$IRT
Independence Realty Trust Inc

2017 Form 10-K Financial Statement

#000156459018002993 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $161.2M $38.03M $38.36M
YoY Change 5.1% -4.23% 50.49%
Cost Of Revenue $6.006M $18.65M $19.26M
YoY Change 23.91% -3.27% 45.91%
Gross Profit $155.2M $19.38M $19.11M
YoY Change 4.49% -5.14% 55.49%
Gross Profit Margin 96.27% 50.96% 49.81%
Selling, General & Admin $9.500M $840.0K $730.0K
YoY Change 179.41% 18.31% 32.73%
% of Gross Profit 6.12% 4.33% 3.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.67M $7.890M $7.765M
YoY Change 5.07% -32.16% 69.02%
% of Gross Profit 21.05% 40.71% 40.63%
Operating Expenses $43.80M $8.730M $8.500M
YoY Change 14.66% -29.31% 61.9%
Operating Profit $45.43M $10.65M $10.59M
YoY Change 14.53% 31.81% -282.82%
Interest Expense $28.70M -$7.720M $8.820M
YoY Change -19.23% -24.02% 73.14%
% of Operating Profit 63.19% -72.49% 83.29%
Other Income/Expense, Net $89.00K -$44.97M -$2.000K
YoY Change -2325.0% -111.11%
Pretax Income $31.40M -$42.71M $2.410M
YoY Change -427.08% -1068.48% -90.6%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $30.21M -$40.98M $2.267M
YoY Change -408.22% -1093.94% -90.56%
Net Earnings / Revenue 18.74% -107.75% 5.91%
Basic Earnings Per Share $0.41 -$0.61 $0.05
Diluted Earnings Per Share $0.41 -$0.61 $0.05
COMMON SHARES
Basic Shares Outstanding 73.34M 69.00M 47.22M
Diluted Shares Outstanding 73.60M 47.31M

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $20.90M $29.20M
YoY Change -52.15% -45.43% 72.78%
Cash & Equivalents $10.00M $20.89M $29.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $60.80M
Prepaid Expenses
Receivables $7.600M $5.200M $5.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.60M $86.90M $34.30M
YoY Change -79.75% 108.39% 55.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.420B $1.198B $1.264B
YoY Change 18.56% -10.1% -7.45%
Goodwill
YoY Change
Intangibles $118.0K
YoY Change -96.84%
Long-Term Investments
YoY Change
Other Assets $4.600M $5.500M $8.000M
YoY Change -16.36% 1.85% -55.56%
Total Long-Term Assets $1.433B $1.207B $1.272B
YoY Change 18.69% -10.0% -8.57%
TOTAL ASSETS
Total Short-Term Assets $17.60M $86.90M $34.30M
Total Long-Term Assets $1.433B $1.207B $1.272B
Total Assets $1.451B $1.294B $1.306B
YoY Change 12.08% -6.43% -7.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.20M $14.00M $22.20M
YoY Change 22.86% -27.46% 18.72%
Accrued Expenses $200.0K $500.0K $800.0K
YoY Change -60.0% -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 $22.60M $18.80M $26.00M
YoY Change 20.21% -20.0% 19.82%
LONG-TERM LIABILITIES
Long-Term Debt $778.4M $743.8M $880.6M
YoY Change 4.65% -23.05% -11.4%
Other Long-Term Liabilities $3.400M $2.900M $3.600M
YoY Change 17.24% -3.33% 12.5%
Total Long-Term Liabilities $781.8M $746.7M $884.2M
YoY Change 4.7% -22.99% -11.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.60M $18.80M $26.00M
Total Long-Term Liabilities $781.8M $746.7M $884.2M
Total Liabilities $826.5M $787.4M $910.2M
YoY Change 4.97% -20.72% -10.66%
SHAREHOLDERS EQUITY
Retained Earnings -$62.18M
YoY Change 328.83%
Common Stock $381.6M
YoY Change 0.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $624.1M $506.8M $372.0M
YoY Change
Total Liabilities & Shareholders Equity $1.451B $1.294B $1.306B
YoY Change 12.08% -6.43% -7.58%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $30.21M -$40.98M $2.267M
YoY Change -408.22% -1093.94% -90.56%
Depreciation, Depletion And Amortization $32.67M $7.890M $7.765M
YoY Change 5.07% -32.16% 69.02%
Cash From Operating Activities $54.32M -$40.86M $14.48M
YoY Change -821.15% -396.95% -273.41%
INVESTING ACTIVITIES
Capital Expenditures -$14.37M -$2.620M -$2.610M
YoY Change 34.8% -20.61% 2.35%
Acquisitions
YoY Change
Other Investing Activities -$177.3M $1.360M -$1.340M
YoY Change -560.03% -93.0% -99.03%
Cash From Investing Activities -$191.7M -$1.260M -$3.950M
YoY Change -787.52% -107.81% -97.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $137.4M $62.16M
YoY Change -174.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 125.6M 33.76M -9.340M
YoY Change -433.54% -495.78% -106.47%
NET CHANGE
Cash From Operating Activities 54.32M -40.86M 14.48M
Cash From Investing Activities -191.7M -1.260M -3.950M
Cash From Financing Activities 125.6M 33.76M -9.340M
Net Change In Cash -11.79M -8.360M 1.190M
YoY Change -31.86% -139.12% -125.65%
FREE CASH FLOW
Cash From Operating Activities $54.32M -$40.86M $14.48M
Capital Expenditures -$14.37M -$2.620M -$2.610M
Free Cash Flow $68.69M -$38.24M $17.09M
YoY Change 2096.8% -324.15% -394.66%

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PaymentsOfDividendsMinorityInterest
2119000
CY2016 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2140000
CY2015 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1187000
CY2017 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
2405000
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
3624000
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
569000
CY2017 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
125594000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-37655000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
158279000
CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-10907000
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-17409000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
23538000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38301000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14763000
CY2017 us-gaap Interest Paid
InterestPaid
27368000
CY2016 us-gaap Interest Paid
InterestPaid
33034000
CY2015 us-gaap Interest Paid
InterestPaid
22105000
CY2017 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
620000
CY2016 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
2290000
CY2015 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
493000
CY2017 us-gaap Dividends Cash
DividendsCash
5245000
CY2016 us-gaap Dividends Cash
DividendsCash
4297000
CY2015 us-gaap Dividends Cash
DividendsCash
3006000
CY2015 us-gaap Stock Issued1
StockIssued1
109857000
CY2017 irt Non Cash Or Part Non Cash Acquisition Non Cash Financial Or Equity Instrument Consideration Value
NonCashOrPartNonCashAcquisitionNonCashFinancialOrEquityInstrumentConsiderationValue
1654000
CY2015 irt Non Cash Or Part Non Cash Acquisition Non Cash Financial Or Equity Instrument Consideration Value
NonCashOrPartNonCashAcquisitionNonCashFinancialOrEquityInstrumentConsiderationValue
13998000
CY2017 us-gaap Loans Assumed1
LoansAssumed1
18977000
CY2015 us-gaap Loans Assumed1
LoansAssumed1
121885000
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<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).&nbsp;&nbsp;On December 20, 2016, we completed our management internalization, which 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 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&#8217;s subsidiaries and retired these shares.&nbsp;&nbsp;</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;">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>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<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-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>
CY2017Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
870000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
975000
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
746000
CY2017 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1536000
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3735000
CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7206000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1024000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
10000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
10000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
10000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
35000
CY2017 us-gaap Depreciation
Depreciation
32665000
CY2016 us-gaap Depreciation
Depreciation
31089000
CY2015 us-gaap Depreciation
Depreciation
20888000
CY2017 us-gaap Advertising Expense
AdvertisingExpense
1806000
CY2016 us-gaap Advertising Expense
AdvertisingExpense
1749000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
1399000
CY2017Q4 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
7291000
CY2016Q4 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
3867000
CY2017Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9985000
CY2016Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
20892000
CY2017Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
4634000
CY2016Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
5518000
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
7291000
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3867000
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 irt Percentage Of Ordinary Taxable Income Distributed To Stockholders
PercentageOfOrdinaryTaxableIncomeDistributedToStockholders
0.90
CY2017 irt Dividends Characterized As Capital Gain Distribution Percentage
DividendsCharacterizedAsCapitalGainDistributionPercentage
0.53
CY2016 irt Dividends Characterized As Capital Gain Distribution Percentage
DividendsCharacterizedAsCapitalGainDistributionPercentage
0.93
CY2017 irt Dividends Characterized As Ordinary Income Percentage
DividendsCharacterizedAsOrdinaryIncomePercentage
0.36
CY2017 irt Dividends Characterized As Return Of Capital Percentage
DividendsCharacterizedAsReturnOfCapitalPercentage
0.11
CY2016 irt Dividends Characterized As Return Of Capital Percentage
DividendsCharacterizedAsReturnOfCapitalPercentage
0.07
CY2015 irt Dividends Characterized As Ordinary Taxable Income Percentage
DividendsCharacterizedAsOrdinaryTaxableIncomePercentage
0.17
CY2015 irt Dividends Characterized As Return Of Capital Percentage
DividendsCharacterizedAsReturnOfCapitalPercentage
0.83
CY2017Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
52
CY2017Q4 us-gaap Land
Land
193026000
CY2017Q4 irt Number Of Units In Real Estate Property Acquired
NumberOfUnitsInRealEstatePropertyAcquired
2340
CY2016Q4 us-gaap Land
Land
165120000
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1279777000
CY2016Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1066611000
CY2017Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
31353000
CY2016Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
17625000
CY2017Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0
CY2017 irt Payments To Acquire Real Estate Including Transaction Fees
PaymentsToAcquireRealEstateIncludingTransactionFees
243585000
CY2017Q3 irt Defeasance Costs Related To Properties Acquired
DefeasanceCostsRelatedToPropertiesAcquired
3624000
CY2017Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
86012000
CY2017Q4 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Receivable And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsReceivableAndOtherAssets
331000
CY2017Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
928000
CY2017Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
87271000
CY2017Q4 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
398000
CY2017Q4 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
150000
CY2017Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
548000
CY2017Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
86723000
CY2017 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
9134000
CY2017 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
2266000
CY2017 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
177642000
CY2016 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
177412000
CY2017 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
36219000
CY2016 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3398000
CY2017 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.49
CY2016 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.07
CY2017 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.49
CY2016 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.07
CY2015Q3 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
64604000
CY2017 irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
86800000
CY2017 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
18910000
CY2017 irt Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
2363000
CY2016 irt Income Loss From Disposal Of Real Estate Property Allocable To Common Shares
IncomeLossFromDisposalOfRealEstatePropertyAllocableToCommonShares
2305000
CY2016 irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
88000000
CY2016 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
31785000
CY2015Q4 irt Number Of Multifamily Property Disposed
NumberOfMultifamilyPropertyDisposed
1
CY2015Q4 irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
33600000
CY2015Q4 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
6420000
CY2015Q4 irt Parcel Of Land Sold
ParcelOfLandSold
3350000
CY2015Q4 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
8000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
784640000
CY2017Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.036
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3251000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4660000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7611000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
156603000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
123757000
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
488758000
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
CY2017Q4 irt Number Of Property Dispositions
NumberOfPropertyDispositions
4
CY2017 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
35901000
CY2017Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
250000000
CY2016Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
350000000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
1097000
CY2016Q4 irt Derivative Assets Included In Accounts Receivable And Other Assets
DerivativeAssetsIncludedInAccountsReceivableAndOtherAssets
3867000
CY2016Q2 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.01145
CY2017Q2 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.011325
CY2017 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-107000
CY2016 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-492000
CY2015 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
0
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
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
CY2017 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
64202
CY2016 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
245982
CY2017Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
3011351
CY2017Q4 irt Operating Partnership Redemption Value
OperatingPartnershipRedemptionValue
30385000
CY2017Q4 us-gaap Share Price
SharePrice
10.09
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
4300000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2026-05-12
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1968000
CY2016 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1222000
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
495000
CY2015Q4 us-gaap Share Price
SharePrice
7.51
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
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.34
CY2016Q4 irt Management Internalization Expense
ManagementInternalizationExpense
2119000
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
261650
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6601
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3011351
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
3156184
CY2017Q1 us-gaap Revenues
Revenues
39142000
CY2017Q2 us-gaap Revenues
Revenues
39561000
CY2017Q3 us-gaap Revenues
Revenues
40066000
CY2017Q4 us-gaap Revenues
Revenues
42447000
CY2017Q1 us-gaap Profit Loss
ProfitLoss
4245000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
19521000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
1156000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
6519000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
4077000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
18739000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
6293000
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2016Q1 us-gaap Revenues
Revenues
38666000
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-46000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-75000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2017 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
285000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
189000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
133000
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
0
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2016Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1319350000
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1372015000
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
689112000
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
241071000
CY2015 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
707268000
CY2017 us-gaap Real Estate Improvements
RealEstateImprovements
14368000
CY2016 us-gaap Real Estate Improvements
RealEstateImprovements
10664000
CY2015 us-gaap Real Estate Improvements
RealEstateImprovements
8941000
CY2017 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
70633000
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
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
60719000
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
39638000
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
23376000
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
32586000
CY2016 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
31085000
CY2015 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
20888000
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
9208000
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

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