INDEPENDENCE REALTY TRUST, INC.

There have not been any material changes from the risk factors disclosed in Part 1, Item 1A of our 2024 Annual Report on Form 10-K, except as described below.

We face the risk of fluctuations in the cost, availability and quality of our materials and products from new or increased tariffs or otherwise, which could impact tenants or prospective tenants and adversely affect our results of operations and financial condition.

There have been significant changes, and continue to be ongoing discussions regarding potential significant changes to U.S. trade policies, treaties and tariffs, creating significant uncertainty about future relationships between the United States and other countries with respect to trade policies, treaties and tariffs. The potential disruptions in the supply or cost of materials or products or the inability of contractors to perform on a timely basis, or at all, due to new or higher tariffs or otherwise, could cause delays in completing ongoing or future value add projects and other capital improvements at our multifamily communities and development projects. In addition, developments with respect to trade policies, treaties and tariffs, or the perception that such developments could occur, and the uncertainty related to such developments, could impact tenants or prospective tenants and could adversely affect our ability to lease our properties, which in turn could have a material adverse effect on our business, results of operations and financial condition.