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INVESTOR PRESENTATION September 2025 3030 at Apopka Orlando, FL
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1 TABLE OF CONTENTS Why IRT 2 Recent Operational Updates 3-4 Drivers of Growth 5 - 23 • High Growth Markets • Disciplined Capital Allocation • Operational Excellence Track Record of Outperformance 24 - 26 Appendices: • IRT Markets • Definitions & Non-GAAP Financial Measure Reconciliations • Forward Looking Statements 3030 at Apopka Orlando, FL 3030 at Apopka Orlando, FL
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2 WHY IRT IRT’s Strategic Approach to the Apartment Sector Has Generated Sector- Leading Shareholder Returns (1) Source: Bloomberg data as of the time periods ended 8/29/2025. 5-Year Total Returns (1) 10-Year Total Returns (1) 36% 48% 80% Multifamily Index RMS IRT 89% 93% 311% RMS Multifamily Index IRT • Primarily Class-B Apartments in High-Growth Markets with Solid Demand Fundamentals o 73% of NOI from Sunbelt, 22% from Midwest • Disciplined Capital Allocation Propels NOI and CFFO per Share o Value Add Renovations boost NOI ~30% o Accretive Acquisitions o Recycle capital to Optimize Market Exposure and Fund Accretive Investments • Strong Balance Sheet o BBB Rated and Ample Liquidity • Operational Excellence o High Occupancy and Steady Rent Growth o Satisfied Residents o Strategic Expense Management
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3 Q3 2025 Trending as Expected: Occupancy, Rental Rates & Bad Debt Expenses & NOI Acquisitions & Capital Recycling • Same-store occupancy remains stable. We expect Q3 2025 average occupancy to increase modestly from Q2 2025. • Blended same store rental rate growth is positive and trending in line with expectations, albeit slightly lower than Q2 2025. New lease trade outs are slightly behind expectations. Retention and renewal trade outs are tracking expectations. • Bad debt is trending better than expected. • Expense trends are ahead of expectations due in part to lower than expected non-controllable operating expenses. • Overall, expected Q3 2025 same store NOI growth is in line with expectations. • Recent Acquisitions closed during Q3: two stabilized properties in Orlando for an aggregate price of $155M with blended economic cap rate of 5.8%. • Capital Recycling: Proceeds from the sale of three assets in Denver, Louisville and Memphis will help fund pending acquisitions on a leverage-neutral basis during 2H 2025. RECENT OPERATIONAL UPDATES Solid Q2 2025 Results: • Same-Store Portfolio Results: o 1.0% revenue Y/Y growth o (0.6%) operating expense Y/Y growth o 2.0% NOI Y/Y growth • 454 Value Add renovation completions at average ROI of 16.2% • Leverage on-track to achieve mid- 5x net debt/EBITDA in Q4 2025 • 99% of debt is fixed and/or hedged
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4 Same-Store Excluding Value Add Same-Store Total (1)Same-Store Value Add OccupancySame-Store Total Lease over Lease Rent Growth (2) New Leases Renewals Blended RECENT OPERATIONAL UPDATES Operating Metrics Highlights of our operating results from Q2 2025 and the preceding four quarters: 95.8% 95.9% 95.8% 95.6% 95.5% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 94.7% 94.8% 95.2% 95.1% 95.0% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 95.4% 95.5% 95.5% 95.5% 95.3% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 -2.0% -3.6% -4.6% -4.3% -3.1% -6% -4% -2% 0% 2% 4% 6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 3.3% 3.8% 5.4% 4.8% 3.9% -6% -4% -2% 0% 2% 4% 6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 0.9% 0.8% 0.1% 0.4% 0.7% -6% -4% -2% 0% 2% 4% 6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
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DRIVERS OF GROWTH Canyon Resort at Great Hills Austin, TX
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6 DRIVERS OF GROWTH How IRT generates sector-leading growth and shareholder returns Destination at Arista Broomfield, CO Destination at Arista Broomfield, CO High Growth Markets Sunbelt & Midwest Focused Portfolio Solid Demand Fundamentals Waning New Supply Disciplined Capital Allocation Track record of creating value through Accretive Investments, Periodic Capital Recycling, and Prudent Balance Sheet Management Operational Excellence High Occupancy, Steady Rent Growth, Resident Satisfaction Strategic Expense Management
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7 Average community age (2) 22 years 130 Communities 37,828Units $6.2B In gross assets TBU Desktop Predominantly Class-B Apartment Communities Concentrated in Sunbelt & Midwest Markets that Feature Solid Demand Fundamentals ____________________ (1) Share of NOI is for the three months ended June 30, 2025. (2) Our Colorado market includes communities located in Fort Collins and Colorado Springs. It excludes one wholly-owned development community in Denver that is in lease- up with stabilization expected to occur in Q3 2026. (3) For the three months ended June 30, 2025. Sunbelt markets defined as AL, FL, GA, NC, OK, SC, TN and TX. IRT’s Strong Presence in Non-Gateway Markets Operating Communities CO TX OK IN OH KY TN NC SC GAAL FL IRT’s Markets # Properties Units % Units % NOI(1) Atlanta, GA 13 5,180 15.6 14.6 Dallas, TX 14 4,007 12.1 13.6 Columbus, OH 10 2,510 7.6 7.1 Tampa-St. Petersburg, FL 6 1,791 5.4 6.7 Indianapolis, IN 8 2,259 6.8 6.2 Denver, CO(2) 7 1,722 5.2 6.1 Oklahoma City, OK 8 2,147 6.5 5.5 Raleigh-Durham, NC 6 1,690 5.1 4.9 Nashville, TN 5 1,508 4.5 4.8 Memphis, TN 4 1,383 4.2 4.0 Top 10 Subtotal 81 24,197 72.9 73.5 Other 32 8.978 27.1 26.5 Total 113 33,175 100 100 Sunbelt (3) Midwest Greater Denver Communities 79 27 7 Units 24,106 7,347 1,722 % of NOI 73% 22% 5% HIGH GROWTH MARKETS
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8 HIGH GROWTH MARKETS • A greater percentage of the population continues to prefer the Sunbelt and Midwest regions over Gateway markets, attracted to a lower cost of living, quality of life, better tax policy and growing economic opportunity Source: U.S. Census, 2024 Cumulative Total Migration Migration into IRT’s Markets -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sunbelt Mid-West Greater Denver Gateway
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9 -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2021 2022 2023 2024 2025 2026 2027 2028 IRT WAV Sunbelt Mid-West Greater Denver Gateway Avg. United States HIGH GROWTH MARKETS • IRT’s markets populations continue to grow, as people migrate to our Sunbelt and Midwest cities to start families and establish careers Source: CoStar market-level data.. Gateway Markets include Boston, Washington, DC, Los Angeles, Miami, San Francisco, and New York. Cumulative Total Population Growth Since 2021 Population Growth in IRT Markets Outpaces U.S. and Gateway Markets Forecast
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10 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2021 2022 2023 2024 2025 2026 2027 2028 IRT WAV Sunbelt Mid-West Greater Denver Gateway Avg. United States Forecast HIGH GROWTH MARKETS • IRT’s markets have and are expected to continue enjoying higher employment growth than Gateway markets and the National Average Source: CoStar market-level data.. Gateway Markets include Boston, Washington, DC, Los Angeles, Miami, San Francisco, and New York. Cumulative Total Employment Growth Since 2021 Employment Growth is forecasted to Remain Higher in IRT Markets
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11 • Construction duration results in a lag of 18-24+ months between multifamily starts to delivery New Supply Peaked in 2024; and Expected to Decline Substantially • National Class B vacancy rates proved more resilient to the supply shock, and are forecasted to remain below Cass A vacancy rates HIGH GROWTH MARKETS Waning New Supply in IRT’s Markets • New supply in IRT markets is down substantially from peak volumes • Construction starts data supports expectation that 2026 – 2028 forecasted new deliveries will be below the 3.5% trailing 10-year average(1) Data Source: CoStar Q2 2025 data release (1) The 10-year trailing average of 3.5% is based on apartment unit deliveries CoStar has reported in IRT submarkets from 2015 through 2024. 0 5,000 10,000 15,000 20,000 25,000 30,000 Unit Starts Delivery Units Construction Starts Imply Muted Inventory Growth through 2028 Construction Starts Signaling Declining New Supply Trend 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Vacancy Rate (%) Completions (Units) Completions Projected Completions Class A Vacancy Class BC Vacancy
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12 Ratio of Population to Supply to Improve(1)(2) • During 2026-2028, population growth-to-new supply in IRT's markets is expected to improve to 9.0x, far outpacing the national average. HIGH GROWTH MARKETS Population Growth Outstrips Apartment Deliveries in IRT Markets • Population growth in IRT markets has outpaced apartment inventory growth in IRT markets the past three years • As population continues to increase and supply wanes, the ratio of population-to-new supply in IRT markets is forecasted to more than double over the next three years, substantially outpacing the national average • This favorable supply-demand dynamic provides us with greater pricing power Data Source: CoStar Q2 2025 data release (1) IRT Weighted Averages based on NOI Exposure by market. (2) Represents the number of people migrating to markets for every one unit delivered. 4.0x 9.0x 4.5x 5.4x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 3 Yr Historical Average 3 Yr Projected Average Population-to-New Inventory Growth IRT Markets National Average (2023 – 2025) (2026 – 2028)
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13 HIGH GROWTH MARKETS • As population growth increases and inventory growth slows in IRT'smarkets, we expect the resulting Demand Quotient to strengthen throughout our portfolio • Strongest increases expected in Oklahoma City, Atlanta, Dallas-Ft. Worth, Tampa and Indianapolis o Recent acquisitions in Charlotte (6.0x) and Orlando (9.9x) are not Top 10 markets, but strengthen IRT’s overall growth profile (1) Based on CoStar Data Q2 2025 (2) IRT Weighted Average based on NOI Exposure by market (3) Represents the number of people migrating to markets for every one unit delivered Projected Population-to-Supply Growth (2026 – 2028) in IRT’s Top 10 Markets (1)(2)(3) Population Growth Drives Demand As New Supply Declines 13.7 x 9.0 x 9.0 x 8.6 x 7.4 x 6.4 x 6.1 x 6.0 x 5.0 x 4.2 x 3.8 x 0.0 x 2.0 x 4.0 x 6.0 x 8.0 x 10.0 x 12.0 x 14.0 x 16.0 x Oklahoma City Atlanta IRT: Total Portfolio Dallas-Ft. Worth Tampa Indianapolis Raleigh-Durham Memphis Columbus Denver Nashville
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14 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Atlanta - GA Columbus - OH Dallas-Fort Worth - TX Denver - CO Indianapolis - IN Memphis - TN Nashville - TN Oklahoma City - OK Raleigh - Durham - NC Tampa - FL IRT Top 10 Markets WAV Monthly Cost IRT In-Place Monthly Rent Homeownership Cost Rent vs. Buy Cost Differential continues to support rental demand: • Based on the median home price across IRT’s top 10 markets,(1) the average premium to buy and own a home is 98% higher than IRT’s monthly rent Home Ownership Monthly Cost(2) vs IRT In-Place Rents On Average, Ownership Costs are 44% - 218% higher than IRT’s Rent 98% more to own a home HIGH GROWTH MARKETS Affordability Factor: Owning a Home is 2x the Cost of Renting with IRT (1) Median home price of ~$464,000 across IRT’s top 10 markets is calculated from Redfin for the month of June 2025, based on actual sale prices for All Home types (Single family, Townhomes, and Condos). Top 10 IRT Markets weighted based on NOI exposure for IRT Budget-Actuals; NOI is weighted at the zip code level. (2) Monthly Home Ownership Costs assume a 20% down payment and monthly estimates for insurance and real estate taxes.
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15 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Atlanta Dallas - Fort Worth Columbus Denver Raleigh - Durham Oklahoma City Indianapolis Tampa Nashville Memphis Total/WAV IRT New Construction IRT Monthly Rents vs. New Construction Rents 39% lower rents (1) IRT’s Average Asking Rent vs. new construction suburban rent for two-bedroom apartments; reflects Yardi Q2 2025 data. • IRT’s rent was ~$661 per month, or 39%, lower than new construction suburban rents(1) • Additionally, IRT’s Class B communities do not compete directly with Class A development Affordability Factor: IRT’s Average Rent is a Compelling Price Point that Attracts Renters HIGH GROWTH MARKETS
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16 A B C • Higher income residents move down in a recession • Renters move down to Class B as rent increases outstrip income growth • Capture households moving down in a recession • Capture seniors who sell homes to fund retirement • Capture individuals/families moving up with career progression • Lower income residents move up as income grows Sample Resident Demographic: • Value driven • Middle income category • Renters by necessity Residents Require Accommodations That Are: • Affordable • Well maintained, spacious, comfortable, clean and modern • Equipped with state-of-the-art amenities • Conveniently located Class B Positioning: • Most opportunity to consistently increase rents • Less exposure to homeownership • Less likely to be impacted from new construction HIGH GROWTH MARKETS Strong Demand for Class B Apartments • The defensive nature of class B communities positions them to enjoy steady demand throughout the economic cycle
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17 2.6% 2.0% 0.6% 0.6% 2024 YTD 25 DISCIPLINED CAPITAL ALLOCATION Value-Add Renovations: Every $1 Invested Boosts NOI by 30% ($ in millions) In-Place Program 2025 Starts Future Pipeline Total Units to Renovate 17,381 818 5,280 23,479 Units Renovated-to-Date (10,171) - - (10,171) Remaining Units to Renovate 7,210 818 5,280 13,308 Remaining Renovation Costs (3) $130 - $137 $15 - $16 $95 - $100 $240 - $253 Incremental NOI (4) $21 - $23 $2 - $3 $16 - $17 $40 - $42 Incremental Value Creation (5) $260 - $274 $29 - $31 $190 - $201 $479 - $506 Value Add Pipeline (2) (1) Based on a $28 million incremental increase to annual NOI, calculated as total units completed to date of 10,171 multiplied by $233 rent premium annualized. (2) Value add pipeline data is as of June 30, 2025. These projections constitute forward-looking information. See “Forward-Looking Statement” at the end of this presentation. (3) Illustrative estimated cost / unit ranging from $18,000 to $19,000. (4) Illustrative 16.5% annual ROI based on IRT’s historical returns. (5) Calculated as incremental NOI, divided by 5.5% cap rate net of renovation costs. NOI Boost: Value Add program boosts baseline NOI driving outsized growth • IRT prioritizes capital allocation to its Value-Add program, where average returns on investment of 16.5% have powered a ~30% lift in annual NOI growth(1) • Future Value-Add Pipeline of ~13,000 units represents $40-$42 million of incremental NOI, or roughly $500 million of future shareholder value Baseline same-store NOI growth Value Add NOI boost ~30% Total same-store NOI growth 3.2% 2.6%
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18 DISCIPLINED CAPITAL ALLOCATION Value-Add Case Study: Avalon Oaks, Columbus OH Before After Our Value-Add Renovations achieve outsized value creation: • Acquired in Feb 2018 for $23.0mm, this 235-unit, 97% occupied community expanded our Columbus footprint in a high-demand submarket with limited new Class A supply and rents ~7% below comps. • Added to our Value-Add Program in February 2020, renovation upgrades included: kitchen and amenity enhancements, in-unit W/Ds, and offer upside through rent growth and operating efficiencies. ▪ Post-renovation valuation of $49.6M reflects a $19.5M in incremental value creation (116% increase), representing an 85% gain on a cap rate equivalent basis. ▪ Upgrades drove a 65% average rent increase and delivered a 29% unlevered ROI, highlighting strong value creation and improved resident profile. Note: Dollars in millions except average monthly rental rate. (1) Assumes market economic cap rate of 5.5% At Acquisition ( 2/27/18) 6/30/25 Change Revenue (TTM) $2.6mm $4.2mm +61% NOI (TTM) $1.4mm $2.9mm +106% NOI Margin 52.6% 67.4% +1,481 bps Ave. Eff. Monthly Rent $868 $1,432 +65% As of June 2025, we have invested $7.1mm in the property including approximately $3.5mm through our Value-Add program and renovations are 94% complete $23.0 $7.1 $19.5 $49.6 Purchase Price Invested Capital Value Created Total Value
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19 • To-date in 2025, we have acquired three communities totaling $214.5 million and 923 apartment homes • Greater scale in markets also supports long-term operating efficiencies DISCIPLINED CAPITAL ALLOCATION Acquisitions are Accretive to CFFO per Share on Day 1 Recent Property Acquisitions Acquisition date 2/27/2025 Total Consideration $59.5mm Units 280 Year of Construction 2008 Economic Cap Rate(2) 5.7% Autumn Breeze Indianapolis, IN (1) Economic Cap Rate represents the NOI for the first full year of ownership, inclusive of a market management fee, replacement reserves and anticipated capital expenditures, if any. , M2 Orlando, FL Acquisition date 7/31/2025 Purchase price $60.25mm Units 240 Year of Construction 2024 Economic Cap Rate 5.7% Acquisition date 8/14/2025 Purchase price $94.75mm Units 403 Year of Construction 2019 Economic Cap Rate 5.9% 3030 at Apopka Orlando, FL
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20 • 354-unit property in Birmingham, Alabama • Gross disposition price was $70.8 million • Economic cap rate of 5.7% (1) • 720-unit community in Birmingham, Alabama • Gross disposition price was $111.0 million(2) • Economic cap rate of 5.6% (1) • Recalibrate Market Exposure - Exited Birmingham, AL market while increasing scale in higher growth markets • Reduce Leverage & Secured Debt - Reduced secured debt and near-term maturities • Enhance Portfolio Quality – Invest in newer communities with lower capex profiles, in higher growth markets Gateway at Pinellas Tampa, FL Gateway at Pinellas Tampa, FL Sold Tapestry Park, July 2024 Sold Ridge Crossings, February 2025 Key Elements of Capital Recycling Rationale (1) Both economic cap rates are based on estimated forward 12-month NOI, less estimated capex, at the time of the transaction. (2) Ridge Crossings was encumbered with a $56.8 million mortgage that was extinguished in connection with the sale, reducing our secured debt. Capital Recycling • We recently exited Birmingham at an average cap rate of 5.7% and redeployed the proceeds at an average cap rate of 5.8% into new communities with higher expected growth DISCIPLINED CAPITAL ALLOCATION
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21 DISCIPLINED CAPITAL ALLOCATION Strong Balance Sheet with Ample Liquidity to Fund Growth Conservatively Leveraged Investment Grade Rated Agency Rating Outlook Fitch Ratings BBB Stable S&P Global Ratings BBB Stable Well Laddered Debt Maturities(1) 6.7x 5.9x mid-5x Q4 2023 Q4 2024 Q4 2025e (1) As of June 30, 2025 $ in millions Simple capital structure and ~$716M of liquidity including $162M of available forward equity to fund growth(1) $10 $335 $21 $980 $634 $257 2025 2026 2027 2028 2029 Thereafter 65% 20% 15% Common Equity Secured Debt Unsecured Debt $6.5B Total Market Cap
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22 $1,088 $1,136 $1,299 $1,522 $1,558 $1,563 $1,583 2019 2020 2021 2022 2023 2024 YTD 2025 17 IRT’s Commitment to Operational Excellence at its Communities Has Produced High Occupancy, Steady Rent Growth, and Satisfied Residents Average Effective Monthly Rent per Unit (1) Total Portfolio Average Occupancy (1) ____________________ (1) Represents average occupancy and monthly rent per unit for the consolidated portfolio for the three months ended December 31 for years 2019 through 2024, and for the three months ended June 30, 2025.. Excludes development project and communities own in unconsolidated joint ventures. (2) The coastal peer group includes AVB, EQR, ESS, and UDR; non-gateway peer group includes CPT, CSR, MAA, and NXRT. Same-Store NOI growth is based on the definitions used by the peer group companies and may not be comparable. 95.4%95.2%94.4%93.9%92.5%95.0%92.5% OPERATIONAL EXCELLENCE 679 818 2021 2025 IRT’s Reputation Score Among Residents
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23 OPERATIONAL EXCELLENCE • At the corporate level, IRT manages expenses to maximize the conversion of rental revenue to NOI and Core FFO per share for investors • IRT’s operating efficiencies are comparable to those of larger cap apartment REITs Strategic Expense Management G&A as a % of Gross Assets (1)(2) IRT’s operating efficiencies are comparable to those of larger, well-capitalized peers ____________________ (1) Represents LTM G&A expense (including fees to external advisors for BRT and NXRT), divided by total assets plus accumulated depreciation as of June 30, 2025. (2) Larger cap peers include ABV, CPT, EQR, ESS, MAA, and UDR. Smaller cap peers include BTR, CSR, ELME, NXRT, and VRE. 35 35 107 IRT Larger Cap Peers Smaller Cap Peer bps bps bps
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TRACK RECORD OF OUTPERFORMANCE Rocky Creek Tampa, FL
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25 IRT Non-Gateway Coastal Peer Group 2019 2020 2021 2022 2023 2024 2025 Mid- Point IRT Non-Gateway Coastal Peer Group • Our focus on high-growth markets, disciplined capital allocation, and commitment to operational excellence has fuel our sector-leading same-store NOI growth TRACK RECORD OF OUTPERFORMANCE (1) Midpoints of same-store NOI guidance for FY 2025, as updated for Q2 2025 results. The coastal peer group includes AVB, EQR, ESS, and UDR; non-gateway peer group includes CPT, CSR, MAA, and NXRT. Same-Store NOI growth is based on the definitions used by the peer group companies and may not be comparable. Same-Store NOI Growth (1) 2025 Same-Store NOI Growth (Midpoint of Guidance) (1) 45% 30% 20% 14% 2.1% 0.3% 2.3% 1.4% IRT Non-Gateway Coastal Peer Group IRT’s significant outperformance vs. Coastal & Non-Gateway peers 190 bps higher than Non-Gateway peers Sector-Leading NOI Growth
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26 IRT Non-Gateway Coastal Peer Group 2019 2020 2021 2022 2023 2024 2025 Mid- Point IRT Non-Gateway Coastal Peer Group TRACK RECORD OF OUTPERFORMANCE Greater NOI growth, combined with strategic expense management, has enabled IRT to deliver higher CFFO per share growth and higher total returns for shareholders Coastal peer group includes AVB, EQR, ESS, and UDR; non-gateway peer group includes CPT, CSR, MAA, and NXRT. CFFO per share metrics are based on the definitions used by the peer group companies and may not be comparable. (1) Source: Company reports (2) Source: Bloomberg data as of the time periods ended 8/29/2025. CFFO per Share Growth (1) 55% 39% 27% 18% Cumulative Total Shareholder Return (2) IRT, 56% Non-Gateway, 27% Coastal, 7% Peer Group, 15% 2019 2020 2021 2022 2023 2024 Aug-25 IRT Non-Gateway Coastal Peer Group
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Appendices Monticello by the Vineyard Fort Worth, TX
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28 IRT MARKETS (1) All resident demographic data is self-reported by residents. Data as of June 30, 2025. (2) Data as of the last 90 days ending June 30, 2025. 48% 52% Gender Breakdown 80% 20% Marital Status Average Resident Age: 38 Residents make up a diverse job pool Top Industries of Residents: 1. Services 2. Medical Services 3. Professional 4. Technology 5. SalesMale Female Single Married Residents moving to our communities: 22% are from out-of-state 30% of those from out-of-state are from either the West Coast, IL or the Northeast Young, growing resident population benefiting from amenity-rich communities without overextending on rent Average Rent to Income of Our Newest Residents(2) 22% IRT Resident Demographics at a Glance(1)
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29 IRT Markets: Favorable Resident Demographics Recent residents in IRT’s top 10 markets are in their mid-30s and make an average annual income of ~$78,000, resulting in a ~23% rent to income(1) Market Resident Average Age(1) 1 Atlanta, GA 37 2 Dallas, TX 38 3 Denver, CO 36 4 Columbus, OH 34 5 Raleigh-Durham, NC 35 6 Indianapolis, IN 34 7 Oklahoma City, OK 34 8 Tampa-St. Petersburg, FL 36 9 Nashville, TN 36 10 Memphis, TN 34 PORTFOLIO AVERAGE 36 Market Rent/ Income(1) 1 Atlanta, GA 21.3% 2 Dallas, TX 22.6% 3 Denver, CO 28.4% 4 Columbus, OH 23.4% 5 Raleigh-Durham, NC 22.5% 6 Indianapolis, IN 23.8% 7 Oklahoma City, OK 19.7% 8 Tampa-St. Petersburg, FL 26.9% 9 Nashville, TN 22.0% 10 Memphis, TN 23.2% PORTFOLIO AVERAGE 22.5% Top 10 IRT Markets by NOI 130 Communities 37,828Units $6.2B In gross assets TBU Desktop GATX CO OK IN OH FL TN NC Market Average Income 1 2 3 4 5 1 Atlanta, GA $79,474 2 Dallas, TX $86,413 3 Denver, CO $70,667 4 Columbus, OH $82,290 5 Indianapolis, IN $74,844 6 Raleigh-Durham, NC $75,592 7 Oklahoma City, OK $79,756 8 Tampa-St. Petersburg, FL $78,649 9 Nashville, TN $71,499 10 Memphis, TN $82,272 PORTFOLIO AVERAGE $78,146 Top 5 Employment Sectors(1) Services/Retail Professional Healthcare Technology Sales Engineering Self Employed Construction Student/Education Hospitality Key (1) All resident demographic data is self-reported by residents. Average age, average income, and rent-to-income ratio are for residents that have moved in during the three months ending June 30, 2025. Employment sector data is for all residents as of June 30, 2025. .
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30 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Atlanta Atlanta represents 14.6% of IRT’s NOI Pointe at Canyon Ridge Sandy Springs, GA Waterstone at Big Creek Alpharetta, GA 1.48% 0.29% 0.84% 2024 2025 2026 1.12% 0.83% 0.90% 2024 2025 2026 5.72% 1.78% 2.08% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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31 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Dallas Dallas represents 13.6% of IRT’s NOI Avenues at Craig Ranch Dallas, TX Vue at Knoll Trail Dallas, TX 1.54% 1.13% 1.10% 2024 2025 2026 1.99% 1.27% 1.26% 2024 2025 2026 4.28% 2.70% 2.13% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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32 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Columbus Columbus represents 7.1% of IRT’s NOI Bennington Pond Apartments Groveport, OH Schirm Farms Canal Winchester, OH 1.16% 0.38% 0.58% 2024 2025 2026 1.37% 1.08% 0.88% 2024 2025 2026 1.52% 1.93% 1.50% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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33 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Tampa Tampa represents 6.7% of IRT’s NOI Gateway at Pinellas Tampa, FL Vantage on Hillsborough Tampa, FL 0.79% 1.22% 0.68% 2024 2025 2026 1.53% 1.07% 0.89% 2024 2025 2026 4.20% 3.06% 1.64% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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34 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Denver Denver represents 6.1% of IRT’s NOI Destination at Arista Broomfield, CO Bristol Village Aurora, CO 0.97% 0.25% 0.88% 2024 2025 2026 1.00% 0.78% 0.79% 2024 2025 2026 4.29% 8.45% 1.72% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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35 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Indianapolis Indianapolis represents 6.2% of IRT’s NOI Bayview Club Apartments Indianapolis, IN Reveal on Cumberland Indianapolis, IN 1.26% 0.03% 0.70% 2024 2025 2026 1.18% 0.77% 0.59% 2024 2025 2026 2.42% 1.11% 0.64% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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36 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Oklahoma City Oklahoma City represents 5.4% of IRT’s NOI Windrush Oklahoma City, OK Augusta Oklahoma City, OK 1.85% 0.33% 0.51% 2024 2025 2026 1.04% 0.75% 0.66% 2024 2025 2026 3.32% 2.57% 1.36% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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37 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Nashville Nashville represents 4.8% of IRT’s NOI Landings of Brentwood Brentwood, TN Stoneridge Farms Smyrna, TN 1.37% 0.84% 0.86% 2024 2025 2026 1.64% 1.10% 0.94% 2024 2025 2026 3.50% 2.80% 1.44% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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38 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Raleigh–Durham Raleigh-Durham represents 4.9% of IRT’s NOI Creekstone at RTP Durham, NC Waterstone at Brier Creek Raleigh, NC 3.92% 3.16% 1.97% 2024 2025 2026 4.28% 2.94% 2.42% 2024 2025 2026 8.72% 2.27% 0.97% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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39 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Memphis Memphis represents 4.0% of IRT’s NOI Walnut Hill Memphis, TN Miller Creek at Germantown Memphis, TN 0.10% -0.27% 0.34% 2024 2025 2026 0.02% 0.20% 0.13% 2024 2025 2026 1.42% 4.06% 0.03% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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40 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Houston Houston represents 3.3% of IRT’s NOI Carrington Park at Huffmeister Houston, TX Carrington Place Houston, TX 1.53% 1.21% 0.75% 2024 2025 2026 2.38% 1.45% 1.34% 2024 2025 2026 7.61% 1.89% 0.70% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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41 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Louisville Louisville represents 3.0% of IRT’s NOI Prospect Park Apartment Homes Louisville, KY Oxmoor Apartments Louisville, KY 0.94% 0.65% 0.49% 2024 2025 2026 1.06% 0.55% 0.47% 2024 2025 2026 1.07% 0.00% 0.00% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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42 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Charlotte Charlotte represents 3.5% of IRT’s NOI Fountains Southend Charlotte, NC Vesta City Park Charlotte, NC 1.48% 1.97% 0.98% 2024 2025 2026 2.14% 1.61% 1.31% 2024 2025 2026 16.40% 10.35% 6.05% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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43 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Huntsville Huntsville represents 3.0% of IRT’s NOI Bridgepoint Huntsville, AL Legacy at Jones Farm Huntsville, AL 2.65% 1.10% 0.68% 2024 2025 2026 2.25% 1.14% 0.96% 2024 2025 2026 13.62% 5.10% 0.97% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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44 Community Map Job Growth Population Growth Supply Growth 2025 Job Growth US Average 0.60% Gateway Markets 1.04% 2025 Population Growth US Average 0.70% Gateway Markets 0.92% Major Employers IRT Markets | Orlando Orlando represents 2.2% of IRT’s NOI Millenia 700 Orlando, FL Serenza at Ocoee Village Orlando, FL 2.29% 1.86% 1.16% 2024 2025 2026 2.55% 1.54% 1.25% 2024 2025 2026 5.17% 6.02% 2.81% 2024 2025 2026 Data Sources: CoStar Q2 2025 data release. Greenstreet Data as of August 2025 (1) Supply growth based on deliveries in IRT’s submarkets
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45 DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS This presentation may contain non-U.S. generally accepted accounting principals (“GAAP”) financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in this document and/or IRT’s reports filed or furnished with the SEC available at IRT’s website www.IRTLIVING.com under Investor Relations. IRT’s other SEC filings are also available through this website. Average Effective Monthly Rent per Unit Average effective rent per unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented. IRT believes average effective rent per unit is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month. Same-Store Average Occupancy Same-store 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. EBITDA and Adjusted EBITDA 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 asset sales, debt extinguishments and acquisition related debt extinguishment expenses, casualty losses, and abandoned deal costs. EBITDA and Adjusted EBITDA are each non-GAAP measures. IRT considers 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 nonoperating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. IRT’s calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, IRT’s 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 Core FFO (“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, gains or losses on sales 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, abandoned deal costs, loan premium accretion and discount amortization, debt extinguishment costs, and merger and integration costs from the determination of FFO. 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.
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46 Net Operating Income We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful supplemental measure of its operating performance. We define NOI as total property revenues less total property operating expenses, excluding depreciation and amortization, casualty related costs and gains, property management expenses, and general and administrative expenses, interest expenses, and net gains on sale of assets. 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 insofar as the measure reflects only operating income and expense at the property level. We use NOI to evaluate performance on a same-store and non-same store basis because NOI measures the core operations of property performance by excluding corporate level expenses, financing 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. 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 at the beginning of the previous year. Properties that are held-for-sale or have been sold are excluded from the same-store portfolio. We may also refer to the Same-Store Portfolio as the IRT Same-Store Portfolio. 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). Interest Coverage is a ratio computed by dividing Adjusted EBITDA by interest expense 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). 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. DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
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47 DEFINITIONS & NON-GAAP FINANCIAL MEASURE RECONCILIATIONS June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Reconciliation of same-store net operating income to net income (loss) Same-store net operating income 92,467$ 92,764$ 97,644$ 92,840$ 90,618$ Non same-store net operating income 8,489 8,878 8,778 6,482 6,603 Pre-Merger STAR Portfolio NOI - - - - - Other revenue 297 338 346 275 298 Other income (expense), net (562) (693) 2,729 (703) (850) Property management expenses (7,715) (7,826) (7,379) (7,379) (7,666) General and administrative expenses (5,982) (8,406) (4,856) (4,765) (6,244) Depreciation and amortization expense (59,794) (58,725) (57,742) (55,261) (54,127) Casualty gains (losses), net (255) 115 80 (1,249) (465) Interest expense (18,773) (19,348) (19,770) (18,308) (17,460) Gain on sale (loss on impairment) of real estate assets, net — 1,496 (20,928) 688 (152) Gain (loss) on extinguishment of debt — (67) (2) — — Restructuring costs — — — — — Merger and integration costs — — — — — Net income (loss) $ 8,172 $ 8,526 $ (1,100) $ 12,620 $ 10,555 (a) Same store portfolio includes 105 properties, w hich represents 30,502 units. For the Three-Months Ended (a) Independence Realty Trust Inc. Reconciliation of Same-Store Net Operating Income to Net Income (loss) (Dollars in thousands)
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48 This presentation 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, our planned use of remaining proceeds from our sales of common stock on a forward basis, our expectations with respect to the five properties which we are under contract to acquire, our expectations with respect to the three properties which are classified as held for sale, and our expectations with respect to future acquisitions and dispositions. 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, our planned use of remaining proceeds from our sales of common stock on a forward basis, 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, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, 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, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, 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 the 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, 2024, 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. FORWARD LOOKING STATEMENTS