ex_811457.htm

EX-99.2 3 ex_811457.htm EXHIBIT 99.2 ex_811457.htm

Exhibit 99.2

TABLE OF CONTENTS

Company Information & Forward-Looking Statements	1

Earnings Press Release	2

Financial & Operating Highlights	8

Balance Sheets	9

Statements of Operations, Funds from Operations (“FFO”) & Core FFO (“CFFO”)
Trailing Five Quarters	10
Three and Six Months Ended June 30, 2025 and 2024	11

Adjusted EBITDA Reconciliations and Coverage Ratio
Trailing Five Quarters	12
Three and Six Months Ended June 30, 2025 and 2024	12

Same-Store Portfolio Net Operating Income (“NOI”) and NOI Bridge
Trailing Five Quarters	13
Three and Six Months Ended June 30, 2025 and 2024	14

Same-Store Portfolio NOI by Market
Three Months Ended June 30, 2025 and 2024	15
Six Months Ended June 30, 2025 and 2024	16

Property Portfolio NOI Exposure by Market	17

Value Add Summary	18

Investment & Development Activity	19

Debt Summary	21

Debt & Credit Metrics	22

Definitions	23

COMPANY INFORMATION

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S. markets. 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’s main objective is to provide attractive risk-adjusted returns to shareholders 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 on NYSE	IRT

Credit Ratings	Fitch Ratings	BBB l Stable
	Standard & Poors' Ratings Services	BBB l Stable

Investor Relations	Stephanie Krewson-Kelly
	267.270.4815
	SKrewson@IRTLiving.com

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 include, but are not limited to, our earnings guidance, and the assumptions underlying such guidance, our planned use of remaining proceeds from our sales of common stock on a forward basis, our expectations with respect to the two properties which we are under contract to acquire, our expectations with respect to the three properties which are classified as held for sale and our expectations with respect to future acquisitions and dispositions. All statements in this release that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements.

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, 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, our planned use of the remaining proceeds from our sales of common stock on a forward basis, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve rent increases and occupancy levels on account of the value add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, 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, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, 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.

Independence Realty Trust Announces Second Quarter 2025 Financial Results

PHILADELPHIA – (BUSINESS WIRE) – July 30, 2025 — Independence Realty Trust, Inc. (“IRT”) (NYSE: IRT), a multifamily apartment REIT, announces its second quarter 2025 financial results.

Q2 2025 EPS of $0.03

Q2 CFFO Per Share of $0.28

In Line with Expectations

Same-Store Portfolio NOI Increased 2.0% for Q2

Stable Occupancy, Rental Rate Growth, and Strong Retention Supported 1.0% Increase in Revenues

Focus on Operating Efficiencies and Favorable Insurance Renewal Drove 0.6% Decline in Operating Expenses

Completed 454 Renovations in Value Add Program

Achieved Average ROI of 16.2% During the Second Quarter

Evaluating a Robust Pipeline of Future Acquisitions

Two Communities in Orlando Under Contract for Acquisition during Q3 2025

$315 million of Acquisitions Added to Updated Guidance

Three Communities Identified for Disposition in 2H 2025

Balance Sheet Remains Strong

Conservative Leverage and Ample Liquidity to Fund Growth

Updated Full Year 2025 Guidance Assumptions

Increasing Midpoint of Same-Store NOI Growth; Maintaining Midpoint of CFFO per Share

Management Commentary

“Our second quarter same-store NOI growth was 2.0% and our CFFO was $0.28 per share, both of which were in-line with our expectations. We are proud of our team’s dedication and hard work in delivering another quarter of NOI growth and solid earnings despite the challenging environment and ongoing macroeconomic uncertainty,” said Scott Schaeffer, Chairman and CEO. “Additionally, we are seeing more opportunities to deploy capital accretively by trading out of older vintage assets and into newer communities in high growth markets.”

Second Quarter Summary

•

Net income available to common shares of $8.0 million for the quarter ended June 30, 2025 compared to $10.4 million for the quarter ended June 30, 2024. Earnings per diluted share (“EPS”) of $0.03 for the quarter ended June 30, 2025 compared to $0.05 for the quarter ended June 30, 2024.

•

Same-store portfolio NOI growth of 2.0% for the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024.

•

Core Funds from Operations (“CFFO”) of $66.7 million for the quarter ended June 30, 2025 compared to $63.6 million for the quarter ended June 30, 2024. CFFO per share was $0.28 for the second quarter of 2025 and for the second quarter of 2024.

•

Adjusted EBITDA of $87.6 million for the quarter ended June 30, 2025 compared to $83.6 million for the quarter ended June 30, 2024.

•

Value add program completed renovations of 454 units during the quarter ended June 30, 2025, achieving a weighted average return on investment during the quarter of 16.2%.

	•	Under contract to acquire two properties in Orlando, FL for an aggregate purchase price totaling approximately $155 million, which are expected to close during Q3 2025. We expect to fund these acquisitions using remaining proceeds from forward equity sales and draws on our unsecured revolver.

	•	Identified three properties for disposition as part of our capital recycling program.

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, as well as discussion of our same-store methodology.

Same-Store Portfolio⁽¹⁾ Operating Results

	Three Months Ended	Six Months Ended
	June 30, 2025 Compared to	June 30, 2025 Compared to
	Three Months Ended	Six Months Ended
	June 30, 2024	June 30, 2024
Rental and other property revenue	1.0% increase	1.7% increase
Property operating expenses	0.6% decrease	0.3% increase
NOI	2.0% increase	2.6% increase
Portfolio average occupancy	10 bps increase to 95.3%	70 bps increase to 95.4%
Portfolio average rental rate	0.9% increase to $1,575	0.9% increase to $1,574
NOI Margin	60 bps increase to 62.4%	50 bps increase to 62.8%

	Q1 2025			Q2 2025
Same-Store Portfolio⁽¹⁾
Average Occupancy		95.5	%		95.3	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(4.3	)%		(3.1	)%
Renewal Leases		4.8	%		3.9	%
Blended		0.4	%		0.7	%
Resident Retention Rate		59.8	%		58.4	%
Same-Store Portfolio excluding Ongoing Value Add
Average Occupancy		95.6	%		95.5	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(4.8	)%		(3.7	)%
Renewal Leases		5.0	%		4.1	%
Blended		0.2	%		0.5	%
Resident Retention Rate		59.9	%		58.6	%
Value Add (35 properties with Ongoing Value Add)
Average Occupancy		95.3	%		95.0	%
Lease Over Lease Effective Rental Rate Growth:⁽²⁾
New Leases		(3.5	)%		(2.1	)%
Renewal Leases		4.6	%		3.6	%
Blended		0.6	%		1.0	%
Resident Retention Rate		59.7	%		58.1	%

(1)	Same-store portfolio includes 105 properties, which represent 30,502 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 9-14 months. Q1 2025 new, renewal, and blended lease over lease rent growth for all leases was (5.9)%, 5.3%, and (0.4)%, respectively. Q2 2025 new, renewal, and blended lease over lease rent growth for all leases was (3.4)%, 4.2% and 0.7%, respectively.

Value Add Program

We completed renovations of 454 units during the three months ended June 30, 2025, achieving a return on investment of 16.2%, with an average cost per unit renovated of $19,166, and an average monthly rent increase per unit of $259 over unrenovated comparable units. We completed renovations of 729 units during the six months ended June 30, 2025, achieving a return on investment of 16.2%, with an average cost per unit renovated of $18,901, and an average monthly rent increase per unit of $256 over unrenovated comparable units. See the Value Add Summary page of our supplemental information for additional information on our projects’ life to date as of June 30, 2025.

Investment Activity

Acquisitions

•

We are currently under contract to acquire two properties in Orlando, Florida, for an aggregate purchase price of approximately $155 million. We expect to fund these acquisitions on a leverage neutral basis using forward equity sales proceeds and our unsecured revolver. These properties expand our footprint in Orlando, FL and we believe they will support enhanced scale and synergies. We expect to close on the acquisitions before year end; however, there can be no assurance that these acquisitions will be consummated at expected pricing levels, within expected time frames, or at all.

Properties Held for Sale

•

As of June 30, 2025, we had three properties classified as held for sale. We expect to close on the dispositions during the second half of 2025; however there can be no assurance that these dispositions will be consummated at expected pricing levels, within expected time frames, or at all. We intend to recycle the proceeds, if, and when, the sales occur into future property acquisitions as part of our capital recycling program.

Joint Ventures

•

Metropolis at Innsbrook, Richmond, Virginia: This 402 unit operating property was listed for sale during the first quarter of 2025 and sold on July 21, 2025. We received $31.1 million in proceeds from the sale, comprised of a return of our initial investment of $24.5 million and equity proceeds of $6.6 million. We expect to recognize a gain of approximately $10.4 million from this sale during the third quarter 2025.

Capital Expenditures

Across our total portfolio for the three months ended June 30, 2025, recurring capital expenditures were $10.5 million, or $309 per unit, value add expenditures were $9.7 million, non-recurring expenditures were $15.9 million and development expenditures were $3.6 million, respectively. For the six months ended June 30, 2025, recurring capital expenditures were $16.0 million, or $470 per unit, value add expenditures were $17.2 million, non-recurring expenditures were $22.3 million and development expenditures were $9.0 million, respectively.

Capital Markets

As of June 30, 2025, there were 5,600,000 shares remaining under our forward sale agreements and 2,681,000 shares remaining to be settled pursuant to the forward sale transactions entered into under our At-the-Market offering program, for a combined 8,281,000 shares of our common stock. Assuming these forward shares were settled at the June 30, 2025 forward sales price, we would realize approximately an aggregate of $162 million of proceeds.

Balance Sheet and Liquidity

At June 30, 2025, our net debt to Adjusted EBITDA was 6.3x. As of the same date and including the effect of hedges, our weighted average effective interest rate on our consolidated debt was 4.2% with a weighted average maturity of 3.4 years, and 99% of our debt was either subject to fixed interest rates or was hedged. Also as of June 30, 2025, we had approximately $716.4 million in liquidity through a combination of unrestricted cash and cash equivalents, unsettled proceeds related to forward equity sale agreements (assuming the forward sale agreements are physically settled at the forward price determined at the closing of such forward sale agreements), and capacity under our unsecured revolver.

Dividend Distribution

On May 14, 2025, our Board of Directors declared a quarterly dividend of $0.17 per share of common stock, which represented a 6.3% increase over the prior quarterly rate of $0.16 per share. The second quarter dividend was paid on July 18, 2025 to stockholders of record at the close of business on June 27, 2025.

2025 EPS, FFO and CFFO Guidance

We updated our previously issued 2025 EPS, FFO, and CFFO per share guidance as summarized below. A reconciliation of our projected EPS to our projected FFO and CFFO per share is included below. See the schedules and definitions at the end of this release for further information regarding how we calculate CFFO and for management’s definition and rationale for the usefulness of CFFO.

	Previous Guidance		Current Guidance		Change at Midpoint
2025 Full Year EPS and CFFO Guidance (1)(2)	Low	High	Low	High
Earnings per share	$ 0.19	$ 0.22	$ 0.475	$ 0.535	$ 0.30
Adjustments:
Depreciation and amortization	1.00	1.00	1.02	1.02	0.02
Gain on sale included with income from unconsolidated real estate entities (3)	—	—	(0.04)	(0.04)	(0.04)
Gain on sale of real estate assets (4)	—	—	(0.26)	(0.30)	(0.28)
FFO per share	1.19	1.22	1.195	1.215	—
Loan (premium accretion) discount amortization, net	(0.03)	(0.03)	(0.03)	(0.03)	—
CFFO per share	$ 1.16	$ 1.19	$ 1.165	$ 1.185	$ —

(1)

This guidance, including the underlying assumptions presented in the table on the following page, constitutes forward-looking information. Actual full year 2025 EPS, FFO, and CFFO could vary significantly from the projections presented. See “Forward-Looking Statements”. Our guidance is based on the key guidance assumptions detailed below.

(2)	Per share guidance is based on 241.6 million weighted average shares and units outstanding.
(3)	Represents income from unconsolidated real estate entities we expect to recognize in the third quarter 2025 with respect to the Metropolis joint venture discussed above and in the Investment and Development Activity section of this release.
(4)	Gain on sale of real estate assets includes gains on sale (loss on impairment) recognized with respect to the property sold in the first quarter and expected to be recognized with respect to the three properties classified as held for sale as of June 30, 2025.

2025 Guidance Assumptions⁽¹⁾

Our key guidance assumptions for 2025 are enumerated below. See the definitions at the end of this release for further information regarding our same-store definitions.

Same-Store Portfolio:	Previous 2025 Outlook:	Current 2025 Outlook:	Change at Midpoint
Number of properties/units	108 properties / 31,662 units	105 properties / 30,502 units	(3) / (1,160)
Property revenue growth	2.1% - 3.1%	1.5% - 1.9%	(0.9)%
Controllable operating expense growth	3.3% - 4.3%	1.7% - 2.1%	(1.9)%
Real estate tax and insurance expense growth	2.1% - 4.0%	(0.8%) - 0.0%	(3.45)%
Total operating expense growth	2.8% - 4.1%	0.7% - 1.3%	(2.45)%
NOI growth	0.8% - 3.3%	1.7% - 2.5%	0.05%

Corporate Expenses ($ in millions)
General and administrative & property management expenses	$55 - $57	$54 - $56	$(1.0)
Interest expense (2)	$88 - $90	$88 - $90	—

Transaction/Investment Volume (3) ($ in millions)
Acquisition volume	$280 - $320	$580 - $650	$315.0
Disposition volume	$110 - $112	$385 - $435	$299.0

Capital Expenditures ($ in millions)
Recurring	$25 - $27	$27 - $29	$2.0
Value add renovation program	$48 - $58	$38 - $42	$(13.0)
Non-recurring and revenue enhancing	$47 - $51	$43 - $47	$(4.0)
Development	$5 - $6	$5 - $6	—

(1)	This guidance, including the underlying assumptions, constitutes forward-looking information. Actual results could vary significantly from the projections presented. We undertake no duty to update the assumptions used in our guidance except as required by law. See “Forward-Looking Statements.”

(2)

Interest expense includes amortization of deferred financing costs but excludes loan premium accretion, net. As a result of purchase accounting we recorded loan premiums, net, that are accreted into and reduce GAAP interest expense over the remaining term of the associated debt. However, loan premium accretion is excluded from CFFO.

(3)

Acquisition volume reflects one property in Indianapolis that was acquired for $59.5 million in the first quarter and $520.5 million to $590.5 million of acquisitions we expect to complete during 2025 using proceeds remaining under our forward sale agreements and proceeds from asset sales, all on a leverage neutral basis. Disposition volume reflects the sale of one property sold for $111 million in the first quarter and $274 million to $324 million of potential additional dispositions, which includes the three properties classified as held for sale as of June 30, 2025. We continue to evaluate our portfolio for capital recycling opportunities so actual acquisition and disposition volume could vary significantly from our projections.

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

Non-GAAP Financial Measures and Definitions

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

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Thursday, July 31, 2025 from the investor relations section of the IRT website at www.irtliving.com or by dialing 1.888.440.3307, access code 1963990. For those who are not available to listen to the live call, the replay will be available shortly following the live call from the investor relations section of IRT’s website until the next earnings release. A replay of the conference call can also be accessed telephonically until Thursday, August 7, 2025 by dialing 1.800.770.2030, access code 1963990.

Supplemental Information

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

About Independence Realty Trust, Inc.

Forward-Looking Statements

Our forward-looking statements are not guarantees of future performance and involve estimates, projections, forecasts and assumptions, including as to matters that are not within our control, 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, our planned use of the remaining proceeds from our sales of common stock on a forward basis, inability to sell certain assets, including those assets designated as held for sale, within the time frames or at the pricing levels expected, failure to achieve expected benefits from the redeployment of proceeds from asset sales, inability or failure to achieve anticipated benefits from future acquisitions and dispositions, delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve rent increases and occupancy levels on account of the value add initiatives, unexpected impairments or impairments in excess of our estimates, increased regulations generally and specifically on the rental housing market, including legislation that may regulate rents and fees or delay or limit our ability to evict non-paying residents, risks endemic to real estate and the real estate industry generally, the impact of potential outbreaks of infectious diseases and measures intended to prevent the spread or address the effects thereof, economic conditions, including inflation and recessionary conditions and their related impacts on the real estate industry, U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, the effects of natural and other disasters, unknown or unexpected liabilities, including the cost of legal proceedings, costs and disruptions as the result of a cybersecurity incident or other technology disruption, including but not limited to a third party's unauthorized access to our data or the data of our residents, 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, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31,2025, 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.

FINANCIAL & OPERATING HIGHLIGHTS

Dollars in thousands, except per share data

	For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Selected Financial Information:
Operating Statistics:
Net income (loss) available to common shares	$	8,046		$	8,354		$	(1,001	)	$	12,365		$	10,354
Earnings per share -- diluted	$	0.03		$	0.04		$	0.00		$	0.05		$	0.05
Rental and other property revenue	$	161,891		$	160,905		$	160,617		$	159,860		$	158,104
Property operating expenses	$	60,935		$	59,263		$	54,195		$	60,538		$	60,883
NOI	$	100,956		$	101,642		$	106,422		$	99,322		$	97,221
NOI margin		62.4	%		63.2	%		66.3	%		62.1	%		61.5	%
Adjusted EBITDA	$	87,556		$	85,748		$	94,533		$	87,453		$	83,609
FFO per share	$	0.28		$	0.28		$	0.33		$	0.30		$	0.28
CFFO per share	$	0.28		$	0.27		$	0.32		$	0.29		$	0.28
Dividends per share	$	0.17		$	0.16		$	0.16		$	0.16		$	0.16
CFFO payout ratio		60.7	%		59.3	%		50.0	%		55.2	%		57.1	%

Portfolio Data:
Total gross assets	$	6,874,320		$	6,844,114		$	6,882,296		$	6,733,864		$	6,684,029
Total number of operating properties (a)		113			113			113			110			110
Total units (a)		33,175			33,175			33,615			32,670			32,685
Portfolio period end occupancy (a)		95.2	%		94.9	%		95.4	%		95.5	%		95.5	%
Portfolio average occupancy (a)		95.2	%		95.3	%		95.4	%		95.4	%		95.3	%
Portfolio average effective monthly rent, per unit (a)	$	1,582		$	1,583		$	1,572		$	1,571		$	1,554
Same-store portfolio period end occupancy (b)		95.4	%		95.1	%		95.5	%		95.5	%		95.5	%
Same-store portfolio average occupancy (b)		95.3	%		95.5	%		95.5	%		95.4	%		95.2	%
Same-store portfolio average effective monthly rent, per unit (b)	$	1,575		$	1,573		$	1,571		$	1,571		$	1,561

Capitalization:
Total debt (c)	$	2,249,801		$	2,253,957		$	2,333,683		$	2,286,694		$	2,252,559
Common share price, period end	$	17.69		$	21.23		$	19.84		$	20.50		$	18.74
Market equity capitalization	$	4,241,203		$	5,088,933		$	4,697,713		$	4,736,212		$	4,330,137
Total market capitalization	$	6,491,004		$	7,342,890		$	7,031,396		$	7,022,906		$	6,582,696
Total debt/total gross assets		32.7	%		32.9	%		33.9	%		34.0	%		33.7	%
Net debt to adjusted EBITDA (d)	6.3x			6.3x			5.9x			6.3x			6.5x
Interest coverage	4.7x			4.4x			4.8x			4.8x			4.8x

Common shares and OP Units:
Shares outstanding		233,809,823			233,763,180			230,838,249			225,093,090			225,122,235
OP units outstanding		5,941,643			5,941,643			5,941,643			5,941,643			5,941,643
Common shares and OP units outstanding		239,751,466			239,704,823			236,779,892			231,034,733			231,063,878
Weighted average common shares and OP units		245,087,002			236,665,226			230,893,621			230,762,299			230,734,872

(a)	Excludes our development projects Destination at Arista and Flatirons Flats, as applicable. See the definitions at the end of this release. Destination at Arista no longer met the definition of a development project in the fourth quarter of 2024.

(b)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

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

(d)

Reflects net debt to Adjusted EBITDA, which is annualized for each period presented, including adjustments for the timing of acquisitions and dispositions impacting quarterly EBITDA. For the five quarters ended June 30, 2025, net debt to Adjusted EBITDA excluding adjustments for timing of acquisitions and dispositions was 6.3x, 6.4x, 6.0x, 6.4x, and 6.6x, respectively.

BALANCE SHEETS

Dollars in thousands, except per share data

	As of
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Assets:
Real estate held for investment, at cost	$	6,356,830		$	6,442,303		$	6,363,936		$	6,341,504		$	6,218,019
Less: accumulated depreciation		(810,042	)		(789,619	)		(740,957	)		(715,702	)		(667,681	)
Real estate held for investment, net		5,546,788			5,652,684			5,622,979			5,625,802			5,550,338
Real estate held for sale		119,875			—			110,112			—			69,829
Real estate under development		91,849			117,802			116,861			115,221			115,196
Cash and cash equivalents		19,491			29,055			21,228			17,611			21,034
Restricted cash		23,035			19,279			22,224			30,632			26,364
Investment in unconsolidated real estate entities		106,920			101,640			91,975			95,393			90,347
Other assets		38,389			39,330			39,596			43,566			28,731
Derivative assets		14,635			20,084			29,300			18,821			38,422
Intangible assets, net		1,644			3,620			3,644			1,158			—
Total assets	$	5,962,626		$	5,983,494		$	6,057,919		$	5,948,204		$	5,940,261
Liabilities and Equity:
Indebtedness, net	$	2,249,801		$	2,253,957		$	2,274,651		$	2,286,694		$	2,202,961
Indebtedness associated with real estate held for sale, net		—			—			59,032			—			49,598
Accounts payable and accrued expenses		105,576			86,399			94,670			119,286			102,040
Accrued interest payable		7,815			10,136			8,630			6,858			6,795
Dividends payable		40,691			37,865			37,827			36,906			36,906
Derivative liabilities		233			29			—			1,779			—
Other liabilities		7,550			7,929			8,035			7,966			8,421
Total liabilities		2,411,666			2,396,315			2,482,845			2,459,489			2,406,721
Equity:
Shareholders' Equity:
Preferred shares, $0.01 par value per share		—			—			—			—			—
Common shares, $0.01 par value per share		2,338			2,337			2,308			2,250			2,251
Additional paid in capital		3,920,436			3,918,718			3,868,006			3,755,311			3,754,756
Accumulated other comprehensive income		12,038			17,308			26,065			13,835			34,380
Accumulated deficit		(514,623	)		(482,973	)		(454,104	)		(416,223	)		(392,627	)
Total shareholders' equity		3,420,189			3,455,390			3,442,275			3,355,173			3,398,760
Noncontrolling Interests		130,771			131,789			132,799			133,542			134,780
Total equity		3,550,960			3,587,179			3,575,074			3,488,715			3,533,540
Total liabilities and equity	$	5,962,626		$	5,983,494		$	6,057,919		$	5,948,204		$	5,940,261

STATEMENTS OF OPERATIONS, FFO & CFFO

TRAILING FIVE QUARTERS

(Dollars in thousands, except per share data)

	For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Revenue:
Rental and other property revenue	$	161,891		$	160,905		$	160,617		$	159,860		$	158,104
Other revenue		297			338			346			275			298
Total revenue		162,188			161,243			160,963			160,135			158,402
Expenses:
Property operating expenses		60,935			59,263			54,195			60,538			60,883
Property management expenses		7,715			7,826			7,379			7,379			7,666
General and administrative expenses (a)		5,982			8,406			4,856			4,765			6,244
Depreciation and amortization expense		59,794			58,725			57,742			55,261			54,127
Casualty losses (gains), net		255			(115	)		(80	)		1,249			465
Total expenses		134,681			134,105			124,092			129,192			129,385
Interest expense		(18,773	)		(19,348	)		(19,770	)		(18,308	)		(17,460	)
Gain on sale (loss on impairment) of real estate assets, net		—			1,496			(20,928	)		688			(152	)
Loss on extinguishment of debt		—			(67	)		(2	)		—			—
Other loss		—			(103	)		—			—			—
(Loss) income from investments in unconsolidated real estate entities		(562	)		(590	)		2,729			(703	)		(850	)
Net income (loss)	$	8,172		$	8,526		$	(1,100	)	$	12,620		$	10,555
(Income) loss allocated to noncontrolling interests		(126	)		(172	)		99			(255	)		(201	)
Net income (loss) available to common shares	$	8,046		$	8,354		$	(1,001	)	$	12,365		$	10,354
Earnings per share - basic	$	0.03		$	0.04		$	0.00		$	0.05		$	0.05
Weighted-average shares outstanding - Basic		233,496,633			230,723,583			224,951,978			224,820,656			224,793,229
Earnings per share - diluted	$	0.03		$	0.04		$	0.00		$	0.05		$	0.05
Weighted-average shares outstanding - Diluted		234,131,752			231,828,484			224,951,978			226,058,400			225,418,825
Funds From Operations (FFO):
Net income (loss)	$	8,172		$	8,526		$	(1,100	)	$	12,620		$	10,555
Add-Back (Deduct):
Real estate depreciation and amortization		59,372			58,308			57,332			54,880			53,757
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		457			457			(212	)		598			598
Loss on impairment of real estate assets, net, excluding prepayment gains		—			73			20,928			160			336
FFO	$	68,001		$	67,364		$	76,948		$	68,258		$	65,246
FFO per share	$	0.28		$	0.28		$	0.33		$	0.30		$	0.28
CORE Funds From Operations (CFFO):
FFO	$	68,001		$	67,364		$	76,948		$	68,258		$	65,246
Add-Back (Deduct):
Other depreciation and amortization		422			417			410			382			370
Casualty losses (gains), net		255			(115	)		(80	)		1,249			465
Loan (premium accretion) discount amortization, net		(1,985	)		(2,029	)		(2,249	)		(2,239	)		(2,283	)
Prepayment (gains) penalties on asset dispositions		—			(1,569	)		—			(848	)		(184	)
Loss on extinguishment of debt		—			67			2			—			—
Other loss		—			103			—			—			—
CFFO	$	66,693		$	64,238		$	75,031		$	66,802		$	63,614
CFFO per share	$	0.28		$	0.27		$	0.32		$	0.29		$	0.28
Weighted-average shares and units outstanding		239,438,276			236,665,226			230,893,621			230,762,299			230,734,872

(a)	Included in the three months ended March 31, 2025 is $2.8 million of stock compensation expense recorded with respect to stock awards granted to retirement eligible employees.

STATEMENTS OF OPERATIONS, FFO & CFFO

Dollars in thousands, except per share data

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Revenue:
Rental and other property revenue	$	161,891		$	158,104		$	322,796		$	318,436
Other revenue		297			298			635			501
Total revenue		162,188			158,402			323,431			318,937
Expenses:
Property operating expenses		60,935			60,883			120,198			120,854
Property management expenses		7,715			7,666			15,541			15,165
General and administrative expenses		5,982			6,244			14,388			14,624
Depreciation and amortization expense		59,794			54,127			118,521			107,850
Casualty losses		255			465			139			2,767
Total expenses		134,681			129,385			268,787			261,260
Interest expense		(18,773	)		(17,460	)		(38,121	)		(38,063	)
Gain on sale (loss on impairment) of real estate assets, net		—			(152	)		1,496			10,378
(Loss) gain on extinguishment of debt		—			—			(67	)		203
Other loss		—			—			(103	)		(1	)
Loss from investments in unconsolidated real estate entities		(562	)		(850	)		(1,151	)		(1,679	)
Net income		8,172			10,555			16,698			28,515
Income allocated to noncontrolling interests		(126	)		(201	)		(298	)		(585	)
Net income available to common shares	$	8,046		$	10,354		$	16,400		$	27,930
Earnings per share - basic	$	0.03		$	0.05		$	0.07		$	0.12
Weighted-average shares outstanding - Basic		233,496,633			224,793,229			232,117,768			224,710,259
Earnings per share - diluted	$	0.03		$	0.05		$	0.07		$	0.12
Weighted-average shares outstanding - Diluted		234,131,752			225,418,825			233,041,087			225,403,082
Funds From Operations (FFO):
Net income	$	8,172		$	10,555		$	16,698		$	28,515
Add-Back (Deduct):
Real estate depreciation and amortization		59,372			53,757			117,682			107,149
Our share of real estate depreciation and amortization from investments in unconsolidated real estate entities		457			598			914			1,196
Loss on impairment (gain on sale) of real estate assets, net, excluding prepayment gains		—			336			73			(9,273	)
FFO	$	68,001		$	65,246		$	135,367		$	127,587
FFO per share	$	0.28		$	0.28		$	0.57		$	0.55
CORE Funds From Operations (CFFO):
FFO	$	68,001		$	65,246		$	135,367		$	127,587
Add-Back (Deduct):
Other depreciation and amortization		422			370			839			701
Casualty losses		255			465			139			2,767
Loan (premium accretion) discount amortization, net		(1,985	)		(2,283	)		(4,014	)		(4,679	)
Prepayment (gains) penalties on asset dispositions		—			(184	)		(1,570	)		(1,105	)
Loss (gain) on extinguishment of debt		—			—			67			(203	)
Other loss		—			—			103			1
CFFO	$	66,693		$	63,614		$	130,931		$	125,069
CFFO per share	$	0.28		$	0.28		$	0.55		$	0.54
Weighted-average shares and units outstanding		239,438,276			230,734,872			238,059,411			230,652,876

ADJUSTED EBITDA RECONCILIATION AND COVERAGE RATIO

Dollars in thousands

	Three Months Ended
	June 30, 2025		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net income (loss)	$	8,172	$	8,526		$	(1,100	)	$	12,620		$	10,555
Add-Back (Deduct):
Interest expense		18,773		19,348			19,770			18,308			17,460
Depreciation and amortization		59,794		58,725			57,742			55,261			54,127
Casualty losses (gains), net		255		(115	)		(80	)		1,249			465
(Gain on sale) loss on impairment of real estate assets, net		—		(1,496	)		20,928			(688	)		152
Loss on extinguishment of debt		—		67			2			—			—
Loss (income) from investments in unconsolidated real estate entities		562		590			(2,729	)		703			850
Other loss		—		103			—			—			—
Adjusted EBITDA	$	87,556	$	85,748		$	94,533		$	87,453		$	83,609

INTEREST COST:
Interest expense	$	18,773	$	19,348		$	19,770		$	18,308		$	17,460

INTEREST COVERAGE:	4.7x		4.4x			4.8x			4.8x			4.8x

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025			2024
Net income	$	8,172	$	10,555	$	16,698		$	28,515
Add-Back (Deduct):
Interest expense		18,773		17,460		38,121			38,063
Depreciation and amortization		59,794		54,127		118,521			107,850
Casualty losses		255		465		139			2,767
Loss on impairment (gain on sale) of real estate assets, net		—		152		(1,496	)		(10,378	)
Loss (gain) on extinguishment of debt		—		—		67			(203	)
Loss from investments in unconsolidated real estate entities		562		850		1,151			1,679
Other loss		—		—		103			1
Adjusted EBITDA	$	87,556	$	83,609	$	173,304		$	168,294

INTEREST COST:
Interest expense	$	18,773	$	17,460	$	38,121		$	38,063

INTEREST COVERAGE:	4.7x		4.8x		4.5x			4.4x

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

TRAILING FIVE QUARTERS

Dollars in thousands, except per unit data

	For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Revenue:
Rental and other property revenue	$	148,113		$	146,856		$	147,071		$	148,430		$	146,609
Property Operating Expenses:
Real estate taxes		17,655			18,338			16,240			16,129			17,887
Property insurance		3,381			3,716			3,719			3,713			3,808
Personnel expenses		11,891			11,495			11,575			12,739			12,172
Utilities		7,063			7,458			7,394			7,607			6,843
Repairs and maintenance		5,659			4,186			2,240			6,023			6,065
Contract services		5,825			5,500			5,140			5,616			5,643
Advertising expenses		2,552			1,835			1,627			2,226			1,989
Other expenses		1,620			1,564			1,492			1,537			1,584
Total property operating expenses		55,646			54,092			49,427			55,590			55,991
Same-store portfolio NOI	$	92,467		$	92,764		$	97,644		$	92,840		$	90,618

Same-store portfolio NOI margin		62.4	%		63.2	%		66.4	%		62.5	%		61.8	%
Average occupancy		95.3	%		95.5	%		95.5	%		95.4	%		95.2	%
Average effective monthly rent, per unit	$	1,575		$	1,573		$	1,571		$	1,571		$	1,561

	For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Rental and other property revenue
Same-store portfolio	$	148,113	$	146,856	$	147,071	$	148,430	$	146,609
Non same-store portfolio		13,778		14,049		13,546		11,430		11,495
Total rental and other property revenue		161,891		160,905		160,617		159,860		158,104
Property operating expenses
Same-store portfolio		55,646		54,092		49,427		55,590		55,991
Non same-store portfolio		5,289		5,171		4,768		4,948		4,892
Total property operating expenses		60,935		59,263		54,195		60,538		60,883
NOI
Same-store portfolio		92,467		92,764		97,644		92,840		90,618
Non same-store portfolio		8,489		8,878		8,778		6,482		6,603
Total property NOI	$	100,956	$	101,642	$	106,422	$	99,322	$	97,221

(a)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

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

SAME-STORE PORTFOLIO NET OPERATING INCOME ^(a)

THREE AND six MONTHS ENDED June 30, 2025 AND 2024

Dollars in thousands, except per unit data

	For the Three Months Ended									For the Six Months Ended
	June 30,									June 30,
	2025			2024			% change			2025			2024			% change
Revenue:
Rental and other property revenue	$	148,113		$	146,609			1.0	%	$	294,969		$	289,929			1.7	%
Property Operating Expenses:
Real estate taxes		17,655			17,887			(1.3	)%		35,994			36,166			(0.5	)%
Property insurance		3,381			3,808			(11.2	)%		7,096			7,742			(8.3	)%
Personnel expenses		11,891			12,172			(2.3	)%		23,387			23,754			(1.5	)%
Utilities		7,063			6,843			3.2	%		14,520			13,922			4.3	%
Repairs and maintenance		5,659			6,065			(6.7	)%		9,845			10,609			(7.2	)%
Contract services		5,825			5,643			3.2	%		11,325			10,520			7.7	%
Advertising expenses		2,552			1,989			28.3	%		4,387			3,527			24.4	%
Other expenses		1,620			1,584			2.3	%		3,184			3,180			0.1	%
Total property operating expenses		55,646			55,991			(0.6	)%		109,738			109,420			0.3	%
Same-store portfolio NOI	$	92,467		$	90,618			2.0	%	$	185,231		$	180,509			2.6	%

Same-store portfolio NOI margin		62.4	%		61.8	%		0.6	%		62.8	%		62.3	%		0.5	%
Average occupancy		95.3	%		95.2	%		0.1	%		95.4	%		94.7	%		0.7	%
Average effective monthly rent, per unit	$	1,575		$	1,561			0.9	%	$	1,574		$	1,560			0.9	%

(a)	Same-store portfolio consists of 105 properties, which represent 30,502 units.

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

THREE MONTHS ENDED June 30, 2025

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		2025		2024		% Change			2025		2024		% Change			2025		2024		% Change			2025			2024			% Change			2025		2024		% Change
Atlanta, GA	13		5,180	$	24,229	$	24,256		(0.1	)%	$	9,483	$	9,623		(1.5	)%	$	14,748	$	14,632		0.8	%		93.5	%		93.5	%		0.0	%	$	1,591	$	1,609		(1.1	)%
Dallas, TX	14		4,007		22,293		22,290		0.0	%		8,591		9,077		(5.4	)%		13,703		13,213		3.7	%		96.0	%		95.7	%		0.3	%		1,810		1,815		(0.3	)%
Columbus, OH	10		2,510		11,794		11,119		6.1	%		4,661		4,486		3.9	%		7,132		6,633		7.5	%		95.5	%		95.0	%		0.5	%		1,519		1,451		4.7	%
Oklahoma City, OK	8		2,147		8,465		8,132		4.1	%		2,860		2,770		3.2	%		5,604		5,362		4.5	%		96.4	%		95.2	%		1.2	%		1,247		1,204		3.6	%
Tampa-St. Petersburg, FL	5		1,503		8,670		8,283		4.7	%		3,179		3,071		3.5	%		5,492		5,212		5.4	%		96.0	%		92.5	%		3.5	%		1,857		1,836		1.1	%
Indianapolis, IN	7		1,979		8,877		8,860		0.2	%		3,477		3,501		(0.7	)%		5,400		5,359		0.8	%		95.8	%		96.5	%		(0.7	)%		1,458		1,396		4.4	%
Raleigh - Durham, NC	6		1,690		8,083		8,081		0.0	%		3,132		3,094		1.2	%		4,951		4,987		(0.7	)%		95.5	%		95.2	%		0.3	%		1,546		1,545		0.1	%
Nashville, TN	5		1,508		7,614		7,622		(0.1	)%		2,768		2,599		6.5	%		4,846		5,024		(3.5	)%		95.4	%		95.5	%		(0.1	)%		1,623		1,635		(0.7	)%
Denver, CO	5		1,093		6,128		6,212		(1.4	)%		1,923		1,977		(2.7	)%		4,205		4,235		(0.7	)%		95.3	%		96.9	%		(1.6	)%		1,799		1,766		1.9	%
Houston, TX	5		1,308		5,924		5,927		(0.1	)%		2,539		2,615		(2.9	)%		3,385		3,312		2.2	%		95.6	%		96.2	%		(0.6	)%		1,441		1,431		0.7	%
Huntsville, AL	4		1,051		4,751		4,888		(2.8	)%		1,780		1,673		6.4	%		2,971		3,215		(7.6	)%		95.3	%		96.4	%		(1.1	)%		1,430		1,487		(3.8	)%
Lexington, KY	3		886		4,163		3,947		5.5	%		1,228		1,249		(1.7	)%		2,935		2,697		8.8	%		96.9	%		97.3	%		(0.4	)%		1,445		1,353		6.8	%
Memphis, TN	3		883		4,233		4,280		(1.1	)%		1,354		1,512		(10.4	)%		2,879		2,768		4.0	%		95.3	%		95.7	%		(0.4	)%		1,584		1,587		(0.2	)%
Charlotte, NC	3		714		3,749		3,823		(1.9	)%		1,242		1,235		0.6	%		2,507		2,588		(3.1	)%		95.7	%		95.7	%		0.0	%		1,713		1,742		(1.7	)%
Louisville, KY	3		794		3,459		3,360		2.9	%		1,335		1,362		(2.0	)%		2,124		1,998		6.3	%		96.2	%		96.1	%		0.1	%		1,309		1,263		3.6	%
Cincinnati, OH	2		542		2,967		2,859		3.8	%		1,112		1,100		1.1	%		1,854		1,760		5.3	%		96.6	%		97.5	%		(0.9	)%		1,669		1,604		4.1	%
Myrtle Beach, SC - Wilmington, NC	3		628		2,685		2,744		(2.2	)%		987		917		7.6	%		1,697		1,827		(7.1	)%		95.5	%		95.8	%		(0.3	)%		1,383		1,407		(1.7	)%
Charleston, SC	2		518		2,787		2,730		2.1	%		1,115		1,179		(5.4	)%		1,672		1,551		7.8	%		94.0	%		96.9	%		(2.9	)%		1,775		1,697		4.6	%
Greenville, SC	1		702		2,692		2,682		0.4	%		1,052		1,062		(0.9	)%		1,640		1,620		1.2	%		92.3	%		93.5	%		(1.2	)%		1,284		1,308		(1.8	)%
Orlando, FL	1		297		1,709		1,652		3.5	%		672		750		(10.4	)%		1,037		902		15.0	%		96.7	%		93.5	%		3.2	%		1,805		1,794		0.6	%
Austin, TX	1		256		1,415		1,418		(0.2	)%		555		568		(2.3	)%		860		850		1.2	%		95.2	%		94.6	%		0.6	%		1,797		1,805		(0.4	)%
San Antonio, TX	1		306		1,426		1,444		(1.2	)%		601		571		5.3	%		825		873		(5.5	)%		96.7	%		96.6	%		0.1	%		1,448		1,477		(2.0	)%
Total / Weighted Average	105		30,502	$	148,113	$	146,609		1.0	%	$	55,646	$	55,991		(0.6	)%	$	92,467	$	90,618		2.0	%		95.3	%		95.2	%		0.1	%		1,575		1,561		0.9	%

SAME-STORE PORTFOLIO NET OPERATING INCOME BY MARKET

six MONTHS ENDED June 30, 2025

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		2025		2024		% Change			2025		2024		% Change			2025		2024		% Change			2025			2024			% Change			2025		2024		% Change
Atlanta, GA	13		5,180	$	48,221	$	48,078		0.3	%	$	19,006	$	18,814		1.0	%	$	29,213	$	29,267		(0.2	)%		93.4	%		93.2	%		0.2	%	$	1,593	$	1,615		(1.4	)%
Dallas, TX	14		4,007		44,528		44,206		0.7	%		17,022		17,594		(3.3	)%		27,506		26,612		3.4	%		96.0	%		95.0	%		1.0	%		1,812		1,816		(0.2	)%
Columbus, OH	10		2,510		23,580		22,025		7.1	%		9,276		8,498		9.2	%		14,304		13,527		5.7	%		95.9	%		94.9	%		1.0	%		1,522		1,441		5.6	%
Oklahoma City, OK	8		2,147		16,819		16,087		4.6	%		5,661		5,495		3.0	%		11,159		10,591		5.4	%		96.4	%		95.1	%		1.3	%		1,240		1,197		3.6	%
Indianapolis, IN	7		1,979		17,731		17,358		2.1	%		6,720		6,748		(0.4	)%		11,011		10,610		3.8	%		95.9	%		95.9	%		0.0	%		1,453		1,387		4.8	%
Tampa-St. Petersburg, FL	5		1,503		17,236		16,480		4.6	%		6,247		6,167		1.3	%		10,989		10,313		6.6	%		96.1	%		92.4	%		3.7	%		1,852		1,834		1.0	%
Raleigh - Durham, NC	6		1,690		16,143		15,952		1.2	%		6,101		5,959		2.4	%		10,042		9,994		0.5	%		95.1	%		94.5	%		0.6	%		1,546		1,547		(0.1	)%
Nashville, TN	5		1,508		15,081		15,071		0.1	%		5,259		5,176		1.6	%		9,822		9,895		(0.7	)%		95.8	%		94.9	%		0.9	%		1,619		1,635		(1.0	)%
Denver, CO	5		1,093		12,202		12,196		0.0	%		3,702		3,720		(0.5	)%		8,500		8,476		0.3	%		95.4	%		96.4	%		(1.0	)%		1,799		1,754		2.6	%
Houston, TX	5		1,308		11,824		11,685		1.2	%		4,995		5,319		(6.1	)%		6,829		6,366		7.3	%		96.1	%		95.1	%		1.0	%		1,439		1,431		0.6	%
Huntsville, AL	4		1,051		9,526		9,705		(1.8	)%		3,472		3,430		1.2	%		6,054		6,274		(3.5	)%		95.6	%		95.1	%		0.5	%		1,438		1,489		(3.4	)%
Lexington, KY	3		886		8,206		7,744		6.0	%		2,404		2,435		(1.3	)%		5,802		5,308		9.3	%		96.8	%		97.0	%		(0.2	)%		1,432		1,341		6.8	%
Memphis, TN	3		883		8,504		8,429		0.9	%		2,829		2,961		(4.5	)%		5,674		5,468		3.8	%		95.7	%		94.6	%		1.1	%		1,583		1,585		(0.1	)%
Charlotte, NC	3		714		7,445		7,582		(1.8	)%		2,412		2,396		0.7	%		5,033		5,186		(3.0	)%		95.7	%		95.1	%		0.6	%		1,712		1,745		(1.9	)%
Louisville, KY	3		794		6,836		6,565		4.1	%		2,675		2,623		2.0	%		4,162		3,942		5.6	%		96.3	%		95.6	%		0.7	%		1,300		1,258		3.3	%
Cincinnati, OH	2		542		5,836		5,600		4.2	%		2,169		2,104		3.1	%		3,667		3,496		4.9	%		96.6	%		95.8	%		0.8	%		1,653		1,594		3.7	%
Myrtle Beach, SC - Wilmington, NC	3		628		5,341		5,431		(1.7	)%		1,831		1,783		2.7	%		3,509		3,648		(3.8	)%		95.0	%		95.0	%		0.0	%		1,388		1,411		(1.6	)%
Charleston, SC	2		518		5,561		5,441		2.2	%		2,201		2,282		(3.5	)%		3,360		3,159		6.4	%		95.0	%		96.2	%		(1.2	)%		1,766		1,696		4.1	%
Greenville, SC	1		702		5,296		5,285		0.2	%		2,070		2,048		1.1	%		3,226		3,237		(0.3	)%		92.1	%		93.9	%		(1.8	)%		1,290		1,307		(1.3	)%
Orlando, FL	1		297		3,385		3,303		2.5	%		1,336		1,460		(8.5	)%		2,049		1,843		11.2	%		96.5	%		93.9	%		2.6	%		1,800		1,800		0.0	%
San Antonio, TX	1		306		2,839		2,873		(1.2	)%		1,177		1,217		(3.3	)%		1,663		1,656		0.4	%		96.8	%		96.7	%		0.1	%		1,450		1,476		(1.8	)%
Austin, TX	1		256		2,829		2,833		(0.1	)%		1,173		1,191		(1.5	)%		1,657		1,641		1.0	%		95.8	%		94.8	%		1.0	%		1,791		1,805		(0.8	)%
Total/Weighted Average	105		30,502	$	294,969	$	289,929		1.7	%	$	109,738	$	109,420		0.3	%	$	185,231	$	180,509		2.6	%		95.4	%		94.7	%		0.7	%	$	1,574	$	1,560		0.9	%

CONSOLIDATED PROPERTY PORTFOLIO ^(a)

NET OPERATING INCOME EXPOSURE BY MARKET

Dollars in thousands, except rent per unit

										For the Three Months Ended
										June 30, 2025
Market	Number of Properties		Units		Gross Real Estate Assets		Period of Occupancy			Average Effective Monthly Rent per Unit		NOI		% of NOI
Atlanta, GA		13		5,180	$	1,119,499		94.0	%	$	1,586	$	14,748		14.6	%
Dallas, TX		14		4,007		888,913		96.3	%		1,808		13,703		13.6	%
Columbus, OH		10		2,510		383,967		95.2	%		1,515		7,132		7.1	%
Tampa-St. Petersburg, FL		6		1,791		399,009		94.9	%		1,915		6,769		6.7	%
Indianapolis, IN		8		2,259		355,256		95.3	%		1,475		6,234		6.2	%
Denver, CO (a)(b)(c)		7		1,722		498,674		93.5	%		1,808		6,186		6.1	%
Oklahoma City, OK		8		2,147		342,339		96.4	%		1,242		5,604		5.5	%
Raleigh - Durham, NC		6		1,690		256,362		95.4	%		1,539		4,951		4.9	%
Nashville, TN		5		1,508		377,690		95.4	%		1,617		4,846		4.8	%
Memphis, TN (c)		4		1,383		160,298		92.7	%		1,486		4,085		4.0	%
Charlotte, NC		4		1,014		263,063		95.0	%		1,699		3,572		3.5	%
Houston, TX		5		1,308		216,873		95.6	%		1,437		3,385		3.4	%
Louisville, KY (c)		4		1,150		143,670		96.4	%		1,361		3,070		3.0	%
Huntsville, AL		4		1,051		242,335		95.9	%		1,428		2,947		2.9	%
Lexington, KY		3		886		165,932		96.9	%		1,443		2,935		2.9	%
Orlando, FL		2		617		133,240		95.0	%		1,857		2,300		2.3	%
Cincinnati, OH		2		542		126,466		98.2	%		1,664		1,854		1.8	%
Myrtle Beach, SC - Wilmington, NC		3		628		69,202		95.5	%		1,383		1,697		1.7	%
Charleston, SC		2		518		82,805		95.2	%		1,770		1,672		1.7	%
Greenville, SC		1		702		127,064		92.8	%		1,276		1,640		1.6	%
Austin, TX		1		256		61,134		96.1	%		1,797		860		0.9	%
San Antonio, TX		1		306		57,611		97.7	%		1,447		825		0.8	%
Total / Weighted Average		113		33,175	$	6,471,402		95.2	%	$	1,582	$	101,015		100.0	%

(a)	Excludes our development project Flatiron Flats. See the definitions at the end of this release.

(b)	Includes properties in our Fort Collins, CO and Colorado Springs, CO markets.
(c)	Includes one property that was held for sale as of June 30, 2025.

VALUE ADD SUMMARY BY MARKET

PROJECT LIFE TO DATE AS OF June 30, 2025

		Total		Total Units To Be		Units		Units		Rent Premium		% Rent			Renovation Costs per Unit (b)						ROI - Interior Costs			ROI - Total Costs
Market	Properties		Renovated		Complete		Leased		(a)		Increase			Interior		Exterior		Total		(c)			(c)
ONGOING
Atlanta, GA		7		3,214		1,408		1,420	$	239		17.5	%	$	18,593	$	2,676	$	21,269		15.4	%		13.5	%
Dallas, TX		7		2,111		981		996		292		20.2	%		19,563		2,276		21,839		17.9	%		16.1	%
Oklahoma City, OK		6		1,627		750		777		178		18.5	%		17,295		2,112		19,407		12.3	%		11.0	%
Columbus, OH		4		1,098		682		692		255		20.7	%		15,242		1,431		16,673		20.1	%		18.3	%
Raleigh-Durham, NC		3		807		282		288		202		15.9	%		16,336		2,029		18,365		14.8	%		13.2	%
Denver, CO		2		492		98		105		283		23.1	%		13,693		3,089		16,782		24.8	%		20.3	%
Lexington, KY		1		436		103		132		353		30.3	%		17,581		2,038		19,619		24.1	%		21.6	%
Nashville, TN		1		418		316		315		173		12.6	%		17,315		1,321		18,636		12.0	%		11.1	%
Tampa-St. Petersburg, FL		1		348		270		267		322		22.1	%		17,374		1,875		19,249		22.3	%		20.1	%
Charleston, SC		1		274		13		18		281		15.5	%		19,016		4,562		23,578		17.7	%		14.3	%
Austin, TX		1		256		210		210		255		17.5	%		18,715		1,486		20,201		16.3	%		15.1	%
Indianapolis, IN		1		220		1		2		248		17.3	%		18,396		2,273		20,669		16.1	%		14.4	%
Total / Weighted Average		35		11,301		5,114		5,222	$	245		18.9	%	$	17,766	$	2,283	$	20,049		16.5	%		14.7	%

FUTURE (d)
Atlanta, GA		1		464		—		—		—		—			—		—		—		—			—
Dallas, TX		1		114		—		—		—		—			—		—		—		—			—
Indianapolis, IN		1		240		—		—		—		—			—		—		—		—			—
Total / Weighted Average		3		818		—		—		—		—			—		—		—		—			—

COMPLETED (e)
Memphis, TN		3		1,053		1,003		998		240		22.8	%		13,296		916		14,212		21.7	%		20.3	%
Atlanta, GA		3		978		936		924		210		20.3	%		9,161		1,139		10,300		27.5	%		24.5	%
Tampa-St. Petersburg, FL		3		888		858		855		278		21.6	%		14,196		1,327		15,523		23.5	%		21.5	%
Columbus, OH		3		763		717		714		205		22.3	%		10,461		666		11,127		23.5	%		22.1	%
Louisville, KY		2		728		728		781		215		24.1	%		15,722		2,173		17,895		16.4	%		14.4	%
Raleigh-Durham, NC		1		328		325		322		194		18.9	%		14,631		2,108		16,739		15.9	%		13.9	%
Wilmington, NC		1		288		288		287		77		7.6	%		8,118		56		8,174		11.4	%		11.3	%
Indianapolis, IN		1		236		202		201		259		23.9	%		15,751		1,484		17,235		19.7	%		18.0	%
Total / Weighted Average		17		5,262		5,057		5,082	$	221		21.3	%	$	12,519	$	1,217	$	13,736		21.2	%		19.3	%

Grand Total/Weighted Average		55		17,381		10,171		10,304	$	233		20.1	%	$	15,191	$	1,780	$	16,971		18.4	%		16.5	%

(a)	See the definitions section for a full description of Rent Premium. The weighted average Rent Premium including the impact of concessions was $225.

(b)	See the definitions section for a full description of Renovation Costs per Unit.

(c)	See the definitions section for a full description of ROI. ROI-Interior costs using rent premium including the impact of concessions was 17.8%. ROI-Total costs using rent premium including the impact of concessions was 15.9%.

(d)	Projects scheduled to start in Q3 2025.
(e)	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.

INVESTMENT AND DEVELOPMENT ACTIVITY

Dollars in thousands except per unit amounts

2025 ACQUISITIONS

Property		Market		Units				Date Acquired			Purchase Price				Price per Unit				Average Rent per Unit at Acquisition
Autumn Breeze		Indianapolis, Indiana			280			2/27/2025			$	59,500			$	213			$	1,548

2025 DISPOSITIONS

Property		Location		Units				Date Sold		Sale Price				Price per Unit				Average Rent per Unit at Disposition				Q1 2025 Gain on Sale (a)
Ridge Crossings		Birmingham, Alabama			720			2/14/2025		$	111,000			$	154			$	1,366			$	1,496

(a)

During the three months ended December 31, 2024, we recognized a loss on impairment of $20,928.

ASSETS HELD FOR SALE AS OF JUNE 30, 2025

Property	Location	Quarter Identified as Held for Sale	Units
Bella Terra at City Center	Denver, CO	Q2 2025	304
Jamestown at St. Matthews	Louisville, KY	Q2 2025	356
Stonebridge Crossings	Memphis, TN	Q2 2025	500
Total			1,160

REAL ESTATE UNDER DEVELOPMENT

Development		Flatiron Flats (a)
Location		Denver, Colorado
Planned Units		296
Start Date		4Q 2022
Initial Occupancy		1Q 2025
Completion Date		1Q 2025
Projected Stabilization date		3Q 2026
Total Development Costs		$114,400
% of Planned Units Delivered as of June 30, 2025		100%
Occupancy % as of July 28, 2025 (b)		31.8%
Leased % as of July 28, 2025 (b)		36.8%

(a)

We will continue to classify this property as a development property since it is in lease-up and has not reached overall occupancy of 90%.

(b)

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

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Property	Location	Units		Estimated Delivery Date	Total Construction Budget		Total Project Debt		IRT Equity Interest in JV			Remaining Expected IRT Investment		Carrying Value of IRT’s Investment
Metropolis at Innsbrook (a)	Richmond, VA		402	—	$	85,883	$	59,000		84.8	%	$	—	$	20,681
Views of Music City II (b)	Nashville, TN		209	—		33,439		21,736		50.0	%		—		5,912
Lakeline Station	Austin, TX		378	Q3 2025		110,551		76,500		90.0	%		—		39,011
The Mustang (c)	Dallas, TX		275	—		109,583		79,447		85.0	%		—		30,577
Nexton Pine Hollow	Charleston, SC		324	Q2 2027		78,949		47,191		90.0	%		18,062		10,739
Total			1,588		$	418,405	$	283,874				$	18,062	$	106,920

(a)

This 402 unit operating property was listed for sale during the first quarter and sold on July 21, 2025. We received $31.1 million in proceeds from the sale, comprised of a return of our initial investment of $24.5 million and equity proceeds of $6.6 million. We expect to recognize a gain of approximately $10.4 million from this sale during the third quarter 2025.

(b)

Views of Music City phase II is an operating property. Our joint venture partner has provided us with a notice of intent to redeem our investment comprised of a return of our initial capital of $5.5 million and preferred return in the amount of approximately $3.5 million in the third quarter 2025. We expect to recognize the preferred return in income (loss) from unconsolidated real estate entities in our condensed consolidated statements of operations during the third quarter 2025.

(c)

The Mustang is an operating property consisting of 275 units. We have a call option that gives us the right to buy the property upon the earlier of the date upon which the property achieves 85% occupancy or August 15, 2025.

DEBT SUMMARY AS OF June 30, 2025

Dollars in thousands

	Amount			Weighted Average Contractual Rate			Weighted Average Hedged Effective Rate (a)			Type	Weighted Average Maturity (in years)
Debt:
Unsecured revolver (b)	$	214,892			5.1	%		4.8	%	Floating		3.5
Unsecured term loans (c)		600,000			5.1	%		3.6	%	Floating		2.0
Secured credit facilities (d)		585,635			4.2	%		4.4	%	Fixed		3.4
Mortgages		686,370			3.8	%		4.0	%	Fixed		3.4
Unsecured notes (e)		150,000			5.4	%		5.6	%	Fixed		7.8
Total Principal		2,236,897			4.5	%		4.2	%			3.4
Loan premiums (discounts), net		25,469
Unamortized deferred financing costs		(12,565	)					Credit Ratings:
Total Consolidated Debt		2,249,801						Agency		Rating		Outlook
Equity Market Capitalization		4,241,203						Fitch		BBB		Stable
Total Capitalization		6,491,004						S&P		BBB		Stable

(a)

Represents the weighted average effective interest rates for the three months ended June 30, 2025, including the impact of interest rate swaps and collars, amortization of hedging costs, and deferred financing costs but excluding the impact of loan premium amortization, discount accretion, and interest capitalization.

	(b)	Unsecured revolver total capacity is $750,000, of which $214,892 was drawn as of June 30, 2025. The maturity date of the borrowings under the unsecured revolver is January 8, 2029.
	(c)	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.

	(d)	Consists of a (i) $509,386 secured credit facility, two tranches of which, in an aggregate principal amount of $468,918, have a maturity date of August 1, 2028 and the third 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.
	(e)	Consists of (i) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2031 and at a fixed annual interest rate of 5.32% and (ii) $75,000 aggregate principal amount of unsecured private placement notes with a maturity date of October 1, 2034 and at a fixed annual interest rate of 5.53%.

(f)

As of June 30, 2025, we maintained the below hedges that have effectively fixed a portion of our floating rate debt.

Hedges:	Notional		Start	End	Swap Rate			Floor Rate			Cap Rate
Swap	$	150,000	6/17/2021	6/17/2026		2.18	%		—			—
Swap	$	150,000	5/17/2022	5/17/2027		0.99	%		—			—
Swap	$	200,000	3/17/2023	3/17/2030		3.39	%		—			—
Collar	$	100,000	1/17/2024	1/17/2028		—			1.50	%		2.50	%
Collar	$	100,000	11/17/2024	1/17/2028		—			1.50	%		2.50	%
Swap	$	100,000	3/17/2025	3/17/2026		3.96	%		—			—

DEBT AND CREDIT METRICS

AS OF June 30, 2025

Dollars in thousands

Debt Covenant Summary (a)

	Requirement	Actual	Compliance
Consolidated leverage ratio	≤ 60%	31.3%	Yes
Consolidated fixed charge coverage ratio	≥ 1.5x	3.4x	Yes
Unsecured leverage ratio	≤ 60%	29.9%	Yes

Encumbered & Unencumbered Statistics (b)

	Total Units		% of Total			Gross Assets		% of Total			Q2 2025 NOI		% of Total
Unencumbered assets		21,824		65.8	%	$	3,847,738		59.5	%	$	66,189		65.5	%
Encumbered assets		11,351		34.2	%		2,623,664		40.5	%		34,825		34.5	%
		33,175		100.0	%	$	6,471,402		100.0	%	$	101,014		100.0	%

(a)	For a complete listing of all debt covenants along with definitions of each covenant calculation see the Fifth Amended, Restated and Consolidated Credit Agreement, which was filed as Exhibit 10.1 of our Form 8-K filed on January 10, 2025.

(b)	Excludes our development project Flatiron Flats. See the definitions at the end of this release.

DEFINITIONS

Average Effective Monthly Rent per Unit

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

Average Occupancy

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

Development Property

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

EBITDA and Adjusted EBITDA

Each of EBITDA and Adjusted EBITDA is a non-GAAP financial measure. EBITDA is defined as net income before interest expense including amortization of deferred financing costs, income tax expense, and depreciation and amortization expenses. Adjusted EBITDA is EBITDA before certain other non-cash or non-operating gains or losses related to items such as loss on impairment (gain on sale) of real estate, debt extinguishments and acquisition related debt extinguishment expenses, casualty (gains) losses 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 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, loss on impairment (gain on sale) 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 and debt extinguishment 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 GAAP measurement as an indicator of our operating performance or as an alternative to cash flow from operating, investing, and financing activities as a measure of our liquidity.

Interest Coverage

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

Net Debt

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

	As of
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total debt	$	2,249,801		$	2,253,957		$	2,333,683		$	2,286,694		$	2,252,559
Less: cash and cash equivalents		(19,491	)		(29,055	)		(21,228	)		(17,611	)		(21,034	)
Less: loan discounts and premiums, net		(25,469	)		(27,454	)		(31,721	)		(33,970	)		(37,253	)
Total net debt	$	2,204,841		$	2,197,448		$	2,280,734		$	2,235,113		$	2,194,272

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

Net Operating Income

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

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

	For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net income (loss)	$	8,172		$	8,526		$	(1,100	)	$	12,620		$	10,555
Other revenue		(297	)		(338	)		(346	)		(275	)		(298	)
Property management expenses		7,715			7,826			7,379			7,379			7,666
General and administrative expenses		5,982			8,406			4,856			4,765			6,244
Depreciation and amortization expense		59,794			58,725			57,742			55,261			54,127
Casualty losses (gains), net		255			(115	)		(80	)		1,249			465
Interest expense		18,773			19,348			19,770			18,308			17,460
(Gain on sale) loss on impairment of real estate assets, net		—			(1,496	)		20,928			(688	)		152
Loss on extinguishment of debt		—			67			2			—			—
Other loss		—			103			—			—			—
Loss (income) from investments in unconsolidated real estate entities		562			590			(2,729	)		703			850
NOI		100,956			101,642			106,422			99,322			97,221
Less: Non same-store portfolio NOI		8,489			8,878			8,778			6,482			6,603
Same-store portfolio NOI		92,467			92,764			97,644			92,840			90,618

Non Same-Store Properties and Non Same-Store Portfolio

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

Same-Store Properties and Same-Store Portfolio

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

Rent Premium on Value Add Renovations

The rent premium reflects the per unit per month difference between the rental rate on the renovated unit excluding the impact of upfront concessions, if any, 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. We believe excluding the impact of upfront concessions from our rental rates when comparing to the market rental rates for unrenovated units makes the comparison most relevant and the resulting premium provides management with an indicator of the increased rent generated by the unit renovation.

Renovation Costs per Unit

Renovation costs per unit 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.

Return on Investment (“ROI”) on Value Add Renovations

ROI is calculated using the Rent Premium per unit per month, multiplied by 12, divided by the interior renovation costs per unit or the total renovation costs, as applicable. We use ROI on value add renovation projects to measure the profitability of a renovation project relative to other projects or relative to other uses of our capital.

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
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total assets	$	5,962,626	$	5,983,494	$	6,057,919	$	5,948,204	$	5,940,261
Plus: accumulated depreciation (a)		838,718		789,619		753,539		715,702		674,236
Plus: accumulated amortization		72,976		71,001		70,838		69,958		69,532
Total gross assets	$	6,874,320	$	6,844,114	$	6,882,296	$	6,733,864	$	6,684,029

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