$IRT
Independence Realty Trust Inc

2018 Q4 Form 10-Q Financial Statement

#000156459018026275 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $49.81M $48.78M $40.07M
YoY Change 17.34% 21.75% 4.44%
Cost Of Revenue $21.48M $1.661M $17.52M
YoY Change 17.31% -90.52% -9.03%
Gross Profit $28.33M $47.12M $22.54M
YoY Change 17.36% 109.04% 17.95%
Gross Profit Margin 56.88% 96.59% 56.26%
Selling, General & Admin $2.630M $2.580M $2.320M
YoY Change 9.58% 11.21% 217.81%
% of Gross Profit 9.28% 5.48% 10.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.63M $10.22M $8.255M
YoY Change 17.36% 23.76% 6.31%
% of Gross Profit 41.05% 21.68% 36.62%
Operating Expenses $14.26M $13.36M $11.00M
YoY Change 15.93% 21.45% 29.41%
Operating Profit $14.07M $33.76M $11.54M
YoY Change 18.83% 192.53% 8.98%
Interest Expense -$9.940M $9.129M -$6.950M
YoY Change 39.41% -231.35% -178.8%
% of Operating Profit -70.65% 27.04% -60.23%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $14.73M $4.840M $1.160M
YoY Change 125.92% 317.24% -51.87%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $14.58M $4.787M $1.097M
YoY Change 131.69% 336.37% -51.61%
Net Earnings / Revenue 29.27% 9.81% 2.74%
Basic Earnings Per Share $0.16 $0.05 $0.02
Diluted Earnings Per Share $0.16 $0.05 $0.02
COMMON SHARES
Basic Shares Outstanding 88.92M 87.70M 71.97M
Diluted Shares Outstanding 88.05M 72.14M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.300M $7.600M $10.10M
YoY Change -7.0% -24.75% -65.41%
Cash & Equivalents $9.316M $7.645M $10.13M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $77.30M $141.9M $22.00M
Prepaid Expenses
Receivables $8.800M $6.900M $9.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $95.40M $156.4M $41.50M
YoY Change 442.05% 276.87% 20.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.548B $1.470B $1.352B
YoY Change 9.02% 8.76% 6.97%
Goodwill
YoY Change
Intangibles $744.0K $555.0K
YoY Change -32.3%
Long-Term Investments
YoY Change
Other Assets $6.700M $8.300M $6.700M
YoY Change 45.65% 23.88% -16.25%
Total Long-Term Assets $1.564B $1.492B $1.364B
YoY Change 9.14% 9.39% 7.22%
TOTAL ASSETS
Total Short-Term Assets $95.40M $156.4M $41.50M
Total Long-Term Assets $1.564B $1.492B $1.364B
Total Assets $1.659B $1.648B $1.405B
YoY Change 14.39% 17.29% 7.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.80M $28.50M $23.20M
YoY Change 32.56% 22.84% 4.5%
Accrued Expenses $700.0K $500.0K $100.0K
YoY Change 250.0% 400.0% -87.5%
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 $39.70M $45.10M $28.50M
YoY Change 75.66% 58.25% 9.62%
LONG-TERM LIABILITIES
Long-Term Debt $985.5M $963.2M $731.6M
YoY Change 26.61% 31.66% -16.92%
Other Long-Term Liabilities $4.100M $3.700M $3.100M
YoY Change 20.59% 19.35% -13.89%
Total Long-Term Liabilities $989.6M $966.9M $734.7M
YoY Change 26.58% 31.6% -16.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.70M $45.10M $28.50M
Total Long-Term Liabilities $989.6M $966.9M $734.7M
Total Liabilities $1.029B $1.019B $785.8M
YoY Change 27.94% 29.7% -13.67%
SHAREHOLDERS EQUITY
Retained Earnings -$122.3M
YoY Change 43.56%
Common Stock $743.3M
YoY Change 5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $623.0M $628.9M $619.4M
YoY Change
Total Liabilities & Shareholders Equity $1.659B $1.648B $1.405B
YoY Change 14.39% 17.29% 7.58%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $14.58M $4.787M $1.097M
YoY Change 131.69% 336.37% -51.61%
Depreciation, Depletion And Amortization $11.63M $10.22M $8.255M
YoY Change 17.36% 23.76% 6.31%
Cash From Operating Activities $11.21M $21.62M $17.03M
YoY Change 21.06% 26.95% 17.61%
INVESTING ACTIVITIES
Capital Expenditures -$12.08M -$13.09M -$4.370M
YoY Change 182.9% 199.54% 67.43%
Acquisitions
YoY Change
Other Investing Activities -$34.95M -$64.53M -$84.83M
YoY Change -18.15% -23.93% 6230.6%
Cash From Investing Activities -$47.03M -$77.63M -$89.21M
YoY Change 0.13% -12.98% 2158.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.94M 53.98M 77.01M
YoY Change 1.15% -29.91% -924.52%
NET CHANGE
Cash From Operating Activities 11.21M 21.62M 17.03M
Cash From Investing Activities -47.03M -77.63M -89.21M
Cash From Financing Activities 35.94M 53.98M 77.01M
Net Change In Cash 120.0K -2.030M 4.830M
YoY Change -105.5% -142.03% 305.88%
FREE CASH FLOW
Cash From Operating Activities $11.21M $21.62M $17.03M
Capital Expenditures -$12.08M -$13.09M -$4.370M
Free Cash Flow $23.29M $34.71M $21.40M
YoY Change 72.14% 62.2% 25.22%

Facts In Submission

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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 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 (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 September 30, 2018, we own and operate 58 multifamily apartment properties, totaling 15,860 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>
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9985000
CY2018Q3 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
8265000
CY2017Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
4634000
CY2018Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
12440000
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
7291000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
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
CY2018Q3 us-gaap Land
Land
203130000
CY2017Q4 us-gaap Land
Land
193026000
CY2018Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1313805000
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1279777000
CY2018Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
55080000
CY2017Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
31353000
CY2018Q3 irt Number Of Units In Real Estate Property Acquired
NumberOfUnitsInRealEstatePropertyAcquired
1843
irt Payments To Acquire Real Estate Including Transaction Fees
PaymentsToAcquireRealEstateIncludingTransactionFees
195448000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
193237000
CY2018Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Receivable And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsReceivableAndOtherAssets
460000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
2356000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
196053000
CY2018Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Indebtedness
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndebtedness
39362000
CY2018Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
1062000
CY2018Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
501000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
40925000
CY2018Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
155128000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
395000
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
968738000
CY2018Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.038
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
842000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5581000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8726000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
304769000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
124978000
CY2018Q3 irt Long Term Debt Maturities Repayments Of Principal In Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearSix
106972000
CY2018Q3 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
CY2018Q3 invest Derivative Notional Amount
DerivativeNotionalAmount
250000000
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
CY2018Q3 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
382000
irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
862000
CY2018Q3 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
CY2018Q3 irt At Market Sales Agreement Remaining Offer Price Of Common Shares
AtMarketSalesAgreementRemainingOfferPriceOfCommonShares
118065000
CY2018Q3 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
18108
us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
2130244
CY2018Q3 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
198000
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
14506000
CY2018Q3 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
881107
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
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
881107
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
962066

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