$IRT
Independence Realty Trust Inc

2016 Q4 Form 10-K Financial Statement

#000156459017003316 Filed on March 03, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4 2015 Q3
Revenue $38.03M $39.71M $25.49M
YoY Change -4.23% 142.88% 95.36%
Cost Of Revenue $18.65M $19.28M $13.20M
YoY Change -3.27% 132.01% 100.0%
Gross Profit $19.38M $20.43M $12.29M
YoY Change -5.14% 154.74% 90.25%
Gross Profit Margin 50.96% 51.45% 48.21%
Selling, General & Admin $840.0K $710.0K $550.0K
YoY Change 18.31% 108.82% 120.0%
% of Gross Profit 4.33% 3.48% 4.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.890M $11.63M $4.594M
YoY Change -32.16% 201.3% 97.51%
% of Gross Profit 40.71% 56.93% 37.38%
Operating Expenses $8.730M $12.35M $5.250M
YoY Change -29.31% 194.05% 47.89%
Operating Profit $10.65M $8.080M -$5.792M
YoY Change 31.81% 111.52% -361.37%
Interest Expense -$7.720M -$10.16M $5.094M
YoY Change -24.02% 240.94% 123.32%
% of Operating Profit -72.49% -125.74%
Other Income/Expense, Net -$44.97M $18.00K
YoY Change
Pretax Income -$42.71M $4.410M $25.64M
YoY Change -1068.48% 2105.0% -42833.33%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$40.98M $4.123M $24.02M
YoY Change -1093.94% 2081.48% -42983.93%
Net Earnings / Revenue -107.75% 10.38% 94.21%
Basic Earnings Per Share -$0.61 $0.09 $0.71
Diluted Earnings Per Share -$0.61 $0.09 $0.71
COMMON SHARES
Basic Shares Outstanding 69.00M 47.07M 33.96M
Diluted Shares Outstanding 33.96M

Balance Sheet

Concept 2016 Q4 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.90M $38.30M $16.90M
YoY Change -45.43% 158.78% -51.44%
Cash & Equivalents $20.89M $38.30M $16.94M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $60.80M $0.00
Prepaid Expenses
Receivables $5.200M $3.400M $5.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $86.90M $41.70M $22.10M
YoY Change 108.39% 143.86% -41.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.198B $1.332B $1.366B
YoY Change -10.1% 100.15% 222.68%
Goodwill
YoY Change
Intangibles $118.0K $3.735M $7.544M
YoY Change -96.84% 14.89% 468.5%
Long-Term Investments
YoY Change
Other Assets $5.500M $5.400M $18.00M
YoY Change 1.85% -33.33% 157.14%
Total Long-Term Assets $1.207B $1.341B $1.391B
YoY Change -10.0% 98.14% 222.38%
TOTAL ASSETS
Total Short-Term Assets $86.90M $41.70M $22.10M
Total Long-Term Assets $1.207B $1.341B $1.391B
Total Assets $1.294B $1.383B $1.413B
YoY Change -6.43% 99.26% 201.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M $19.30M $18.70M
YoY Change -27.46% 129.76% 152.7%
Accrued Expenses $500.0K $1.200M $600.0K
YoY Change -58.33%
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 $23.50M $21.70M
YoY Change -20.0% 125.96% 141.11%
LONG-TERM LIABILITIES
Long-Term Debt $743.8M $966.6M $993.9M
YoY Change -23.05% 130.75% 291.61%
Other Long-Term Liabilities $2.900M $3.000M $3.200M
YoY Change -3.33% 66.67% 166.67%
Total Long-Term Liabilities $746.7M $969.6M $997.1M
YoY Change -22.99% 130.47% 291.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.80M $23.50M $21.70M
Total Long-Term Liabilities $746.7M $969.6M $997.1M
Total Liabilities $787.4M $993.2M $1.019B
YoY Change -20.72% 130.37% 285.85%
SHAREHOLDERS EQUITY
Retained Earnings -$62.18M -$14.50M -$10.17M
YoY Change 328.83% -13.32% -11.99%
Common Stock $378.7M $378.5M
YoY Change 41.29% 146589.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $506.8M $364.2M $368.3M
YoY Change
Total Liabilities & Shareholders Equity $1.294B $1.383B $1.413B
YoY Change -6.43% 99.26% 201.32%

Cashflow Statement

Concept 2016 Q4 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$40.98M $4.123M $24.02M
YoY Change -1093.94% 2081.48% -42983.93%
Depreciation, Depletion And Amortization $7.890M $11.63M $4.594M
YoY Change -32.16% 201.3% 97.51%
Cash From Operating Activities -$40.86M $13.76M -$8.350M
YoY Change -396.95% 163.6% -280.74%
INVESTING ACTIVITIES
Capital Expenditures -$2.620M -$3.300M -$2.550M
YoY Change -20.61% 101.22% 105.65%
Acquisitions
YoY Change
Other Investing Activities $1.360M $19.43M -$138.1M
YoY Change -93.0% -115.98% 67.53%
Cash From Investing Activities -$1.260M $16.14M -$140.7M
YoY Change -107.81% -113.1% 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 -8.530M 144.4M
YoY Change -495.78% -108.71% 36.48%
NET CHANGE
Cash From Operating Activities -40.86M 13.76M -8.350M
Cash From Investing Activities -1.260M 16.14M -140.7M
Cash From Financing Activities 33.76M -8.530M 144.4M
Net Change In Cash -8.360M 21.37M -4.640M
YoY Change -139.12% -206.69% -117.36%
FREE CASH FLOW
Cash From Operating Activities -$40.86M $13.76M -$8.350M
Capital Expenditures -$2.620M -$3.300M -$2.550M
Free Cash Flow -$38.24M $17.06M -$5.800M
YoY Change -324.15% 148.69% -198.98%

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PaymentsOfDividendsMinorityInterest
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PaymentsOfDividendsMinorityInterest
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CashAndCashEquivalentsPeriodIncreaseDecrease
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;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 became an internally managed REIT in December 2016. Prior to that date, we were 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; (referred to as our Advisor) until December 20, 2016.&nbsp;&nbsp;On December 20, 2016, we completed our management internalization, which was announced on September 27, 2016 as part of the agreement, or the internalization agreement, with RAIT and RAIT affiliates that provided for transactions which changed us from being externally managed to being internally managed and separated us from RAIT.&nbsp;&nbsp;The management internalization consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of its 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. Also, 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;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 non-gateway markets 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-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;">&nbsp;</p></div>
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
CY2016 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">c. Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;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>
CY2015 irt Dividends Characterized As Capital Gain Distribution Percentage
DividendsCharacterizedAsCapitalGainDistributionPercentage
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DividendsCharacterizedAsOrdinaryIncomePercentage
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CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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AmortizationOfIntangibleAssets
3778000
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FullyAmortizedAndWrittenOffIntangibleAssets
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AdvertisingExpense
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DerivativeAssetsCarryingValue
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CashAndCashEquivalentsFairValueDisclosure
20892000
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CashAndCashEquivalentsFairValueDisclosure
38301000
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RestrictedCashAndCashEquivalentsFairValueDisclosure
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24000
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IncomeTaxExpenseBenefit
0
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IncomeTaxExpenseBenefit
0
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IncomeTaxExpenseBenefit
0
CY2016 irt Percentage Of Ordinary Taxable Income Distributed To Stockholders
PercentageOfOrdinaryTaxableIncomeDistributedToStockholders
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DividendsCharacterizedAsReturnOfCapitalPercentage
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DividendsCharacterizedAsOrdinaryTaxableIncomePercentage
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CY2014 irt Dividends Characterized As Return Of Capital Percentage
DividendsCharacterizedAsReturnOfCapitalPercentage
0.65
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ManagementInternalizationExpense
2119000
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BusinessAcquisitionsProFormaRevenue
154482000
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BusinessAcquisitionsProFormaRevenue
110541000
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36850000
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BusinessAcquisitionProFormaEarningsPerShareDiluted
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BusinessAcquisitionProFormaEarningsPerShareDiluted
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CY2016Q4 us-gaap Number Of Real Estate Properties
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46
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Land
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Land
190585000
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CY2016Q4 us-gaap Fixtures And Equipment Gross
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BusinessCombinationBargainPurchaseGainRecognizedAmount
64604000
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SalePriceOfRealEstateProperty
88000000
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GainsLossesOnSalesOfInvestmentRealEstate
31785000
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IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
641000
CY2015Q4 irt Number Of Multifamily Property Disposed
NumberOfMultifamilyPropertyDisposed
1
CY2015Q4 irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
33600000
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GainLossOnDispositionOfRealEstateDiscontinuedOperations
6420000
CY2015Q4 irt Parcel Of Land Sold
ParcelOfLandSold
3350000
CY2015Q4 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
8000
CY2016Q4 us-gaap Debt Instrument Carrying Amount
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DebtWeightedAverageInterestRate
0.036
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2799000
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153551000
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4599000
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15897000
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114254000
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459088000
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DerivativeNotionalAmount
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DerivativeNotionalAmount
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CY2015Q4 irt Derivative Assets Included In Accounts Receivable And Other Assets
DerivativeAssetsIncludedInAccountsReceivableAndOtherAssets
24000
CY2015 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
0
CY2014 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
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CY2016Q4 us-gaap Stock Repurchased And Retired During Period Shares
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CY2016Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
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8.55
CY2016Q4 irt Cash Reserved To Consummate Management Internalization
CashReservedToConsummateManagementInternalization
43000000
CY2016Q4 irt Cash Held For General Corporate Purposes
CashHeldForGeneralCorporatePurposes
20898000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
142000
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CY2016Q3 us-gaap Partners Capital Account Units Converted
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CY2016Q4 us-gaap Partners Capital Account Units Converted
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CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Units
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CY2016Q4 us-gaap Stock Issued During Period Shares Conversion Of Units
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6059
CY2016Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
2908949
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
4123000
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2016Q4 irt Operating Partnership Redemption Value
OperatingPartnershipRedemptionValue
25948000
CY2016Q4 us-gaap Share Price
SharePrice
8.92
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52937
CY2015Q4 us-gaap Share Price
SharePrice
7.51
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SharePrice
9.31
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8.20
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.011
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.011
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.012
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.096
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.077
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.34
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.21
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y6M
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
495000
CY2016 us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.00375
CY2016Q4 irt External Advisory Fee Percentage
ExternalAdvisoryFeePercentage
0.20
CY2016 irt Internal Return Per Share
InternalReturnPerShare
0.20
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6601
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
216743
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3175720
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1282450
CY2016Q1 us-gaap Revenues
Revenues
38666000
CY2016Q2 us-gaap Revenues
Revenues
38327000
CY2016Q3 us-gaap Revenues
Revenues
38364000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-46000
CY2016Q2 us-gaap Profit Loss
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30790000
CY2016Q3 us-gaap Profit Loss
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CY2016Q2 us-gaap Earnings Per Share Basic
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CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2016Q4 us-gaap Earnings Per Share Basic
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CY2016Q3 us-gaap Earnings Per Share Diluted
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NetIncomeLoss
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NetIncomeLoss
337000
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NetIncomeLoss
24015000
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1
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
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EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
0.01
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EarningsPerShareDiluted
0.71
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2016 us-gaap Number Of Reportable Segments
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1
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
148000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
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CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
156000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
133000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1372015000
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
689112000
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
190096000
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RealEstateOtherAcquisitions
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CY2014 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
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RealEstateImprovements
10664000
CY2015 us-gaap Real Estate Improvements
RealEstateImprovements
8941000
CY2014 us-gaap Real Estate Improvements
RealEstateImprovements
4159000
CY2016 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
63329000
CY2015 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
33306000
CY2016 irt Real Estate Deductions Reclassification Assets Held For Sale
RealEstateDeductionsReclassificationAssetsHeldForSale
69994000
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
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39638000
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
23376000
CY2015 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
20888000
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8742000
CY2016 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
10004000
CY2015 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
4626000
CY2016 irt Real Estate Accumulated Depreciation Reclassification Assets Held For Sale
RealEstateAccumulatedDepreciationReclassificationAssetsHeldForSale
9208000
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
51511000

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