$IRT
INDEPENDENCE REALTY TRUST, INC.

2021 Q3 Form 10-Q Financial Statement

#000156459021052953 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $60.90M $54.20M $52.27M
YoY Change 12.36% 5.66% 2.57%
Cost Of Revenue $25.36M $24.21M $23.05M
YoY Change 4.76% 1173.54% 1017.85%
Gross Profit $35.54M $30.07M $29.94M
YoY Change 18.18% -39.13% -38.77%
Gross Profit Margin 58.35% 55.48% 57.28%
Selling, General & Admin $3.985M $2.910M $3.570M
YoY Change 36.94% -6.43% 0.85%
% of Gross Profit 11.21% 9.68% 11.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.02M $15.16M $15.05M
YoY Change 12.25% 15.48% 21.07%
% of Gross Profit 47.88% 50.41% 50.25%
Operating Expenses $21.37M $18.14M $18.81M
YoY Change 17.8% 9.67% 15.68%
Operating Profit $14.17M $11.93M $11.13M
YoY Change 18.77% -63.69% -65.89%
Interest Expense $8.700M -$8.920M -$9.200M
YoY Change -197.53% -191.18% -6.6%
% of Operating Profit 61.4% -74.77% -82.66%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $11.56M $1.090M $800.0K
YoY Change 960.92% -77.8% -94.62%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $11.50M $1.090M $789.0K
YoY Change 955.23% -77.59% -94.64%
Net Earnings / Revenue 18.89% 2.01% 1.51%
Basic Earnings Per Share $0.11 $0.01 $0.01
Diluted Earnings Per Share $0.11 $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 104.9M 94.46M 94.44M
Diluted Shares Outstanding 107.7M 95.22M 95.09M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.720M $9.900M $11.70M
YoY Change -11.92% 50.0% 5.41%
Cash & Equivalents $8.720M $9.891M $11.65M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $120.4M $49.30M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $129.1M $59.20M $11.70M
YoY Change 118.12% 51.79% -81.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.684B $1.624B $1.679B
YoY Change 3.71% 2.11% 6.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.56M
YoY Change
Other Assets $6.138M $7.200M $6.500M
YoY Change -14.75% -20.0% -16.67%
Total Long-Term Assets $1.718B $1.641B $1.697B
YoY Change 4.67% 1.68% 6.46%
TOTAL ASSETS
Total Short-Term Assets $129.1M $59.20M $11.70M
Total Long-Term Assets $1.718B $1.641B $1.697B
Total Assets $1.847B $1.700B $1.709B
YoY Change 8.62% 2.87% 3.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.59M $34.30M $28.70M
YoY Change 15.43% 6.52% 8.71%
Accrued Expenses $4.409M $4.800M $5.000M
YoY Change -8.15% 20.0% 28.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.428M $1.900M $3.900M
YoY Change 290.95%
Total Short-Term Liabilities $64.08M $52.40M $49.00M
YoY Change 22.29% -0.57% 5.15%
LONG-TERM LIABILITIES
Long-Term Debt $1.011B $1.002B $1.005B
YoY Change 0.89% 2.36% 1.57%
Other Long-Term Liabilities $21.55M $37.30M $38.50M
YoY Change -42.23% 124.7% 226.27%
Total Long-Term Liabilities $1.033B $1.040B $1.044B
YoY Change -0.66% 4.4% 4.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.08M $52.40M $49.00M
Total Long-Term Liabilities $1.033B $1.040B $1.044B
Total Liabilities $1.101B $1.097B $1.098B
YoY Change 0.35% 4.6% 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 $746.1M $603.5M $611.0M
YoY Change
Total Liabilities & Shareholders Equity $1.847B $1.700B $1.709B
YoY Change 8.62% 2.87% 3.21%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $11.50M $1.090M $789.0K
YoY Change 955.23% -77.59% -94.64%
Depreciation, Depletion And Amortization $17.02M $15.16M $15.05M
YoY Change 12.25% 15.48% 21.07%
Cash From Operating Activities $30.47M $26.23M $22.66M
YoY Change 16.18% 12.77% 3.47%
INVESTING ACTIVITIES
Capital Expenditures -$14.58M -$9.920M -$8.500M
YoY Change 47.01% -28.63% -24.38%
Acquisitions
YoY Change
Other Investing Activities $35.83M -$830.0K -$20.00K
YoY Change -4416.39% -97.49% -99.77%
Cash From Investing Activities $21.24M -$10.74M -$8.520M
YoY Change -297.79% -77.16% -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 -50.86M -16.54M -58.15M
YoY Change 207.53% -180.8% -7191.46%
NET CHANGE
Cash From Operating Activities 30.47M 26.23M 22.66M
Cash From Investing Activities 21.24M -10.74M -8.520M
Cash From Financing Activities -50.86M -16.54M -58.15M
Net Change In Cash 851.0K -1.050M -44.01M
YoY Change -181.05% -68.09% -1730.0%
FREE CASH FLOW
Cash From Operating Activities $30.47M $26.23M $22.66M
Capital Expenditures -$14.58M -$9.920M -$8.500M
Free Cash Flow $45.06M $36.15M $31.16M
YoY Change 24.64% -2.72% -5.97%

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irt Payments Reimbursements For Deferred Financing Costs
PaymentsReimbursementsForDeferredFinancingCosts
50000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13615000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14433000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14858000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17109000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8720000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9891000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
6138000
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
7218000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14858000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17109000
us-gaap Nature Of Operations
NatureOfOperations
<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, 2021, we owned and operated 57 multifamily apartment properties that contain 16,109 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:5%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:6pt;margin-top:0pt;text-indent:5.06%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Pending Merger</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:TimesNewRomanPSMT;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 26, 2021, we, together with IROP, and IRSTAR Sub, LLC, a wholly-owned subsidiary of IRT (“IRT Merger Sub”), entered into an agreement and plan of merger (the “Merger Agreement”) with Steadfast Apartment REIT, Inc. (“STAR”) and its operating partnership, Steadfast Apartment REIT Operating Partnership, L.P. (“STAR OP”).</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:TimesNewRomanPSMT;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On the terms, and subject to the conditions of, the Merger Agreement, STAR will merge with and into IRT Merger Sub (the “REIT Merger”), with IRT Merger Sub surviving the REIT Merger as a wholly-owned subsidiary of IRT; and immediately thereafter, STAR OP will merge with and into IROP (the “Partnership Merger” and, together with the REIT Merger, the “Mergers”), with IROP surviving the Partnership Merger.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:TimesNewRomanPSMT;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the REIT Merger, each outstanding share of STAR common stock, par value $0.01 per share (“STAR common stock”) will be converted automatically into the right to receive 0.905 (the “Exchange Ratio”) of <span style="-sec-ix-hidden:F_000545">a</span> newly issued share of IRT common stock, par value $0.01 per share (“IRT common stock”). In the Partnership Merger, each outstanding unit of limited partnership of STAR OP (each, a “STAR OP common unit”) will be converted into the right to receive the Exchange Ratio of a newly issued common unit of limited partnership of IROP (each, an “IROP common unit”). Consummation of the Mergers is subject to customary closing conditions, including, among others, receipt of IRT stockholder approval and STAR stockholder approval and we currently expect the Mergers to close in December 2021. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;"> </p> <p style="margin-bottom:0pt;margin-top: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;">In conjunction with the Mergers, we have incurred approximately $5,276 in merger-related transaction costs during the three and nine months ended September 30, 2021. The merger-related costs incurred to date primarily consist of advisory fees, attorney fees, accountant fees and SEC filing fees. These costs are presented in a separate line item on the face of the condensed consolidated statements of operations.  </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;"> </p>
CY2021Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
57
CY2021Q3 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
16109
CY2020Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
211000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1171000
us-gaap Use Of Estimates
UseOfEstimates
<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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
CY2021Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6138000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4864000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P6M
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
368000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1203000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
73000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
631000
CY2021Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
792000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
346000
CY2021Q3 us-gaap Depreciation
Depreciation
17016000
us-gaap Depreciation
Depreciation
49496000
CY2020Q3 us-gaap Depreciation
Depreciation
15159000
us-gaap Depreciation
Depreciation
44660000
CY2021Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
0
us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
359000
CY2020Q3 us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
0
us-gaap Incurred Claims Property Casualty And Liability
IncurredClaimsPropertyCasualtyAndLiability
411000
CY2021Q3 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
13561000
CY2020Q4 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
0
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
655000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1678000
CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
340000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1428000
CY2021Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
0
CY2020Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
175000
CY2021Q3 us-gaap Advertising Expense
AdvertisingExpense
624000
us-gaap Advertising Expense
AdvertisingExpense
1804000
CY2020Q3 us-gaap Advertising Expense
AdvertisingExpense
667000
us-gaap Advertising Expense
AdvertisingExpense
1827000
CY2021Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2021Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2021Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8720000
CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
8720000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8751000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
8751000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6138000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4864000
CY2020Q4 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
4864000
CY2021Q3 irt Restricted Cash And Cash Equivalents Fair Value Disclosure
RestrictedCashAndCashEquivalentsFairValueDisclosure
6138000
CY2021Q3 irt Derivative Assets Carrying Value
DerivativeAssetsCarryingValue
1168000
CY2021Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1168000
CY2021Q3 irt Derivative Liabilities Carrying Value
DerivativeLiabilitiesCarryingValue
17492000
CY2021Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
17492000
CY2020Q4 irt Derivative Liabilities Carrying Value
DerivativeLiabilitiesCarryingValue
29842000
CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
29842000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 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
CY2021Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
57
CY2021Q3 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
16109
CY2021Q3 us-gaap Land
Land
238221000
CY2020Q4 us-gaap Land
Land
251365000
CY2021Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1525395000
CY2020Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1527535000
CY2021Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
141144000
CY2020Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
137870000
CY2021Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1904760000
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1916770000
CY2021Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
223244000
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
208618000
CY2021Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1681516000
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1708152000
CY2021Q3 irt Number Of Units In Real Estate Property Held For Sale
NumberOfUnitsInRealEstatePropertyHeldForSale
2005
CY2021Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
120409000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
139336000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
33000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
757000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
140126000
CY2021Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Accounts Payable And Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccountsPayableAndAccruedExpenses
795000
CY2021Q3 irt Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesOther
100000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
895000
CY2021Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
139231000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
177000
irt Sale Price Of Real Estate Property
SalePriceOfRealEstateProperty
40100000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
11492000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
295000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1023011000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4282000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
1018729000
CY2021Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.023
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
7428000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
35003000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
243382000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
334754000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
160152000
CY2021Q3 irt Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
242292000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
949894000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4208000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
945686000
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.027
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
102882723
CY2021Q3 irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-1926000
irt Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net Of Mark To Market
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNetOfMarkToMarket
-4939000
CY2021Q3 irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
0
irt Restricted Common Share Awards Vested Dividends
RestrictedCommonShareAwardsVestedDividends
278000
CY2020Q4 irt At Market Sales Agreement Maximum Offer Price Of Common Shares
AtMarketSalesAgreementMaximumOfferPriceOfCommonShares
150000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2021Q4 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
122155
CY2021Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
552360
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
CY2021Q3 us-gaap Profit Loss
ProfitLoss
11564000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
1092000
us-gaap Profit Loss
ProfitLoss
16064000
us-gaap Profit Loss
ProfitLoss
1517000
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
62000
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
90000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
11502000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
1090000
us-gaap Net Income Loss
NetIncomeLoss
15974000
us-gaap Net Income Loss
NetIncomeLoss
1507000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104918674
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94456987
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93261757
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107668675
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95222623
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104062661
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94099091
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
552360
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
552360
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

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