Independence Realty Trust Q3 2024 Update

TL;DR

**IRT Q3 2024: Financials and operations update filed. Stay tuned for details.**

AI Summary

Independence Realty Trust, Inc. (IRT) filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and strategic developments are presented for investors and stakeholders.

Why It Matters

This filing provides investors with a crucial update on Independence Realty Trust's financial health and operational performance, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, IRT is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-09-30 — Period End Date (Current reporting period end)
• 2023-12-31 — Previous Year End (Comparison point for annual trends)
• 2024-07-01 to 2024-09-30 — Q3 2024 Period (Specific quarter for financial review)
• 2023-07-01 to 2023-09-30 — Q3 2023 Period (Prior year quarter for comparison)
• 2023-01-01 to 2023-09-30 — Year-to-Date 2023 (Cumulative performance for the first nine months of 2023)

Key Players & Entities

• INDEPENDENCE REALTY TRUST, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filing Date
• 1835 MARKET STREET SUITE 2601 PHILADELPHIA PA 19103 (address) — Business Address
• 267-270-4800 (phone_number) — Business Phone

FAQ

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-20240930.htm (10-Q) — 1580KB
• ex-311x2024930.htm (EX-31.1) — 10KB
• ex-312x2024930.htm (EX-31.2) — 10KB
• ex-321x2024930.htm (EX-32.1) — 5KB
• ex-322x2024930.htm (EX-32.2) — 5KB
• 0001466085-24-000124.txt ( ) — 6955KB
• irt-20240930.xsd (EX-101.SCH) — 47KB
• irt-20240930_cal.xml (EX-101.CAL) — 66KB
• irt-20240930_def.xml (EX-101.DEF) — 209KB
• irt-20240930_lab.xml (EX-101.LAB) — 603KB
• irt-20240930_pre.xml (EX-101.PRE) — 415KB
• irt-20240930_htm.xml (XML) — 845KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months ended September 30, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months ended September 30, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and September 30, 2023 8 Notes to Condensed Consolidated Financial Statements as of September 30, 2024 9 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41

Signatures

Signatures 42 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 September 30, 2024 As of December 31, 2023 ASSETS: Investments in real estate: Investments in real estate, at cost $ 6,341,504 $ 6,259,212 Accumulated depreciation ( 715,702 ) ( 582,760 ) Investments in real estate, net 5,625,802 5,676,452 Real estate held for sale — 296,334 Investments in real estate under development 115,221 98,365 Cash and cash equivalents 17,611 22,852 Restricted cash 30,632 27,880 Investments in unconsolidated real estate entities 95,393 89,044 Other assets 43,566 39,245 Derivative assets 18,821 29,937 Intangible assets, net of accumulated amortization of $ 426 and $ 332 , respectively 1,158 66 Total Assets $ 5,948,204 $ 6,280,175 LIABILITIES AND EQUITY: Indebtedness, net $ 2,286,694 $ 2,426,788 Indebtedness associated with real estate held for sale — 122,621 Accounts payable and accrued expenses 119,286 109,074 Accrued interest payable 6,858 7,917 Dividends payable 36,906 36,858 Derivative liabilities 1,779 — Other liabilities 7,966 9,723 Total Liabilities 2,459,489 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, 225,093,090 and 224,706,731 shares issued and outstanding, including 370,550 and 288,250 unvested restricted common share awards, respectively 2,250 2,247 Additional paid-in capital 3,755,311 3,751,942 Accumulated other comprehensive income 13,835 25,513 Accumulated deficit ( 416,223 ) ( 348,405 ) Total stockholders' equity 3,355,173 3,431,297 Noncontrolling interests 133,542 135,897 Total Equity 3,488,715 3,567,194 Total Liabilities and Equity $ 5,948,204 $ 6,280,175 The accompanying notes are an integral part of these conde

View Full Filing

View this 10-Q filing on SEC EDGAR