$IRT
Independence Realty Trust Inc

2012 Q4 Form 10-K Financial Statement

#000119312513105454 Filed on March 13, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q4
Revenue $4.512M $16.63M $3.272M
YoY Change 37.9% 91.84%
Cost Of Revenue $2.160M $8.100M $1.650M
YoY Change 30.91% 80.0%
Gross Profit $2.350M $8.600M $1.620M
YoY Change 45.06% 104.76%
Gross Profit Margin 52.08% 51.72% 49.51%
Selling, General & Admin $350.0K $1.200M $230.0K
YoY Change 52.17% 100.0%
% of Gross Profit 14.89% 13.95% 14.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $3.388M $690.0K
YoY Change 44.93% 93.82%
% of Gross Profit 42.55% 39.4% 42.59%
Operating Expenses $1.340M $4.600M $920.0K
YoY Change 45.65% 100.0%
Operating Profit $1.010M $3.732M $700.0K
YoY Change 44.29% 175.02%
Interest Expense -$900.0K $3.305M -$670.0K
YoY Change 34.33% 91.37%
% of Operating Profit -89.11% 88.56% -95.71%
Other Income/Expense, Net
YoY Change
Pretax Income $50.00K $427.0K -$50.00K
YoY Change -200.0% -215.41%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$55.00K -$123.0K -$28.00K
YoY Change 96.43% 9.82%
Net Earnings / Revenue -1.22% -0.74% -0.86%
Basic Earnings Per Share -$0.19 -$0.45 -$1.40
Diluted Earnings Per Share -$0.19 -$0.45 -$1.40
COMMON SHARES
Basic Shares Outstanding 275.4K shares
Diluted Shares Outstanding 275.4K shares

Balance Sheet

Concept 2012 Q4 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $2.500M $1.100M
YoY Change 127.27% 127.27%
Cash & Equivalents $2.533M $2.500M $1.107M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $300.0K $300.0K $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.800M $2.800M $1.600M
YoY Change 75.0% 75.0%
LONG-TERM ASSETS
Property, Plant & Equipment $141.3M $141.3M $128.1M
YoY Change 10.3% 10.3%
Goodwill
YoY Change
Intangibles $274.0K $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $2.000M $1.600M
YoY Change 25.0% 25.0%
Total Long-Term Assets $143.4M $143.4M $129.8M
YoY Change 10.52% 10.48%
TOTAL ASSETS
Total Short-Term Assets $2.800M $2.800M $1.600M
Total Long-Term Assets $143.4M $143.4M $129.8M
Total Assets $146.2M $146.2M $131.4M
YoY Change 11.3% 11.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $2.000M $1.500M
YoY Change 33.33% 33.33%
Accrued Expenses $0.00 $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.500M $2.500M $1.500M
YoY Change 66.67% 66.67%
LONG-TERM LIABILITIES
Long-Term Debt $92.40M $92.40M $0.00
YoY Change
Other Long-Term Liabilities $400.0K $400.0K $82.80M
YoY Change -99.52% -99.52%
Total Long-Term Liabilities $92.80M $92.80M $82.80M
YoY Change 12.08% 12.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.500M $2.500M $1.500M
Total Long-Term Liabilities $92.80M $92.80M $82.80M
Total Liabilities $95.35M $143.1M $84.29M
YoY Change 13.11% 8.99%
SHAREHOLDERS EQUITY
Retained Earnings -$401.0K -$113.0K
YoY Change 254.87%
Common Stock $3.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.092M $3.100M $87.00K
YoY Change
Total Liabilities & Shareholders Equity $146.2M $146.2M $131.4M
YoY Change 11.3% 11.26%

Cashflow Statement

Concept 2012 Q4 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$55.00K -$123.0K -$28.00K
YoY Change 96.43% 9.82%
Depreciation, Depletion And Amortization $1.000M $3.388M $690.0K
YoY Change 44.93% 93.82%
Cash From Operating Activities $1.640M $4.484M $750.0K
YoY Change 118.67% 104.19%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$1.150M -$310.0K
YoY Change -9.68% 32.18%
Acquisitions
YoY Change
Other Investing Activities -$15.66M -$15.78M -$17.45M
YoY Change -10.26% -11.94%
Cash From Investing Activities -$15.94M -$16.93M -$17.77M
YoY Change -10.3% -9.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000M $3.193M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.21M 13.87M 16.92M
YoY Change -21.93% -20.7%
NET CHANGE
Cash From Operating Activities 1.640M 4.484M 750.0K
Cash From Investing Activities -15.94M -16.93M -17.77M
Cash From Financing Activities 13.21M 13.87M 16.92M
Net Change In Cash -1.090M 1.426M -100.0K
YoY Change 990.0% 58.8%
FREE CASH FLOW
Cash From Operating Activities $1.640M $4.484M $750.0K
Capital Expenditures -$280.0K -$1.150M -$310.0K
Free Cash Flow $1.920M $5.634M $1.060M
YoY Change 81.13% 83.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2011 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2011 ck0001466085 Proceeds From Subscriptions
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CY2011 ck0001466085 Refund Of Subscription Proceeds
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CY2011 ck0001466085 Comprehensive Income Loss Attributable To Preferred Stockholders
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CY2012 dei Trading Symbol
TradingSymbol
ck0001466085
CY2012 dei Entity Registrant Name
EntityRegistrantName
INDEPENDENCE REALTY TRUST, INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
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CY2012 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
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CY2012 dei Entity Central Index Key
EntityCentralIndexKey
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CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2012 us-gaap Distribution Made To Member Or Limited Partner Distributions Declared Per Unit
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2012 us-gaap Nature Of Operations
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>NOTE 1: Organization</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Independence Realty Trust, Inc., or the Company, was formed on March&#xA0;26, 2009 as a Maryland corporation that has elected to be taxed as a real estate investment trust, or REIT, commencing with the taxable year ended December&#xA0;31, 2011. We are sponsored by RAIT Financial Trust, our sponsor, a publicly traded Maryland REIT whose common shares are listed on the New York Stock Exchange under the symbol &#x201C;RAS.&#x201D; As used herein, the terms &#x201C;we,&#x201D; &#x201C;our&#x201D; and &#x201C;us&#x201D; refer to the Company and, as required by context, Independence Realty Operating Partnership, LP, which we refer to as our operating partnership, and their subsidiaries. We currently hold a portfolio of multifamily properties and intend to invest the net proceeds of our ongoing public offering in a diversified portfolio of multifamily properties that have the potential to generate attractive returns. We own substantially all of our assets and conduct our operations through our operating partnership, of which we are the sole general partner.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We sold 20,000 shares of our common stock to Independence Realty Advisors, LLC, our advisor, on April&#xA0;30, 2009. Our advisor was purchased on January&#xA0;20, 2011 by a wholly owned subsidiary of our sponsor. Our advisor transferred its 20,000 shares to RAIT NTR Holdings, LLC, or RAIT NTR, an indirect wholly owned subsidiary of our sponsor, on June&#xA0;18, 2012.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">On June&#xA0;10, 2011, our Registration Statement on Form S-11 (File No.&#xA0;333-173391) for an offering of a minimum of 250,000 shares and a maximum of 100,000,000 shares of common stock for sale to the public at a price of $10.00 per share (subject to certain discounts) in the primary offering and $9.50 per share pursuant to our distribution reinvestment plan, which we refer to collectively as our offering, was declared effective under the Securities Act of 1933, as amended, or the Securities Act. During the quarter ended March&#xA0;31, 2012, we satisfied the minimum offering amount of our offering as a result of our sale of 300,000 shares of our common stock for $10.00 per share for total gross proceeds of $3,000 to RAIT NTR. During the year ended December&#xA0;31, 2012, we sold an additional 25,000 shares in our offering to unaffiliated investors. We intend to invest the net proceeds of our ongoing public offering in a diversified portfolio of multifamily properties with strong and stable cash flows that have the potential to generate attractive distributions for our investors, with a primary focus on core and stabilized multifamily properties that are well leased and produce predictable income.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In order to facilitate our qualification as a REIT, on January&#xA0;4, 2012, we issued and sold 125 shares of our 12.5% Series A Cumulative Non-Voting Preferred Stock to 125 accredited investors who are not affiliated with us.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Subject to certain restrictions and limitations, our business is externally managed on a day-to-day basis by our advisor, a wholly owned subsidiary of our sponsor, pursuant to an advisory agreement between us and our advisor.&#xA0;Our advisor conducts our operations and manages our portfolio of real estate investments. We have no paid employees.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We have retained Independence Realty Securities, LLC, or our dealer manager, a wholly owned subsidiary of our sponsor, to serve as our dealer manager for our offering and assume responsibility for marketing our common shares. Because our advisor and our dealer manager are indirectly owned and controlled by our sponsor, they are affiliated with us and are considered related parties. Our advisor and our dealer manager receive compensation and fees for services related to our offering and for the investment and management of our assets. The compensation levels during our offering, acquisition and operational stages are based on percentages of offering proceeds, the cost of properties acquired and the annual revenue earned from such properties, respectively.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 8%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">As of December&#xA0;31, 2012, we owned eight multifamily properties with 2,004 units located in six states.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>c. Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font></p> </div>
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CY2012 ck0001466085 Disposition Fee Percent Fee
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CY2012 ck0001466085 Disposition Fees To Advisor
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0
CY2012 ck0001466085 Acquisition Expenses Reimbursed
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CY2012 ck0001466085 Acquisition Fees And Expenses Not To Exceed Percentage Of Contract Price Of Assets
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CY2012 ck0001466085 Advisory Agreement Renewal Term Period
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P1Y
CY2012 ck0001466085 Advisory Agreement Termination Date
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2013-04-07
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2011-01-20
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CY2012 ck0001466085 Dealer Manager Fees Percentage On Gross Proceeds From Public Offering
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CY2012 ck0001466085 Dealer Manager Selling Commissions Percentage On Gross Proceeds From Public Offering
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CY2012 ck0001466085 Disposition Fees Upon Sale Of Properties Payment Terms Description
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(a) one-half of the commission that would be reasonable, customary and competitive in light of the size, type and location of the asset or (b) 1% of the sale price of the asset.
CY2012 ck0001466085 Financing Coordination Fee Percent Fee
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CY2012 ck0001466085 Minimum Gross Offering Proceeds From Unaffiliated Persons To Be Raised For Shares Issuance Under Independent Directors Compensation Plan
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CY2012 ck0001466085 Notice Period For Termination Of Advisory Agreement Without Penalty
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CY2012 ck0001466085 Percentage Of Average Invested Assets In Order To Pay Asset Management Fee
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0.001875 pure
CY2012 ck0001466085 Percentage Of Gross Offering Proceeds From Public Offering Not With Excess Of Acquisition Fees And Expenses
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CY2012 ck0001466085 Percentage Of Gross Offering Proceeds Paid To Advisor
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CY2012 ck0001466085 Percentage Of Ordinary Taxable Income Distributed To Stockholders
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0.90 pure
CY2012 ck0001466085 Proceeds From Mortgage Indebtedness
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CY2012 ck0001466085 Proceeds From Subscriptions
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0
CY2012 ck0001466085 Property Management And Leasing Fees Percentage Of Gross Revenues From Property
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0.040 pure
CY2012 ck0001466085 Reallocation Portion Of Dealer Manager Fee
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CY2012 ck0001466085 Refund Of Subscription Proceeds
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0
CY2012 ck0001466085 Reimbursable Due Diligence Expenses Incurred By Dealer Manager
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0
CY2012 ck0001466085 Reimbursable Due Diligence Expenses Maximum Percentage On Gross Proceeds Raised In Public Offering
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CY2012 ck0001466085 Reimbursement Of Acquisition Expenses Not To Exceed Gross Proceeds
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CY2012 ck0001466085 Selling Commissions And Dealer Manager Fees Paid For Shares Sold Under Distribution Reinvestment Program
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0
CY2012 ck0001466085 Terms On Costs Reimbursement For Services Provided Description
TermsOnCostsReimbursementForServicesProvidedDescription
We will not reimburse the advisor for any services for which we will pay the advisor a separate fee.
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CY2011Q2 us-gaap Revenues
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CY2012Q1 ck0001466085 Minority Interest Distributions Declared Month And Year
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January, February and March 2012.
CY2012Q1 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders
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789000
CY2012Q1 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders Rate Per Unit Per Day
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CY2012Q2 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHolders
787000
CY2012Q2 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders Rate Per Unit Per Day
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHoldersRatePerUnitPerDay
0.00163934
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.40
CY2011Q3 us-gaap Profit Loss
ProfitLoss
-65000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.40
CY2011Q3 us-gaap Revenues
Revenues
3222000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-48000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2012Q3 us-gaap Profit Loss
ProfitLoss
-14000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2012Q3 us-gaap Revenues
Revenues
4041000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-28000
CY2012Q3 ck0001466085 Minority Interest Distributions Declared Month And Year
MinorityInterestDistributionsDeclaredMonthAndYear
July, August and September 2012
CY2012Q3 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHolders
796000
CY2012Q3 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders Rate Per Unit Per Day
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHoldersRatePerUnitPerDay
0.00163934
CY2011Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.40
CY2011Q4 us-gaap Profit Loss
ProfitLoss
-53000
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.40
CY2011Q4 us-gaap Revenues
Revenues
3272000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-28000
CY2012Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2012Q4 us-gaap Profit Loss
ProfitLoss
49000
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2012Q4 us-gaap Revenues
Revenues
4512000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-55000
CY2012Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
25000 shares
CY2012Q4 ck0001466085 Minority Interest Distributions Declared Month And Year
MinorityInterestDistributionsDeclaredMonthAndYear
October, November and December 2012
CY2012Q4 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHolders
796000
CY2012Q4 ck0001466085 Minority Interest Distributions Paid To Common Operating Partnership Unit Holders Rate Per Unit Per Day
MinorityInterestDistributionsPaidToCommonOperatingPartnershipUnitHoldersRatePerUnitPerDay
0.00163934

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