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• It's like **Equity Residential**, but focused on apartment communities in Sun Belt and secondary U.S. markets.
• Similar to **Simon Property Group**, but they own and operate large portfolios of apartment buildings instead of shopping malls.

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• Residential Apartment Leasing: Providing rental units to individuals and families within multi-family apartment communities.

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Independence Realty Trust (symbol: IRT) is a real estate investment trust (REIT) that focuses on acquiring, owning, operating, and managing multifamily apartment properties. Therefore, the company sells primarily to individuals who rent its apartment units.

The categories of individual customers Independence Realty Trust serves can be described as follows:

1. Young Professionals and Millennials: This category includes individuals and couples in their 20s to late 30s who are often seeking modern amenities, convenient locations close to employment centers or entertainment, and a low-maintenance lifestyle. They value community features and technology-enabled living.
2. Families and Mid-Career Individuals: This group comprises individuals and couples, potentially with children, who are looking for comfortable and spacious living arrangements within desirable communities. They often prioritize good school districts, family-friendly amenities, and convenient access to daily necessities and services.
3. Empty Nesters and Active Adults: These customers are typically older individuals or couples who are downsizing from single-family homes and seeking a hassle-free lifestyle. They often value community engagement, accessible amenities, and a secure environment without the responsibilities of home ownership.

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Scott F. Schaeffer, Chairman & Chief Executive Officer

Scott F. Schaeffer has served as the Chairman of the Board of Independence Realty Trust since January 2011 and as Chief Executive Officer since February 2013. He previously held the additional role of President at two different periods, from February 2013 to August 2014 and again from May 2023 to September 2024. Prior to his current roles, Mr. Schaeffer served as the Chief Executive Officer and a Director of RAIT Financial Trust, a real estate investment trust, from February 2009 to December 2016, and as its Chairman from December 2010 to October 2016. He also held positions at Resource America, Inc., including Vice Chairman from 1998 to 2000, Executive Vice President from 1997 to 1998, and Senior Vice President from 1995 to 1997. Additionally, he was President of Resource Properties, Inc., a wholly-owned real estate subsidiary of Resource America, from 1992 to 2000. Mr. Schaeffer's extensive experience in the acquisition and financing of apartment properties has been a key factor in his leadership.

James J. Sebra, President & Chief Financial Officer

James J. Sebra was appointed President of Independence Realty Trust on September 3, 2024, while retaining his responsibilities as Chief Financial Officer. He has served as the company's Chief Financial Officer since May 2012 and as Treasurer since January 2011. Mr. Sebra's prior experience includes serving as Chief Financial Officer and Treasurer of RAIT Financial Trust from May 2012 to March 2017, and as Senior Vice President-Finance and Chief Accounting Officer of RAIT from May 2007 to May 2012. Before joining RAIT, he was Vice President and Chief Accounting Officer of Taberna Realty Finance Trust from June 2005 until its acquisition by RAIT in December 2006. He also served as the Controller of Brandywine Realty Trust, a publicly held REIT, from 2004 to 2005. Mr. Sebra began his career in public accounting, working with Arthur Andersen LLP and KPMG LLP from 1998 to 2004, where he served various publicly and privately held real estate companies. He is a Certified Public Accountant and holds a Bachelor of Science in Accounting from Saint Joseph's University and a Master of Business Administration from Villanova University.

Ella K. Shaw Neyland, Executive Vice President & Chief Operating Officer

Ella K. Shaw Neyland holds the position of Executive Vice President and Chief Operating Officer at Independence Realty Trust. No detailed background information is available in the provided search results.

Farrell Beio, Executive Vice President & General Counsel

Farrell Beio serves as the Executive Vice President and General Counsel for Independence Realty Trust. No detailed background information is available in the provided search results.

Jason Lynch, Senior Vice President, Acquisitions & Dispositions

Jason Lynch is the Senior Vice President of Acquisitions & Dispositions at Independence Realty Trust. No detailed background information is available in the provided search results.

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The key risks to Independence Realty Trust (IRT) are primarily rooted in market dynamics and the inherent leverage within the real estate investment trust (REIT) structure.

1. Exposure to Market Fluctuations and Economic Downturns: Independence Realty Trust is significantly exposed to the cyclical nature of the real estate market, including broader economic downturns, shifts in housing demand, and changes in interest rates. These factors can directly impact occupancy rates and rental income, subsequently affecting the company's net operating income (NOI) and overall property values. While IRT has a diversified portfolio, its financial performance remains susceptible to these wider market trends.
2. Oversupply and Intense Competition in Multifamily Markets: IRT faces substantial competition from other REITs and real estate operators. A particular challenge stems from persistent oversupply and aggressive concessions offered on new Class A rentals in key Sun Belt markets, where IRT has a significant presence. This competitive landscape can cap rent growth and challenge projected financial forecasts.
3. Debt Management and Interest Rate Risk: As a REIT, IRT utilizes leverage, including credit agreements and term loans, to fund growth and acquisitions. While debt financing can be a growth driver, it requires diligent management to maintain sustainable debt levels and avoid overburdening the company's financial health. Changes in interest rates can also affect IRT's cost of debt and overall financial stability, despite efforts to fix or hedge a portion of its debt.

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The emergence and rapid growth of institutionalized build-to-rent single-family home communities represents a clear emerging threat. These communities target the same demographic of renters as traditional multifamily properties but offer a differentiated product with more space, privacy, and amenities like private yards. This growing sector provides a direct alternative to apartment living, potentially diverting renter demand and impacting occupancy rates and rental growth for multifamily REITs like Independence Realty Trust.

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Independence Realty Trust (IRT) specializes in the ownership and operation of multifamily apartment communities in the United States, primarily focusing on non-gateway markets such as those in the Sun Belt and Southeast regions.

The addressable market for IRT's main services, within the U.S. apartment rental industry, is projected to be approximately $295.3 billion in 2025.

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Expected Drivers of Future Revenue Growth for Independence Realty Trust (IRT)

Over the next 2-3 years, Independence Realty Trust (IRT) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Rent Growth and Pricing Power: IRT anticipates an improvement in lease rate growth, particularly in the first half of 2026, driven by a decrease in new multifamily supply. The company has focused on balancing rental rate growth with occupancy, achieving increases in average monthly rental rates through renewals.
2. Occupancy Stabilization and Growth: Maintaining and growing stable, high occupancy is a key focus for IRT. The company has demonstrated recent improvements in occupancy and projects further increases, which directly translates to higher rental revenue.
3. Value-Add Renovation Program: IRT's ongoing value-add renovation program is a significant driver of revenue. Renovated units achieve substantial average monthly rent increases over unrenovated comparable units, with the program consistently yielding high returns on investment. This strategy enhances the revenue-generating potential of their existing portfolio.
4. Strategic Acquisitions in Growth Markets: The company continues to acquire multifamily communities in high-growth, non-gateway U.S. markets, particularly within the Sunbelt region. These acquisitions are strategically chosen to enhance IRT's market presence and realize meaningful operating synergies, thereby contributing to overall revenue expansion.
5. Favorable Supply and Demand Dynamics: IRT's Sunbelt-focused markets are projected to benefit from significantly declining new multifamily unit deliveries over the next few years. This reduction in supply, coupled with steady apartment demand driven by population growth and the attractiveness of renting due to elevated homeownership costs, is expected to lead to positive net absorption and support stronger rent growth.

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Share Issuance

• Independence Realty Trust's issuance of stock for the trailing twelve months ended September 2025 amounted to $150.7 million.
• For the three months ended September 2025, the company's issuance of stock was $100.8 million.
• In Q1 2025, Independence Realty Trust entered into a forward sale of $56 million of equity under an At-The-Market (ATM) program, with 5.6 million shares remaining under forward sale agreements potentially yielding an additional $105.8 million, intended for future acquisitions.

Outbound Investments

• In 2022, Independence Realty Trust acquired three communities, comprising 678 units, for a gross purchase price of $203.4 million.
• The company was under contract in Q2 2025 to acquire two properties in Orlando, FL, for an aggregate purchase price of approximately $155 million, with closings anticipated in Q3 2025.
• Independence Realty Trust sold six communities for a gross sale price of $257.1 million in 2022 and identified three communities for disposition in the second half of 2025.

Capital Expenditures

• For the year ended December 31, 2024, recurring capital expenditures totaled $24.9 million, value-add and non-recurring expenditures were $90.5 million, and development expenditures amounted to $52.4 million.
• For the six months ended June 30, 2025, recurring capital expenditures were $16.0 million, value-add expenditures were $17.2 million, non-recurring expenditures were $22.3 million, and development expenditures were $9.0 million.
• A primary focus of capital expenditures is on value-add renovations, which consistently achieve a weighted average return on investment of approximately 16.2% (as seen in Q1 and Q2 2025), with an average cost per unit ranging from $18,000 to $19,000.