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	12
Balance Sheets	13
Statements of Operations, FFO & CORE FFO
Trailing Five Quarters	14
Three and Twelve Months Ended December 31, 2022 and 2021	15
Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	16
Three and Twelve Months Ended December 31, 2022 and 2021	16
Combined Same-Store Portfolio Net Operating Income
Trailing Five Quarters	17
Three and Twelve Months Ended December 31, 2022 and 2021	18
Net Operating Income Bridge	19
Combined Same-Store Portfolio Net Operating Income by Market
Three Months Ended December 31, 2022 and 2021	20
Twelve Months Ended December 31, 2022 and 2021	21
Total Portfolio NOI Exposure by Market	22
Value Add Summary	23
Investment & Development Activity	24
Debt Summary	25
Debt Covenant & Unencumbered Asset Statistics	26
Definitions	27
Appendix A	30

Independence Realty Trust

December 31, 2022

Company Information:

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, 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 COVID-19 and other 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, 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.

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 Fourth Quarter and Full Year 2022 Financial Results

Introduces Full Year 2023 Guidance

PHILADELPHIA – (BUSINESS WIRE) – February 15, 2023 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, today announced its fourth quarter and full year 2022 financial results and introduced its full year 2023 guidance.

Fourth Quarter Highlights

•Net income available to common shares of $33.6million for the quarter ended December 31, 2022 compared to $28.6 million for the quarter ended December 31, 2021.

•Earnings per diluted share of $0.15 for the quarter ended December 31, 2022 compared to $0.23 for the quarter ended December 31, 2021.

•Combined same-store portfolio net operating income (“NOI”) growth of 13.0% for the quarter ended December 31, 2022 compared to the quarter ended December 31, 2021.

•Core Funds from Operations (“CFFO”) of $66.8million for the quarter ended December 31, 2022 compared to $31.0 million for the quarter ended December 31, 2021. CFFO per share was $0.29 for the fourth quarter of 2022, as compared to $0.24 for the fourth quarter of 2021.

•Adjusted EBITDA of $93.0 million for the quarter ended December 31, 2022 compared to $42.3 million for the quarter ended December 31, 2021.

•Value add program has completed renovations at 656 units during the quarter ended December 31, 2022, achieving a weighted average return on investment during the quarter of 20.5%.

Full Year Highlights

•Net income available to common shares of $117.2million for the year ended December 31, 2022 compared to $44.6 million for the year ended December 31, 2021.

•Earnings per diluted share of $0.53 for the year ended December 31, 2022 compared to $0.41 for the year ended December 31, 2021.

•Combined same-store portfolio NOI growth of 13.7% for the year ended December 31, 2022 compared to the year ended December 31, 2021.

•CFFO of $247.4million for the year ended December 31, 2022 compared to $92.0 million for the year ended December 31, 2021. CFFO per share was $1.08 for the year ended December 31, 2022, as compared to $0.84 for the year ended December 31, 2021.

•Adjusted EBITDA of $346.9 million for the year ended December 31, 2022 compared to $128.9 million for the year ended December 31, 2021.

•Value add program has completed renovations at 1,451 units during the year ended December 31, 2022, achieving a weighted average return on investment during the year of 24.1%.

2023 Guidance Highlights

•Earnings per diluted share of $0.25 at the mid-point of our guidance range.

•CFFO per share of $1.14 at the mid-point of our guidance range.

•2023 same store NOI growth of 6.5% at the mid-point of our guidance range.

5

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 are pleased with our accomplishments in 2022, as we integrated the STAR portfolio while successfully operating our business during volatile market conditions,” said Scott Schaeffer, Chairman and CEO of IRT. “We delivered fourth quarter and full year same store NOI growth of 13.0% and 13.7%, respectively and Core FFO per share growth of nearly 30% in 2022. While we expect macroeconomic uncertainty to persist, we remain confident in our portfolio in attractive markets and expect favorable demand trends to support our performance. Looking ahead to 2023, our guidance reflects another year of growth at IRT, as we continue to focus on executing our value add strategy and operating our well-positioned portfolio of middle market communities.”

Combined Same-Store Portfolio(1) Operating Results

	Fourth Quarter 2022 Compared to  Fourth Quarter 2021	Full Year 2022  Compared to  Full Year 2021
Rental and other property revenue (2)	9.8% increase	10.7% increase
Property operating expenses	4.6% increase	5.9% increase
Net operating income (“NOI”) (2)	13.0% increase	13.7% increase
Average occupancy	220 bps decrease to 93.8%	130 bps decrease to 94.7%
Average rental rate	12.2% increase to $1,514	12.0% increase to $1,446
NOI Margin	180 bps increase to 64.6%	160 bps increase to 63.1%

(1)Combined same-store portfolio includes 112 properties, which represent 33,527 units.

(2)Reflects upfront concessions recorded on a straight-line basis. With upfront concessions recorded on a cash basis, the increase in rental and other property revenue would be 9.6% and 10.3%, for the three and twelve months ended December 31, 2022, respectively, and the increase in NOI would be 12.6% and 13.0% for the three and twelve months ended December 31, 2022, respectively.

6

Operating Metrics

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

	4Q 2022		1Q 2023 (3)
Combined Same-Store Portfolio(1)
Average Occupancy	93.8	%	93.2	%
Lease Over Lease Effective Rental Rate Growth: (2)
New Leases	6.4	%	4.6	%
Renewal Leases	7.6	%	4.9	%
Blended	7.0	%	4.8	%
Resident retention rate	45.4	%	51.0	%
Combined Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy	94.6	%	94.0	%
Lease Over Lease Effective Rental Rate Growth: (2)
New Leases	5.2	%	3.7	%
Renewal Leases	6.8	%	4.5	%
Blended	6.0	%	4.2	%
Resident retention rate	46.7	%	51.3	%
Value Add (18 properties with Ongoing Value Add)
Average Occupancy	90.2	%	89.8	%
Lease Over Lease Effective Rental Rate Growth: (2)
New Leases	11.6	%	7.7	%
Renewal Leases	11.4	%	7.1	%
Blended	11.5	%	7.4	%
Resident retention rate	39.3	%	49.3	%

(1)Combined same-store portfolio for 4Q 2022 includes 112 properties, which represent 33,527 units. Combined same-store portfolio for 1Q 2023 includes 116 properties, which represent 34,571 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)1Q 2023 average occupancy and resident retention rates are as through February 13, 2023. 1Q 2023 new lease and renewal rates are for leases commencing during 1Q 2023 that were signed as of February 13, 2023.

Value Add Program

We completed renovations on 656 units during the quarter ended December 31, 2022, bringing our total renovations completed during the year ended December 31, 2022 to 1,451 units. For the 1,451 units renovated during the year ended December 31, 2022 we achieved a return on investment of 24.1%, with an average cost per unit renovated of $13,659, and an average rent increase per renovated unit of $270. See the Value Add Summary page of our supplemental for additional information on our projects life to date as of December 31, 2022.

Investment Activity

Held for Sale

As of December 31, 2022, in connection with our ongoing capital recycling program, we had one property in Indianapolis, IN, classified as held for sale. We expect the disposition to close in the first quarter of 2023. The proceeds from the disposition will be used to reduce indebtedness.

7

Dispositions

During the quarter ended December 31, 2022, we sold two previously held for sale properties, one in Louisville, KY and one in Terre Haute, IN. The combined sale price was $99.0 million and we recognized a net gain on sale of $17.0 million.

Capital Expenditures

For the quarter ended December 31, 2022, recurring capital expenditures for the total portfolio were $4.6 million, or $129 per unit. For the year ended December 31, 2022, recurring capital expenditures for the total portfolio were $24.3 million, or $680 per unit.

Dividend Distribution

On December 12, 2022, our Board of Directors declared a quarterly cash dividend of $0.14 per share of our common stock, which was paid on January 20, 2023 to stockholders of record at the close of business on December 30, 2022.

2023 Full Year EPS and CFFO Guidance

We are introducing 2023 full year guidance. Earnings per diluted share is projected to be in the range of $0.23 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.

2023 Full Year EPS and CFFO Guidance (1)(2)	Low	High
Earnings per share	$0.23	$0.27
Adjustments:
Depreciation and amortization	0.95	0.95
Gain on sale of real estate assets (3)	(0.01)	(0.01)
Loan (premium accretion) discount amortization, net	(0.05)	(0.05)
Core FFO per share	$1.12	$1.16

(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 230.0 million weighted average shares and units outstanding.

(3)Gains on sale of real estate assets includes one property identified as held for sale as of December 31, 2022.

8

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.

Combined Same-Store Portfolio	2023 Outlook (1)
Number of properties/units	116 properties / 34,571 units
Property revenue growth	5.7% to 7.0%
Controllable operating expense growth	3.3% to 5.4%
Real estate tax and insurance expense growth	8.1% to 9.1%
Total operating expense growth	5.2% to 6.9%
Property NOI growth	5.0% to 8.0%
Corporate Expenses
General and administrative & Property management expenses	$51.5 million to $53.5 million
Interest expense (2)	$104.5 million to $106.5 million
Transaction/Investment Volume (3)
Acquisition volume	None
Disposition volume	$35.0 million to $40.0 million
Capital Expenditures
Recurring	$19.0 million to $21.0 million
Value add & non-recurring	$78.0 million to $82.0 million
Development	$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 associated with the merger with Steadfast Apartment REIT, Inc. (“STAR”) on December 16, 2021, 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 property identified as held for sale as of December 31, 2022. 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.

9

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, February 16, 2023 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.844.200.6205, access code 513491. 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 and telephonically until Thursday, February 23, 2022 by dialing 1.866.813.9403, access code 910516.

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 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.

10

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 COVID-19 and other 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, 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.

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.

11

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	33,631	$	16,223	$	(7,205)	$	74,600	$	28,615
Earnings (loss) per share -- diluted	$	0.15	$	0.07	$	(0.03)	$	0.34	$	0.23
Rental and other property revenue	$	162,493	$	160,300	$	154,643	$	149,977	$	76,803
Property operating expenses	$	57,450	$	59,967	$	58,976	$	55,883	$	26,952
NOI	$	105,043	$	100,333	$	95,667	$	94,094	$	49,851

NOI margin 64.6  % 62.6  % 61.9  % 62.7  % 64.9  %

Adjusted EBITDA	$	93,017	$	89,264	$	83,228	$	81,375	$	42,301
CORE FFO per share	$	0.29	$	0.28	$	0.26	$	0.25	$	0.24
Dividends per share	$	0.14	$	0.14	$	0.14	$	0.12	$	0.12

CORE FFO payout ratio 48.3  % 50.0  % 53.8  % 48.0  % 50.0  %

Portfolio Data:
Total gross assets	$	7,034,902	$	7,097,280	$	6,801,034	$	6,731,377	$	6,785,648
Total number of operating properties	120		122		120		119		123
Total units	35,526		36,176		35,594		35,498		36,831

Period end occupancy	93.6	%	94.6	%	95.7	%	95.4	%	95.6	%
Total portfolio average occupancy	93.9	%	94.2	%	95.5	%	95.2	%	96.0	%

Total portfolio average effective monthly rent, per
  unit $ 1,522  $ 1,484  $ 1,414  $ 1,374  $ 1,329 

Combined same-store portfolio period end   occupancy (a)	93.5	%	94.5	%	95.4	%	95.6	%	95.7	%
Combined same-store portfolio average occupancy   (a)	93.8	%	94.2	%	95.6	%	95.3	%	96.0	%

Combined same-store portfolio average effective   monthly rent, per unit (a)	$	1,514	$	1,481	$	1,414	$	1,375	$	1,349
Capitalization:
Total debt (b)	$	2,631,645	$	2,713,625	$	2,552,936	$	2,542,088	$	2,705,336
Common share price, period end	$	16.86	$	16.73	$	20.73	$	26.44	$	25.83
Market equity capitalization	$	3,880,432	$	3,850,365	$	4,729,580	$	6,031,873	$	5,882,410
Total market capitalization	$	6,512,077	$	6,563,990	$	7,282,516	$	8,573,961	$	8,587,746

Total debt/total gross assets	37.4	%	38.2	%	37.5	%	37.8	%	39.9	%
Net debt to Adjusted EBITDA (c)	6.9x		7.2x		7.4x		7.6x		7.7x
Interest coverage	4.0x		4.0x		4.0x		4.0x		3.9x

Common shares and OP Units:
Shares outstanding	224,064,940	224,056,179	222,060,280	221,163,391	220,753,735
OP units outstanding	6,091,171	6,091,171	6,091,171	6,970,993	6,981,841
Common shares and OP units outstanding	230,156,111	230,147,350	228,151,451	228,134,384	227,735,577
Weighted average common shares and OP units	229,994,927	228,051,780	227,964,753	227,778,484	127,046,225

(a)Combined same-store portfolio consists of 112 properties, which represent 33,527 units.

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

(c)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 December 31, 2022, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.9x, 7.4x, 7.4x, 7.5x, and 15.4x, respectively.

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BALANCE SHEETS

Dollars in thousands, except per share data

	As of
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Assets:
Real estate held for investment, at cost	$	6,615,243	$	6,634,087	$	6,428,482	$	6,382,324	$	6,462,355
Less: accumulated depreciation	(425,034)		(379,171)		(329,903)		(283,666)		(243,475)
Real estate held for investment, net	6,190,209		6,254,916		6,098,579		6,098,658		6,218,880
Real estate held for sale	35,777		82,178		81,818		80,992		61,560
Real estate under development	105,518		86,763		61,777		48,959		41,777
Cash and cash equivalents	16,084		23,753		11,378		23,971		35,972
Restricted cash	27,933		35,829		31,017		26,789		29,699
Investment in unconsolidated real estate entities	80,220		70,608		54,178		43,541		24,999
Other assets	34,846		34,480		26,707		27,281		38,052
Derivative assets	41,109		43,967		21,162		12,944		2,488
Intangible assets, net	399		1,039		18		24,187		53,269
Total assets	$	6,532,095	$	6,633,533	$	6,386,634	$	6,387,322	$	6,506,696
Liabilities and Equity:
Indebtedness, net	$	2,631,645	$	2,667,183	$	2,506,375	$	2,495,410	$	2,705,336
Indebtedness associated with real estate held   for sale, net	—		46,442		46,561		46,678		—
Accounts payable and accrued expenses	109,677		126,310		98,173		81,498		106,332
Accrued interest payable	7,713		11,019		6,891		6,955		7,175
Dividends payable	32,189		32,188		31,907		27,345		16,792
Derivative liabilities	—		—		—		128		11,896
Other liabilities	13,004		13,816		15,077		15,921		17,089
Total liabilities	2,794,228		2,896,958		2,704,984		2,673,935		2,864,620
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share	—		—		—		—		—
Common shares, $0.01 par value per share	2,241		2,241		2,221		2,212		2,208
Additional paid in capital	3,751,056		3,749,550		3,698,763		3,678,478		3,678,903
Accumulated other comprehensive income (loss)	35,102		37,569		18,430		9,958		(11,940)
Retained earnings (deficit)	(191,735)		(194,014)		(178,902)		(140,643)		(188,410)
Total shareholders' equity	3,596,664		3,595,346		3,540,512		3,550,005		3,480,761
Noncontrolling Interests	141,203		141,229		141,138		163,382		161,315
Total equity	3,737,867		3,736,575		3,681,650		3,713,387		3,642,076
Total liabilities and equity	$	6,532,095	$	6,633,533	$	6,386,634	$	6,387,322	$	6,506,696

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STATEMENTS OF OPERATIONS, FFO & CORE FFO

TRAILING FIVE QUARTERS

Dollars in thousands, except per share data

	For the Three Months Ended
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Revenue:
Rental and other property revenue	$	162,493	$	160,300	$	154,643	$	149,977	$	76,803
Other revenue	306		300		120		385		113
Total revenue	162,799		160,600		154,763		150,362		76,916
Expenses:
Property operating expenses	57,450		59,967		58,976		55,883		26,952
Property management expenses	6,593		5,744		6,139		5,556		3,221
General and administrative expenses (a)	5,739		5,625		6,968		7,928		4,442
Depreciation and amortization expense	52,161		49,722		72,793		78,174		26,210
Casualty losses (gains), net	(1,690)		(191)		(5,592)		(1,393)		—
Total expenses	120,253		120,867		139,284		146,148		60,825
Interest expense	(23,337)		(22,093)		(20,994)		(20,531)		(10,757)
Gain on sale (loss on impairment) of real estate   assets, net	17,044		—		—		94,712		76,179
Loss on extinguishment of debt	—		—		—		—		(10,261)
Other income, net	57		765		294		443		—
Gain (loss) from investments in unconsolidated   real estate entities	242		(1,477)		(871)		(63)		—
Merger and integration costs	(2,028)		(275)		(1,307)		(1,895)		(41,787)
Net income (loss)	$	34,524	$	16,653	$	(7,399)	$	76,880	$	29,465
(Income) loss allocated to noncontrolling interests	(893)		(430)		194		(2,280)		(850)
Net income (loss) available to common shares	$	33,631	$	16,223	$	(7,205)	$	74,600	$	28,615
EPS - basic	$	0.15	$	0.07	$	(0.03)	$	0.34	$	0.23
Weighted-average shares outstanding - Basic	223,903,756		221,960,609		221,164,284		220,798,692		125,375,694
EPS - diluted	$	0.15	$	0.07	$	(0.03)	$	0.34	$	0.23
Weighted-average shares outstanding - Diluted	224,915,128		222,867,546		221,164,284		222,045,286		126,675,551
Funds From Operations (FFO):
Net income (loss)	$	34,524	$	16,653	$	(7,399)	$	76,880	$	29,465
Add-Back (Deduct):
Real estate depreciation and amortization	51,957		49,347		72,298		77,943		26,068
Real estate depreciation and amortization from   investments in unconsolidated real estate entities	416		1,388		515		—		—
(Gain on sale) loss on impairment of real estate   assets, net, excluding prepayment (gains) losses	(16,635)		—		—		(94,712)		(78,490)
FFO	$	70,262	$	67,388	$	65,414	$	60,111	$	(22,957)
FFO per share	$	0.31	$	0.30	$	0.29	$	0.26	$	(0.18)
CORE Funds From Operations (CFFO):
FFO	$	70,262	$	67,388	$	65,414	$	60,111	$	(22,957)
Add-Back (Deduct):
Other depreciation and amortization	204		375		495		231		142
Casualty losses (gains), net	(1,690)		(191)		(5,592)		(1,393)		—
Loan (premium accretion) discount amortization,   net	(2,760)		(2,750)		(2,741)		(2,754)		(501)
Prepayment (gains) losses on asset dispositions	(409)		—		—		—		2,312
Loss on extinguishment of debt	—		—		—		—		10,261
Other income, net	(860)		(765)		(294)		(380)		—
Merger and integration costs	2,028		275		1,307		1,895		41,787
CFFO	$	66,775	$	64,332	$	58,589	$	57,710	$	31,044
CFFO per share	$	0.29	$	0.28	$	0.26	$	0.25	$	0.24
Weighted-average shares and units   outstanding	229,994,927		228,051,780		227,966,261		227,778,484		127,046,225

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

14

STATEMENTS OF OPERATIONS, FFO & CORE FFO

THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

Dollars in thousands, except per share data

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
	2022		2021		2022		2021
Revenue:
Rental and other property revenue	$	162,493	$	76,803	$	627,414	$	249,492
Other revenue	306		113		1,111		760
Total revenue	162,799		76,916		628,525		250,252
Expenses:
Property operating expenses	57,450		26,952		232,275		93,252
Property management expenses	6,593		3,221		24,033		9,539
General and administrative expenses	5,739		4,442		26,260		18,610
Depreciation and amortization expense	52,161		26,210		252,849		76,909
Casualty losses (gains), net	(1,690)		—		(8,866)		359
Total expenses	120,253		60,825		526,551		198,669
Interest expense	(23,337)		(10,757)		(86,955)		(36,401)
Gain on sale (loss on impairment) of real estate   assets, net	17,044		76,179		111,756		87,671
Loss on extinguishment of debt	—		(10,261)		—		(10,261)
Other income, net	57		—		1,558		—
Gain (loss) from investments in unconsolidated   real estate entities	242		—		(2,169)		—
Merger and integration costs	(2,028)		(41,787)		(5,505)		(47,063)
Net income (loss)	34,524		29,465		120,659		45,529
(Income) loss allocated to noncontrolling interests	(893)		(850)		(3,410)		(940)
Net income (loss) available to common shares	$	33,631	$	28,615	$	117,249	$	44,589
EPS - basic	$	0.15	$	0.23	$	0.53	$	0.41
Weighted-average shares outstanding - Basic	223,903,756		125,375,694		221,965,460		108,552,185
EPS - diluted	$	0.15	$	0.23	$	0.53	$	0.41
Weighted-average shares outstanding - Diluted	224,915,128		126,675,551		223,012,828		109,831,520
Funds From Operations (FFO):
Net income (loss)	$	34,524	$	29,465	$	120,659	$	45,529
Add-Back (Deduct):
Real estate depreciation and amortization	51,957		26,068		251,545		76,487
Real estate depreciation and amortization from   investments in unconsolidated real estate entities	416		—		2,320		—
(Gain on sale) loss on impairment of real estate   assets, net, excluding prepayment (gains) losses	(16,635)		(78,490)		(111,347)		(90,277)
FFO	$	70,262	$	(22,957)	$	263,177	$	31,739
FFO per share	$	0.31	$	(0.18)	$	1.15	$	0.29
CORE Funds From Operations (CFFO):
FFO	$	70,262	$	(22,957)	$	263,177	$	31,739
Add-Back (Deduct):
Other depreciation and amortization	204		142		1,304		423
Casualty losses (gains), net	(1,690)		—		(8,866)		359
Loan (premium accretion) discount amortization,   net	(2,760)		(501)		(11,005)		(501)
Prepayment (gains) losses on asset dispositions	(409)		2,312		(409)		2,607
Loss on extinguishment of debt	—		10,261		—		10,261
Other income, net	(860)		—		(2,298)		—
Merger and integration costs	2,028		41,787		5,505		47,063
CFFO	$	66,775	$	31,044	$	247,408	$	91,951
CFFO per share	$	0.29	$	0.24	$	1.08	$	0.84
Weighted-average shares and units   outstanding	229,994,927		127,046,225		228,452,958		109,418,810

15

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
ADJUSTED EBITDA:	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Net income (loss)	$	34,524	$	16,653	$	(7,399)	$	76,880	$	29,465
Add-Back (Deduct):
Interest expense	23,337		22,093		20,994		20,531		10,757
Depreciation and amortization	52,161		49,722		72,793		78,174		26,210
Casualty losses (gains), net	(1,690)		(191)		(5,592)		(1,393)		—
(Gain on sale) loss on impairment of   real estate assets, net	(17,044)		—		—		(94,712)		(76,179)
Loss on extinguishment of debt	—		—		—		—		10,261
Merger and integration costs	2,028		275		1,307		1,895		41,787
(Gain) loss from investments in   unconsolidated real estate entities	(242)		1,477		1,125		—		—
Other income, net	(57)		(765)		—		—		—
Adjusted EBITDA	$	93,017	$	89,264	$	83,228	$	81,375	$	42,301
INTEREST COST:
Interest expense	$	23,337	$	22,093	$	20,994	$	20,531	$	10,757
INTEREST COVERAGE:	4.0x		4.0x		4.0x		4.0x		3.9x

	For the Three Months Ended December 31,				For the Twelve Months Ended December 31,
ADJUSTED EBITDA:	2022		2021		2022		2021
Net income (loss)	$	34,524	$	29,465	$	120,659	$	45,529
Add-Back (Deduct):
Interest expense	23,337		10,757		86,955		36,401
Depreciation and amortization	52,161		26,210		252,849		76,909
Casualty losses (gains), net	(1,690)		—		(8,866)		359
(Gain on sale) loss on impairment of   real estate assets, net	(17,044)		(76,179)		(111,756)		(87,671)
Loss on extinguishment of debt	—		10,261		—		10,261
Merger and integration costs	2,028		41,787		5,505		47,063
(Gain) loss from investments in   unconsolidated real estate entities	(242)		—		2,360		—
Other income, net	(57)		—		(822)		—
Adjusted EBITDA	$	93,017	$	42,301	$	346,884	$	128,851
INTEREST COST:
Interest expense	$	23,337	$	10,757	$	86,955	$	36,401
INTEREST COVERAGE:	4.0x		3.9x		4.0x		3.5x

16

COMBINED SAME-STORE PORTFOLIO(a) NET OPERATING INCOME

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

	For the Three-Months Ended
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Revenue:
Rental and other property revenue	$	151,392	$	150,011	$	145,611	$	140,763	$	137,827
Property Operating Expenses:
Real estate taxes	18,810		18,299		19,231		18,648		16,408
Property insurance	3,268		3,487		2,972		2,761		3,006
Personnel expenses (b)	11,814		11,810		12,135		11,924		12,131
Utilities	7,711		7,914		7,014		7,245		7,017
Repairs and maintenance	3,913		5,963		5,973		4,147		5,205
Contract services	4,967		5,260		5,077		4,686		4,730
Advertising expenses	1,164		1,447		1,212		1,169		1,314
Other expenses	1,971		1,790		1,734		1,545		1,472
Total property operating expenses	53,618		55,970		55,348		52,125		51,283
Combined same-store portfolio NOI	$	97,774	$	94,041	$	90,263	$	88,638	$	86,544

Combined same-store portfolio NOI   margin	64.6	%	62.7	%	62.0	%	63.0	%	62.8	%
Average occupancy	93.8	%	94.2	%	95.6	%	95.3	%	96.0	%

Average effective monthly rent, per unit	$	1,514	$	1,481	$	1,414	$	1,375	$	1,349
Reconciliation of combined same-store portfolio NOI to net income (loss):
Combined same-store portfolio NOI	$	97,774	$	94,041	$	90,263	$	88,638	$	86,544
Combined non same-store portfolio NOI	7,269		6,292		5,404		5,456		8,393
Pre-Merger STAR Portfolio NOI	—		—		—		—		(45,086)
Other revenue	306		300		120		385		113
Property management expenses	(6,593)		(5,744)		(6,139)		(5,556)		(3,221)
General and administrative expenses	(5,739)		(5,625)		(6,968)		(7,928)		(4,442)
Depreciation and amortization expense	(52,161)		(49,722)		(72,793)		(78,174)		(26,210)
Casualty (losses) gains, net	1,690		191		5,592		1,393		—
Interest expense	(23,337)		(22,093)		(20,994)		(20,531)		(10,757)
Gain on sale (loss on impairment) of   real estate assets, net	17,044		—		—		94,712		76,179
Loss on extinguishment of debt	—		—		—		—		(10,261)
Other income, net	57		765		294		443		—
Gain (loss) from investments in   unconsolidated real estate entities	242		(1,477)		(871)		(63)		—
Merger and integration costs	(2,028)		(275)		(1,307)		(1,895)		(41,787)
Net income (loss)	$	34,524	$	16,653	$	(7,399)	$	76,880	$	29,465

(a)Combined same-store portfolio consists of 112 properties, which represent 33,527 units.

(b)Included in the quarter 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.

17

COMBINED SAME-STORE PORTFOLIO(a) NET OPERATING INCOME

THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

Dollars in thousands, except per unit data

	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
	2022		2021		% change		2022		2021		% change
Revenue:
Rental and other property revenue	$	151,392	$	137,827	9.8	%	$	587,777	$	531,097	10.7	%
Property Operating Expenses:
Real estate taxes	18,810		16,408		14.6	%	74,988		69,299		8.2	%
Property insurance	3,268		3,006		8.7	%	12,488		11,485		8.7	%
Personnel expenses (b)	11,814		12,131		(2.6)	%	47,683		47,062		1.3	%
Utilities	7,711		7,017		9.9	%	29,884		28,000		6.7	%
Repairs and maintenance	3,913		5,205		(24.8)	%	19,996		19,255		3.8	%
Contract services	4,967		4,730		5.0	%	19,990		18,601		7.5	%
Advertising expenses	1,164		1,314		(11.4)	%	4,992		5,183		(3.7)	%
Other expenses	1,971		1,472		33.9	%	7,040		6,026		16.8	%
Total property operating expenses	53,618		51,283		4.6	%	217,061		204,911		5.9	%
Combined same-store portfolio NOI	$	97,774	$	86,544	13.0	%	$	370,716	$	326,186	13.7	%

Combined same-store portfolio NOI   margin	64.6	%	62.8	%	1.8	%	63.1	%	61.4	%	1.7	%
Average occupancy	93.8	%	96.0	%	(2.2)	%	94.7	%	96.0	%	(1.3)	%

Average effective monthly rent, per unit	$	1,514	$	1,349	12.2	%	$	1,446	$	1,291	12.0	%
Reconciliation of combined same-store portfolio NOI to net income (loss):
Combined same-store portfolio NOI	$	97,774	$	86,544			$	370,716	$	326,186
Combined non same-store portfolio NOI	7,269		8,393				24,423		26,666
Pre-Merger STAR Portfolio NOI	—		(45,086)				—		(196,612)
Other revenue	306		113				1,111		760
Property management expenses	(6,593)		(3,221)				(24,033)		(9,539)
General and administrative expenses	(5,739)		(4,442)				(26,260)		(18,610)
Depreciation and amortization expense	(52,161)		(26,210)				(252,849)		(76,909)
Casualty (losses) gains, net	1,690		—				8,866		(359)
Interest expense	(23,337)		(10,757)				(86,955)		(36,401)
Gain on sale (loss on impairment) of   real estate assets, net	17,044		76,179				111,756		87,671
Loss on extinguishment of debt	—		(10,261)				—		(10,261)
Other income, net	57		—				1,558		—
Gain (loss) from investments in   unconsolidated real estate entities	242		—				(2,169)		—
Merger and integration costs	(2,028)		(41,787)				(5,505)		(47,063)
Net income (loss)	$	34,524	$	29,465			$	120,659	$	45,529

(a)Combined same-store portfolio consists of 112 properties, which represent 33,527 units.

(b)Included in the twelve months ended December 31, 2022 is a refund of previously paid employer payroll taxes of $0.7 million from a portion of an employee retention credit received.

18

NET OPERATING INCOME BRIDGE

TRAILING FIVE QUARTERS

Dollars in thousands

	For the Three Months Ended
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Rental and other property revenue
Combined same-store portfolio (a)	$	151,392	$	150,011	$	145,611	$	140,763	$	137,827
Combined non same-store portfolio	11,101		10,289		9,032		9,214		13,431
Total rental and other property revenue	162,493		160,300		154,643		149,977		151,258
Property operating expenses
Combined same-store portfolio (a)	53,618		55,970		55,348		52,125		51,283
Combined non same-store portfolio	3,832		3,997		3,628		3,758		5,038
Total property operating expenses	57,450		59,967		58,976		55,883		56,321
NOI
Combined same-store portfolio (a)	97,774		94,041		90,263		88,638		86,544
Combined non same-store portfolio	7,269		6,292		5,404		5,456		8,393
Total property NOI	$	105,043	$	100,333	$	95,667	$	94,094	$	94,937
Reconciliation of NOI to net income (loss)
Total property NOI	$	105,043	$	100,333	$	95,667	$	94,094	$	94,937
Pre-Merger STAR Portfolio NOI	—		—		—		—		(45,086)
Other revenue	306		300		120		385		113
Property management expenses	(6,593)		(5,744)		(6,139)		(5,556)		(3,221)
General and administrative expenses	(5,739)		(5,625)		(6,968)		(7,928)		(4,442)
Depreciation and amortization expense	(52,161)		(49,722)		(72,793)		(78,174)		(26,210)
Casualty (losses) gains, net	1,690		191		5,592		1,393		—
Interest expense	(23,337)		(22,093)		(20,994)		(20,531)		(10,757)
Gain on sale (loss on impairment) of         real estate assets, net	17,044		—		—		94,712		76,179
Loss on extinguishment of debt	—		—		—		—		(10,261)
Other income, net	57		765		294		443		—
Gain (loss) from unconsolidated         real estate entities	242		(1,477)		(871)		(63)		—
Merger and integration costs	(2,028)		(275)		(1,307)		(1,895)		(41,787)
Net income (loss)	$	34,524	$	16,653	$	(7,399)	$	76,880	$	29,465

(a)Combined same-store portfolio consists of 112 properties, which represent 33,527 units.

19

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED DECEMBER 31, 2022 AND 2021

Dollars in thousands, except rent per unit

			Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2022		2021		% Change		2022		2021		% Change		2022		2021		% Change		2022		2021		% Change		2022		2021		% Change
Atlanta, GA	13	5,180	$	23,610	$	21,875	7.9	%	$	8,460	$	7,484	13.0	%	$	15,146	$	14,391	5.3	%	92.6	%	96.0	%	(3.4)	%	$	1,615	$	1,420	13.7	%
Dallas, TX	13	3,685	19,564		17,696		10.6	%	7,946		7,446		6.7	%	11,618		10,251		13.3	%	94.2	%	97.0	%	(2.8)	%	1,761		1,569		12.2	%
Denver, CO	9	2,292	11,884		10,586		12.3	%	3,755		3,908		(3.9)	%	8,129		6,678		21.7	%	94.3	%	94.9	%	(0.6)	%	1,685		1,539		9.4	%
Columbus, OH	10	2,510	10,391		9,361		11.0	%	3,503		3,402		3.0	%	6,888		5,959		15.6	%	95.3	%	96.2	%	(0.9)	%	1,348		1,219		10.6	%
Raleigh - Durham, NC	6	1,690	7,622		6,690		13.9	%	2,346		2,160		8.6	%	5,275		4,530		16.4	%	94.8	%	95.4	%	(0.6)	%	1,519		1,300		16.9	%
Oklahoma City, OK	8	2,147	7,497		7,050		6.3	%	2,423		2,571		(5.8)	%	5,075		4,479		13.3	%	92.2	%	96.3	%	(4.1)	%	1,152		1,038		11.0	%
Indianapolis, IN	7	1,979	7,953		7,179		10.8	%	2,915		2,793		4.4	%	5,038		4,386		14.9	%	93.6	%	96.2	%	(2.6)	%	1,317		1,180		11.7	%
Houston, TX	7	1,932	8,337		7,705		8.2	%	3,539		3,786		(6.5)	%	4,798		3,920		22.4	%	94.0	%	96.7	%	(2.7)	%	1,423		1,315		8.2	%
Memphis, TN	4	1,383	6,186		5,517		12.1	%	1,884		1,748		7.8	%	4,302		3,769		14.1	%	93.3	%	94.5	%	(1.2)	%	1,521		1,343		13.3	%
Nashville, TN	3	1,236	5,710		5,379		6.2	%	1,815		1,579		15.0	%	3,895		3,800		2.5	%	90.4	%	96.9	%	(6.5)	%	1,593		1,409		13.1	%
Tampa-St. Petersburg, FL	4	1,104	5,735		4,897		17.1	%	2,008		1,880		6.8	%	3,727		3,017		23.5	%	95.7	%	95.6	%	0.1	%	1,763		1,470		20.0	%
Lexington, KY	3	886	3,663		3,294		11.2	%	966		1,093		(11.6)	%	2,697		2,201		22.5	%	96.6	%	96.4	%	0.2	%	1,270		1,154		10.1	%
Louisville, KY	4	1,150	4,381		4,127		6.2	%	1,779		1,725		3.2	%	2,602		2,402		8.3	%	93.7	%	95.9	%	(2.2)	%	1,257		1,140		10.2	%
Birmingham, AL	2	1,074	4,654		4,337		7.3	%	2,136		1,722		24.0	%	2,518		2,615		(3.7)	%	90.3	%	94.4	%	(4.1)	%	1,473		1,359		8.4	%
Myrtle Beach, SC - Wilmington, NC	3	628	2,658		2,245		18.4	%	666		596		11.8	%	1,992		1,649		20.8	%	95.2	%	97.2	%	(2.0)	%	1,400		1,162		20.5	%
Huntsville, AL	2	599	2,684		2,544		5.5	%	810		643		26.0	%	1,875		1,901		(1.4)	%	95.0	%	97.4	%	(2.4)	%	1,486		1,369		8.5	%
Cincinnati, OH	2	542	2,570		2,347		9.5	%	843		938		(10.2)	%	1,727		1,409		22.6	%	94.1	%	97.0	%	(2.9)	%	1,544		1,382		11.7	%
Charleston, SC	2	518	2,447		2,286		7.0	%	833		1,008		(17.4)	%	1,614		1,278		26.3	%	95.3	%	95.7	%	(0.4)	%	1,585		1,391		13.9	%
Greenville, SC	1	702	2,430		2,263		7.4	%	889		843		5.5	%	1,541		1,419		8.6	%	95.0	%	95.6	%	(0.6)	%	1,234		1,103		11.9	%
Chicago, IL	1	374	1,978		1,872		5.7	%	736		747		(1.5)	%	1,242		1,125		10.4	%	94.4	%	94.4	%	—	%	1,746		1,638		6.6	%
Charlotte, NC	1	208	1,268		1,078		17.6	%	336		330		1.7	%	933		748		24.7	%	96.3	%	97.9	%	(1.6)	%	1,916		1,605		19.3	%
Orlando, FL	1	297	1,538		1,392		10.5	%	616		506		21.7	%	922		886		4.0	%	94.6	%	96.7	%	(2.1)	%	1,770		1,523		16.2	%
San Antonio, TX	1	306	1,466		1,375		6.6	%	624		655		(4.8)	%	842		720		16.9	%	97.6	%	96.9	%	0.7	%	1,506		1,415		6.4	%
Asheville, NC	1	252	1,097		966		13.6	%	295		267		10.6	%	802		699		14.7	%	96.8	%	98.5	%	(1.7)	%	1,475		1,240		18.9	%
Fort Wayne, IN	1	222	1,011		870		16.2	%	313		289		8.6	%	698		581		20.1	%	94.6	%	95.9	%	(1.3)	%	1,417		1,272		11.3	%
Austin, TX	1	256	1,258		1,199		4.9	%	563		585		(3.9)	%	696		613		13.5	%	87.3	%	95.7	%	(8.4)	%	1,741		1,541		12.9	%
Norfolk, VA	1	183	1,004		920		9.1	%	320		301		6.1	%	684		619		10.5	%	96.1	%	97.3	%	(1.2)	%	1,870		1,706		9.6	%
Chattanooga, TN	1	192	796		777		2.4	%	299		278		7.7	%	498		499		(0.3)	%	94.0	%	97.5	%	(3.5)	%	1,398		1,290		8.4	%
Total / Weighted Average	112	33,527	$	151,392	$	137,827	9.8	%	$	53,618	$	51,283	4.6	%	$	97,774	$	86,544	13.0	%	93.8	%	96.0	%	(2.2)	%	$	1,514	$	1,349	12.2	%

20

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021

Dollars in thousands, except rent per unit

			Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Market	Number of Properties	Units	2022		2021		% Change		2022		2021		% Change		2022		2021		% Change		2022		2021		% Change		2022		2021		% Change
Atlanta, GA	13	5,180	$	92,760	$	84,286	10.1	%	$	33,960	$	29,813	13.9	%	$	58,799	$	54,470	7.9	%	93.8	%	96.4	%	(2.6)	%	$	1,540	$	1,351	14.0	%
Dallas, TX	13	3,685	75,272		67,910		10.8	%	32,020		30,464		5.1	%	43,251		37,447		15.5	%	95.2	%	96.4	%	(1.2)	%	1,678		1,509		11.2	%
Denver, CO	9	2,292	45,612		41,156		10.8	%	14,321		14,310		0.1	%	31,291		26,847		16.6	%	95.1	%	95.4	%	(0.3)	%	1,622		1,483		9.3	%
Columbus, OH	10	2,510	39,759		35,812		11.0	%	14,778		14,008		5.5	%	24,981		21,804		14.6	%	95.1	%	95.6	%	(0.5)	%	1,292		1,172		10.2	%
Oklahoma City, OK	8	2,147	29,564		26,983		9.6	%	10,046		10,065		(0.2)	%	19,519		16,919		15.4	%	94.7	%	96.4	%	(1.7)	%	1,103		990		11.5	%
Raleigh - Durham, NC	6	1,690	29,033		26,140		11.1	%	9,617		8,689		10.7	%	19,416		17,451		11.3	%	95.1	%	95.7	%	(0.6)	%	1,417		1,245		13.8	%
Indianapolis, IN	7	1,979	30,604		27,555		11.1	%	11,764		10,966		7.3	%	18,841		16,589		13.6	%	94.7	%	96.6	%	(1.9)	%	1,257		1,119		12.3	%
Houston, TX	7	1,932	32,391		30,434		6.4	%	14,963		14,836		0.9	%	17,428		15,598		11.7	%	94.4	%	96.5	%	(2.1)	%	1,386		1,289		7.6	%
Memphis, TN	4	1,383	23,832		21,437		11.2	%	7,903		7,300		8.3	%	15,929		14,137		12.7	%	93.4	%	95.9	%	(2.5)	%	1,461		1,271		15.0	%
Nashville, TN	3	1,236	22,625		20,612		9.8	%	7,586		7,414		2.3	%	15,039		13,198		13.9	%	94.2	%	96.4	%	(2.2)	%	1,513		1,346		12.5	%
Tampa-St. Petersburg, FL	4	1,104	21,928		18,520		18.4	%	8,127		7,339		10.7	%	13,801		11,181		23.4	%	94.7	%	95.0	%	(0.3)	%	1,657		1,386		19.5	%
Birmingham, AL	2	1,074	18,565		17,172		8.1	%	7,404		6,545		13.1	%	11,161		10,628		5.0	%	93.3	%	94.8	%	(1.5)	%	1,425		1,312		8.7	%
Louisville, KY	4	1,150	17,406		15,816		10.1	%	7,259		6,926		4.8	%	10,148		8,889		14.2	%	94.2	%	93.9	%	0.3	%	1,202		1,096		9.7	%
Lexington, KY	3	886	14,044		12,437		12.9	%	4,409		4,413		(0.1)	%	9,635		8,024		20.1	%	96.4	%	96.7	%	(0.3)	%	1,218		1,085		12.3	%
Huntsville, AL	2	599	10,531		9,916		6.2	%	3,113		2,577		20.8	%	7,418		7,339		1.1	%	95.5	%	97.6	%	(2.1)	%	1,440		1,322		8.9	%
Myrtle Beach, SC - Wilmington, NC	3	628	10,001		8,609		16.2	%	2,925		2,693		8.6	%	7,077		5,916		19.6	%	95.5	%	95.8	%	(0.3)	%	1,303		1,112		17.1	%
Cincinnati, OH	2	542	10,138		8,779		15.5	%	3,287		3,445		(4.6)	%	6,851		5,333		28.5	%	96.0	%	96.3	%	(0.3)	%	1,473		1,313		12.2	%
Greenville, SC	1	702	9,706		8,836		9.8	%	3,582		3,559		0.7	%	6,123		5,277		16.0	%	95.0	%	94.7	%	0.3	%	1,185		1,059		11.8	%
Charleston, SC	2	518	9,627		8,872		8.5	%	3,648		3,901		(6.5)	%	5,979		4,972		20.3	%	95.6	%	95.8	%	(0.2)	%	1,510		1,351		11.8	%
Chicago, IL	1	374	7,751		7,072		9.6	%	2,893		2,827		2.3	%	4,858		4,245		14.4	%	95.0	%	95.0	%	—	%	1,699		1,573		8.0	%
Orlando, FL	1	297	5,792		5,392		7.4	%	2,376		2,151		10.5	%	3,416		3,241		5.4	%	94.5	%	96.6	%	(2.1)	%	1,655		1,473		12.4	%
San Antonio, TX	1	306	5,800		5,103		13.7	%	2,439		2,496		(2.3)	%	3,361		2,607		28.9	%	96.7	%	95.4	%	1.3	%	1,481		1,340		10.5	%
Charlotte, NC	1	208	4,736		4,160		13.9	%	1,422		1,320		7.7	%	3,314		2,840		16.7	%	96.0	%	96.3	%	(0.3)	%	1,771		1,548		14.4	%
Asheville, NC	1	252	4,181		3,704		12.9	%	1,178		1,111		6.0	%	3,003		2,593		15.8	%	96.7	%	98.1	%	(1.4)	%	1,373		1,188		15.6	%
Austin, TX	1	256	5,108		4,525		12.9	%	2,303		2,213		4.1	%	2,805		2,312		21.3	%	93.5	%	94.2	%	(0.7)	%	1,648		1,465		12.5	%
Norfolk, VA	1	183	3,898		3,623		7.6	%	1,237		1,176		5.2	%	2,660		2,447		8.7	%	95.6	%	97.7	%	(2.1)	%	1,804		1,610		12.1	%
Fort Wayne, IN	1	222	3,834		3,315		15.7	%	1,241		1,090		13.8	%	2,593		2,225		16.6	%	95.2	%	97.0	%	(1.8)	%	1,367		1,208		13.2	%
Chattanooga, TN	1	192	3,279		2,921		12.3	%	1,260		1,264		(0.3)	%	2,019		1,657		21.9	%	96.0	%	97.7	%	(1.7)	%	1,375		1,204		14.2	%
Total / Weighted Average	112	33,527	$	587,777	$	531,097	10.7	%	$	217,061	$	204,911	5.9	%	$	370,716	$	326,186	13.7	%	94.7	%	96.0	%	(1.3)	%	$	1,446	$	1,291	12.0	%

21

TOTAL PORTFOLIO NOI EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

							For the Three Months Ended December 31, 2022
Market	Number of Properties	Units	Gross Real  Estate  Assets		Period End  Occupancy		Average  Effective  Monthly Rent  per Unit		NOI		% of NOI
Atlanta, GA	13	5,180	$	1,061,732	92.5	%	$	1,615	$	15,146	14.5	%
Dallas, TX	14	4,007	849,346		93.7	%	1,770		12,766		12.2	%
Denver, CO (a)	9	2,292	605,320		94.1	%	1,685		8,129		7.8	%
Columbus, OH	10	2,510	367,204		95.0	%	1,348		6,888		6.6	%
Indianapolis, IN (b)	8	2,256	326,078		93.1	%	1,310		5,583		5.3	%
Raleigh - Durham, NC	6	1,690	255,291		94.4	%	1,519		5,275		5.0	%
Oklahoma City, OK	8	2,147	318,568		92.7	%	1,152		5,075		4.9	%
Tampa-St. Petersburg, FL	5	1,452	290,799		95.2	%	1,780		4,967		4.8	%
Nashville, TN	5	1,508	365,469		90.0	%	1,605		4,908		4.7	%
Houston, TX	7	1,932	322,075		94.5	%	1,423		4,798		4.6	%
Memphis, TN	4	1,383	159,297		94.3	%	1,521		4,302		4.1	%
Charlotte, NC	3	714	189,216		95.8	%	1,753		2,803		2.7	%
Huntsville, AL	3	873	189,691		93.8	%	1,515		2,749		2.6	%
Lexington, KY	3	886	159,840		94.9	%	1,270		2,697		2.6	%
Louisville, KY	4	1,150	148,564		93.2	%	1,257		2,602		2.5	%
Birmingham, AL	2	1,074	231,912		90.1	%	1,473		2,518		2.4	%
Myrtle Beach, SC - Wilmington, NC	3	628	67,766		95.4	%	1,400		1,992		1.9	%
Cincinnati, OH	2	542	122,104		93.7	%	1,544		1,727		1.7	%
Charleston, SC	2	518	81,208		95.0	%	1,585		1,614		1.5	%
Greenville, SC	1	702	123,165		95.0	%	1,234		1,541		1.5	%
Chicago, IL	1	374	90,127		95.2	%	1,746		1,242		1.2	%
Orlando, FL	1	297	50,140		95.9	%	1,770		922		0.9	%
San Antonio, TX	1	306	57,041		97.1	%	1,506		842		0.8	%
Asheville, NC	1	252	29,210		96.8	%	1,475		802		0.8	%
Fort Wayne, IN	1	222	44,140		93.2	%	1,417		698		0.7	%
Austin, TX	1	256	55,782		87.1	%	1,741		696		0.7	%
Norfolk, VA	1	183	54,057		94.5	%	1,870		684		0.7	%
Chattanooga, TN	1	192	36,942		94.8	%	1,398		498		0.5	%
Total / Weighted Average	120	35,526	$	6,652,084	93.6	%	$	1,522	$	104,464	100.0	%

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

(b)Includes one property classified as held for sale.

22

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF DECEMBER 31, 2022

									Renovation Costs per Unit (b)
Market	Total Properties	Total Units To Be Renovated	Units Complete	Units Leased	Rent Premium (a)		% Rent Increase		Interior		Exterior		Total		ROI - Interior Costs (c)		ROI - Total Costs (d)
Ongoing
Tampa-St. Petersburg, FL	2	540	388	377	$	329	29.0	%	$	12,202	$	774	$	12,976	32.1	%	30.1	%
Memphis, TN	1	362	221	217	393		33.8	%	14,469		807		15,276		32.6	%	30.9	%
Raleigh-Durham, NC	1	318	166	152	189		15.2	%	15,017		1,046		16,063		15.1	%	14.2	%
Indianapolis, IN	1	236	106	87	243		20.9	%	13,028		805		13,833		22.4	%	21.1	%
Columbus, OH	2	546	151	136	269		22.5	%	13,137		831		13,968		24.4	%	23.0	%
Atlanta, GA	5	2,180	569	529	271		32.9	%	11,305		843		12,149		30.7	%	28.8	%
Oklahoma City, OK	2	541	131	125	136		9.6	%	17,268		748		18,016		9.5	%	9.0	%
Austin, TX	1	256	48	32	178		14.9	%	14,032		1,104		15,136		15.2	%	14.1	%
Dallas, TX	2	586	99	93	244		18.2	%	16,172		1,110		17,282		18.3	%	17.2	%
Nashville, TN	1	724	99	51	131		9.6	%	11,261		1,664		12,926		14.0	%	12.2	%
Total / Weighted      Average	18	6,289	1,978	1,799	$	269	24.5	%	$13,155		$	1,108	$	14,263	24.5	%	22.6	%
Future (e)
Atlanta, GA	2	644	—	—	—		—		—		—		—		—		—
Dallas, TX	3	876	—	—	—		—		—		—		—		—		—
Tampa-St. Petersburg, FL	1	348	—	—	—		—		—		—		—		—		—
Oklahoma City, OK	2	546	—	—	—		—		—		—		—		—		—
Columbus, OH	1	240	—	—	—		—		—		—		—		—		—
Total / Weighted      Average	9	2,654	—	—	—		—		—		—		—		—		—
Completed (f)
Raleigh-Durham, NC	1	328	325	312	$	183	15.2	%	$	14,446	$	2,108	$	16,554	15.2	%	13.3	%
Louisville, KY	2	728	707	687	220		17.4	%	14,912		2,252		17,163		17.9	%	15.2	%
Wilmington, NC	1	288	271	260	69		11.1	%	7,381		56		7,436		11.3	%	11.2	%
Atlanta, GA	1	494	454	443	177		23.3	%	8,682		1,773		10,456		24.4	%	20.3	%
Memphis, TN	2	691	611	595	190		21.5	%	10,722		970		11,692		21.1	%	19.4	%
Columbus, OH	3	763	668	642	202		23.6	%	9,833		664		10,497		23.6	%	22.1	%
Tampa-St. Petersburg, FL	1	348	302	292	207		17.9	%	13,964		2,155		16,119		17.8	%	15.4	%
Total / Weighted      Average	11	3,640	3,338	3,231	$	188	19.5	%	$	11,541	$	1,429	$	12,970	19.6	%	17.4	%
Grand Total/Weighted   Average	38	12,583	5,316	5,030	$	219	21.2	%	$	12,142	$	1,215	$	13,357	21.6	%	19.6	%
Sold/Held for Sale   Properties (g)		1,212	807	782	$	154	19.2	%	$	9,663	$	2,145	$	11,807	20.1	%	15.7	%

(a) The rent premium reflects the per unit per month difference between the rental rate on the renovated unit and the market rent for an unrenovated unit as of the date presented, as determined by management consistent with its customary rent-setting and evaluation procedures.

(b)Includes all costs to renovate the interior units and make certain exterior renovations, including clubhouses and amenities. Interior costs per unit are based on units leased. Exterior costs per unit are based on total units at the community. Excludes overhead costs to support and manage the value add program as those costs relate to the entire program and cannot be allocated to individual projects.

(c)Calculated using the rent premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit.

(d)Calculated using the rent premium per unit per month, multiplied by 12, divided by the total renovation costs per unit.

(e)Renovation project start dates are scheduled in Q1 2023 through Q3 2023.

(f)We consider value add projects completed when over 85% of the property’s units to be renovated have been completed. We continue to renovate remaining unrenovated units as leases expire until we complete 100% of the property’s units.

(g)Includes Meadows, 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).

23

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands with respect to Contract Price and Price per Unit

2022 ACQUISITIONS

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

2022 DISPOSITIONS

Property	Location	Units	Disposition Date	Sale Price		Price per Unit		Average Rent Per Unit at Disposition		Gain on sale (loss on impairment), net
Riverchase	Indianapolis, IN	216	January 18, 2022	$	31,000	$	144	$	1,028	$	12,901
Heritage Park	Oklahoma City, OK	453	February 2, 2022	48,500		107		767		31,366
Raindance	Oklahoma City, OK	504	February 2, 2022	47,500		94		669		33,748
Haverford	Louisville, KY	160	February 2, 2022	31,050		194		1,146		16,697
Meadows Apartments	Louisville, KY	400	October 26, 2022	57,000		143		1,154		20,573
Sycamore Terrace	Terre Haute, IN	250	December 6, 2022	42,000		168		1,349		(3,529)
Total		1,983		$	257,050	$	130	$	952	$	111,756

ASSETS HELD FOR SALE AS OF DECEMBER 31, 2022

Property	Location	Units
Eagle Lake Landing	Indianapolis, IN	277

REAL ESTATE UNDER DEVELOPMENT

				Projected			Development Costs
Real estate Under Development	Location	Planned Units	Start Date	Initial Occupancy Date	Completion Date	Stabilization Date	Total Estimated		Total through Dec 31, 2022		Remaining
Destination at Arista	Denver, CO	325	3Q 2021	2Q 2023	4Q 2023	1Q 2025	$	102,100	$	82,416	$	19,684
Flatirons Apartments	Denver, CO	296	4Q 2022	3Q 2024	3Q 2024	2Q 2026	119,400		23,102		96,298
Total		621					$	221,500	$	105,518	$	115,982

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Investments in Unconsolidated Real Estate Entities	Location	Units	Estimated Delivery Date	Total Construction Budget		Total Project Debt		IRT Equity Interest in JV		Remaining Expected IRT Investment		Carrying Value - IRT Investment
Metropolis at Innsbrook	Richmond, VA	402	Q2 2023	$	83,383	$	64,000	84.8	%	$	—	$	17,331
Views of Music City II / The Crockett (a)	Nashville, TN	408	Q1 2023	66,079		43,275		50.0	%	—		11,363
Virtuoso (b)	Huntsville, AL	178	—	57,491		39,281		90.0	%	—		14,422
Lakeline Station	Austin, TX	378	Q2 2024	109,524		76,500		90.0	%	4,850		25,292
The Mustang	Dallas, TX	275	Q3 2024	109,583		79,447		85.0	%	13,941		11,812
Total		1,641		$	426,060	$	302,503			$	18,791	$	80,220

(a)Views of Music City phase II consists of 209 units with an estimated delivery date of Q4 2023. The Crockett, formerly known as the Jackson, consists of 199 units with an estimated delivery date of Q1 2023.

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

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DEBT SUMMARY AS OF DECEMBER 31, 2022

Dollars in thousands

	Amount		Weighted Average Rate (d)		Type	Weighted Average Maturity (in years)
Debt:
Unsecured revolver (a)	$	165,978	4.9	%	Floating	3.1
Unsecured term loans(b)	600,000		5.1	%	Floating	4.5
Secured credit facilities(c)	635,128		4.3	%	Floating/Fixed	5.9
Mortgages	1,185,246		3.9	%	Fixed	5.2
Total Principal	2,586,352		4.3	%		5.1
Loan premiums (discounts), net	59,937
Unamortized deferred financing costs	(14,644)
Total Debt	2,631,645
Market Equity Capitalization, at period end	3,880,432
Total Capitalization	$	6,512,077

(a)Unsecured revolver total capacity is $500,000, of which $165,978 was drawn as of December 31, 2022. The maturity date of borrowings under the unsecured revolver is January 31, 2026.

(b)Consists of a (i) $200,000 unsecured term loan with a maturity date of May 18, 2026 and a (ii) $400,000 unsecured term loan with a maturity date of January 28, 2028.

(c)Consists of a (i) $558,880 secured credit facility, three tranches of which, in an aggregate principal amount of $518,412, have a maturity date of August 1, 2028 and the fourth tranche of which, in the principal amount of $40,468, has a maturity date of March 1, 2030 and a (ii) $76,248 secured credit facility with a maturity date of July 1, 2030.

(d)Represents the weighted average of the contractual interest rates in effect as of quarter-end without regard to any interest rate swaps or collars. Our total weighted average effective interest rate during the quarter ended December 31, 2022, after giving effect to the impact of interest rate swaps and collars, and excluding the impact of loan premium amortization and discount accretion was 4.1%.

(e)As of December 31, 2022, we maintained the following hedges that have effectively fixed a portion of our floating rates debt.

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

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DEBT COVENANT AND UNENCUMBERED ASSET STATS AS OF DECEMBER 31, 2022

Dollars in thousands

Debt Covenant Summary (a)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	33.3%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.0x	Yes
Unsecured leverage ratio	≤ 60%	23.9%	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		Q4 2022 NOI		% of Total
Unencumbered assets	18,164	51.1	%	$	3,496,789	49.7	%	$	53,837	51.5	%
Encumbered assets	17,362	48.9	%	3,538,113		50.3	%	50,627		48.5	%
	35,526	100.0	%	$	7,034,902	100.0	%	$	104,464	100.0	%

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DEFINITIONS

Average Effective Monthly Rent per Unit

Average effective rent per unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented. We believe average effective rent is a helpful measurement in evaluating average pricing. This metric, when presented, reflects the average effective rent per month.

Average Occupancy

Average occupancy represents the average occupied units for the reporting period divided by the average of total units available for rent for the reporting period.

EBITDA and Adjusted EBITDA

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

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

We believe that FFO and Core FFO (“CFFO”), each of which is a non-GAAP financial measure, are additional appropriate measures of the operating performance of a REIT and us in particular. We compute FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income or loss allocated to common shares (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles. While our calculation of FFO is in accordance with NAREIT’s definition, it may differ from the methodology for calculating FFO utilized by other REITs and, accordingly, may not be comparable to FFO computations of such other REITs.

CFFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including depreciation and amortization of other items not included in FFO, and other non-cash or non-operating gains or losses related to items such as casualty (gains) losses, abandoned deal costs, loan premium accretion and discount amortization, debt extinguishment costs, and merger and integration costs from the determination of FFO.

Our calculation of CFFO may differ from the methodology used for calculating CFFO by other REITs and, accordingly, our CFFO may not be comparable to CFFO reported by other REITs. Our management utilizes FFO and CFFO as measures of our operating performance, and believe they are also useful to investors, because they facilitate an understanding of our operating performance after adjustment for certain non-cash or non-recurring items that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and our operating performance between periods. Furthermore, although FFO, CFFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and CFFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Neither FFO nor CFFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and CFFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Accordingly, FFO and CFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization and capital improvements. Neither FFO nor CFFO should be considered as an alternative to net income or any other

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GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

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

Net Debt

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

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

	As of
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Total debt	$	2,631,645	$	2,713,625	$	2,552,936	$	2,542,088	$	2,705,336
Less: cash and cash equivalents	(16,084)		(23,753)		(11,378)		(23,971)		(35,972)
Less: loan discounts and premiums, net	(59,937)		(63,340)		(66,091)		(68,832)		(71,586)
Total net debt	$	2,555,624	$	2,626,532	$	2,475,467	$	2,449,285	$	2,597,778

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 and gains, 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 December 31, 2022 (other than properties held for sale as of December 31, 2022).

STAR Same-Store Portfolio

STAR Same-Store Portfolio represents the 64 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 December 31, 2022 (other than properties held for sale as of December 31, 2022).

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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 112 properties which represent 33,527 units.

Combined Non Same-Store Portfolio

Combined Non Same-Store Portfolio represents the combination of five IRT non same-store properties and three STAR non same-store properties considered as a single non same-store portfolio of eight properties which represent 1,999 units acquired after January 1, 2021 (includes one property held for sale as of December 31, 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
	Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022		Dec 31, 2021
Total assets	$	6,532,095	$	6,633,533	$	6,386,634	$	6,387,322	$	6,506,696
Plus: accumulated depreciation (a)	426,097		386,606		337,338		291,199		254,123
Plus: accumulated amortization	76,710		77,141		77,062		52,856		24,829
Total gross assets	$	7,034,902	$	7,097,280	$	6,801,034	$	6,731,377	$	6,785,648

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

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APPENDIX A

COMBINED SAME-STORE PORTFOLIO NET OPERATING INCOME

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 and 2021

Dollars in thousands, except per unit data

	IRT Same-Store Portfolio (a)				STAR Same-Store Portfolio (b)				Combined Same-Store Portfolio (c)
	Q4 2022	Q4 2021	% Change		Q4 2022	Q4 2021	% Change		Q4 2022	Q4 2021	% Change
Revenue:
Rental and other   property revenue	$57,648	51,783	11.3	%	93,744	$86,044	8.9	%	$151,392	$137,827	9.8	%
Property Operating Expenses:
Real estate taxes	6,164	5,252	17.4	%	12,646	11,156	13.4	%	18,810	16,408	14.6	%
Property insurance	1,259	1,060	18.8	%	2,009	1,946	3.2	%	3,268	3,006	8.7	%
Personnel expenses	4,537	4,298	5.6	%	7,277	7,833	(7.1)	%	11,814	12,131	(2.6)	%
Utilities	2,828	2,559	10.5	%	4,883	4,458	9.5	%	7,711	7,017	9.9	%
Repairs and  maintenance	1,295	1,461	(11.4)	%	2,618	3,744	(30.1)	%	3,913	5,205	(24.8)	%
Contract services	1,948	1,752	11.2	%	3,019	2,978	1.4	%	4,967	4,730	5.0	%
Advertising expenses	481	454	5.9	%	683	860	(20.6)	%	1,164	1,314	(11.4)	%
Other expenses	834	591	41.1	%	1,137	881	29.1	%	1,971	1,472	33.9	%
Total property operating   expenses	19,346	17,427	11.0	%	34,272	33,856	1.2	%	53,618	51,283	4.6	%
Same-store NOI (a)	$38,302	34,356	11.5	%	59,472	$52,188	14.0	%	$97,774	$86,544	13.0	%

Same-store NOI margin	66.4	%	66.3	%	0.1	%	63.4	%	60.7	%	2.8	%	64.6	%	62.8	%	1.8	%
Average occupancy	94.2	%	96.0	%	(1.8)	%	93.5	%	96.1	%	(2.6)	%	93.8	%	96.0	%	(2.2)	%

Average effective
  monthly rent, per unit $ 1,483  $ 1,289  15.0  % $ 1,534  $ 1,387  10.6  % $ 1,514  $ 1,349  12.2  %

	IRT Same-Store Portfolio (a)				STAR Same-Store Portfolio (b)				Combined Same-Store Portfolio (c)
	YTD 2022	YTD 2021	% Change		YTD 2022	YTD 2021	% Change		YTD 2022	YTD 2021	% Change
Revenue:
Rental and other   property revenue	$221,512	199,330	11.1	%	366,265	$331,767	10.4	%	$587,777	$531,097	10.7	%
Property Operating Expenses:
Real estate taxes	24,779	23,339	6.2	%	50,209	45,960	9.2	%	74,988	69,299	8.2	%
Property insurance	4,952	4,337	14.2	%	7,536	7,148	5.4	%	12,488	11,485	8.7	%
Personnel expenses	18,714	17,127	9.3	%	28,969	29,935	(3.2)	%	47,683	47,062	1.3	%
Utilities	10,881	9,907	9.8	%	19,003	18,093	5.0	%	29,884	28,000	6.7	%
Repairs and  maintenance	7,482	7,054	6.1	%	12,514	12,201	2.6	%	19,996	19,255	3.8	%
Contract services	7,741	7,294	6.1	%	12,249	11,307	8.3	%	19,990	18,601	7.5	%
Advertising expenses	2,128	1,890	12.6	%	2,864	3,293	(13.0)	%	4,992	5,183	(3.7)	%
Other expenses	2,830	2,140	32.2	%	4,210	3,886	8.3	%	7,040	6,026	16.8	%
Total property operating   expenses	79,507	73,088	8.8	%	137,554	131,823	4.3	%	217,061	204,911	5.9	%
Same-store NOI (a)	$142,005	126,242	12.5	%	228,711	$199,944	14.4	%	$370,716	$326,186	13.7	%

Same-store NOI margin	64.1	%	63.3	%	0.8	%	62.4	%	60.3	%	2.2	%	63.1	%	61.4	%	1.7	%
Average occupancy	94.7	%	95.9	%	(1.2)	%	94.7	%	96.1	%	(1.4)	%	94.7	%	96.0	%	(1.3)	%

Average effective
  monthly rent, per unit $ 1,399  $ 1,232  13.6  % $ 1,475  $ 1,329  11.0  % $ 1,446  $ 1,291  12.0  %

(a)IRT Same-Store Portfolio consists of 48 properties, which represent 13,110 units.

(b)STAR Same-Store Portfolio consists of 64 properties, which represent 20,417 units.

(c)Combined Same-Store Portfolio consists of 112 properties, which represent 33,527 units.

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