$IRT
Independence Realty Trust Inc

2021 Q2 Form 10-Q Financial Statement

#000156459021037946 Filed on July 26, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $57.44M $52.27M
YoY Change 9.9% 2.57%
Cost Of Revenue $24.47M $23.05M
YoY Change 6.18% 1017.85%
Gross Profit $33.05M $29.94M
YoY Change 10.38% -38.77%
Gross Profit Margin 57.53% 57.28%
Selling, General & Admin $4.241M $3.570M
YoY Change 18.8% 0.85%
% of Gross Profit 12.83% 11.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.32M $15.05M
YoY Change 8.5% 21.07%
% of Gross Profit 49.39% 50.25%
Operating Expenses $21.00M $18.81M
YoY Change 11.66% 15.68%
Operating Profit $12.04M $11.13M
YoY Change 8.21% -65.89%
Interest Expense $8.559M -$9.200M
YoY Change -193.03% -6.6%
% of Operating Profit 71.06% -82.66%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $3.407M $800.0K
YoY Change 325.88% -94.62%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $3.386M $789.0K
YoY Change 329.15% -94.64%
Net Earnings / Revenue 5.89% 1.51%
Basic Earnings Per Share $0.03 $0.01
Diluted Earnings Per Share $0.03 $0.01
COMMON SHARES
Basic Shares Outstanding 102.0M shares 94.44M
Diluted Shares Outstanding 102.9M shares 95.09M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.566M $11.70M
YoY Change -35.33% 5.41%
Cash & Equivalents $7.566M $11.65M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $27.91M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.48M $11.70M
YoY Change 203.21% -81.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.807B $1.679B
YoY Change 7.59% 6.85%
Goodwill
YoY Change
Intangibles $714.0K
YoY Change
Long-Term Investments $10.21M
YoY Change
Other Assets $6.441M $6.500M
YoY Change -0.91% -16.67%
Total Long-Term Assets $1.840B $1.697B
YoY Change 8.39% 6.46%
TOTAL ASSETS
Total Short-Term Assets $35.48M $11.70M
Total Long-Term Assets $1.840B $1.697B
Total Assets $1.875B $1.709B
YoY Change 9.73% 3.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.53M $28.70M
YoY Change 6.38% 8.71%
Accrued Expenses $4.712M $5.000M
YoY Change -5.76% 28.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $42.49M $3.900M
YoY Change 989.46%
Total Short-Term Liabilities $90.38M $49.00M
YoY Change 84.45% 5.15%
LONG-TERM LIABILITIES
Long-Term Debt $1.014B $1.005B
YoY Change 0.89% 1.57%
Other Long-Term Liabilities $23.49M $38.50M
YoY Change -39.0% 226.27%
Total Long-Term Liabilities $1.037B $1.044B
YoY Change -0.58% 4.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.38M $49.00M
Total Long-Term Liabilities $1.037B $1.044B
Total Liabilities $1.132B $1.098B
YoY Change 3.08% 4.78%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $743.4M $611.0M
YoY Change
Total Liabilities & Shareholders Equity $1.875B $1.709B
YoY Change 9.73% 3.21%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $3.386M $789.0K
YoY Change 329.15% -94.64%
Depreciation, Depletion And Amortization $16.32M $15.05M
YoY Change 8.5% 21.07%
Cash From Operating Activities $22.61M $22.66M
YoY Change -0.21% 3.47%
INVESTING ACTIVITIES
Capital Expenditures -$10.32M -$8.500M
YoY Change 21.46% -24.38%
Acquisitions
YoY Change
Other Investing Activities -$149.1M -$20.00K
YoY Change 745230.0% -99.77%
Cash From Investing Activities -$159.4M -$8.520M
YoY Change 1770.89% -57.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 137.7M -58.15M
YoY Change -336.78% -7191.46%
NET CHANGE
Cash From Operating Activities 22.61M 22.66M
Cash From Investing Activities -159.4M -8.520M
Cash From Financing Activities 137.7M -58.15M
Net Change In Cash 902.0K -44.01M
YoY Change -102.05% -1730.0%
FREE CASH FLOW
Cash From Operating Activities $22.61M $22.66M
Capital Expenditures -$10.32M -$8.500M
Free Cash Flow $32.94M $31.16M
YoY Change 5.7% -5.97%

Facts In Submission

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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q2 us-gaap Restricted Cash
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CY2020Q2 us-gaap Restricted Cash
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us-gaap Nature Of Operations
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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 June 30, 2021, we owned and operated 58 multifamily apartment properties that contain 16,261 units across non-gateway U.S. markets <span style="color:#000000;">including Atlanta, Dallas, Louisville, Memphis, Raleigh, and Tampa. 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 Depreciation
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29502000
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0
us-gaap Incurred Claims Property Casualty And Liability
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359000
CY2021Q2 us-gaap Real Estate Investments Joint Ventures
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IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Provision For Doubtful Accounts
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CY2020Q2 us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Advertising Expense
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0
CY2021Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
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0
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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7566000
CY2021Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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7566000
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CashAndCashEquivalentsAtCarryingValue
8751000
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CashAndCashEquivalentsFairValueDisclosure
8751000
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6441000
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6441000
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4864000
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DerivativeAssetsCarryingValue
853000
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853000
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DerivativeLiabilitiesCarryingValue
19386000
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DerivativeAssetFairValueGrossLiability
19386000
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DerivativeLiabilitiesCarryingValue
29842000
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29842000
CY2020Q2 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
CY2021Q2 us-gaap Number Of Real Estate Properties
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58
CY2021Q2 us-gaap Number Of Units In Real Estate Property
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16261
CY2021Q2 us-gaap Land
Land
260581000
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Land
251365000
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1527535000
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150078000
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137870000
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1916770000
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231866000
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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208618000
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1804122000
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1708152000
CY2021Q2 irt Number Of Units In Real Estate Property Held For Sale
NumberOfUnitsInRealEstatePropertyHeldForSale
152
CY2021Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
27910000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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139336000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
33000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
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757000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
140126000
CY2021Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
795000
CY2021Q2 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
100000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
895000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
139231000
us-gaap Payments To Acquire Property Plant And Equipment
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177000
CY2021Q2 us-gaap Debt Instrument Carrying Amount
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1061138000
CY2021Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4675000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
1056463000
CY2021Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.024
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
42489000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
54298000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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225972000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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334891000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
160951000
CY2021Q2 irt Long Term Debt Maturities Repayments Of Principal After Year Four
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242537000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
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949894000
CY2020Q4 us-gaap Deferred Finance Costs Net
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4208000
CY2020Q4 us-gaap Long Term Debt
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CY2020Q4 us-gaap Debt Weighted Average Interest Rate
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CY2021Q2 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-1555000
irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-3013000
CY2021Q2 irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
4000
irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
278000
CY2020Q4 irt At Market Sales Agreement Maximum Offer Price Of Common Shares
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150000000
CY2021Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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2932000
CY2021Q2 irt Proceeds From Sale Of Stock Upon Settlement
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41671
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2021Q2 us-gaap Common Stock Shares Authorized
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us-gaap Partners Capital Account Units Converted
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122155
CY2021Q2 us-gaap Partners Capital Account Units Converted
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122155
CY2021Q2 us-gaap Limited Partners Capital Account Units Outstanding
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552360
CY2016Q2 us-gaap Common Stock Shares Authorized
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4300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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2026-05-12
us-gaap Earnings Per Share Diluted
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0.04
us-gaap Earnings Per Share Diluted
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0.00
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552360
CY2021Q2 us-gaap Profit Loss
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3407000
us-gaap Earnings Per Share Basic
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0.04
us-gaap Earnings Per Share Basic
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0.00
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0.03
CY2020Q2 us-gaap Earnings Per Share Diluted
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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