Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | INDEPENDENCE REALTY TRUST, INC. |
Entity Central Index Key | 0001466085 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | (a) (b) (c) (d) (e) (f) (g) (h) (i) Year Summary Compensation Table Total for CEO Compensation Actually Paid to CEO 1 Average Summary Compensation Table Total for Non-CEO NEOs Average Compensation Actually Paid to Non-CEO NEOs 2 Value of Initial Fixed $100 Investment Based On: Net Income (in millions) Core FFO per Share 4 Total Shareholder Return (TSR) Peer Group 3 TSR 2022 $ 4,856,465 $ 583,503 $ 1,754,644 $ 540,222 $ 130.87 $ 94.43 $ 120.7 $ 1.08 2021 $ 4,517,543 $ 15,562,928 $ 1,448,152 $ 4,047,439 $ 190.70 $ 135.61 $ 45.5 $ 0.84 2020 $ 3,495,195 $ 5,384,680 $ 1,075,244 $ 1,446,639 $ 99.22 $ 84.73 $ 14.9 $ 0.73 | ||
Peer Group Issuers, Footnote [Text Block] | Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the constituent members of the FTSE NAREIT Apartment Index, which we use to determine our relative TSR performance for the objective component of our annual PSU awards. | ||
PEO Total Compensation Amount | $ 4,856,465 | $ 4,517,543 | $ 3,495,195 |
PEO Actually Paid Compensation Amount | $ 583,503 | 15,562,928 | 5,384,680 |
Adjustment To PEO Compensation, Footnote [Text Block] | The dollar amounts reported represent the amount of Compensation Actually Paid ("CAP") to our Chief Executive Officer ("CEO"), Scott Schaeffer, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Schaeffer during the applicable year. To calculate CAP to Mr. Schaeffer, for each of the years shown, the following amounts were deducted from and added to Summary Compensation Table ("SCT") total compensation. CEO SCT Total to CAP Reconciliation: Year SCT Total Deductions from SCT Total (i) Additions to SCT Total (ii) CAP 2022 $ 4,856,465 $ 2,422,221 $ (1,850,741) $ 583,503 2021 $ 4,517,543 $ 2,112,055 $ 13,157,440 $ 15,562,928 2020 $ 3,495,195 $ 1,626,039 $ 3,515,524 $ 5,384,680 (i) Represents the grant date fair value of equity-based awards granted each year, as shown in the Stock Awards column of the Summary Compensation Table. (ii) Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP is further detailed in the supplemental table below . CEO Equity Component of CAP: Year Fair Value of Equity Awards Granted in the Year and Outstanding and Unvested as of Year End Year over Year Change in Fair Value of Equity Awards Granted in Prior Years and Outstanding and Unvested as of Year End Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Year Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation Total 2022 $ 1,877,486 $ (2,293,050) $ — $ (1,567,536) $ — $ 132,359 $ (1,850,741) 2021 $ 4,605,017 $ 4,617,483 $ — $ 3,835,525 $ — $ 99,416 $ 13,157,440 2020 $ 1,851,651 $ 838,857 $ — $ 781,179 $ — $ 43,837 $ 3,515,524 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,754,644 | 1,448,152 | 1,075,244 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 540,222 | 4,047,439 | 1,446,639 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | The dollar amounts reported in column (e) represent the average amount of CAP to the non-CEO named executive officers (“Non-CEO NEOs”) as a group, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the Non-CEO NEOs during the applicable year. The Non-CEO NEOs reflected in columns (d) and (e) consist of the following individuals for each of the years shown: James Sebra, Farrell Ender, Jessica Norman and Jason Delozier. In addition, Ella Neyland is included as a Non-CEO NEO for 2022 only. To calculate CAP to our Non-CEO NEOs for each of the years shown, the following amounts were deducted from and added to SCT total compensation. Average Non-CEO NEOs SCT Total to CAP Reconciliation: Year SCT Total Deductions from SCT Total (i) Additions to SCT Total (ii) CAP 2022 $ 1,754,644 $ 640,995 $ (573,427) $ 540,222 2021 $ 1,448,152 $ 565,596 $ 3,164,883 $ 4,047,439 2020 $ 1,075,244 $ 421,944 $ 793,340 $ 1,446,639 (i) Represents the grant date fair value of equity-based awards granted each year, as shown in the Stock Awards column of the Summary Compensation Table. (ii) Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP is further detailed in the supplemental table below . Average Non-CEO NEOs Equity Component of CAP: Year Fair Value of Equity Awards Granted in the Year and Outstanding and Unvested as of Year End Year over Year Change in Fair Value of Equity Awards Granted in Prior Years and Outstanding and Unvested as of Year End Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Year Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation Total 2022 $ 364,859 $ (602,627) $ 47,631 $ (406,188) $ — $ 22,897 $ (573,427) 2021 $ 1,233,196 $ 1,286,754 $ — $ 620,191 $ — $ 24,742 $ 3,164,883 2020 $ 480,498 $ 154,697 $ — $ 145,053 $ — $ 13,092 $ 793,340 | ||
Compensation Actually Paid vs. Net Income [Text Block] | Table 1 below graphs the dollar changes in CAP to our CEO, average CAP to our NON-CEO NEOs ("Executive Pay") and our net income for the three-year period ending December 31, 2022. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Table 2 below graphs the dollar changes in Executive Pay, and our Core FFO per share for the three-year period ending December 31, 2022. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Table 3 below graphs the dollar changes in our Executive Pay, our TSR, and our peer group TSR for the three-year period ending December 31, 2022. | ||
Tabular List [Table Text Block] | The following unranked list provides the financial performance measures that are the most important measures used to link executive compensation actually paid for fiscal year 2022 to company performance. The measures in this table are not ranked. • Core FFO per Share • Operating Margin • G&A % of Revenue • Relative TSR • Net Debt to EBITDA • Same-Store NOI Growth | ||
Total Shareholder Return Amount | $ 130.87 | 190.70 | 99.22 |
Peer Group Total Shareholder Return Amount | 94.43 | 135.61 | 84.73 |
Net Income (Loss) | $ 120,700,000 | $ 45,500,000 | $ 14,900,000 |
Company Selected Measure Amount | $ / shares | 1.08 | 0.84 | 0.73 |
PEO Name | Scott Schaeffer | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •Core FFO per Share | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •G&A % of Revenue | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •Net Debt to EBITDA | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •Operating Margin | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •Relative TSR | ||
Measure [Axis]: 6 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | •Same-Store NOI Growth | ||
PEO [Member] | Deductions From SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 2,422,221 | $ 2,112,055 | $ 1,626,039 |
PEO [Member] | Additions To SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,850,741) | 13,157,440 | 3,515,524 |
PEO [Member] | Equity Awards Granted During the Year, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 1,877,486 | 4,605,017 | 1,851,651 |
PEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (2,293,050) | 4,617,483 | 838,857 |
PEO [Member] | Equity Awards Granted During the Year, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 |
PEO [Member] | Equity Awards Granted in Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (1,567,536) | 3,835,525 | 781,179 |
PEO [Member] | Equity Awards that Failed to Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 |
PEO [Member] | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 132,359 | 99,416 | 43,837 |
PEO [Member] | Equity Award Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,850,741) | 13,157,440 | 3,515,524 |
Non-PEO NEO [Member] | Deductions From SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 640,995 | 565,596 | 421,944 |
Non-PEO NEO [Member] | Additions To SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (573,427) | 3,164,883 | 793,340 |
Non-PEO NEO [Member] | Equity Awards Granted During the Year, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 364,859 | 1,233,196 | 480,498 |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (602,627) | 1,286,754 | 154,697 |
Non-PEO NEO [Member] | Equity Awards Granted During the Year, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 47,631 | 0 | 0 |
Non-PEO NEO [Member] | Equity Awards Granted in Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | (406,188) | 620,191 | 145,053 |
Non-PEO NEO [Member] | Equity Awards that Failed to Meet Vesting Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 |
Non-PEO NEO [Member] | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount, Equity Awards | 22,897 | 24,742 | 13,092 |
Non-PEO NEO [Member] | Equity Award Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (573,427) | $ 3,164,883 | $ 793,340 |