Independence Realty Trust (IRT) is a REIT that owns and operates Class B multifamily apartment communities in non-gateway U.S. markets. As of year-end 2025, IRT owned 114 properties totaling ~33,500 units, concentrated in Sun Belt markets (~two-thirds of NOI) such as Atlanta, Dallas, Nashville, and Tampa, and Midwest markets (~one-third of NOI) such as Indianapolis and Columbus. IRT targets working and middle-income residents, with average rent-to-income of ~21%. IRT leases units directly to residents on standard one-year leases and is internally managed through its wholly owned subsidiary, IRT Management. Core earnings are driven by same-store NOI, which is a function of occupancy (target ~95.5%), rental rate growth, bad debt management, and operating expense discipline. Beyond base rent, IRT runs a value-add renovation program — upgrading interiors and amenities to charge higher rents — having renovated ~11,400 units since 2018 at ~$17,400 per unit with ~16% average unlevered returns. IRT plans to accelerate renovations to ~2,000–2,500 units in 2026. IRT also regularly recycles capital by selling older, high-maintenance properties and redeploying proceeds into newer assets with better growth profiles. Acquisitions target properties priced below replacement cost at mid-5% economic cap rates. IRT also makes preferred equity investments in development joint ventures, earning preferred returns with limited balance sheet exposure. Additional revenue initiatives include rolling out a Wi-Fi monetization program across ~19,000 units expected to generate ~$5.5M in incremental annual revenue in 2026.