Independence Realty Trust (IRT) Appoints Craig Macnab to its Board

Independence Realty Trust, Inc. (NYSE: IRT) (“IRT” or the “Company”) today announced the appointment of Craig Macnab to its Board of Directors (the “Board”), effective February 29, 2024. Mr. Macnab brings over 20 years of experience to IRT’s Board after serving in various executive and board roles in the REIT industry, including most recently as CEO of National Retail Properties, Inc. for 13 years. Mr. Macnab’s appointment increases the size of IRT’s Board to 10 members, including 8 independent directors. In connection with this announcement, the Company has entered into a cooperation agreement with Argosy-Lionbridge Management, LLC (“ALM”), an IRT stockholder.

IRT also announced that its Board has reaffirmed the Company’s commitment to leadership in corporate governance practices by waiving the option to classify its Board under provisions of the Maryland Unsolicited Takeover Act, or MUTA, unless first approved by the stockholders of the Company by a majority of the votes cast on the matter.

“We are pleased to welcome Craig to the IRT Board,” said Scott Schaeffer, Chairman and CEO of IRT. “Craig’s appointment broadens the experience and diversity of perspectives represented on our Board, and we are confident he will bring invaluable skills and expertise from his decades of leadership in the REIT industry. The Board’s decision to opt out of MUTA reinforces our objective of maintaining leading governance and delivering value to our stockholders.”

“I’m honored to be joining IRT’s Board,” said Craig Macnab. “IRT has created a compelling and differentiated real estate platform, underpinned by its focus on creating a scaled portfolio of high-quality assets across core Sunbelt and Midwest markets that are well positioned to support long-term growth. I look forward to partnering with my fellow Board members and the management team to continue driving the organization’s track record of success into the future.”

Greg Morillo, CIO & Managing Partner of ALM, said “Craig’s appointment and our agreement with the Company is the result of a constructive dialogue with IRT’s Board and management team over several quarters. We see significant opportunity for value creation at IRT, as the Company increases its financial flexibility through its previously announced Portfolio Optimization and Deleveraging Strategy, and believe Craig’s deep industry experience will contribute to the Company’s execution of this strategy. We are also pleased with the actions taken by the Company to opt out of MUTA.”

ALM has agreed to abide by certain customary standstill and voting commitments, including supporting the Board’s slate of directors, subject to limited exceptions. The cooperation agreement will be filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) as an exhibit to a related Current Report on Form 8-K.

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