Peer Group*
The below peer group was used for the purpose of setting 2025 compensation, and was consistent with the peer group used for setting 2024 compensation, other than the addition of Empire State Realty Trust, Inc. and Veris Residential, Inc. These companies were added to the peer group based on their comparable size and strong alignment with IRT's business model and operating profile. The Committee determined that no further changes to the 2025 peer group were necessary, as IRT remains appropriately positioned within the group, which continues to provide a suitable benchmark for compensation purposes.
| • | American Assets Trust, Inc. |
| • | Easterly Government Properties, Inc. |
| • | Elme Communities (formerly known as Washington Real Estate Investment Trust) |
| • | Empire State Realty Trust, Inc. |
| • | Equity Lifestyle Properties, Inc. |
| • | Rexford Industrial Realty, Inc. |
| • | Terreno Realty Corporation |
| • | Veris Residential, Inc. |
2026 Proxy Statement | 31
