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INDEPENDENCE REALTY TRUST, INC.

CIK:0001466085|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Rental and other property revenue	$ 167,126	$ 161,891	$ 332,339	$ 322,796
Other revenue	115	297	224	635
Total revenue	167,241	162,188	332,563	323,431
EXPENSES:
Property operating expenses	63,375	60,935	125,499	120,198
Property management expenses	7,931	7,715	16,168	15,541
General and administrative expenses	5,685	5,982	14,199	14,388
Depreciation and amortization expense	64,861	59,794	129,494	118,521
Casualty (gains) losses, net	(553)	255	(476)	139
Total expenses	141,299	134,681	284,884	268,787
Interest expense	(21,583)	(18,773)	(42,315)	(38,121)
Gain on sale of real estate assets, net	0	0	0	1,496
Loss on extinguishment of debt	0	0	0	(67)
Other Nonoperating Income (Expense)	(105)	0	(191)	(103)
Loss from unconsolidated real estate entities	(836)	(562)	(1,883)	(1,151)
Net income (loss)	3,418	8,172	3,290	16,698
(Income) loss allocated to noncontrolling interest	(27)	(126)	32	(298)
Net income allocable to common shares	$ 3,391	$ 8,046	$ 3,322	$ 16,400
Earnings per share:
Basic (in dollars per share)	$ 0.01	$ 0.03	$ 0.01	$ 0.07
Diluted (in dollars per share)	$ 0.01	$ 0.03	$ 0.01	$ 0.07
Weighted-average shares:
Basic (in shares)	235,400,393	233,496,633	235,913,709	232,117,768
Diluted (in shares)	236,037,395	234,131,752	236,663,887	233,041,087

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 3,290	$ 16,698
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	129,494	118,521
Accretion of loan discounts and premiums, net	(4,038)	(4,014)
Amortization of deferred financing costs, net	2,065	1,809
Stock compensation expense	5,480	5,797
Gain on sale of real estate assets, net	0	(1,496)
Loss on extinguishment of debt	0	67
Amortization related to derivative instruments	450	506
Non-cash casualty losses	1,195	400
Equity in loss from investments in unconsolidated real estate entities	1,883	1,151
Other loss	191	103
Changes in assets and liabilities:
Other assets	(917)	3,077
Accounts payable and accrued expenses	(2,729)	1,379
Accrued interest payable	(81)	(815)
Other liabilities	(48)	(569)
Cash flow provided by operating activities	136,235	142,614
Cash flows from investing activities:
Acquisition of real estate properties	(29,392)	(58,637)
Escrow deposits for pending real estate acquisitions	0	(3,818)
Cash acquired in consolidation of unconsolidated real estate entity	94	0
Investments in unconsolidated real estate entities	(16,475)	(16,096)
Proceeds from dispositions of real estate properties, net	0	109,203
Capital expenditures	(63,889)	(53,677)
Real estate development expenditures	(4,085)	(12,242)
Proceeds from insurance claims	779	925
Cash flow used in investing activities	(112,968)	(34,342)
Cash flows from financing activities:
(Costs) proceeds from issuance of common stock, net	(115)	49,883
Proceeds from unsecured revolver and term loan	677,000	243,414
Unsecured revolver, secured credit facility and term loan repayments	(461,102)	(223,000)
Mortgage principal repayments and payoffs	(122,046)	(94,423)
Payment for deferred financing costs	(2,646)	(5,636)
Distributions on common stock	(80,602)	(74,113)
Distributions to noncontrolling interests	(2,021)	(1,902)
Payment for debt extinguishment	0	(1)
Repurchase of shares related to equity award tax withholding	(2,724)	(3,420)
Repurchase of common stock, including repurchase costs	(29,936)	0
Cash flow used in financing activities	(24,192)	(109,198)
Net change in cash, cash equivalents, and restricted cash	(925)	(926)
Cash, cash equivalents, and restricted cash, beginning of period	47,622	43,452
Cash, cash equivalents, and restricted cash, end of the period	46,697	42,526
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	22,513	19,491
Restricted Cash	24,184	23,035
Total cash, cash equivalents, and restricted cash, end of period	$ 46,697	$ 42,526

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments in real estate:
Investments in real estate, at cost	$ 6,798,220	$ 6,596,007
Accumulated depreciation	(1,029,116)	(915,247)
Investments in real estate, net	5,769,104	5,680,760
Real estate, held for sale	77,756	76,468
Investments in real estate under development	67,814	60,116
Cash and cash equivalents	22,513	23,564
Restricted Cash	24,184	24,058
Investments in unconsolidated real estate entities	69,970	98,263
Other Assets	45,078	45,711
Derivative assets	14,850	9,840
Intangible assets, net of accumulated amortization of $335 and $3,257, respectively	418	2,970
Total Assets	6,091,687	6,021,750
LIABILITIES AND EQUITY:
Accounts payable and accrued expenses	101,713	92,355
Accrued interest payable	8,296	8,377
Dividends payable	43,426	41,275
Derivative liabilities	0	346
Other Liabilities	8,178	8,496
Total Liabilities	2,604,996	2,432,324
Stockholders’ equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 235,742,658 and 237,234,750 shares issued and outstanding, including 428,346 and 382,337 unvested restricted common share awards, respectively	2,357	2,372
Additional paid-in capital	3,978,126	4,005,168
Accumulated other comprehensive income	13,384	7,722
Accumulated deficit	(634,698)	(555,326)
Total stockholders’ equity	3,359,169	3,459,936
Noncontrolling interests	127,522	129,490
Total Equity	3,486,691	3,589,426
Total Liabilities and Equity	6,091,687	6,021,750
Debt Not Associated with Real Estate Held for Sale [Member]
LIABILITIES AND EQUITY:
Indebtedness, net	$ 2,443,383	$ 2,281,475