What share count underlies IRT's 2026 per-share guidance?

The guidance is based on 241.6 million weighted-average shares and units outstanding and excludes shares to be issued in connection with the proposed Centerspace transaction. The guidance gives effect to merger and integration costs incurred through September 30, 2026, but otherwise does not give effect to the transaction.

Independence Realty Trust cuts 2026 EPS to $0.18-$0.20

Q: How much did IRT earn in the third quarter of 2026?

IRT reported net income available to common shares of $25.146 million for the quarter ended September 30, 2026, compared with $6.893 million in the year-earlier quarter. Results included a $26.474 million net gain on sale of real estate assets.

Q: What will Centerspace shareholders receive in the proposed IRT merger?

Centerspace shareholders are to receive 3.800 shares of IRT common stock for each Centerspace common share. After closing, legacy IRT stockholders and IROP common-unit holders are expected to own approximately 78% of IRT common shares and IROP common units, while legacy Centerspace shareholders and Centerspace, LP common-unit holders are expected to own approximately 22%.

The lower 2026 EPS range contrasts with unchanged CFFO guidance while same-store NOI rose 1.6% year over year.

Available on EDGAR 11/02/2026 - 04:05 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:05 PM EST

Filing Impact

(High)

Filing Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Independence Realty Trust, Inc. (IRT) reported third-quarter 2026 net income available to common shares of $25.146 million, versus $6.893 million a year earlier, and diluted EPS of $0.11 versus $0.03. Results included a $26.474 million net gain on sale of real estate assets. CFFO was $0.29 per share, unchanged year over year. Same-store NOI grew 1.6%; rental revenue rose 2.0%, property operating expenses rose 2.5%, and average occupancy was 95.0%, down 40 basis points year over year.

IRT lowered 2026 EPS guidance to $0.18-$0.20 from $0.22-$0.27, while CFFO per-share guidance remained $1.13-$1.15. Under the proposed Centerspace merger, Centerspace shareholders would receive 3.800 IRT shares for each Centerspace common share; the transaction is expected to close as early as the end of Q4 2026, subject to approval by IRT stockholders and Centerspace shareholders on November 10, 2026, and other customary conditions. IRT expects $24 million in annual synergies and says the merger should be 5% accretive to CFFO. As of September 30, 2026, net debt to Adjusted EBITDA was 6.2x and liquidity was approximately $491.6 million. IRT paid a quarterly dividend of $0.18 per share on October 23, 2026.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

1 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointNet income available to common shares reached $25.146 million, versus $6.893 million a year earlier.

Negative

Major point. Forward-looking: it has not happened yet and may not happen.2026 EPS guidance was reduced to $0.18-$0.20, with a $0.05 midpoint decrease.

Filing Explained

The Centerspace merger remains proposed and awaits the November 10 stockholder votes and other closing conditions, with legacy IRT holders and IROP unit holders collectively owning about 78% of the combined company’s common shares and operating-partnership units if completed, and Centerspace holders and unit holders owning about 22%.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income available to common shares: $25.146 million Net gain on sale of real estate assets: $26.474 million 2026 EPS guidance: $0.18-$0.20 per share +5 more

8 metrics

Net income available to common shares $25.146 million Quarter ended September 30, 2026; $6.893 million in the year-earlier quarter

Net gain on sale of real estate assets $26.474 million Quarter ended September 30, 2026; reported net

2026 EPS guidance $0.18-$0.20 per share Current full-year guidance, revised from $0.22-$0.27 per share

2026 CFFO per-share guidance $1.13-$1.15 per share Current full-year guidance; midpoint reaffirmed

Same-store NOI growth 1.6% Third quarter 2026 compared with third quarter 2025

Annual merger synergies $24 million Expected from the proposed Centerspace transaction

Net debt to Adjusted EBITDA 6.2x As of September 30, 2026

Liquidity Approximately $491.6 million As of September 30, 2026; unrestricted cash and cash equivalents plus unsecured revolver capacity

Key Terms

Core Funds From Operations, Net Operating Income, Adjusted EBITDA, Lease Over Lease Effective Rental Rate Growth

4 terms

Core Funds From Operations financial

"CFFO per share of $0.29"

Core funds from operations is a measure of the recurring cash a real estate company generates from its normal rental and property-management activities, calculated by starting with net income, adding back non-cash items like property depreciation, and removing one-off gains or losses such as property sales or unusual expenses. Investors use it like a household’s steady paycheck estimate—it shows the business’s sustainable cash flow for paying dividends, servicing debt, and funding operations, without noise from one-time events.

Net Operating Income financial

"Same-Store Portfolio NOI Growth of 1.6%"

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

Adjusted EBITDA financial

"net debt to Adjusted EBITDA was 6.2x"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Lease Over Lease Effective Rental Rate Growth financial

"Lease Over Lease Effective Rental Rate Growth"

Earnings Snapshot

Net income available to common shares: $25.146 million · Guidance included

Third quarter 2026

Net income available to common shares $25.146 million Compared with $6.893 million in the year-earlier quarter

Diluted EPS $0.11 per share Compared with $0.03 in the year-earlier quarter

CFFO per share $0.29 Unchanged from the year-earlier quarter

Same-store NOI growth 1.6% Increase compared with the year-earlier quarter

Guidance

2026 EPS: $0.18-$0.20 per share; CFFO: $1.13-$1.15 per share. Guidance excludes the proposed Centerspace transaction, except for merger and integration costs incurred through September 30, 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did IRT earn in the third quarter of 2026?

IRT reported net income available to common shares of $25.146 million for the quarter ended September 30, 2026, compared with $6.893 million in the year-earlier quarter. Results included a $26.474 million net gain on sale of real estate assets.

What will Centerspace shareholders receive in the proposed IRT merger?

Centerspace shareholders are to receive 3.800 shares of IRT common stock for each Centerspace common share. After closing, legacy IRT stockholders and IROP common-unit holders are expected to own approximately 78% of IRT common shares and IROP common units, while legacy Centerspace shareholders and Centerspace, LP common-unit holders are expected to own approximately 22%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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): November 2, 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 November 2, 2026, we issued a press release announcing our financial results for the three and nine months ended September 30, 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 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.

November 2, 2026	By:	/s/ James J. Sebra
	Name:	James J. Sebra
	Title:	President and Chief Financial Officer

Exhibit 99.1

Independence Realty Trust Announces Third Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – November 2, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its third quarter 2026 financial results.

Third Quarter 2026 EPS of $0.11 and CFFO Per Share of $0.29

Same-Store Portfolio NOI Growth of 1.6% for the Third Quarter 2026

Increases of 2.0% in Rental Revenues and 2.5% in Property Operating Expenses

Leasing Spreads Accelerated in Improved Operating Environment

Completed 1,770 Value Add Program Renovations Year-to-Date

Achieved Average ROI of 15%

Announced Acquisition of Centerspace

Creating an $8 billion Enterprise Value Apartment REIT with Approximately 44,400 Units

Reaffirmed Mid-points of Full Year 2026 Guidance for

Same-Store Revenues, Same-Store NOI and Core FFO per Share

Management Commentary

"We are pleased with our solid third quarter results, with same-store NOI growth of 1.6% and Core FFO per share of $0.29,” said Scott Schaeffer, Chairman and Chief Executive Officer. “Leasing momentum continued to build during the quarter. New lease trade-outs improved 310 basis points year over year, driving blended rent growth of 2.8%, while average occupancy held steady at 95.0% and resident retention remained healthy at 60.5%. We believe IRT is well positioned for stronger growth in 2027 as concessions burn off, our Wi-Fi program continues to ramp, and supply-demand fundamentals improve. We are also making meaningful progress on integration planning for our pending merger with Centerspace, which we believe will only build on our strength."

Third Quarter Summary

	•	On September 9, 2026, IRT announced that it reached a definitive agreement to merge with Centerspace, which is expected to create an $8 billion multifamily REIT focused on high growth, non-gateway markets, with 163 apartment communities and approximately 44,400 units across 17 states. Under the terms of the merger agreement, Centerspace shareholders will receive 3.800 shares of IRT common stock for each Centerspace common share. The Proposed Transaction is expected to close as early as the end of the fourth quarter of 2026, subject to approval by IRT stockholders and Centerspace shareholders on November 10, 2026, and other customary closing conditions. Upon closing, legacy IRT stockholders and holders of common units of Independence Realty Operating Partnership, LP (“IROP”) will own approximately 78% of the issued and outstanding shares of IRT common stock and IROP common units, and legacy Centerspace shareholders and holders of Centerspace, LP common units will own approximately 22% of the issued and outstanding shares of IRT common stock and IROP common units. Based on $24 million in annual synergies we expect to realize, the Proposed Transaction should be 5% accretive to CFFO.

	•	Net income available to common shares of $25.1 million for the quarter ended September 30, 2026 compared to $6.9 million for the quarter ended September 30, 2025. Earnings per diluted share (“EPS”) of $0.11 for the quarter ended September 30, 2026 compared to $0.03 for the quarter ended September 30, 2025.

•

CFFO of $70.7 million for the quarter ended September 30, 2026 compared to $70.0 million for the quarter ended September 30, 2025. CFFO per share was $0.29 for the third quarter of 2026 and for the third quarter of 2025.

•

Same-store portfolio NOI growth of 1.6% for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.

•

Adjusted EBITDA of $95.1 million for the quarter ended September 30, 2026 compared to $92.6 million for the quarter ended September 30, 2025.

•

Value Add Program completed renovations of 744 units during the quarter ended September 30, 2026, achieving a weighted average return on investment during the quarter of 14.2%.

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	Nine Months Ended
	September 30, 2026 Compared to	September 30, 2026 Compared to
	Three Months Ended	Nine Months Ended
	September 30, 2025	September 30, 2025
Rental and other property revenue	2.0% increase	1.4% increase
Property operating expenses	2.5% increase	1.7% increase
NOI	1.6% increase	1.3% increase
Portfolio average occupancy	40 bps decrease to 95.0%	30 bps decrease to 95.1%
Portfolio average rental rate	0.6% increase to $1,605	0.6% increase to $1,599
NOI Margin	20 bps decrease to 63.2%	10 bps decrease to 62.9%

	Q3 2026			Q2 2026			Q3 2025			Sequential Change			Year over Year Change
Same-Store Portfolio(1)
Average Occupancy		95.0	%		95.0	%		95.4	%		0.0	%		(0.4	)%
Resident Retention Rate		60.5	%		58.1	%		60.2	%		2.4	%		0.3	%

Lease Over Lease Effective Rental Rate Growth
Like-Term Leases
New		(0.6	)%		(2.7	)%		(3.7	)%		2.1	%		3.1	%
Renewal		4.6	%		4.1	%		2.6	%		0.5	%		2.0	%
Blended		2.8	%		1.3	%		0.1	%		1.5	%		2.7	%
All Leases
New		(1.9	)%		(2.0	)%		(4.1	)%		0.1	%		2.2	%
Renewal		5.1	%		4.6	%		2.8	%		0.5	%		2.3	%
Blended		2.1	%		1.7	%		(0.1	)%		0.4	%		2.2	%

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

Value Add Program

We completed renovations of 744 units during the three months ended September 30, 2026, achieving a weighted average return on investment of 14.2% with an average cost per unit renovated of $20,597, and an average monthly rent increase per unit of $244 over unrenovated comparable units. We completed renovations of 1,770 units during the nine months ended September 30, 2026, achieving a weighted average return on investment of 14.9% with an average cost per unit renovated of $20,687, and an average monthly rent increase per unit of $257 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 September 30, 2026.

Investment Activity

Dispositions

•

Stonebridge Crossing, Memphis, Tennessee: On September 10, 2026, we sold this property for a gross sales price of $55.8 million, resulting in a gain on sale of approximately $26.5 million.

Joint Ventures

•

The Mustang, Dallas, Texas: Subsequent to quarter-end, on October 1, 2026, we acquired our joint venture partner's 15% membership interest and assumed full operational control and 100% equity ownership of The Mustang property. The property underlying this joint venture is a 275-unit operating community in Dallas, Texas, that was 94% occupied with average effective monthly rent per occupied unit of $3,071 as of September 30, 2026, and will be consolidated into our financial results effective October 1, 2026.

Capital Expenditures

Across our total portfolio for the three months ended September 30, 2026, recurring capital expenditures were $10.2 million, or $304 per unit; Value Add Program expenditures were $17.7 million; non-recurring expenditures were $11.0 million; and development expenditures were $0.1 million, respectively. For nine months ended September 30, 2026, recurring capital expenditures were $28.6 million, or $859 per unit; Value Add Program expenditures were $39.8 million; non-recurring expenditures were $29.4 million; and development expenditures were $0.3 million, respectively.

Balance Sheet and Liquidity

At September 30, 2026, our net debt to Adjusted EBITDA was 6.2x. 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 2.7 years, and 86.5% of our debt was either subject to fixed interest rates or was hedged. Also as of September 30, 2026, we had approximately $491.6 million in liquidity through a combination of unrestricted cash and cash equivalents, and capacity under our unsecured revolver.

Dividend Distribution

On September 8, 2026, our Board of Directors declared a quarterly dividend of $0.18 per share of common stock. The third quarter dividend was paid on October 23, 2026 to stockholders of record at the close of business on September 30, 2026.

2026 EPS, FFO and CFFO Guidance

We updated our previously issued 2026 EPS, FFO, and CFFO per share guidance as summarized below. Other than merger and integration costs incurred through September 30, 2026, our guidance does not give effect to the Proposed Transaction with Centerspace. We expect the Proposed Transaction with Centerspace to close as early as the end of the fourth quarter of 2026 and, therefore, the impact to our full year 2026 guidance is not expected to be significant. 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.

	Previous Guidance						Current Guidance						Change at Midpoint
2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High			Low			High
Earnings per share	$	0.22		$	0.27		$	0.18		$	0.20		$	(0.05	)
Adjustments:
Depreciation and amortization		1.06			1.06			1.06			1.06			—
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)		(0.11	)		(0.11	)		0.02
FFO per share		1.16			1.18			1.13			1.15			(0.03	)
Merger and integration costs (4)		—			—			0.03			0.03			0.03
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—
CFFO per share (2)	$	1.13		$	1.15		$	1.13		$	1.15		$	—

(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 241.6 million weighted average shares and units outstanding, which excludes the impact of shares to be issued in conjunction with the Proposed Transaction with Centerspace.
(3)	Gain on sale of real estate assets includes the sale of Stonebridge Crossing, which was completed on September 10, 2026, and one property classified as held for sale as of September 30, 2026.
(4)	Merger and integration costs incurred to date primarily consist of advisory fees, attorney fees, accountant fees, and SEC filing fees related to the Proposed Transaction with Centerspace. We expect additional merger and integration costs to be incurred during Q4 2026 in addition to severance and debt prepayment penalty related costs that are expected in conjunction with the closing of the Proposed Transaction.

2026 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2026 are enumerated below. Other than merger and integration costs incurred through September 30, 2026, our guidance does not give effect to the Proposed Transaction with Centerspace, additional merger-related transaction expenses. We expect the Proposed Transaction with Centerspace to close as early as the end of the fourth quarter of 2026 and, therefore, the impact to our full year 2026 guidance is not expected to be significant. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:	Previous 2026 Outlook:	Current 2026 Outlook:	Change at Midpoint
Number of properties/units	109 properties / 31,735 units	109 properties / 31,735 units	—
Property revenue growth	1.5% to 1.9%	1.6% to 1.8%	—
Controllable operating expense growth	3.3% to 3.7%	3.4% to 3.8%	0.1%
Real estate tax and insurance expense growth	(1.0%) to (0.2%)	(1.0%) to (0.4%)	(0.1)%
Total operating expense growth	1.6% to 2.4%	1.6% to 2.4%	—
NOI growth	1.0% to 2.0%	1.2% to 1.8%	—

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55.5 - $56.5	$55.5 - $56.5	—
Interest expense(2)	$96.5 - $97.5	$97 - $98	$0.5

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume	$145	$266	$117⁽³⁾
Disposition volume	$106 - $112	$106 - $112	—

Capital Expenditures ($ in millions)
Recurring	$30 - $32	$31 - $33	$1
Value add renovation program	$43 - $45	$43 - $45	—
Non-recurring and revenue enhancing	$33 - $35	$31 - $33	($2)
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, acquired in Q1 and the consolidation of two properties underlying two of our joint venture investments. The consolidations of our two joint ventures were recorded on a carryover basis and occurred in Q1 and Q4. Disposition volume reflects the disposition of Stonebridge Crossing and the assumed disposition of one property classified as held for sale as of September 30, 2026. There can be no assurance that this disposition 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 Tuesday, November 3, 2026 from the Investors section of IRT's website, https://investors.irtliving.com. For those who are not available to listen to the live call, the replay will be available shortly afterward on following the live call from the Investors section of IRT’s website until the next earnings release.

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, statements regarding the Proposed Transaction (as defined below) with Centerspace (as defined below), including the expected timing of closing of the Proposed Transaction, the anticipated synergies, accretion and other benefits of the Proposed Transaction and the expected ownership of the combined company, our expectations with respect to the timing and terms of sales, if any, with respect to the one property which is classified as held for sale as of September 30, 2026, our expectations with respect to projects scheduled to start in 2027 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 IRT’s and Centerspace’s ability to complete the Proposed Transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approvals and satisfaction of other closing conditions to consummate the transaction, the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Centerspace and IRT, delays in completing the Proposed Transaction involving Centerspace and IRT, the possibility that the anticipated benefits of the Proposed Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Centerspace and IRT do business, the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, the ability of Centerspace and IRT to meet expectations regarding the timing, completion and accounting and tax treatment of the Proposed Transaction, potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the Proposed Transaction, the ability to complete the Proposed Transaction and integration of Centerspace and IRT successfully, the dilution caused by IRT’s issuance of additional shares of its capital stock in connection with the Proposed Transaction, 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 programs and failure to achieve rent increases and occupancy levels on account of the Value Add programs, 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, deteriorating economic conditions and rising unemployment rates, energy costs, and inflation, in the markets where we own apartment communities or in which we may invest in the future, uncertain global macro-economic and political conditions, the impact of actual or threatened wars or other international conflicts, such as in Ukraine, the Middle East, and South America, including sanctions imposed by the U.S. and other countries, on inflation, trade, and general economic conditions, 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, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, and the Definitive Joint Proxy Statement/Prospectus (as defined below), 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.

Important Additional Information about the Proposed Transaction and Where to Find It

In connection with the proposed merger (the “Proposed Transaction”) of Centerspace (NYSE:CSR) (“Centerspace”) and IRT, IRT filed with the SEC a registration statement on Form S-4 (File No. 333-299102) on September 24, 2026, as amended (the “Registration Statement”) which includes the joint proxy statement of Centerspace and IRT that also constitutes a prospectus of IRT. The Registration Statement was declared effective on October 7, 2026, and each of Centerspace and IRT commenced mailing of the definitive joint proxy statement of Centerspace and IRT that also constitutes a prospectus of IRT (the “Definitive Joint Proxy Statement/Prospectus”) to their respective shareholders or stockholders, as applicable, on or about October 7, 2026. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF CENTERSPACE AND IRT ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT CENTERSPACE, IRT, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders are able to obtain copies of the Registration Statement, the Definitive Joint Proxy Statement/Prospectus, and other relevant documents containing important information about Centerspace and IRT, free of charge from the SEC’s website at www.sec.gov and from Centerspace or IRT by requesting them by email at IRT@dfking.com. The documents filed by Centerspace with the SEC may also be obtained free of charge at Centerspace’s website at www.centerspacehomes.com or at the SEC’s website at www.sec.gov. The documents filed by IRT with the SEC may be obtained free of charge at IRT’s website at www.irtliving.com or at the SEC’s website at www.sec.gov.

Participants in Solicitation

Centerspace, IRT, and certain of their respective trustees or directors, as applicable, executive officers, and other members of management may be deemed to be participants in the solicitation of proxies from the shareholders of Centerspace and stockholders of IRT in connection with the Proposed Transaction. Information regarding the interests of the trustees or directors, as applicable, and executive officers of Centerspace and IRT and other persons who may be deemed to be participants in the solicitation of shareholders of Centerspace and IRT in connection with the Proposed Transaction and a description of their direct and indirect interests, by security holdings or otherwise, are included in the Definitive Joint Proxy Statement/Prospectus related to the Proposed Transaction. Information regarding Centerspace’s trustees and executive officers is available in its definitive proxy statement relating to its 2026 Annual Meeting of Shareholders, which was filed with the SEC on April 3, 2026 (the “2026 Centerspace Proxy Statement”), and other documents filed by Centerspace with the SEC. Information regarding IRT’s directors and executive officers is available in its definitive proxy statement relating to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 19, 2026 (the “2026 IRT Proxy Statement” and, together with the 2026 Centerspace Proxy Statement, the “2026 Proxy Statements”), and other documents filed by IRT with the SEC. To the extent holdings by directors or trustees, as applicable, and executive officers of Centerspace and IRT securities reported in the 2026 Proxy Statements, as applicable, have changed, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 and Statements of Change in Ownership on Forms 4 or 5 filed with the SEC by Centerspace and IRT. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is and will be contained in the Definitive Joint Proxy Statement/Prospectus and other relevant materials filed with the SEC by Centerspace and IRT, respectively. Free copies of these documents may be obtained as described above under “Important Additional Information about the Proposed Transaction and Where to Find It.”

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Schedule I

Independence Realty Trust, Inc.

Selected Financial Information

Dollars in thousands, except per share data

(unaudited)

	For the Three Months Ended
	September 30, 2026		June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares		$25,146	$	3,391		$	(68)		$	33,266		$	6,893
Earnings per share -- diluted		$0.11	$	0.01		$	0.00		$	0.14		$	0.03
Rental and other property revenue		$171,957	$	167,126		$	165,213		$	166,797		$	166,888
Property operating expenses		$64,340	$	63,375		$	62,124		$	57,260		$	61,699
NOI		$107,617	$	103,751		$	103,089		$	109,537		$	105,189
NOI margin		62.6%		62.1%			62.4	%		65.7	%		63.0	%
Adjusted EBITDA		$95,124	$	90,250		$	86,447		$	98,520		$	92,643
FFO per share		$0.27	$	0.28		$	0.27		$	0.33		$	0.30
CFFO per share		$0.29	$	0.28		$	0.26		$	0.32		$	0.29
Dividends per share		$0.18	$	0.18		$	0.17		$	0.17		$	0.17
CFFO payout ratio		62.1%		64.3%			65.4	%		53.1	%		58.6	%

Portfolio Data:
Total gross assets		$7,252,643	$	7,217,214		$	7,167,416		$	7,030,516		$	7,058,026
Total number of operating properties (a)		115		116			115			114			115
Total units (a)		33,398		33,898			33,602			33,462			33,818
Portfolio period end occupancy (a)		94.9%		94.9	%		94.7	%		94.9	%		95.1	%
Portfolio average occupancy (a)		94.8%		94.7	%		94.6	%		94.8	%		94.9	%
Portfolio average effective monthly rent, per unit (a)		$1,610	$	1,593		$	1,593		$	1,593		$	1,593
Same-store portfolio (b):
Period end occupancy (b)		95.0%		95.1	%		95.2	%		95.6	%		95.6	%
Average occupancy (b)		95.0%		95.0	%		95.3	%		95.4	%		95.4	%
Average effective monthly rent, per unit (b)		$1,605	$	1,597		$	1,594		$	1,595		$	1,595

Capitalization:
Total debt (c)		$2,401,457	$	2,443,383		$	2,433,543		$	2,281,475		$	2,296,202
Common share price, period end		$14.53	$	16.69		$	14.89		$	17.48		$	16.39
Market equity capitalization		$3,511,388		$4,033,711		$	3,598,014		$	4,250,723		$	4,016,286
Total market capitalization		$5,912,845		$6,477,094		$	6,031,557		$	6,532,198		$	6,312,488
Total debt/total gross assets		33.1%		33.9%			34.0	%		32.5	%		32.5	%
Net debt to adjusted EBITDA (d)	6.2x		6.5x			6.5x			5.7x			6.0x
Interest coverage	4.2x		4.2x			4.2x			4.8x			4.5x

Common shares and OP Units:
Shares outstanding		235,723,073		235,742,658			235,698,008			237,234,750			239,103,283
OP units outstanding		5,941,643		5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,664,716		241,684,301			241,639,651			243,176,393			245,044,926
Weighted average common shares and OP units		241,365,153		241,342,036			242,374,371			243,707,137			239,576,189

(a)	Excludes our development projects Tisdale at Lakeline Station and Flatiron Flats, 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 September 30, 2026, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.2x, 6.7x, 6.9x, 5.7x, and 6.1x, 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 September 30,						For the Nine Months Ended September 30,
	2026			2025			2026			2025
Funds From Operations (FFO):
Net income	$	25,719		$	6,995		$	29,012		$	23,693
Add-Back (Deduct):
Real estate depreciation and amortization		65,300			61,282			193,733			178,964
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		886			375			2,593			1,289
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(26,474	)		12,841			(26,474	)		12,914
Gain on sale of real estate associated with unconsolidated real estate entities		—			(10,389	)		—			(10,389	)
FFO	$	65,431		$	71,104		$	198,864		$	206,471
FFO per share	$	0.27		$	0.30		$	0.82		$	0.87
CORE Funds From Operations (CFFO):
FFO	$	65,431		$	71,104		$	198,864		$	206,471
Add-Back (Deduct):
Other depreciation and amortization		574			453			1,634			1,292
Casualty losses, net		498			419			22			559
Loan (premium accretion) discount amortization, net		(2,018	)		(2,001	)		(6,055	)		(6,015	)
Prepayment (gains) penalties on asset dispositions		—			—			—			(1,570	)
Loss on extinguishment of debt		—			—			—			67
Other loss		29			12			220			115
Merger and integration costs		6,200			—			6,200			—
CFFO	$	70,714		$	69,987		$	200,885		$	200,919
CFFO per share	$	0.29		$	0.29		$	0.83		$	0.84
Weighted-average shares and units outstanding		241,365,153			239,576,189			241,690,156			238,570,560

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
	September 30, 2026		June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025
Net income (loss)	$	25,719	$	3,418	$	(127)		$	34,015		$	6,995
Other revenue		(152)		(115)		(109	)		(330	)		(250	)
Property management expenses		7,662		7,931		8,237			6,674			7,891
General and administrative expenses		4,983		5,685		8,514			4,673			4,905
Depreciation and amortization expense		65,874		64,861		64,632			62,984			61,735
Casualty losses (gains), net		498		(553)		77			755			419
Interest expense		22,723		21,583		20,732			20,422			20,455
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		—		—			(17,491)			12,841
Other loss		29		105		86			238			12
Loss (income) from investments in unconsolidated real estate entities		555		836		1,047			(2,403	)		(9,814)
Merger and integration costs		6,200		—		—			—			—
NOI	$	107,617	$	103,751	$	103,089		$	109,537		$	105,189
Less: Non same-store portfolio NOI		5,668		5,318		4,833			5,375			4,878
Same-store portfolio NOI	$	101,949	$	98,433	$	98,256		$	104,162		$	100,311

(a)	Same-store portfolio consists of 109 properties containing 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
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025			September 30, 2025
Net income (loss)	$	25,719	$	3,418	$	(127)	$	34,015		$	6,995
Add-Back (Deduct):
Interest expense		22,723		21,583		20,732		20,422			20,455
Depreciation and amortization		65,874		64,861		64,632		62,984			61,735
Casualty losses (gains), net		498		(553)		77		755			419
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		—		—		(17,491)			12,841
Merger and integration costs		6,200		—		—		—			—
Loss (income) from investments in unconsolidated real estate entities		555		836		1,047		(2,403	)		(9,814)
Other loss		29		105		86		238			12
Adjusted EBITDA	$	95,124	$	90,250	$	86,447	$	98,520		$	92,643

INTEREST COST:
Interest expense	$	22,723	$	21,583	$	20,732	$	20,422		$	20,455

INTEREST COVERAGE:	4.2x		4.2x		4.2x		4.8x			4.5x

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	25,719	$	6,995	$	29,012	$	23,693
Add-Back (Deduct):
Interest expense		22,723		20,455		65,037		58,575
Depreciation and amortization		65,874		61,735		195,367		180,256
Casualty losses, net		498		419		22		559
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		12,841		(26,474)		11,344
Loss on extinguishment of debt		—		—		—		67
Merger and integration costs		6,200		—		6,200		—
Loss (income) from investments in unconsolidated real estate entities		555		(9,814)		2,438		(8,663)
Other loss		29		12		220		115
Adjusted EBITDA	$	95,124	$	92,643	$	271,822	$	265,946

INTEREST COST:
Interest expense	$	22,723	$	20,455	$	65,037	$	58,575

INTEREST COVERAGE:	4.2x		4.5x		4.2x		4.5x

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 merger and integration costs, 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, non-operating gains or losses or non-recurring items related to items such as merger and integration costs, which are cash costs that we do not consider indicative of our ongoing operations, 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, management believes they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash, non-operating 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, of a lease compared to the prior lease for that same unit. We report this statistic on both a like-term basis and an all leases basis. The like-term basis includes cases where both the current and prior lease associated with a unit reflect standard leasing activity and have terms of 9-14 months. An all leases basis includes 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
	September 30, 2026		June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Total debt	$	2,401,457	$	2,443,383		$	2,433,543		$	2,281,475		$	2,296,202
Less: cash and cash equivalents		(15,931)		(22,513)			(23,341	)		(23,564	)		(23,290	)
Less: loan discounts and premiums, net		(15,795)		(17,813	)		(19,833	)		(21,850	)		(23,863	)
Total net debt	$	2,369,731	$	2,403,057		$	2,390,369		$	2,236,061		$	2,249,049

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, merger and integration costs, 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 a supplemental measure of our financial performance and should not be considered as an alternative to net income or any other GAAP measure.

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
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Total assets	$	6,080,105	$	6,091,687	$	6,099,308	$	6,021,750	$	6,092,592
Plus: accumulated depreciation (a)		1,092,563		1,045,803		989,530		932,347		890,039
Plus: accumulated amortization		79,975		79,724		78,578		76,419		75,395
Total gross assets	$	7,252,643	$	7,217,214	$	7,167,416	$	7,030,516	$	7,058,026

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

Exhibit 99.2

TABLE OF CONTENTS

Company Information & Forward-Looking Statements	1

Earnings Press Release	4

Financial & Operating Highlights	11

Balance Sheets	12

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)
Trailing Five Quarters	13
Three and Nine Months Ended September 30, 2026 and 2025	14

Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	15
Three and Nine Months Ended September 30, 2026 and 2025	15

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge
Trailing Five Quarters	16
Three and Nine Months Ended September 30, 2026 and 2025	17

Same-Store Portfolio NOI by Market
Three Months Ended September 30, 2026 and 2025	18
Nine Months Ended September 30, 2026 and 2025	19

Property Portfolio NOI Exposure by Market	20

Value Add Summary	21

Investment & Development Activity	22

Debt Summary	24

Debt & Credit Metrics	25

Definitions	26

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 Positive
	Standard & Poors' Ratings Services	BBB l Stable

Investor Relations	Stephanie Krewson-Kelly
	267.270.4815
	SKrewson@IRTLiving.com

Forward-Looking Statements

This release and/or supplement each contain 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, statements regarding the Proposed Transaction (as defined below) with Centerspace (as defined below), including the expected timing of closing of the Proposed Transaction, the anticipated synergies, accretion and other benefits of the Proposed Transaction and the expected ownership of the combined company, our expectations with respect to the timing and terms of sales, if any, with respect to the one property which is classified as held for sale as of September 30, 2026, our expectations with respect to projects scheduled to start in 2027 and our expectations with respect to future acquisitions and dispositions. All statements in this release and/or supplement 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.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and supplement 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.

Important Additional Information about the Proposed Transaction and Where to Find It

Participants in Solicitation

No Offer or Solicitation

Independence Realty Trust Announces Third Quarter 2026 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – November 2, 2026 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its third quarter 2026 financial results.

Third Quarter 2026 EPS of $0.11 and CFFO Per Share of $0.29

Same-Store Portfolio NOI Growth of 1.6% for the Third Quarter 2026

Increases of 2.0% in Rental Revenues and 2.5% in Property Operating Expenses

Leasing Spreads Accelerated in Improved Operating Environment

Completed 1,770 Value Add Program Renovations Year-to-Date

Achieved Average ROI of 15%

Announced Acquisition of Centerspace

Creating an $8 billion Enterprise Value Apartment REIT with Approximately 44,400 Units

Reaffirmed Mid-points of Full Year 2026 Guidance for

Same-Store Revenues, Same-Store NOI and Core FFO per Share

Management Commentary

Third Quarter Summary

•

On September 9, 2026, IRT announced that it reached a definitive agreement to merge with Centerspace, which is expected to create an $8 billion multifamily REIT focused on high growth, non-gateway markets, with 163 apartment communities and approximately 44,400 units across 17 states. Under the terms of the merger agreement, Centerspace shareholders will receive 3.800 shares of IRT common stock for each Centerspace common share. The Proposed Transaction is expected to close as early as the end of the fourth quarter of 2026, subject to approval by IRT stockholders and Centerspace shareholders on November 10, 2026, and other customary closing conditions. Upon closing, legacy IRT stockholders and holders of common units of Independence Realty Operating Partnership, LP (“IROP”) will own approximately 78% of the issued and outstanding shares of IRT common stock and IROP common units, and legacy Centerspace shareholders and holders of Centerspace, LP common units will own approximately 22% of the issued and outstanding shares of IRT common stock and IROP common units. Based on $24 million in annual synergies we expect to realize, the Proposed Transaction should be 5% accretive to CFFO.

•

Net income available to common shares of $25.1 million for the quarter ended September 30, 2026 compared to $6.9 million for the quarter ended September 30, 2025. Earnings per diluted share (“EPS”) of $0.11 for the quarter ended September 30, 2026 compared to $0.03 for the quarter ended September 30, 2025.

•

Same-store portfolio NOI growth of 1.6% for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.

•

Adjusted EBITDA of $95.1 million for the quarter ended September 30, 2026 compared to $92.6 million for the quarter ended September 30, 2025.

•

Value Add Program completed renovations of 744 units during the quarter ended September 30, 2026, achieving a weighted average return on investment during the quarter of 14.2%.

Same-Store Portfolio⁽¹⁾ Operating Results

	Three Months Ended	Nine Months Ended
	September 30, 2026 Compared to	September 30, 2026 Compared to
	Three Months Ended	Nine Months Ended
	September 30, 2025	September 30, 2025
Rental and other property revenue	2.0% increase	1.4% increase
Property operating expenses	2.5% increase	1.7% increase
NOI	1.6% increase	1.3% increase
Portfolio average occupancy	40 bps decrease to 95.0%	30 bps decrease to 95.1%
Portfolio average rental rate	0.6% increase to $1,605	0.6% increase to $1,599
NOI Margin	20 bps decrease to 63.2%	10 bps decrease to 62.9%

	Q3 2026			Q2 2026			Q3 2025			Sequential Change			Year over Year Change
Same-Store Portfolio(1)
Average Occupancy		95.0	%		95.0	%		95.4	%		0.0	%		(0.4	)%
Resident Retention Rate		60.5	%		58.1	%		60.2	%		2.4	%		0.3	%

Lease Over Lease Effective Rental Rate Growth
Like-Term Leases
New		(0.6	)%		(2.7	)%		(3.7	)%		2.1	%		3.1	%
Renewal		4.6	%		4.1	%		2.6	%		0.5	%		2.0	%
Blended		2.8	%		1.3	%		0.1	%		1.5	%		2.7	%
All Leases
New		(1.9	)%		(2.0	)%		(4.1	)%		0.1	%		2.2	%
Renewal		5.1	%		4.6	%		2.8	%		0.5	%		2.3	%
Blended		2.1	%		1.7	%		(0.1	)%		0.4	%		2.2	%

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

Value Add Program

Investment Activity

Dispositions

•

Stonebridge Crossing, Memphis, Tennessee: On September 10, 2026, we sold this property for a gross sales price of $55.8 million, resulting in a gain on sale of approximately $26.5 million.

Joint Ventures

•

Capital Expenditures

Balance Sheet and Liquidity

Dividend Distribution

2026 EPS, FFO and CFFO Guidance

	Previous Guidance						Current Guidance						Change at Midpoint
2026 Full Year EPS and CFFO Guidance(1)(2)	Low			High			Low			High
Earnings per share	$	0.22		$	0.27		$	0.18		$	0.20		$	(0.05	)
Adjustments:
Depreciation and amortization		1.06			1.06			1.06			1.06			—
Gain on sale of real estate assets (3)		(0.12	)		(0.15	)		(0.11	)		(0.11	)		0.02
FFO per share		1.16			1.18			1.13			1.15			(0.03	)
Merger and integration costs (4)		—			—			0.03			0.03			0.03
Loan (premium accretion) discount amortization, net		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—
CFFO per share (2)	$	1.13		$	1.15		$	1.13		$	1.15		$	—

(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 241.6 million weighted average shares and units outstanding, which excludes the impact of shares to be issued in conjunction with the Proposed Transaction with Centerspace.
(3)	Gain on sale of real estate assets includes the sale of Stonebridge Crossing, which was completed on September 10, 2026, and one property classified as held for sale as of September 30, 2026.
(4)	Merger and integration costs incurred to date primarily consist of advisory fees, attorney fees, accountant fees, and SEC filing fees related to the Proposed Transaction with Centerspace. We expect additional merger and integration costs to be incurred during Q4 2026 in addition to severance and debt prepayment penalty related costs that are expected in conjunction with the closing of the Proposed Transaction.

2026 Guidance Assumptions⁽¹⁾

Same-Store Portfolio:	Previous 2026 Outlook:	Current 2026 Outlook:	Change at Midpoint
Number of properties/units	109 properties / 31,735 units	109 properties / 31,735 units	—
Property revenue growth	1.5% to 1.9%	1.6% to 1.8%	—
Controllable operating expense growth	3.3% to 3.7%	3.4% to 3.8%	0.1%
Real estate tax and insurance expense growth	(1.0%) to (0.2%)	(1.0%) to (0.4%)	(0.1)%
Total operating expense growth	1.6% to 2.4%	1.6% to 2.4%	—
NOI growth	1.0% to 2.0%	1.2% to 1.8%	—

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55.5 - $56.5	$55.5 - $56.5	—
Interest expense(2)	$96.5 - $97.5	$97 - $98	$0.5

Transaction/Investment Volume(3) ($ in millions)
Acquisition volume	$145	$266	$117⁽³⁾
Disposition volume	$106 - $112	$106 - $112	—

Capital Expenditures ($ in millions)
Recurring	$30 - $32	$31 - $33	$1
Value add renovation program	$43 - $45	$43 - $45	—
Non-recurring and revenue enhancing	$33 - $35	$31 - $33	($2)
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)

(3)

Selected Financial Information

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

Non-GAAP Financial Measures and Definitions

Conference Call

Supplemental Information

About Independence Realty Trust, Inc.

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	25,146		$	3,391		$	(68	)	$	33,266		$	6,893
Earnings per share -- diluted	$	0.11		$	0.01		$	0.00		$	0.14		$	0.03
Rental and other property revenue	$	171,957		$	167,126		$	165,213		$	166,797		$	166,888
Property operating expenses	$	64,340		$	63,375		$	62,124		$	57,260		$	61,699
NOI	$	107,617		$	103,751		$	103,089		$	109,537		$	105,189
NOI margin		62.6	%		62.1	%		62.4	%		65.7	%		63.0	%
Adjusted EBITDA	$	95,124		$	90,250		$	86,447		$	98,520		$	92,643
FFO per share	$	0.27		$	0.28		$	0.27		$	0.33		$	0.30
CFFO per share	$	0.29		$	0.28		$	0.26		$	0.32		$	0.29
Dividends per share	$	0.18		$	0.18		$	0.17		$	0.17		$	0.17
CFFO payout ratio		62.1	%		64.3	%		65.4	%		53.1	%		58.6	%

Portfolio Data:
Total gross assets	$	7,252,643		$	7,217,214		$	7,167,416		$	7,030,516		$	7,058,026
Total number of operating properties (a)		115			116			115			114			115
Total units (a)		33,398			33,898			33,602			33,462			33,818
Portfolio period end occupancy (a)		94.9	%		94.9	%		94.7	%		94.9	%		95.1	%
Portfolio average occupancy (a)		94.8	%		94.7	%		94.6	%		94.8	%		94.9	%
Portfolio average effective monthly rent, per unit (a)	$	1,610		$	1,593		$	1,593		$	1,593		$	1,593
Same-store portfolio (b):
Period end occupancy (b)		95.0	%		95.1	%		95.2	%		95.6	%		95.6	%
Average occupancy (b)		95.0	%		95.0	%		95.3	%		95.4	%		95.4	%
Average effective monthly rent, per unit (b)	$	1,605		$	1,597		$	1,594		$	1,595		$	1,595

Capitalization:
Total debt (c)	$	2,401,457		$	2,443,383		$	2,433,543		$	2,281,475		$	2,296,202
Common share price, period end	$	14.53		$	16.69		$	14.89		$	17.48		$	16.39
Market equity capitalization	$	3,511,388		$	4,033,711		$	3,598,014		$	4,250,723		$	4,016,286
Total market capitalization	$	5,912,845		$	6,477,094		$	6,031,557		$	6,532,198		$	6,312,488
Total debt/total gross assets		33.1	%		33.9	%		34.0	%		32.5	%		32.5	%
Net debt to adjusted EBITDA (d)	6.2x			6.5x			6.5x			5.7x			6.0x
Interest coverage	4.2x			4.2x			4.2x			4.8x			4.5x

Common shares and OP Units:
Shares outstanding		235,723,073			235,742,658			235,698,008			237,234,750			239,103,283
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		241,664,716			241,684,301			241,639,651			243,176,393			245,044,926
Weighted average common shares and OP units		241,365,153			241,342,036			242,374,371			243,707,137			239,576,189

(a)	Excludes our development projects Tisdale at Lakeline Station and Flatiron Flats, 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
	September 30, 2026		June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025
Assets:
Real estate held for investment, at cost	$	6,843,728	$	6,798,220	$	6,700,142		$	6,596,007		$	6,571,161
Less: accumulated depreciation		(1,085,397)		(1,029,116)		(972,660	)		(915,247	)		(861,370	)
Real estate held for investment, net		5,758,331		5,769,104		5,727,482			5,680,760			5,709,791
Real estate held for sale		50,012		77,756		76,858			76,468			107,182
Real estate under development		59,230		67,814		127,840			60,116			65,628
Cash and cash equivalents		15,931		22,513		23,341			23,564			23,290
Restricted cash		27,375		24,184		19,926			24,058			27,639
Investment in unconsolidated real estate entities		77,790		69,970		66,560			98,263			93,965
Other assets		67,505		45,078		44,151			45,711			47,771
Derivative assets		23,764		14,850		11,586			9,840			11,873
Intangible assets, net		167		418		1,564			2,970			5,453
Total assets	$	6,080,105	$	6,091,687	$	6,099,308		$	6,021,750		$	6,092,592
Liabilities and Equity:
Indebtedness, net (a)	$	2,401,457	$	2,443,383	$	2,433,543		$	2,281,475		$	2,296,202
Accounts payable and accrued expenses		139,099		101,713		84,160			92,355			119,513
Accrued interest payable		10,297		8,296		10,642			8,377			10,265
Dividends payable		43,427		43,426		41,003			41,275			41,592
Derivative liabilities		—		—		—			346			737
Other liabilities		7,197		8,178		8,318			8,496			9,023
Total liabilities		2,601,477		2,604,996		2,577,666			2,432,324			2,477,332
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share		—		—		—			—			—
Common shares, $0.01 par value per share		2,357		2,357		2,357			2,372			2,391
Additional paid in capital		3,978,635		3,978,126		3,976,536			4,005,168			4,022,309
Accumulated other comprehensive income		22,298		13,384		9,982			7,722			9,095
Accumulated deficit		(651,912)		(634,698)		(595,712	)		(555,326	)		(548,319	)
Total shareholders' equity		3,351,378		3,359,169		3,393,163			3,459,936			3,485,476
Noncontrolling Interests		127,250		127,522		128,479			129,490			129,784
Total equity		3,478,628		3,486,691		3,521,642			3,589,426			3,615,260
Total liabilities and equity	$	6,080,105	$	6,091,687	$	6,099,308		$	6,021,750		$	6,092,592

(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
	September 30, 2026		June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Revenue:
Rental and other property revenue	$	171,957	$	167,126		$	165,213		$	166,797		$	166,888
Other revenue		152		115			109			330			250
Total revenue		172,109		167,241			165,322			167,127			167,138
Expenses:
Property operating expenses		64,340		63,375			62,124			57,260			61,699
Property management expenses		7,662		7,931			8,237			6,674			7,891
General and administrative expenses (a)		4,983		5,685			8,514			4,673			4,905
Depreciation and amortization expense		65,874		64,861			64,632			62,984			61,735
Casualty losses (gains), net		498		(553)			77			755			419
Total expenses		143,357		141,299			143,584			132,346			136,649
Interest expense		(22,723)		(21,583)			(20,732	)		(20,422	)		(20,455	)
Gain on sale (loss on impairment) of real estate assets, net		26,474		—			—			17,491			(12,841)
Other loss		(29)		(105)			(86)			(238)			(12)
(Loss) income from investments in unconsolidated real estate entities		(555)		(836)			(1,047)			2,403			9,814
Merger and integration costs		(6,200)		—			—			—			—
Net income (loss)	$	25,719	$	3,418		$	(127)		$	34,015		$	6,995
(Income) loss allocated to noncontrolling interests		(573)		(27)			59			(749	)		(102	)
Net income (loss) available to common shares	$	25,146	$	3,391		$	(68)		$	33,266		$	6,893
Earnings per share - basic	$	0.11	$	0.01		$	0.00		$	0.14		$	0.03
Weighted-average shares outstanding - Basic		235,423,510		235,400,393			236,432,728			237,765,494			233,634,546
Earnings per share - diluted	$	0.11	$	0.01		$	0.00		$	0.14		$	0.03
Weighted-average shares outstanding - Diluted		236,113,360		236,037,395			236,432,728			238,495,087			234,283,170
Funds From Operations (FFO):
Net income (loss)	$	25,719	$	3,418		$	(127)		$	34,015		$	6,995
Add-Back (Deduct):
Real estate depreciation and amortization		65,300		64,319			64,114			62,497			61,282
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		886		831			876			609			375
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(26,474)		—			—			(17,491)			12,841
Gain on sale of real estate associated with unconsolidated real estate entities		—		—			—			(187	)		(10,389)
FFO	$	65,431	$	68,568		$	64,863		$	79,443		$	71,104
FFO per share	$	0.27	$	0.28		$	0.27		$	0.33		$	0.30
CORE Funds From Operations (CFFO):
FFO	$	65,431	$	68,568		$	64,863		$	79,443		$	71,104
Add-Back (Deduct):
Other depreciation and amortization		574		542			518			487			453
Casualty losses (gains), net		498		(553)			77			755			419
Loan (premium accretion) discount amortization, net		(2,018)		(2,021	)		(2,017	)		(2,013	)		(2,001	)
Other loss		29		105			86			238			12
Merger and integration costs		6,200		—			—			—			—
CFFO	$	70,714	$	66,641		$	63,527		$	78,910		$	69,987
CFFO per share	$	0.29	$	0.28		$	0.26		$	0.32		$	0.29
Weighted-average shares and units outstanding		241,365,153		241,342,036			242,374,371			243,707,137			239,576,189

(a)	Included in the three months ended March 31, 2026, is $2.4 million of stock compensation expense recorded with respect to stock awards granted to retirement eligible employees.

STATEMENTS OF OPERATIONS, FFO & CFFO

Dollars in thousands, except per share data

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2026		2025			2026		2025
Revenue:
Rental and other property revenue	$	171,957	$	166,888		$	504,296	$	489,684
Other revenue		152		250			376		885
Total revenue		172,109		167,138			504,672		490,569
Expenses:
Property operating expenses		64,340		61,699			189,839		181,897
Property management expenses		7,662		7,891			23,830		23,433
General and administrative expenses		4,983		4,905			19,181		19,293
Depreciation and amortization expense		65,874		61,735			195,367		180,256
Casualty losses, net		498		419			22		559
Total expenses		143,357		136,649			428,239		405,438
Interest expense		(22,723)		(20,455	)		(65,037)		(58,575	)
Gain on sale (loss on impairment) of real estate assets, net		26,474		(12,841)			26,474		(11,344)
Loss on extinguishment of debt		—		—			—		(67	)
Other loss		(29)		(12)			(220)		(115	)
(Loss) income from unconsolidated real estate entities		(555)		9,814			(2,438)		8,663
Merger and integration costs		(6,200)		—			(6,200)		—
Net income		25,719		6,995			29,012		23,693
Income allocated to noncontrolling interests		(573)		(102	)		(541)		(401	)
Net income available to common shares	$	25,146	$	6,893		$	28,471	$	23,292
Earnings per share - basic	$	0.11	$	0.03		$	0.12	$	0.10
Weighted-average shares outstanding - Basic		235,423,510		233,634,546			235,748,513		232,628,917
Earnings per share - diluted	$	0.11	$	0.03		$	0.12	$	0.10
Weighted-average shares outstanding - Diluted		236,113,360		234,283,170			236,525,152		233,403,810
Funds From Operations (FFO):
Net income	$	25,719	$	6,995		$	29,012	$	23,693
Add-Back (Deduct):
Real estate depreciation and amortization		65,300		61,282			193,733		178,964
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		886		375			2,593		1,289
(Gain on sale) loss on impairment of real estate assets, net, excluding prepayment gains		(26,474)		12,841			(26,474)		12,914
Gain on sale of real estate associated with unconsolidated real estate entities		—		(10,389)			—		(10,389)
FFO	$	65,431	$	71,104		$	198,864	$	206,471
FFO per share	$	0.27	$	0.30		$	0.82	$	0.87
CORE Funds From Operations (CFFO):
FFO	$	65,431	$	71,104		$	198,864	$	206,471
Add-Back (Deduct):
Other depreciation and amortization		574		453			1,634		1,292
Casualty losses, net		498		419			22		559
Loan (premium accretion) discount amortization, net		(2,018)		(2,001	)		(6,055)		(6,015	)
Prepayment (gains) penalties on asset dispositions		—		—			—		(1,570	)
Loss on extinguishment of debt		—		—			—		67
Other loss		29		12			220		115
Merger and integration costs		6,200		—			6,200		—
CFFO	$	70,714	$	69,987		$	200,885	$	200,919
CFFO per share	$	0.29	$	0.29		$	0.83	$	0.84
Weighted-average shares and units outstanding		241,365,153		239,576,189			241,690,156		238,570,560

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025			September 30, 2025
Net income (loss)	$	25,719	$	3,418	$	(127)	$	34,015		$	6,995
Add-Back (Deduct):
Interest expense		22,723		21,583		20,732		20,422			20,455
Depreciation and amortization		65,874		64,861		64,632		62,984			61,735
Casualty losses (gains), net		498		(553)		77		755			419
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		—		—		(17,491)			12,841
Merger and integration costs		6,200		—		—		—			—
Loss (income) from investments in unconsolidated real estate entities		555		836		1,047		(2,403	)		(9,814)
Other loss		29		105		86		238			12
Adjusted EBITDA	$	95,124	$	90,250	$	86,447	$	98,520		$	92,643

INTEREST COST:
Interest expense	$	22,723	$	21,583	$	20,732	$	20,422		$	20,455

INTEREST COVERAGE:	4.2x		4.2x		4.2x		4.8x			4.5x

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	25,719	$	6,995	$	29,012	$	23,693
Add-Back (Deduct):
Interest expense		22,723		20,455		65,037		58,575
Depreciation and amortization		65,874		61,735		195,367		180,256
Casualty losses, net		498		419		22		559
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		12,841		(26,474)		11,344
Loss on extinguishment of debt		—		—		—		67
Merger and integration costs		6,200		—		6,200		—
Loss (income) from investments in unconsolidated real estate entities		555		(9,814)		2,438		(8,663)
Other loss		29		12		220		115
Adjusted EBITDA	$	95,124	$	92,643	$	271,822	$	265,946

INTEREST COST:
Interest expense	$	22,723	$	20,455	$	65,037	$	58,575

INTEREST COVERAGE:	4.2x		4.5x		4.2x		4.5x

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
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Revenue:
Rental and other property revenue	$	161,319		$	157,076		$	156,095		$	157,566		$	158,216
Property Operating Expenses:
Real estate taxes		17,830			18,444			19,750			16,822			17,308
Property insurance		2,714			3,010			3,278			3,275			3,264
Personnel expenses		13,210			12,854			12,808			11,585			13,432
Utilities		8,280			7,615			8,215			7,936			8,027
Repairs and maintenance		5,732			5,883			4,175			3,750			5,591
Contract services		6,961			6,578			6,161			6,087			6,078
Advertising expenses		2,961			2,600			1,862			2,356			2,571
Other expenses		1,682			1,659			1,590			1,593			1,634
Total property operating expenses		59,370			58,643			57,839			53,404			57,905
Same-store portfolio NOI	$	101,949		$	98,433		$	98,256		$	104,162		$	100,311

Same-store portfolio NOI margin		63.2	%		62.7	%		62.9	%		66.1	%		63.4	%
Average occupancy		95.0	%		95.0	%		95.3	%		95.4	%		95.4	%
Average effective monthly rent, per unit	$	1,605		$	1,597		$	1,594		$	1,595		$	1,595

	For the Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Rental and other property revenue
Same-store portfolio	$	161,319	$	157,076	$	156,095	$	157,566	$	158,216
Non same-store portfolio		10,638		10,050		9,118		9,231		8,672
Total rental and other property revenue		171,957		167,126		165,213		166,797		166,888
Property operating expenses
Same-store portfolio		59,370		58,643		57,839		53,404		57,905
Non same-store portfolio		4,970		4,732		4,285		3,856		3,794
Total property operating expenses		64,340		63,375		62,124		57,260		61,699
NOI
Same-store portfolio		101,949		98,433		98,256		104,162		100,311
Non same-store portfolio		5,668		5,318		4,833		5,375		4,878
Total property NOI	$	107,617	$	103,751	$	103,089	$	109,537	$	105,189

(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 income to NOI.

SAME-STORE PORTFOLIO NET OPERATING INCOME ^(a)

THREE and nine MONTHS ENDED September 30, 2026 AND 2025

Dollars in thousands, except per unit data

	For the Three Months Ended									For the Nine Months Ended
	September 30,									September 30,
	2026			2025			% change			2026			2025			% change
Revenue:
Rental and other property revenue	$	161,319		$	158,216			2.0	%	$	474,490		$	467,832			1.4	%
Property Operating Expenses:
Real estate taxes		17,830			17,308			3.0	%		56,023			55,377			1.2	%
Property insurance		2,714			3,264			(16.9	)%		9,003			10,712			(16.0	)%
Personnel expenses		13,210			13,432			(1.7	)%		38,872			37,756			3.0	%
Utilities		8,280			8,027			3.2	%		24,110			23,221			3.8	%
Repairs and maintenance		5,732			5,591			2.5	%		15,790			15,758			0.2	%
Contract services		6,961			6,078			14.5	%		19,700			18,007			9.4	%
Advertising expenses		2,961			2,571			15.2	%		7,422			7,190			3.2	%
Other expenses		1,682			1,634			2.9	%		4,930			4,948			(0.4	)%
Total property operating expenses		59,370			57,905			2.5	%		175,850			172,969			1.7	%
Same-store portfolio NOI	$	101,949		$	100,311			1.6	%	$	298,640		$	294,863			1.3	%

Same-store portfolio NOI margin		63.2	%		63.4	%		(0.2	)%		62.9	%		63.0	%		(0.1	)%
Average occupancy		95.0	%		95.4	%		(0.4	)%		95.1	%		95.4	%		(0.3	)%
Average effective monthly rent, per unit	$	1,605		$	1,595			0.6	%	$	1,599		$	1,590			0.6	%

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

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED September 30, 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	13	5,180	$ 25,758	$ 25,005	3.0%	$ 9,728	$ 9,869	(1.4)%	$ 16,030	$ 15,136	5.9%	94.6%	93.9%	0.7%	$ 1,592	$ 1,587	0.3%
Dallas-Fort Worth, TX	14	4,007	22,495	22,635	(0.6)%	8,333	8,535	(2.4)%	14,162	14,100	0.4%	94.9%	96.0%	(1.1)%	1,802	1,810	(0.4)%
Columbus, OH	10	2,510	12,564	12,014	4.6%	4,799	4,605	4.2%	7,765	7,409	4.8%	94.5%	95.6%	(1.1)%	1,592	1,540	3.4%
Tampa-St. Petersburg, FL	6	1,791	10,822	10,858	(0.3)%	4,198	4,035	4.0%	6,624	6,823	(2.9)%	95.7%	96.1%	(0.4)%	1,900	1,928	(1.5)%
Oklahoma City, OK	8	2,147	8,835	8,665	2.0%	2,988	2,978	0.3%	5,847	5,687	2.8%	96.3%	95.8%	0.5%	1,295	1,263	2.5%
Indianapolis, IN	7	1,979	9,741	9,006	8.2%	3,584	3,444	4.1%	6,157	5,562	10.7%	94.8%	95.3%	(0.5)%	1,488	1,457	2.1%
Denver, CO	6	1,418	8,205	8,396	(2.3)%	3,000	2,881	4.1%	5,205	5,515	(5.6)%	95.2%	94.7%	0.5%	1,850	1,874	(1.3)%
Nashville, TN	5	1,508	8,104	7,712	5.1%	2,744	1,978	38.7%	5,360	5,734	(6.5)%	95.1%	95.8%	(0.7)%	1,629	1,622	0.4%
Raleigh - Durham, NC	6	1,690	8,234	8,209	0.3%	3,086	3,013	2.4%	5,148	5,196	(0.9)%	95.2%	95.2%	0.0%	1,543	1,550	(0.5)%
Houston, TX	5	1,308	6,075	6,073	0.0%	2,649	2,386	11.0%	3,426	3,687	(7.1)%	94.6%	96.7%	(2.1)%	1,463	1,449	1.0%
Charlotte, NC	4	1,014	5,214	5,192	0.4%	1,766	1,694	4.3%	3,448	3,498	(1.4)%	95.5%	95.9%	(0.4)%	1,660	1,675	(0.9)%
Lexington, KY	3	886	4,520	4,266	6.0%	1,285	1,249	2.9%	3,235	3,017	7.2%	95.0%	96.7%	(1.7)%	1,579	1,486	6.3%
Huntsville, AL	4	1,051	4,774	4,712	1.3%	1,636	1,747	(6.4)%	3,138	2,965	5.8%	94.1%	95.4%	(1.3)%	1,399	1,416	(1.2)%
Memphis, TN	3	883	4,444	4,184	6.2%	1,523	1,332	14.3%	2,921	2,852	2.4%	93.7%	94.3%	(0.6)%	1,542	1,573	(2.0)%
Louisville, KY	3	794	3,637	3,502	3.9%	1,333	1,380	(3.4)%	2,304	2,122	8.6%	97.2%	96.8%	0.4%	1,385	1,324	4.6%
Orlando, FL	2	617	3,536	3,581	(1.3)%	1,480	1,325	11.7%	2,056	2,256	(8.9)%	93.9%	95.3%	(1.4)%	1,853	1,870	(0.9)%
Cincinnati, OH	2	542	3,096	3,043	1.7%	1,083	1,115	(2.9)%	2,013	1,928	4.4%	95.2%	97.3%	(2.1)%	1,763	1,681	4.9%
Charleston, SC	2	518	2,916	2,841	2.6%	1,120	1,141	(1.8)%	1,796	1,700	5.6%	94.5%	94.6%	(0.1)%	1,849	1,778	4.0%
Greenville, SC	1	702	2,809	2,765	1.6%	1,001	1,083	(7.6)%	1,808	1,682	7.5%	95.7%	94.9%	0.8%	1,297	1,288	0.7%
Myrtle Beach, SC - Wilmington, NC	3	628	2,685	2,658	1.0%	965	972	(0.7)%	1,720	1,686	2.0%	94.4%	95.7%	(1.3)%	1,384	1,385	(0.1)%
Austin, TX	1	256	1,435	1,454	(1.3)%	530	564	(6.0)%	905	890	1.7%	96.0%	94.9%	1.1%	1,756	1,802	(2.6)%
San Antonio, TX	1	306	1,420	1,445	(1.7)%	539	579	(6.9)%	881	866	1.7%	96.3%	98.2%	(1.9)%	1,451	1,440	0.8%
Total / Weighted Average	109	31,735	$ 161,319	$ 158,216	2.0%	$ 59,370	$ 57,905	2.5%	$ 101,949	$ 100,311	1.6%	95.0%	95.4%	(0.4)%	$ 1,605	$ 1,595	0.6%

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

Nine MONTHS ENDED September 30, 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	13	5,180	$ 75,198	$ 73,226	2.7%	$ 28,731	$ 28,876	(0.5)%	$ 46,467	$ 44,350	4.8%	94.5%	93.6%	0.9%	$ 1,584	$ 1,590	(0.4)%
Dallas-Fort Worth, TX	14	4,007	67,112	67,163	(0.1)%	25,638	25,557	0.3%	41,474	41,606	(0.3)%	95.3%	96.1%	(0.8)%	1,803	1,810	(0.4)%
Columbus, OH	10	2,510	36,761	35,594	3.3%	14,021	13,881	1.0%	22,740	21,713	4.7%	95.0%	95.8%	(0.8)%	1,576	1,527	3.2%
Tampa-St. Petersburg, FL	6	1,791	32,332	32,149	0.6%	12,304	11,866	3.7%	20,028	20,283	(1.3)%	95.4%	96.1%	(0.7)%	1,917	1,919	(0.1)%
Oklahoma City, OK	8	2,147	26,068	25,485	2.3%	8,771	8,639	1.5%	17,297	16,846	2.7%	95.9%	96.3%	(0.4)%	1,283	1,247	2.9%
Indianapolis, IN	7	1,979	27,771	26,737	3.9%	10,674	10,164	5.0%	17,097	16,573	3.2%	94.9%	95.8%	(0.9)%	1,481	1,453	1.9%
Denver, CO	6	1,418	24,244	24,732	(2.0)%	8,544	8,291	3.1%	15,700	16,441	(4.5)%	94.9%	95.0%	(0.1)%	1,840	1,859	(1.0)%
Nashville, TN	5	1,508	23,270	22,793	2.1%	7,819	7,237	8.0%	15,451	15,556	(0.7)%	95.5%	95.9%	(0.4)%	1,615	1,618	(0.2)%
Raleigh - Durham, NC	6	1,690	24,375	24,353	0.1%	9,193	9,115	0.9%	15,182	15,238	(0.4)%	94.7%	95.2%	(0.5)%	1,539	1,546	(0.5)%
Houston, TX	5	1,308	18,055	17,897	0.9%	7,848	7,381	6.3%	10,207	10,516	(2.9)%	95.2%	96.4%	(1.2)%	1,460	1,441	1.3%
Charlotte, NC	4	1,014	15,553	15,479	0.5%	5,273	4,938	6.8%	10,280	10,541	(2.5)%	95.6%	94.7%	0.9%	1,661	1,696	(2.1)%
Lexington, KY	3	886	13,298	12,472	6.6%	3,750	3,653	2.7%	9,548	8,819	8.3%	95.6%	96.8%	(1.2)%	1,554	1,449	7.2%
Huntsville, AL	4	1,051	14,029	14,238	(1.5)%	5,036	5,219	(3.5)%	8,993	9,019	(0.3)%	95.0%	95.6%	(0.6)%	1,396	1,430	(2.4)%
Memphis, TN	3	883	12,805	12,687	0.9%	4,324	4,161	3.9%	8,481	8,526	(0.5)%	95.0%	95.3%	(0.3)%	1,543	1,579	(2.3)%
Louisville, KY	3	794	10,707	10,339	3.6%	3,950	4,055	(2.6)%	6,757	6,284	7.5%	96.3%	96.5%	(0.2)%	1,362	1,307	4.2%
Orlando, FL	2	617	10,478	10,580	(1.0)%	4,098	3,862	6.1%	6,380	6,718	(5.0)%	93.0%	95.1%	(2.1)%	1,868	1,855	0.7%
Cincinnati, OH	2	542	9,169	8,879	3.3%	3,324	3,284	1.2%	5,845	5,595	4.5%	96.0%	96.9%	(0.9)%	1,739	1,661	4.7%
Charleston, SC	2	518	8,620	8,403	2.6%	3,349	3,342	0.2%	5,271	5,061	4.1%	94.8%	95.0%	(0.2)%	1,814	1,768	2.6%
Greenville, SC	1	702	8,289	8,061	2.8%	3,007	3,153	(4.6)%	5,282	4,908	7.6%	94.6%	93.2%	1.4%	1,290	1,288	0.2%
Myrtle Beach, SC - Wilmington, NC	3	628	7,896	7,998	(1.3)%	2,829	2,803	0.9%	5,067	5,195	(2.5)%	94.3%	95.3%	(1.0)%	1,383	1,386	(0.2)%
Austin, TX	1	256	4,234	4,283	(1.1)%	1,685	1,736	(2.9)%	2,549	2,547	0.1%	96.2%	95.6%	0.6%	1,752	1,794	(2.3)%
San Antonio, TX	1	306	4,226	4,284	(1.4)%	1,682	1,756	(4.2)%	2,544	2,528	0.6%	96.9%	97.4%	(0.5)%	1,439	1,445	(0.4)%
Total / Weighted Average	109	31,735	$ 474,490	$ 467,832	1.4%	$ 175,850	$ 172,969	1.7%	$ 298,640	$ 294,863	1.3%	95.1%	95.4%	(0.3)%	$ 1,599	$ 1,590	0.6%

CONSOLIDATED PROPERTY PORTFOLIO ^(a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

										For the Three Months Ended
										September 30, 2026
Market	Number of Properties		Units		Gross Real Estate Assets		Period of Occupancy			Average Effective Monthly Rent per Unit		NOI		% of NOI
Atlanta, GA		13		5,180	$	1,157,193		94.1	%	$	1,595	$	16,029		15.0	%
Dallas, TX		14		4,007		913,580		95.0	%		1,804		14,162		13.3	%
Columbus, OH		11		2,650		418,412		94.8	%		1,590		8,227		7.7	%
Indianapolis, IN		8		2,259		370,099		95.0	%		1,507		7,044		6.6	%
Denver, CO (b)(c)		8		2,018		626,877		95.0	%		1,764		6,757		6.3	%
Tampa-St. Petersburg, FL		6		1,791		399,341		95.9	%		1,903		6,625		6.2	%
Oklahoma City, OK		8		2,147		356,121		96.0	%		1,298		5,848		5.5	%
Nashville, TN		5		1,508		382,902		95.6	%		1,630		5,360		5.0	%
Raleigh - Durham, NC		6		1,690		263,859		94.6	%		1,548		5,148		4.8	%
Orlando, FL		4		1,260		285,126		94.0	%		1,825		4,004		3.7	%
Charlotte, NC		4		1,014		263,981		95.6	%		1,662		3,448		3.2	%
Houston, TX		5		1,308		220,837		95.3	%		1,464		3,427		3.2	%
Lexington, KY		3		886		172,211		94.8	%		1,582		3,235		3.0	%
Huntsville, AL		4		1,051		245,130		94.4	%		1,401		3,116		2.9	%
Memphis, TN		3		883		124,991		92.7	%		1,546		2,920		2.7	%
Louisville, KY		3		794		99,289		96.3	%		1,386		2,304		2.2	%
Cincinnati, OH		2		542		129,279		96.7	%		1,764		2,013		1.9	%
Greenville, SC		1		702		128,748		96.0	%		1,299		1,808		1.7	%
Charleston, SC		2		518		87,776		94.2	%		1,852		1,796		1.7	%
Myrtle Beach, SC - Wilmington, NC		3		628		70,552		93.3	%		1,386		1,720		1.6	%
Austin, TX (a)		1		256		62,410		96.1	%		1,756		905		0.9	%
San Antonio, TX		1		306		58,313		96.7	%		1,451		881		0.9	%
Total / Weighted Average		115		33,398	$	6,837,027		94.9	%	$	1,610	$	106,777		100.0	%

(a)	Excludes our development project Tisdale at Lakeline Station. See the definitions of a development project 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 September 30, 2026.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF September 30, 2026

	Total		Total Units To Be		Units		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)			(c)
ONGOING
Atlanta, GA		7		3,174		1,721		1,693	$	190		13.7	%	$	18,852	$	3,053	$	21,904		12.1	%		10.4	%
Dallas, TX		7		1,925		1,233		1,227		317		21.7	%		19,571		2,713		22,283		19.4	%		17.1	%
Oklahoma City, OK		4		1,086		665		660		258		23.7	%		16,947		2,719		19,666		18.3	%		15.8	%
Columbus, OH		4		993		635		623		189		16.0	%		14,851		1,623		16,474		15.3	%		13.8	%
Lexington, KY		2		586		284		275		379		31.9	%		17,928		1,419		19,347		25.4	%		23.5	%
Indianapolis, IN		3		544		193		203		187		13.4	%		19,151		2,942		22,092		11.7	%		10.2	%
Charleston, SC		2		518		158		152		280		16.4	%		17,900		3,462		21,362		18.8	%		15.7	%
Denver, CO		2		491		302		297		321		25.5	%		14,906		3,788		18,693		25.9	%		20.6	%
Raleigh-Durham, NC		2		488		207		203		213		15.7	%		18,465		3,130		21,594		13.9	%		11.9	%
Nashville, TN		1		418		344		344		182		13.4	%		17,508		1,321		18,830		12.5	%		11.6	%
Cincinnati, OH		1		350		29		28		276		19.4	%		19,524		1,714		21,238		17.0	%		15.6	%
Total / Weighted Average		35		10,573		5,771		5,705	$	244		18.5	%	$	17,987	$	2,671	$	20,658		16.3	%		14.2	%

FUTURE (d)
Nashville, TN		1		176		—		—		—		0.0	%		—		—		—		0.0	%		0.0	%
Total / Weighted Average		1		176		—		—		—		—			—		—		—		—			—

COMPLETED (e)
Atlanta, GA		4		1,482		1,399		1,391		245		21.4	%		12,436		1,503		13,939		23.7	%		21.1	%
Tampa-St. Petersburg, FL		4		1,236		1,200		1,187		289		21.6	%		15,062		1,482		16,544		23.0	%		20.9	%
Columbus, OH		4		1,077		1,004		998		250		23.4	%		12,422		1,030		13,452		24.1	%		22.3	%
Memphis, TN		3		1,053		1,022		1,017		239		22.8	%		13,351		916		14,267		21.5	%		20.1	%
Louisville, KY		2		728		728		786		214		24.0	%		15,663		2,173		17,837		16.4	%		14.4	%
Raleigh-Durham, NC		2		646		606		604		197		17.5	%		15,417		1,585		17,003		15.3	%		13.9	%
Oklahoma City, OK		2		541		476		473		119		14.3	%		17,228		1,154		18,382		8.3	%		7.8	%
Dallas, TX		1		300		274		273		267		18.4	%		19,878		2,152		22,030		16.1	%		14.6	%
Wilmington, NC		1		288		288		287		77		7.6	%		8,118		56		8,174		11.4	%		11.3	%
Austin, TX		1		256		229		229		265		18.6	%		19,168		1,486		20,654		16.6	%		15.4	%
Indianapolis, IN		1		236		215		214		241		22.2	%		15,775		1,484		17,259		18.3	%		16.7	%
Total / Weighted Average		25		7,843		7,441		7,459		232		20.8	%		14,259		1,371	$	15,630		19.5	%		17.8	%

Grand Total/Weighted Average		61		18,592		13,212		13,164	$	237		19.8	%	$	15,874	$	2,161	$	18,035		17.9	%		15.8	%

(a)	See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $207.

(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 15.6%. ROI-Total costs using rent premium including the impact of concessions was 13.8%.
(d)	Projects scheduled to start in Q1 2027 are located in Nashville, TN.

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

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

2026 DISPOSITIONS

Property	Location		Units			Date Sold		Sale Price				Price per Unit				Average Rent per Unit at Disposition				Gain on Sale
Stonebridge Crossing	Memphis, TN			500		9/10/2026		$	55,750			$	112			$	1,204			$	26,474

ASSETS HELD FOR SALE AS OF SEPTEMBER 30, 2026

Property	Location	Units
Bella Terra at City Center	Denver, Colorado		304

REAL ESTATE UNDER DEVELOPMENT (a)

Development		Tisdale at Lakeline Station (a)
Location		Austin, Texas
Planned Units		378
Start Date		2Q 2022
Initial Occupancy		4Q 2025
Completion Date		4Q 2025
Projected Stabilization date		1Q 2027
Total Development Costs		$110,551
% of Planned Units Delivered as of September 30, 2026		100%
Occupancy % as of October 28, 2026 (b)		53.5%
Leased % as of October 28, 2026 (b)		58.2%

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

	Lakeline Station (a)			The Mustang (c)			Nexton Pine Hollow			The Approach
Location	Austin, TX			Dallas, TX			Charleston, SC			Indianapolis, IN			Total
Units		378			275			324			318			1,295
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
Remaining expected IRT investment	$	—			—			—			3,595		$	3,595
Carrying value of IRT's investment	$	—		$	30,368			30,260			17,162		$	77,790

Three Months Ended September 30, 2026
NOI	$	—		$	1,209		$	—		$	—		$	1,209
Interest expense		—			(1,054	)		—			—			(1,054	)
CFFO	$	—		$	155		$	—		$	—		$	155
Depreciation		—			(1,042	)		—			—			(1,042	)
Other income		—			7			—			—			7
Net (loss) income	$	—		$	(880	)	$	—		$	—		$	(880	)
IRT Equity Interest in JV					85.0	%		90.0	%		66.6	%
IRT Equity pick-up	$	—		$	(748	)	$	—		$	193		$	(555	)

Nine Months Ended September 30, 2026
NOI	$	(12	)	$	3,238		$	—		$	—		$	3,226
Interest expense		(52	)		(3,400	)		—			—			(3,452	)
CFFO	$	(64	)	$	(162	)	$	—		$	—		$	(226	)
Depreciation		(41	)		(3,007	)		—			—			(3,048	)
Other income		1			(11	)		—			—			(10	)
Net (loss) income	$	(104	)	$	(3,180	)	$	—		$	—		$	(3,284	)
IRT Equity Interest in JV		90.0	%		85.0	%		90.0	%		66.6	%
IRT Equity pick-up	$	(94	)	$	(2,702	)	$	—		$	358		$	(2,438	)

	(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. Tisdale at Lakeline Station will continue to be classified as a development property since it is in lease-up and has not yet reached overall occupancy of 90%.
	(b)	Leased % and occupancy % are calculated using the leased or occupied units, as applicable, divided by the total number of units.
	(c)	The Mustang is an operating property consisting of 275 units. As of September 30, 2026, The Mustang was 94% occupied with average effective monthly rent per occupied unit of $3,071. Subsequent to quarter-end, on October 1, 2026, we acquired our joint venture partner's 15% membership interest and assumed full operational control and 100% equity ownership of The Mustang. We will begin consolidating the assets and liabilities of the property and its operating results effective October 1, 2026.

DEBT SUMMARY AS OF September 30, 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)	$	274,372			4.6	%		4.8	%	Floating		2.3
Unsecured term loans (c)		750,000			4.7	%		4.0	%	Floating		2.3
Secured credit facilities (d)		575,689			4.2	%		4.4	%	Fixed		2.2
Mortgages		646,542			3.9	%		4.0	%	Fixed		2.9
Unsecured notes (e)		150,000			5.4	%		5.6	%	Fixed		6.5
Total Principal		2,396,603			4.4	%		4.3	%			2.7
Loan premiums (discounts), net		15,795
Unamortized deferred financing costs		(10,941	)				Credit Ratings:
Total Consolidated Debt		2,401,457					Agency			Rating	Outlook
Equity Market Capitalization		3,511,388					Fitch			BBB	Positive
Total Capitalization	$	5,912,845					S&P			BBB	Stable

(a)

Represents the weighted average effective interest rates for the three months ended September 30, 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 September 30, 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	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%
Swap	$ 150,000	6/17/2026	6/17/2030	3.26%	—	—

	(b)	Unsecured revolver total capacity is $750,000, of which $274,372 was drawn as of September 30, 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) $501,488 secured credit facility, two tranches of which, in an aggregate principal amount of $461,020, 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) $74,201 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 September 30, 2026

Dollars in thousands

Debt Covenant Summary (a)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	32.0%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.1x	Yes
Unsecured leverage ratio	≤ 60%	23.9%	Yes

(a)	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 (b)

	Total Units		% of Total			Gross Real Estate Assets		% of Total			Q3 2026 NOI		% of Total
Unencumbered assets		22,323		66.8	%	$	4,187,024		61.2	%	$	71,062		66.6	%
Encumbered assets		11,075		33.2	%		2,650,003		38.8	%		35,715		33.4	%
		33,398		100.0	%	$	6,837,027		100.0	%	$	106,777		100.0	%

(b)	Excludes our development project Tisdale at Lakeline Station. See the definitions at the end of this release.

Components of Interest Expense

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Interest expense on secured and unsecured debt	$	26,867		$	27,119		$	78,823		$	78,765
Plus: Senior unsecured credit facility commitment fees and other finance related charges		288			288			887			868
Plus: Amortization of deferred financing costs		1,038			919			3,103			2,727
Plus: Amortization related to derivative instruments		224			243			674			750
Less: Gain on interest rate hedges		(1,942	)		(3,728	)		(6,499	)		(10,945	)
Less: Capitalized interest		(1,734	)		(2,385	)		(5,896	)		(7,576	)
Interest expense before loan (premium accretion) discount amortization, net		24,741			22,456			71,092			64,590
Less: Loan (premium accretion) discount amortization, net (c)		(2,018	)		(2,001	)		(6,055	)		(6,015	)
Interest expense per our Consolidated Statement of Operations	$	22,723		$	20,455		$	65,037		$	58,575

(c)	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

Net Debt

	As of
	September 30, 2026		June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Total debt	$	2,401,457	$	2,443,383		$	2,433,543		$	2,281,475		$	2,296,202
Less: cash and cash equivalents		(15,931)		(22,513)			(23,341	)		(23,564	)		(23,290	)
Less: loan discounts and premiums, net		(15,795)		(17,813	)		(19,833	)		(21,850	)		(23,863	)
Total net debt	$	2,369,731	$	2,403,057		$	2,390,369		$	2,236,061		$	2,249,049

Net Operating Income

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

	For the Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026			December 31, 2025			September 30, 2025
Net income (loss)	$	25,719	$	3,418	$	(127)		$	34,015		$	6,995
Other revenue		(152)		(115)		(109	)		(330	)		(250	)
Property management expenses		7,662		7,931		8,237			6,674			7,891
General and administrative expenses		4,983		5,685		8,514			4,673			4,905
Depreciation and amortization expense		65,874		64,861		64,632			62,984			61,735
Casualty losses (gains), net		498		(553)		77			755			419
Interest expense		22,723		21,583		20,732			20,422			20,455
(Gain on sale) loss on impairment of real estate assets, net		(26,474)		—		—			(17,491)			12,841
Other loss		29		105		86			238			12
Loss (income) from investments in unconsolidated real estate entities		555		836		1,047			(2,403	)		(9,814)
Merger and integration costs		6,200		—		—			—			—
NOI	$	107,617	$	103,751	$	103,089		$	109,537		$	105,189
Less: Non same-store portfolio NOI		5,668		5,318		4,833			5,375			4,878
Same-store portfolio NOI	$	101,949	$	98,433	$	98,256		$	104,162		$	100,311

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
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Total assets	$	6,080,105	$	6,091,687	$	6,099,308	$	6,021,750	$	6,092,592
Plus: accumulated depreciation (a)		1,092,563		1,045,803		989,530		932,347		890,039
Plus: accumulated amortization		79,975		79,724		78,578		76,419		75,395
Total gross assets	$	7,252,643	$	7,217,214	$	7,167,416	$	7,030,516	$	7,058,026

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

Source: View Original Filing on SEC EDGAR

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