INDEPENDENCE REALTY TRUST INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Item 2. Properties
We hold fee title to all of the multifamily properties in our portfolio (other than four properties owned by unconsolidated joint ventures in which we hold interests). The following table presents an overview of our consolidated portfolio as of December 31, 2023 (including one development property).
| Market | Property Count | Units (a) | Gross Cost | Accumulated Depreciation | Net Book Value | Period End Occupancy (b) | Average Occupancy (c) | Average Effective Rent per Occupied Unit (d) |
|---|---|---|---|---|---|---|---|---|
| Asheville, NC | 1 | 252 | $29,377 | $(5,815) | $23,562 | 96.8% | 96.6% | $1,552 |
| Atlanta, GA | 13 | 5,180 | 1,090,677 | (90,537) | 1,000,140 | 93.6% | 92.2% | 1,648 |
| Austin, TX | 1 | 256 | 58,946 | (3,893) | 55,053 | 94.1% | 92.1% | 1,808 |
| Birmingham, AL | 2 | 1,074 | 233,911 | (13,897) | 220,014 | 93.2% | 91.8% | 1,482 |
| Charleston, SC | 2 | 518 | 81,866 | (15,589) | 66,277 | 94.6% | 94.6% | 1,692 |
| Charlotte, NC | 3 | 714 | 189,558 | (14,754) | 174,804 | 94.4% | 95.5% | 1,762 |
| Chattanooga, TN | 1 | 192 | 30,179 | (1,935) | 28,244 | 89.1% | 91.5% | 1,377 |
| Cincinnati, OH | 2 | 542 | 123,465 | (6,990) | 116,475 | 92.3% | 94.5% | 1,598 |
| Columbus, OH | 10 | 2,510 | 374,054 | (43,394) | 330,660 | 94.8% | 94.7% | 1,425 |
| Dallas, TX | 14 | 4,007 | 866,009 | (65,789) | 800,220 | 94.6% | 94.2% | 1,814 |
| Denver, CO | 9 | 2,400 | 614,501 | (33,686) | 580,815 | 94.7% | 94.9% | 1,734 |
| Greenville, SC | 1 | 702 | 124,546 | (7,330) | 117,216 | 96.0% | 94.2% | 1,293 |
| Houston, TX | 7 | 1,932 | 316,463 | (17,722) | 298,741 | 95.2% | 95.3% | 1,459 |
| Huntsville, AL | 4 | 1,051 | 241,112 | (14,487) | 226,625 | 94.8% | 95.4% | 1,527 |
| Indianapolis, IN | 7 | 1,979 | 293,760 | (28,197) | 265,563 | 94.6% | 95.4% | 1,369 |
| Lexington, KY | 3 | 886 | 161,068 | (9,316) | 151,752 | 96.7% | 96.7% | 1,323 |
| Louisville, KY | 4 | 1,150 | 147,034 | (35,701) | 111,333 | 96.3% | 94.2% | 1,284 |
| Memphis, TN | 4 | 1,383 | 162,113 | (39,830) | 122,283 | 93.0% | 93.5% | 1,519 |
| Myrtle Beach, SC - Wilmington, NC | 3 | 628 | 68,185 | (11,901) | 56,284 | 93.3% | 94.8% | 1,420 |
| Nashville, TN | 5 | 1,508 | 371,562 | (21,450) | 350,112 | 95.0% | 93.6% | 1,634 |
| Oklahoma City, OK | 8 | 2,147 | 328,355 | (29,900) | 298,455 | 95.1% | 93.9% | 1,184 |
| Orlando, FL | 1 | 297 | 50,331 | (10,029) | 40,302 | 94.9% | 93.8% | 1,815 |
| Raleigh - Durham, NC | 6 | 1,690 | 254,971 | (45,528) | 209,443 | 95.5% | 94.4% | 1,562 |
| San Antonio, TX | 1 | 306 | 57,300 | (3,380) | 53,920 | 95.4% | 96.2% | 1,475 |
| Tampa-St. Petersburg, FL | 5 | 1,452 | 309,847 | (35,354) | 274,493 | 96.3% | 94.7% | 1,822 |
| TOTAL | 117 | 34,756 | $6,579,190 | $(606,404) | $5,972,786 | 94.6% | 94.2% | $1,558 |
(a)Units represent the total number of units available for rent at December 31, 2023, including 325 units at the Destination at Arista development property.
(b)Period end occupancy for each of our properties is calculated as (i) total units rented as of December 31, 2023 divided by (ii) total units available for rent as of December 31, 2023, expressed as a percentage. Excludes the Destination at Arista, which, as of December 31, 2023, is in the lease-up phase and has not reached 90% occupancy.
(c)Average occupancy represents the daily average occupancy of available units for the three-month period ended December 31, 2023. Excludes the Destination at Arista, which, as of December 31, 2023, is in the lease-up phase and has not reached 90% occupancy.
(d)Average effective monthly rent, per unit, represents the average monthly rent for all occupied units for the three-month period ended December 31, 2023. Excludes the Destination at Arista, which, as of December 31, 2023, is in the lease-up phase and has not reached 90% occupancy.
Additional information on our consolidated properties is contained in “Schedule III - Real Estate and Accumulated Depreciation” in this Annual Report on Form 10-K, which is incorporated herein by reference.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.