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 Six Months Ended June 30, 2023 and 2022			14
Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters			15
Three and Six Months Ended June 30, 2023 and 2022			15
Same-Store Portfolio Net Operating Income and NOI Bridge
Trailing Five Quarters			16
Three and Six Months Ended June 30, 2023 and 2022			17
Same-Store Portfolio Net Operating Income by Market
Three Months Ended June 30, 2023 and 2022			18
Six Months Ended June 30, 2023 and 2022			19
Property Portfolio NOI Exposure by Market			20
Value Add Summary			21
Investment & Development Activity			22
Debt Summary			23
Debt Covenant & Unencumbered Asset Statistics			24
Definitions			25

Independence Realty Trust

June 30, 2023

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, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. 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 Smithfield
			Ted McHugh and Lauren Torres
			917-365-7979
			IRT@edelman.com

3

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words that predict or indicate future events and trends and that do not report historical matters.

These forward-looking statements involve estimates, projections, forecasts and assumptions and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, increased regulations generally and specifically on the rental housing market including legislation that may regulate rents or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, the effects of natural and other disasters, 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, unknown or unexpected liabilities including the cost of legal proceedings, inability to sell certain assets within the time frames or at the pricing levels expected, costs and disruptions as the result of a cybersecurity incident or other technology disruption, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

4

Independence Realty Trust Announces Second Quarter 2023 Financial Results

Increases Midpoint of Full Year 2023 EPS and Core FFO Guidance Ranges

PHILADELPHIA – (BUSINESS WIRE) – July 26, 2023 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its second quarter 2023 financial results and raised the midpoint of its full year 2023 earnings and Core FFO guidance ranges.

Second Quarter Highlights

•Net income (loss) available to common shares of $10.7 million for the quarter ended June 30, 2023 compared to $(7.2) million for the quarter ended June 30, 2022.

•Earnings (loss) per diluted share of $0.05 for the quarter ended June 30, 2023 compared to $(0.03) for the quarter ended June 30, 2022.

•Same-store portfolio net operating income (“NOI”) growth of 6.3% for the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022.

•Core Funds from Operations (“CFFO”) of $63.7 million for the quarter ended June 30, 2023 compared to $58.6 million for the quarter ended June 30, 2022. CFFO per share was $0.28 for the second quarter of 2023, as compared to $0.26 for the second quarter of 2022.

•Adjusted EBITDA of $89.2 million for the quarter ended June 30, 2023 compared to $83.2 million for the quarter ended June 30, 2022.

•Value add program completed renovations at 625 units during the quarter ended June 30, 2023, achieving a weighted average return on investment during the quarter of 16.2%.

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

“Our second quarter growth of 6.3% in same store NOI and 7.7% in Core FFO per share reflects the strength of our portfolio and ability to successfully deliver operational effectiveness” said Scott Schaeffer, Chairman and CEO of IRT. “We will remain focused on continuing to invest in our value add program and unlocking additional value by leveraging technology and innovation to enhance our management platform. These ongoing efforts, along with our year-to-date performance, allow us to reaffirm our full year operational guidance and increase the midpoint of our Core FFO guidance.”

Same-Store Portfolio(1) Operating Results

			Second Quarter 2023  Compared to  Second Quarter 2022			Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022
Rental and other property revenue			6.2% increase			6.9% increase
Property operating expenses			5.9% increase			6.2% increase
Net operating income (“NOI”)			6.3% increase			7.3% increase
Portfolio average occupancy			130 bps decrease to 94.2%			180 bps decrease to 93.6%
Portfolio average rental rate			8.0% increase to $1,531			9.4% increase to $1,530
NOI Margin			10 bps increase to 62.1%			20 bps increase to 62.7%

(1)Same-store portfolio includes 115 properties, which represent 34,197 units.

5

Operating Metrics

The table below summarizes operating metrics for the same-store portfolio for the applicable periods.

			2Q 2023			3Q 2023(3)
Same-Store Portfolio(1)
Average Occupancy			94.2		%	94.5		%	(4)
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases			2.8		%	2.7		%
Renewal Leases			2.3		%	4.5		%
Blended			2.5		%	3.9		%
Resident retention rate			54.2		%	54.4		%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy			94.7		%	95.0		%	(4)
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases			2.4		%	1.9		%
Renewal Leases			2.3		%	4.2		%
Blended			2.3		%	3.5		%
Resident retention rate			53.8		%	54.8		%
Value Add (23 properties with Ongoing Value Add)
Average Occupancy			92.3		%	92.8		%	(4)
Lease Over Lease Effective Rental Rate Growth:(2)
New Leases			4.3		%	5.7		%
Renewal Leases			2.3		%	5.5		%
Blended			3.2		%	5.6		%
Resident retention rate			55.5		%	52.9		%

(1)Same-store portfolio includes 115 properties, which represent 34,197 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)3Q 2023 average occupancy and resident retention rates are through July 24, 2023. 3Q 2023 new lease and renewal rates are for leases commencing during 3Q 2023 that were signed as of July 24, 2023.

(4)As of July 24, 2023, same-store portfolio occupancy was 94.8%, same-store portfolio excluding ongoing value add occupancy was 95.3%, and value add occupancy was 92.9%.

Value Add Program

We completed renovations on 625 units during the quarter ended June 30, 2023, achieving a return on investment of 16.2%, with an average cost per unit renovated of $17,601, and average rent increase per renovated unit of $237. For the six months end June 30, 2023, we have completed renovations on 1,260 units, achieving a return on investment of 17.0%, with an average cost per unit renovated of $16,496, and average rent increase per renovated unit of $232. See the Value Add Summary page of our supplemental for additional information on our projects life to date as of June 30, 2023.

Investment Activity

Held for Sale

During the three months ended June 30, 2023, in connection with our ongoing capital recycling program, we classified one property in Chicago, Illinois, as held for sale. We expect the sale to close in the second half of 2023 and to apply net proceeds from the sale to reduce indebtedness. Consummation of the sale is subject to entry into a definitive agreement and there can be no assurance that the sale will be consummated on expected terms, or at all.

6

Capital Expenditures

For the three months ended June 30, 2023, recurring capital expenditures for the total portfolio were $6.4 million, or $184 per unit. For the six months ended June 30, 2023, recurring capital expenditures for the total portfolio were $10.5 million, or $301 per unit.

Capital Markets

Dividend Distribution

On May 10, 2023, our Board of Directors declared a quarterly cash dividend of $0.16 per share of our common stock, which represented a 14% increase in the dividend over the prior quarterly rate of $0.14 per share. This dividend was paid on July 21, 2023 to stockholders of record at the close of business on June 30, 2023.

2023 EPS and CFFO Guidance

We increased the midpoint of our EPS and CFFO per share guidance ranges and reaffirmed the midpoint of our same-store NOI guidance. Earnings per diluted share is projected to be in the range of $0.25 to $0.27. 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
2023 Full Year EPS and CFFO Guidance(1)(2)			Low						High						Low						High
Earnings per share			$	0.23					$	0.27					$	0.25					$	0.27					$	0.01
Adjustments:
Depreciation and amortization			0.95						0.95						0.95						0.95						—
Gain on sale of real estate assets(3)			(0.01)						(0.01)						(0.01)						(0.01)						—
Loan (premium accretion) discount   amortization, net			(0.05)						(0.05)						(0.05)						(0.05)						—
Core FFO per share			$	1.12					$	1.16					$	1.14					$	1.16					$	0.01

(1)This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2023 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 230.4 million weighted average shares and units outstanding.

(3)Gain on sale of real estate assets includes one asset sale that occurred during the first quarter of 2023 and one property identified as held for sale as of June 30, 2023.

7

2023 Guidance Assumptions

Our key guidance assumptions for 2023 are enumerated below. See definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio			Previous 2023 Outlook			Current 2023 Outlook(1)			Change at Midpoint
Number of properties/units			116 properties / 34,571 units			115 properties / 34,179 units			—
Property revenue growth			5.7% to 7.0%			6.1% to 6.6%			—
Controllable operating expense growth			3.3% to 5.4%			4.7% to 5.4%			0.7%
Real estate tax and insurance expense growth			8.1% to 9.1%			7.5% to 8.1%			(0.8)%
Total operating expense growth			5.2% to 6.9%			5.7% to 6.4%			—
Property NOI growth			5.0% to 8.0%			6.0% to 7.0%			—
Corporate Expenses
General and administrative & Property     management expenses			$51.5 million to $53.5 million			$50.5 million to $51.5 million			($1.5) million
Interest expense(2)			$104.5 million to $106.5 million			$102.5 million to $103.5 million			($2.5) million
Transaction/Investment Volume(3)
Acquisition volume			None			None			—
Disposition volume			$35 million to $40 million			$122 million to $127 million			$87 million
Capital Expenditures
Recurring			$19.0 million to $21.0 million			$20.0 million to $22.0 million			$1.0 million
Value add & non-recurring			$78.0 million to $82.0 million			$78.0 million to $82.0 million			—
Development			$80.0 million to $90.0 million			$80.0 million to $90.0 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.

(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)Includes one asset sale that occurred in the first quarter 2023 and one property identified as held for sale as of June 30, 2023. 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.

8

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, July 27, 2023 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A playback of the conference call can also be accessed telephonically until Thursday, August 3, 2023 by dialing 1.800.770.2030, access code 1963990.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store 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, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. 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.

9

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words that predict or indicate future events and trends and that do not report historical matters.

These forward-looking statements involve estimates, projections, forecasts and assumptions and are subject to risks and uncertainties including, without limitation, risks and uncertainties related to changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could lead to declines in occupancy and rent levels, uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital, unexpected changes in our intention or ability to repay certain debt prior to maturity, increased costs on account of inflation, increased competition in the labor market, increased regulations generally and specifically on the rental housing market including legislation that may regulate rents or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, the effects of natural and other disasters, 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, unknown or unexpected liabilities including the cost of legal proceedings, inability to sell certain assets within the time frames or at the pricing levels expected, costs and disruptions as the result of a cybersecurity incident or other technology disruption, unexpected capital needs, inability to obtain appropriate insurance coverages at reasonable rates, or at all, or losses from catastrophes in excess of our insurance coverages, and share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements.

These forward-looking statements are based upon the beliefs and expectations of our management at the time of this release and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

10

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

			For the Three Months Ended
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares			$10,709						$8,648						$33,631						$16,223						$(7,205)
Earnings (loss) per share -- diluted			$0.05						$0.04						$0.15						$0.07						$(0.03)
Rental and other property revenue			$163,601						$161,135						$162,493						$160,300						$154,643
Property operating expenses			$62,071						$59,255						$57,450						$59,967						$58,976
NOI			$101,530						$101,880						$105,043						$100,333						$95,667
NOI margin			62.1%						63.2%						64.6%						62.6%						61.9%
Adjusted EBITDA			$89,156						$87,594						$93,017						$89,264						$83,228
FFO per share			$0.28						$0.27						$0.31						$0.30						$0.29
CORE FFO per share			$0.28						$0.27						$0.29						$0.28						$0.26
Dividends per share			$0.16						$0.14						$0.14						$0.14						$0.14
CORE FFO payout ratio			57.1%						51.9%						48.3%						50.0%						53.8%
Portfolio Data:
Total gross assets			$7,117,404						$7,045,306						$7,034,902						$7,097,280						$6,801,034
Total number of operating properties			119						119						120						122						120
Total units			35,249						35,249						35,526						36,176						35,594
Portfolio period end occupancy (a)			94.6%						94.1%						93.6%						94.6%						95.7%
Portfolio average occupancy (a)			94.1%						93.1%						93.9%						94.2%						95.5%
Portfolio average effective monthly rent, per unit (a)			$1,538						$1,535						$1,522						$1,484						$1,414
Same-store portfolio period end occupancy (b)			94.6%						94.1%						93.6%						94.6%						95.4%
Same-store portfolio average occupancy (b)			94.2%						93.1%						93.9%						94.2%						95.5%
Same-store portfolio average effective   monthly rent, per unit (b)			$1,531						$1,528						$1,517						$1,484						$1,417
Capitalization:
Total debt (c)			$2,650,805						$2,628,632						$2,631,645						$2,713,625						$2,552,936
Common share price, period end			$18.22						$16.03						$16.86						$16.73						$20.73
Market equity capitalization			$4,202,342						$3,694,970						$3,880,432						$3,850,365						$4,729,580
Total market capitalization			$6,853,147						$6,323,602						$6,512,077						$6,563,990						$7,282,516
Total debt/total gross assets			37.2%						37.3%						37.4%						38.2%						37.5%
Net debt to Adjusted EBITDA (d)			7.2x						7.3x						6.9x						7.2x						7.4x
Interest coverage			4.0x						4.0x						4.0x						4.0x						4.0x
Common shares and OP Units:
Shares outstanding			224,697,889						224,556,870						224,064,940						224,056,179						222,060,280
OP units outstanding			5,946,571						5,946,571						6,091,171						6,091,171						6,091,171
Common shares and OP units outstanding			230,644,460						230,503,441						230,156,111						230,147,350						228,151,451
Weighted average common shares and OP units			230,369,086						230,186,297						229,994,927						228,051,780						227,964,753

(a)Excludes our development projects (Destination at Arista and Flatirons Apartments). See definitions at the end of this release.

(b)Same-store portfolio consists of 115 properties, which represent 34,197 units.

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

(d)Reflects net debt to Adjusted EBITDA for each period presented, including adjustments for the timing of acquisitions and dispositions impacting quarterly EBITDA. For the five quarters ended June 30, 2023, net debt to Adjusted EBITDA excluding adjustments for these items was 7.2x, 7.3x, 6.9x, 7.4x, and 7.4x, respectively.

11

BALANCE SHEETS

Dollars in thousands, except per share data

			As of
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Assets:
Real estate held for investment, at cost			$	6,610,233					$	6,648,907					$	6,615,243					$	6,634,087					$	6,428,482
Less: accumulated depreciation			(519,680)						(475,001)						(425,034)						(379,171)						(329,903)
Real estate held for investment, net			6,090,553						6,173,906						6,190,209						6,254,916						6,098,579
Real estate held for sale			86,576						—						35,777						82,178						81,818
Real estate under development			121,733						124,983						105,518						86,763						61,777
Cash and cash equivalents			14,349						12,448						16,084						23,753						11,378
Restricted cash			28,163						22,385						27,933						35,829						31,017
Investment in unconsolidated real estate entities			99,968						92,882						80,220						70,608						54,178
Other assets			31,799						34,360						34,846						34,480						26,707
Derivative assets			44,259						32,783						41,109						43,967						21,162
Intangible assets, net			—						—						399						1,039						18
Total assets			$	6,517,400					$	6,493,747					$	6,532,095					$	6,633,533					$	6,386,634
Liabilities and Equity:
Indebtedness, net			$	2,609,903					$	2,628,632					$	2,631,645					$	2,667,183					$	2,506,375
Indebtedness associated with real estate held   for sale, net			40,902						—						—						46,442						46,561
Accounts payable and accrued expenses			115,664						105,873						109,677						126,310						98,173
Accrued interest payable			7,986						7,979						7,713						11,019						6,891
Dividends payable			36,856						32,232						32,189						32,188						31,907
Derivative liabilities			—						2,283						—						—						—
Other liabilities			11,172						11,813						13,004						13,816						15,077
Total liabilities			2,822,483						2,788,812						2,794,228						2,896,958						2,704,984
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share			—						—						—						—						—
Common shares, $0.01 par value per share			2,247						2,246						2,241						2,241						2,221
Additional paid in capital			3,754,839						3,753,074						3,751,056						3,749,550						3,698,763
Accumulated other comprehensive income			38,823						25,101						35,102						37,569						18,430
Accumulated deficit			(239,972)						(214,775)						(191,735)						(194,014)						(178,902)
Total shareholders' equity			3,555,937						3,565,646						3,596,664						3,595,346						3,540,512
Noncontrolling Interests			138,980						139,289						141,203						141,229						141,138
Total equity			3,694,917						3,704,935						3,737,867						3,736,575						3,681,650
Total liabilities and equity			$	6,517,400					$	6,493,747					$	6,532,095					$	6,633,533					$	6,386,634

12

STATEMENTS OF OPERATIONS, FFO & CORE FFO

TRAILING FIVE QUARTERS

Dollars in thousands, except per share data

			For the Three Months Ended
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Revenue:
Rental and other property revenue			$	163,601					$	161,135					$	162,493					$	160,300					$	154,643
Other revenue			354						239						306						300						120
Total revenue			163,955						161,374						162,799						160,600						154,763
Expenses:
Property operating expenses			62,071						59,255						57,450						59,967						58,976
Property management expenses			6,818						6,371						6,593						5,744						6,139
General and administrative expenses (a)			5,910						8,154						5,739						5,625						6,968
Depreciation and amortization expense			53,984						53,536						52,161						49,722						72,793
Casualty losses (gains), net			680						151						(1,690)						(191)						(5,592)
Total expenses			129,463						127,467						120,253						120,867						139,284
Interest expense			(22,227)						(22,124)						(23,337)						(22,093)						(20,994)
Gain on sale of real estate assets, net			—						985						17,044						—						—
Other (loss) income, net			(72)						93						57						765						294
(Loss) gain from investments in unconsolidated   real estate entities			(1,205)						(776)						242						(1,477)						(871)
Merger and integration costs			—						—						(2,028)						(275)						(1,307)
Restructuring costs			—						(3,213)						—						—						—
Net income (loss)			$	10,988					$	8,872					$	34,524					$	16,653					$	(7,399)
(Income) loss allocated to noncontrolling interests			(279)						(224)						(893)						(430)						194
Net income (loss) available to common shares			$	10,709					$	8,648					$	33,631					$	16,223					$	(7,205)
EPS - basic			$	0.05					$	0.04					$	0.15					$	0.07					$	(0.03)
Weighted-average shares outstanding - Basic			224,422,515						224,226,873						223,903,756						221,960,609						221,164,284
EPS - diluted			$	0.05					$	0.04					$	0.15					$	0.07					$	(0.03)
Weighted-average shares outstanding - Diluted			225,073,890						225,088,659						224,915,128						222,867,546						221,164,284
Funds From Operations (FFO):
Net income (loss)			$	10,988					$	8,872					$	34,524					$	16,653					$	(7,399)
Add-Back (Deduct):
Real estate depreciation and amortization			53,701						53,287						51,957						49,347						72,298
Our share of real estate depreciation and   amortization from investments in unconsolidated    real estate entities			575						418						416						1,388						515
Gain on sale of real estate assets, net, excluding   prepayment gains			—						(314)						(16,635)						—						—
FFO			$	65,264					$	62,263					$	70,262					$	67,388					$	65,414
FFO per share			$	0.28					$	0.27					$	0.31					$	0.30					$	0.29
CORE Funds From Operations (CFFO):
FFO			$	65,264					$	62,263					$	70,262					$	67,388					$	65,414
Add-Back (Deduct):
Other depreciation and amortization			283						249						204						375						495
Casualty losses (gains), net			680						151						(1,690)						(191)						(5,592)
Loan (premium accretion) discount amortization,  net			(2,737)						(2,755)						(2,760)						(2,750)						(2,741)
Prepayment (gains) penalties on asset dispositions			—						(670)						(409)						—						—
Other expense (income), net			192						42						(860)						(765)						(294)
Merger and integration costs			—						—						2,028						275						1,307
Restructuring costs			—						3,213						—						—						—
CFFO			$	63,682					$	62,493					$	66,775					$	64,332					$	58,589
CFFO per share			$	0.28					$	0.27					$	0.29					$	0.28					$	0.26
Weighted-average shares and units outstanding			230,369,086						230,186,297						229,994,927						228,051,780						227,966,261

(a)Included in the three months ended March 31, 2023 is $2.7 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 SIX MONTHS ENDED JUNE 30, 2023 and 2022

Dollars in thousands, except per share data

			For the Three Months Ended June 30,												For the Six Months Ended  June 30,
			2023						2022						2023						2022
Revenue:
Rental and other property revenue			$	163,601					$	154,643					$	324,736					$	304,621
Other revenue			354						120						594						505
Total revenue			163,955						154,763						325,330						305,126
Expenses:
Property operating expenses			62,071						58,976						121,327						114,858
Property management expenses			6,818						6,139						13,189						11,696
General and administrative expenses (a)			5,910						6,968						14,063						14,896
Depreciation and amortization expense			53,984						72,793						107,520						150,966
Casualty losses (gains), net			680						(5,592)						831						(6,985)
Total expenses			129,463						139,284						256,930						285,431
Interest expense			(22,227)						(20,994)						(44,351)						(41,525)
Gain on sale of real estate assets, net			—						—						985						94,712
Other (loss) income, net			(72)						294						21						736
Loss from investments in unconsolidated real estate entities			(1,205)						(871)						(1,981)						(934)
Merger and integration costs			—						(1,307)						—						(3,202)
Restructuring costs			—						—						(3,213)						—
Net income (loss)			10,988						(7,399)						19,861						69,482
(Income) loss allocated to noncontrolling interests			(279)						194						(503)						(2,087)
Net income (loss) available to common shares			$	10,709					$	(7,205)					$	19,358					$	67,395
EPS - basic			$	0.05					$	(0.03)					$	0.09					$	0.30
Weighted-average shares outstanding - Basic			224,422,515						221,164,284						224,325,246						220,982,714
EPS - diluted			$	0.05					$	(0.03)					$	0.09					$	0.30
Weighted-average shares outstanding - Diluted			225,073,890						221,164,284						225,088,261						222,033,857
Funds From Operations (FFO):
Net income (loss)			$	10,988					$	(7,399)					$	19,861					$	69,482
Add-Back (Deduct):
Real estate depreciation and amortization			53,701						72,298						106,989						150,241
Our share of real estate depreciation and amortization from   investments in unconsolidated real estate entities			575						515						994						515
Gain on sale of real estate assets, net, excluding   prepayment gains			—						—						(314)						(94,712)
FFO			$	65,264					$	65,414					$	127,530					$	125,526
FFO per share			$	0.28					$	0.29					$	0.55					$	0.55
CORE Funds From Operations (CFFO):
FFO			$	65,264					$	65,414					$	127,530					$	125,526
Add-Back (Deduct):
Other depreciation and amortization			283						495						531						725
Casualty losses (gains), net			680						(5,592)						831						(6,985)
Loan (premium accretion) discount amortization, net			(2,737)						(2,741)						(5,493)						(5,495)
Prepayment (gains) penalties on asset dispositions			—						—						(670)						—
Other expense (income), net			192						(294)						234						(673)
Merger and integration costs			—						1,307						—						3,202
Restructuring costs			—						—						3,213						—
CFFO			$	63,682					$	58,589					$	126,176					$	116,300
CFFO per share			$	0.28					$	0.26					$	0.55					$	0.51
Weighted-average shares and units outstanding			230,369,086						227,966,261						230,278,208						227,873,108

(a)Included in the six months ended June 30, 2023 and 2022 is $2.7 million and $2.4 million, respectively, of stock compensation expense recorded with respect to stock awards granted during the respective period to retirement eligible employees.

14

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

			Three Months Ended
ADJUSTED EBITDA:			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Net income (loss)			$	10,988					$	8,872					$	34,524					$	16,653					$	(7,399)
Add-Back (Deduct):
Interest expense			22,227						22,124						23,337						22,093						20,994
Depreciation and amortization			53,984						53,536						52,161						49,722						72,793
Casualty losses (gains), net			680						151						(1,690)						(191)						(5,592)
Gain on sale of real estate assets, net			—						(985)						(17,044)						—						—
Merger and integration costs			—						—						2,028						275						1,307
Loss (gain) from investments in   unconsolidated real estate entities			1,205						776						(242)						1,477						1,125
Other loss (income), net			72						(93)						(57)						(765)						—
Restructuring costs			—						3,213						—						—						—
Adjusted EBITDA			$	89,156					$	87,594					$	93,017					$	89,264					$	83,228
INTEREST COST:
Interest expense			$	22,227					$	22,124					$	23,337					$	22,093					$	20,994
INTEREST COVERAGE:			4.0x						4.0x						4.0x						4.0x						4.0x

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
ADJUSTED EBITDA:			2023						2022						2023						2022
Net income (loss)			$	10,988					$	(7,399)					$	19,861					$	69,482
Add-Back (Deduct):
Interest expense			22,227						20,994						44,351						41,525
Depreciation and amortization			53,984						72,793						107,520						150,966
Casualty losses (gains), net			680						(5,592)						831						(6,985)
Gain on sale of real estate assets, net			—						—						(985)						(94,712)
Merger and integration costs			—						1,307						—						3,202
Loss (gain) from investments in   unconsolidated real estate entities			1,205						1,125						1,981						1,125
Other loss (income), net			72						—						(21)						—
Restructuring costs			—						—						3,213						—
Adjusted EBITDA			$	89,156					$	83,228					$	176,751					$	164,603
INTEREST COST:
Interest expense			$	22,227					$	20,994					$	44,351					$	41,525
INTEREST COVERAGE:			4.0x						4.0x						4.0x						4.0x

15

SAME-STORE PORTFOLIO NET OPERATING INCOME & NOI BRIDGE (a) (b)

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

			For the Three-Months Ended
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Revenue:
Rental and other property revenue			$	158,124					$	154,816					$	154,919					$	153,584					$	148,927
Property Operating Expenses:
Real estate taxes			19,584						19,360						19,312						18,727						19,769
Property insurance			3,857						3,150						3,316						3,536						3,008
Personnel expenses			12,609						11,876						12,088						12,103						12,442
Utilities			7,523						7,888						7,812						8,021						7,074
Repairs and maintenance			6,536						5,801						3,887						6,013						6,092
Contract services			6,303						5,391						5,057						5,391						5,201
Advertising expenses			1,688						1,357						1,198						1,487						1,252
Other expenses			1,894						1,917						2,072						1,910						1,806
Total property operating expenses			59,994						56,740						54,742						57,188						56,644
Same-store portfolio NOI			$	98,130					$	98,076					$	100,177					$	96,396					$	92,283

Same-store portfolio NOI margin			62.1		%				63.4		%				64.7		%				62.8		%				62.0		%
Average occupancy			94.2		%				93.1		%				93.9		%				94.2		%				95.5		%

Average effective monthly rent, per unit $ 1,531  $ 1,528  $ 1,517  $ 1,484  $ 1,417 

			For the Three Months Ended
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Rental and other property revenue
Same-store portfolio			$	158,124					$	154,816					$	154,919					$	153,584					$	148,927
Non same-store portfolio			5,477						6,319						7,574						6,716						5,716
Total rental and other property revenue			163,601						161,135						162,493						160,300						154,643
Property operating expenses
Same-store portfolio			59,994						56,740						54,742						57,188						56,644
Non same-store portfolio			2,077						2,515						2,708						2,779						2,332
Total property operating expenses			62,071						59,255						57,450						59,967						58,976
NOI
Same-store portfolio			98,130						98,076						100,177						96,396						92,283
Non same-store portfolio			3,400						3,804						4,866						3,937						3,384
Total property NOI			$	101,530					$	101,880					$	105,043					$	100,333					$	95,667

(a)Same-store portfolio consists of 115 properties, which represent 34,197 units.

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

16

SAME-STORE PORTFOLIO NET OPERATING INCOME (a)

THREE AND SIX MONTHS ENDED JUNE 30, 2023 and 2022

Dollars in thousands, except per unit data

			For the Three Months Ended June 30,																		For the Six Months Ended June 30,
			2023						2022						% change						2023						2022						% change
Revenue:
Rental and other property revenue			$	158,124					$	148,927					6.2		%				$	312,940					$	292,876					6.9		%
Property Operating Expenses:
Real estate taxes			19,584						19,769						(0.9)		%				38,944						38,903						0.1		%
Property insurance			3,857						3,008						28.2		%				7,007						5,807						20.7		%
Personnel expenses			12,609						12,442						1.3		%				24,485						24,649						(0.7)		%
Utilities			7,523						7,074						6.3		%				15,411						14,397						7.0		%
Repairs and maintenance			6,536						6,092						7.3		%				12,337						10,302						19.8		%
Contract services			6,303						5,201						21.2		%				11,694						9,971						17.3		%
Advertising expenses			1,688						1,252						34.8		%				3,045						2,460						23.8		%
Other expenses			1,894						1,806						4.9		%				3,811						3,445						10.6		%
Total property operating expenses			59,994						56,644						5.9		%				116,734						109,934						6.2		%
Same-store portfolio NOI			$	98,130					$	92,283					6.3		%				$	196,206					$	182,942					7.3		%

Same-store portfolio NOI margin			62.1		%				62.0		%				0.1		%				62.7		%				62.5		%				0.2		%
Average occupancy			94.2		%				95.5		%				(1.3)		%				93.6		%				95.4		%				(1.8)		%
Average effective monthly rent,   per unit			$	1,531					$	1,417					8.0		%				$	1,530					$	1,398					9.4		%

(a)Same-store portfolio consists of 115 properties, which represent 34,197 units.

17

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED JUNE 30, 2023

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						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change
Atlanta, GA						13						5,180						$	23,885					$	23,228					2.8		%				$	9,324					$	8,785					6.1		%				$	14,562					$	14,445					0.8		%				92.1		%				94.6		%				(2.5)		%				$	1,619					$	1,509					7.3		%
Dallas, TX						14						4,007						21,732						20,321						6.9		%				8,497						9,247						(8.1)		%				13,235						11,074						19.5		%				94.8		%				95.8		%				(1.0)		%				1,791						1,651						8.5		%
Denver, CO						9						2,292						11,986						11,195						7.1		%				3,945						3,492						13.0		%				8,041						7,703						4.4		%				94.5		%				95.6		%				(1.1)		%				1,704						1,592						7.0		%
Columbus, OH						10						2,510						10,580						9,813						7.8		%				4,077						3,872						5.3		%				6,503						5,941						9.5		%				95.1		%				95.6		%				(0.5)		%				1,378						1,262						9.2		%
Raleigh - Durham, NC						6						1,690						7,852						7,210						8.9		%				2,640						2,395						10.2		%				5,212						4,814						8.3		%				94.0		%				96.2		%				(2.2)		%				1,533						1,367						12.1		%
Indianapolis, IN						7						1,979						8,309						7,496						10.8		%				3,164						3,065						3.2		%				5,145						4,432						16.1		%				95.0		%				95.2		%				(0.2)		%				1,347						1,228						9.7		%
Oklahoma City, OK						8						2,147						7,734						7,370						4.9		%				2,660						2,512						5.9		%				5,074						4,858						4.4		%				93.6		%				96.5		%				(2.9)		%				1,166						1,078						8.2		%
Houston, TX						7						1,932						8,557						8,001						6.9		%				3,972						3,915						1.5		%				4,585						4,086						12.2		%				95.3		%				95.3		%				—		%				1,431						1,373						4.2		%
Nashville, TN						4						1,412						6,836						6,576						4.0		%				2,512						2,277						10.3		%				4,324						4,299						0.6		%				93.9		%				96.2		%				(2.3)		%				1,605						1,493						7.5		%
Memphis, TN						4						1,383						6,205						5,905						5.1		%				2,061						2,006						2.7		%				4,144						3,898						6.3		%				94.0		%				94.3		%				(0.3)		%				1,501						1,434						4.7		%
Tampa-St. Petersburg, FL						4						1,104						5,981						5,409						10.6		%				2,320						2,076						11.8		%				3,661						3,333						9.8		%				94.9		%				94.7		%				0.2		%				1,802						1,613						11.7		%
Huntsville, AL						3						873						4,082						3,949						3.4		%				1,472						1,301						13.1		%				2,611						2,648						(1.4)		%				95.1		%				95.6		%				(0.5)		%				1,548						1,452						6.6		%
Birmingham, AL						2						1,074						4,596						4,689						(2.0)		%				2,011						1,911						5.2		%				2,586						2,779						(6.9)		%				90.6		%				96.0		%				(5.4)		%				1,465						1,393						5.2		%
Lexington, KY						3						886						3,737						3,473						7.6		%				1,179						1,068						10.4		%				2,557						2,405						6.3		%				97.9		%				97.1		%				0.8		%				1,274						1,194						6.7		%
Louisville, KY						4						1,150						4,480						4,326						3.6		%				1,981						1,792						10.5		%				2,499						2,534						(1.4)		%				92.9		%				94.7		%				(1.8)		%				1,271						1,173						8.4		%
Myrtle Beach, SC - Wilmington, NC						3						628						2,680						2,425						10.5		%				834						792						5.3		%				1,846						1,633						13.0		%				95.6		%				96.2		%				(0.6)		%				1,414						1,257						12.5		%
Charlotte, NC						2						480						2,641						2,384						10.8		%				823						787						4.6		%				1,817						1,596						13.8		%				96.3		%				96.2		%				0.1		%				1,762						1,578						11.7		%
Greenville, SC						1						702						2,724						2,401						13.5		%				1,013						910						11.3		%				1,711						1,491						14.8		%				95.5		%				94.9		%				0.6		%				1,268						1,160						9.3		%
Cincinnati, OH						2						542						2,674						2,525						5.9		%				990						711						39.2		%				1,684						1,813						(7.1)		%				94.8		%				96.9		%				(2.1)		%				1,548						1,443						7.3		%
Charleston, SC						2						518						2,589						2,391						8.3		%				1,161						737						57.5		%				1,427						1,654						(13.7)		%				95.0		%				96.7		%				(1.7)		%				1,634						1,478						10.6		%
Orlando, FL						1						297						1,532						1,414						8.3		%				671						589						13.9		%				860						825						4.2		%				91.7		%				95.5		%				(3.8)		%				1,801						1,609						11.9		%
Asheville, NC						1						252						1,147						1,010						13.6		%				323						288						12.2		%				825						722						14.3		%				96.0		%				96.5		%				(0.5)		%				1,512						1,321						14.5		%
San Antonio, TX						1						306						1,433						1,431						0.1		%				674						643						4.8		%				759						788						(3.7)		%				95.9		%				95.4		%				0.5		%				1,489						1,467						1.5		%
Austin, TX						1						256						1,358						1,281						6.0		%				615						549						12.0		%				743						731						1.6		%				92.6		%				96.5		%				(3.9)		%				1,767						1,603						10.2		%
Norfolk, VA						1						183						1,024						934						9.6		%				372						304						22.4		%				653						631						3.5		%				96.4		%				94.6		%				1.8		%				1,893						1,775						6.6		%
Fort Wayne, IN						1						222						983						936						5.0		%				331						299						10.7		%				652						637						2.4		%				94.2		%				96.0		%				(1.8)		%				1,430						1,346						6.2		%
Chattanooga, TN						1						192						787						834						(5.6)		%				372						321						15.9		%				414						513						(19.3)		%				91.9		%				96.5		%				(4.6)		%				1,385						1,364						1.5		%
Total / Weighted    Average						115						34,197						$	158,124					$	148,927					6.2		%				$	59,994					$	56,644					5.9		%				$	98,130					$	92,283					6.3		%				94.2		%				95.5		%				(1.3)		%				$	1,531					$	1,417					8.0		%

18

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

SIX MONTHS ENDED JUNE 30, 2023

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						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change						2023						2022						% Change
Atlanta, GA						13						5,180						$	47,557					$	45,470					4.6		%				$	17,729					$	16,375					8.3		%				$	29,829					$	29,097					2.5		%				92.0		%				94.6		%				(2.6)		%				$	1,628					$	1,484					9.7		%
Dallas, TX						14						4,007						42,955						40,054						7.2		%				17,320						17,647						(1.9)		%				25,635						22,407						14.4		%				93.9		%				95.9		%				(2.0)		%				1,788						1,630						9.7		%
Denver, CO						9						2,292						23,896						22,052						8.4		%				7,476						6,829						9.5		%				16,420						15,222						7.9		%				94.1		%				95.6		%				(1.5)		%				1,702						1,573						8.2		%
Columbus, OH						10						2,510						20,808						19,312						7.7		%				7,689						7,515						2.3		%				13,119						11,796						11.2		%				94.8		%				95.8		%				(1.0)		%				1,367						1,248						9.5		%
Raleigh - Durham, NC						6						1,690						15,606						13,951						11.9		%				5,160						4,838						6.7		%				10,446						9,113						14.6		%				93.8		%				95.7		%				(1.9)		%				1,532						1,344						14.0		%
Indianapolis, IN						7						1,979						16,217						14,860						9.1		%				6,091						5,824						4.6		%				10,126						9,036						12.1		%				93.8		%				95.3		%				(1.5)		%				1,341						1,215						10.4		%
Oklahoma City, OK						8						2,147						15,262						14,454						5.6		%				5,220						4,965						5.1		%				10,042						9,489						5.8		%				92.6		%				95.9		%				(3.3)		%				1,166						1,066						9.4		%
Houston, TX						7						1,932						17,005						15,956						6.6		%				8,100						7,703						5.2		%				8,905						8,252						7.9		%				94.9		%				94.9		%				—		%				1,430						1,356						5.5		%
Nashville, TN						4						1,412						13,381						12,963						3.2		%				4,730						4,507						4.9		%				8,651						8,456						2.3		%				92.1		%				95.9		%				(3.8)		%				1,601						1,475						8.5		%
Memphis, TN						4						1,383						12,248						11,453						6.9		%				4,043						3,904						3.6		%				8,205						7,549						8.7		%				93.8		%				94.2		%				(0.4)		%				1,502						1,403						7.1		%
Tampa-St. Petersburg, FL						4						1,104						11,969						10,489						14.1		%				4,615						4,049						14.0		%				7,354						6,440						14.2		%				94.9		%				94.5		%				0.4		%				1,791						1,572						13.9		%
Birmingham, AL						2						1,074						9,129						9,292						(1.8)		%				3,756						3,548						5.9		%				5,373						5,744						(6.5)		%				90.0		%				94.9		%				(4.9)		%				1,470						1,395						5.4		%
Huntsville, AL						3						873						8,099						7,835						3.4		%				2,813						2,522						11.5		%				5,286						5,313						(0.5)		%				94.7		%				95.6		%				(0.9)		%				1,548						1,446						7.1		%
Lexington, KY						3						886						7,346						6,826						7.6		%				2,247						2,251						(0.2)		%				5,099						4,575						11.5		%				96.4		%				96.2		%				0.2		%				1,274						1,180						8.0		%
Louisville, KY						4						1,150						8,918						8,606						3.6		%				3,878						3,596						7.8		%				5,040						5,010						0.6		%				92.7		%				94.9		%				(2.2)		%				1,279						1,165						9.8		%
Myrtle Beach, SC - Wilmington, NC						3						628						5,291						4,712						12.3		%				1,618						1,503						7.7		%				3,673						3,209						14.5		%				95.1		%				96.4		%				(1.3)		%				1,405						1,217						15.4		%
Charlotte, NC						2						480						5,276						4,654						13.4		%				1,629						1,514						7.6		%				3,647						3,140						16.1		%				95.8		%				96.1		%				(0.3)		%				1,761						1,551						13.5		%
Cincinnati, OH						2						542						5,230						4,975						5.1		%				1,957						1,559						25.5		%				3,273						3,416						(4.2)		%				93.5		%				96.9		%				(3.4)		%				1,549						1,428						8.5		%
Greenville, SC						1						702						5,165						4,747						8.8		%				1,957						1,765						10.9		%				3,208						2,982						7.6		%				93.8		%				95.1		%				(1.3)		%				1,250						1,145						9.2		%
Charleston, SC						2						518						5,123						4,668						9.7		%				2,161						1,673						29.2		%				2,961						2,995						(1.1)		%				94.3		%				96.6		%				(2.3)		%				1,618						1,443						12.1		%
Orlando, FL						1						297						3,069						2,786						10.2		%				1,339						1,151						16.3		%				1,729						1,635						5.7		%				93.2		%				96.1		%				(2.9)		%				1,792						1,571						14.1		%
Asheville, NC						1						252						2,289						1,987						15.2		%				626						560						11.8		%				1,663						1,427						16.5		%				96.5		%				97.1		%				(0.6)		%				1,501						1,296						15.8		%
San Antonio, TX						1						306						2,887						2,875						0.4		%				1,348						1,259						7.1		%				1,540						1,616						(4.7)		%				95.8		%				96.1		%				(0.3)		%				1,486						1,461						1.7		%
Austin, TX						1						256						2,668						2,538						5.1		%				1,226						1,074						14.2		%				1,442						1,465						(1.6)		%				90.8		%				96.7		%				(5.9)		%				1,777						1,585						12.1		%
Fort Wayne, IN						1						222						1,977						1,856						6.5		%				626						606						3.3		%				1,351						1,250						8.1		%				93.6		%				95.3		%				(1.7)		%				1,431						1,330						7.6		%
Norfolk, VA						1						183						2,009						1,876						7.1		%				711						576						23.4		%				1,298						1,300						(0.2)		%				95.2		%				95.1		%				0.1		%				1,886						1,753						7.6		%
Chattanooga, TN						1						192						1,560						1,629						(4.2)		%				669						621						7.7		%				891						1,008						(11.6)		%				92.1		%				96.9		%				(4.8)		%				1,382						1,346						2.7		%
Total / Weighted Average						115						34,197						$	312,940					$	292,876					6.9		%				$	116,734					$	109,934					6.2		%				$	196,206					$	182,942					7.3		%				93.6		%				95.4		%				(1.8)		%				$	1,530					$	1,398					9.4		%

19

PROPERTY PORTFOLIO (a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

																														For the Three Months Ended  June 30, 2023
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						$	1,077,820					93.0		%				$	1,619					$	14,561					14.3		%
Dallas, TX						14						4,007						859,084						95.1		%				1,791						13,235						13.0		%
Denver, CO (b)						9						2,292						608,291						95.5		%				1,704						8,041						8.2		%
Columbus, OH						10						2,510						371,454						94.2		%				1,378						6,503						6.4		%
Raleigh - Durham, NC						6						1,690						255,412						94.5		%				1,533						5,212						5.1		%
Indianapolis, IN						7						1,979						291,958						95.0		%				1,347						5,145						5.1		%
Oklahoma City, OK						8						2,147						324,174						94.8		%				1,166						5,074						5.0		%
Tampa-St. Petersburg, FL						5						1,452						298,825						93.0		%				1,808						4,800						4.7		%
Houston, TX						7						1,932						324,020						96.0		%				1,431						4,585						4.5		%
Nashville, TN						5						1,508						369,769						95.1		%				1,599						4,569						4.5		%
Memphis, TN						4						1,383						161,022						93.8		%				1,501						4,144						4.1		%
Charlotte, NC						3						714						189,428						95.1		%				1,761						2,653						2.6		%
Huntsville, AL						3						873						191,079						96.5		%				1,548						2,611						2.6		%
Birmingham, AL						2						1,074						233,055						92.9		%				1,465						2,586						2.5		%
Lexington, KY						3						886						160,351						98.5		%				1,274						2,557						2.5		%
Louisville, KY						4						1,150						148,009						94.3		%				1,271						2,499						2.5		%
Myrtle Beach, SC - Wilmington, NC						3						628						68,775						93.8		%				1,414						1,846						1.8		%
Greenville, SC						1						702						123,652						96.7		%				1,268						1,711						1.7		%
Cincinnati, OH						2						542						122,689						93.7		%				1,548						1,684						1.7		%
Charleston, SC						2						518						81,331						94.2		%				1,634						1,427						1.4		%
Chicago, IL (c)						1						374						90,341						95.4		%				1,801						1,235						1.2		%
Orlando, FL						1						297						50,268						90.9		%				1,801						860						0.8		%
Asheville, NC						1						252						29,290						94.4		%				1,512						825						0.8		%
San Antonio, TX						1						306						57,214						96.4		%				1,489						759						0.7		%
Austin, TX						1						256						58,009						94.9		%				1,767						743						0.7		%
Norfolk, VA						1						183						54,203						97.3		%				1,893						653						0.6		%
Fort Wayne, IN						1						222						44,379						96.8		%				1,430						652						0.6		%
Chattanooga, TN						1						192						37,251						95.3		%				1,385						414						0.4		%
Total / Weighted Average						119						35,249						$	6,681,153					94.6		%				$	1,538					$	101,584					100.0		%

(a)Excludes our development projects (Destination at Arista and Flatirons Apartments). See definitions at the end of this release.

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

(c)Property held for sale as of June 30, 2023.

20

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF JUNE 30, 2023

																					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
Memphis, TN			1			362			254			256			$	373		34.2		%	$	15,128		$	807		$	15,935		29.6		%	28.1		%
Raleigh-Durham, NC			1			318			195			195			190			15.2		%	15,503			1,046			16,549			14.7		%	13.8		%
Indianapolis, IN			1			236			143			146			256			23.5		%	15,168			805			15,973			20.2		%	19.2		%
Tampa-St. Petersburg, FL			3			888			492			507			317			23.5		%	13,540			847			14,387			28.1		%	26.4		%
Atlanta, GA			5			2,180			1,010			1,037			255			20.8		%	14,110			1,235			15,345			21.7		%	19.9		%
Austin, TX			1			256			107			108			222			15.1		%	16,900			1,104			18,004			15.8		%	14.8		%
Oklahoma City, OK			3			793			289			317			122			14.4		%	16,656			1,025			17,681			8.8		%	8.3		%
Columbus, OH			3			786			234			249			261			21.5		%	13,984			880			14,864			22.4		%	21.1		%
Nashville, TN			1			724			182			167			169			12.2		%	15,186			1,664			16,850			13.4		%	12.1		%
Dallas, TX			4			1,199			276			300			280			19.5		%	18,503			1,879			20,382			18.2		%	16.5		%
Total / Weighted Average			23			7,742			3,182			3,282			$	254		20.7		%	$14,994			$	1,228		$	16,222		21.5		%	20.2		%
Future (e)
Atlanta, GA			1			180			—			—			—			—			—			—			—			—			—
Oklahoma City, OK			1			294			—			—			—			—			—			—			—			—			—
Total / Weighted Average			2			474			—			—			—			—			—			—			—			—			—
Completed (f)
Wilmington, NC			1			288			286			282			$	73		7.2		%	$	7,981		$	56		$	8,037		11.0		%	10.9		%
Raleigh-Durham, NC			1			328			325			323			184			18.0		%	14,648			2,108			16,756			15.1		%	13.2		%
Louisville, KY			2			728			713			768			212			23.9		%	15,343			2,173			17,516			16.6		%	14.6		%
Atlanta, GA			1			494			455			452			175			17.5		%	9,117			1,773			10,890			23.0		%	19.3		%
Memphis, TN			2			691			627			625			191			18.9		%	11,596			974			12,570			19.8		%	18.3		%
Columbus, OH			3			763			679			680			203			22.4		%	10,143			665			10,808			24.1		%	22.6		%
Tampa-St. Petersburg, FL			1			348			309			306			208			18.3		%	14,010			2,155			16,165			17.8		%	15.4		%
Total / Weighted Average			11			3,640			3,394			3,436			$	187		19.5		%	$	11,968		$	1,400		$	13,368		18.9		%	16.8		%
Grand Total/Weighted Average			36			11,856			6,576			6,718			$	219		20.1		%	$	13,438		$	1,262		$	14,700		20.2		%	18.5		%

(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 projects expected to commence during the second half of 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, Haverford, Crestmont and Creekside that were formerly a part of the value add program but were sold in October 2022 (with respect to Meadows), February 2022 (with respect to Haverford) and December 2021 (with respect to Crestmont and Creekside).

21

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

2023 DISPOSITIONS

Property						Location						Units						Disposition Date						Sale Price						Price per Unit						Average Rent Per Unit at Disposition						Gain on Sale of Real Estate, Net
Eagle Lake Landing						Indianapolis, IN						277						February 28, 2023						$	37,300					$	135					$	1,184					$	985

ASSETS HELD FOR SALE AS OF JUNE 30, 2023

Property

Location

Units

The Meadows at River Run

Chicago, IL

374

REAL ESTATE UNDER DEVELOPMENT

Development

Destination at Arista (a)

Flatirons Apartments

Location

Denver, Colorado

Denver, Colorado

Planned Units

325

296

Start Date

3Q 2021

4Q 2022

Projected Initial Occupancy

2Q 2023

3Q 2024

Projected Completion Date

4Q 2023

3Q 2024

Projected Stabilization date

1Q 2025

3Q 2026

Total Estimated Development Costs

$103,500

$119,900

Total Development Costs through 6/30/23

$102,378

$38,727

Remaining Development Costs

$1,122

$81,173

Real Estate Under Development at June 30, 2023

$83,006

$38,727

% of Planned Units Delivered as of July 24, 2023

44.0%

N/A

Leased % as of July 24, 2023 (b)

42.0%

N/A

Occupancy % as of July 24, 2023 (b)

32.2%

N/A

(a)During the three months ended June 30, 2023, we obtained certificates of occupancy for one of the four residential buildings containing 54 units and certain common area buildings resulting in $19,372 being reclassified from real estate under development to real estate held for investment.

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

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 (a)						Richmond, VA						402						Q2 2023						$	85,883					$	64,000					84.8		%				$	—					$	18,395
Views of Music City II /   The Crockett (b)						Nashville, TN						408						Q3 2023						66,079						43,275						50.0		%				—						11,555
Virtuoso (c)						Huntsville, AL						178						—						57,491						39,281						90.0		%				—						12,860
Lakeline Station						Austin, TX						378						Q3 2024						109,524						76,500						90.0		%				—						31,061
The Mustang						Dallas, TX						275						Q4 2024						109,583						79,447						85.0		%				242						26,097
Total												1,641												$	428,560					$	302,503											$	242					$	99,968

(a)Operations commenced during the three months ended June 30, 2023 with 172 units placed in service. The remaining 230 units will be placed in service throughout the second half of 2023.

(b)Views of Music City phase II consists of 209 units with an estimated delivery date of Q3 2023. The Crockett is an operating property consisting of 199 units delivered in Q1 2023. We have one year from the delivery date to exercise our purchase option on The Crockett.

(c)The Virtuoso investment made on March 31, 2022 is an operating property.

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DEBT SUMMARY AS OF JUNE 30, 2023

Dollars in thousands

						Amount						Weighted Average Rate (d)						Type						Weighted Average Maturity (in years)
Debt:
Unsecured revolver (a)						$	211,478					6.3		%				Floating						2.6
Unsecured term loans (b)						600,000						6.2		%				Floating						4.0
Secured credit facilities (c)						617,114						4.3		%				Floating/Fixed						5.4
Mortgages						1,181,581						3.9		%				Fixed						4.7
Total Principal						2,610,173						4.7		%										4.5
Loan premiums (discounts), net						53,520
Unamortized deferred financing costs						(12,888)
Total Consolidated Debt						2,650,805
Market Equity Capitalization, at period end						4,202,342
Total Capitalization						$	6,853,147

(a)Unsecured revolver total capacity is $500,000, of which $211,478 was drawn as of June 30, 2023. 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) $540,867 secured credit facility, three tranches of which, in an aggregate principal amount of $500,399, 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 June 30, 2023, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization, discount accretion, and interest capitalization was 4.2%.

(e)As of June 30, 2023, 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						2.18		%				—						—
Swap						$	150,000					5/17/2022						5/17/2027						0.99		%				—						—
Swap						$	200,000					3/17/2023						3/17/2030						3.39		%				—						—
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 JUNE 30, 2023

Dollars in thousands

Debt Covenant Summary (a)

Requirement

Actual

Compliance

Consolidated leverage ratio

≤ 60%

35.4%

Yes

Consolidated fixed charge coverage ratio

≥ 1.5x

2.59x

Yes

Unsecured leverage ratio

≤ 60%

26.1%

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						Q2 2023 NOI						% of Total
Unencumbered assets						18,164						51.5		%				$	3,487,200					49.0		%				$	52,189					51.4		%
Encumbered assets						17,085						48.5		%				3,630,204						51.0		%				49,395						48.6		%
						35,249						100.0		%				$	7,117,404					100.0		%				$	101,584					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.

Development Property

A development property is a property that is either currently under development or is in lease-up prior to reaching overall occupancy of 90%.

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as asset sales, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses, merger and integration costs, income (loss) from investments in unconsolidated real estate entities, and restructuring costs. We consider each of EBITDA and Adjusted EBITDA to be an appropriate supplemental measure of performance because it eliminates interest, income taxes, depreciation and amortization, and other non-cash or non-operating gains and losses, which permits investors to view income from operations without these non-cash or non-operating items. Our calculation of Adjusted EBITDA differs from the methodology used for calculating Adjusted EBITDA by certain other REITs and, accordingly, our Adjusted EBITDA may not be comparable to Adjusted EBITDA reported by other REITs.

Funds From Operations (“FFO”) and Core Funds From Operations (“CFFO”)

We believe that FFO and CFFO, each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, 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, merger and integration costs, and restructuring 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

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believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

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

Net Debt

Net debt, a non-GAAP financial measure, equals total consolidated debt less cash and cash equivalents and loan premiums and discounts. The following table provides a reconciliation of total consolidated debt to net debt (Dollars in thousands).

						As of
						Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Total debt						$	2,650,805					$	2,628,632					$	2,631,645					$	2,713,625					$	2,552,936
Less: cash and cash equivalents						(14,349)						(12,448)						(16,084)						(23,753)						(11,378)
Less: loan discounts and premiums, net						(53,520)						(56,256)						(59,937)						(63,340)						(66,091)
Total net debt						$	2,582,936					$	2,559,928					$	2,555,624					$	2,626,532					$	2,475,467

We present net debt and net debt to Adjusted EBITDA because management believes it is a useful measure of our credit position and progress toward reducing leverage. The calculation is limited because we may not always be able to use cash to repay debt on a dollar for dollar basis.

Net Operating Income

We believe that Net Operating Income (“NOI”), a non-GAAP financial measure, is a useful measure of our operating performance. We define NOI as total property revenues less total property operating expenses, excluding interest expense, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expenses, net gains on sale of assets, merger and integration costs, and restructuring costs.

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.

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

			For the Three Months Ended
			Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Net income (loss)			$	10,988					$	8,872					$	34,524					$	16,653					$	(7,399)
Other revenue			(354)						(239)						(306)						(300)						(120)
Property management expenses			6,818						6,371						6,593						5,744						6,139
General and administrative      expenses			5,910						8,154						5,739						5,625						6,968
Depreciation and amortization     expense			53,984						53,536						52,161						49,722						72,793
Casualty losses (gains), net			680						151						(1,690)						(191)						(5,592)
Interest expense			22,227						22,124						23,337						22,093						20,994
Gain on sale of real estate assets,      net			—						(985)						(17,044)						—						—
Other loss (income), net			72						(93)						(57)						(765)						(294)
Loss (gain) from investments in      unconsolidated real estate entities			1,205						776						(242)						1,477						871
Merger and integration costs			—						—						2,028						275						1,307
Restructuring costs			—						3,213						—						—						—
NOI			$	101,530					$	101,880					$	105,043					$	100,333					$	95,667
Less: Non same-store portfolio NOI			3,400						3,804						4,866						3,937						3,384
Same-store portfolio NOI			$	98,130					$	98,076					$	100,177					$	96,396					$	92,283

Non Same-Store Properties and Non Same-Store Portfolio

Properties that did not meet the definition of a same-store property as of the beginning of the previous year.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned and not a development property at the beginning of the previous year. Properties that are held for sale or have been sold are excluded from the same-store portfolio.

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
						Jun 30, 2023						Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022
Total assets						$	6,517,400					$	6,493,747					$	6,532,095					$	6,633,533					$	6,386,634
Plus: accumulated depreciation (a)						523,446						475,001						426,097						386,606						337,338
Plus: accumulated amortization						76,558						76,558						76,710						77,141						77,062
Total gross assets						$	7,117,404					$	7,045,306					$	7,034,902					$	7,097,280					$	6,801,034

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

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