Exhibit 99.2



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NYSE: IRT
WWW.IRTLIVING.COM

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TABLE OF CONTENTS
Three and Nine Months Ended September 30, 2022 and 2021
Three and Nine Months Ended September 30, 2022 and 2021
Three and Nine Months Ended September 30, 2022 and 2021
Three Months Ended September 30, 2022 and 2021 
Nine Months Ended September 30, 2022 and 2021

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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 Headquarters1835 Market Street, Suite 2601
Philadelphia, PA 19103
267.270.4800
Trading SymbolNYSE: “IRT”
Investor Relations ContactEdelman 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 Occupancy94.2 %94.2 %
   Lease Over Lease Effective Rental Rate Growth:(2)
        New Leases14.1 %7.1 %
        Renewal Leases 11.9 %8.0 %
        Blended12.7 %7.7 %
   Resident retention rate56.6 %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 Leases13.5 %5.8 %
        Renewal Leases11.1 %7.2 %
        Blended12.0 %6.7 %
   Resident retention rate56.3 %51.2 %
Value Add (21 properties with Ongoing Value Add)
   Average Occupancy92.2 %91.0 %
   Lease Over Lease Effective Rental Rate Growth:(2)
        New Leases16.7 %10.8 %
        Renewal Leases14.1 %11.2 %
        Blended15.0 %11.0 %
   Resident retention rate57.8 %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 GuidanceCurrent GuidanceChange at Midpoint
2022 Full Year EPS and CFFO Guidance (1)(2)
LowHighLowHigh
Earnings per share$0.48$0.50$0.49$0.50$0.005
Adjustments:
Depreciation and amortization (3)
1.091.091.091.09—
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/units113 properties / 33,804 units113 properties / 33,804 units—
Property revenue growth10.7% to 11.1%10.6% to 10.8%(0.2)%
Controllable operating expense growth4.2% 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 growth5.9% to 6.7%5.3% to 5.8%(0.8)%
Property NOI growth13.25% 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, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 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 margin62.6 %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 ratio50.0 %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 properties122 120 119 123 57 
Total units36,176 35,594 35,498 36,831 16,109 
Period end occupancy94.6 %95.7 %95.4 %95.6 %96.0 %
Total portfolio average occupancy94.2 %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 assets38.2 %37.5 %37.8 %39.9 %47.1 %
Net debt to Adjusted EBITDA (pro forma) (c)
7.2x7.4x7.6x7.7x8.2x
Interest coverage4.0x4.0x4.0x3.9x3.6x
Common shares and OP Units:
Shares outstanding224,056,179 222,060,280 221,163,391 220,753,735 105,106,714 
OP units outstanding6,091,171 6,091,171 6,970,993 6,981,841 552,360 
Common shares and OP units outstanding230,147,350 228,151,451 228,134,384 227,735,577 105,659,074 
Weighted average common shares and OP units228,051,780 227,964,753 227,778,484 127,046,225 107,094,044 
(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.
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BALANCE SHEETS
Dollars in thousands, except per share data
As of
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 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, net6,254,916 6,098,579 6,098,658 6,218,880 1,681,516 
Real estate held for sale82,178 81,818 80,992 61,560 120,409 
Real estate under development86,763 61,777 48,959 41,777 — 
Cash and cash equivalents23,753 11,378 23,971 35,972 8,720 
Restricted cash35,829 31,017 26,789 29,699 6,138 
Investment in unconsolidated real estate entities70,608 54,178 43,541 24,999 13,561 
Other assets34,480 26,707 27,281 38,052 15,053 
Derivative assets43,967 21,162 12,944 2,488 1,168 
Intangible assets, net1,039 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 expenses126,310 98,173 81,498 106,332 39,593 
Accrued interest payable11,019 6,891 6,955 7,175 1,708 
Dividends payable32,188 31,907 27,345 16,792 12,648 
Derivative liabilities— — 128 11,896 17,492 
Other liabilities13,816 15,077 15,921 17,089 6,756 
Total liabilities2,896,958 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 share2,241 2,221 2,212 2,208 1,051 
Additional paid in capital3,749,550 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' equity3,595,346 3,540,512 3,550,005 3,480,761 746,133 
Noncontrolling Interests141,229 141,138 163,382 161,315 3,852 
Total equity3,736,575 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
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STATEMENTS OF OPERATIONS, FFO & CORE FFO
TRAILING FIVE QUARTERS
Dollars in thousands, except per share data
For the Three Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Revenue:
Rental and other property revenue$160,300 $154,643 $149,977 $76,803 $60,592 
Other revenue300120385113188
Total revenue160,600154,763150,36276,91660,780
Expenses:
Property operating expenses59,96758,97655,88326,95223,164
Property management expenses5,7446,1395,5563,2212,199
General and administrative expenses(a)5,6256,9687,9284,4423,985
Depreciation and amortization expense49,72272,79378,17426,21017,384
Casualty (gains) losses, net(191)(5,592)(1,393)——
Total expenses120,867139,284146,14860,82546,732
Interest expense(22,093)(20,994)(20,531)(10,757)(8,700)
Gain on sale of real estate assets, net——94,71276,17911,492
Loss on extinguishment of debt———(10,261)—
Other income (expense)765294443——
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 - Basic221,960,609221,164,284220,798,692125,375,694104,918,674
EPS - diluted$0.07 $(0.03)$0.34 $0.23 $0.11 
Weighted-average shares outstanding - Diluted222,867,546221,164,284222,045,286126,675,551107,668,675
Funds From Operations (FFO):
Net income (loss)$16,653 $(7,399)$76,880 $29,465 $11,564 
Add-Back (Deduct):
Real estate depreciation and amortization49,34772,29877,94326,06817,263
Real estate depreciation and amortization from
  investments in unconsolidated real estate entities		1,388515———
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 amortization375495231142121
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———2,312295
Loss on extinguishment of debt———10,261—
Other (income) expense(765)(294)(380)——
Merger and integration costs2751,3071,89541,7875,276
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 outstanding228,051,780227,966,261227,778,484127,046,225107,094,044
(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
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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,
2022202120222021
Revenue:
Rental and other property revenue$160,300 $60,592 $464,921 $172,689 
Other revenue300188805 647 
Total revenue160,60060,780465,726 173,336 
Expenses:
Property operating expenses59,96723,164174,825 66,300 
Property management expenses5,7442,19917,440 6,318 
General and administrative expenses5,6253,98520,521 14,168 
Depreciation and amortization expense49,72217,384200,688 50,699 
Casualty (gains) losses, net(191)—(7,176)359 
Total expenses120,86746,732406,298 137,844 
Interest expense(22,093)(8,700)(63,618)(25,644)
Gain on sale of real estate assets, net—11,49294,712 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 - Basic221,960,609104,918,674221,312,261102,882,723
EPS - diluted$0.07 $0.11 $0.38 $0.15 
Weighted-average shares outstanding - Diluted222,867,546107,668,675222,359,585104,062,661
Funds From Operations (FFO):
Net income (loss)$16,653 $11,564 $86,135 $16,064 
Add-Back (Deduct):
Real estate depreciation and amortization49,34717,263199,588 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 amortization3751211,100 281 
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 costs2755,2763,477 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 outstanding228,051,780107,094,044227,933,320103,511,115

14
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ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO
Dollars in thousands
 Three Months Ended
ADJUSTED EBITDA:Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Net income (loss)$16,653 $(7,399)$76,880 $29,465 $11,564 
Add-Back (Deduct):
Interest expense22,093 20,994 20,531 10,757 8,700 
Depreciation and amortization49,722 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 costs275 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:4.0x4.0x4.0x3.9x3.6x

For the Three Months Ended September 30,For the Nine Months Ended September 30,
ADJUSTED EBITDA:2022202120222021
Net income (loss)$16,653 $11,564 $86,135 $16,064 
Add-Back (Deduct):
Interest expense22,093 8,700 63,618 25,644 
Depreciation and amortization49,722 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 costs275 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:4.0x3.6x4.0x3.4x
15
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COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME
TRAILING FIVE QUARTERS
Dollars in thousands, except per unit data
For the Three-Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Revenue:
Rental and other property revenue$151,030 $146,556 $141,706 $138,712 $136,563 
Property Operating Expenses:
Real estate taxes18,399 19,351 18,726 16,488 16,143 
Property insurance3,523 3,002 2,784 3,027 3,170 
Personnel expenses (a)
11,921 12,248 12,052 12,233 12,064 
Utilities8,007 7,078 7,308 7,069 7,244 
Repairs and maintenance6,037 6,031 4,209 5,282 5,399 
Contract services5,317 5,126 4,722 4,787 4,915 
Advertising expenses1,459 1,223 1,180 1,323 1,334 
Other expenses1,801 1,762 1,556 1,489 1,488 
Total property operating expenses56,464 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 occupancy94.2 %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 NOI5,767 4,932 4,925 7,923 7,054 
Pre-Merger STAR Portfolio NOI— — — (45,086)(54,432)
Other revenue300 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), net191 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
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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,
20222021% change20222021% change
Revenue:   
Rental and other property revenue$151,030 $136,563 10.6 %$439,292 $395,774 11.0 %
Property Operating Expenses:
Real estate taxes18,399 16,143 14.0 %56,476 53,192 6.2 %
Property insurance3,523 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 %
Utilities8,007 7,244 10.5 %22,393 21,170 5.8 %
Repairs and maintenance6,037 5,399 11.8 %16,278 14,223 14.4 %
Contract services5,317 4,915 8.2 %15,165 14,006 8.3 %
Advertising expenses1,459 1,334 9.4 %3,861 3,900 (1.0)%
Other expenses1,801 1,488 21.0 %5,118 4,591 11.5 %
Total property operating expenses56,464 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 margin62.6 %62.1 %0.5 %62.5 %60.9 %1.6 %
Average occupancy94.2 %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 NOI5,767 7,054 15,626 17,038 
Pre-Merger STAR Portfolio NOI— (54,432)— (151,517)
Other revenue300 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), net191 — 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
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NET OPERATING INCOME BRIDGE
TRAILING FIVE QUARTERS
Dollars in thousands
For the Three Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 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 portfolio9,270 8,087 8,271 12,546 12,517 
Total rental and other property revenue160,300 154,643 149,977 151,258 149,080 
Property operating expenses
Combined same-store portfolio (a)56,464 55,821 52,537 51,698 51,757 
Combined non same-store portfolio3,503 3,155 3,346 4,623 5,463 
Total property operating expenses59,967 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 portfolio5,767 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 revenue300 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), net191 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), net765 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
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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 RevenueProperty Operating ExpensesNet Operating IncomeAverage OccupancyAverage Effective Monthly Rent per Unit
MarketNumber of PropertiesUnits20222021% Change20222021% Change20222021% Change20222021% Change20222021% Change
Atlanta, GA135,180$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, TX133,68519,091 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, CO92,29211,677 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, OH102,51010,056 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, IN82,2568,810 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, NC61,6907,461 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, OK82,1477,613 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, TX71,9328,098 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, TN41,3836,193 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, TN31,2365,772 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, FL41,1045,703 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, AL21,0744,619 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, KY41,1504,419 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, KY38863,555 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, AL25992,679 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, NC36282,632 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, OH25422,593 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, SC17022,528 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, SC25182,513 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, IL13741,931 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, TX13061,460 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, NC12081,231 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, FL12971,468 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, NC12521,097 943 16.2 %323 292 10.6 %773 651 18.8 %95.9 %97.9 %(2.1)%1,423 1,205 18.2 %
Norfolk, VA11831,018 942 8.0 %342 301 13.4 %676 640 5.5 %96.2 %98.3 %(2.1)%1,840 1,635 12.5 %
Fort Wayne, IN1222967 847 14.2 %322 270 19.0 %646 577 11.9 %95.8 %97.3 %(1.5)%1,392 1,226 13.5 %
Austin, TX12561,311 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, TN1192853 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 Average11333,804$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 %
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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 RevenueProperty Operating ExpensesNet Operating IncomeAverage OccupancyAverage Effective Monthly Rent per Unit
MarketNumber of PropertiesUnits20222021% Change20222021% Change20222021% Change20222021% Change20222021% Change
Atlanta, GA135,180$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, TX133,68555,708 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, CO92,29233,729 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, OH102,51029,368 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, IN82,25625,557 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, OK82,14722,067 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, NC61,69021,412 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, TX71,93224,054 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, TN41,38317,646 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, TN31,23616,914 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, FL41,10416,192 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, AL21,07413,911 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, KY41,15013,025 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, KY388610,381 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, AL25997,847 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, OH25427,568 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, NC36287,344 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, SC17027,276 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, SC25187,181 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, IL13745,773 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, TX13064,334 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, FL12974,254 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, NC12083,468 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, NC12523,083 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, TX12563,849 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, VA11832,893 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, IN12222,823 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, TN11922,482 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 Average11333,804$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 %
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TOTAL PORTFOLIO NOI EXPOSURE BY MARKET
Dollars in thousands, except rent per unit
For the Three Months Ended September 30, 2022
MarketNumber of PropertiesUnitsGross Real 
Estate 
Assets		Period End
 Occupancy		Average 
Effective
 Monthly Rent 
per Unit		NOI% of NOI
Atlanta, GA135,180$1,057,156 93.1 %$1,578 $14,556 14.5 %
Dallas, TX144,007846,383 95.6 %1,722 12,329 12.3 %
Denver, CO (1)
92,292603,321 95.8 %1,655 7,940 7.9 %
Columbus, OH102,510365,300 95.1 %1,323 6,297 6.3 %
Indianapolis, IN82,256324,289 95.0 %1,274 5,288 5.3 %
Raleigh - Durham, NC61,690254,799 94.6 %1,462 5,028 5.0 %
Oklahoma City, OK82,147316,818 94.1 %1,126 4,955 4.9 %
Nashville, TN51,508364,016 93.4 %1,565 4,800 4.8 %
Houston, TX71,932321,804 94.9 %1,409 4,378 4.4 %
Memphis, TN41,383158,953 93.4 %1,519 4,077 4.1 %
Tampa-St. Petersburg, FL51,452289,386 94.7 %1,736 3,817 3.8 %
Louisville, KY (2)
51,550193,937 94.0 %1,181 3,309 3.3 %
Birmingham, AL21,074231,907 90.8 %1,444 2,899 2.9 %
Huntsville, AL3873190,086 94.8 %1,493 2,775 2.8 %
Lexington, KY3886159,694 97.6 %1,242 2,363 2.4 %
Charlotte, NC3714189,159 95.4 %1,690 2,155 2.1 %
Myrtle Beach, SC - Wilmington, NC362867,713 96.2 %1,380 1,876 1.9 %
Cincinnati, OH2542121,970 96.4 %1,542 1,708 1.7 %
Greenville, SC1702123,093 96.7 %1,213 1,601 1.6 %
Charleston, SC251881,186 95.9 %1,573 1,370 1.4 %
Chicago, IL137490,073 94.1 %1,727 1,226 1.2 %
San Antonio, TX130657,017 98.7 %1,495 904 0.9 %
Orlando, FL129750,213 94.3 %1,713 859 0.9 %
Asheville, NC125229,243 95.2 %1,423 774 0.8 %
Norfolk, VA118353,970 97.8 %1,840 676 0.7 %
Fort Wayne, IN122244,098 94.1 %1,392 646 0.6 %
Austin, TX125655,165 89.4 %1,690 644 0.6 %
Terre Haute, IN (2)
125046,030 93.2 %1,405 642 0.6 %
Chattanooga, TN119236,915 95.8 %1,412 514 0.5 %
Total / Weighted Average12236,176$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.
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VALUE ADD SUMMARY BY MARKET
PROJECT LIFE TO DATE AS OF SEPTEMBER 30, 2022

Renovation Costs per Unit (b)
MarketTotal PropertiesTotal
Units To Be Renovated		Units CompleteUnits
Leased		Rent Premium (a)% Rent IncreaseInteriorExteriorTotalROI - Interior Costs(c)ROI - Total Costs (d)
Ongoing
Tampa-St. Petersburg, FL3888 662 652 $274 24.1 %$13,810 $1,382 $15,192 25.4 %22.1 %
Memphis, TN2862 621 610 248 24.8 %11,408 1,031 12,439 26.8 %22.9 %
Columbus, OH41,045 498 486 270 28.2 %11,431 711 12,141 29.1 %26.5 %
Raleigh-Durham, NC1318 145 135 197 16.1 %14,674 1,046 15,720 18.1 %15.0 %
Atlanta, GA41,484 397 400 243 35.0 %9,043 667 9,710 34.9 %32.7 %
Indianapolis, IN1236 51 44 266 24.1 %13,235 805 14,040 32.7 %22.8 %
Oklahoma City, OK2541 70 74 157 11.7 %16,451 754 17,205 14.5 %11.1 %
Dallas, TX2586 23 31 224 19.0 %13,578 1,129 14,707 24.9 %17.6 %
Austin, TX1256 10 11 147 14.3 %12,332 1,148 13,480 12.2 %13.1 %
Nashville, TN1724 24 17 219 17.4 %15,147 1,721 16,868 17.4 %15.6 %
   Total / Weighted
     Average		216,940 2,501 2,460 $253 25.2 %$12,056$992 $13,048 25.5 %23.2 %
Future (e)
Atlanta, GA3 1,340 — — — — — — — — — 
Dallas, TX3 876 — — — — — — — — — 
Tampa-St. Petersburg, FL1 348 — — — — — — — — — 
Oklahoma City, OK2 546 — — — — — — — — — 
Columbus, OH1 240 — — — — — — — — — 
   Total / Weighted
     Average		10 3,350 — — — — — — — — — 
Completed (f)
Raleigh-Durham, NC1 328 325 309 $184 15.3 %$14,462 $2,108 $16,571 15.3 %13.3 %
Louisville, KY2 728 702 683 221 17.6 %15,013 2,257 17,269 17.6 %15.2 %
Wilmington, NC1 288 267 256 69 11.4 %7,295 56 7,351 11.3 %11.3 %
Atlanta, GA1 494 451 440 176 23.4 %9,030 1,773 10,804 23.0 %19.6 %
Columbus, OH1 264 241 234 103 15.7 %7,850 613 8,463 15.7 %14.6 %
Memphis, TN1 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).
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INVESTMENT AND DEVELOPMENT ACTIVITY
Dollars in thousands with respect to Contract Price and Price per Unit

2022 ACQUISITIONS
PropertyMarketUnitsAcquisition DatePurchase PricePrice per UnitAverage Rent Per Unit at Acquisition
Views of Music City (Phase I)Nashville, TN96April 6, 2022$25,440 $265 $1,483 
Cyan Mallard CreekCharlotte, NC234August 16, 202280,000 342 1,701 
The Enclave at Tranquility LakeTampa, FL348September 13, 202298,000 282 1,714 
Total678$203,440 $300 $1,677 
2022 DISPOSITIONS
PropertyLocationUnitsDisposition DateSale PricePrice per UnitAverage Rent Per Unit at Disposition
RiverchaseIndianapolis, IN216January 18, 2022$31,000 $144 $1,028 
Heritage ParkOklahoma City, OK453February 2, 202248,500 107 767 
RaindanceOklahoma City, OK504February 2, 202247,500 94 669 
HaverfordLouisville, KY160February 2, 202231,050 194 1,146 
Total1,333$158,050 $119 $818 
ASSETS HELD FOR SALE AS OF SEPTEMBER 30, 2022
PropertyLocationUnits
Meadows ApartmentsLouisville, KY400
Sycamore TerraceTerre Haute, IN250
Total650
REAL ESTATE UNDER DEVELOPMENT
ProjectedDevelopment Costs
PropertyLocationPlanned UnitsStart DateInitial Occupancy DateCompletion DateStabilization DateTotal EstimatedTotal through 9/30/22Remaining
Destination at AristaDenver, CO3253Q 20212Q 20234Q 20231Q 2025$101,900 $66,367 $35,533 
Flatirons ApartmentsDenver, CO2964Q 20223Q 20243Q 20242Q 2026120,561 20,396 100,165 
Total621$222,461 $86,763 $135,698 
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
PropertyLocationUnitsEstimated Delivery DateTotal Construction BudgetTotal Project DebtIRT Equity Interest in JVRemaining Expected IRT InvestmentCarrying Value of IRT’s Investment
Metropolis at InnsbrookRichmond, VA402 Q2 2023$83,383 $64,000 84.8 %$— $17,152 
Views of Music City II / The Crockett (a)
Nashville, TN408 Q4 2022 & Q4 202366,079 43,275 50.0 %— 11,198 
Virtuoso (b)
Huntsville, AL400 Q3 2022127,500 86,381 90.0 %20,748 14,170 
Lakeline StationAustin, TX378 Q2 2024109,524 76,500 90.0 %11,107 18,810 
The MustangDallas, TX275 Q3 2024109,583 79,447 85.0 %16,367 9,278 
Total1,863 $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 %Floating3.3
Unsecured term loans (b)
600,000 3.4 %Floating4.8
Secured credit facilities (c)
635,128 4.2 %Floating/Fixed6.2
Mortgages1,233,097 3.9 %Fixed5.4
Total Principal2,666,203 3.8 %5.3
Loan premiums (discounts), net63,340 
Unamortized deferred financing costs(15,918)
Total Debt2,713,625 
Market Equity Capitalization, at period end3,850,365 
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%.
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(e)As of September 30, 2022, we maintained the following hedges that have effectively fixed a portion of our floating rates debt.

Hedges:NotionalStartEndSwap RateFloor RateCap Rate
Collar$100,000 11/17/201711/17/2024— 1.25 %2.00 %
Collar$150,000 10/17/20181/17/2024— 2.25 %2.50 %
Swap$150,000 6/17/20216/17/20262.176 %— — 
Swap$150,000 5/17/20225/17/20270.985 %— — 
Forward starting collar$100,000 1/17/20241/17/2028— 1.50 %2.50 %
Forward starting collar$100,000 11/17/20241/17/2028— 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)
RequirementActualCompliance
Consolidated leverage ratio≤ 60%34.6%Yes
Consolidated fixed charge coverage ratio≥ 1.5x3.2xYes
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 TotalGross Assets% of TotalQ3 2022 NOI % of Total
   Unencumbered assets18,164 50.2 %$3,457,955 48.7 %$50,250 50.0 %
   Encumbered assets18,012 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, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 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, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 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 amortization77,141 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 2022Q3 2021% ChangeQ3 2022Q3 2021% ChangeQ3 2022Q3 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 taxes6,172 5,757 7.2 %12,227 10,386 17.7 %18,399 16,143 14.0 %
Property insurance1,334 1,127 18.4 %2,189 2,043 7.1 %3,523 3,170 11.1 %
Personnel expenses4,761 4,520 5.3 %7,160 7,544 (5.1)%11,921 12,064 (1.2)%
Utilities2,804 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 services1,995 1,888 5.7 %3,322 3,027 9.7 %5,317 4,915 8.2 %
Advertising expenses651 482 35.1 %808 852 (5.2)%1,459 1,334 9.3 %
Other expenses748 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 margin64.0 %62.7 %1.3 %61.8 %61.8 %0.1 %62.6 %62.1 %0.5 %
Average occupancy93.6 %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 2022YTD 2021% ChangeYTD 2022YTD 2021% ChangeYTD 2022YTD 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 taxes18,615 18,087 2.9 %37,861 35,105 7.9 %56,476 53,193 6.2 %
Property insurance3,692 3,277 12.7 %5,618 5,265 6.7 %9,310 8,542 9.0 %
Personnel expenses14,178 12,829 10.5 %22,043 22,454 (1.8)%36,221 35,282 2.7 %
Utilities8,053 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 services5,793 5,542 4.5 %9,372 8,464 10.7 %15,165 14,006 8.3 %
Advertising expenses1,646 1,436 14.6 %2,215 2,464 (10.1)%3,861 3,900 (1.0)%
Other expenses1,995 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 margin63.3 %62.3 %1.0 %62.0 %60.0 %2.0 %62.5 %60.9 %1.6 %
Average occupancy94.8 %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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