$IRT
Independence Realty Trust Inc

2018 Q2 Form 10-Q Financial Statement

#000156459018018894 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $46.89M $39.56M
YoY Change 18.52% 3.22%
Cost Of Revenue $1.592M $17.36M
YoY Change -90.83% -7.26%
Gross Profit $45.30M $22.20M
YoY Change 104.04% 13.21%
Gross Profit Margin 96.6% 56.12%
Selling, General & Admin $2.870M $2.710M
YoY Change 5.9% 194.57%
% of Gross Profit 6.34% 12.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.54M $7.818M
YoY Change 34.8% 2.4%
% of Gross Profit 23.27% 35.22%
Operating Expenses $14.45M $10.72M
YoY Change 34.79% 25.38%
Operating Profit $30.85M $11.48M
YoY Change 168.7% 3.94%
Interest Expense -$8.590M -$7.170M
YoY Change 19.8% -179.51%
% of Operating Profit -27.85% -62.46%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $3.550M $19.52M
YoY Change -81.81% -36.6%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $3.509M $18.74M
YoY Change -81.27% -35.35%
Net Earnings / Revenue 7.48% 47.37%
Basic Earnings Per Share $0.04 $0.27
Diluted Earnings Per Share $0.04 $0.27
COMMON SHARES
Basic Shares Outstanding 86.64M 68.83M
Diluted Shares Outstanding 86.91M 68.94M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.90M $6.300M
YoY Change 73.02% -77.58%
Cash & Equivalents $10.90M $6.271M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $141.1M $22.00M
Prepaid Expenses
Receivables $6.700M $5.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $158.7M $33.40M
YoY Change 375.15% 4.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.405B $1.274B
YoY Change 10.32% 0.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.100M $5.700M
YoY Change 24.56% -16.18%
Total Long-Term Assets $1.424B $1.284B
YoY Change 10.95% 0.63%
TOTAL ASSETS
Total Short-Term Assets $158.7M $33.40M
Total Long-Term Assets $1.424B $1.284B
Total Assets $1.583B $1.317B
YoY Change 20.19% 0.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.20M $16.90M
YoY Change 43.2% -5.06%
Accrued Expenses $400.0K $200.0K
YoY Change 100.0% -71.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.50M $21.40M
YoY Change 89.25% -0.47%
LONG-TERM LIABILITIES
Long-Term Debt $911.8M $764.5M
YoY Change 19.27% -13.15%
Other Long-Term Liabilities $3.500M $2.900M
YoY Change 20.69% -29.27%
Total Long-Term Liabilities $915.3M $767.4M
YoY Change 19.27% -13.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.50M $21.40M
Total Long-Term Liabilities $915.3M $767.4M
Total Liabilities $955.8M $811.9M
YoY Change 17.73% -10.38%
SHAREHOLDERS EQUITY
Retained Earnings -$109.8M
YoY Change
Common Stock $720.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $619.9M $505.3M
YoY Change
Total Liabilities & Shareholders Equity $1.583B $1.317B
YoY Change 20.19% 0.71%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $3.509M $18.74M
YoY Change -81.27% -35.35%
Depreciation, Depletion And Amortization $10.54M $7.818M
YoY Change 34.8% 2.4%
Cash From Operating Activities $19.86M $15.61M
YoY Change 27.23% 37.05%
INVESTING ACTIVITIES
Capital Expenditures -$10.31M -$3.370M
YoY Change 205.93% 6.65%
Acquisitions
YoY Change
Other Investing Activities -$250.0K -$21.11M
YoY Change -98.82% -169.79%
Cash From Investing Activities -$10.55M -$24.47M
YoY Change -56.89% -190.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.410M 5.180M
YoY Change -243.05% -116.01%
NET CHANGE
Cash From Operating Activities 19.86M 15.61M
Cash From Investing Activities -10.55M -24.47M
Cash From Financing Activities -7.410M 5.180M
Net Change In Cash 1.900M -3.680M
YoY Change -151.63% -160.03%
FREE CASH FLOW
Cash From Operating Activities $19.86M $15.61M
Capital Expenditures -$10.31M -$3.370M
Free Cash Flow $30.17M $18.98M
YoY Change 58.96% 30.45%

Facts In Submission

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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-bottom:0pt;margin-top:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:5%;"> <font style="color:#000000;font-weight:normal;">Independence Realty Trust, Inc., or IRT, 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.&nbsp;&nbsp;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 &#8220;RAS&#8221; (referred to as our former advisor).</font><font style="font-weight:normal;">&#160;</font><font style="color:#000000;font-weight:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 of June 30, 2018, we own and operate 56 multifamily apartment properties, totaling 15,280 units, across non-gateway U.S markets, including Atlanta, Louisville, Memphis, 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.&nbsp;&nbsp;&#160;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">&#160;&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, IROP and their subsidiaries. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;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>
CY2018Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
56
CY2018Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
15280
CY2018Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
248000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
325000
CY2018Q2 irt Finite Lived Intangible Assets Write Off
FiniteLivedIntangibleAssetsWriteOff
0
irt Finite Lived Intangible Assets Write Off
FiniteLivedIntangibleAssetsWriteOff
1963000
CY2017Q2 irt Finite Lived Intangible Assets Write Off
FiniteLivedIntangibleAssetsWriteOff
0
irt Finite Lived Intangible Assets Write Off
FiniteLivedIntangibleAssetsWriteOff
0
CY2018Q2 us-gaap Depreciation
Depreciation
10539000
us-gaap Depreciation
Depreciation
20471000
CY2017Q2 us-gaap Depreciation
Depreciation
7818000
us-gaap Depreciation
Depreciation
15370000
CY2018Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2018Q2 us-gaap Advertising Expense
AdvertisingExpense
564000
CY2017Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
4634000
us-gaap Advertising Expense
AdvertisingExpense
848000
CY2018Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2018Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2018Q2 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
11755000
CY2017Q4 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
7291000
CY2018Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
10896000
CY2017Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9985000
CY2018Q2 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
7051000
CY2017Q2 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
CY2018Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
11755000
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
7291000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1279777000
CY2018Q2 us-gaap Land
Land
190134000
CY2017Q4 us-gaap Land
Land
193026000
CY2018Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1263181000
CY2017Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
31353000
CY2018Q2 irt Number Of Units In Real Estate Property Acquired
NumberOfUnitsInRealEstatePropertyAcquired
1263
irt Payments To Acquire Real Estate Including Transaction Fees
PaymentsToAcquireRealEstateIncludingTransactionFees
131248000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
129623000
CY2018Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Receivable And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsReceivableAndOtherAssets
242000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
1641000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
131506000
CY2018Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Indebtedness
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndebtedness
39362000
CY2018Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
566000
CY2018Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
294000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
40222000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
91284000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
266000
CY2018Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
917574000
CY2018Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.037
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1679000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5581000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8726000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
252769000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
124977000
CY2018Q2 irt Long Term Debt Maturities Repayments Of Principal In Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearSix
106972000
CY2018Q2 irt Long Term Debt Maturities Repayments Of Principal After Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearSix
416870000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
784640000
CY2017Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.036
CY2017Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
250000000
CY2017Q4 irt Derivative Assets Included In Accounts Receivable And Other Assets
DerivativeAssetsIncludedInAccountsReceivableAndOtherAssets
7291000
CY2016Q2 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.01145
CY2017Q2 us-gaap Derivative Swaption Interest Rate
DerivativeSwaptionInterestRate
0.011325
CY2018Q2 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
306000
irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
480000
CY2018Q2 irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
0
irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
181000
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
CY2018Q2 irt At Market Sales Agreement Remaining Offer Price Of Common Shares
AtMarketSalesAgreementRemainingOfferPriceOfCommonShares
137273000
us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
2112136
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
14308000
CY2018Q2 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
899215
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
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
899215
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1038824
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3037496
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3035654

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