$IRT
Independence Realty Trust Inc

2019 Q3 Form 10-Q Financial Statement

#000156459020048865 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2019 Q1
Revenue $51.30M $50.96M $49.54M
YoY Change 5.17% 8.67% 8.27%
Cost Of Revenue $1.901M $2.062M $1.813M
YoY Change 14.45% 29.52% 7.72%
Gross Profit $49.40M $48.89M $47.73M
YoY Change 4.84% 7.94% 8.29%
Gross Profit Margin 96.29% 95.95% 96.34%
Selling, General & Admin $3.110M $3.540M $3.110M
YoY Change 20.54% 23.34% 13.92%
% of Gross Profit 6.3% 7.24% 6.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.13M $12.43M $12.45M
YoY Change 28.49% 17.91% 10.96%
% of Gross Profit 26.57% 25.42% 26.09%
Operating Expenses $16.54M $16.26M $15.55M
YoY Change 23.8% 12.53% 11.39%
Operating Profit $32.86M $32.63M $32.18M
YoY Change -2.67% 5.79% 175.11%
Interest Expense $9.783M -$9.850M -$9.720M
YoY Change 7.16% 14.67% -216.55%
% of Operating Profit 29.77% -30.18% -30.21%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income $4.910M $14.86M $2.570M
YoY Change 1.45% 318.59% -26.57%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $4.863M $14.71M $2.540M
YoY Change 1.59% 319.18% -25.56%
Net Earnings / Revenue 9.48% 28.87% 5.13%
Basic Earnings Per Share $0.05 $0.16 $0.03
Diluted Earnings Per Share $0.05 $0.16 $0.03
COMMON SHARES
Basic Shares Outstanding 90.03M 89.51M 88.99M
Diluted Shares Outstanding 90.69M 90.02M 89.52M

Balance Sheet

Concept 2019 Q3 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.600M $11.10M $9.000M
YoY Change -13.16% 1.83% -13.46%
Cash & Equivalents $6.587M $11.06M $9.030M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $32.40M $50.50M $77.40M
Prepaid Expenses
Receivables $7.800M
Other Receivables $0.00
Total Short-Term Assets $39.00M $61.60M $94.20M
YoY Change -75.06% -61.18% 500.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.590B $1.571B $1.549B
YoY Change 8.15% 11.83% 0.28%
Goodwill
YoY Change
Intangibles $351.0K $210.0K
YoY Change -36.76%
Long-Term Investments
YoY Change
Other Assets $9.000M $7.800M $7.100M
YoY Change 8.43% 9.86% 26.79%
Total Long-Term Assets $1.614B $1.594B $1.562B
YoY Change 8.2% 11.92% -0.04%
TOTAL ASSETS
Total Short-Term Assets $39.00M $61.60M $94.20M
Total Long-Term Assets $1.614B $1.594B $1.562B
Total Assets $1.653B $1.656B $1.656B
YoY Change 0.3% 4.59% 4.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.20M $26.40M $22.10M
YoY Change 12.98% 9.09% 23.46%
Accrued Expenses $4.000M $3.900M $3.900M
YoY Change 700.0% 875.0% 875.0%
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 $52.70M $46.60M $42.30M
YoY Change 16.85% 15.06% 24.05%
LONG-TERM LIABILITIES
Long-Term Debt $979.3M $989.5M $990.9M
YoY Change 1.67% 8.52% 9.7%
Other Long-Term Liabilities $16.60M $11.80M $5.600M
YoY Change 348.65% 237.14% 55.56%
Total Long-Term Liabilities $995.9M $1.001B $996.5M
YoY Change 3.0% 9.4% 9.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.70M $46.60M $42.30M
Total Long-Term Liabilities $995.9M $1.001B $996.5M
Total Liabilities $1.049B $1.048B $1.046B
YoY Change 2.89% 9.63% 10.25%
SHAREHOLDERS EQUITY
Retained Earnings -$149.0M -$137.5M
YoY Change 25.31%
Common Stock $763.8M $750.5M
YoY Change 4.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $597.8M $601.1M $610.2M
YoY Change
Total Liabilities & Shareholders Equity $1.653B $1.656B $1.656B
YoY Change 0.3% 4.59% 4.94%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $4.863M $14.71M $2.540M
YoY Change 1.59% 319.18% -25.56%
Depreciation, Depletion And Amortization $13.13M $12.43M $12.45M
YoY Change 28.49% 17.91% 10.96%
Cash From Operating Activities $23.26M $21.90M $14.20M
YoY Change 7.59% 10.27% -10.32%
INVESTING ACTIVITIES
Capital Expenditures -$13.90M -$11.24M -$8.690M
YoY Change 6.19% 9.02% -3705.81%
Acquisitions
YoY Change
Other Investing Activities -$33.13M -$8.780M $560.0K
YoY Change -48.66% 3412.0% -100.63%
Cash From Investing Activities -$47.02M -$20.02M -$8.127M
YoY Change -39.43% 89.76% -91.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.309M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.47M 820.0K -5.970M
YoY Change -62.08% -111.07% -107.48%
NET CHANGE
Cash From Operating Activities 23.26M 21.90M 14.20M
Cash From Investing Activities -47.02M -20.02M -8.127M
Cash From Financing Activities 20.47M 820.0K -5.970M
Net Change In Cash -3.290M 2.700M 107.0K
YoY Change 62.07% 42.11% -92.49%
FREE CASH FLOW
Cash From Operating Activities $23.26M $21.90M $14.20M
Capital Expenditures -$13.90M -$11.24M -$8.690M
Free Cash Flow $37.16M $33.14M $22.89M
YoY Change 7.06% 9.84% 46.78%

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<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;"> </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;">Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust (“REIT”) which was formed on March 26, 2009.  Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of September 30, 2020, we owned and operated 58 multifamily apartment properties, that contain 15,805 units across non-gateway U.S. markets, <span style="color:#000000;">including Atlanta, Louisville, Memphis, and Raleigh. We </span>own all of our assets and conduct substantially all of our operations through Independence Realty Operating Partnership, LP (“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;">   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:0%;font-size:9pt;"> </p>
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us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
411000
CY2020Q3 irt Number Of Deferred Payment Plans
NumberOfDeferredPaymentPlans
263
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
479000
CY2020Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
295000
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
803000
CY2020Q3 us-gaap Advertising Expense
AdvertisingExpense
667000
us-gaap Advertising Expense
AdvertisingExpense
1827000
CY2019Q3 us-gaap Advertising Expense
AdvertisingExpense
612000
us-gaap Advertising Expense
AdvertisingExpense
1763000
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9891000
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9891000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9888000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9888000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
7218000
CY2020Q3 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
7218000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4545000
CY2019Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
4545000
CY2019Q4 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
953000
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
953000
CY2020Q3 irt Derivative Liabilities Carrying Value
DerivativeLiabilitiesCarryingValue
33453000
CY2020Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
33453000
CY2019Q4 irt Derivative Liabilities Carrying Value
DerivativeLiabilitiesCarryingValue
7769000
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
7769000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
irt Percentage Of Minimum Ordinary Taxable Income Distributable To Stockholders
PercentageOfMinimumOrdinaryTaxableIncomeDistributableToStockholders
0.90
irt Subsequent Disqualification Period If Failed To Qualify As Reit
SubsequentDisqualificationPeriodIfFailedToQualifyAsREIT
P4Y
CY2020Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2020-01-01
CY2020Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
58
CY2020Q3 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
15805
CY2020Q3 us-gaap Land
Land
236428000
CY2019Q4 us-gaap Land
Land
234050000
CY2020Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1450823000
CY2019Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1453052000
CY2020Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
128505000
CY2019Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
109263000
CY2020Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1815756000
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1796365000
CY2020Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
194646000
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
158435000
CY2020Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1621110000
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1637930000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4571000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
1004237000
CY2020Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.026
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1879000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
48484000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
66651000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
349286000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
358033000
CY2020Q3 irt Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
184475000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
991178000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5606000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
985572000
CY2019Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035
CY2020Q3 irt Number Of Units In Real Estate Properties Held For Sale
NumberOfUnitsInRealEstatePropertiesHeldForSale
559
CY2020Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
49264000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
51052000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
35000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
221000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
51308000
CY2020Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
126000
CY2020Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
83000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
209000
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
51099000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
69000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1008808000
CY2020Q3 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-1440000
irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-2684000
CY2020Q3 irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
0
irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
161000
CY2020Q3 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
87148
CY2020Q3 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
701986
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
CY2020Q3 us-gaap Profit Loss
ProfitLoss
1092000
CY2019Q3 us-gaap Profit Loss
ProfitLoss
4912000
us-gaap Profit Loss
ProfitLoss
1517000
us-gaap Profit Loss
ProfitLoss
22334000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
49000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
222000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
1090000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
4863000
us-gaap Net Income Loss
NetIncomeLoss
1507000
us-gaap Net Income Loss
NetIncomeLoss
22112000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94456987
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90027540
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93261757
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89513834
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95222623
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90691368
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94099091
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90234840
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7653516
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7645986
CY2019Q3 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
881107

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