Independence Realty Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Independence Realty Trust, Inc. has filed its 2023 10-K annual report detailing its financial performance and corporate information.</b>

AI Summary

INDEPENDENCE REALTY TRUST, INC. (IRT) filed a Annual Report (10-K) with the SEC on February 28, 2024. Independence Realty Trust, Inc. (IRT) filed its annual report for the fiscal year ending December 31, 2023. The filing is a 10-K report, providing a comprehensive overview of the company's financial performance and condition. The company's principal executive offices are located at 1835 Market Street, Suite 2601, Philadelphia, PA 19103. IRT's IRS number is 264567130, and it is incorporated in Maryland (MD). The filing covers the fiscal year from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking INDEPENDENCE REALTY TRUST, INC., this filing contains several important signals. This 10-K filing provides investors with crucial, up-to-date information on IRT's financial health, operational strategies, and risk factors for the 2023 fiscal year. Understanding the details within this report is essential for assessing the company's current market position, future outlook, and potential investment value.

Risk Assessment

Risk Level: medium — INDEPENDENCE REALTY TRUST, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the specific financial details and risk factors within will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess the company's performance and potential risks for the 2023 fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240228 — Filing Date (Filed as of date)
• 267-270-4800 — Business Phone (Company contact information)
• 001-36041 — SEC File Number (SEC filing details)

Key Players & Entities

• INDEPENDENCE REALTY TRUST, INC. (company) — Filer name
• IRT (company) — Ticker symbol
• 10-K (filing) — Form type
• 20231231 (date) — Conformed period of report
• 20240228 (date) — Filed as of date
• 1835 MARKET STREET SUITE 2601 (address) — Business address
• PHILADELPHIA (location) — Business address city
• PA (location) — Business address state

FAQ

Industry Context

Independence Realty Trust, Inc. operates as a real estate investment trust (REIT) focused on owning and managing a portfolio of apartment properties.

Regulatory Implications

As a publicly traded company, IRT is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and asset/liability details.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into operational performance and strategic initiatives.
3. Review the Risk Factors section to understand potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year, so no prior period comparison is available from this specific document.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share IRT New York Stock Exchange
• $18 — rice of such shares on June 30, 2023 of $18.22, was approximately $ 4,178,432,430 .
• $35 million — re at less than replacement cost in the $35 million to $125 million price range with a thre
• $125 million — replacement cost in the $35 million to $125 million price range with a three to fifteen-yea
• $37.3 million — nt community for a gross sales price of $37.3 million and recognized a gain on sale of $1.2 m
• $1.2 million — illion and recognized a gain on sale of $1.2 million. Proceeds from the sale were used to re
• $200.7 million — s, for an aggregate gross sale price of $200.7 million and recognized an aggregate impairment
• $34.8 million — an aggregate impairment loss on sale of $34.8 million. These sales represent a reduction in o
• $128 million — 23 for an aggregate gross sale price of $128 million. In addition, as of the date of this An
• $525 million — completed, we expect to have generated $525 million in gross sales proceeds, used net proce
• $519 million — eds to reduce our debt by approximately $519 million and to have exited five single asset ma
• $15,716 — ly owned at an average cost per unit of $15,716 and achieved a return on our total reno
• $89.0 million — tments in unconsolidated real estate of $89.0 million and $80.2 million, respectively. Durin
• $80.2 m — idated real estate of $89.0 million and $80.2 million, respectively. During 2023, we e
• $450 million — ng an aggregate offering price of up to $450 million (the "2023 ATM Program") in negotiated

Filing Documents

• irt-20231231.htm (10-K) — 2537KB
• ex104summaryofnon-employee.htm (EX-10.4) — 8KB
• ex1012weisbaumofferletter.htm (EX-10.12) — 18KB
• irt-20231231xex211.htm (EX-21.1) — 105KB
• irt-20231231xex231.htm (EX-23.1) — 2KB
• irt-20231231xexx311.htm (EX-31.1) — 10KB
• irt-20231231xexx312.htm (EX-31.2) — 10KB
• irt-20231231xexx321.htm (EX-32.1) — 5KB
• irt-20231231xexx322.htm (EX-32.2) — 5KB
• ex971clawbackpolicy.htm (EX-97.1) — 36KB
• ex991materialusfederalinco.htm (EX-99.1) — 119KB
• image.jpg (GRAPHIC) — 3KB
• irt-20231231_g1.jpg (GRAPHIC) — 79KB
• irt-20231231_g2.jpg (GRAPHIC) — 1KB
• irt-20231231_g3.jpg (GRAPHIC) — 1KB
• irt-20231231_g4.jpg (GRAPHIC) — 1KB
• 0001466085-24-000023.txt (&nbsp;) — 12200KB
• irt-20231231.xsd (EX-101.SCH) — 82KB
• irt-20231231_cal.xml (EX-101.CAL) — 80KB
• irt-20231231_def.xml (EX-101.DEF) — 398KB
• irt-20231231_lab.xml (EX-101.LAB) — 975KB
• irt-20231231_pre.xml (EX-101.PRE) — 650KB
• irt-20231231_htm.xml (XML) — 1702KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 39

Cybersecurity

Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. Reserved 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 96 PART IV Item 15. Exhibits and Financial Statement Schedules 96 Item 16 Form 10-K Summary 100 Table of Contents EXPLANATORY NOTE As used herein, the terms "we," "our," "us" and "IRT" refer to Independence Realty Trust, Inc., a Maryland corporation, and, as required by context, Independence Realty Operating Partnership, LP, a Delaware limited partnership, which we refer to as IROP, and their subsidiaries. Our multifamily apartment communities are referred to as "communities," "properties," "apartment properties," and "multifamily properties." CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The Securities and Exchange Commission (the "SEC"), encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This annual report on Form 10-K contains or incorporates by reference such "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act"), as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. We claim the protection of the safe harbor for forward-looking statements provided in the Private Securities Litigation Reform Act of 1995. These statements may be made directly in this annual report on Form 10-K and they may also be incorporated by reference in this annual report on Form 10-K to other documents filed with the SEC, and include, without limi

Business

ITEM 1. Business Our Company IRT, a Maryland corporation, is a self-administered and self-managed real estate investment trust ("REIT") that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2023, we owned and operated 116 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 34,431 units. These properties are located in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2023, we owned two investments in real estate under development in Denver, Colorado that will, upon completion, contain an aggregate of 621 units. As of December 31, 2023, we also owned interests in four unconsolidated joint ventures, two of which own and operate multifamily apartment properties that contain an aggregate of 810 units and two that are developing multifamily apartment properties that will, upon completion, contain an aggregate of 653 units. We do not have any foreign operations and our business is not seasonal. Our principal executive offices are located at 1835 Market Street, Suite 2601, Philadelphia, PA 19103 and our telephone number is (267) 270-4800. Our Business Objective and Investment Strategies Our primary business objective is to maximize stockholder value through diligent portfolio management, strong operational performance, and a consistent return of capital through distributions and capital appreciation. Our investment strategy is focused on the following: gaining scale near major employment centers within key amenity rich submarkets of non-gateway cities that offer good school districts and high-quality retail and are unlikely to experience substantial new apartment construction in the foreseeable future; increasing cash flows at our existing apartment properties through prudent property management and strategic r

View Full Filing

View this 10-K filing on SEC EDGAR