2017 Q3 Form 10-Q Financial Statement
#000156459017020523 Filed on October 31, 2017
Income Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| Revenue | $40.07M | $38.36M |
| YoY Change | 4.44% | 50.49% |
| Cost Of Revenue | $17.52M | $19.26M |
| YoY Change | -9.03% | 45.91% |
| Gross Profit | $22.54M | $19.11M |
| YoY Change | 17.95% | 55.49% |
| Gross Profit Margin | 56.26% | 49.81% |
| Selling, General & Admin | $2.320M | $730.0K |
| YoY Change | 217.81% | 32.73% |
| % of Gross Profit | 10.29% | 3.82% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $8.255M | $7.765M |
| YoY Change | 6.31% | 69.02% |
| % of Gross Profit | 36.62% | 40.63% |
| Operating Expenses | $11.00M | $8.500M |
| YoY Change | 29.41% | 61.9% |
| Operating Profit | $11.54M | $10.59M |
| YoY Change | 8.98% | -282.82% |
| Interest Expense | -$6.950M | $8.820M |
| YoY Change | -178.8% | 73.14% |
| % of Operating Profit | -60.23% | 83.29% |
| Other Income/Expense, Net | $0.00 | -$2.000K |
| YoY Change | -100.0% | -111.11% |
| Pretax Income | $1.160M | $2.410M |
| YoY Change | -51.87% | -90.6% |
| Income Tax | $0.00 | $0.00 |
| % Of Pretax Income | 0.0% | 0.0% |
| Net Earnings | $1.097M | $2.267M |
| YoY Change | -51.61% | -90.56% |
| Net Earnings / Revenue | 2.74% | 5.91% |
| Basic Earnings Per Share | $0.02 | $0.05 |
| Diluted Earnings Per Share | $0.02 | $0.05 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 71.97M | 47.22M |
| Diluted Shares Outstanding | 72.14M | 47.31M |
Balance Sheet
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $10.10M | $29.20M |
| YoY Change | -65.41% | 72.78% |
| Cash & Equivalents | $10.13M | $29.25M |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | $22.00M | |
| Prepaid Expenses | ||
| Receivables | $9.400M | $5.100M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $41.50M | $34.30M |
| YoY Change | 20.99% | 55.2% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.352B | $1.264B |
| YoY Change | 6.97% | -7.45% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $6.700M | $8.000M |
| YoY Change | -16.25% | -55.56% |
| Total Long-Term Assets | $1.364B | $1.272B |
| YoY Change | 7.22% | -8.57% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $41.50M | $34.30M |
| Total Long-Term Assets | $1.364B | $1.272B |
| Total Assets | $1.405B | $1.306B |
| YoY Change | 7.58% | -7.58% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $23.20M | $22.20M |
| YoY Change | 4.5% | 18.72% |
| Accrued Expenses | $100.0K | $800.0K |
| YoY Change | -87.5% | 33.33% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $28.50M | $26.00M |
| YoY Change | 9.62% | 19.82% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $731.6M | $880.6M |
| YoY Change | -16.92% | -11.4% |
| Other Long-Term Liabilities | $3.100M | $3.600M |
| YoY Change | -13.89% | 12.5% |
| Total Long-Term Liabilities | $734.7M | $884.2M |
| YoY Change | -16.91% | -11.32% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $28.50M | $26.00M |
| Total Long-Term Liabilities | $734.7M | $884.2M |
| Total Liabilities | $785.8M | $910.2M |
| YoY Change | -13.67% | -10.66% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $381.6M | |
| YoY Change | 0.82% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $619.4M | $372.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.405B | $1.306B |
| YoY Change | 7.58% | -7.58% |
Cashflow Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $1.097M | $2.267M |
| YoY Change | -51.61% | -90.56% |
| Depreciation, Depletion And Amortization | $8.255M | $7.765M |
| YoY Change | 6.31% | 69.02% |
| Cash From Operating Activities | $17.03M | $14.48M |
| YoY Change | 17.61% | -273.41% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$4.370M | -$2.610M |
| YoY Change | 67.43% | 2.35% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$84.83M | -$1.340M |
| YoY Change | 6230.6% | -99.03% |
| Cash From Investing Activities | -$89.21M | -$3.950M |
| YoY Change | 2158.48% | -97.19% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 77.01M | -9.340M |
| YoY Change | -924.52% | -106.47% |
| NET CHANGE | ||
| Cash From Operating Activities | 17.03M | 14.48M |
| Cash From Investing Activities | -89.21M | -3.950M |
| Cash From Financing Activities | 77.01M | -9.340M |
| Net Change In Cash | 4.830M | 1.190M |
| YoY Change | 305.88% | -125.65% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $17.03M | $14.48M |
| Capital Expenditures | -$4.370M | -$2.610M |
| Free Cash Flow | $21.40M | $17.09M |
| YoY Change | 25.22% | -394.66% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| irt |
Acquisition Related Debt Extinguishment Expenses
AcquisitionRelatedDebtExtinguishmentExpenses
|
2781000 | ||
| CY2016Q3 | us-gaap |
Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
|
641000 | |
| us-gaap |
Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
|
732000 | ||
| us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
1009000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
31179000 | ||
| us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-424000 | ||
| CY2016Q3 | us-gaap |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
|
251000 | |
| us-gaap |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
|
177000 | ||
| CY2016Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
468000 | |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-247000 | ||
| CY2016Q3 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
2875000 | |
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
24675000 | ||
| CY2016Q3 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
140000 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
47164543 | ||
| us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
1972000 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
47190139 | ||
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Profit Loss
ProfitLoss
|
33151000 | ||
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Earnings Per Share Basic
EarningsPerShareBasic
|
0.66 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.66 | ||
| us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-558000 | ||
| irt |
Payments Reimbursements For Deferred Financing Costs
PaymentsReimbursementsForDeferredFinancingCosts
|
1166000 | ||
| us-gaap |
Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
|
1969000 | ||
| us-gaap |
Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
|
44532000 | ||
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
37279000 | ||
| us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
1573000 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.34 | ||
| us-gaap |
Profit Loss
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|
24922000 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.34 | ||
| us-gaap |
Depreciation
Depreciation
|
23192000 | ||
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
3735000 | ||
| us-gaap |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
|
271000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-719000 | ||
| us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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|
-990000 | ||
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
32432000 | ||
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
1972000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
30460000 | ||
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
31773000 | ||
| CY2017Q3 | irt |
Acquisition Related Debt Extinguishment Expenses
AcquisitionRelatedDebtExtinguishmentExpenses
|
2781000 | |
| CY2017Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-28000 | |
| CY2017Q3 | us-gaap |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
|
-14000 | |
| CY2017Q3 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
1128000 | |
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
33000 | |
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
1095000 | |
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Other Real Estate Revenue
OtherRealEstateRevenue
|
2960000 | |
| irt |
Payments Reimbursements For Deferred Financing Costs
PaymentsReimbursementsForDeferredFinancingCosts
|
1450000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
125707000 | ||
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
25495000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
23913000 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
69875802 | ||
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
70105571 | ||
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Owned Property Management Costs
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|
1219000 | |
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Owned Property Management Costs
OwnedPropertyManagementCosts
|
4310000 | ||
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Owned Property Management Costs
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|
3710000 | ||
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General And Administrative Expense
GeneralAndAdministrativeExpense
|
2322000 | |
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|
2665000 | |
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Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-572000 | ||
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Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
|
12000 | |
| us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
125707000 | ||
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
565000 | ||
| CY2016Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
0 | |
| us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
979000 | ||
| CY2016Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
2735000 | |
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
23696000 | ||
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
1548000 | ||
| irt |
Issuance Of Lp Units Related To Acquisitions
IssuanceOfLPUnitsRelatedToAcquisitions
|
1654000 | ||
| us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
565000 | ||
| us-gaap |
Dividends Common Stock
DividendsCommonStock
|
38151000 | ||
| us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
1581000 | ||
| us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
1160000 | ||
| us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2236000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1548000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
832000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
1931000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
|
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Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
8098000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
3895000 | ||
| us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-345000 | ||
| us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
-376000 | ||
| us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-165000 | ||
| us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-11000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
45056000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
33330000 | ||
| us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
34519000 | ||
| us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
39690000 | ||
| us-gaap |
Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
|
169156000 | ||
| us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
10100000 | ||
| us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
8039000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
1147000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
2615000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-145884000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
29036000 | ||
| us-gaap |
Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
|
148190000 | ||
| us-gaap |
Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
|
93501000 | ||
| us-gaap |
Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
|
138500000 | ||
| us-gaap |
Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
|
197666000 | ||
| irt |
Proceeds From Mortgage
ProceedsFromMortgage
|
105980000 | ||
| us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
1615000 | ||
| us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
2781000 | ||
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
143000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
90064000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-71420000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-10764000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
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|
-9054000 | ||
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
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|
38301000 | |
| CY2016Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
29247000 | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<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-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5%;">Independence Realty Trust, Inc., or IRT, was formed on March 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 31, 2011. As of September 30, 2017, we own and operate 50 multifamily apartment properties, totaling 13,729 units, across non-gateway U.S markets, including Louisville, Memphis, Atlanta and Raleigh. Our investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. We aim to provide stockholders with attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return through distributions and capital appreciation. We own substantially all of our assets and conduct our operations through Independence Realty Operating Partnership, LP, which we refer to as IROP, of which we are the sole general partner. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We became an internally managed REIT on December 20, 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 “RAS” (referred to as our former advisor).  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.  The management internalization consisted of two parts: (i) our acquisition of our former advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of the 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’s subsidiaries and retired these shares.  </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, IROP and their subsidiaries.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-size:9pt;"> </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> | ||
| CY2017Q3 | us-gaap |
Number Of Real Estate Properties
NumberOfRealEstateProperties
|
50 | |
| CY2017Q3 | us-gaap |
Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
|
13729 | |
| CY2017Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
101000 | |
| CY2016Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
306000 | |
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
670000 | ||
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
727000 | ||
| CY2017Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
416000 | |
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
664000 | ||
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
795000 | |
| CY2017Q3 | us-gaap |
Advertising Expense
AdvertisingExpense
|
437000 | |
| CY2017Q3 | irt |
Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
|
3581000 | |
| CY2016Q4 | irt |
Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
|
3867000 | |
| CY2017Q3 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
10128000 | |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
20892000 | |
| CY2017Q3 | irt |
Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
|
6665000 | |
| CY2016Q4 | irt |
Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
|
5518000 | |
| CY2017Q3 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
3581000 | |
| CY2016Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
3867000 | |
| CY2017Q3 | us-gaap |
Land
Land
|
187935000 | |
| CY2017Q3 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
1211985000 | |
| CY2017Q3 | us-gaap |
Fixtures And Equipment Gross
FixturesAndEquipmentGross
|
27137000 | |
| CY2017Q3 | irt |
Number Of Units In Real Estate Property Acquired
NumberOfUnitsInRealEstatePropertyAcquired
|
1621 | |
| irt |
Payments To Acquire Real Estate Including Transaction Fees
PaymentsToAcquireRealEstateIncludingTransactionFees
|
170154000 | ||
| CY2017Q3 | irt |
Defeasance Costs Related To Properties Acquired
DefeasanceCostsRelatedToPropertiesAcquired
|
2781000 | |
| CY2017Q3 | us-gaap |
Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
|
2401000 | |
| CY2017Q3 | us-gaap |
Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
|
606000 | |
| us-gaap |
Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
|
3636000 | ||
| us-gaap |
Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
|
907000 | ||
| CY2017Q3 | us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
43421000 | |
| CY2016Q3 | us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
42695000 | |
| us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
128834000 | ||
| us-gaap |
Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
|
128350000 | ||
| CY2017Q3 | us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
2347000 | |
| CY2016Q3 | us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
3211000 | |
| us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
27663000 | ||
| us-gaap |
Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
|
34012000 | ||
| CY2017Q3 | us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
0.03 | |
| CY2016Q3 | us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
0.07 | |
| us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
0.40 | ||
| us-gaap |
Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
|
0.72 | ||
| CY2017Q3 | us-gaap |
Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
|
0.03 | |
| CY2016Q3 | us-gaap |
Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
|
0.07 | |
| us-gaap |
Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
|
0.39 | ||
| us-gaap |
Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
|
0.72 | ||
| irt |
Purchase Price Allocation Adjustments
PurchasePriceAllocationAdjustments
|
0 | ||
| irt |
Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
|
59600000 | ||
| us-gaap |
Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
|
15958000 | ||
| CY2017Q3 | irt |
Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
|
-39000 | |
| irt |
Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
|
1728000 | ||
| CY2017Q3 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
737322000 | |
| CY2017Q3 | us-gaap |
Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
|
0.035 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
685000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
3245000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
4660000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
7611000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
212287000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
508834000 | |
| CY2016Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
750188000 | |
| CY2016Q4 | us-gaap |
Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
|
0.036 | |
| CY2017Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-572000 | |
| CY2017Q2 | us-gaap |
Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
|
9000000 | |
| CY2017Q2 | us-gaap |
Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
|
31250000 | |
| CY2017Q3 | us-gaap |
Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
|
85000000 | |
| CY2017Q3 | irt |
Number Of Properties Acquired
NumberOfPropertiesAcquired
|
4 | |
| CY2017Q3 | irt |
Number Of Property Dispositions
NumberOfPropertyDispositions
|
3 | |
| us-gaap |
Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
|
20586000 | ||
| CY2016Q2 | us-gaap |
Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
|
0.01145 | |
| CY2017Q2 | us-gaap |
Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
|
0.011325 | |
| CY2017Q3 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
350000000 | |
| CY2016Q4 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
350000000 | |
| CY2016Q4 | irt |
Derivative Assets Included In Accounts Receivable And Other Assets
DerivativeAssetsIncludedInAccountsReceivableAndOtherAssets
|
3867000 | |
| CY2017Q3 | irt |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
|
27000 | |
| irt |
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
|
-156000 | ||
| CY2017Q3 | irt |
Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
|
0 | |
| irt |
Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
|
126000 | ||
| CY2017Q3 | irt |
At Market Sales Agreement Common Stock Par Value Per Share
AtMarketSalesAgreementCommonStockParValuePerShare
|
0.01 | |
| CY2017Q3 | irt |
At Market Sales Agreement Maximum Offer Price Of Common Shares
AtMarketSalesAgreementMaximumOfferPriceOfCommonShares
|
150000000 | |
| CY2017Q3 | irt |
At Market Sales Agreement Compensation To Sales Agents
AtMarketSalesAgreementCompensationToSalesAgents
|
0.020 | |
| CY2017Q3 | irt |
At Market Sales Agreement Obligation To Sell Shares
AtMarketSalesAgreementObligationToSellShares
|
0 | |
| CY2017Q3 | irt |
Shares Issued Pursuant To At Market Sales Agreement
SharesIssuedPursuantToAtMarketSalesAgreement
|
0 | |
| CY2017Q2 | us-gaap |
Limited Partners Capital Account Units Issued
LimitedPartnersCapitalAccountUnitsIssued
|
166604 | |
| CY2017Q2 | us-gaap |
Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
|
1654000 | |
| CY2017Q3 | us-gaap |
Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
|
3035654 | |
| CY2017Q3 | irt |
Operating Partnership Redemption Value
OperatingPartnershipRedemptionValue
|
30873000 | |
| CY2017Q3 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
10.17 | |
| CY2016Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
4300000 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
|
2026-05-12 | ||
| CY2017Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3035654 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3035654 | ||
| 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 |
