EX-99.2 3 irt-20221026xsupex992.htm EX-99.2
Exhibit 99.2
NYSE: IRT
WWW.IRTLIVING.COM

TABLE OF CONTENTS

Company Information | 3
Forward-Looking Statements | 4
Earnings Release Text | 5
Financial & Operating Highlights | 11
Balance Sheets | 12
Statements of Operations, FFO & CORE FFO |
Trailing Five Quarters | 13
Three and Nine Months Ended September 30, 2022 and 2021 | 14
Adjusted EBITDA Reconciliations and Coverage Ratio |
Trailing Five Quarters | 15
Three and Nine Months Ended September 30, 2022 and 2021 | 15
Combined Same-Store Portfolio Net Operating Income |
Trailing Five Quarters | 16
Three and Nine Months Ended September 30, 2022 and 2021 | 17
Net Operating Income Bridge | 18
Combined Same-Store Portfolio Net Operating Income by Market |
Three Months Ended September 30, 2022 and 2021 | 19
Nine Months Ended September 30, 2022 and 2021 | 20
Total Portfolio NOI Exposure by Market | 21
Value Add Summary | 22
Investment & Development Activity | 23
Debt Summary | 24
Debt Covenant & Unencumbered Asset Statistics | 25
Definitions | 26
Appendix A | 29

Independence Realty Trust
September 30, 2022
Company Information:
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX, Nashville, TN, and Memphis, TN. 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 aims to provide stockholders attractive risk-adjusted returns 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.

Corporate Headquarters | 1835 Market Street, Suite 2601
| Philadelphia, PA 19103
| 267.270.4800
Trading Symbol | NYSE: “IRT”
Investor Relations Contact | Edelman Financial Communications & Capital Markets
| Ted McHugh and Lauren Torres
| 917-365-7979
| IRT@edelman.com

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Forward-Looking Statements
This supplemental package 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 can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. These forward-looking statements include, without limitation, our expectations with respect to our operating performance and financial results, including our 2022 earnings guidance, timing and amount of future dividends, timing and terms of property acquisitions, dispositions, joint venture investments, developments and redevelopments and other capital expenditures, timing and terms of capital raising and other financing activity, lease pricing, revenue and expense growth, occupancy levels, supply levels, job growth, interest rates and other economic expectations, and anticipated benefits of our recently completed merger (the “STAR Merger”) with Steadfast Apartment REIT, Inc. (“STAR”), including as to the amount of synergies from the STAR Merger. Such forward-looking statements involve risks, uncertainties, estimates and assumptions 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. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Risks and uncertainties that might cause our future actual results and/or future dividends to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: (i) risks related to the impact of COVID-19 and other potential outbreaks of infectious diseases on our financial condition, results of operations, cash flows and the impact of such risks on the financial condition of our residents and their ability to pay rent; (ii) the nature and duration of measures taken by federal, state and local government authorities to combat the spread of disease; (iii) changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; (iv) uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; (v) increased costs on account of inflation; (vi) inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; (vii) legislative restrictions that may regulate rents or delay or limit collections of past due rents; (viii) risks endemic to real estate and the real estate industry generally; (ix) impairment charges; (x) the effects of natural and other disasters; (xi) delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; (xii) failure to realize the cost savings, synergies and other benefits expected to result from the STAR Merger; (xiii) unexpected costs or delays in integration of the IRT and STAR businesses; (xiv) unknown or unexpected liabilities related to the STAR Merger; (xv) unexpected costs of REIT qualification compliance; (xvi) unexpected changes in our intention or ability to repay certain debt prior to maturity; (xvii) inability to sell certain assets within the time frames or at the pricing levels expected; (xviii) costs and disruptions as the result of a cybersecurity incident or other technology disruption; and (xix) 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, 2021, 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. 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. In addition, the declaration of dividends on our common stock is subject to the discretion of our Board of Directors and depends upon a broad range of factors, including our results of operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, applicable legal requirements and such other factors as our Board of Directors may from time to time deem relevant.
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Independence Realty Trust Announces Third Quarter 2022 Financial Results
PHILADELPHIA – (BUSINESS WIRE) – October 26, 2022 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its third quarter 2022 financial results.
Third Quarter Highlights
•Net income available to common shares of $16.2 million for the quarter ended September 30, 2022 compared to $11.5 million for the quarter ended September 30, 2021.
•Earnings per diluted share of $0.07 for the quarter ended September 30, 2022 compared to $0.11 for the quarter ended September 30, 2021.
•Combined same-store portfolio net operating income (“NOI”) growth of 11.5% for the quarter ended September 30, 2022 compared to the quarter ended September 30, 2021.
•Core Funds from Operations (“CFFO”) of $64.3 million for the quarter ended September 30, 2022 compared to $22.7 million for the quarter ended September 30, 2021. CFFO per share was $0.28 for the third quarter of 2022, as compared to $0.21 for the third quarter of 2021.
•Adjusted EBITDA of $89.3 million for the quarter ended September 30, 2022 compared to $31.4 million for the quarter ended September 30, 2021.
•Value add program for the quarter ended September 30, 2022, has completed renovations at 457 units, achieving a weighted average return on investment during the quarter of 22.4%.
Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP.
Management Commentary
“We delivered double-digit revenue and NOI growth in the third quarter, as our portfolio of assets in attractive markets continued to exhibit strong fundamentals,” said Scott Schaeffer, Chairman and CEO of IRT. “Our combined same-store portfolio NOI increased by 11.5%, led by blended lease over lease rental growth of 12.7%. We are seeing increasing occupancy levels at our non-value add communities in our fourth quarter-to-date and as a result of our positive year-to-date operating performance, are maintaining our full year NOI and increasing our Core FFO per share growth guidance. Looking into 2023, we continue to believe that IRT is well-positioned in the multifamily sector and will maintain a disciplined approach in growing our business while increasing shareholder value.”
Combined Same-Store Portfolio(1) Operating Results

| Third Quarter 2022 Compared to Third Quarter 2021 | Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021 |
Rental and other property revenue(2) | 10.6% increase | 11.0% increase |
Property operating expenses | 9.1% increase | 6.4% increase |
Net operating income (“NOI”)(2) | 11.5% increase | 14.0% increase |
Portfolio average occupancy | 230 bps decrease to 94.2% | 100 bps decrease to 95.0% |
Portfolio average rental rate | 13.3% increase to $1,479 | 11.9% increase to $1,421 |
NOI Margin | 50 bps increase to 62.6% | 160 bps increase to 62.5% |

(1)Combined same-store portfolio includes 113 properties, which represent 33,804 units.
(2)Reflects upfront concessions recorded on a straight-line basis. With upfront concessions recorded on a cash basis, the change in rental and other property revenue would be 9.2% and 10.5%, for the three and nine months ended September 30, 2022, respectively, and the change in NOI would be 9.3% and 13.2% for the three and nine months ended September 30, 2022, respectively.
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Operating Metrics
The table below summarizes operating metrics for the combined same-store portfolio for the applicable periods.

| 3Q 2022 | 4Q 2022(3)
Combined Same-Store Portfolio(1) |  |
Average Occupancy | 94.2 | % | 94.2 | %
Lease Over Lease Effective Rental Rate Growth:(2) |  |
New Leases | 14.1 | % | 7.1 | %
Renewal Leases | 11.9 | % | 8.0 | %
Blended | 12.7 | % | 7.7 | %
Resident retention rate | 56.6 | % | 50.0 | %
Combined Same-Store Portfolio excluding Ongoing Value Add |  |
Average Occupancy(4) | 94.7 | % | 95.0 | %
Lease Over Lease Effective Rental Rate Growth:(2) |  |
New Leases | 13.5 | % | 5.8 | %
Renewal Leases | 11.1 | % | 7.2 | %
Blended | 12.0 | % | 6.7 | %
Resident retention rate | 56.3 | % | 51.2 | %
Value Add (21 properties with Ongoing Value Add) |  |
Average Occupancy | 92.2 | % | 91.0 | %
Lease Over Lease Effective Rental Rate Growth:(2) |  |
New Leases | 16.7 | % | 10.8 | %
Renewal Leases | 14.1 | % | 11.2 | %
Blended | 15.0 | % | 11.0 | %
Resident retention rate | 57.8 | % | 44.9 | %

(1)Combined same-store portfolio includes 113 properties, which represent 33,804 units.
(2)Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months.
(3)4Q 2022 average occupancy and resident retention rates are as through October 24, 2022. 4Q 2022 new lease and renewal rates are for leases commencing during 4Q 2022 that were signed as of October 24, 2022.
(4)As of October 24, 2022, period end occupancy at the combined same-store portfolio excluding ongoing value add was 95.4%.
Value Add Program
We completed renovations on 457 units during the quarter ended September 30, 2022, achieving a return on investment of 22.4%, with an average cost per unit renovated of $14,022, and average rent increase per renovated unit of $262. For the nine months ended September 30, 2022, we have completed renovations on 795 units, achieving a return on investment of 27.1%, with an average cost per unit renovated of $13,145, and an average rent increase per renovated unit of $292. See the Value Add Summary page of our supplemental for additional information on our projects life to date as of September 30, 2022.
We announced that 10 additional properties have been added to our value add program with renovations expected to begin in Q4 2022. The ten properties are comprised of 3,350 units and we expect to achieve returns on investment at these properties consistent with prior value add projects.
Investment Activity
Held for Sale
As of September 30, 2022, in connection with our ongoing capital recycling program, we had two properties, Meadows Apartments in Louisville, KY and Sycamore Terrace in Terre Haute, IN, classified as held for sale. We expect both dispositions to close in the fourth quarter of 2022 for an aggregate sales price of $103 million. The
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proceeds from the dispositions will be used to reduce indebtedness incurred in connection with the acquisition of two properties, as discussed below.
Acquisitions and Joint Ventures
•The Enclave at Tranquility Lake in Tampa, FL: On September 13, 2022, we acquired a 348-unit multifamily apartment community for $98.0 million. This acquisition expanded our footprint in Tampa-St. Petersburg, Florida from 1,104 units to 1,452 units.
•Cyan Mallard Creek in Charlotte, NC: On August 16, 2022, we acquired a 234-unit multifamily apartment community for $80.0 million. This acquisition expanded our footprint in Charlotte, North Carolina from 480 units to 714 units.
•The Mustang Joint Venture Investment: On August 16, 2022, we entered into a joint venture for the development of The Mustang, a to-be-built 275-unit community in Dallas, Texas. The project is scheduled to be completed in Q3 2024. We have committed to invest an aggregate $25.6 million in this joint venture, of which $9.3 million was funded as of September 30, 2022.
Capital Expenditures
For the three months ended September 30, 2022, recurring capital expenditures for the total portfolio were $8.7 million, or $242 per unit. For the nine months ended September 30, 2022, recurring capital expenditures for the total portfolio were $19.7 million, or $556 per unit.
Capital Markets
At-the-Market Offering
On November 13, 2020 we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150 million (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis.
No forward sale transactions under the ATM Program were entered into during the three months ended September 30, 2022. On September 28, 2022, we physically settled in full 2,000,000 shares that were previously sold on a forward basis under the ATM Program. The forward shares were settled at the current weighted average sales price of $24.97 per share and IRT received proceeds, net of sales commissions of approximately $49.9 million.
Dividend Distribution
On September 12, 2022, our Board of Directors declared a quarterly cash dividend of $0.14 per share of our common stock, which was paid on October 21, 2022 to stockholders of record at the close of business on September 30, 2022.
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2022 EPS and CFFO Guidance
We increased our EPS and CFFO per share and maintained our same-store NOI targets. Earnings per diluted share is projected to be in the range of $0.49 to $0.50. A reconciliation of IRT's projected net income allocable to common shares to its projected CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how IRT calculates CFFO and for management’s definition and rationale for the usefulness of CFFO.

| Previous Guidance |  | Current Guidance |  | Change at Midpoint
2022 Full Year EPS and CFFO Guidance (1)(2) | Low |  | High |  | Low |  | High |
Earnings per share | $0.48 |  | $0.50 |  | $0.49 |  | $0.50 |  | $0.005
Adjustments: |  |  |  |  |  |  |  |  |
Depreciation and amortization (3) | 1.09 |  | 1.09 |  | 1.09 |  | 1.09 |  | —
Gain on sale of real estate assets (4) | (0.51) |  | (0.51) |  | (0.51) |  | (0.51) |  | —
Core FFO per share | $1.06 |  | $1.08 |  | $1.07 |  | $1.08 |  | $0.005

(1)This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2022 EPS and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements” below. Our guidance is based on the key guidance assumptions detailed below.
(2)Per share guidance is based on 228.0 million weighted average shares and units outstanding.
(3)Depreciation and amortization includes $53.3 million ($0.23 per share) of amortization related to STAR in-place lease intangibles that are a result of GAAP purchase accounting. These intangibles were fully amortized as of September 30, 2022.
(4)Gains on sale of real estate assets include the four asset sales that occurred during the first quarter of 2022 and the two properties identified as held for sale as of September 30, 2022.
2022 Guidance Assumptions
Our key guidance assumptions for 2022 are enumerated below. See definitions at the end of this release for further information regarding our same-store definitions.

Combined Same-Store Portfolio | Previous 2022 Outlook | Current 2022 Outlook (1) | Change at Midpoint
Number of properties/units | 113 properties / 33,804 units | 113 properties / 33,804 units | —
Property revenue growth | 10.7% to 11.1% | 10.6% to 10.8% | (0.2)%
Controllable operating expense growth | 4.2% to 5.2% | 3.8% to 4.3% | (0.6)%
Real estate tax and insurance expense growth | 8.6% to 9.2% | 7.8% to 8.4% | (0.8)%
Total operating expense growth | 5.9% to 6.7% | 5.3% to 5.8% | (0.8)%
Property NOI growth | 13.25% to 14.25% | 13.25% to 14.25% | —%
Corporate Expenses |  |  |
General and administrative & Property management expenses | $50.0 to $51.0 million | $50.0 to $51.0 million | $—
Interest expense (2) | $98.0 to $100.0 million | $98.0 to $99.0 million | $(0.5) million
Transaction/Investment Volume (3) |  |  |
Acquisition volume | $25 to $250 million | $203 million | $65.5 million
Disposition volume | $157 to $400 million | $157 to $260 million | $(70) million
Capital Expenditures |  |  |
Recurring | $18.5 to $21.5 million | $21.0 to $23.0 million | $2.0 million
Value add & non-recurring | $42.5 to $47.5 million | $40.0 to $43.0 million | $(3.5) million
Development | $65.0 to $75.0 million | $65.0 to $75.0 million | —

(1)This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. See “Forward-Looking Statements” below.
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(2)Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded a $72.1 million loan premium, net, related to STAR debt. This loan premium will be accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion will be excluded from CFFO.
(3)We continue to evaluate our portfolio for capital recycling opportunities so actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions. See “Forward-Looking Statements” below.
Selected Financial Information
See the schedules at the end of this earnings release for selected financial information for IRT.
Non-GAAP Financial Measures and Definitions
We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.
Conference Call
All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, October 27, 2022 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.844.200.6205, access code 647671. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A playback of the conference call can also be accessed telephonically until Thursday, November 3, 2022 by dialing 1.866.813.9403, access code 833708.
Supplemental Information
We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investor Relations" section.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX, Nashville, TN, and Memphis, TN. 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 aims to provide stockholders attractive risk-adjusted returns 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.
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Forward-Looking Statements
This press 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 can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. These forward-looking statements include, without limitation, our expectations with respect to our operating performance and financial results, including our 2022 earnings guidance, timing and amount of future dividends, timing and terms of property acquisitions, dispositions, joint venture investments, developments and redevelopments and other capital expenditures, timing and terms of capital raising and other financing activity, lease pricing, revenue and expense growth, occupancy levels, supply levels, job growth, interest rates and other economic expectations, and anticipated benefits of our recently completed merger (the “STAR Merger”) with Steadfast Apartment REIT, Inc. (“STAR”), including as to the amount of synergies from the STAR Merger. Such forward-looking statements involve risks, uncertainties, estimates and assumptions 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. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Risks and uncertainties that might cause our future actual results and/or future dividends to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: (i) risks related to the impact of COVID-19 and other potential outbreaks of infectious diseases on our financial condition, results of operations, cash flows and the impact of such risks on the financial condition of our residents and their ability to pay rent; (ii) the nature and duration of measures taken by federal, state and local government authorities to combat the spread of disease; (iii) changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; (iv) uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; (v) increased costs on account of inflation; (vi) inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; (vii) legislative restrictions that may regulate rents or delay or limit collections of past due rents; (viii) risks endemic to real estate and the real estate industry generally; (ix) impairment charges; (x) the effects of natural and other disasters; (xi) delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; (xii) failure to realize the cost savings, synergies and other benefits expected to result from the STAR Merger; (xiii) unexpected costs or delays in integration of the IRT and STAR businesses; (xiv) unknown or unexpected liabilities related to the STAR Merger; (xv) unexpected costs of REIT qualification compliance; (xvi) unexpected changes in our intention or ability to repay certain debt prior to maturity; (xvii) inability to sell certain assets within the time frames or at the pricing levels expected; (xviii) costs and disruptions as the result of a cybersecurity incident or other technology disruption; and (xix) 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, 2021, 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. 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. In addition, the declaration of dividends on our common stock is subject to the discretion of our Board of Directors and depends upon a broad range of factors, including our results of operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, applicable legal requirements and such other factors as our Board of Directors may from time to time deem relevant.
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FINANCIAL & OPERATING HIGHLIGHTS
Dollars in thousands, except per share data

| For the Three Months Ended
| Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Selected Financial Information: |  |  |  |  |  |  |  |  |
Operating Statistics: |  |  |  |  |  |  |  |  |
Net income (loss) available to common shares | $ | 16,223 |  |  | $ | (7,205) |  |  | $ | 74,600 |  |  | $ | 28,615 |  |  | $ | 11,502 |
Earnings (loss) per share -- diluted | $ | 0.07 |  |  | $ | (0.03) |  |  | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 0.11 |
Rental and other property revenue | $ | 160,300 |  |  | $ | 154,643 |  |  | $ | 149,977 |  |  | $ | 76,803 |  |  | $ | 60,592 |
Property operating expenses | $ | 59,967 |  |  | $ | 58,976 |  |  | $ | 55,883 |  |  | $ | 26,952 |  |  | $ | 23,164 |
NOI | $ | 100,333 |  |  | $ | 95,667 |  |  | $ | 94,094 |  |  | $ | 49,851 |  |  | $ | 37,428 |

NOI margin | 62.6 | % |  | 61.9 | % |  | 62.7 | % |  | 64.9 | % |  | 61.8 | %

Adjusted EBITDA | $ | 89,264 |  |  | $ | 83,228 |  |  | $ | 81,375 |  |  | $ | 42,301 |  |  | $ | 31,432 |
CORE FFO per share | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.25 |  |  | $ | 0.24 |  |  | $ | 0.21 |
Dividends per share | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.12 |

CORE FFO payout ratio | 50.0 | % |  | 53.8 | % |  | 48.0 | % |  | 50.0 | % |  | 57.1 | %

Portfolio Data: |  |  |  |  |  |  |  |  |
Total gross assets | $ | 7,097,280 |  |  | $ | 6,801,034 |  |  | $ | 6,731,377 |  |  | $ | 6,785,648 |  |  | $ | 2,114,743 |
Total number of operating properties | 122 |  |  | 120 |  |  | 119 |  |  | 123 |  |  | 57 |
Total units | 36,176 |  |  | 35,594 |  |  | 35,498 |  |  | 36,831 |  |  | 16,109 |

Period end occupancy | 94.6 | % |  | 95.7 | % |  | 95.4 | % |  | 95.6 | % |  | 96.0 | %
Total portfolio average occupancy | 94.2 | % |  | 95.5 | % |  | 95.2 | % |  | 96.0 | % |  | 96.1 | %

Total portfolio average effective monthly rent, per unit | $ | 1,484 |  |  | $ | 1,414 |  |  | $ | 1,374 |  |  | $ | 1,329 |  |  | $ | 1,212 |

Combined same-store portfolio period end occupancy (a) | 94.6 | % |  | 95.4 | % |  | 95.5 | % |  | 95.7 | % |  | 96.2 | %
Combined same-store portfolio average occupancy (a) | 94.2 | % |  | 95.5 | % |  | 95.4 | % |  | 96.0 | % |  | 96.5 | %

Combined same-store portfolio average effective monthly rent, per unit (a) | $ | 1,479 |  |  | $ | 1,412 |  |  | $ | 1,373 |  |  | $ | 1,346 |  |  | $ | 1,305 |
Capitalization: |  |  |  |  |  |  |  |  |
Total debt (b) | $ | 2,713,625 |  |  | $ | 2,552,936 |  |  | $ | 2,542,088 |  |  | $ | 2,705,336 |  |  | $ | 996,270 |
Common share price, period end | $ | 16.73 |  |  | $ | 20.73 |  |  | $ | 26.44 |  |  | $ | 25.83 |  |  | $ | 20.35 |
Market equity capitalization | $ | 3,850,365 |  |  | $ | 4,729,580 |  |  | $ | 6,031,873 |  |  | $ | 5,882,410 |  |  | $ | 2,150,162 |
Total market capitalization | $ | 6,563,990 |  |  | $ | 7,282,516 |  |  | $ | 8,573,961 |  |  | $ | 8,587,746 |  |  | $ | 3,146,432 |

Total debt/total gross assets | 38.2 | % |  | 37.5 | % |  | 37.8 | % |  | 39.9 | % |  | 47.1 | %
Net debt to Adjusted EBITDA (pro forma) (c) | 7.2x |  | 7.4x |  | 7.6x |  | 7.7x |  | 8.2x
Interest coverage | 4.0x |  | 4.0x |  | 4.0x |  | 3.9x |  | 3.6x

Common shares and OP Units: |  |  |  |  |  |  |  |  |
Shares outstanding | 224,056,179 |  |  | 222,060,280 |  |  | 221,163,391 |  |  | 220,753,735 |  |  | 105,106,714 |
OP units outstanding | 6,091,171 |  |  | 6,091,171 |  |  | 6,970,993 |  |  | 6,981,841 |  |  | 552,360 |
Common shares and OP units outstanding | 230,147,350 |  |  | 228,151,451 |  |  | 228,134,384 |  |  | 227,735,577 |  |  | 105,659,074 |
Weighted average common shares and OP units | 228,051,780 |  |  | 227,964,753 |  |  | 227,778,484 |  |  | 127,046,225 |  |  | 107,094,044 |

(a)Combined same-store portfolio consists of 113 properties, which represent 33,804 units.
(b)Includes indebtedness associated with real estate held for sale.
(c)Reflects pro forma net debt to Adjusted EBITDA for each period presented, which includes adjustments for the timing of acquisitions, the full quarter effect of current value add initiatives, the completion of capital recycling activities including paydown of associated indebtedness, and the normalization of items impacting quarterly EBITDA. Actual net debt to Adjusted EBITDA multiples for the five quarters ended September 30, 2022 were 7.4x, 7.4x, 7.5x, 15.4x, and 8.0x, respectively.
11

BALANCE SHEETS
Dollars in thousands, except per share data

| As of
| Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Assets: |  |  |  |  |  |  |  |  |
Real estate held for investment, at cost | $ | 6,634,087 |  |  | $ | 6,428,482 |  |  | $ | 6,382,324 |  |  | $ | 6,462,355 |  |  | $ | 1,904,760 |
Less: accumulated depreciation | (379,171) |  |  | (329,903) |  |  | (283,666) |  |  | (243,475) |  |  | (223,244) |
Real estate held for investment, net | 6,254,916 |  |  | 6,098,579 |  |  | 6,098,658 |  |  | 6,218,880 |  |  | 1,681,516 |
Real estate held for sale | 82,178 |  |  | 81,818 |  |  | 80,992 |  |  | 61,560 |  |  | 120,409 |
Real estate under development | 86,763 |  |  | 61,777 |  |  | 48,959 |  |  | 41,777 |  |  | — |
Cash and cash equivalents | 23,753 |  |  | 11,378 |  |  | 23,971 |  |  | 35,972 |  |  | 8,720 |
Restricted cash | 35,829 |  |  | 31,017 |  |  | 26,789 |  |  | 29,699 |  |  | 6,138 |
Investment in unconsolidated real estate entities | 70,608 |  |  | 54,178 |  |  | 43,541 |  |  | 24,999 |  |  | 13,561 |
Other assets | 34,480 |  |  | 26,707 |  |  | 27,281 |  |  | 38,052 |  |  | 15,053 |
Derivative assets | 43,967 |  |  | 21,162 |  |  | 12,944 |  |  | 2,488 |  |  | 1,168 |
Intangible assets, net | 1,039 |  |  | 18 |  |  | 24,187 |  |  | 53,269 |  |  | 346 |
Total assets | $ | 6,633,533 |  |  | $ | 6,386,634 |  |  | $ | 6,387,322 |  |  | $ | 6,506,696 |  |  | $ | 1,846,911 |
Liabilities and Equity: |  |  |  |  |  |  |  |  |
Indebtedness, net | $ | 2,667,183 |  |  | $ | 2,506,375 |  |  | $ | 2,495,410 |  |  | $ | 2,705,336 |  |  | $ | 996,270 |
Indebtedness associated with real estate held for sale, net | 46,442 |  |  | 46,561 |  |  | 46,678 |  |  | — |  |  | 22,459 |
Accounts payable and accrued expenses | 126,310 |  |  | 98,173 |  |  | 81,498 |  |  | 106,332 |  |  | 39,593 |
Accrued interest payable | 11,019 |  |  | 6,891 |  |  | 6,955 |  |  | 7,175 |  |  | 1,708 |
Dividends payable | 32,188 |  |  | 31,907 |  |  | 27,345 |  |  | 16,792 |  |  | 12,648 |
Derivative liabilities | — |  |  | — |  |  | 128 |  |  | 11,896 |  |  | 17,492 |
Other liabilities | 13,816 |  |  | 15,077 |  |  | 15,921 |  |  | 17,089 |  |  | 6,756 |
Total liabilities | 2,896,958 |  |  | 2,704,984 |  |  | 2,673,935 |  |  | 2,864,620 |  |  | 1,096,926 |
Equity: |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Preferred shares, $0.01 par value per share | — |  |  | — |  |  | — |  |  | — |  |  | — |
Common shares, $0.01 par value per share | 2,241 |  |  | 2,221 |  |  | 2,212 |  |  | 2,208 |  |  | 1,051 |
Additional paid in capital | 3,749,550 |  |  | 3,698,763 |  |  | 3,678,478 |  |  | 3,678,903 |  |  | 965,018 |
Accumulated other comprehensive income (loss) | 37,569 |  |  | 18,430 |  |  | 9,958 |  |  | (11,940) |  |  | (19,507) |
Retained earnings (deficit) | (194,014) |  |  | (178,902) |  |  | (140,643) |  |  | (188,410) |  |  | (200,429) |
Total shareholders' equity | 3,595,346 |  |  | 3,540,512 |  |  | 3,550,005 |  |  | 3,480,761 |  |  | 746,133 |
Noncontrolling Interests | 141,229 |  |  | 141,138 |  |  | 163,382 |  |  | 161,315 |  |  | 3,852 |
Total equity | 3,736,575 |  |  | 3,681,650 |  |  | 3,713,387 |  |  | 3,642,076 |  |  | 749,985 |
Total liabilities and equity | $ | 6,633,533 |  |  | $ | 6,386,634 |  |  | $ | 6,387,322 |  |  | $ | 6,506,696 |  |  | $ | 1,846,911 |

12

STATEMENTS OF OPERATIONS, FFO & CORE FFO
TRAILING FIVE QUARTERS
Dollars in thousands, except per share data

| For the Three Months Ended
| Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Revenue: |  |  |  |  |  |  |  |  |
Rental and other property revenue | $ | 160,300 |  |  | $ | 154,643 |  |  | $ | 149,977 |  |  | $ | 76,803 |  |  | $ | 60,592 |
Other revenue | 300 |  | 120 |  | 385 |  | 113 |  | 188
Total revenue | 160,600 |  | 154,763 |  | 150,362 |  | 76,916 |  | 60,780
Expenses: |  |  |  |  |  |  |  |  |
Property operating expenses | 59,967 |  | 58,976 |  | 55,883 |  | 26,952 |  | 23,164
Property management expenses | 5,744 |  | 6,139 |  | 5,556 |  | 3,221 |  | 2,199
General and administrative expenses(a) | 5,625 |  | 6,968 |  | 7,928 |  | 4,442 |  | 3,985
Depreciation and amortization expense | 49,722 |  | 72,793 |  | 78,174 |  | 26,210 |  | 17,384
Casualty (gains) losses, net | (191) |  | (5,592) |  | (1,393) |  | — |  | —
Total expenses | 120,867 |  | 139,284 |  | 146,148 |  | 60,825 |  | 46,732
Interest expense | (22,093) |  | (20,994) |  | (20,531) |  | (10,757) |  | (8,700)
Gain on sale of real estate assets, net | — |  | — |  | 94,712 |  | 76,179 |  | 11,492
Loss on extinguishment of debt | — |  | — |  | — |  | (10,261) |  | —
Other income (expense) | 765 |  | 294 |  | 443 |  | — |  | —
Loss from investments in unconsolidated real estate entities | (1,477) |  | (871) |  | (63) |  | — |  | —
Merger and integration costs | (275) |  | (1,307) |  | (1,895) |  | (41,787) |  | (5,276)
Net income (loss) | $ | 16,653 |  |  | $ | (7,399) |  |  | $ | 76,880 |  |  | $ | 29,465 |  |  | $ | 11,564 |
(Income) loss allocated to noncontrolling interests | (430) |  | 194 |  | (2,280) |  | (850) |  | (62)
Net income (loss) available to common shares | $ | 16,223 |  |  | $ | (7,205) |  |  | $ | 74,600 |  |  | $ | 28,615 |  |  | $ | 11,502 |
EPS - basic | $ | 0.07 |  |  | $ | (0.03) |  |  | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 0.11 |
Weighted-average shares outstanding - Basic | 221,960,609 |  | 221,164,284 |  | 220,798,692 |  | 125,375,694 |  | 104,918,674
EPS - diluted | $ | 0.07 |  |  | $ | (0.03) |  |  | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 0.11 |
Weighted-average shares outstanding - Diluted | 222,867,546 |  | 221,164,284 |  | 222,045,286 |  | 126,675,551 |  | 107,668,675
Funds From Operations (FFO): |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 16,653 |  |  | $ | (7,399) |  |  | $ | 76,880 |  |  | $ | 29,465 |  |  | $ | 11,564 |
Add-Back (Deduct): |  |  |  |  |  |  |  |  |
Real estate depreciation and amortization | 49,347 |  | 72,298 |  | 77,943 |  | 26,068 |  | 17,263
Real estate depreciation and amortization from investments in unconsolidated real estate entities | 1,388 |  | 515 |  | — |  | — |  | —
Gain on sale of real estate assets, net, excluding debt extinguishment costs | — |  | — |  | (94,712) |  | (78,490) |  | (11,788)
FFO | $ | 67,388 |  |  | $ | 65,414 |  |  | $ | 60,111 |  |  | $ | (22,957) |  |  | $ | 17,039 |
FFO per share | $ | 0.30 |  |  | $ | 0.29 |  |  | $ | 0.26 |  |  | $ | (0.18) |  |  | $ | 0.16 |
CORE Funds From Operations (CFFO): |  |  |  |  |  |  |  |  |
FFO | $ | 67,388 |  |  | $ | 65,414 |  |  | $ | 60,111 |  |  | $ | (22,957) |  |  | $ | 17,039 |
Add-Back (Deduct): |  |  |  |  |  |  |  |  |
Other depreciation and amortization | 375 |  | 495 |  | 231 |  | 142 |  | 121
Casualty (gains) losses, net | (191) |  | (5,592) |  | (1,393) |  | — |  | —
Loan (premium accretion) discount amortization, net | (2,750) |  | (2,741) |  | (2,754) |  | (501) |  | —
Prepayment penalties on asset dispositions | — |  | — |  | — |  | 2,312 |  | 295
Loss on extinguishment of debt | — |  | — |  | — |  | 10,261 |  | —
Other (income) expense | (765) |  | (294) |  | (380) |  | — |  | —
Merger and integration costs | 275 |  | 1,307 |  | 1,895 |  | 41,787 |  | 5,276
CFFO | $ | 64,332 |  |  | $ | 58,589 |  |  | $ | 57,710 |  |  | $ | 31,044 |  |  | $ | 22,731 |
CFFO per share | $ | 0.28 |  |  | $ | 0.26 |  |  | $ | 0.25 |  |  | $ | 0.24 |  |  | $ | 0.21 |
Weighted-average shares and units outstanding | 228,051,780 |  | 227,966,261 |  | 227,778,484 |  | 127,046,225 |  | 107,094,044

(a)Included in the three months ended March 31, 2022 is $2.4 million of stock compensation expense recorded with respect to stock awards granted during the respective period to retirement eligible employees.
13

STATEMENTS OF OPERATIONS, FFO & CORE FFO
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2021
Dollars in thousands, except per share data

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue: |  |  |  |  |  |  |
Rental and other property revenue | $ | 160,300 |  |  | $ | 60,592 |  |  | $ | 464,921 |  |  | $ | 172,689 |
Other revenue | 300 |  | 188 |  | 805 |  |  | 647 |
Total revenue | 160,600 |  | 60,780 |  | 465,726 |  |  | 173,336 |
Expenses: |  |  |  |  |  |  |
Property operating expenses | 59,967 |  | 23,164 |  | 174,825 |  |  | 66,300 |
Property management expenses | 5,744 |  | 2,199 |  | 17,440 |  |  | 6,318 |
General and administrative expenses | 5,625 |  | 3,985 |  | 20,521 |  |  | 14,168 |
Depreciation and amortization expense | 49,722 |  | 17,384 |  | 200,688 |  |  | 50,699 |
Casualty (gains) losses, net | (191) |  | — |  | (7,176) |  |  | 359 |
Total expenses | 120,867 |  | 46,732 |  | 406,298 |  |  | 137,844 |
Interest expense | (22,093) |  | (8,700) |  | (63,618) |  |  | (25,644) |
Gain on sale of real estate assets, net | — |  | 11,492 |  | 94,712 |  |  | 11,492 |
Other income (expense) | 765 |  | — |  | 1,501 |  |  | — |
Loss from investments in unconsolidated real estate entities | (1,477) |  | — |  | (2,411) |  |  | — |
Merger and integration costs | (275) |  | (5,276) |  | (3,477) |  |  | (5,276) |
Net income (loss) | 16,653 |  |  | 11,564 |  |  | 86,135 |  |  | 16,064 |
(Income) loss allocated to noncontrolling interests | (430) |  | (62) |  | (2,517) |  |  | (90) |
Net income (loss) available to common shares | $ | 16,223 |  |  | $ | 11,502 |  |  | $ | 83,618 |  |  | $ | 15,974 |
EPS - basic | $ | 0.07 |  |  | $ | 0.11 |  |  | $ | 0.38 |  |  | $ | 0.16 |
Weighted-average shares outstanding - Basic | 221,960,609 |  | 104,918,674 |  | 221,312,261 |  | 102,882,723
EPS - diluted | $ | 0.07 |  |  | $ | 0.11 |  |  | $ | 0.38 |  |  | $ | 0.15 |
Weighted-average shares outstanding - Diluted | 222,867,546 |  | 107,668,675 |  | 222,359,585 |  | 104,062,661
Funds From Operations (FFO): |  |  |  |  |  |  |
Net income (loss) | $ | 16,653 |  |  | $ | 11,564 |  |  | $ | 86,135 |  |  | $ | 16,064 |
Add-Back (Deduct): |  |  |  |  |  |  |
Real estate depreciation and amortization | 49,347 |  | 17,263 |  | 199,588 |  |  | 50,418 |
Real estate depreciation and amortization from investments in unconsolidated real estate entities | 1,388 |  | — |  | 1,904 |  |  | — |
Gain on sale of real estate assets, net, excluding debt extinguishment costs | — |  | (11,788) |  | (94,712) |  |  | (11,788) |
FFO | $ | 67,388 |  |  | $ | 17,039 |  |  | $ | 192,915 |  |  | $ | 54,694 |
FFO per share | $ | 0.30 |  |  | $ | 0.16 |  |  | $ | 0.85 |  |  | $ | 0.53 |
CORE Funds From Operations (CFFO): |  |  |  |  |  |  |
FFO | $ | 67,388 |  |  | $ | 17,039 |  |  | $ | 192,915 |  |  | $ | 54,694 |
Add-Back (Deduct): |  |  |  |  |  |  |
Other depreciation and amortization | 375 |  | 121 |  | 1,100 |  |  | 281 |
Casualty (gains) losses, net | (191) |  | — |  | (7,176) |  |  | 359 |
Loan (premium accretion) discount amortization, net | (2,750) |  | — |  | (8,245) |  |  | — |
Prepayment penalties on asset dispositions | — |  | 295 |  | — |  |  | 295 |
Other (income) expense | (765) |  | — |  | (1,438) |  |  | — |
Merger and integration costs | 275 |  | 5,276 |  | 3,477 |  |  | 5,276 |
CFFO | $ | 64,332 |  |  | $ | 22,731 |  |  | $ | 180,633 |  |  | $ | 60,905 |
CFFO per share | $ | 0.28 |  |  | $ | 0.21 |  |  | $ | 0.79 |  |  | $ | 0.59 |
Weighted-average shares and units outstanding | 228,051,780 |  | 107,094,044 |  | 227,933,320 |  | 103,511,115

14

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO
Dollars in thousands

| Three Months Ended
ADJUSTED EBITDA: | Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Net income (loss) | $ | 16,653 |  |  | $ | (7,399) |  |  | $ | 76,880 |  |  | $ | 29,465 |  |  | $ | 11,564 |
Add-Back (Deduct): |  |  |  |  |  |  |  |  |
Interest expense | 22,093 |  |  | 20,994 |  |  | 20,531 |  |  | 10,757 |  |  | 8,700 |
Depreciation and amortization | 49,722 |  |  | 72,793 |  |  | 78,174 |  |  | 26,210 |  |  | 17,384 |
Casualty (gains) losses, net | (191) |  |  | (5,592) |  |  | (1,393) |  |  | — |  |  | — |
Gain on sale of real estate assets, net | — |  |  | — |  |  | (94,712) |  |  | (76,179) |  |  | (11,492) |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | 10,261 |  |  | — |
Merger and integration costs | 275 |  |  | 1,307 |  |  | 1,895 |  |  | 41,787 |  |  | 5,276 |
Loss from investments in unconsolidated real estate entities | 1,477 |  |  | 1,125 |  |  | — |  |  | — |  |  | — |
Other (income) expense | (765) |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted EBITDA | $ | 89,264 |  |  | $ | 83,228 |  |  | $ | 81,375 |  |  | $ | 42,301 |  |  | $ | 31,432 |
INTEREST COST: |  |  |  |  |  |  |  |  |
Interest expense | $ | 22,093 |  |  | $ | 20,994 |  |  | $ | 20,531 |  |  | $ | 10,757 |  |  | $ | 8,700 |
INTEREST COVERAGE: | 4.0x |  | 4.0x |  | 4.0x |  | 3.9x |  | 3.6x

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
ADJUSTED EBITDA: | 2022 |  | 2021 |  | 2022 |  | 2021
Net income (loss) | $ | 16,653 |  |  | $ | 11,564 |  |  | $ | 86,135 |  |  | $ | 16,064 |
Add-Back (Deduct): |  |  |  |  |  |  |
Interest expense | 22,093 |  |  | 8,700 |  |  | 63,618 |  |  | 25,644 |
Depreciation and amortization | 49,722 |  |  | 17,384 |  |  | 200,688 |  |  | 50,699 |
Casualty (gains) losses, net | (191) |  |  | — |  |  | (7,176) |  |  | 359 |
Gain on sale of real estate assets, net | — |  |  | (11,492) |  |  | (94,712) |  |  | (11,492) |
Merger and integration costs | 275 |  |  | 5,276 |  |  | 3,477 |  |  | 5,276 |
Loss from investments in unconsolidated real estate entities | 1,477 |  |  | — |  |  | 2,602 |  |  | — |
Other (income) expense | (765) |  |  | — |  |  | (1,501) |  |  | — |
Adjusted EBITDA | $ | 89,264 |  |  | $ | 31,432 |  |  | $ | 253,131 |  |  | $ | 86,550 |
INTEREST COST: |  |  |  |  |  |  |
Interest expense | $ | 22,093 |  |  | $ | 8,700 |  |  | $ | 63,618 |  |  | $ | 25,644 |
INTEREST COVERAGE: | 4.0x |  | 3.6x |  | 4.0x |  | 3.4x

15

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME
TRAILING FIVE QUARTERS
Dollars in thousands, except per unit data

| For the Three-Months Ended
| Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Revenue: |  |  |  |  |  |  |  |  |
Rental and other property revenue | $ | 151,030 |  |  | $ | 146,556 |  |  | $ | 141,706 |  |  | $ | 138,712 |  |  | $ | 136,563 |
Property Operating Expenses: |  |  |  |  |  |  |  |  |
Real estate taxes | 18,399 |  |  | 19,351 |  |  | 18,726 |  |  | 16,488 |  |  | 16,143 |
Property insurance | 3,523 |  |  | 3,002 |  |  | 2,784 |  |  | 3,027 |  |  | 3,170 |
Personnel expenses (a) | 11,921 |  |  | 12,248 |  |  | 12,052 |  |  | 12,233 |  |  | 12,064 |
Utilities | 8,007 |  |  | 7,078 |  |  | 7,308 |  |  | 7,069 |  |  | 7,244 |
Repairs and maintenance | 6,037 |  |  | 6,031 |  |  | 4,209 |  |  | 5,282 |  |  | 5,399 |
Contract services | 5,317 |  |  | 5,126 |  |  | 4,722 |  |  | 4,787 |  |  | 4,915 |
Advertising expenses | 1,459 |  |  | 1,223 |  |  | 1,180 |  |  | 1,323 |  |  | 1,334 |
Other expenses | 1,801 |  |  | 1,762 |  |  | 1,556 |  |  | 1,489 |  |  | 1,488 |
Total property operating expenses | 56,464 |  |  | 55,821 |  |  | 52,537 |  |  | 51,698 |  |  | 51,757 |
Combined same-store portfolio NOI (b) | $ | 94,566 |  |  | $ | 90,735 |  |  | $ | 89,169 |  |  | $ | 87,014 |  |  | $ | 84,806 |

Combined same-store portfolio NOI margin | 62.6 | % |  | 61.9 | % |  | 62.9 | % |  | 62.7 | % |  | 62.1 | %
Average occupancy | 94.2 | % |  | 95.5 | % |  | 95.4 | % |  | 96.0 | % |  | 96.5 | %

Average effective monthly rent, per unit | $ | 1,479 |  |  | $ | 1,412 |  |  | $ | 1,373 |  |  | $ | 1,346 |  |  | $ | 1,305 |
Reconciliation of combined same-store portfolio NOI to net income (loss):
Combined same-store portfolio NOI | $ | 94,566 |  |  | $ | 90,735 |  |  | $ | 89,169 |  |  | $ | 87,014 |  |  | $ | 84,806 |
Combined non same-store portfolio NOI | 5,767 |  |  | 4,932 |  |  | 4,925 |  |  | 7,923 |  |  | 7,054 |
Pre-Merger STAR Portfolio NOI | — |  |  | — |  |  | — |  |  | (45,086) |  |  | (54,432) |
Other revenue | 300 |  |  | 120 |  |  | 385 |  |  | 113 |  |  | 188 |
Property management expenses | (5,744) |  |  | (6,139) |  |  | (5,556) |  |  | (3,221) |  |  | (2,199) |
General and administrative expenses | (5,625) |  |  | (6,968) |  |  | (7,928) |  |  | (4,442) |  |  | (3,985) |
Depreciation and amortization expense | (49,722) |  |  | (72,793) |  |  | (78,174) |  |  | (26,210) |  |  | (17,384) |
Casualty gains (losses), net | 191 |  |  | 5,592 |  |  | 1,393 |  |  | — |  |  | — |
Interest expense | (22,093) |  |  | (20,994) |  |  | (20,531) |  |  | (10,757) |  |  | (8,700) |
Gain on sale of real estate assets, net | — |  |  | — |  |  | 94,712 |  |  | 76,179 |  |  | 11,492 |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (10,261) |  |  | — |
Other income (expense) | 765 |  |  | 294 |  |  | 443 |  |  | — |  |  | — |
Loss from investments in unconsolidated real estate entities | (1,477) |  |  | (871) |  |  | (63) |  |  | — |  |  | — |
Merger and integration costs | (275) |  |  | (1,307) |  |  | (1,895) |  |  | (41,787) |  |  | (5,276) |
Net income (loss) | $ | 16,653 |  |  | $ | (7,399) |  |  | $ | 76,880 |  |  | $ | 29,465 |  |  | $ | 11,564 |

(a)Included in the three months ended September 30, 2022 is a refund of previously paid employer payroll taxes of $0.7 million from a portion of an employee retention credit received.
(b)Combined same-store portfolio consists of 113 properties, which represent 33,804 units.
16

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2021
Dollars in thousands, except per unit data

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2022 |  | 2021 |  | % change |  | 2022 |  | 2021 |  | % change
Revenue: |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenue | $ | 151,030 |  |  | $ | 136,563 |  |  | 10.6 | % |  | $ | 439,292 |  |  | $ | 395,774 |  |  | 11.0 | %
Property Operating Expenses: |  |  |  |  |  |  |  |  |  |  |
Real estate taxes | 18,399 |  |  | 16,143 |  |  | 14.0 | % |  | 56,476 |  |  | 53,192 |  |  | 6.2 | %
Property insurance | 3,523 |  |  | 3,170 |  |  | 11.1 | % |  | 9,310 |  |  | 8,542 |  |  | 9.0 | %
Personnel expenses (a) | 11,921 |  |  | 12,064 |  |  | (1.2) | % |  | 36,221 |  |  | 35,282 |  |  | 2.7 | %
Utilities | 8,007 |  |  | 7,244 |  |  | 10.5 | % |  | 22,393 |  |  | 21,170 |  |  | 5.8 | %
Repairs and maintenance | 6,037 |  |  | 5,399 |  |  | 11.8 | % |  | 16,278 |  |  | 14,223 |  |  | 14.4 | %
Contract services | 5,317 |  |  | 4,915 |  |  | 8.2 | % |  | 15,165 |  |  | 14,006 |  |  | 8.3 | %
Advertising expenses | 1,459 |  |  | 1,334 |  |  | 9.4 | % |  | 3,861 |  |  | 3,900 |  |  | (1.0) | %
Other expenses | 1,801 |  |  | 1,488 |  |  | 21.0 | % |  | 5,118 |  |  | 4,591 |  |  | 11.5 | %
Total property operating expenses | 56,464 |  |  | 51,757 |  |  | 9.1 | % |  | 164,822 |  |  | 154,906 |  |  | 6.4 | %
Combined same-store portfolio NOI (b) | $ | 94,566 |  |  | $ | 84,806 |  |  | 11.5 | % |  | $ | 274,470 |  |  | $ | 240,868 |  |  | 14.0 | %

Combined same-store portfolio NOI margin | 62.6 | % |  | 62.1 | % |  | 0.5 | % |  | 62.5 | % |  | 60.9 | % |  | 1.6 | %
Average occupancy | 94.2 | % |  | 96.5 | % |  | (2.3) | % |  | 95.0 | % |  | 96.0 | % |  | (1.0) | %

Average effective monthly rent, per unit | $ | 1,479 |  |  | $ | 1,305 |  |  | 13.3 | % |  | $ | 1,421 |  |  | $ | 1,270 |  |  | 11.9 | %
Reconciliation of combined same-store portfolio NOI to net income (loss):
Combined same-store portfolio NOI | $ | 94,566 |  |  | $ | 84,806 |  |  |  |  | $ | 274,470 |  |  | $ | 240,868 |  |  |
Combined non same-store portfolio NOI | 5,767 |  |  | 7,054 |  |  |  |  | 15,626 |  |  | 17,038 |  |  |
Pre-Merger STAR Portfolio NOI | — |  |  | (54,432) |  |  |  |  | — |  |  | (151,517) |  |  |
Other revenue | 300 |  |  | 188 |  |  |  |  | 805 |  |  | 647 |  |  |
Property management expenses | (5,744) |  |  | (2,199) |  |  |  |  | (17,440) |  |  | (6,318) |  |  |
General and administrative expenses | (5,625) |  |  | (3,985) |  |  |  |  | (20,521) |  |  | (14,168) |  |  |
Depreciation and amortization expense | (49,722) |  |  | (17,384) |  |  |  |  | (200,688) |  |  | (50,699) |  |  |
Casualty gains (losses), net | 191 |  |  | — |  |  |  |  | 7,176 |  |  | (359) |  |  |
Interest expense | (22,093) |  |  | (8,700) |  |  |  |  | (63,618) |  |  | (25,644) |  |  |
Gain on sale of real estate assets, net | — |  |  | 11,492 |  |  |  |  | 94,712 |  |  | 11,492 |  |  |
Other income (expense) | 765 |  |  | — |  |  |  |  | 1,501 |  |  | — |  |  |
Loss from investments in unconsolidated real estate entities | (1,477) |  |  | — |  |  |  |  | (2,411) |  |  | — |  |  |
Merger and integration costs | (275) |  |  | (5,276) |  |  |  |  | (3,477) |  |  | (5,276) |  |  |
Net income (loss) | $ | 16,653 |  |  | $ | 11,564 |  |  |  |  | $ | 86,135 |  |  | $ | 16,064 |  |  |

(a)Included in the three and nine months ended September 30, 2022 is a refund of previously paid employer payroll taxes of $0.7 million from a portion of an employee retention credit received.
(b)Combined same-store portfolio consists of 113 properties, which represent 33,804 units.
17

NET OPERATING INCOME BRIDGE
TRAILING FIVE QUARTERS
Dollars in thousands

| For the Three Months Ended
| Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Rental and other property revenue |  |  |  |  |  |  |  |  |
Combined same-store portfolio (a) | $ | 151,030 |  |  | $ | 146,556 |  |  | $ | 141,706 |  |  | $ | 138,712 |  |  | $ | 136,563 |
Combined non same-store portfolio | 9,270 |  |  | 8,087 |  |  | 8,271 |  |  | 12,546 |  |  | 12,517 |
Total rental and other property revenue | 160,300 |  |  | 154,643 |  |  | 149,977 |  |  | 151,258 |  |  | 149,080 |
Property operating expenses |  |  |  |  |  |  |  |  |
Combined same-store portfolio (a) | 56,464 |  |  | 55,821 |  |  | 52,537 |  |  | 51,698 |  |  | 51,757 |
Combined non same-store portfolio | 3,503 |  |  | 3,155 |  |  | 3,346 |  |  | 4,623 |  |  | 5,463 |
Total property operating expenses | 59,967 |  |  | 58,976 |  |  | 55,883 |  |  | 56,321 |  |  | 57,220 |
NOI |  |  |  |  |  |  |  |  |
Combined same-store portfolio (a) | 94,566 |  |  | 90,735 |  |  | 89,169 |  |  | 87,014 |  |  | 84,806 |
Combined non same-store portfolio | 5,767 |  |  | 4,932 |  |  | 4,925 |  |  | 7,923 |  |  | 7,054 |
Total property NOI | $ | 100,333 |  |  | $ | 95,667 |  |  | $ | 94,094 |  |  | $ | 94,937 |  |  | $ | 91,860 |
Reconciliation of NOI to net income (loss) |  |  |  |  |  |  |  |  |
Total property NOI | $ | 100,333 |  |  | $ | 95,667 |  |  | $ | 94,094 |  |  | $ | 94,937 |  |  | $ | 91,860 |
Pre-Merger STAR Portfolio NOI | — |  |  | — |  |  | — |  |  | (45,086) |  |  | (54,432) |
Other revenue | 300 |  |  | 120 |  |  | 385 |  |  | 113 |  |  | 188 |
Property management expenses | (5,744) |  |  | (6,139) |  |  | (5,556) |  |  | (3,221) |  |  | (2,199) |
General and administrative expenses | (5,625) |  |  | (6,968) |  |  | (7,928) |  |  | (4,442) |  |  | (3,985) |
Depreciation and amortization expense | (49,722) |  |  | (72,793) |  |  | (78,174) |  |  | (26,210) |  |  | (17,384) |
Casualty gains (losses), net | 191 |  |  | 5,592 |  |  | 1,393 |  |  | — |  |  | — |
Interest expense | (22,093) |  |  | (20,994) |  |  | (20,531) |  |  | (10,757) |  |  | (8,700) |
Gain on sale of real estate assets, net | — |  |  | — |  |  | 94,712 |  |  | 76,179 |  |  | 11,492 |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (10,261) |  |  | — |
Other income (expense), net | 765 |  |  | 294 |  |  | 443 |  |  | — |  |  | — |
Loss from unconsolidated real estate entities | (1,477) |  |  | (871) |  |  | (63) |  |  | — |  |  | — |
Merger and integration costs | (275) |  |  | (1,307) |  |  | (1,895) |  |  | (41,787) |  |  | (5,276) |
Net income (loss) | $ | 16,653 |  |  | $ | (7,399) |  |  | $ | 76,880 |  |  | $ | 29,465 |  |  | $ | 11,564 |

(a)Combined same-store portfolio consists of 113 properties, which represent 33,804 units.
18

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET
THREE MONTHS ENDED SEPTEMBER 30, 2022
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 |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change
Atlanta, GA |  | 13 |  | 5,180 |  | $ | 23,680 |  |  | $ | 21,591 |  |  | 9.7 | % |  | $ | 9,123 |  |  | $ | 7,535 |  |  | 21.1 | % |  | $ | 14,558 |  |  | $ | 14,056 |  |  | 3.6 | % |  | 93.5 | % |  | 97.0 | % |  | (3.6) | % |  | $ | 1,579 |  |  | $ | 1,373 |  |  | 15.0 | %
Dallas, TX |  | 13 |  | 3,685 |  | 19,091 |  |  | 17,132 |  |  | 11.4 | % |  | 7,879 |  |  | 7,454 |  |  | 5.7 | % |  | 11,212 |  |  | 9,678 |  |  | 15.8 | % |  | 94.7 | % |  | 97.1 | % |  | (2.4) | % |  | 1,713 |  |  | 1,507 |  |  | 13.6 | %
Denver, CO |  | 9 |  | 2,292 |  | 11,677 |  |  | 10,651 |  |  | 9.6 | % |  | 3,737 |  |  | 3,592 |  |  | 4.0 | % |  | 7,940 |  |  | 7,060 |  |  | 12.5 | % |  | 95.0 | % |  | 96.5 | % |  | (1.6) | % |  | 1,655 |  |  | 1,510 |  |  | 9.6 | %
Columbus, OH |  | 10 |  | 2,510 |  | 10,056 |  |  | 9,215 |  |  | 9.1 | % |  | 3,759 |  |  | 2,959 |  |  | 27.1 | % |  | 6,297 |  |  | 6,256 |  |  | 0.6 | % |  | 93.8 | % |  | 96.1 | % |  | (2.3) | % |  | 1,324 |  |  | 1,186 |  |  | 11.6 | %
Indianapolis, IN |  | 8 |  | 2,256 |  | 8,810 |  |  | 7,864 |  |  | 12.0 | % |  | 3,522 |  |  | 3,159 |  |  | 11.5 | % |  | 5,288 |  |  | 4,705 |  |  | 12.4 | % |  | 94.5 | % |  | 96.8 | % |  | (2.3) | % |  | 1,274 |  |  | 1,124 |  |  | 13.3 | %
Raleigh - Durham, NC |  | 6 |  | 1,690 |  | 7,461 |  |  | 6,693 |  |  | 11.5 | % |  | 2,433 |  |  | 2,200 |  |  | 10.6 | % |  | 5,028 |  |  | 4,493 |  |  | 11.9 | % |  | 94.1 | % |  | 95.7 | % |  | (1.6) | % |  | 1,462 |  |  | 1,266 |  |  | 15.4 | %
Oklahoma City, OK |  | 8 |  | 2,147 |  | 7,613 |  |  | 6,892 |  |  | 10.5 | % |  | 2,658 |  |  | 2,621 |  |  | 1.4 | % |  | 4,955 |  |  | 4,271 |  |  | 16.0 | % |  | 94.6 | % |  | 96.6 | % |  | (2.0) | % |  | 1,131 |  |  | 1,002 |  |  | 12.8 | %
Houston, TX |  | 7 |  | 1,932 |  | 8,098 |  |  | 7,643 |  |  | 6.0 | % |  | 3,721 |  |  | 3,614 |  |  | 2.9 | % |  | 4,378 |  |  | 4,028 |  |  | 8.7 | % |  | 93.9 | % |  | 97.3 | % |  | (3.4) | % |  | 1,410 |  |  | 1,283 |  |  | 9.9 | %
Memphis, TN |  | 4 |  | 1,383 |  | 6,193 |  |  | 5,485 |  |  | 12.9 | % |  | 2,115 |  |  | 1,949 |  |  | 8.5 | % |  | 4,077 |  |  | 3,536 |  |  | 15.3 | % |  | 92.0 | % |  | 95.4 | % |  | (3.4) | % |  | 1,520 |  |  | 1,296 |  |  | 17.3 | %
Nashville, TN |  | 3 |  | 1,236 |  | 5,772 |  |  | 5,269 |  |  | 9.5 | % |  | 1,934 |  |  | 2,122 |  |  | (8.9) | % |  | 3,838 |  |  | 3,147 |  |  | 22.0 | % |  | 94.5 | % |  | 97.3 | % |  | (2.9) | % |  | 1,548 |  |  | 1,364 |  |  | 13.5 | %
Tampa-St. Petersburg, FL |  | 4 |  | 1,104 |  | 5,703 |  |  | 4,727 |  |  | 20.6 | % |  | 2,070 |  |  | 1,825 |  |  | 13.4 | % |  | 3,633 |  |  | 2,902 |  |  | 25.2 | % |  | 94.1 | % |  | 95.7 | % |  | (1.6) | % |  | 1,719 |  |  | 1,409 |  |  | 22.0 | %
Birmingham, AL |  | 2 |  | 1,074 |  | 4,619 |  |  | 4,466 |  |  | 3.4 | % |  | 1,720 |  |  | 1,515 |  |  | 13.6 | % |  | 2,899 |  |  | 2,951 |  |  | (1.8) | % |  | 93.1 | % |  | 95.4 | % |  | (2.3) | % |  | 1,441 |  |  | 1,338 |  |  | 7.7 | %
Louisville, KY |  | 4 |  | 1,150 |  | 4,419 |  |  | 4,023 |  |  | 9.9 | % |  | 1,884 |  |  | 1,834 |  |  | 2.7 | % |  | 2,536 |  |  | 2,189 |  |  | 15.8 | % |  | 93.2 | % |  | 94.0 | % |  | (0.8) | % |  | 1,225 |  |  | 1,111 |  |  | 10.2 | %
Lexington, KY |  | 3 |  | 886 |  | 3,555 |  |  | 3,215 |  |  | 10.6 | % |  | 1,192 |  |  | 1,156 |  |  | 3.1 | % |  | 2,363 |  |  | 2,060 |  |  | 14.8 | % |  | 96.4 | % |  | 97.7 | % |  | (1.3) | % |  | 1,242 |  |  | 1,109 |  |  | 12.0 | %
Huntsville, AL |  | 2 |  | 599 |  | 2,679 |  |  | 2,505 |  |  | 7.0 | % |  | 799 |  |  | 719 |  |  | 11.2 | % |  | 1,880 |  |  | 1,786 |  |  | 5.2 | % |  | 94.3 | % |  | 97.6 | % |  | (3.3) | % |  | 1,464 |  |  | 1,346 |  |  | 8.8 | %
Myrtle Beach, SC - Wilmington, NC |  | 3 |  | 628 |  | 2,632 |  |  | 2,222 |  |  | 18.4 | % |  | 756 |  |  | 727 |  |  | 4.0 | % |  | 1,876 |  |  | 1,495 |  |  | 25.5 | % |  | 93.9 | % |  | 95.8 | % |  | (1.9) | % |  | 1,380 |  |  | 1,138 |  |  | 21.3 | %
Cincinnati, OH |  | 2 |  | 542 |  | 2,593 |  |  | 2,251 |  |  | 15.2 | % |  | 886 |  |  | 934 |  |  | (5.2) | % |  | 1,708 |  |  | 1,317 |  |  | 29.7 | % |  | 96.1 | % |  | 97.0 | % |  | (0.9) | % |  | 1,495 |  |  | 1,331 |  |  | 12.3 | %
Greenville, SC |  | 1 |  | 702 |  | 2,528 |  |  | 2,313 |  |  | 9.3 | % |  | 928 |  |  | 918 |  |  | 1.1 | % |  | 1,601 |  |  | 1,395 |  |  | 14.7 | % |  | 94.6 | % |  | 95.5 | % |  | (0.9) | % |  | 1,213 |  |  | 1,075 |  |  | 12.8 | %
Charleston, SC |  | 2 |  | 518 |  | 2,513 |  |  | 2,263 |  |  | 11.0 | % |  | 1,142 |  |  | 998 |  |  | 14.4 | % |  | 1,370 |  |  | 1,265 |  |  | 8.3 | % |  | 93.9 | % |  | 96.4 | % |  | (2.4) | % |  | 1,572 |  |  | 1,367 |  |  | 15.0 | %
Chicago, IL |  | 1 |  | 374 |  | 1,931 |  |  | 1,817 |  |  | 6.3 | % |  | 705 |  |  | 716 |  |  | (1.5) | % |  | 1,226 |  |  | 1,101 |  |  | 11.3 | % |  | 94.1 | % |  | 96.1 | % |  | (2.0) | % |  | 1,727 |  |  | 1,591 |  |  | 8.5 | %
San Antonio, TX |  | 1 |  | 306 |  | 1,460 |  |  | 1,308 |  |  | 11.6 | % |  | 556 |  |  | 602 |  |  | (7.6) | % |  | 904 |  |  | 706 |  |  | 28.0 | % |  | 97.1 | % |  | 98.2 | % |  | (1.1) | % |  | 1,495 |  |  | 1,351 |  |  | 10.6 | %
Charlotte, NC |  | 1 |  | 208 |  | 1,231 |  |  | 1,056 |  |  | 16.5 | % |  | 343 |  |  | 325 |  |  | 5.5 | % |  | 888 |  |  | 731 |  |  | 21.4 | % |  | 95.6 | % |  | 96.0 | % |  | (0.4) | % |  | 1,834 |  |  | 1,561 |  |  | 17.5 | %
Orlando, FL |  | 1 |  | 297 |  | 1,468 |  |  | 1,335 |  |  | 10.0 | % |  | 610 |  |  | 553 |  |  | 10.2 | % |  | 859 |  |  | 782 |  |  | 9.8 | % |  | 91.4 | % |  | 96.5 | % |  | (5.1) | % |  | 1,713 |  |  | 1,482 |  |  | 15.6 | %
Asheville, NC |  | 1 |  | 252 |  | 1,097 |  |  | 943 |  |  | 16.2 | % |  | 323 |  |  | 292 |  |  | 10.6 | % |  | 773 |  |  | 651 |  |  | 18.8 | % |  | 95.9 | % |  | 97.9 | % |  | (2.1) | % |  | 1,423 |  |  | 1,205 |  |  | 18.2 | %
Norfolk, VA |  | 1 |  | 183 |  | 1,018 |  |  | 942 |  |  | 8.0 | % |  | 342 |  |  | 301 |  |  | 13.4 | % |  | 676 |  |  | 640 |  |  | 5.5 | % |  | 96.2 | % |  | 98.3 | % |  | (2.1) | % |  | 1,840 |  |  | 1,635 |  |  | 12.5 | %
Fort Wayne, IN |  | 1 |  | 222 |  | 967 |  |  | 847 |  |  | 14.2 | % |  | 322 |  |  | 270 |  |  | 19.0 | % |  | 646 |  |  | 577 |  |  | 11.9 | % |  | 95.8 | % |  | 97.3 | % |  | (1.5) | % |  | 1,392 |  |  | 1,226 |  |  | 13.5 | %
Austin, TX |  | 1 |  | 256 |  | 1,311 |  |  | 1,149 |  |  | 14.1 | % |  | 667 |  |  | 532 |  |  | 25.3 | % |  | 644 |  |  | 617 |  |  | 4.5 | % |  | 93.6 | % |  | 94.2 | % |  | (0.6) | % |  | 1,690 |  |  | 1,452 |  |  | 16.4 | %
Chattanooga, TN |  | 1 |  | 192 |  | 853 |  |  | 746 |  |  | 14.3 | % |  | 340 |  |  | 336 |  |  | 1.2 | % |  | 514 |  |  | 411 |  |  | 25.0 | % |  | 96.0 | % |  | 98.1 | % |  | (2.1) | % |  | 1,412 |  |  | 1,227 |  |  | 15.0 | %
Total / Weighted Average |  | 113 |  | 33,804 |  | $ | 151,030 |  |  | $ | 136,563 |  |  | 10.6 | % |  | $ | 56,464 |  |  | $ | 51,757 |  |  | 9.1 | % |  | $ | 94,566 |  |  | $ | 84,806 |  |  | 11.5 | % |  | 94.2 | % |  | 96.5 | % |  | (2.3) | % |  | $ | 1,479 |  |  | $ | 1,305 |  |  | 13.3 | %

19

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET
NINE MONTHS ENDED SEPTEMBER 30, 2022
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 |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change |  | 2022 |  | 2021 |  | % Change
Atlanta, GA |  | 13 |  | 5,180 |  | $ | 69,153 |  |  | $ | 62,409 |  |  | 10.8 | % |  | $ | 25,501 |  |  | $ | 22,328 |  |  | 14.2 | % |  | $ | 43,652 |  |  | $ | 40,082 |  |  | 8.9 | % |  | 94.2 | % |  | 96.5 | % |  | (2.3) | % |  | $ | 1,515 |  |  | $ | 1,328 |  |  | 14.1 | %
Dallas, TX |  | 13 |  | 3,685 |  | 55,708 |  |  | 50,214 |  |  | 10.9 | % |  | 24,074 |  |  | 23,018 |  |  | 4.6 | % |  | 31,634 |  |  | 27,196 |  |  | 16.3 | % |  | 95.6 | % |  | 96.2 | % |  | (0.6) | % |  | 1,651 |  |  | 1,489 |  |  | 10.8 | %
Denver, CO |  | 9 |  | 2,292 |  | 33,729 |  |  | 30,570 |  |  | 10.3 | % |  | 10,566 |  |  | 10,402 |  |  | 1.6 | % |  | 23,163 |  |  | 20,169 |  |  | 14.8 | % |  | 95.4 | % |  | 95.7 | % |  | (0.3) | % |  | 1,601 |  |  | 1,465 |  |  | 9.3 | %
Columbus, OH |  | 10 |  | 2,510 |  | 29,368 |  |  | 26,451 |  |  | 11.0 | % |  | 11,275 |  |  | 10,606 |  |  | 6.3 | % |  | 18,093 |  |  | 15,845 |  |  | 14.2 | % |  | 95.0 | % |  | 95.4 | % |  | (0.4) | % |  | 1,273 |  |  | 1,156 |  |  | 10.1 | %
Indianapolis, IN |  | 8 |  | 2,256 |  | 25,557 |  |  | 22,880 |  |  | 11.7 | % |  | 10,230 |  |  | 9,453 |  |  | 8.2 | % |  | 15,328 |  |  | 13,427 |  |  | 14.2 | % |  | 95.0 | % |  | 96.6 | % |  | (1.7) | % |  | 1,227 |  |  | 1,089 |  |  | 12.7 | %
Oklahoma City, OK |  | 8 |  | 2,147 |  | 22,067 |  |  | 19,933 |  |  | 10.7 | % |  | 7,623 |  |  | 7,494 |  |  | 1.7 | % |  | 14,444 |  |  | 12,439 |  |  | 16.1 | % |  | 95.5 | % |  | 96.4 | % |  | (0.9) | % |  | 1,087 |  |  | 974 |  |  | 11.7 | %
Raleigh - Durham, NC |  | 6 |  | 1,690 |  | 21,412 |  |  | 19,450 |  |  | 10.1 | % |  | 7,271 |  |  | 6,529 |  |  | 11.4 | % |  | 14,141 |  |  | 12,921 |  |  | 9.4 | % |  | 95.1 | % |  | 95.8 | % |  | (0.7) | % |  | 1,383 |  |  | 1,227 |  |  | 12.7 | %
Houston, TX |  | 7 |  | 1,932 |  | 24,054 |  |  | 22,729 |  |  | 5.8 | % |  | 11,424 |  |  | 11,050 |  |  | 3.4 | % |  | 12,630 |  |  | 11,679 |  |  | 8.1 | % |  | 94.5 | % |  | 96.4 | % |  | (1.9) | % |  | 1,374 |  |  | 1,280 |  |  | 7.3 | %
Memphis, TN |  | 4 |  | 1,383 |  | 17,646 |  |  | 15,920 |  |  | 10.8 | % |  | 6,019 |  |  | 5,552 |  |  | 8.4 | % |  | 11,627 |  |  | 10,367 |  |  | 12.1 | % |  | 93.5 | % |  | 96.3 | % |  | (2.9) | % |  | 1,442 |  |  | 1,247 |  |  | 15.6 | %
Nashville, TN |  | 3 |  | 1,236 |  | 16,914 |  |  | 15,233 |  |  | 11.0 | % |  | 5,770 |  |  | 5,835 |  |  | (1.1) | % |  | 11,144 |  |  | 9,398 |  |  | 18.6 | % |  | 95.5 | % |  | 96.3 | % |  | (0.8) | % |  | 1,488 |  |  | 1,325 |  |  | 12.4 | %
Tampa-St. Petersburg, FL |  | 4 |  | 1,104 |  | 16,192 |  |  | 13,623 |  |  | 18.9 | % |  | 6,119 |  |  | 5,459 |  |  | 12.1 | % |  | 10,074 |  |  | 8,165 |  |  | 23.4 | % |  | 94.4 | % |  | 94.8 | % |  | (0.4) | % |  | 1,621 |  |  | 1,358 |  |  | 19.4 | %
Birmingham, AL |  | 2 |  | 1,074 |  | 13,911 |  |  | 12,835 |  |  | 8.4 | % |  | 5,268 |  |  | 4,823 |  |  | 9.2 | % |  | 8,642 |  |  | 8,013 |  |  | 7.9 | % |  | 94.3 | % |  | 94.9 | % |  | (0.6) | % |  | 1,410 |  |  | 1,296 |  |  | 8.8 | %
Louisville, KY |  | 4 |  | 1,150 |  | 13,025 |  |  | 11,689 |  |  | 11.4 | % |  | 5,479 |  |  | 5,202 |  |  | 5.3 | % |  | 7,546 |  |  | 6,487 |  |  | 16.3 | % |  | 94.3 | % |  | 93.3 | % |  | 1.0 | % |  | 1,185 |  |  | 1,081 |  |  | 9.6 | %
Lexington, KY |  | 3 |  | 886 |  | 10,381 |  |  | 9,143 |  |  | 13.5 | % |  | 3,443 |  |  | 3,321 |  |  | 3.7 | % |  | 6,938 |  |  | 5,823 |  |  | 19.2 | % |  | 96.3 | % |  | 96.8 | % |  | (0.5) | % |  | 1,201 |  |  | 1,062 |  |  | 13.1 | %
Huntsville, AL |  | 2 |  | 599 |  | 7,847 |  |  | 7,372 |  |  | 6.4 | % |  | 2,303 |  |  | 1,934 |  |  | 19.0 | % |  | 5,544 |  |  | 5,438 |  |  | 2.0 | % |  | 95.7 | % |  | 97.7 | % |  | (2.0) | % |  | 1,425 |  |  | 1,307 |  |  | 9.0 | %
Cincinnati, OH |  | 2 |  | 542 |  | 7,568 |  |  | 6,431 |  |  | 17.7 | % |  | 2,444 |  |  | 2,507 |  |  | (2.5) | % |  | 5,124 |  |  | 3,924 |  |  | 30.6 | % |  | 96.6 | % |  | 96.1 | % |  | 0.5 | % |  | 1,450 |  |  | 1,290 |  |  | 12.5 | %
Myrtle Beach, SC - Wilmington, NC |  | 3 |  | 628 |  | 7,344 |  |  | 6,364 |  |  | 15.4 | % |  | 2,259 |  |  | 2,097 |  |  | 7.7 | % |  | 5,085 |  |  | 4,267 |  |  | 19.2 | % |  | 95.6 | % |  | 95.3 | % |  | 0.3 | % |  | 1,270 |  |  | 1,096 |  |  | 16.0 | %
Greenville, SC |  | 1 |  | 702 |  | 7,276 |  |  | 6,574 |  |  | 10.7 | % |  | 2,693 |  |  | 2,715 |  |  | (0.8) | % |  | 4,583 |  |  | 3,858 |  |  | 18.8 | % |  | 94.9 | % |  | 94.4 | % |  | 0.6 | % |  | 1,168 |  |  | 1,045 |  |  | 11.8 | %
Charleston, SC |  | 2 |  | 518 |  | 7,181 |  |  | 6,586 |  |  | 9.0 | % |  | 2,815 |  |  | 2,892 |  |  | (2.7) | % |  | 4,366 |  |  | 3,694 |  |  | 18.2 | % |  | 95.7 | % |  | 95.8 | % |  | (0.1) | % |  | 1,486 |  |  | 1,338 |  |  | 11.0 | %
Chicago, IL |  | 1 |  | 374 |  | 5,773 |  |  | 5,200 |  |  | 11.0 | % |  | 2,157 |  |  | 2,079 |  |  | 3.7 | % |  | 3,616 |  |  | 3,121 |  |  | 15.9 | % |  | 95.2 | % |  | 95.1 | % |  | 0.1 | % |  | 1,683 |  |  | 1,551 |  |  | 8.5 | %
San Antonio, TX |  | 1 |  | 306 |  | 4,334 |  |  | 3,728 |  |  | 16.3 | % |  | 1,815 |  |  | 1,841 |  |  | (1.4) | % |  | 2,519 |  |  | 1,887 |  |  | 33.5 | % |  | 96.5 | % |  | 94.8 | % |  | 1.6 | % |  | 1,472 |  |  | 1,315 |  |  | 12.0 | %
Orlando, FL |  | 1 |  | 297 |  | 4,254 |  |  | 4,000 |  |  | 6.4 | % |  | 1,760 |  |  | 1,645 |  |  | 7.0 | % |  | 2,494 |  |  | 2,355 |  |  | 5.9 | % |  | 94.5 | % |  | 96.6 | % |  | (2.1) | % |  | 1,617 |  |  | 1,457 |  |  | 11.0 | %
Charlotte, NC |  | 1 |  | 208 |  | 3,468 |  |  | 3,081 |  |  | 12.5 | % |  | 1,086 |  |  | 990 |  |  | 9.7 | % |  | 2,382 |  |  | 2,092 |  |  | 13.9 | % |  | 95.9 | % |  | 95.7 | % |  | 0.2 | % |  | 1,722 |  |  | 1,529 |  |  | 12.7 | %
Asheville, NC |  | 1 |  | 252 |  | 3,083 |  |  | 2,738 |  |  | 12.6 | % |  | 883 |  |  | 845 |  |  | 4.5 | % |  | 2,200 |  |  | 1,894 |  |  | 16.2 | % |  | 96.7 | % |  | 97.9 | % |  | (1.2) | % |  | 1,338 |  |  | 1,170 |  |  | 14.4 | %
Austin, TX |  | 1 |  | 256 |  | 3,849 |  |  | 3,326 |  |  | 15.7 | % |  | 1,740 |  |  | 1,628 |  |  | 6.9 | % |  | 2,109 |  |  | 1,698 |  |  | 24.2 | % |  | 95.6 | % |  | 93.7 | % |  | 1.9 | % |  | 1,620 |  |  | 1,439 |  |  | 12.5 | %
Norfolk, VA |  | 1 |  | 183 |  | 2,893 |  |  | 2,703 |  |  | 7.0 | % |  | 918 |  |  | 874 |  |  | 4.9 | % |  | 1,976 |  |  | 1,829 |  |  | 8.1 | % |  | 95.4 | % |  | 97.8 | % |  | (2.4) | % |  | 1,782 |  |  | 1,578 |  |  | 12.9 | %
Fort Wayne, IN |  | 1 |  | 222 |  | 2,823 |  |  | 2,445 |  |  | 15.5 | % |  | 928 |  |  | 801 |  |  | 15.7 | % |  | 1,896 |  |  | 1,643 |  |  | 15.4 | % |  | 95.4 | % |  | 97.4 | % |  | (2.0) | % |  | 1,351 |  |  | 1,186 |  |  | 13.9 | %
Chattanooga, TN |  | 1 |  | 192 |  | 2,482 |  |  | 2,144 |  |  | 15.8 | % |  | 961 |  |  | 986 |  |  | (2.6) | % |  | 1,521 |  |  | 1,157 |  |  | 31.4 | % |  | 96.6 | % |  | 97.8 | % |  | (1.2) | % |  | 1,367 |  |  | 1,176 |  |  | 16.3 | %
Total / Weighted Average |  | 113 |  | 33,804 |  | $ | 439,292 |  |  | $ | 395,774 |  |  | 11.0 | % |  | $ | 164,822 |  |  | $ | 154,906 |  |  | 6.4 | % |  | $ | 274,470 |  |  | $ | 240,868 |  |  | 14.0 | % |  | 95.0 | % |  | 96.0 | % |  | (1.0) | % |  | $ | 1,421 |  |  | $ | 1,270 |  |  | 11.9 | %

20

TOTAL PORTFOLIO NOI EXPOSURE BY MARKET
Dollars in thousands, except rent per unit

|  |  |  |  |  |  |  |  |  | For the Three Months Ended September 30, 2022
Market |  | Number of Properties |  | Units |  | Gross Real Estate Assets |  | Period End Occupancy |  | Average Effective Monthly Rent per Unit |  | NOI |  | % of NOI
Atlanta, GA |  | 13 |  | 5,180 |  | $ | 1,057,156 |  |  | 93.1 | % |  | $ | 1,578 |  |  | $ | 14,556 |  |  | 14.5 | %
Dallas, TX |  | 14 |  | 4,007 |  | 846,383 |  |  | 95.6 | % |  | 1,722 |  |  | 12,329 |  |  | 12.3 | %
Denver, CO (1) |  | 9 |  | 2,292 |  | 603,321 |  |  | 95.8 | % |  | 1,655 |  |  | 7,940 |  |  | 7.9 | %
Columbus, OH |  | 10 |  | 2,510 |  | 365,300 |  |  | 95.1 | % |  | 1,323 |  |  | 6,297 |  |  | 6.3 | %
Indianapolis, IN |  | 8 |  | 2,256 |  | 324,289 |  |  | 95.0 | % |  | 1,274 |  |  | 5,288 |  |  | 5.3 | %
Raleigh - Durham, NC |  | 6 |  | 1,690 |  | 254,799 |  |  | 94.6 | % |  | 1,462 |  |  | 5,028 |  |  | 5.0 | %
Oklahoma City, OK |  | 8 |  | 2,147 |  | 316,818 |  |  | 94.1 | % |  | 1,126 |  |  | 4,955 |  |  | 4.9 | %
Nashville, TN |  | 5 |  | 1,508 |  | 364,016 |  |  | 93.4 | % |  | 1,565 |  |  | 4,800 |  |  | 4.8 | %
Houston, TX |  | 7 |  | 1,932 |  | 321,804 |  |  | 94.9 | % |  | 1,409 |  |  | 4,378 |  |  | 4.4 | %
Memphis, TN |  | 4 |  | 1,383 |  | 158,953 |  |  | 93.4 | % |  | 1,519 |  |  | 4,077 |  |  | 4.1 | %
Tampa-St. Petersburg, FL |  | 5 |  | 1,452 |  | 289,386 |  |  | 94.7 | % |  | 1,736 |  |  | 3,817 |  |  | 3.8 | %
Louisville, KY (2) |  | 5 |  | 1,550 |  | 193,937 |  |  | 94.0 | % |  | 1,181 |  |  | 3,309 |  |  | 3.3 | %
Birmingham, AL |  | 2 |  | 1,074 |  | 231,907 |  |  | 90.8 | % |  | 1,444 |  |  | 2,899 |  |  | 2.9 | %
Huntsville, AL |  | 3 |  | 873 |  | 190,086 |  |  | 94.8 | % |  | 1,493 |  |  | 2,775 |  |  | 2.8 | %
Lexington, KY |  | 3 |  | 886 |  | 159,694 |  |  | 97.6 | % |  | 1,242 |  |  | 2,363 |  |  | 2.4 | %
Charlotte, NC |  | 3 |  | 714 |  | 189,159 |  |  | 95.4 | % |  | 1,690 |  |  | 2,155 |  |  | 2.1 | %
Myrtle Beach, SC - Wilmington, NC |  | 3 |  | 628 |  | 67,713 |  |  | 96.2 | % |  | 1,380 |  |  | 1,876 |  |  | 1.9 | %
Cincinnati, OH |  | 2 |  | 542 |  | 121,970 |  |  | 96.4 | % |  | 1,542 |  |  | 1,708 |  |  | 1.7 | %
Greenville, SC |  | 1 |  | 702 |  | 123,093 |  |  | 96.7 | % |  | 1,213 |  |  | 1,601 |  |  | 1.6 | %
Charleston, SC |  | 2 |  | 518 |  | 81,186 |  |  | 95.9 | % |  | 1,573 |  |  | 1,370 |  |  | 1.4 | %
Chicago, IL |  | 1 |  | 374 |  | 90,073 |  |  | 94.1 | % |  | 1,727 |  |  | 1,226 |  |  | 1.2 | %
San Antonio, TX |  | 1 |  | 306 |  | 57,017 |  |  | 98.7 | % |  | 1,495 |  |  | 904 |  |  | 0.9 | %
Orlando, FL |  | 1 |  | 297 |  | 50,213 |  |  | 94.3 | % |  | 1,713 |  |  | 859 |  |  | 0.9 | %
Asheville, NC |  | 1 |  | 252 |  | 29,243 |  |  | 95.2 | % |  | 1,423 |  |  | 774 |  |  | 0.8 | %
Norfolk, VA |  | 1 |  | 183 |  | 53,970 |  |  | 97.8 | % |  | 1,840 |  |  | 676 |  |  | 0.7 | %
Fort Wayne, IN |  | 1 |  | 222 |  | 44,098 |  |  | 94.1 | % |  | 1,392 |  |  | 646 |  |  | 0.6 | %
Austin, TX |  | 1 |  | 256 |  | 55,165 |  |  | 89.4 | % |  | 1,690 |  |  | 644 |  |  | 0.6 | %
Terre Haute, IN (2) |  | 1 |  | 250 |  | 46,030 |  |  | 93.2 | % |  | 1,405 |  |  | 642 |  |  | 0.6 | %
Chattanooga, TN |  | 1 |  | 192 |  | 36,915 |  |  | 95.8 | % |  | 1,412 |  |  | 514 |  |  | 0.5 | %
Total / Weighted Average |  | 122 |  | 36,176 |  | $ | 6,723,694 |  |  | 94.6 | % |  | $ | 1,484 |  |  | $ | 100,406 |  |  | 100.0 | %

(1)Includes properties in our Fort Collins, CO and Colorado Springs, CO markets.
(2)Includes one property classified as held for sale.
21

VALUE ADD SUMMARY BY MARKET
PROJECT LIFE TO DATE AS OF SEPTEMBER 30, 2022

|  |  |  |  |  |  | Renovation Costs per Unit (b) |  |
Market | Total Properties | Total Units To Be Renovated | Units Complete | Units Leased | Rent Premium (a) | % Rent Increase | Interior | Exterior | Total | ROI - Interior Costs(c) | ROI - Total Costs (d)
Ongoing |  |  |  |  |  |  |  |  |  |  |
Tampa-St. Petersburg, FL | 3 | 888 |  | 662 |  | 652 |  | $ | 274 |  | 24.1 | % | $ | 13,810 |  | $ | 1,382 |  | $ | 15,192 |  | 25.4 | % | 22.1 | %
Memphis, TN | 2 | 862 |  | 621 |  | 610 |  | 248 |  | 24.8 | % | 11,408 |  | 1,031 |  | 12,439 |  | 26.8 | % | 22.9 | %
Columbus, OH | 4 | 1,045 |  | 498 |  | 486 |  | 270 |  | 28.2 | % | 11,431 |  | 711 |  | 12,141 |  | 29.1 | % | 26.5 | %
Raleigh-Durham, NC | 1 | 318 |  | 145 |  | 135 |  | 197 |  | 16.1 | % | 14,674 |  | 1,046 |  | 15,720 |  | 18.1 | % | 15.0 | %
Atlanta, GA | 4 | 1,484 |  | 397 |  | 400 |  | 243 |  | 35.0 | % | 9,043 |  | 667 |  | 9,710 |  | 34.9 | % | 32.7 | %
Indianapolis, IN | 1 | 236 |  | 51 |  | 44 |  | 266 |  | 24.1 | % | 13,235 |  | 805 |  | 14,040 |  | 32.7 | % | 22.8 | %
Oklahoma City, OK | 2 | 541 |  | 70 |  | 74 |  | 157 |  | 11.7 | % | 16,451 |  | 754 |  | 17,205 |  | 14.5 | % | 11.1 | %
Dallas, TX | 2 | 586 |  | 23 |  | 31 |  | 224 |  | 19.0 | % | 13,578 |  | 1,129 |  | 14,707 |  | 24.9 | % | 17.6 | %
Austin, TX | 1 | 256 |  | 10 |  | 11 |  | 147 |  | 14.3 | % | 12,332 |  | 1,148 |  | 13,480 |  | 12.2 | % | 13.1 | %
Nashville, TN | 1 | 724 |  | 24 |  | 17 |  | 219 |  | 17.4 | % | 15,147 |  | 1,721 |  | 16,868 |  | 17.4 | % | 15.6 | %
Total / Weighted Average | 21 | 6,940 |  | 2,501 |  | 2,460 |  | $ | 253 |  | 25.2 | % | $12,056 | $ | 992 |  | $ | 13,048 |  | 25.5 | % | 23.2 | %
Future (e) |  |  |  |  |  |  |  |  |  |  |
Atlanta, GA | 3 |  | 1,340 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Dallas, TX | 3 |  | 876 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Tampa-St. Petersburg, FL | 1 |  | 348 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Oklahoma City, OK | 2 |  | 546 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Columbus, OH | 1 |  | 240 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total / Weighted Average | 10 |  | 3,350 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Completed (f) |  |  |  |  |  |  |  |  |  |  |
Raleigh-Durham, NC | 1 |  | 328 |  | 325 |  | 309 |  | $ | 184 |  | 15.3 | % | $ | 14,462 |  | $ | 2,108 |  | $ | 16,571 |  | 15.3 | % | 13.3 | %
Louisville, KY | 2 |  | 728 |  | 702 |  | 683 |  | 221 |  | 17.6 | % | 15,013 |  | 2,257 |  | 17,269 |  | 17.6 | % | 15.2 | %
Wilmington, NC | 1 |  | 288 |  | 267 |  | 256 |  | 69 |  | 11.4 | % | 7,295 |  | 56 |  | 7,351 |  | 11.3 | % | 11.3 | %
Atlanta, GA | 1 |  | 494 |  | 451 |  | 440 |  | 176 |  | 23.4 | % | 9,030 |  | 1,773 |  | 10,804 |  | 23.0 | % | 19.6 | %
Columbus, OH | 1 |  | 264 |  | 241 |  | 234 |  | 103 |  | 15.7 | % | 7,850 |  | 613 |  | 8,463 |  | 15.7 | % | 14.6 | %
Memphis, TN | 1 |  | 191 |  | 173 |  | 167 |  | 263 |  | 29.0 | % | 10,910 |  | 561 |  | 11,470 |  | 29.2 | % | 27.6 | %
Total / Weighted Average | 7 |  | 2,293 |  | 2,159 |  | 2,089 |  | $ | 176 |  | 18.2 | % | $ | 11,595 |  | $ | 1,530 |  | $ | 13,125 |  | 18.3 | % | 16.1 | %
Grand Total/Weighted Average | 38 |  | 12,583 |  | 4,660 |  | 4,549 |  | $ | 236 |  | 23.9 | % | $ | 11,843 |  | $ | 1,241 |  | $ | 13,084 |  | 24.1 | % | 21.6 | %
Sold/Held for Sale Properties (g) |  | 1,212 |  | 807 |  | 783 |  | $ | 153 |  | 19.1 | % | $ | 9,634 |  | $ | 2,145 |  | $ | 11,779 |  | 20.0 | % | 15.6 | %

(a) The rent premium reflects the per unit per month difference between the rental rate on the renovated unit 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.
(b)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.
(c)Calculated using the rent premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit.
(d)Calculated using the rent premium per unit per month, multiplied by 12, divided by the total renovation costs per unit.
(e)Renovation project start dates are scheduled in Q4 2022 through Q3 2023.
(f)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.
(g)Includes Meadows that was classified as held for sale as of September 30, 2022 and Haverford, Crestmont and Creekside that were formerly a part of the value add program but were sold in February 2022 (with respect to Haverford) and December 2021 (with respect to Crestmont and Creekside).
22

INVESTMENT AND DEVELOPMENT ACTIVITY
Dollars in thousands with respect to Contract Price and Price per Unit

2022 ACQUISITIONS

Property |  | Market |  | Units |  | Acquisition Date |  | Purchase Price |  | Price per Unit |  | Average Rent Per Unit at Acquisition
Views of Music City (Phase I) |  | Nashville, TN |  | 96 |  | April 6, 2022 |  | $ | 25,440 |  |  | $ | 265 |  |  | $ | 1,483 |
Cyan Mallard Creek |  | Charlotte, NC |  | 234 |  | August 16, 2022 |  | 80,000 |  |  | 342 |  |  | 1,701 |
The Enclave at Tranquility Lake |  | Tampa, FL |  | 348 |  | September 13, 2022 |  | 98,000 |  |  | 282 |  |  | 1,714 |
Total |  |  |  | 678 |  |  |  | $ | 203,440 |  |  | $ | 300 |  |  | $ | 1,677 |

2022 DISPOSITIONS

Property |  | Location |  | Units |  | Disposition Date |  | Sale Price |  | Price per Unit |  | Average Rent Per Unit at Disposition
Riverchase |  | Indianapolis, IN |  | 216 |  | January 18, 2022 |  | $ | 31,000 |  |  | $ | 144 |  |  | $ | 1,028 |
Heritage Park |  | Oklahoma City, OK |  | 453 |  | February 2, 2022 |  | 48,500 |  |  | 107 |  |  | 767 |
Raindance |  | Oklahoma City, OK |  | 504 |  | February 2, 2022 |  | 47,500 |  |  | 94 |  |  | 669 |
Haverford |  | Louisville, KY |  | 160 |  | February 2, 2022 |  | 31,050 |  |  | 194 |  |  | 1,146 |
Total |  |  |  | 1,333 |  |  |  | $ | 158,050 |  |  | $ | 119 |  |  | $ | 818 |

ASSETS HELD FOR SALE AS OF SEPTEMBER 30, 2022

Property |  | Location |  | Units |  |
Meadows Apartments |  | Louisville, KY |  | 400 |  |
Sycamore Terrace |  | Terre Haute, IN |  | 250 |  |
Total |  |  |  | 650 |  |

REAL ESTATE UNDER DEVELOPMENT

|  |  |  |  |  |  |  | Projected |  | Development Costs
Property |  | Location |  | Planned Units |  | Start Date |  | Initial Occupancy Date |  | Completion Date |  | Stabilization Date |  | Total Estimated |  | Total through 9/30/22 |  | Remaining
Destination at Arista |  | Denver, CO |  | 325 |  | 3Q 2021 |  | 2Q 2023 |  | 4Q 2023 |  | 1Q 2025 |  | $ | 101,900 |  |  | $ | 66,367 |  |  | $ | 35,533 |
Flatirons Apartments |  | Denver, CO |  | 296 |  | 4Q 2022 |  | 3Q 2024 |  | 3Q 2024 |  | 2Q 2026 |  | 120,561 |  |  | 20,396 |  |  | 100,165 |
Total |  |  |  | 621 |  |  |  |  |  |  |  |  |  | $ | 222,461 |  |  | $ | 86,763 |  |  | $ | 135,698 |

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Property |  | Location |  | Units |  | Estimated Delivery Date |  | Total Construction Budget |  | Total Project Debt |  | IRT Equity Interest in JV |  | Remaining Expected IRT Investment |  | Carrying Value of IRT’s Investment
Metropolis at Innsbrook |  | Richmond, VA |  | 402 |  |  | Q2 2023 |  | $ | 83,383 |  |  | $ | 64,000 |  |  | 84.8 | % |  | $ | — |  |  | $ | 17,152 |
Views of Music City II / The Crockett (a) |  | Nashville, TN |  | 408 |  |  | Q4 2022 & Q4 2023 |  | 66,079 |  |  | 43,275 |  |  | 50.0 | % |  | — |  |  | 11,198 |
Virtuoso (b) |  | Huntsville, AL |  | 400 |  |  | Q3 2022 |  | 127,500 |  |  | 86,381 |  |  | 90.0 | % |  | 20,748 |  |  | 14,170 |
Lakeline Station |  | Austin, TX |  | 378 |  |  | Q2 2024 |  | 109,524 |  |  | 76,500 |  |  | 90.0 | % |  | 11,107 |  |  | 18,810 |
The Mustang |  | Dallas, TX |  | 275 |  |  | Q3 2024 |  | 109,583 |  |  | 79,447 |  |  | 85.0 | % |  | 16,367 |  |  | 9,278 |
Total |  |  |  | 1,863 |  |  |  |  | $ | 496,069 |  |  | $ | 349,603 |  |  |  |  | $ | 48,222 |  |  | $ | 70,608 |

(a)Views of Music City Phase Two consists of 209 units with an estimated delivery date of Q4 2023. The Crockett, formerly known as the Jackson, consists of 199 units with an estimated delivery date of year-end 2022.
(b)Virtuoso consists of 178 Phase One units acquired by the joint venture on March 31, 2022. Additionally, 222 Phase Two units are estimated to be completed and acquired by the joint venture in the fourth quarter of 2022.
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DEBT SUMMARY AS OF SEPTEMBER 30, 2022
Dollars in thousands

|  | Amount |  | Weighted Average Rate (d) |  | Type |  | Weighted Average Maturity (in years)
Debt: |  |  |  |  |  |  |  |
Unsecured revolver (a) |  | $ | 197,978 |  |  | 3.6 | % |  | Floating |  | 3.3
Unsecured term loans (b) |  | 600,000 |  |  | 3.4 | % |  | Floating |  | 4.8
Secured credit facilities (c) |  | 635,128 |  |  | 4.2 | % |  | Floating/Fixed |  | 6.2
Mortgages |  | 1,233,097 |  |  | 3.9 | % |  | Fixed |  | 5.4
Total Principal |  | 2,666,203 |  |  | 3.8 | % |  |  |  | 5.3
Loan premiums (discounts), net |  | 63,340 |  |  |  |  |  |  |
Unamortized deferred financing costs |  | (15,918) |  |  |  |  |  |  |
Total Debt |  | 2,713,625 |  |  |  |  |  |  |
Market Equity Capitalization, at period end |  | 3,850,365 |  |  |  |  |  |  |
Total Capitalization |  | $ | 6,563,990 |  |  |  |  |  |  |

(a)Unsecured revolver total capacity is $500,000, of which $197,978 was drawn as of September 30, 2022. The maturity date of borrowings under the unsecured revolver is January 31, 2026.
(b)Consists of a (i) $200,000 unsecured term loan with a maturity date of May 18, 2026 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028.
(c)Consists of a (i) $558,880 secured credit facility, three tranches of which, in an aggregate principal amount of $518,412, have a maturity date of August 1, 2028 and the fourth tranche of which, in the principal amount of $40,468, has a maturity date of March 1, 2030 and a (ii) $76,248 secured credit facility with a maturity date of July 1, 2030.
(d)Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate during the quarter ended September 30, 2022, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 3.9%.
(e)As of September 30, 2022, we maintained the following hedges that have effectively fixed a portion of our floating rates debt.

Hedges: |  | Notional |  | Start |  | End |  | Swap Rate |  | Floor Rate |  | Cap Rate
Collar |  | $ | 100,000 |  |  | 11/17/2017 |  | 11/17/2024 |  | — |  |  | 1.25 | % |  | 2.00 | %
Collar |  | $ | 150,000 |  |  | 10/17/2018 |  | 1/17/2024 |  | — |  |  | 2.25 | % |  | 2.50 | %
Swap |  | $ | 150,000 |  |  | 6/17/2021 |  | 6/17/2026 |  | 2.176 | % |  | — |  |  | — |
Swap |  | $ | 150,000 |  |  | 5/17/2022 |  | 5/17/2027 |  | 0.985 | % |  | — |  |  | — |
Forward starting collar |  | $ | 100,000 |  |  | 1/17/2024 |  | 1/17/2028 |  | — |  |  | 1.50 | % |  | 2.50 | %
Forward starting collar |  | $ | 100,000 |  |  | 11/17/2024 |  | 1/17/2028 |  | — |  |  | 1.50 | % |  | 2.50 | %

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DEBT COVENANT AND UNENCUMBERED ASSET STATS AS OF SEPTEMBER 30, 2022
Dollars in thousands
Debt Covenant Summary (a)

|  | Requirement |  | Actual |  | Compliance
Consolidated leverage ratio |  | ≤ 60% |  | 34.6% |  | Yes
Consolidated fixed charge coverage ratio |  | ≥ 1.5x |  | 3.2x |  | Yes
Unsecured leverage ratio |  | ≤ 60% |  | 25.6% |  | Yes

(a)For a complete listing of all debt covenants along with definitions of each covenant calculation see the Fourth Amended, Restated and Consolidated Credit Agreement, which is included as exhibit 10.1 of the Form 8-K filed on July 27, 2022.
Encumbered & Unencumbered Statistics

|  | Total Units |  | % of Total |  | Gross Assets |  | % of Total |  | Q3 2022 NOI |  | % of Total
Unencumbered assets |  | 18,164 |  |  | 50.2 | % |  | $ | 3,457,955 |  |  | 48.7 | % |  | $ | 50,250 |  |  | 50.0 | %
Encumbered assets |  | 18,012 |  |  | 49.8 | % |  | 3,639,325 |  |  | 51.3 | % |  | 50,156 |  |  | 50.0 | %
|  | 36,176 |  |  | 100.0 | % |  | $ | 7,097,280 |  |  | 100.0 | % |  | $ | 100,406 |  |  | 100.0 | %

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DEFINITIONS
Average Effective Monthly Rent per Unit
Average effective rent per unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented. 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.
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 asset sales, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses, merger and integration costs, 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 Core FFO (“CFFO”), each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.
CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, loan premium accretion and discount amortization, debt extinguishment costs, and merger and integration costs from the determination of FFO.
Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other
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GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.
Interest Coverage
Interest coverage is a ratio computed by dividing Adjusted EBITDA by interest expense.
Net Debt
Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (Dollars in thousands).
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.

|  | As of
|  | Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Total debt |  | $ | 2,713,625 |  |  | $ | 2,552,936 |  |  | $ | 2,542,088 |  |  | $ | 2,705,336 |  |  | $ | 1,018,729 |
Less: cash and cash equivalents |  | (23,753) |  |  | (11,378) |  |  | (23,971) |  |  | (35,972) |  |  | (8,720) |
Less: loan discounts and premiums, net |  | (63,340) |  |  | (66,091) |  |  | (68,832) |  |  | (71,586) |  |  | — |
Total net debt |  | $ | 2,626,532 |  |  | $ | 2,475,467 |  |  | $ | 2,449,285 |  |  | $ | 2,597,778 |  |  | $ | 1,010,009 |

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 depreciation and amortization, casualty related costs, property management expenses, general administrative expenses, interest expense, and net gains on sale of assets.
Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.
Same-Store Properties and Same-Store Portfolio
We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned at the beginning of the previous year. Properties that are held-for-sale or have been sold are excluded from the same-store portfolio. Because our portfolio of properties changed significantly as a result of our STAR Merger, which closed on December 16, 2021, we may also present, as described below, information on the IRT Same-Store Portfolio, STAR Same-Store Portfolio and Combined Same-Store Portfolio.
IRT Same-Store Portfolio
IRT Same-Store Portfolio represents the 48 properties that IRT owned and consolidated as of January 1, 2021 and through September 30, 2022 (other than properties held for sale as of September 30, 2022).
STAR Same-Store Portfolio
STAR Same-Store Portfolio represents the 65 properties that STAR owned and consolidated as of January 1, 2021 and that, following the consummation of the Merger on December 16, 2021, continued to be owned and
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consolidated by IRT through September 30, 2022 (other than properties held for sale as of September 30, 2022).
Combined Same-Store Portfolio
Combined Same-Store Portfolio represents the combination of the IRT Same-Store Portfolio and the STAR Same-Store Portfolio considered as a single portfolio of 113 properties which represent 33,804 units.
Combined Non Same-Store Portfolio
Combined Non Same-Store Portfolio represents the combination of six IRT non same-store properties and three STAR non same-store properties considered as a single non same-store portfolio of nine properties which represent 2,372 units acquired after January 1, 2021 (includes two properties held for sale as of September 30, 2022).
Pre-Merger STAR Portfolio NOI
In order to reconcile Combined Same-Store Portfolio NOI to net income for periods prior to our December 16, 2021 merger with STAR, our reconciliation excludes NOI generated by the STAR Portfolio because IRT did not own these properties prior to December 16, 2021.
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
|  | Sep 30, 2022 |  | Jun 30, 2022 |  | Mar 31, 2022 |  | Dec 31, 2021 |  | Sep 30, 2021
Total assets |  | $ | 6,633,533 |  |  | $ | 6,386,634 |  |  | $ | 6,387,322 |  |  | $ | 6,506,696 |  |  | $ | 1,846,911 |
Plus: accumulated depreciation (a) |  | 386,606 |  |  | 337,338 |  |  | 291,199 |  |  | 254,123 |  |  | 247,563 |
Plus: accumulated amortization |  | 77,141 |  |  | 77,062 |  |  | 52,856 |  |  | 24,829 |  |  | 20,269 |
Total gross assets |  | $ | 7,097,280 |  |  | $ | 6,801,034 |  |  | $ | 6,731,377 |  |  | $ | 6,785,648 |  |  | $ | 2,114,743 |

(a)Includes accumulated depreciation associated with real estate held for sale.
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APPENDIX A
COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 and 2021
Dollars in thousands, except per unit data

| IRT Same-Store Portfolio (a) |  | STAR Same-Store Portfolio (b) |  | Combined Same-Store Portfolio(c)
| Q3 2022 | Q3 2021 | % Change |  | Q3 2022 | Q3 2021 | % Change |  | Q3 2022 | Q3 2021 | % Change
Revenue: |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenue | $56,947 |  | 50,881 |  | 11.9 | % |  | 94,083 |  | $85,682 |  | 9.8 | % |  | $151,030 |  | $136,563 |  | 10.6 | %
Property Operating Expenses: |  |  |  |  |  |  |  |  |  |
Real estate taxes | 6,172 |  | 5,757 |  | 7.2 | % |  | 12,227 |  | 10,386 |  | 17.7 | % |  | 18,399 |  | 16,143 |  | 14.0 | %
Property insurance | 1,334 |  | 1,127 |  | 18.4 | % |  | 2,189 |  | 2,043 |  | 7.1 | % |  | 3,523 |  | 3,170 |  | 11.1 | %
Personnel expenses | 4,761 |  | 4,520 |  | 5.3 | % |  | 7,160 |  | 7,544 |  | (5.1) | % |  | 11,921 |  | 12,064 |  | (1.2) | %
Utilities | 2,804 |  | 2,580 |  | 8.7 | % |  | 5,203 |  | 4,664 |  | 11.6 | % |  | 8,007 |  | 7,244 |  | 10.5 | %
Repairs and maintenance | 2,062 |  | 2,117 |  | (2.6) | % |  | 3,975 |  | 3,282 |  | 21.1 | % |  | 6,037 |  | 5,399 |  | 11.8 | %
Contract services | 1,995 |  | 1,888 |  | 5.7 | % |  | 3,322 |  | 3,027 |  | 9.7 | % |  | 5,317 |  | 4,915 |  | 8.2 | %
Advertising expenses | 651 |  | 482 |  | 35.1 | % |  | 808 |  | 852 |  | (5.2) | % |  | 1,459 |  | 1,334 |  | 9.3 | %
Other expenses | 748 |  | 516 |  | 45.0 | % |  | 1,053 |  | 972 |  | 8.3 | % |  | 1,801 |  | 1,488 |  | 21.0 | %
Total property operating expenses | 20,527 |  | 18,986 |  | 8.1 | % |  | 35,937 |  | 32,771 |  | 9.7 | % |  | 56,464 |  | 51,757 |  | 9.1 | %
Same-store NOI (a) | $36,420 |  | 31,895 |  | 14.2 | % |  | 58,146 |  | $52,911 |  | 9.9 | % |  | $94,566 |  | $84,806 |  | 11.5 | %

Same-store NOI margin | 64.0 | % | 62.7 | % | 1.3 | % |  | 61.8 | % | 61.8 | % | 0.1 | % |  | 62.6 | % | 62.1 | % | 0.5 | %
Average occupancy | 93.6 | % | 96.1 | % | (2.6) | % |  | 94.6 | % | 96.8 | % | (2.2) | % |  | 94.2 | % | 96.5 | % | (2.3) | %

Average effective monthly rent, per unit | $ | 1,445 |  | $ | 1,251 |  | 15.5 | % |  | $ | 1,500 |  | $ | 1,338 |  | 12.1 | % |  | $ | 1,479 |  | $ | 1,305 |  | 13.3 | %

| IRT Same-Store Portfolio (a) |  | STAR Same-Store Portfolio (b) |  | Combined Same-Store Portfolio(c)
| YTD 2022 | YTD 2021 | % Change |  | YTD 2022 | YTD 2021 | % Change |  | YTD 2022 | YTD 2021 | % Change
Revenue: |  |  |  |  |  |  |  |  |  |  |
Rental and other property revenue | $163,864 |  | 147,547 |  | 11.1 | % |  | 275,428 |  | $248,226 |  | 11.0 | % |  | $439,292 |  | $395,774 |  | 11.0 | %
Property Operating Expenses: |  |  |  |  |  |  |  |  |  |
Real estate taxes | 18,615 |  | 18,087 |  | 2.9 | % |  | 37,861 |  | 35,105 |  | 7.9 | % |  | 56,476 |  | 53,193 |  | 6.2 | %
Property insurance | 3,692 |  | 3,277 |  | 12.7 | % |  | 5,618 |  | 5,265 |  | 6.7 | % |  | 9,310 |  | 8,542 |  | 9.0 | %
Personnel expenses | 14,178 |  | 12,829 |  | 10.5 | % |  | 22,043 |  | 22,454 |  | (1.8) | % |  | 36,221 |  | 35,282 |  | 2.7 | %
Utilities | 8,053 |  | 7,348 |  | 9.6 | % |  | 14,340 |  | 13,821 |  | 3.8 | % |  | 22,393 |  | 21,170 |  | 5.8 | %
Repairs and maintenance | 6,187 |  | 5,593 |  | 10.6 | % |  | 10,091 |  | 8,630 |  | 16.9 | % |  | 16,278 |  | 14,223 |  | 14.4 | %
Contract services | 5,793 |  | 5,542 |  | 4.5 | % |  | 9,372 |  | 8,464 |  | 10.7 | % |  | 15,165 |  | 14,006 |  | 8.3 | %
Advertising expenses | 1,646 |  | 1,436 |  | 14.6 | % |  | 2,215 |  | 2,464 |  | (10.1) | % |  | 3,861 |  | 3,900 |  | (1.0) | %
Other expenses | 1,995 |  | 1,548 |  | 28.9 | % |  | 3,123 |  | 3,042 |  | 2.7 | % |  | 5,118 |  | 4,590 |  | 11.5 | %
Total property operating expenses | 60,159 |  | 55,661 |  | 8.1 | % |  | 104,663 |  | 99,245 |  | 5.5 | % |  | 164,822 |  | 154,906 |  | 6.4 | %
Same-store NOI (a) | $103,705 |  | 91,887 |  | 12.9 | % |  | 170,765 |  | $148,981 |  | 14.6 | % |  | $274,470 |  | $240,868 |  | 14.0 | %

Same-store NOI margin | 63.3 | % | 62.3 | % | 1.0 | % |  | 62.0 | % | 60.0 | % | 2.0 | % |  | 62.5 | % | 60.9 | % | 1.6 | %
Average occupancy | 94.8 | % | 95.8 | % | (1.0) | % |  | 95.1 | % | 96.1 | % | (1.0) | % |  | 95.0 | % | 96.0 | % | (1.0) | %

Average effective monthly rent, per unit | $ | 1,372 |  | $ | 1,213 |  | 13.1 | % |  | $ | 1,452 |  | $ | 1,306 |  | 11.2 | % |  | $ | 1,421 |  | $ | 1,270 |  | 11.9 | %

(a)IRT Same-Store Portfolio consists of 48 properties, which represent 13,110 units.
(b)STAR Same-Store Portfolio consists of 65 properties, which represent 20,694 units.
(c)Combined Same-Store Portfolio consists of 113 properties, which represent 33,804 units.
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