Independence Realty Trust Completes Sale of Three Additional Properties as Part of Portfolio Optimization and Deleveraging Strategy

Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced today the sale of three properties in three markets, as part of the Company’s Portfolio Optimization and Deleveraging Strategy. The total gross sales price of the three properties was $168.1 million, with each property sale closing in March 2024.

In total, since the Portfolio Optimization and Deleveraging Strategy was established in October 2023, the Company has sold nine of the targeted 10 properties, generating gross sales proceeds of $496.8 million. With the proceeds from these nine sales to date, IRT repaid $488.9 million of debt, comprised of $252.5 million of property level debt associated with the sold properties and $236.4 million of borrowings outstanding on its line of credit.

Once the sale of all properties under the Portfolio Optimization and Deleveraging Strategy is complete, IRT expects to generate gross sales proceeds of approximately $525.3 million with proceeds used to delever the balance sheet. This will result in IRT exiting five single-asset markets and lowering its net debt to adjusted EBITDA ratio by 0.8x, providing a clear path to reach its target of high-5x’s by year-end 2024.

“We have made significant progress against our Portfolio Optimization and Deleveraging Strategy, using the proceeds from each asset sale to fundamentally reset our leverage profile and strengthen our financial position,” said Scott Schaeffer, Chairman and CEO of IRT. “By exiting or reducing our presence in non-core markets through this initiative, combined with recently receiving an investment grade rating from Fitch Ratings, IRT is well-positioned to drive profitable growth and deliver meaningful value for our stakeholders.”

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT aims to provide stockholders with 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.