administrative<br> expenses	4,856		4,765		6,244		8,381		5,043
Depreciation and amortization<br> expense	57,742		55,261		54,127		53,721		55,902
Casualty (gains) losses	(80)		1,249		465		2,301		59
Interest expense	19,770		18,308		17,460		20,603		23,537
(Gain on sale) loss on impairment<br> of real estate assets, net	20,928		(688)		152		(10,530)		56,263
(Gain) loss on extinguishment of debt	2		—		—		(203)		124
Other loss	—		—		—		1		79
(Income) loss from investments in<br> unconsolidated real estate entities	(2,729)		703		850		829		1,330
NOI	$	106,422	$	99,322	$	97,221	$	100,360	$	107,027
Less: Non same-store portfolio NOI	6,024		3,926		3,979		7,812		11,664
Same-store portfolio NOI	$	100,398	$	95,396	$	93,242	$	92,548	$	95,363

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

Rent Premium on Value Add Renovations

Renovation Costs per Unit

Return on Investment (“ROI”) on Value Add Renovations

Total Gross Assets

	As of
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Total assets	$	6,057,919	$	5,948,204	$	5,940,261	$	5,972,848	$	6,280,175
Plus: accumulated depreciation (a)	753,539		715,702		674,236		630,743		606,404
Plus: accumulated amortization	70,838		69,958		69,532		69,998		73,975
Total gross assets	$	6,882,296	$	6,733,864	$	6,684,029	$	6,673,589	$	6,960,554

(a)Includes accumulated depreciation associated with real estate held for sale, as applicable.