INDEPENDENCE REALTY TRUST, INC.

Listed Company

IRTCIK 0001466085NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$657.70M

Net Income

$56.56M

Total Assets

$6.02B

Equity

$3.46B

Shares Out

235.71M

Op. Cash Flow

$282.15M

Business

INDEPENDENCE REALTY TRUST, INC. is a self-administered, self-managed REIT that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. The company offers multifamily rental properties, property management services, renovation and repositioning programs (its Value Add Initiative), and capital recycling and joint venture investment activities. It conducts its operations through an umbrella partnership REIT structure primarily via its operating partnership (IROP) and its wholly owned property management subsidiary, IRT Management, and reports in one real estate segment. Properties are concentrated in non-gateway Southeastern and Midwestern states, including Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other property revenue	656	639	660	—	—
Other revenue	1	1	1	1	760,000
Total revenue	658	640	661	629	250
Property operating expenses	239	236	244	—	—
Property management expenses	30	30	27	24	10
General and administrative expenses	24	24	23	26	19
Depreciation and amortization expense	243	221	219	253	77
Casualty losses	1	4	925,000	—	—
Total expenses	538	515	514	527	199
Interest expense	−79	−76	−90	−87	—
Gain on sale (loss on impairment) of real estate assets, net	6	−10	−67	112	88
(Loss) gain on extinguishment of debt	−67,000	200,000	−124,000	0	−10
Other Nonoperating Income (Expense)	−352,000	−1,000	−427,000	2	0
Income (loss) from investments in unconsolidated real estate entities	11	347,000	−4	−2	0
Restructuring costs	0	0	−3	—	—
Net income (loss)	58	40	−18	121	46
(Income) loss allocated to noncontrolling interest	−1	−742,000	580,000	−3	−940,000
Net income (loss) allocable to common shares	57	39	−17	117	45
Basic (in dollars per share)	0.24	0.17	−0.08	0.53	0.41
Diluted (in dollars per share)	0.24	0.17	−0.08	0.53	0.41
Basic (in shares)	234	225	224	222	109
Diluted (in shares)	235	226	224	223	110

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in real estate, at cost	6,596	6,364	—	—	—
Accumulated depreciation	−915	−741	—	—	—
Investments in real estate, net	5,681	5,623	—	—	—
Real estate, held for sale	76	110	296	36	62
Investments in real estate under development	60	117	—	—	—
Cash and cash equivalents	24	21	23	16	36
Restricted Cash	24	22	28	—	—
Investments in unconsolidated real estate entities	98	92	—	—	—
Other Assets	46	40	39	35	38
Derivative assets	10	29	30	41	2
Intangible assets, net of accumulated amortization of $3,257 and $1,305, respectively	3	4	66,000	399,000	53
Total Assets	6,022	6,058	6,280	6,532	6,507
Accounts payable and accrued expenses	92	95	—	—	—
Accrued interest payable	8	9	8	8	7
Dividends payable	41	38	37	32	17
Derivative liabilities	346,000	0	—	0	12
Other Liabilities	8	8	10	13	17
Total Liabilities	2,432	2,483	2,713	2,794	2,865
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively	0	0	0	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 237,234,750 and 230,838,006 shares issued and outstanding, including 382,337 and 360,561 unvested restricted common share awards, respectively	2	2	2	2	2
Additional paid-in capital	4,005	3,868	—	—	—
Accumulated other comprehensive income	8	26	26	35	−12
Accumulated deficit	−555	−454	−348	−192	−188
Total stockholders equity	3,460	3,442	3,431	3,597	3,481
Noncontrolling interests	129	133	136	141	161
Total Equity	3,589	3,575	3,567	3,738	3,642
Total Liabilities and Equity	6,022	6,058	6,280	6,532	6,507

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	243	221	219	—	—
Accretion of loan discounts and premiums, net	−8	−9	−11	−11	−501,000
Amortization of deferred financing costs, net	4	3	3	4	2
Stock compensation expense	8	7	8	8	7
Amortization related to derivative instruments	986,000	1	1	—	—
Non-cash casualty losses	589,000	3	925,000	—	—
Other non-cash loss	103,000	1,000	1	−1	0
Other assets	−8	−8	−8	−33,000	−523,000
Accounts payable and accrued expenses	2	−7	−3	−2	−4
Accrued interest payable	−253,000	713,000	−79,000	538,000	2
Other liabilities	−1	−1	−2	−4	−699,000
Net cash provided by operating activities	282	260	262	250	52
Acquisition of real estate properties	−153	−239	0	−202	−140
Escrow deposits for pending real estate acquisitions	−590,000	0	0	—	—
Cash acquired from consolidation of previously unconsolidated real estate entity	0	0	2	0	0
Investments in unconsolidated real estate entities	−36	−12	−26	—	—
Return of investment in unconsolidated real estate entities	41	9	0	3	0
Proceeds from dispositions of real estate properties, net	158	391	231	254	177
Capital expenditures	−136	−118	−147	—	—
Real estate development expenditures	−18	−57	−66	−62	0
Proceeds from insurance claims	2	5	4	16	0
Net cash used in investing activities	−143	−21	−2	−136	−216
Proceeds (costs) from issuance of common stock, net	162	111	−421,000	—	—
Proceeds from unsecured revolver and term loan	480	450	270	708	595
Proceeds from unsecured notes	0	150	0	0	—
Unsecured revolver and secured credit facility repayments	−478	−491	−250	—	—
Mortgage principal repayments and payoffs	−101	−314	−130	−53	−313
Payment for deferred financing costs	−6	−2	−60,000	—	—
Distributions on common stock	−154	−144	−135	−106	−50
Distributions to noncontrolling interests	−4	−4	−4	−3	−294,000
Payment for debt extinguishment	0	−666,000	−124,000	—	—
Repurchase of shares related to equity award tax withholding	−3	−3	−5	−6	−3
Repurchase of common stock, including repurchase costs	−30	0	0	—	—
Net cash used in financing activities	−135	−246	−254	−135	216
Net change in cash, cash equivalents, and restricted cash	4	−7	7	−22	52
Cash paid for interest	83	81	96	96	29
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	0	33,000	1	21	858,000
Distributions declared but not paid	41	38	37	32	17
Real estate under development placed in service	68	34	78	0	0
Initial measurement of operating lease right of use assets	1	0	0	753,000	672,000
Initial measurement of operating lease liabilities	1	0	0	753,000	672,000
Accrued capital expenditures and real estate under development	6	12	20	19	5
Assets recognized upon consolidation of previously unconsolidated real estate entity	0	0	53	0	0
Liabilities recognized upon consolidation of previously unconsolidated real estate entity	0	0	40	0	0
Derecognition of equity method investment upon consolidation of previously unconsolidated real estate entity	0	0	13	0	0
Value of non-controlling interest upon consolidation of previously unconsolidated real estate entity	0	0	256,000	0	0
Assumption of mortgage notes payable to acquire real estate	60	0	0	—	—
Assets acquired from loan assumption	924,000	0	0	—	—
Preferred return on unconsolidated real estate entity	31,000	0	0	—	—

Filings

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