Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today
announced its second quarter 2016 financial results. All per share
results are reported on a diluted basis.
Results for the Quarter
- Earnings per share (“EPS”) was $0.61
for the quarter ended June 30, 2016 as compared to $0.01 for the
quarter ended June 30, 2015.
- Core Funds from Operations (“CFFO”) per
share increased 15.8% to $0.22 for the quarter ended June 30, 2016
from $0.19 for the quarter ended June 30, 2015.
- Earnings before interest, taxes,
depreciation and amortization and before acquisition expenses
(“Adjusted EBITDA”), increased 78.1% to $18.7 million for the
quarter ended June 30, 2016 from $10.5 million for the quarter
ended June 30, 2015.
Results for the Six Months
- EPS was $0.61 for the six months ended
June 30, 2016 as compared to $0.00 for the six months ended June
30, 2015.
- CFFO per share increased 10.5% to $0.42
for the six months ended June 30, 2016 from $0.38 for the six
months ended June 30, 2015.
- Adjusted EBITDA increased 84.3% to
$37.6 million for the six months ended June 30, 2016 from $20.4
million for the six months ended June 30, 2015.
Property Sales and Refinancing Activity
During the quarter ended June 30, 2016, IRT generated $135.0
million in net proceeds from the following transactions and used
these proceeds to pay down IRT’s secured credit facility and its
interim term loan.
- On April 7, 2016, IRT sold a 162 unit
apartment property located in Denver, Colorado for $23.0 million.
IRT received net cash proceeds of approximately $11.6 million,
after transaction costs and full repayment of the debt underlying
the property.
- On May 5, 2016, IRT sold a 360 unit
apartment property located in Phoenix, Arizona for $47.0 million.
IRT received net cash proceeds of approximately $18.4 million,
after transaction costs and full repayment of the debt underlying
the property.
- In May 2016, IRT put long-term,
fixed-rate mortgages on three properties totaling $106 million of
mortgage debt at a weighted average fixed-rate of 3.51% and a
weighted average term of 8.4 years, generating $105.0 million of
net proceeds.
Senior Term Loan Facility
- On June 24, 2016, IRT entered into a
new $40 million senior term loan facility administered by KeyBank
which matures in September 2018. IRT used this facility to repay in
full its interim term loan which had an outstanding balance of
$33.5 million.
Scott Schaeffer, IRT’s Chairman and CEO said, “During the
quarter, we successfully completed our plan to retire the $120
million interim loan used to fund a portion of the Trade Street
acquisition. Our portfolio remains well positioned for continued
rental rate increases which we believe will drive NOI growth while
lowering our debt to EBITDA ratio.”
Same-Store Property Operating
Results
Second Quarter 2016 Comparedto Second
Quarter 2015(1)
Six Months Ended 6/30/16Compared to Six
Months Ended6/30/15(2)
Rental income 3.3% increase 3.1%
increase Total revenues 3.1% increase
3.2% increase Property level operating expenses 1.1%
increase 2.3% increase Net operating income (“NOI”)
5.0% increase 4.0% increase Portfolio
average occupancy 93.9%, 0.3% increase
93.4%, no change Portfolio average rental rate 2.9%
increase to $856 3.0% increase to $852 NOI Margin
0.9% increase to 53.8% 0.4% increase to
53.1%
(1)
Same store portfolio for the three months ended June 30, 2016 and
2015 consists of 26 properties with 7,757 apartment units.
(2)
Same store portfolio for the six months ended June 30, 2016 and
2015 consists of 26 properties with 7,757 apartment units.
Capital Expenditures
For the three months ended June 30, 2016, our recurring capital
expenditures for the total portfolio was $1.9 million, or $143 per
unit. For the six months ended June 30, 2016, our recurring capital
expenditures for the total portfolio was $3.5 million, or $259 per
unit.
2016 Net Income and CFFO Guidance
IRT is updating prior guidance for full year EPS and CFFO per
share, with EPS now projected to be in a range of $0.54-$0.58, an
increase from the prior guidance range of $0.34-$0.39 and CFFO per
share is now projected to be in the range of $0.84-$0.88 per common
share, an increase of the low end from the prior guidance range of
$0.82-$0.88 per common share. A reconciliation of IRT's projected
net income (loss) allocable to common shares to its projected CFFO
per share, a non-GAAP financial measure, is included below. Also
included below are the primary assumptions underlying this
estimate. See Schedule II to this release for further information
regarding how IRT calculates CFFO and Schedule V to this release
for management’s definition and rationale for the usefulness of
CFFO.
2016 Full Year Net Income and
CFFOGuidance (1)
2016 Net Income Guidance (1)
Low
High
Net income (loss) available to common shares
$0.54
-
$0.58 Earnings per share
$0.54 -
$0.58
2016 CFFO Guidance (1)
Net income (loss) available to common shares $0.54 - $0.58
Adjustments: Depreciation and amortization 0.83 - 0.83 Gains on
asset sales (0.63 ) - (0.63 ) Share base compensation
0.02
-
0.02
Amortization of deferred financing fees and other items
0.08 -
0.08 CORE FFO per
diluted share allocated to common shareholders
$0.84
-
$0.88
(1)
This guidance, including the underlying
assumptions, constitutes forward-looking information. Actual full
2016 CFFO could vary significantly from the projections presented.
Our estimate is based on the following key operating
assumptions:
(a) For 2016, a same store pool of 26 properties
totaling 7,757 units. (b) Same store NOI growth of 4.5% to 5.5%,
driven by revenue growth of 4% to 5% and property operating expense
growth of 2% to 3%. (c) The portfolio of properties acquired from
TSRE, which is not included in the same store pool, experiences NOI
growth of 6% to 7%, driven by revenue growth of 4% to 5% and an
improved operating margin of 56%, up from 54% in 2015. The improved
operating margin is driven through reduced operating expenses for
property insurance. (d) No property acquisitions in 2016. (e)
General and administrative expenses of approximately $1.8 million
to $2.3 million.
Selected Financial Information
See Schedule I to this Release for selected financial
information for IRT.
Non-GAAP Financial Measures and Definitions
IRT discloses the following non-GAAP financial measures in this
release: funds from operations (“FFO”), CFFO, Adjusted EBITDA and
NOI. A reconciliation of IRT’s reported net income (loss) to
its FFO and CFFO is included as Schedule II to this release. A
reconciliation of IRT’s same store NOI to its reported net income
(loss) is included as Schedule III to this release. A
reconciliation of IRT’s Adjusted EBITDA, to net income
(loss) is included as Schedule IV to this release. See
Schedule V to this release for management’s respective definitions
and rationales for the usefulness of each of these non-GAAP
financial measures and other definitions used in this release.
Distributions
On July 14, 2016, IRT’s Board of Directors declared monthly cash
dividends for the second quarter of 2016 on IRT’s shares of common
stock in the amount of $0.06 per share per month. The monthly
dividends total $0.18 per share for the second quarter. The month
for which each dividend was declared is set forth below, with the
relevant amount per share, record date and payment date set forth
opposite the month:
Month
Amount
Record
Date
Payment
Date
July 2016 $0.06 07/29/2016 08/15/2016 August 2016 $0.06 08/31/2016
09/15/2016 September 2016 $0.06 09/30/2016 10/17/2016
Conference Call
All interested parties can listen to the live conference call
webcast at 9:00 AM ET on Wednesday, August 3, 2016 from the
investor relations section of the IRT website at www.irtreit.com or
by dialing 1.844.775.2542, access code 47294804. For those who are
not available to listen to the live call, the replay will be
available shortly following the live call on IRT’s website and
telephonically until Wednesday, August 10, 2016, by dialing
855.859.2056, access code 47294804.
Supplemental Information
IRT produces supplemental information that includes details
regarding the performance of the portfolio, financial information,
non-GAAP financial measures, same-store information and other
useful information for investors. The supplemental information is
available via the Company's website, www.irtreit.com, through the
"Investor Relations" section.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate
investment trust that seeks to own well-located apartment
properties in geographic submarkets that it believes support strong
occupancy and the potential for growth in rental rates. IRT seeks
to provide stockholders with attractive risk-adjusted returns, with
an emphasis on distributions and capital appreciation. IRT is
externally advised by a wholly-owned subsidiary of RAIT Financial
Trust (NYSE: RAS).
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements can generally
be identified by our use of forward-looking terminology such as
"may," “trend”, "will," "expect," "intend," "anticipate,"
"estimate," "believe," "continue," “seek,” “outlook,” “in the
process,” “assumption,” “project,” “guidance” or other similar
words. Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These forward looking statements are based upon the current beliefs
and expectations of IRT’s management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
not within IRT’s control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change. These
risks, uncertainties and contingencies include, but are not limited
to whether IRT can maintain its assumed same store pool in 2016;
whether it can achieve projected same store NOI growth and revenue
growth and limit projected property operating expense growth;
whether the TSRE portfolio of properties achieves projected NOI
growth, revenue growth, improved operating margins and reduced
operating expenses for property insurance; whether IRT will not
make any property acquisitions in 2016; whether general and
administrative expenses can be limited to projected levels; and
those disclosed in IRT’s filings with the Securities and Exchange
Commission. IRT undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
Schedule I
Independence Realty Trust, Inc.
Selected Financial Information
(Dollars in thousands, except share and
per share amounts)
(unaudited)
As of or For the Three-Month Periods Ended June
30,
2016
March 31,
2016
December 31,
2015
September 30,
2015
June 30,
2015
Operating Statistics: Net income available to common shares
$ 28,987 $ (75 ) $ 4,123 $ 24,015 $ 337 Earnings (loss) per share
-- diluted $ 0.61 $ - $ 0.09 $ 0.71 $ 0.01 Total revenue $ 38,327 $
38,666 $ 39,709 $ 25,492 $ 22,718 Total property operating expenses
$ 16,852 $ 17,120 $ 17,398 $ 11,945 $ 10,517 Net operating income
("NOI") $ 21,475 $ 21,546 $ 22,311 $ 13,547 $ 12,201 NOI margin
56.0 % 55.7 % 56.2 % 53.1 % 53.7 % Adjusted EBITDA $ 18,688 $
18,924 $ 19,720 $ 11,742 $ 10,518 Funds from operations ("FFO") per
share -- diluted $ 0.18 $ 0.18 $ 0.19 $ 0.86 $ 0.18 Core funds from
operations ("CFFO") per
share -- diluted
$ 0.22 $ 0.21 $ 0.22 $ 0.20 $ 0.19 Dividends per share $ 0.18 $
0.18 $ 0.18 $ 0.18 $ 0.18 CORE FFO payout ratio 81.8 % 85.7 % 81.8
% 90.0 % 94.7 %
Portfolio Data: Total gross assets $
1,368,217 $ 1,404,359 $ 1,434,377 $ 1,445,601 $ 758,988 Total
number of properties 46 48 49 50 31 Total units 12,982 13,502
13,724 14,044 9,055 Average occupancy 94.4 % 93.5 % 93.6 % 94.0 %
93.6 % Average monthly effective rent, per unit $ 961 $ 952 $ 947 $
949 $ 840 Same store portfolio average occupancy
(a) 93.9 %
92.9 % 92.4 % 93.4 % 93.6 % Same store portfolio average effective
monthly
rent (a)
$ 856 $ 848 $ 844 $ 838 $ 832
Capitalization: Total debt $
880,288 $ 940,336 $ 966,611 $ 983,207 $ 454,210 Common share price,
period end $ 8.18 $ 7.12 $ 7.51 $ 7.21 $ 7.53 Market equity
capitalization $ 412,493 $ 358,913 $ 377,194 $ 362,127 $ 249,915
Total market capitalization $ 1,292,781 $ 1,299,249 $ 1,343,805 $
1,345,334 $ 704,125 Total debt/total gross assets 64.3 % 67.0 %
67.4 % 68.0 % 59.8 % Net debt to adjusted EBITDA 11.4 x 12.1 x 11.8
x 12.2 x
(b) 10.3 x Interest coverage 2.1 x 1.9 x 1.9 x 2.1
x
(b) 2.5 x
Common shares and OP Units: Shares
outstanding 47,476,250 47,458,250 47,070,678 47,070,678 31,933,218
OP units outstanding 2,950,816 2,950,816
3,154,936 3,154,936 1,255,983 Common shares and OP
units outstanding 50,427,066 50,409,066 50,225,614 50,225,614
33,189,201 Weighted average common shares and units 50,134,620
50,113,693 50,101,609 35,472,807 33,066,770
(a) Same store includes 26 properties which
represents 7,757 units. (b) Annualized assuming the TSRE merger
which closed September 17, 2015 occurred at the beginning of the
period.
Schedule II
Independence Realty Trust, Inc.
Reconciliation of Net Income (loss) to
Funds From Operations and
Core Funds From Operations
(Dollars in thousands, except share and
per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2016(a)
2015(b)
2016(a)
2015(b)
Amount
Amount
Amount
Amount
Funds From Operations (FFO):
Net Income (loss) $ 30,790 $ 353 $ 30,744 $ 112 Adjustments: Real
estate depreciation and amortization 7,635 5,720 19,162 11,758 Net
(gains) losses on sale of assets (29,321 ) —
(31,774 ) — Funds From Operations $ 9,104 $ 6,073 $ 18,132 $
11,870
FFO per share--diluted $ 0.18 $ 0.18 $ 0.36 $ 0.36
Core Funds From Operations (CFFO): Funds From Operations $
9,104 $ 6,073 $ 18,132 $ 11,870 Adjustments: Stock compensation
expense 380 10 585 80 Amortization of deferred financing costs 749
150 1,946 297 Acquisition and integration expenses 8 168 18 201
(Gains) losses on extinguishment of debt 558 — 558 — (Gains) losses
on TSRE merger and property acquisitions — —
(91 ) — Core Funds From Operations $ 10,799 $ 6,401 $ 21,148
$ 12,448
CFFO per share--diluted $ 0.22 $ 0.19 $ 0.42 $ 0.38
Weighted-average shares and units outstanding 50,134,620
33,066,770 50,089,389 33,060,578
(a) Based on 50,134,620
weighted-average shares and units outstanding-diluted for the
three-month period ended June 30, 2016. (b) Based on 33,066,770
weighted-average shares and units outstanding-diluted for the
three-month period ended June 30, 2015. (c) Based on 50,089,389
weighted-average shares and units outstanding-diluted for the
six-month period ended June 30, 2016. (d) Based on 33,060,578
weighted-average shares and units outstanding-diluted for the
six-month period ended June 30, 2015.
Schedule III
Independence Realty Trust, Inc.
Reconciliation of Same-Store Net Operating
Income to Net Income (loss)
(Dollars in thousands)
(unaudited)
For the Three Months Ended (a)
June 30,
March 31,
December 31,
September 30,
June 30,
2016
2016
2015
2015
2015
Reconciliation of Same-Store Net
Operating Income to Net Income (loss)
Same-store net operating income
(a) $ 10,733 $ 10,206 $
10,029 $ 9,858 $ 10,224 Non same-store net operating income 10,742
11,340 12,282 3,689 1,977 Asset management fees (1,863 ) (1,696 )
(1,882 ) (1,259 ) (1,260 ) General and administrative expenses (544
) (721 ) (511 ) (329 ) (413 ) Stock compensation expense (380 )
(205 ) (198 ) (217 ) (10 ) Acquisition and integration expenses (8
) (10 ) (524 ) (12,830 ) (168 ) Depreciation and amortization
(7,635 ) (11,527 ) (11,632 ) (4,704 ) (5,720 ) Interest expense
(9,018 ) (9,977 ) (10,160 ) (5,094 ) (4,277 ) Interest income — — —
18 — Net gains (losses) on sale of assets 29,321 2,453 6,412 — —
TSRE financing extinguishment and employee separation expenses — —
— (27,508 ) — Gains (losses) on extinguishment of debt (558 ) — — —
— Gains (losses) on TSRE merger and property acquisitions —
91 592 64,012
—
Net income (loss) $ 30,790 $ (46 ) $
4,408 $ 25,636 $ 353
(a) Same store portfolio includes 26
properties which represents 7,757 units.
Schedule IV
Independence Realty Trust, Inc. Reconciliation of Net Income (Loss)
to Adjusted EBITDA, Before Acquisition Expenses And Interest
Coverage Ratio (Dollars in thousands) (unaudited)
Six
Months Ended For the Three Months Ended June 30,
June 30, March 31,
December 31,
September 30,
June 30,
ADJUSTED EBITDA: 2016 2016 2015
2015 2015 2016 2015 Net income
(loss) $ 30,790 $ (46 ) $ 4,408 $ 25,636 $ 353 $ 30,744 $ 112
Add-Back (Deduct): Depreciation and amortization 7,635 11,527
11,632 4,704 5,720 19,162 11,758 Interest expense 9,018 9,977
10,160 5,094 4,277 18,995 8,299 Interest Income — — — (18 ) — — (1
) Acquisition and integration expenses 8 10 524 12,830 168 18 201
Net (gains) losses on sale of assets (29,321 ) (2,453 ) (6,412 ) —
— (31,774 ) — TSRE financing extinguishment and employee separation
expenses — — — 27,508 — — — (Gains) losses on extinguishment of
debt 558 — — — — 558 —
(Gains) losses on TSRE merger and property
acquisitions
—
(91
)
(592
)
(64,012
)
— (91 ) —
Adjusted EBITDA $ 18,688 $
18,924 $ 19,720 $ 11,742 $ 10,518 $ 37,612 $ 20,369
INTEREST COST: Interest expense $ 9,018 $ 9,977 $ 10,160 $
5,094 $ 4,277 $ 18,995 $ 8,299
INTEREST COVERAGE: 2.1
x 1.9 x 1.9 x 2.1 x
(a) 2.5 x 2.0 x 2.5 x
(a)
Annualized assuming the TSRE merger occurred at the
beginning of the period.
Schedule V
Independence Realty Trust, Inc.
Definitions
Average Effective Monthly Rent per Unit
Average effective rent per unit represents the average of gross
rent amounts, divided by the average occupancy (in units) for the
period presented. We believe average effective rent is a helpful
measurement in evaluating average pricing. This metric, when
presented, reflects the average effective rent per month.
Average Occupancy
Average occupancy represents the average of the daily physical
occupancy for the period presented.
Adjusted EBITDA
EBITDA is defined as net income before gains or losses on asset
sales, gains or losses on debt extinguishments, depreciation and
amortization expenses, interest expense, income taxes, and
amortization of deferred financing costs. Adjusted EBITDA is EBITDA
before acquisition expenses and gains. EBITDA and Adjusted EBITDA
are each non-GAAP measures. We consider EBITDA and Adjusted EBITDA
to be an appropriate supplemental measure of our performance
because it eliminates depreciation, income taxes, interest and
acquisition expenses and gains relating to IRT’s acquisition of
TSRE, which permits investors to view income from operations
without non-cash items such as depreciation, amortization, the cost
of debt or items specific to the TSRE acquisition. The table is a
reconciliation of net income applicable to common stockholders to
Adjusted EBITDA. IRT’s calculation of Adjusted EBITDA differs from
the methodology used for calculating Adjusted EBITDA by certain
other REITs and, accordingly, IRT’s Adjusted EBITDA may not be
comparable to Adjusted EBITDA reported by other REITs.
Funds From Operations (“FFO”) and Core Funds From Operations
(“CFFO”)
IRT believes that FFO and CFFO, each of which is a non-GAAP
measure, are additional appropriate measures of the operating
performance of a REIT and IRT in particular. IRT computes FFO in
accordance with the standards established by the National
Association of Real Estate Investment Trusts, or NAREIT, as net
income or loss (computed in accordance with GAAP), excluding real
estate-related depreciation and amortization expense, gains or
losses on sales of real estate and the cumulative effect of changes
in accounting principles.
CFFO is a computation made by analysts and investors to measure
a real estate company’s operating performance by removing the
effect of items that do not reflect ongoing property operations,
including acquisition and integration expenses, expensed costs
related to the issuance of shares of our common stock, gains or
losses on real estate transactions and equity-based compensation
expenses, from the determination of FFO. IRT incurs acquisition
expenses in connection with acquisitions of real estate properties
and expenses those costs when incurred in accordance with U.S.
GAAP. As these expenses are one-time and reflective of investing
activities rather than operating performance, IRT adds back these
costs to FFO in determining CFFO. In connection with IRT’s
acquisition of Trade Street Residential Inc., or TSRE, in September
2015, IRT modified the calculation of CFFO to adjust for
amortization of deferred financing costs and TSRE financing
extinguishment and employee separation expenses because these are
non-cash items or reflective of investing activities rather than
operating performance similar to the other CFFO adjustments. The
effect of these modifications on prior periods is reflected in the
reconciliation of IRT’s reported net income (loss) allocable to
common shares to its FFO and CFFO included herein.
IRT’s calculation of CFFO differs from the methodology used for
calculating CFFO by certain other REITs and, accordingly, IRT’s
CFFO may not be comparable to CFFO reported by other REITs. IRT’s
management utilizes FFO and CFFO as measures of IRT’s operating
performance, and believes they are also useful to investors,
because they facilitate an understanding of IRT’s operating
performance after adjustment for certain non-cash items, such as
depreciation and amortization expenses, equity based compensation,
amortization of deferred financing costs, and acquisition expenses,
TSRE financing extinguishment and employee separation expenses,
gain on TSRE merger and property acquisitions and pursuit costs
that are required by GAAP to be expensed but may not necessarily be
indicative of current operating performance and that may not
accurately compare IRT’s operating performance between periods.
Furthermore, although FFO, CFFO and other supplemental performance
measures are defined in various ways throughout the REIT industry,
IRT also believes that FFO and CFFO may provide IRT and our
investors with an additional useful measure to compare IRT’s
financial performance to certain other REITs. IRT also uses CFFO
for purposes of determining the quarterly incentive fee, if any,
payable to our advisor. Neither FFO nor CFFO is equivalent to net
income or cash generated from operating activities determined in
accordance with GAAP. Furthermore, FFO and CFFO do not represent
amounts available for management’s discretionary use because of
needed capital replacement or expansion, debt service obligations
or other commitments or uncertainties. Neither FFO nor CFFO should
be considered as an alternative to net income as an indicator of
IRT’s operating performance or as an alternative to cash flow from
operating activities as a measure of IRT’s liquidity.
Net Debt
Net debt, a non-GAAP measure, equals total debt less cash and
cash equivalents as these captions are reported on the consolidated
balance sheet. The following table provides a reconciliation of
total debt to net debt.
As of June 30, March
31, December 31,
September 30, June 30, 2016
2016 2015 2015 2015 Total debt $
880,288 $ 940,336 $ 966,611 $ 983,207 $ 454,210 Less: cash and cash
equivalents (28,051 ) (21,924 ) (38,301 )
(16,939 ) (21,568 ) Total net debt $ 852,237 $
918,412 $ 928,310 $ 966,268 $ 432,642
IRT presents net debt because management believes it is a useful
measure of IRT’s credit position and progress toward reducing
leverage. The calculation is limited in that IRT may not always be
able to use cash to repay debt on a dollar for dollar basis.
Net Operating Income
IRT believes that Net Operating Income (“NOI”), a non-GAAP
measure, is a useful measure of its operating performance. IRT
defines NOI as total property revenues less total property
operating expenses, excluding depreciation and amortization, asset
management fees, acquisition expenses and general administrative
expenses. Other REITs may use different methodologies for
calculating NOI, and accordingly, our NOI may not be comparable to
other REITs. We believe that this measure provides an operating
perspective not immediately apparent from GAAP operating income or
net income. We use NOI to evaluate our performance on a same store
and non-same store basis because NOI measures the core operations
of property performance by excluding corporate level expenses and
other items not related to property operating performance and
captures trends in rental housing and property operating expenses.
However, NOI should only be used as an alternative measure of our
financial performance.
Same Store Properties and Same Store Portfolio
IRT reviews its same store properties or portfolio at the
beginning of each calendar year. Properties are added into the same
store portfolio if they were owned at the beginning of the previous
year. Properties that have been sold are excluded from the same
store portfolio.
Total Gross Assets
Total Gross Assets equals total assets plus accumulated
depreciation and accumulated amortization as these captions are
reported on the consolidated balance sheet. The following table
provides a reconciliation of total assets to total gross
assets.
As of June 30, March
31, December 31,
September 30, June 30, 2016
2016 2015 2015 2015 Total assets $
1,307,871 $ 1,344,650 $ 1,383,188 $ 1,402,554 $ 720,167 Plus:
Accumulated Depreciation 45,059 44,422 39,638 35,304 31,188 Plus:
Accumulated Amortization 15,287 15,287 11,551
7,743 7,633 Total gross assets $ 1,368,217 $
1,404,359 $ 1,434,377 $ 1,445,601 $ 758,988
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160803005821/en/
Independence Realty Trust, Inc.Andres Viroslav,
215-207-2100aviroslav@irtreit.com
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