Independence Realty Trust Announces Second Quarter 2016 Financial Results

PHILADELPHIA--()--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 Compared
to Second Quarter 2015(1)

   

Six Months Ended 6/30/16
Compared to Six Months Ended
6/30/15(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 CFFO
Guidance (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
 

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-207-2100
aviroslav@irtreit.com

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-207-2100
aviroslav@irtreit.com