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IRT(IRT) - 2021 Q2 - Quarterly Report
2021-07-26 20:17
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorpo ...
IRT(IRT) - 2021 Q1 - Quarterly Report
2021-04-30 20:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorp ...
IRT(IRT) - 2021 Q1 - Earnings Call Presentation
2021-04-29 18:56
dence EARNINGS RELEASE & SUPPLEMENTAL INFORMATION Q1 2021 Talison Row at Daniel Island, South Caro NYSE: IRT WWW.IRTLIVING.COM TABLE OF CONTENTS Company Information 3 Forward-Looking Statements 4 Earnings Release Text 5 Financial & Operating Highlights 11 Balance Sheets 12 Statements of Operations, FFO & CORE FFO Trailing Five Quarters 13 Three Months Ended March 31, 2021 and 2020 14 Adjusted EBITDA Reconciliations and Coverage Ratio Trailing Five Quarters 15 Same-Store Portfolio Net Operating Income Traili ...
IRT(IRT) - 2021 Q1 - Earnings Call Transcript
2021-04-29 18:29
Independence Realty Trust, Inc. (NYSE:IRT) Q1 2021 Earnings Conference Call April 29, 2021 9:00 AM ET Company Participants Lauren Torres - IR Scott Schaeffer - Chief Executive Officer Jim Sebra - Chief Financial Officer Farrell Ender - President Conference Call Participants Neil Malkin - Capital One Securities Austin Wurschmidt - KeyBanc Michael Griffin - Citi John Kim - BMO Capital Markets Amanda Sweitzer - Baird John Massocca - Ladenburg Thalmann Operator Good day, and thank you for standing by. And welco ...
IRT(IRT) - 2020 Q4 - Annual Report
2021-02-18 21:16
Part I [Business](index=4&type=section&id=Item%201.%20Business) The company is a self-managed REIT owning 56 multifamily properties with 15,667 units in non-gateway U.S. markets, focusing on value-add initiatives Portfolio Overview as of December 31, 2020 | Metric | Value | | :--- | :--- | | Number of Properties | 56 | | Number of Units | 15,667 | | Geographic Footprint | Georgia, North Carolina, Tennessee, Kentucky, Ohio, Oklahoma, Indiana, Texas, Florida, South Carolina, Missouri, and Alabama | - The company's investment strategy focuses on **non-gateway cities** with strong apartment demand, aiming to acquire properties with **operational upside**, improve them through **capital expenditures**, and selectively dispose of assets that no longer align with the long-term strategy[20](index=20&type=chunk)[21](index=21&type=chunk) 2020 Key Operational and Transactional Highlights | Activity | Details | | :--- | :--- | | **COVID-19 Response** | Increased weighted average occupancy to 95.0% from 92.5% in 2019. Implemented 276 deferred payment plans for residents, deferring over $0.5 million in rent | | **Value Add Initiative** | Incurred $13.1 million in renovation costs on 3,719 units, achieving a 15.9% return on total renovation costs | | **Acquisitions** | Acquired 2 communities (672 units) for $145.2 million in Dallas, TX, and Huntsville, AL | | **Dispositions** | Disposed of 3 communities (559 units) for $59.7 million, exiting Chattanooga, TN, and Baton Rouge, LA markets | | **Capital Raising** | Entered forward equity sales for 10,350,000 shares and established a $150.0 million ATM Program | [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from the COVID-19 pandemic, market concentration, debt financing, regulatory compliance, and maintaining REIT qualification - The COVID-19 pandemic poses a **material risk**, potentially affecting residents' ability to pay rent, disrupting leasing activities, and straining business continuity. The **CDC's eviction moratorium** further restricts the company's ability to enforce rental obligations[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - The company's portfolio is **concentrated** in the multifamily apartment sector and geographically in the **Southeastern United States**, making it vulnerable to downturns in this specific asset class or regional economic weakness[73](index=73&type=chunk)[74](index=74&type=chunk) - Significant financial risks include reliance on **debt financing**, potential unavailability of capital on favorable terms, and exposure to **rising interest rates** on its variable-rate debt. As of December 31, 2020, **$484.8 million** of its total debt bore interest at variable rates[59](index=59&type=chunk)[132](index=132&type=chunk)[142](index=142&type=chunk) - Failure to maintain **REIT qualification** would subject the company to **corporate income tax**, reducing cash available for distributions. Compliance requires distributing at least **90% of REIT taxable income** annually, which may necessitate borrowing funds or forgoing other attractive investment opportunities[169](index=169&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) [Unresolved Staff Comments](index=35&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[217](index=217&type=chunk) [Properties](index=36&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company's portfolio comprised 56 multifamily properties with 15,667 units, primarily in the Southeastern U.S Portfolio Summary as of December 31, 2020 | Metric | Total | | :--- | :--- | | **Property Count** | 56 | | **Units** | 15,667 | | **Gross Cost (in thousands)** | $1,916,770 | | **Net Book Value (in thousands)** | $1,708,152 | | **Period End Occupancy** | 95.3% | | **Average Occupancy (Q4)** | 95.0% | | **Avg. Effective Rent/Unit (Q4)** | $1,136 | [Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management expects will not materially impact its financial position or operations - The company is subject to **ordinary course legal proceedings**, which are generally covered by insurance and are **not expected to have a material adverse financial impact**[221](index=221&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[222](index=222&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=37&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under 'IRT', with a quarterly dividend of $0.12 per share, and no issuer equity purchases in 2020 - The company's common stock is listed on the **NYSE** under the symbol "**IRT**"[225](index=225&type=chunk) - The current quarterly dividend rate is **$0.12 per common share**[226](index=226&type=chunk) - In 2020, the company issued **196,974 shares** of common stock to settle exchanges of an equal number of IROP limited partnership units[230](index=230&type=chunk) [Selected Financial Data](index=39&type=section&id=Item%206.%20Selected%20Financial%20Data) Selected financial data shows consistent revenue growth to $211.9 million in 2020, volatile net income, and a reduced cash distribution per share to $0.54 in 2020 Selected Financial Data (2018-2020) | (in thousands, except per share data) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Operating Data** | | | | | Total revenue | $211,906 | $203,223 | $191,232 | | Net income | $14,877 | $46,354 | $26,610 | | Diluted EPS | $0.16 | $0.51 | $0.30 | | **Balance Sheet Data (End of Period)** | | | | | Investments in real estate, net | $1,708,152 | $1,637,930 | $1,548,153 | | Total assets | $1,734,897 | $1,664,106 | $1,659,336 | | Total indebtedness, net | $945,686 | $985,572 | $985,488 | | **Other Data** | | | | | Property portfolio occupancy | 95.3% | 92.5% | 92.5% | | Cash distributions declared per share | $0.5400 | $0.7200 | $0.7200 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2020, total revenue grew 4.2% to $211.9 million, but net income decreased to $14.9 million due to lower gains on asset sales, while CFFO per share increased to $0.80 [Results of Operations](index=41&type=section&id=Results%20of%20Operations) In 2020, total revenue increased 4.2% to $211.9 million, but net income decreased by $31.5 million to $14.9 million due to lower gains on asset sales Consolidated Results Comparison (2020 vs. 2019) | (in thousands) | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $211,906 | $203,223 | $8,683 | 4.3% | | **Property Operating Expenses** | $82,978 | $79,568 | $3,410 | 4.3% | | **Net Operating Income** | $128,189 | $123,052 | $5,137 | 4.2% | | **Gain on sale of real estate** | $7,554 | $35,211 | ($27,657) | -78.5% | | **Net Income** | $14,877 | $46,354 | ($31,477) | -67.9% | Same Store Portfolio Performance (2020 vs. 2019, in thousands) | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | **Rental & Other Property Revenue** | $189,214 | $182,599 | 3.6% | | **Total Operating Expenses** | $74,201 | $71,005 | 4.5% | | **Net Operating Income (NOI)** | $115,013 | $111,594 | 3.1% | | **Average Occupancy** | 93.6% | 93.4% | 0.2% | [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) The company uses FFO and CFFO as non-GAAP measures, with 2020 FFO at $67.7 million ($0.72 per share) and CFFO at $75.9 million ($0.80 per share) FFO and Core FFO Reconciliation (2018-2020) | (in thousands, except per share) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Net income** | $14,877 | $46,354 | $26,610 | | Real estate depreciation & amortization | $60,352 | $52,482 | $45,067 | | (Gain on sale) of real estate assets, net | ($7,554) | ($42,628) | ($11,561) | | **Funds From Operations (FFO)** | **$67,675** | **$56,208** | **$60,116** | | FFO per share | $0.72 | $0.62 | $0.68 | | **Core Funds From Operations (CFFO)** | **$75,863** | **$68,497** | **$65,083** | | CFFO per share | $0.80 | $0.76 | $0.74 | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operations, credit facilities, property sales, and equity issuances, with 2020 net cash from operations at $75.0 million and financing activities at $48.8 million Summary of Cash Flows (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Operating Activities** | $74,959 | $75,001 | | **Investing Activities** | ($124,540) | ($106,396) | | **Financing Activities** | $48,763 | $29,783 | - Key financing activities in 2020 included issuing **10,350,000 shares** of common stock under forward sale agreements for approximately **$148.8 million** in proceeds and establishing a new **$150.0 million ATM program**[266](index=266&type=chunk) [Capitalization](index=46&type=section&id=Capitalization) As of December 31, 2020, total debt was $945.7 million with a 2.7% weighted average interest rate and 3.1-year maturity, comprising unsecured facilities and fixed-rate mortgages Debt Summary as of December 31, 2020 | Debt Type | Outstanding Principal (in thousands) | Type | Weighted Avg. Rate | Weighted Avg. Maturity (years) | | :--- | :--- | :--- | :--- | :--- | | Unsecured credit facility | $184,802 | Floating | 1.6% | 2.4 | | Unsecured term loans | $300,000 | Floating | 1.5% | 3.3 | | Mortgages | $465,092 | Fixed | 3.9% | 3.2 | | **Total Debt** | **$949,894** | | **2.7%** | **3.1** | [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk from its $484.8 million variable-rate debt, partially mitigated by derivative instruments, with a 100-basis point rate increase impacting annual interest expense by $0.8 million - The company is exposed to interest rate risk on **$484.8 million** of floating-rate debt as of year-end 2020. This risk is partially managed through interest rate swaps and collars[295](index=295&type=chunk) Interest Rate Sensitivity Analysis (as of Dec 31, 2020) | Scenario | Impact on Annual Interest Expense (in thousands) | | :--- | :--- | | 100 Basis Point Increase | $848 | | 100 Basis Point Decrease | ($848) | [Financial Statements and Supplementary Data](index=51&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2020, with KPMG LLP issuing an unqualified opinion and identifying real estate impairment evaluation as a critical audit matter - The financial statements were audited by **KPMG LLP**, which issued an **unqualified opinion**[304](index=304&type=chunk)[305](index=305&type=chunk) - The auditor identified the evaluation of real estate assets for potential impairment as a **critical audit matter** due to the high degree of subjective and complex judgment required[309](index=309&type=chunk)[310](index=310&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Investments in real estate, net | $1,708,152 | $1,637,930 | | Total Assets | $1,734,897 | $1,664,106 | | Indebtedness, net | $945,686 | $985,572 | | Total Liabilities | $1,022,126 | $1,044,349 | | Total Equity | $712,771 | $619,757 | Consolidated Statement of Operations Highlights (in thousands) | Account | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total revenue | $211,906 | $203,223 | $191,232 | | Total expenses | $168,095 | $152,854 | $139,410 | | Net income | $14,877 | $46,354 | $26,610 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=79&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[452](index=452&type=chunk) [Controls and Procedures](index=79&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that its disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - Management concluded that both disclosure controls and procedures and internal control over financial reporting were **effective** as of December 31, 2020[454](index=454&type=chunk)[456](index=456&type=chunk) [Other Information](index=79&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[459](index=459&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=79&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2021 proxy statement - The information required by this item will be set forth in the definitive proxy statement for the 2021 annual meeting of stockholders and is incorporated by reference[461](index=461&type=chunk) [Executive Compensation](index=79&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2021 proxy statement - The information required by this item will be set forth in the definitive proxy statement for the 2021 annual meeting of stockholders and is incorporated by reference[462](index=462&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=80&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and related stockholder matters is incorporated by reference from the 2021 proxy statement - The information required by this item will be set forth in the definitive proxy statement for the 2021 annual meeting of stockholders and is incorporated by reference[463](index=463&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=80&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2021 proxy statement - The information required by this item will be set forth in the definitive proxy statement for the 2021 annual meeting of stockholders and is incorporated by reference[464](index=464&type=chunk) [Principal Accountant Fees and Services](index=80&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2021 proxy statement - The information required by this item will be set forth in the definitive proxy statement for the 2021 annual meeting of stockholders and is incorporated by reference[465](index=465&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=80&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the annual report, including consolidated financial statements and material contracts - This section contains the index of all financial statements, schedules, and exhibits filed with the annual report[467](index=467&type=chunk)[470](index=470&type=chunk) [Form 10-K Summary](index=83&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a Form 10-K summary - None[480](index=480&type=chunk)
IRT(IRT) - 2020 Q4 - Earnings Call Transcript
2021-02-11 20:33
Independence Realty Trust, Inc. (NYSE:IRT) Q4 2020 Earnings Conference Call February 11, 2021 9:00 AM ET Company Participants Lauren Torres - IR Scott Schaeffer - Chairman & CEO James Sebra - CFO & Treasurer Farrell Ender - President, IRT Conference Call Participants Neil Malkin - Capital One Securities Austin Wurschmidt - KeyBanc Nick Joseph - Citi Amanda Sweitzer - Baird John Massocca - Ladenburg Thalmann Operator Thank you for standing by, and welcome to the Independence Realty Trust Fourth Quarter and F ...
IRT(IRT) - 2020 Q3 - Quarterly Report
2020-10-29 20:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of In ...
IRT(IRT) - 2020 Q3 - Earnings Call Transcript
2020-10-29 16:01
Independence Realty Trust, Inc. (NYSE:IRT) Q3 2020 Earnings Conference Call October 29, 2020 9:00 AM ET Company Participants Lauren Torres - IR Scott Schaeffer - CEO James Sebra - CFO Farrell Ender - President Conference Call Participants Operator Good morning, ladies and gentlemen, and welcome to the Q3 2020 Independence Realty Trust, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at t ...
Independence Realty Trust (IRT) Investor Presentation - Slideshow
2020-09-01 13:13
Independence Realty Trust INVESTOR PRESENTATION September 2020 Talison Row at Daniel Island, South Carolina IRT Overview 1 Table of Contents | --- | --- | |------------------------------------------------------------|-----------| | Enterprise Snapshot | 2 | | Addressing the Current Environment | 3 – 5 | | Highlighting IRT's Competitive Advantage | 6 – 14 | | Value Add Program / Case Studies | 15 – 20 | | Capital Structure | 21 | | ESG Commitment | 22 | | Conclusion | 23 | | Appendix | | | Market Statistics ...
IRT(IRT) - 2020 Q2 - Quarterly Report
2020-07-30 21:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36041 INDEPENDENCE REALTY TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorpo ...