IRT updates 2023 guidance: same-store NOI growth 6.5%, Core FFO per share $1.12-$1.16

INDEPENDENCE REALTY TRUST, INC.

Q1 2023 same-store NOI growth 8.2% YoY; revenue +7.5%; NOI margin 63.3% (+40 bps).
Value-add pipeline of ~19,000 units; historical interior ROI of 20.9% and 20.3% avg rent increase.
Net Debt to Adjusted EBITDA targeting mid-6's by end-2023 (was 6.9x at Q4 2022).
QTD Q2 2023 same-store occupancy 94.2%; value-add occupancy 92.0%.
FY 2023 Core FFO per share guided $1.12-$1.16 (midpoint $1.14); EPS $0.23-$0.27.

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