$IRT
Independence Realty Trust Inc

2016 Q4 Form 10-Q Financial Statement

#000156459016027689 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $38.03M $38.36M $25.49M
YoY Change -4.23% 50.49% 95.36%
Cost Of Revenue $18.65M $19.26M $13.20M
YoY Change -3.27% 45.91% 100.0%
Gross Profit $19.38M $19.11M $12.29M
YoY Change -5.14% 55.49% 90.25%
Gross Profit Margin 50.96% 49.81% 48.21%
Selling, General & Admin $840.0K $730.0K $550.0K
YoY Change 18.31% 32.73% 120.0%
% of Gross Profit 4.33% 3.82% 4.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.890M $7.765M $4.594M
YoY Change -32.16% 69.02% 97.51%
% of Gross Profit 40.71% 40.63% 37.38%
Operating Expenses $8.730M $8.500M $5.250M
YoY Change -29.31% 61.9% 47.89%
Operating Profit $10.65M $10.59M -$5.792M
YoY Change 31.81% -282.82% -361.37%
Interest Expense -$7.720M $8.820M $5.094M
YoY Change -24.02% 73.14% 123.32%
% of Operating Profit -72.49% 83.29%
Other Income/Expense, Net -$44.97M -$2.000K $18.00K
YoY Change -111.11%
Pretax Income -$42.71M $2.410M $25.64M
YoY Change -1068.48% -90.6% -42833.33%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$40.98M $2.267M $24.02M
YoY Change -1093.94% -90.56% -42983.93%
Net Earnings / Revenue -107.75% 5.91% 94.21%
Basic Earnings Per Share -$0.61 $0.05 $0.71
Diluted Earnings Per Share -$0.61 $0.05 $0.71
COMMON SHARES
Basic Shares Outstanding 69.00M 47.22M 33.96M
Diluted Shares Outstanding 47.31M 33.96M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.90M $29.20M $16.90M
YoY Change -45.43% 72.78% -51.44%
Cash & Equivalents $20.89M $29.25M $16.94M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $60.80M
Prepaid Expenses
Receivables $5.200M $5.100M $5.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $86.90M $34.30M $22.10M
YoY Change 108.39% 55.2% -41.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.198B $1.264B $1.366B
YoY Change -10.1% -7.45% 222.68%
Goodwill
YoY Change
Intangibles $118.0K $7.544M
YoY Change -96.84% 468.5%
Long-Term Investments
YoY Change
Other Assets $5.500M $8.000M $18.00M
YoY Change 1.85% -55.56% 157.14%
Total Long-Term Assets $1.207B $1.272B $1.391B
YoY Change -10.0% -8.57% 222.38%
TOTAL ASSETS
Total Short-Term Assets $86.90M $34.30M $22.10M
Total Long-Term Assets $1.207B $1.272B $1.391B
Total Assets $1.294B $1.306B $1.413B
YoY Change -6.43% -7.58% 201.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M $22.20M $18.70M
YoY Change -27.46% 18.72% 152.7%
Accrued Expenses $500.0K $800.0K $600.0K
YoY Change -58.33% 33.33%
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 $18.80M $26.00M $21.70M
YoY Change -20.0% 19.82% 141.11%
LONG-TERM LIABILITIES
Long-Term Debt $743.8M $880.6M $993.9M
YoY Change -23.05% -11.4% 291.61%
Other Long-Term Liabilities $2.900M $3.600M $3.200M
YoY Change -3.33% 12.5% 166.67%
Total Long-Term Liabilities $746.7M $884.2M $997.1M
YoY Change -22.99% -11.32% 291.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.80M $26.00M $21.70M
Total Long-Term Liabilities $746.7M $884.2M $997.1M
Total Liabilities $787.4M $910.2M $1.019B
YoY Change -20.72% -10.66% 285.85%
SHAREHOLDERS EQUITY
Retained Earnings -$62.18M -$10.17M
YoY Change 328.83% -11.99%
Common Stock $381.6M $378.5M
YoY Change 0.82% 146589.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $506.8M $372.0M $368.3M
YoY Change
Total Liabilities & Shareholders Equity $1.294B $1.306B $1.413B
YoY Change -6.43% -7.58% 201.32%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$40.98M $2.267M $24.02M
YoY Change -1093.94% -90.56% -42983.93%
Depreciation, Depletion And Amortization $7.890M $7.765M $4.594M
YoY Change -32.16% 69.02% 97.51%
Cash From Operating Activities -$40.86M $14.48M -$8.350M
YoY Change -396.95% -273.41% -280.74%
INVESTING ACTIVITIES
Capital Expenditures -$2.620M -$2.610M -$2.550M
YoY Change -20.61% 2.35% 105.65%
Acquisitions
YoY Change
Other Investing Activities $1.360M -$1.340M -$138.1M
YoY Change -93.0% -99.03% 67.53%
Cash From Investing Activities -$1.260M -$3.950M -$140.7M
YoY Change -107.81% -97.19% 68.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $62.16M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.76M -9.340M 144.4M
YoY Change -495.78% -106.47% 36.48%
NET CHANGE
Cash From Operating Activities -40.86M 14.48M -8.350M
Cash From Investing Activities -1.260M -3.950M -140.7M
Cash From Financing Activities 33.76M -9.340M 144.4M
Net Change In Cash -8.360M 1.190M -4.640M
YoY Change -139.12% -125.65% -117.36%
FREE CASH FLOW
Cash From Operating Activities -$40.86M $14.48M -$8.350M
Capital Expenditures -$2.620M -$2.610M -$2.550M
Free Cash Flow -$38.24M $17.09M -$5.800M
YoY Change -324.15% -394.66% -198.98%

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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1: Organization</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Independence Realty Trust, Inc. was formed on March&#160;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&#160;31, 2011. We are currently externally managed by a subsidiary of RAIT Financial Trust, or RAIT, a publicly traded Maryland REIT whose common shares are listed on the New York Stock Exchange under the symbol &#8220;RAS.&#8221; As used herein, the terms &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Independence Realty Trust, Inc. and, as required by context, Independence Realty Operating Partnership, LP, which we refer to as IROP, and their subsidiaries. We own apartment properties in geographic submarkets that we believe support strong occupancy and have the potential for growth in rental rates. We seek to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.&#160;We own substantially all of our assets and conduct our operations through IROP, of which we are the sole general partner.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 27, 2016, we entered into an agreement, or the internalization agreement, with RAIT and RAIT affiliates providing for transactions which will change us from being externally managed to being internally managed and will separate us from RAIT.&nbsp;&nbsp;We refer to the consummation of these transactions as the management internalization.&nbsp;&nbsp;The management internalization consists of two parts: (i) our acquisition of our external advisor, which is a subsidiary of RAIT, and (ii) our acquisition of certain assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties.&nbsp;&nbsp;The purchase price for the management internalization is $43,000, subject to certain prorations at closing.&nbsp;&nbsp;The internalization agreement provides that the closing of the management internalization will occur no earlier than December 20, 2016.&nbsp;&nbsp;Pursuant to the internalization agreement, on October 5, 2016, we repurchased all of the 7,269,719 shares of our common stock owned by certain of RAIT&#8217;s subsidiaries and retired these shares.&nbsp;&nbsp;See Note 11: Subsequent Events for further information.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">c. Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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.</p></div>
CY2016Q3 irt Purchase Price For Management Internalization
PurchasePriceForManagementInternalization
43000000
CY2016Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3735000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
109000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3397000
CY2016Q3 irt Fully Amortized And Written Off Intangible Assets
FullyAmortizedAndWrittenOffIntangibleAssets
7471000
CY2016Q3 us-gaap Depreciation
Depreciation
7765000
us-gaap Depreciation
Depreciation
23192000
CY2015Q3 us-gaap Depreciation
Depreciation
4594000
us-gaap Depreciation
Depreciation
13064000
CY2016Q3 us-gaap Advertising Expense
AdvertisingExpense
435000
us-gaap Advertising Expense
AdvertisingExpense
1325000
CY2015Q3 us-gaap Advertising Expense
AdvertisingExpense
318000
us-gaap Advertising Expense
AdvertisingExpense
941000
CY2015Q4 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
24000
CY2016Q3 irt Derivative Liability Carrying Value
DerivativeLiabilityCarryingValue
696000
CY2016Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
29247000
CY2015Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
38301000
CY2016Q3 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
8028000
CY2015Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
5413000
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
24000
CY2016Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
696000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
irt Percentage Of Ordinary Taxable Income Distributed To Stockholders
PercentageOfOrdinaryTaxableIncomeDistributedToStockholders
0.90
CY2016Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9226000
CY2016Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
46
CY2016Q3 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
12982
CY2016Q3 us-gaap Land
Land
178515000
CY2015Q4 us-gaap Land
Land
190585000
CY2016Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1119422000
CY2015Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1168453000
CY2016Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
18788000
CY2015Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
12977000
irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
88000000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3392000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
31782000
CY2016Q3 irt Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
3000
irt Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
641000
CY2016Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
888078000
CY2016Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
325000000
CY2016Q3 us-gaap Line Of Credit
LineOfCredit
247335000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
509000
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
325000000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
290280000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4593000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
15892000
CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
573412000
CY2015Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
975531000
CY2015Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.037
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
271500000
CY2016Q3 invest Derivative Notional Amount
DerivativeNotionalAmount
350000000
CY2015Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
200000000
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
24000
CY2016Q3 irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
0
irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
42000
CY2016Q1 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
204115
CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
204113
CY2016Q3 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2915008
CY2016Q3 irt Operating Partnership Redemption Value
OperatingPartnershipRedemptionValue
26235000
CY2016Q3 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
35808
CY2016Q3 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
35808
us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.00375
CY2016Q3 irt Advisory Fee Percentage
AdvisoryFeePercentage
0.20
irt Internal Return Per Share
InternalReturnPerShare
0.20
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2915008
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3091380
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3278935
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3184326

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