Form 8-K

8-K — INDEPENDENCE REALTY TRUST, INC.

Accession: 0001437749-26-013863

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001466085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — irt20260121_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_910341.htm)

EX-99.2 — EXHIBIT 99.2 (ex_910342.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: irt20260121_8k.htm · Sequence: 1

irt20260121_8k.htm

false

0001466085

2026-04-29

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): April 29, 2026

Independence Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-36041

26-4567130

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

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 ☐

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, we issued a press release announcing our financial results for the three months ended March 31, 2026. 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.

April 29, 2026

By:

/s/ James J. Sebra

Name:

James J. Sebra

Title:

President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_910341.htm · Sequence: 2

ex_910341.htm

Exhibit 99.1

Independence Realty Trust Announces First Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – April 29, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its first quarter 2026 financial results.

First Quarter 2026 EPS of $0.00

First Quarter 2026 CFFO Per Share of $0.26

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.0% for the First Quarter 2026

1.4% Increase in Rental Revenue and 2.0% Increase in Property Operating Expenses, Year Over Year

Continued Strong Resident Retention Rate of 60.5%

Completed 426 Renovations in Value Add Initiative for the First Quarter 2026

Achieved Average ROI of 15.4%

Repurchased 1.8 Million Shares of Our Common Stock for $29.9 Million in the First Quarter 2026

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

$350 Million Unsecured Term Loan Refinanced 2026 Debt Maturities; No Debt Maturities Until 2028

Affirm Full Year 2026 Core FFO Per Share Guidance

Management Commentary

“First quarter 2026 results were in line with our expectations and marked a solid start to the year,” said Scott Schaeffer, Chairman and CEO of IRT. “Portfolio occupancy and retention rates remain stable and supply pressure continues to abate across our portfolio. Asking rents have increased 2.8% to-date, driven by consistent demand for our communities. We expect market fundamentals to continue to improve during the rest of the year which, combined with our proven ability to manage expenses, will drive NOI growth that supports our 2026 outlook.”

First Quarter Summary

•

Net (loss) income available to common shares of $(0.1) million for the quarter ended March 31, 2026 compared to $8.4 million for the quarter ended March 31, 2025. Earnings per diluted share (“EPS”) of $0.00 for the quarter ended March 31, 2026 compared to $0.04 for the quarter ended March 31, 2025.

•

Core Funds from Operations (“CFFO”) of $63.5 million for the quarter ended March 31, 2026 compared to $64.2 million for the quarter ended March 31, 2025. CFFO per share was $0.26 for the first quarter of 2026 and compared to $0.27 for the first quarter of 2025.

•

Same-store portfolio net operating income (“NOI”) growth of 1.0% for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.

•

Adjusted EBITDA of $86.4 million for the quarter ended March 31, 2026 compared to $85.7 million for the quarter ended March 31, 2025.

•

Value Add Initiative completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment during the quarter of 15.4%.

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures used herein 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

Three Months Ended

March 31, 2026 Compared to

Three Months Ended

March 31, 2025

Rental and other property revenue

1.4% increase

Property operating expenses

2.0% increase

NOI

1.0% increase

Portfolio average occupancy

10 bps decrease to 95.2%

Portfolio average rental rate

0.4% increase to $1,595

NOI Margin

30 bps decrease to 62.9%

Q4 2025(2)

Q1 2026(3)

Same-Store Portfolio(1)

Average Occupancy

95.3

95.2

Lease Over Lease Effective Rental Rate Growth:

New Leases

(3.5

(4.0

Renewal Leases

3.0

3.2

Blended

1.0

0.7

Resident Retention Rate

61.2

60.5

Same-Store Portfolio excluding Ongoing Value Add

Average Occupancy

95.5

95.4

Lease Over Lease Effective Rental Rate Growth:

New Leases

(4.4

(4.8

Renewal Leases

3.2

3.6

Blended

0.9

0.7

Resident Retention Rate

60.2

59.9

Value Add (34 properties with Ongoing Value Add)

Average Occupancy

94.9

Lease Over Lease Effective Rental Rate Growth:

New Leases

(1.8

(2.4

Renewal Leases

2.5

2.4

Blended

1.2

0.8

Resident Retention Rate

63.1

61.7

(1)

Same-store portfolio includes 109 properties, containing 31,735 units.

(2)

In Q4 2025, new, renewal, and blended lease over lease rent growth for all leases was (6.3)%, 3.1%, and (1.0)%, respectively.

(3)

In Q1 2026, new, renewal, and blended lease over lease rent growth for all leases was (5.1)%, 3.4% and (0.5)%, respectively.

Value Add Initiative

We completed renovations of 426 units during the three months ended March 31, 2026, achieving a weighted average return on investment of 15.4%, with an average cost per unit renovated of $20,364, and an average monthly rent increase per unit of $261 over unrenovated comparable units. See the Value Add Summary page of our supplemental information for additional information on our projects’ life to date as of March 31, 2026.

Investment Activity

Acquisitions

•

On January 15, 2026, we acquired a 140-unit community in Columbus, Ohio, for $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Joint Ventures

•

Tisdale at Lakeline Station, Austin, Texas: On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results on January 20, 2026. The property is a 378-unit community in lease-up and was 33.6% occupied as of April 27, 2026.

Capital Expenditures

Across our total portfolio for the three months ended March 31, 2026, recurring capital expenditures were $6.1 million, or $176 per unit; Value Add Initiative expenditures were $8.6 million; non-recurring expenditures were $5.5 million; and development expenditures were $1.9 million, respectively.

Capital Markets

•

$350 Million Unsecured Term Loan: As previously disclosed, on February 11, 2026, we entered into an amended and restated credit agreement that provides for a new $350 million unsecured term loan that was used to repay our $200 million term loan and fund mortgage maturities set for 2026. The $350 million unsecured term loan matures in February 2030, subject to a one-year extension option. This amended and restated credit agreement strengthened our balance sheet by increasing the capacity under our unsecured credit agreement to $1.5 billion (with the ability to request the capacity be further increased to $2.0 billion) and extending our debt maturity profile.

•

Stock Repurchases: Our Board of Directors previously authorized a stock repurchase program for the repurchase of up to $250.0 million of the Company's common stock. During the three months ended March 31, 2026, we repurchased approximately 1.8 million shares of common stock at an average price per share of $16.24. The total aggregate cost for the quarter was approximately $29.9 million. As of March 31, 2026, there was approximately $190.1 million remaining under our stock repurchase program.

Balance Sheet and Liquidity

At March 31, 2026, our net debt to Adjusted EBITDA was 6.5x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.3% with a weighted average maturity of 3.1 years, and 89.3% of our debt was either subject to fixed interest rates or was hedged. Also as of March 31, 2026, we had approximately $563.0 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On March 9, 2026, our Board of Directors declared a quarterly dividend of $0.17 per share of common stock. The first quarter dividend was paid on April 17, 2026 to stockholders of record at the close of business on March 27, 2026.

2026 EPS, FFO and CFFO Guidance

We affirm our guidance ranges for 2026 EPS, FFO, and CFFO per share and same-store NOI. We have updated our outlook for weighted average shares/units outstanding to reflect the stock repurchase activity completed in Q1 2026. A reconciliation of our projected EPS to our projected FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how we calculate CFFO and for management’s definition and rationale for the usefulness of CFFO.

2026 Full Year EPS and CFFO Guidance(1)(2)

Low

High

Earnings per share

0.21

0.28

Adjustments:

Depreciation and amortization

1.06

Gain on sale of real estate assets (3)

(0.12

)

(0.15

)

FFO per share

1.15

1.19

Loan (premium accretion) discount amortization, net

(0.03

)

(0.03

)

CFFO per share (2)

1.12

1.16

(1)

This guidance, including the underlying assumptions presented in the 2026 Guidance Assumptions table that follows, constitutes forward-looking information. Actual full year 2026 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”.

(2)

Per share guidance is based on 242.2 million weighted average shares and units outstanding.

(3)

Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of March 31, 2026.

2026 Guidance Assumptions(1)

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:

2026 Outlook:

Number of properties/units

109 properties / 31,735 units

Property revenue growth

1.0% - 2.4%

Controllable operating expense growth

4.6% - 5.6%

Real estate tax and insurance expense growth

0.0% - 1.0%

Total operating expense growth

2.9% - 3.9%

NOI growth

(0.6%) - 2.2%

Corporate Expenses ($ in millions)

General and administrative & property management expenses

$55 - $57

Interest expense(2)

$93 - $97

Transaction/Investment Volume(3) ($ in millions)

Acquisition volume

$145

Disposition volume

$106 - $112

Capital Expenditures ($ in millions)

Recurring

$29 - $33

Value add renovation program

$42 - $46

Non-recurring and revenue enhancing

$32 - $36

Development

—

(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 Columbus, Ohio and the consolidation of a property underlying our joint venture investment in Austin, Texas, both of which occurred during the first quarter. Disposition volume reflects $106 million to $112 million related to the expected disposition of two properties classified as held for sale as of March 31, 2026. There can be no assurance that these dispositions will be consummated at expected pricing levels, within expected time frames, or at all. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections.

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, April 30, 2026 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, May 7, 2026 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 portfolio information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investors" section.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap 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 investment objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return 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, our expectations with respect to the timing and terms of sales, if any, with respect to the two properties which are classified as held for sale as of March 31, 2026, the assumptions underlying the determination of the fair value of our impairment charge for one of our properties held for sale as of March 31, 2026, our expectations with respect to projects scheduled to start in 2026 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, delays in the completion of, and failure to achieve anticipated benefits of, our projects with our joint venture partners, 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, new and/or 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 impacts from a new or prolonged U.S. government shutdown, the impacts from existing and/or future U.S. foreign policy decisions including the involvement of the U.S. in foreign disputes and foreign wars, 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, 2025 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

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Selected Financial Information:

Operating Statistics:

Net (loss) income available to common shares

(68

)

33,266

6,893

8,046

8,354

Earnings per share -- diluted

0.00

0.14

0.03

0.04

Rental and other property revenue

165,213

166,797

166,888

161,891

160,905

Property operating expenses

62,124

57,260

61,699

60,935

59,263

NOI

103,089

109,537

105,189

100,956

101,642

NOI margin

62.4

65.7

63.0

62.4

63.2

Adjusted EBITDA

86,447

98,520

92,643

87,556

85,748

FFO per share

0.27

0.33

0.30

0.28

CFFO per share

0.26

0.32

0.29

0.28

0.27

Dividends per share

0.17

0.16

CFFO payout ratio

65.4

53.1

58.6

60.7

59.3

Portfolio Data:

Total gross assets

7,167,416

7,030,516

7,058,026

6,874,320

6,844,114

Total number of operating properties (a)

115

114

115

113

Total units (a)

33,602

33,462

33,818

33,175

Portfolio period end occupancy (a)

94.7

94.9

95.1

95.2

94.9

Portfolio average occupancy (a)

94.6

94.8

94.9

95.2

95.3

Portfolio average effective monthly rent, per unit (a)

1,593

1,582

1,583

Same-store portfolio (b):

Period end occupancy (b)

95.2

95.6

95.4

94.9

Average occupancy (b)

95.2

95.3

Average effective monthly rent, per unit (b)

1,595

1,597

1,591

1,588

Capitalization:

Total debt (c)

2,433,543

2,281,475

2,296,202

2,249,801

2,253,957

Common share price, period end

14.89

17.48

16.39

17.69

21.23

Market equity capitalization

3,598,014

4,250,723

4,016,286

4,241,203

5,088,933

Total market capitalization

6,031,557

6,532,198

6,312,488

6,491,004

7,342,890

Total debt/total gross assets

34.0

32.5

32.7

32.9

Net debt to adjusted EBITDA (d)

6.5x

5.7x

6.0x

6.3x

Interest coverage

4.2x

4.8x

4.5x

4.7x

4.4x

Common shares and OP Units:

Shares outstanding

235,698,008

237,234,750

239,103,283

233,809,823

233,763,180

OP units outstanding

5,941,643

Common shares and OP units outstanding

241,639,651

243,176,393

245,044,926

239,751,466

239,704,823

Weighted average common shares and OP units

242,374,371

243,707,137

239,576,189

239,438,276

236,665,226

(a)

Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station, as applicable. See the definitions at the end of this release.

(b)

Same-store portfolio consists of 109 properties, which represent 31,735 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 and stabilization of acquisitions and the timing of dispositions impacting quarterly EBITDA. For the five quarters ended March 31, 2026, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.9x, 5.7x, 6.1x, 6.3x, and 6.4x, 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 per share data

(unaudited)

For the Three Months Ended March 31,

2026

2025

Funds From Operations (FFO):

Net (loss) income

(127

)

8,526

Add-Back (Deduct):

Real estate depreciation and amortization

64,114

58,308

Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities

876

457

Loss on impairment of real estate assets, net, excluding prepayment gains

—

FFO

64,863

67,364

FFO per share

0.27

0.28

CORE Funds From Operations (CFFO):

FFO

64,863

67,364

Add-Back (Deduct):

Other depreciation and amortization

518

417

Casualty losses (gains), net

(115

)

Loan (premium accretion) discount amortization, net

(2,017

)

(2,029

)

Prepayment (gains) penalties on asset dispositions

—

(1,569

)

Loss on extinguishment of debt

—

Other loss

103

CFFO

63,527

64,238

CFFO per share

0.26

0.27

Weighted-average shares and units outstanding

242,374,371

236,665,226

Schedule III

Independence Realty Trust, Inc.

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

Dollars in thousands

(unaudited)

For the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Other revenue

(109

)

(330

)

(250

)

(297

)

(338

)

Property management expenses

8,237

6,674

7,891

7,715

7,826

General and administrative expenses

8,514

4,673

4,905

5,982

8,406

Depreciation and amortization expense

64,632

62,984

61,735

59,794

58,725

Casualty losses (gains), net

755

419

255

(115

)

Interest expense

20,732

20,422

20,455

18,773

19,348

(Gain on sale) loss on impairment of real estate assets, net

—

(17,491

)

12,841

—

(1,496

)

Loss on extinguishment of debt

—

Other loss

238

—

103

Loss (income) from investments in unconsolidated real estate entities

1,047

(2,403

)

(9,814

)

562

590

NOI

103,089

109,537

105,189

100,956

101,642

Less: Non same-store portfolio NOI

4,833

5,375

4,878

3,703

4,342

Same-store portfolio NOI

98,256

104,162

100,311

97,253

97,300

(a)

Same-store portfolio consists of 109 properties, which represent 31,735 units.

Schedule IV

Independence Realty Trust, Inc.

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

Dollars in thousands

(unaudited)

Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Add-Back (Deduct):

Interest expense

20,732

20,422

20,455

18,773

19,348

Depreciation and amortization

64,632

62,984

61,735

59,794

58,725

Casualty losses (gains), net

755

419

255

(115

)

(Gain on sale) loss on impairment of real estate assets, net

—

(17,491

)

12,841

—

(1,496

)

Loss on extinguishment of debt

—

Loss (income) from investments in unconsolidated real estate entities

1,047

(2,403

)

(9,814

)

562

590

Other loss

238

—

103

Adjusted EBITDA

86,447

98,520

92,643

87,556

85,748

INTEREST COST:

Interest expense

20,732

20,422

20,455

18,773

19,348

INTEREST COVERAGE:

4.2x

4.8x

4.5x

4.7x

4.4x

For the Three Months Ended March 31,

2026

2025

Net (loss) income

(127

)

8,526

Add-Back (Deduct):

Interest expense

20,732

19,348

Depreciation and amortization

64,632

58,725

Casualty losses (gains), net

(115

)

Gain on sale of real estate assets, net

—

(1,496

)

Loss on extinguishment of debt

—

Loss from investments in unconsolidated real estate entities

1,047

590

Other loss

103

Adjusted EBITDA

86,447

85,748

INTEREST COST:

Interest expense

20,732

19,348

INTEREST COVERAGE:

4.2x

4.4x

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 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 and income (loss) from investments in unconsolidated real estate entities. 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 unconsolidated real estate entities, 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 and debt extinguishment 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.

Interest Coverage

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

Lease Over Lease Effective Rent Growth

Lease Over Lease Effective Rent Growth represents the change in the weighted average effective monthly rental rate, including the impact of concessions, where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9-14 months. We also report Lease Over Lease Effective Rent Growth for All Leases, which represents the change in the weighted average effective monthly rental rate, including the impact of concessions, for all leases regardless of lease terms. We may report Lease Over Lease Effective Rent Growth for new leases, renewal leases, or blended across both new and renewal leases.

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

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Total debt

2,433,543

2,281,475

2,296,202

2,249,801

2,253,957

Less: cash and cash equivalents

(23,341

)

(23,564

)

(23,290

)

(19,491

)

(29,055

)

Less: loan discounts and premiums, net

(19,833

)

(21,850

)

(23,863

)

(25,469

)

(27,454

)

Total net debt

2,390,369

2,236,061

2,249,049

2,204,841

2,197,448

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 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. 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 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 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

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Total assets

6,099,308

6,021,750

6,092,592

5,962,626

5,983,494

Plus: accumulated depreciation (a)

989,530

932,347

890,039

838,718

789,619

Plus: accumulated amortization

78,578

76,419

75,395

72,976

71,001

Total gross assets

7,167,416

7,030,516

7,058,026

6,874,320

6,844,114

(a)

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

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: ex_910342.htm · Sequence: 3

ex_910342.htm

Exhibit 99.2

TABLE OF CONTENTS

Company Information & Forward-Looking Statements

Earnings Press Release

Financial & Operating Highlights

Balance Sheets

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)

Trailing Five Quarters

Three Months Ended March 31, 2026 and 2025

Adjusted EBITDA Reconciliations and Coverage Ratio

Trailing Five Quarters

Three Months Ended March 31, 2026 and 2025

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge

Trailing Five Quarters

Three Months Ended March 31, 2026 and 2025

Same-Store Portfolio NOI by Market

Three Months Ended March 31, 2026 and 2025

Property Portfolio NOI Exposure by Market

Value Add Summary

Investment & Development Activity

Debt Summary

Debt & Credit Metrics

Definitions

COMPANY INFORMATION

Corporate Headquarters

1835 Market Street, Suite 2601

Philadelphia, PA 19103

267.270.4800

Trading Symbol on NYSE

IRT

Credit Ratings

Fitch Ratings

BBB l Stable

Standard & Poors' Ratings Services

BBB l Stable

Investor Relations

Stephanie Krewson-Kelly

267.270.4815

SKrewson@IRTLiving.com

Forward-Looking Statements

Independence Realty Trust Announces First Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – April 29, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its first quarter 2026 financial results.

First Quarter 2026 EPS of $0.00

First Quarter 2026 CFFO Per Share of $0.26

In Line with Expectations

Same-Store Portfolio NOI Growth of 1.0% for the First Quarter 2026

1.4% Increase in Rental Revenue and 2.0% Increase in Property Operating Expenses, Year Over Year

Continued Strong Resident Retention Rate of 60.5%

Completed 426 Renovations in Value Add Initiative for the First Quarter 2026

Achieved Average ROI of 15.4%

Repurchased 1.8 Million Shares of Our Common Stock for $29.9 Million in the First Quarter 2026

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

$350 Million Unsecured Term Loan Refinanced 2026 Debt Maturities; No Debt Maturities Until 2028

Affirm Full Year 2026 Core FFO Per Share Guidance

Management Commentary

First Quarter Summary

•

CFFO of $63.5 million for the quarter ended March 31, 2026 compared to $64.2 million for the quarter ended March 31, 2025. CFFO per share was $0.26 for the first quarter of 2026 compared to $0.27 for the first quarter of 2025.

•

Same-store portfolio NOI growth of 1.0% for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.

•

Adjusted EBITDA of $86.4 million for the quarter ended March 31, 2026 compared to $85.7 million for the quarter ended March 31, 2025.

•

Value Add Initiative completed renovations of 426 units during the quarter ended March 31, 2026, achieving a weighted average return on investment during the quarter of 15.4%.

Same-Store Portfolio(1) Operating Results

Three Months Ended

March 31, 2026 Compared to

Three Months Ended

March 31, 2025

Rental and other property revenue

1.4% increase

Property operating expenses

2.0% increase

NOI

1.0% increase

Portfolio average occupancy

10 bps decrease to 95.2%

Portfolio average rental rate

0.4% increase to $1,595

NOI Margin

30 bps decrease to 62.9%

Q4 2025(2)

Q1 2026(3)

Same-Store Portfolio(1)

Average Occupancy

95.3

95.2

Lease Over Lease Effective Rental Rate Growth:

New Leases

(3.5

(4.0

Renewal Leases

3.0

3.2

Blended

1.0

0.7

Resident Retention Rate

61.2

60.5

Same-Store Portfolio excluding Ongoing Value Add

Average Occupancy

95.5

95.4

Lease Over Lease Effective Rental Rate Growth:

New Leases

(4.4

(4.8

Renewal Leases

3.2

3.6

Blended

0.9

0.7

Resident Retention Rate

60.2

59.9

Value Add (34 properties with Ongoing Value Add)

Average Occupancy

94.9

Lease Over Lease Effective Rental Rate Growth:

New Leases

(1.8

(2.4

Renewal Leases

2.5

2.4

Blended

1.2

0.8

Resident Retention Rate

63.1

61.7

(1)

Same-store portfolio includes 109 properties, containing 31,735 units.

(2)

In Q4 2025, new, renewal, and blended lease over lease rent growth for all leases was (6.3)%, 3.1%, and (1.0)%, respectively.

(3)

In Q1 2026, new, renewal, and blended lease over lease rent growth for all leases was (5.1)%, 3.4% and (0.5)%, respectively.

Value Add Initiative

Investment Activity

Acquisitions

•

On January 15, 2026, we acquired a 140-unit community in Columbus, Ohio, for $29.5 million. The acquisition increased our exposure in Columbus, Ohio from 2,510 units to 2,650 units.

Joint Ventures

•

Capital Expenditures

Capital Markets

•

Balance Sheet and Liquidity

Dividend Distribution

2026 EPS, FFO and CFFO Guidance

2026 Full Year EPS and CFFO Guidance(1)(2)

Low

High

Earnings per share

0.21

0.28

Adjustments:

Depreciation and amortization

1.06

Gain on sale of real estate assets (3)

(0.12

)

(0.15

)

FFO per share

1.15

1.19

Loan (premium accretion) discount amortization, net

(0.03

)

(0.03

)

CFFO per share (2)

1.12

1.16

(1)

(2)

Per share guidance is based on 242.2 million weighted average shares and units outstanding.

(3)

Gain on sale of real estate assets includes gains on sale expected to be recognized with respect to two properties classified as held for sale as of March 31, 2026.

2026 Guidance Assumptions(1)

Our key guidance assumptions for 2026 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:

2026 Outlook:

Number of properties/units

109 properties / 31,735 units

Property revenue growth

1.0% - 2.4%

Controllable operating expense growth

4.6% - 5.6%

Real estate tax and insurance expense growth

0.0% - 1.0%

Total operating expense growth

2.9% - 3.9%

NOI growth

(0.6%) - 2.2%

Corporate Expenses ($ in millions)

General and administrative & property management expenses

$55 - $57

Interest expense(2)

$93 - $97

Transaction/Investment Volume(3) ($ in millions)

Acquisition volume

$145

Disposition volume

$106 - $112

Capital Expenditures ($ in millions)

Recurring

$29 - $33

Value add renovation program

$42 - $46

Non-recurring and revenue enhancing

$32 - $36

Development

—

(1)

(2)

(3)

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 Independence Realty Trust, Inc.

Forward-Looking Statements

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

For the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Selected Financial Information:

Operating Statistics:

Net (loss) income available to common shares

(68

)

33,266

6,893

8,046

8,354

Earnings per share -- diluted

0.00

0.14

0.03

0.04

Rental and other property revenue

165,213

166,797

166,888

161,891

160,905

Property operating expenses

62,124

57,260

61,699

60,935

59,263

NOI

103,089

109,537

105,189

100,956

101,642

NOI margin

62.4

65.7

63.0

62.4

63.2

Adjusted EBITDA

86,447

98,520

92,643

87,556

85,748

FFO per share

0.27

0.33

0.30

0.28

CFFO per share

0.26

0.32

0.29

0.28

0.27

Dividends per share

0.17

0.16

CFFO payout ratio

65.4

53.1

58.6

60.7

59.3

Portfolio Data:

Total gross assets

7,167,416

7,030,516

7,058,026

6,874,320

6,844,114

Total number of operating properties (a)

115

114

115

113

Total units (a)

33,602

33,462

33,818

33,175

Portfolio period end occupancy (a)

94.7

94.9

95.1

95.2

94.9

Portfolio average occupancy (a)

94.6

94.8

94.9

95.2

95.3

Portfolio average effective monthly rent, per unit (a)

1,593

1,582

1,583

Same-store portfolio (b):

Period end occupancy (b)

95.2

95.6

95.4

94.9

Average occupancy (b)

95.2

95.3

Average effective monthly rent, per unit (b)

1,595

1,597

1,591

1,588

Capitalization:

Total debt (c)

2,433,543

2,281,475

2,296,202

2,249,801

2,253,957

Common share price, period end

14.89

17.48

16.39

17.69

21.23

Market equity capitalization

3,598,014

4,250,723

4,016,286

4,241,203

5,088,933

Total market capitalization

6,031,557

6,532,198

6,312,488

6,491,004

7,342,890

Total debt/total gross assets

34.0

32.5

32.7

32.9

Net debt to adjusted EBITDA (d)

6.5x

5.7x

6.0x

6.3x

Interest coverage

4.2x

4.8x

4.5x

4.7x

4.4x

Common shares and OP Units:

Shares outstanding

235,698,008

237,234,750

239,103,283

233,809,823

233,763,180

OP units outstanding

5,941,643

Common shares and OP units outstanding

241,639,651

243,176,393

245,044,926

239,751,466

239,704,823

Weighted average common shares and OP units

242,374,371

243,707,137

239,576,189

239,438,276

236,665,226

(a)

Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station, as applicable. See the definitions at the end of this release.

(b)

Same-store portfolio consists of 109 properties, which represent 31,735 units.

(c)

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

(d)

BALANCE SHEETS

Dollars in thousands, except per share data

As of

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Assets:

Real estate held for investment, at cost

6,700,142

6,596,007

6,571,161

6,356,830

6,442,303

Less: accumulated depreciation

(972,660

)

(915,247

)

(861,370

)

(810,042

)

(789,619

)

Real estate held for investment, net

5,727,482

5,680,760

5,709,791

5,546,788

5,652,684

Real estate held for sale

76,858

76,468

107,182

119,875

—

Real estate under development

127,840

60,116

65,628

91,849

117,802

Cash and cash equivalents

23,341

23,564

23,290

19,491

29,055

Restricted cash

19,926

24,058

27,639

23,035

19,279

Investment in unconsolidated real estate entities

66,560

98,263

93,965

106,920

101,640

Other assets

44,151

45,711

47,771

38,389

39,330

Derivative assets

11,586

9,840

11,873

14,635

20,084

Intangible assets, net

1,564

2,970

5,453

1,644

3,620

Total assets

6,099,308

6,021,750

6,092,592

5,962,626

5,983,494

Liabilities and Equity:

Indebtedness, net (a)

2,433,543

2,281,475

2,296,202

2,249,801

2,253,957

Accounts payable and accrued expenses

84,160

92,355

119,513

105,576

86,399

Accrued interest payable

10,642

8,377

10,265

7,815

10,136

Dividends payable

41,003

41,275

41,592

40,691

37,865

Derivative liabilities

—

346

737

233

Other liabilities

8,318

8,496

9,023

7,550

7,929

Total liabilities

2,577,666

2,432,324

2,477,332

2,411,666

2,396,315

Equity:

Shareholders' Equity:

Preferred shares, $0.01 par value per share

—

Common shares, $0.01 par value per share

2,357

2,372

2,391

2,338

2,337

Additional paid in capital

3,976,536

4,005,168

4,022,309

3,920,436

3,918,718

Accumulated other comprehensive income

9,982

7,722

9,095

12,038

17,308

Accumulated deficit

(595,712

)

(555,326

)

(548,319

)

(514,623

)

(482,973

)

Total shareholders' equity

3,393,163

3,459,936

3,485,476

3,420,189

3,455,390

Noncontrolling Interests

128,479

129,490

129,784

130,771

131,789

Total equity

3,521,642

3,589,426

3,615,260

3,550,960

3,587,179

Total liabilities and equity

6,099,308

6,021,750

6,092,592

5,962,626

5,983,494

(a)

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

STATEMENTS OF OPERATIONS, FFO & CFFO

TRAILING FIVE QUARTERS

(Dollars in thousands, except per share data)

For the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Revenue:

Rental and other property revenue

165,213

166,797

166,888

161,891

160,905

Other revenue

109

330

250

297

338

Total revenue

165,322

167,127

167,138

162,188

161,243

Expenses:

Property operating expenses

62,124

57,260

61,699

60,935

59,263

Property management expenses

8,237

6,674

7,891

7,715

7,826

General and administrative expenses (a)

8,514

4,673

4,905

5,982

8,406

Depreciation and amortization expense

64,632

62,984

61,735

59,794

58,725

Casualty losses (gains), net

755

419

255

(115

)

Total expenses

143,584

132,346

136,649

134,681

134,105

Interest expense

(20,732

)

(20,422

)

(20,455

)

(18,773

)

(19,348

)

Gain on sale (loss on impairment) of real estate assets, net

—

17,491

(12,841

)

—

1,496

Loss on extinguishment of debt

—

(67

)

Other loss

(86

)

(238

)

(12

)

—

(103

)

(Loss) income from investments in unconsolidated real estate entities

(1,047

)

2,403

9,814

(562

)

(590

)

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Loss (income) allocated to noncontrolling interests

(749

)

(102

)

(126

)

(172

)

Net (loss) income available to common shares

(68

)

33,266

6,893

8,046

8,354

Earnings per share - basic

0.00

0.14

0.03

0.04

Weighted-average shares outstanding - Basic

236,432,728

237,765,494

233,634,546

233,496,633

230,723,583

Earnings per share - diluted

0.00

0.14

0.03

0.04

Weighted-average shares outstanding - Diluted

236,432,728

238,495,087

234,283,170

234,131,752

231,828,484

Funds From Operations (FFO):

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Add-Back (Deduct):

Real estate depreciation and amortization

64,114

62,497

61,282

59,372

58,308

Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities

876

609

375

457

(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains

—

(17,491

)

12,841

—

Gain on sale of real estate associated with unconsolidated real estate entities

—

(187

)

(10,389

)

—

FFO

64,863

79,443

71,104

68,001

67,364

FFO per share

0.27

0.33

0.30

0.28

CORE Funds From Operations (CFFO):

FFO

64,863

79,443

71,104

68,001

67,364

Add-Back (Deduct):

Other depreciation and amortization

518

487

453

422

417

Casualty losses (gains), net

755

419

255

(115

)

Loan (premium accretion) discount amortization, net

(2,017

)

(2,013

)

(2,001

)

(1,985

)

(2,029

)

Prepayment (gains) penalties on asset dispositions

—

(1,569

)

Loss on extinguishment of debt

—

Other loss

238

—

103

CFFO

63,527

78,910

69,987

66,693

64,238

CFFO per share

0.26

0.32

0.29

0.28

0.27

Weighted-average shares and units outstanding

242,374,371

243,707,137

239,576,189

239,438,276

236,665,226

(a)

Included in the three months ended March 31, 2026 and 2025 is $2.4 million and $2.8 million, respectively, 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

March 31,

2026

2025

Revenue:

Rental and other property revenue

165,213

160,905

Other revenue

109

338

Total revenue

165,322

161,243

Expenses:

Property operating expenses

62,124

59,263

Property management expenses

8,237

7,826

General and administrative expenses

8,514

8,406

Depreciation and amortization expense

64,632

58,725

Casualty losses (gains), net

(115

)

Total expenses

143,584

134,105

Interest expense

(20,732

)

(19,348

)

Gain on sale of real estate assets, net

—

1,496

Loss on extinguishment of debt

—

(67

)

Other loss

(86

)

(103

)

Loss from investments in unconsolidated real estate entities

(1,047

)

(590

)

Net (loss) income

(127

)

8,526

Loss (income) allocated to noncontrolling interests

(172

)

Net (loss) income available to common shares

(68

)

8,354

Earnings per share - basic

0.00

0.04

Weighted-average shares outstanding - Basic

236,432,728

230,723,583

Earnings per share - diluted

0.00

0.04

Weighted-average shares outstanding - Diluted

236,432,728

231,828,484

Funds From Operations (FFO):

Net (loss) income

(127

)

8,526

Add-Back (Deduct):

Real estate depreciation and amortization

64,114

58,308

Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities

876

457

Loss on impairment of real estate assets, net, excluding prepayment gains

—

FFO

64,863

67,364

FFO per share

0.27

0.28

CORE Funds From Operations (CFFO):

FFO

64,863

67,364

Add-Back (Deduct):

Other depreciation and amortization

518

417

Casualty losses (gains), net

(115

)

Loan (premium accretion) discount amortization, net

(2,017

)

(2,029

)

Prepayment (gains) penalties on asset dispositions

—

(1,569

)

Loss on extinguishment of debt

—

Other loss

103

CFFO

63,527

64,238

CFFO per share

0.26

0.27

Weighted-average shares and units outstanding

242,374,371

236,665,226

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Add-Back (Deduct):

Interest expense

20,732

20,422

20,455

18,773

19,348

Depreciation and amortization

64,632

62,984

61,735

59,794

58,725

Casualty losses (gains), net

755

419

255

(115

)

(Gain on sale) loss on impairment of real estate assets, net

—

(17,491

)

12,841

—

(1,496

)

Loss on extinguishment of debt

—

Loss (income) from investments in unconsolidated real estate entities

1,047

(2,403

)

(9,814

)

562

590

Other loss

238

—

103

Adjusted EBITDA

86,447

98,520

92,643

87,556

85,748

INTEREST COST:

Interest expense

20,732

20,422

20,455

18,773

19,348

INTEREST COVERAGE:

4.2x

4.8x

4.5x

4.7x

4.4x

For the Three Months Ended March 31,

2026

2025

Net (loss) income

(127

)

8,526

Add-Back (Deduct):

Interest expense

20,732

19,348

Depreciation and amortization

64,632

58,725

Casualty losses (gains), net

(115

)

Gain on sale of real estate assets, net

—

(1,496

)

Loss on extinguishment of debt

—

Loss from investments in unconsolidated real estate entities

1,047

590

Other loss

103

Adjusted EBITDA

86,447

85,748

INTEREST COST:

Interest expense

20,732

19,348

INTEREST COVERAGE:

4.2x

4.4x

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

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Revenue:

Rental and other property revenue

156,095

157,566

158,216

155,612

154,004

Property Operating Expenses:

Real estate taxes

19,750

16,822

17,308

18,691

19,378

Property insurance

3,278

3,275

3,264

3,548

3,900

Personnel expenses

12,808

11,585

13,432

12,376

11,949

Utilities

8,215

7,936

8,027

7,407

7,786

Repairs and maintenance

4,175

3,750

5,591

5,822

4,345

Contract services

6,161

6,087

6,078

6,139

5,790

Advertising expenses

1,862

2,356

2,571

2,686

1,933

Other expenses

1,590

1,593

1,634

1,690

1,623

Total property operating expenses

57,839

53,404

57,905

58,359

56,704

Same-store portfolio NOI

98,256

104,162

100,311

97,253

97,300

Same-store portfolio NOI margin

62.9

66.1

63.4

62.5

63.2

Average occupancy

95.2

95.3

Average effective monthly rent, per unit

1,595

1,597

1,591

1,588

For the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Rental and other property revenue

Same-store portfolio

156,095

157,566

158,216

155,612

154,004

Non same-store portfolio

9,118

9,231

8,672

6,279

6,901

Total rental and other property revenue

165,213

166,797

166,888

161,891

160,905

Property operating expenses

Same-store portfolio

57,839

53,404

57,905

58,359

56,704

Non same-store portfolio

4,285

3,856

3,794

2,576

2,559

Total property operating expenses

62,124

57,260

61,699

60,935

59,263

NOI

Same-store portfolio

98,256

104,162

100,311

97,253

97,300

Non same-store portfolio

4,833

5,375

4,878

3,703

4,342

Total property NOI

103,089

109,537

105,189

100,956

101,642

(a)

Same-store portfolio consists of 109 properties, containing 31,735 units.

(b)

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

SAME-STORE PORTFOLIO NET OPERATING INCOME (a)

three MONTHS ENDED March 31, 2026 AND 2025

Dollars in thousands, except per unit data

For the Three Months Ended

March 31,

2026

2025

% change

Revenue:

Rental and other property revenue

156,095

154,004

1.4

Property Operating Expenses:

Real estate taxes

19,750

19,378

1.9

Property insurance

3,278

3,900

(15.9

Personnel expenses

12,808

11,949

7.2

Utilities

8,215

7,786

5.5

Repairs and maintenance

4,175

4,345

(3.9

Contract services

6,161

5,790

6.4

Advertising expenses

1,862

1,933

(3.7

Other expenses

1,590

1,623

(2.0

Total property operating expenses

57,839

56,704

2.0

Same-store portfolio NOI

98,256

97,300

1.0

Same-store portfolio NOI margin

62.9

63.2

(0.3

Average occupancy

95.2

95.3

(0.1

Average effective monthly rent, per unit

1,595

1,588

0.4

(a)

Same-store portfolio consists of 109 properties, containing 31,735 units.

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED March 31, 2026

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

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Atlanta, GA

5,180

24,651

23,991

2.8

9,560

9,523

0.4

15,093

14,466

4.3

94.4

93.2

1.2

1,581

1,596

(0.9

Dallas, TX

4,007

22,316

22,234

0.4

8,697

8,431

3.2

13,618

13,803

(1.3

96.1

0.0

1,801

1,815

(0.8

Columbus, OH

2,510

12,049

11,787

2.2

4,521

4,615

(2.0

7,529

7,172

5.0

95.4

96.2

(0.8

1,570

1,525

3.0

Tampa-St. Petersburg, FL

1,791

10,802

10,573

2.2

4,070

3,882

4.8

6,731

6,692

0.6

95.8

96.1

(0.3

1,935

1,913

1.2

Oklahoma City, OK

2,147

8,519

8,355

2.0

2,871

2,801

2.5

5,648

5,554

1.7

95.5

96.4

(0.9

1,270

1,233

3.0

Indianapolis, IN

1,979

8,994

8,853

1.6

3,369

3,243

3.9

5,625

5,611

0.2

94.8

96.0

(1.2

1,477

1,448

2.0

Denver, CO

1,418

7,984

8,085

(1.2

2,680

2,546

5.3

5,304

5,539

(4.2

94.2

95.0

(0.8

1,837

1,846

(0.5

Nashville, TN

1,508

7,575

7,467

1.4

2,480

2,492

(0.5

5,096

4,976

2.4

95.8

96.2

(0.4

1,611

1,615

(0.2

Raleigh - Durham, NC

1,690

8,049

8,061

(0.1

3,004

2,969

1.2

5,045

5,091

(0.9

93.8

94.8

(1.0

1,541

1,546

(0.3

Charlotte, NC

1,014

5,165

5,083

1.6

1,715

1,611

6.5

3,450

3,471

(0.6

95.9

93.6

2.3

1,662

1,713

(3.0

Houston, TX

1,308

5,914

5,900

0.2

2,661

2,456

8.3

3,253

3,444

(5.5

95.8

96.7

(0.9

1,457

1,437

1.4

Lexington, KY

886

4,359

4,043

7.8

1,222

1,176

3.9

3,137

2,867

9.4

96.4

96.7

(0.3

1,527

1,419

7.6

Huntsville, AL

1,051

4,626

4,775

(3.1

1,743

1,692

3.0

2,883

3,083

(6.5

95.2

95.8

(0.6

1,395

1,446

(3.5

Memphis, TN

883

4,189

4,271

(1.9

1,383

1,475

(6.2

2,806

2,796

0.4

96.0

96.1

(0.1

1,543

1,582

(2.5

Louisville, KY

794

3,495

3,377

3.5

1,294

1,339

(3.4

2,201

2,038

8.0

95.4

96.4

(1.0

1,350

1,291

4.6

Orlando, FL

617

3,475

3,418

1.7

1,328

1,255

5.8

2,147

2,163

(0.7

92.5

94.3

(1.8

1,881

1,841

2.2

Cincinnati, OH

542

3,011

2,869

4.9

1,115

1,057

5.5

1,896

1,812

4.6

96.8

96.6

0.2

1,713

1,636

4.7

Greenville, SC

702

2,712

2,604

4.1

969

1,018

(4.8

1,743

1,587

9.8

94.9

92.0

2.9

1,285

1,296

(0.8

Charleston, SC

518

2,812

2,774

1.4

1,091

1,086

0.5

1,721

1,688

2.0

95.1

96.1

(1.0

1,778

1,756

1.3

Myrtle Beach, SC - Wilmington, NC

628

2,565

2,656

(3.4

900

844

6.6

1,665

1,812

(8.1

93.4

94.3

(0.9

1,387

1,393

(0.4

San Antonio, TX

306

1,427

1,414

0.9

565

576

(1.9

861

838

2.7

97.4

96.9

0.5

1,437

1,451

(1.0

Austin, TX

256

1,406

1,414

(0.6

601

617

(2.6

804

797

0.9

96.7

96.4

0.3

1,756

1,786

(1.7

Total / Weighted Average

109

31,735

156,095

154,004

1.4

57,839

56,704

2.0

98,256

97,300

1.0

95.2

95.3

(0.1

1,595

1,588

0.4

CONSOLIDATED PROPERTY PORTFOLIO (a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

For the Three Months Ended

March 31, 2026

Market

Number of Properties

Units

Gross Real Estate Assets

Period of Occupancy

Average Effective Monthly Rent per Unit

NOI

% of NOI

Atlanta, GA

5,180

1,137,839

94.2

1,581

15,093

14.7

Dallas, TX

4,007

903,078

95.6

1,801

13,618

13.3

Columbus, OH

2,650

415,152

95.8

1,577

7,932

7.5

Tampa-St. Petersburg, FL

1,791

398,938

94.5

1,935

6,731

6.6

Indianapolis, IN

2,259

363,126

95.2

1,493

6,435

6.3

Denver, CO (a)(b)(c)

1,722

492,923

93.2

1,777

5,953

5.8

Oklahoma City, OK

2,147

349,402

95.8

1,270

5,648

5.5

Nashville, TN

1,508

380,546

95.4

1,611

5,096

5.0

Raleigh - Durham, NC

1,690

260,822

95.2

1,541

5,045

4.9

Orlando, FL

1,260

283,939

86.2

1,891

3,850

3.7

Memphis, TN (c)

1,383

161,712

92.7

1,444

3,769

3.7

Charlotte, NC

1,014

263,552

95.9

1,662

3,450

3.4

Houston, TX

1,308

218,783

95.6

1,457

3,253

3.2

Lexington, KY

886

168,939

95.4

1,527

3,137

3.1

Huntsville, AL

1,051

243,111

95.6

1,395

2,862

2.8

Louisville, KY

794

100,620

95.5

1,350

2,201

2.1

Cincinnati, OH

542

127,521

97.4

1,713

1,896

1.8

Greenville, SC

702

128,075

93.4

1,285

1,743

1.7

Charleston, SC

518

85,093

95.3

1,778

1,721

1.7

Myrtle Beach, SC - Wilmington, NC

628

70,210

94.6

1,387

1,665

1.6

San Antonio, TX

306

57,889

98.4

1,437

861

0.8

Austin, TX (a)

256

61,782

96.9

1,756

804

0.8

Total / Weighted Average

115

33,602

6,673,052

94.7

1,593

102,763

100.0

(a)

Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station. See the definitions at the end of this release.

(b)

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

(c)

Includes one property that was held for sale as of March 31, 2026.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF March 31, 2026

Total

Total Units To Be

Units

Rent Premium

% Rent

Renovation Costs per Unit (b)

ROI - Interior Costs

ROI - Total Costs

Market

Properties

Renovated

Complete

Leased

(a)

Increase

Interior

Exterior

Total

(c)

ONGOING

Atlanta, GA

3,174

1,409

1,359

195

14.2

18,517

3,053

21,569

12.6

10.8

Dallas, TX

1,925

1,026

1,020

306

20.9

19,591

2,713

22,304

18.7

16.4

Oklahoma City, OK

1,430

803

806

194

18.7

17,140

2,372

19,512

13.6

11.9

Columbus, OH

1,306

800

790

248

19.8

15,435

1,694

17,130

19.3

17.3

Indianapolis, IN

740

225

16.5

18,419

2,210

20,629

14.7

13.1

Denver, CO

491

230

222

294

22.9

14,385

3,695

18,080

24.5

19.5

Raleigh-Durham, NC

489

124

117

227

16.7

18,228

3,130

21,358

14.9

12.7

Lexington, KY

436

195

197

363

30.8

17,770

1,532

19,302

24.5

22.5

Nashville, TN

418

336

338

180

13.2

17,480

1,321

18,801

12.4

11.5

Charleston, SC

274

277

16.4

18,072

4,720

22,792

18.4

14.6

Total / Weighted Average

10,683

5,084

5,014

238

18.3

17,732

2,622

20,354

16.1

14.0

FUTURE

Cincinnati, OH

350

—

Charleston, SC

244

—

Nashville, TN

176

—

Lexington, KY

150

—

Total / Weighted Average

920

—

COMPLETED (d)

Atlanta, GA

1,482

1,382

1,369

243

21.3

12,470

1,503

13,974

23.4

20.9

Tampa-St. Petersburg, FL

1,236

1,180

1,164

288

21.6

15,023

1,482

16,505

23.0

21.0

Memphis, TN

1,053

1,017

1,012

240

22.9

13,346

916

14,262

21.6

20.2

Columbus, OH

763

725

722

204

22.3

10,529

666

11,194

23.3

21.9

Louisville, KY

728

786

214

24.0

15,663

2,173

17,837

16.4

14.4

Raleigh-Durham, NC

646

603

601

198

17.6

15,415

1,585

17,001

15.4

14.0

Dallas, TX

300

262

263

273

18.8

19,822

2,152

21,974

16.5

14.9

Wilmington, NC

288

287

7.6

8,118

8,174

11.4

11.3

Austin, TX

256

221

260

18.1

19,039

1,486

20,526

16.4

15.2

Indianapolis, IN

236

210

209

248

22.8

15,807

1,484

17,291

18.8

17.2

Oklahoma City, OK

197

171

170

188

22.3

17,567

1,443

19,011

12.8

11.9

Total / Weighted Average

7,185

6,787

6,804

232

21.0

13,987

1,366

15,353

19.9

18.2

Grand Total/Weighted Average

18,788

11,871

11,818

235

19.9

15,570

1,987

17,557

18.1

16.1

(a)

See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $194.

(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 concessions was 14.9%. ROI-Total costs using rent premium including the impact of concessions was 13.2%.

(d)

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.

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

2026 ACQUISITIONS

Property

Market

Units

Date Acquired

Purchase Price

Price per Unit

Average Rent per Unit at Acquisition

The Retreat at Canal

Columbus, OH

140

1/15/2026

29,500

211

1,455

ASSETS HELD FOR SALE AS OF MARCH 31, 2026

Property

Location

Units

Bella Terra at City Center

Denver, Colorado

304

Stonebridge Crossings

Memphis, Tennessee

500

Total

804

REAL ESTATE UNDER DEVELOPMENT

Development

Tisdale at Lakeline Station (a)(b)

Flatiron Flats (b)

Location

Austin, Texas

Denver, Colorado

Planned Units

378

296

Start Date

2Q 2022

4Q 2022

Initial Occupancy

4Q 2025

1Q 2025

Completion Date

4Q 2025

1Q 2025

Projected Stabilization date

1Q 2027

2Q 2026

Total Development Costs

$110,551

$114,100

% of Planned Units Delivered as of March 31, 2026

100%

Occupancy % as of April 27, 2026 (c)

33.6%

66.2%

Leased % as of April 27, 2026 (c)

37.3%

81.8%

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Lakeline Station (a)

The Mustang (d)

Nexton Pine Hollow

The Approach

Location

Austin, TX

Dallas, TX

Charleston, SC

Indianapolis, IN

Total

Units

378

275

324

318

917

Estimated delivery date

—

Q2 2027

Q3 2027

Total construction budget

—

109,583

78,949

79,364

267,896

Total project debt

—

79,447

47,191

49,250

175,888

Remaining expected IRT investment

—

459

14,675

15,134

Carrying value of IRT's investment

—

31,944

29,073

5,543

66,560

Net operating (loss) income

(12

)

925

—

913

Interest expense

(52

)

(1,133

)

—

(1,185

)

CFFO

(64

)

(208

)

—

(272

)

Depreciation

(41

)

(986

)

—

(1,028

)

Other income

—

Net (loss) income

(105

)

(1,194

)

—

(1,299

)

IRT's equity interest in investments in unconsolidated real estate entities

90.0

85.0

90.0

66.6

(Loss) income from investments in unconsolidated real estate entities

(94

)

(1,015

)

—

(1,047

)

(a)

Lakeline Station was an investment in unconsolidated real estate entity from January 1-19, 2026 and the underlying property, Tisdale at Lakeline Station was consolidated into our financial results effective January 20, 2026.

(b)

We will continue to classify these properties as development properties since they are in lease-up and have not reached overall occupancy of 90%.

(c)

Leased % and occupancy % are calculated using the leased or occupied units, as applicable, divided by the total number of units.

(d)

The Mustang is an operating property consisting of 275 units. The property is currently being marketed for sale.

DEBT SUMMARY AS OF March 31, 2026

Dollars in thousands

Amount

Weighted Average Contractual Rate

Weighted Average Hedged Effective Rate (a)

Type

Weighted Average Maturity (in years)

Debt:

Unsecured revolver (b)

210,372

4.4

4.8

Floating

2.8

Unsecured term loans (c)

750,000

4.5

4.0

Floating

2.8

Secured credit facilities (d)

580,193

4.2

4.4

Fixed

2.7

Mortgages

736,091

3.9

4.0

Fixed

3.1

Unsecured notes (e)

150,000

5.4

5.6

Fixed

7.0

Total Principal

2,426,656

4.3

3.1

Loan premiums (discounts), net

19,833

Unamortized deferred financing costs

(12,946

)

Credit Ratings:

Total Consolidated Debt

2,433,543

Agency

Rating

Outlook

Equity Market Capitalization

3,598,014

Fitch

BBB

Stable

Total Capitalization

6,031,557

S&P

BBB

Stable

(a)

Represents the weighted average effective interest rates for the three months ended March 31, 2026, 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. As of March 31, 2026, we maintained hedges that have effectively fixed a portion of our floating rate debt as follows:

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%

Forward starting swap

$ 150,000

6/17/2026

6/17/2030

3.26%

—

(b)

Unsecured revolver total capacity is $750,000, of which $210,372 was drawn as of March 31, 2026. The maturity date of the borrowings under the unsecured revolver is January 8, 2029.

(c)

Consists of a (i) $350,000 unsecured term loan with a maturity date of February 11, 2030 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028.

(d)

Consists of a (i) $505,112 secured credit facility, two tranches of which, in an aggregate principal amount of $464,644, 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) $75,081 secured credit facility with a maturity date of July 1, 2030.

(e)

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%.

DEBT AND CREDIT METRICS

AS OF March 31, 2026

Dollars in thousands

(a)

On February 11, 2026, the Company entered into a new $350 million unsecured term loan. With the proceeds, the Company retired its $200 million term loan and, with the balance, will retire its remaining 2026 mortgages at their maturity dates.

Debt Covenant Summary (b)

Requirement

Actual

Compliance

Consolidated leverage ratio

≤ 60%

32.1%

Yes

Consolidated fixed charge coverage ratio

≥ 1.5x

2.9x

Yes

Unsecured leverage ratio

≤ 60%

24.2%

Yes

(b)

For a complete listing of all debt covenants along with definitions of each covenant calculation see the Sixth Amended and Restated Credit Agreement, which was filed as Exhibit 10.1 of our Form 8-K filed on February 11, 2026.

Encumbered & Unencumbered Statistics (c)

Total Units

% of Total

Gross Real Estate Assets

% of Total

Q1 2026 NOI

% of Total

Unencumbered assets

21,848

65.0

3,927,888

58.9

66,393

64.6

Encumbered assets

11,754

35.0

2,745,164

41.1

36,370

35.4

33,602

100.0

6,673,052

100.0

102,763

100.0

(c)

Excludes our development projects Flatiron Flats and Tisdale at Lakeline Station. See the definitions at the end of this release.

Components of Interest Expense

For the Three Months Ended

March 31, 2026

March 31, 2025

Interest expense on secured and unsecured debt

25,631

26,044

Plus: Senior unsecured credit facility commitment fees and other finance related charges

306

288

Plus: Amortization of deferred financing costs

1,012

895

Plus: Amortization related to derivative instruments

226

257

Less: Gain on interest rate hedges

(2,309

)

(3,566

)

Less: Capitalized interest

(2,117

)

(2,541

)

Interest expense before loan (premium accretion) discount amortization, net

22,749

21,377

Less: Loan (premium accretion) discount amortization, net (d)

(2,017

)

(2,029

)

Interest expense per our Consolidated Statement of Operations

20,732

19,348

(d)

Represents loan premiums and discounts associated with debt assumed in conjunction with property acquisitions. Reconciles our CFFO interest expense to our GAAP interest expense on our condensed consolidated statements of operations.

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”)

Interest Coverage

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

Lease Over Lease Effective Rent Growth

Lease Over Lease Effective Rent Growth represents the change in the weighted average effective monthly rental rate, including the impact of concessions, where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9–14 months. We also report Lease Over Lease Effective Rent Growth for All Leases, which represents the change in the weighted average effective monthly rental rate, including the impact of concessions, for all leases regardless of lease terms. We may report Lease Over Lease Effective Rent Growth for new leases, renewal leases, or blended across both new and renewal leases.

Net Debt

As of

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Total debt

2,433,543

2,281,475

2,296,202

2,249,801

2,253,957

Less: cash and cash equivalents

(23,341

)

(23,564

)

(23,290

)

(19,491

)

(29,055

)

Less: loan discounts and premiums, net

(19,833

)

(21,850

)

(23,863

)

(25,469

)

(27,454

)

Total net debt

2,390,369

2,236,061

2,249,049

2,204,841

2,197,448

Net Operating Income

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

For the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Net (loss) income

(127

)

34,015

6,995

8,172

8,526

Other revenue

(109

)

(330

)

(250

)

(297

)

(338

)

Property management expenses

8,237

6,674

7,891

7,715

7,826

General and administrative expenses

8,514

4,673

4,905

5,982

8,406

Depreciation and amortization expense

64,632

62,984

61,735

59,794

58,725

Casualty losses (gains), net

755

419

255

(115

)

Interest expense

20,732

20,422

20,455

18,773

19,348

(Gain on sale) loss on impairment of real estate assets, net

—

(17,491

)

12,841

—

(1,496

)

Loss on extinguishment of debt

—

Other loss

238

—

103

Loss (income) from investments in unconsolidated real estate entities

1,047

(2,403

)

(9,814

)

562

590

NOI

103,089

109,537

105,189

100,956

101,642

Less: Non same-store portfolio NOI

4,833

5,375

4,878

3,703

4,342

Same-store portfolio NOI

98,256

104,162

100,311

97,253

97,300

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

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Total assets

6,099,308

6,021,750

6,092,592

5,962,626

5,983,494

Plus: accumulated depreciation (a)

989,530

932,347

890,039

838,718

789,619

Plus: accumulated amortization

78,578

76,419

75,395

72,976

71,001

Total gross assets

7,167,416

7,030,516

7,058,026

6,874,320

6,844,114

(a)

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

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Document And Entity Information

Apr. 29, 2026

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