INDEPENDENCE REALTY TRUST, INC. (IRT): restructuring charge — IRT Q3 net income falls 76% YoY to $3.9M; plans to sell 10 properties with up to $74M impairments

INDEPENDENCE REALTY TRUST, INC.

Net income $3.9M ($0.02 diluted EPS) vs $16.2M ($0.07) YoY; Core FFO rose to $0.30/share from $0.28.
Same-store NOI grew 4.8% YoY; value-add program delivered 14.2% ROI on 709 units.
Board approved sale of 10 properties (2,742 units) in Denver, Houston, Chicago, others to reduce leverage.
Q3 impairment $11.3M on a Chicago property; Q4 estimated impairments of $55M-$63M for nine other targeted properties.
Full-year 2023 guidance updated; no specific numbers provided in the press release excerpt.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INDEPENDENCE REALTY TRUST, INC. reported three and nine months ended September 30, 2023 results: net income Net income available to common shares of $3.9 million for the quarter ended September 30, 2023, EPS Earnings per diluted share of $0.02 for the quarter ended September 30, 2023.

Period: three and nine months ended September 30, 2023
Net income: Net income available to common shares of $3.9 million for the quarter ended September 30, 2023
EPS: Earnings per diluted share of $0.02 for the quarter ended September 30, 2023
Result: reported results

Exact text from the filing

On October 30, 2023, we issued a press release announcing our financial results for the three and nine months ended September 30, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of $11.3 million affecting property in Chicago, Illinois held for sale as of September 30, 2023.

Type: impairment
Charge: $11.3 million
Affected area: property in Chicago, Illinois held for sale as of September 30, 2023

Exact text from the filing

we have recorded an impairment charge for the third quarter 2023 of $11.3 million related to our property in Chicago, Illinois that was held for sale as of September 30, 2023

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.7

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of ranging between $32 and $38 million affecting six other Targeted Sales Properties.

Type: impairment
Charge: ranging between $32 and $38 million
Affected area: six other Targeted Sales Properties

Exact text from the filing

we expect to incur impairment charges for certain of these properties in the fourth quarter 2023 ranging between $32 and $38 million, in aggregate

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of between $23 and $25 million affecting three other Targeted Sales Properties.

Type: impairment
Charge: between $23 and $25 million
Affected area: three other Targeted Sales Properties

Exact text from the filing

we will be required, under GAAP, to record an impairment charge in the fourth quarter 2023 for three other Targeted Sales Properties and currently estimate the amount of the impairment charge to be between $23 and $25 million, in aggregate

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Source: SEC EDGAR

accession 0001466085-23-000119

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