Exhibit 99.1

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 $16.2million 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 $64.3million for the quarter ended September 30, 2022 compared to $22.7 million for the quarter ended September 30, 2021. CFFO per share was $0.28 for the third quarter of 2022, as compared to $0.21 for the third quarter of 2021.

•Adjusted EBITDA of $89.3 million for the quarter ended September 30, 2022 compared to $31.4 million for the quarter ended September 30, 2021.

•Value add program for the quarter ended September 30, 2022, has completed renovations at 457 units, achieving a weighted average return on investment during the quarter of 22.4%.

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP.

Management Commentary

“We delivered double-digit revenue and NOI growth in the third quarter, as our portfolio of assets in attractive markets continued to exhibit strong fundamentals,” said Scott Schaeffer, Chairman and CEO of IRT. “Our combined same-store portfolio NOI increased by 11.5%, led by blended lease over lease rental growth of 12.7%. We are seeing increasing occupancy levels at our non-value add communities in our fourth quarter-to-date and as a result of our positive year-to-date operating performance, are maintaining our full year NOI and increasing our Core FFO per share growth guidance. Looking into 2023, we continue to believe that IRT is well-positioned in the multifamily sector and will maintain a disciplined approach in growing our business while increasing shareholder value.”

Combined Same-Store Portfolio(1) Operating Results

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

(1)Combined same-store portfolio includes 113 properties, which represent 33,804 units.

(2)Reflects upfront concessions recorded on a straight-line basis. With upfront concessions recorded on a cash basis, the change in rental and other property revenue would be 9.2% and 10.5%, for the three and nine months ended September 30, 2022, respectively, and the change in NOI would be 9.3% and 13.2% for the three and nine months ended September 30, 2022, respectively.

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Operating Metrics

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

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

(1)Combined same-store portfolio includes 113 properties, which represent 33,804 units.

(2)Lease-over-lease effective rent growth represents the change in effective monthly rent, as adjusted for concessions, for each unit that had a prior lease and current lease that are for a term of 9-13 months.

(3)4Q 2022 average occupancy and resident retention rates are as through October 24, 2022. 4Q 2022 new lease and renewal rates are for leases commencing during 4Q 2022 that were signed as of October 24, 2022.

(4)As of October 24, 2022, period end occupancy at the combined same-store portfolio excluding ongoing value add was 95.4%.

Value Add Program

We completed renovations on 457 units during the quarter ended September 30, 2022, achieving a return on investment of 22.4%, with an average cost per unit renovated of $14,022, and average rent increase per renovated unit of $262. For the nine months ended September 30, 2022, we have completed renovations on 795 units, achieving a return on investment of 27.1%, with an average cost per unit renovated of $13,145, and an average rent increase per renovated unit of $292. See the Value Add Summary page of our supplemental for additional information on our projects life to date as of September 30, 2022.

We announced that 10 additional properties have been added to our value add program with renovations expected to begin in Q4 2022. The ten properties are comprised of 3,350 units and we expect to achieve returns on investment at these properties consistent with prior value add projects.

Investment Activity

Held for Sale

As of September 30, 2022, in connection with our ongoing capital recycling program, we had two properties, Meadows Apartments in Louisville, KY and Sycamore Terrace in Terre Haute, IN, classified as held for sale. We expect both dispositions to close in the fourth quarter of 2022 for an aggregate sales price of $103 million. The

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proceeds from the dispositions will be used to reduce indebtedness incurred in connection with the acquisition of two properties, as discussed below.

Acquisitions and Joint Ventures

•The Enclave at Tranquility Lake in Tampa, FL: On September 13, 2022, we acquired a 348-unit multifamily apartment community for $98.0 million. This acquisition expanded our footprint in Tampa-St. Petersburg, Florida from 1,104 units to 1,452 units.

•Cyan Mallard Creek in Charlotte, NC: On August 16, 2022, we acquired a 234-unit multifamily apartment community for $80.0 million. This acquisition expanded our footprint in Charlotte, North Carolina from 480 units to 714 units.

•The Mustang Joint Venture Investment: On August 16, 2022, we entered into a joint venture for the development of The Mustang, a to-be-built 275-unit community in Dallas, Texas. The project is scheduled to be completed in Q3 2024. We have committed to invest an aggregate $25.6 million in this joint venture, of which $9.3 million was funded as of September 30, 2022.

Capital Expenditures

For the three months ended September 30, 2022, recurring capital expenditures for the total portfolio were $8.7 million, or $242 per unit. For the nine months ended September 30, 2022, recurring capital expenditures for the total portfolio were $19.7 million, or $556 per unit.

Capital Markets

At-the-Market Offering

On November 13, 2020 we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150 million (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis.

No forward sale transactions under the ATM Program were entered into during the three months ended September 30, 2022. On September 28, 2022, we physically settled in full 2,000,000 shares that were previously sold on a forward basis under the ATM Program. The forward shares were settled at the current weighted average sales price of $24.97 per share and IRT received proceeds, net of sales commissions of approximately $49.9 million.

Dividend Distribution

On September 12, 2022, our Board of Directors declared a quarterly cash dividend of $0.14 per share of our common stock, which was paid on October 21, 2022 to stockholders of record at the close of business on September 30, 2022.

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2022 EPS and CFFO Guidance

We increased our EPS and CFFO per share and maintained our same-store NOI targets. Earnings per diluted share is projected to be in the range of $0.49 to $0.50. A reconciliation of IRT's projected net income allocable to common shares to its projected CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how IRT calculates CFFO and for management’s definition and rationale for the usefulness of CFFO.

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

(1)This guidance, including the underlying assumptions presented in the table below, constitutes forward-looking information. Actual full year 2022 EPS and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements” below. Our guidance is based on the key guidance assumptions detailed below.

(2)Per share guidance is based on 228.0 million weighted average shares and units outstanding.

(3)Depreciation and amortization includes $53.3 million ($0.23 per share) of amortization related to STAR in-place lease intangibles that are a result of GAAP purchase accounting. These intangibles were fully amortized as of September 30, 2022.

(4)Gains on sale of real estate assets include the four asset sales that occurred during the first quarter of 2022 and the two properties identified as held for sale as of September 30, 2022.

2022 Guidance Assumptions

Our key guidance assumptions for 2022 are enumerated below. See definitions at the end of this release for further information regarding our same-store definitions.

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

(1)This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. See “Forward-Looking Statements” below.

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(2)Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting, we recorded a $72.1 million loan premium, net, related to STAR debt. This loan premium will be accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion will be excluded from CFFO.

(3)We continue to evaluate our portfolio for capital recycling opportunities so actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions. See “Forward-Looking Statements” below.

Selected Financial Information

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

Non-GAAP Financial Measures and Definitions

We disclose the following non-GAAP financial measures in this earnings release: FFO, CFFO, NOI and Adjusted EBITDA. Included at the end of this release are definitions of these non-GAAP financial measures and a reconciliation of our reported net income to our FFO and CFFO, a reconciliation of our same-store NOI to our reported net income, a reconciliation of our Adjusted EBITDA to net income, and management’s rationales for the usefulness of each of these and other non-GAAP financial measures used in this release.

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, October 27, 2022 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.844.200.6205, access code 647671. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A playback of the conference call can also be accessed telephonically until Thursday, November 3, 2022 by dialing 1.866.813.9403, access code 833708.

Supplemental Information

We produce supplemental information that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The supplemental information is available via our website, www.irtliving.com, through the "Investor Relations" section.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Oklahoma City, OK, Raleigh-Durham, NC, Houston, TX, Nashville, TN, and Memphis, TN. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on the Company’s website www.irtliving.com.

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Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. These forward-looking statements include, without limitation, our expectations with respect to our operating performance and financial results, including our 2022 earnings guidance, timing and amount of future dividends, timing and terms of property acquisitions, dispositions, joint venture investments, developments and redevelopments and other capital expenditures, timing and terms of capital raising and other financing activity, lease pricing, revenue and expense growth, occupancy levels, supply levels, job growth, interest rates and other economic expectations, and anticipated benefits of our recently completed merger (the “STAR Merger”) with Steadfast Apartment REIT, Inc. (“STAR”), including as to the amount of synergies from the STAR Merger. Such forward-looking statements involve risks, uncertainties, estimates and assumptions and our actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Risks and uncertainties that might cause our future actual results and/or future dividends to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: (i) risks related to the impact of COVID-19 and other potential outbreaks of infectious diseases on our financial condition, results of operations, cash flows and the impact of such risks on the financial condition of our residents and their ability to pay rent; (ii) the nature and duration of measures taken by federal, state and local government authorities to combat the spread of disease; (iii) changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; (iv) uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; (v) increased costs on account of inflation; (vi) inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; (vii) legislative restrictions that may regulate rents or delay or limit collections of past due rents; (viii) risks endemic to real estate and the real estate industry generally; (ix) impairment charges; (x) the effects of natural and other disasters; (xi) delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; (xii) failure to realize the cost savings, synergies and other benefits expected to result from the STAR Merger; (xiii) unexpected costs or delays in integration of the IRT and STAR businesses; (xiv) unknown or unexpected liabilities related to the STAR Merger; (xv) unexpected costs of REIT qualification compliance; (xvi) unexpected changes in our intention or ability to repay certain debt prior to maturity; (xvii) inability to sell certain assets within the time frames or at the pricing levels expected; (xviii) costs and disruptions as the result of a cybersecurity incident or other technology disruption; and (xix) share price fluctuations. Please refer to the documents filed by us with the SEC, including specifically the “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the SEC, which identify additional factors that could cause actual results to differ from those contained in forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. In addition, the declaration of dividends on our common stock is subject to the discretion of our Board of Directors and depends upon a broad range of factors, including our results of operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, applicable legal requirements and such other factors as our Board of Directors may from time to time deem relevant.

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Schedule I

Independence Realty Trust, Inc.

Selected Financial Information

(Dollars in thousands, except per share amounts)

(unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

(b)Includes indebtedness associated with real estate held for sale.

(c)Reflects pro forma net debt to Adjusted EBITDA for each period presented, which includes adjustments for the timing of acquisitions, the full quarter effect of current value add initiatives, the completion of capital recycling activities including paydown of associated indebtedness, and the normalization of items impacting quarterly EBITDA. Actual net debt to Adjusted EBITDA multiples for the five quarters ended September 30, 2022 were 7.4x, 7.4x, 7.5x, 15.4x, and 8.0x, respectively.

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Schedule II

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Funds from Operations and Core Funds from Operations

(Dollars in thousands, except per share amounts)

(unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended  September 30,
	2022		2021		2022		2021
Funds From Operations (FFO):
Net income (loss)	$	16,653	$	11,564	$	86,135	$	16,064
Add-Back (Deduct):
Real estate depreciation and amortization	49,347		17,263		199,588		50,418
Real estate depreciation and amortization from   investments in unconsolidated real estate entities	1,388		—		1,904		—
Gain on sale of real estate assets, net,   excluding debt extinguishment costs	—		(11,788)		(94,712)		(11,788)
FFO	$	67,388	$	17,039	$	192,915	$	54,694
FFO per share	$	0.30	$	0.16	$	0.85	$	0.53
CORE Funds From Operations (CFFO):
FFO	$	67,388	$	17,039	$	192,915	$	54,694
Add-Back (Deduct):
Other depreciation and amortization	375		121		1,100		281
Casualty (gains) losses, net	(191)		—		(7,176)		359
Loan (premium accretion) discount   amortization, net	(2,750)		—		(8,245)		—
Prepayment penalties on asset dispositions	—		295		—		295
Other (income) expense	(765)		—		(1,438)		—
Merger and integration costs	275		5,276		3,477		5,276
CFFO	$	64,332	$	22,731	$	180,633	$	60,905
CFFO per share	$	0.28	$	0.21	$	0.79	$	0.59
Weighted-average shares and units outstanding	228,051,780		107,094,044		227,933,320		103,511,115

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Schedule III

Independence Realty Trust, Inc.

Reconciliation of Same-Store Net Operating Income to Net Income (Loss)

(Dollars in thousands)

(unaudited)

	For the Three-Months Ended
	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021
Reconciliation of combined same-store portfolio NOI to net income (loss):
Combined same-store portfolio NOI	$	94,566	$	90,735	$	89,169	$	87,014	$	84,806
Combined non same-store portfolio NOI	5,767		4,932		4,925		7,923		7,054
Pre-Merger STAR Portfolio NOI	—		—		—		(45,086)		(54,432)
Other revenue	300		120		385		113		188
Property management expenses	(5,744)		(6,139)		(5,556)		(3,221)		(2,199)
General and administrative expenses	(5,625)		(6,968)		(7,928)		(4,442)		(3,985)
Depreciation and amortization expense	(49,722)		(72,793)		(78,174)		(26,210)		(17,384)
Casualty gains (losses), net	191		5,592		1,393		—		—
Interest expense	(22,093)		(20,994)		(20,531)		(10,757)		(8,700)
Gain on sale of real estate assets, net	—		—		94,712		76,179		11,492
Loss on extinguishment of debt	—		—		—		(10,261)		—
Other income (expense)	765		294		443		—		—
Loss from investments in unconsolidated   real estate entities	(1,477)		(871)		(63)		—		—
Merger and integration costs	(275)		(1,307)		(1,895)		(41,787)		(5,276)
Net income (loss)	$	16,653	$	(7,399)	$	76,880	$	29,465	$	11,564

(a)Included in the three months ended September 30, 2022 is a refund of previously paid employer payroll taxes of $0.7 million from a portion of an employee retention credit received.

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

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Schedule IV

Independence Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Interest Coverage Ratio

(Dollars in thousands)

(unaudited)

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

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

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Schedule V

Independence Realty Trust, Inc.

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

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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).

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

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

Net Operating Income

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

Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. We believe that this measure provides an operating perspective not immediately apparent from GAAP operating income or net income. We use NOI to evaluate our performance on a same-store and non same-store basis because NOI measures the core operations of property performance by excluding corporate level expenses and other items not related to property operating performance and captures trends in rental housing and property operating expenses. However, NOI should only be used as an alternative measure of our financial performance.

Same-Store Properties and Same-Store Portfolio

We review our same-store portfolio at the beginning of each calendar year. Properties are added into the same-store portfolio if they were owned at the beginning of the previous year. Properties that are held-for-sale or have been sold are excluded from the same-store portfolio. Because our portfolio of properties changed significantly as a result of our STAR Merger, which closed on December 16, 2021, we may also present, as described below, information on the IRT Same-Store Portfolio, STAR Same-Store Portfolio and Combined Same-Store Portfolio.

IRT Same-Store Portfolio

IRT Same-Store Portfolio represents the 48 properties that IRT owned and consolidated as of January 1, 2021 and through September 30, 2022 (other than properties held for sale as of September 30, 2022).

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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 consolidated by IRT through September 30, 2022 (other than properties held for sale as of September 30, 2022).

Combined Same-Store Portfolio

Combined Same-Store Portfolio represents the combination of the IRT Same-Store Portfolio and the STAR Same-Store Portfolio considered as a single portfolio of 113 properties which represent 33,804 units.

Combined Non Same-Store Portfolio

Combined Non Same-Store Portfolio represents the combination of six IRT non same-store properties and three STAR non same-store properties considered as a single non same-store portfolio of nine properties which represent 2,372 units acquired after January 1, 2021 (includes two properties held for sale as of September 30, 2022).

Pre-Merger STAR Portfolio NOI

In order to reconcile Combined Same-Store Portfolio NOI to net income for periods prior to our December 16, 2021 merger with STAR, our reconciliation excludes NOI generated by the STAR Portfolio because IRT did not own these properties prior to December 16, 2021.

Total Gross Assets

Total Gross Assets equals total assets plus accumulated depreciation and accumulated amortization, including fully depreciated or amortized real estate and real estate related assets. The following table provides a reconciliation of total assets to total gross assets (dollars in thousands).

	As of
	Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021
Total assets	$	6,633,533	$	6,386,634	$	6,387,322	$	6,506,696	$	1,846,911
Plus: accumulated depreciation (a)	386,606		337,338		291,199		254,123		247,563
Plus: accumulated amortization	77,141		77,062		52,856		24,829		20,269
Total gross assets	$	7,097,280	$	6,801,034	$	6,731,377	$	6,785,648	$	2,114,743

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

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