Independence Realty Trust, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Independence Realty Trust, Inc. (IRT) has filed its Q1 2024 10-Q report detailing financial performance and corporate structure.</b>

AI Summary

INDEPENDENCE REALTY TRUST, INC. (IRT) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Independence Realty Trust, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 1835 Market Street, Suite 2601, Philadelphia, PA 19103. The company's IRS number is 264567130. The filing includes data related to common stock, additional paid-in capital, accumulated other comprehensive income, retained earnings, parent interest, and noncontrolling interest for various periods.

Why It Matters

For investors and stakeholders tracking INDEPENDENCE REALTY TRUST, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including balance sheet and equity information, crucial for assessing the company's financial health and performance trends. Understanding the details within this report allows stakeholders to evaluate Independence Realty Trust's operational status, capital structure, and potential risks or opportunities as of March 31, 2024.

Risk Assessment

Risk Level: low — INDEPENDENCE REALTY TRUST, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and equity breakdowns in the 10-Q to understand the company's financial position and any changes from the previous quarter.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 267-270-4800 — Business Phone (Company contact number)
• 264567130 — IRS Number (Company tax identification number)

Key Players & Entities

• INDEPENDENCE REALTY TRUST, INC. (company) — Filer and company name
• IRT (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-30 (date) — Filed as of date
• 1835 MARKET STREET SUITE 2601 (address) — Business and mailing address
• PHILADELPHIA (location) — City for business and mailing address
• PA (location) — State for business and mailing address
• 19103 (postal_code) — ZIP code for business and mailing address

FAQ

Industry Context

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

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and equity sections for changes in assets, liabilities, and equity components.
2. Note any disclosures regarding joint ventures or specific property segments mentioned in the filing.
3. Compare the reported equity figures with previous filings to identify significant shifts.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed

Year-Over-Year Comparison

This filing represents the quarterly update for March 31, 2024, and should be compared against prior 10-Q or 10-K filings for trend analysis.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share IRT NYSE Indicate
• $250 — Corporation deposit insurance limit of $250 per institution. We mitigate credit ris

Filing Documents

• irt-20240331.htm (10-Q) — 1169KB
• irt-2024331xexx311.htm (EX-31.1) — 10KB
• irt-2024331xexx312.htm (EX-31.2) — 10KB
• irt-2024331xexx321.htm (EX-32.1) — 5KB
• irt-2024331xexx322.htm (EX-32.2) — 5KB
• 0001466085-24-000054.txt (&nbsp;) — 5886KB
• irt-20240331.xsd (EX-101.SCH) — 41KB
• irt-20240331_cal.xml (EX-101.CAL) — 59KB
• irt-20240331_def.xml (EX-101.DEF) — 193KB
• irt-20240331_lab.xml (EX-101.LAB) — 537KB
• irt-20240331_pre.xml (EX-101.PRE) — 379KB
• irt-20240331_htm.xml (XML) — 709KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months ended March 3 1 , 202 4 and March 3 1 , 202 3 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months ended March 31, 2024 and March 31, 2023 5 Condensed Consolidated Statements of Changes in Equity for the Three Months ended March 31, 2024 and March 31, 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and March 31, 2023 7 Notes to Condensed Consolidated Financial Statements as of March 31, 2024 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 35

Signatures

Signatures 36 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Independence Realty Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited and dollars in thousands, except share and per share data) As of March 31, 2024 As of December 31, 2023 ASSETS: Investments in real estate: Investments in real estate, at cost $ 6,183,009 $ 6,259,212 Accumulated depreciation ( 622,713 ) ( 582,760 ) Investments in real estate, net 5,560,296 5,676,452 Real estate held for sale 98,603 296,334 Investments in real estate under development 109,338 98,365 Cash and cash equivalents 21,275 22,852 Restricted cash 20,625 27,880 Investments in unconsolidated real estate entities 89,487 89,044 Other assets 34,379 39,245 Derivative assets 38,845 29,937 Intangible assets, net of accumulated amortization of $ 0 and $ 332 , respectively — 66 Total Assets $ 5,972,848 $ 6,280,175 LIABILITIES AND EQUITY: Indebtedness, net $ 2,212,273 $ 2,426,788 Indebtedness associated with real estate held for sale 64,825 122,621 Accounts payable and accrued expenses 83,678 109,074 Accrued interest payable 7,145 7,917 Dividends payable 36,896 36,858 Other liabilities 8,928 9,723 Total Liabilities 2,413,745 2,712,981 Equity: Stockholders' equity: Preferred stock, $ 0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively — — Common stock, $ 0.01 par value; 500,000,000 shares authorized, 225,070,396 and 224,706,731 shares issued and outstanding, including 410,984 and 288,250 unvested restricted common share awards, respectively 2,251 2,247 Additional paid-in capital 3,753,833 3,751,942 Accumulated other comprehensive income 34,501 25,513 Accumulated deficit ( 367,015 ) ( 348,405 ) Total stockholders' equity 3,423,570 3,431,297 Noncontrolling interests 135,533 135,897 Total Equity 3,559,103 3,567,194 Total Liabilities and Equity $ 5,972,848 $ 6,280,175 The accompanying notes are an integral part of these condensed consolidated financial stat

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