<SEC-DOCUMENT>0001193125-15-395399.txt : 20160217
<SEC-HEADER>0001193125-15-395399.hdr.sgml : 20160217
<ACCEPTANCE-DATETIME>20151204161033
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ACCESSION NUMBER:		0001193125-15-395399
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENCE REALTY TRUST, INC
		CENTRAL INDEX KEY:			0001466085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				264567130
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE
		STREET 2:		2929 ARCH ST. 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104
		BUSINESS PHONE:		2152439000

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE
		STREET 2:		2929 ARCH ST. 17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEPENDENCE REALTY TRUST INC
		DATE OF NAME CHANGE:	20110211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMPIRE AMERICAN REALTY TRUST INC
		DATE OF NAME CHANGE:	20090610
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Independence Realty Trust, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cira Centre </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2929 Arch
Street, 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Philadelphia, PA 19104 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:56%; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;4, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>VIA
EDGAR </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549-0405 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Robert F. Telewicz Jr. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Independence Realty Trust, Inc. </B></TD></TR></TABLE>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form 10-K for the year ended December&nbsp;31, 2014 </B></TD></TR></TABLE>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed on March&nbsp;16, 2015 </B></TD></TR></TABLE>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File No.&nbsp;001-36041 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Telewicz: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On behalf of Independence Realty Trust, Inc. (&#147;IRT&#148;), this letter is to respond to your comment letter dated November&nbsp;20, 2015
concerning the above-referenced filing. For your convenience, your comment has been restated in italics followed by IRT&#146;s response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 10-K
for the Year Ended December&nbsp;31, 2014 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7 Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Key Statistics, page 35 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><I>Please tell us how you have met the disclosure requirements of Item&nbsp;10(e) of Regulation S-K with regard to your disclosure of net operating income.</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B>&nbsp;At the time IRT filed the referenced annual report, IRT considered its computation of net operating income
(&#147;NOI&#148;) to be excluded from the definition of non-GAAP financial measures under Item&nbsp;10(e)(4)(ii)(A) of Regulation S-K. In particular, IRT calculated NOI exclusively through GAAP line items in IRT&#146;s audited Consolidated
Statements of Operations and, accordingly, considered NOI to be a &#147;statistical measure calculated using exclusively&#133;[f]inancial measures calculated in accordance with GAAP.&#148;&nbsp;None of these line items were characterized as
non-recurring.&nbsp;Beginning with IRT&#146;s third quarter 2015 earnings release, supplement and quarterly report on Form 10-Q, as a result of growth in IRT&#146;s business and a review of peer company disclosure practices, IRT determined to treat
NOI and, specifically, Same Store NOI, as a non-GAAP financial measure and expand its disclosures concerning NOI and Same Store NOI to include the disclosures referenced in Item&nbsp;10(e) of Regulation S-K.&nbsp;IRT advises the staff that in future
filings, to the extent that IRT continues to disclose NOI and Same Store NOI, IRT will continue to provide such disclosures. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2: Summary of Significant Accounting Policies </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I></I><I>Please tell us and revise future periodic [reports] to describe and distinguish the types of expenses that are categorized as property operating versus general and administrative.</I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> Property operating expenses include property level expenses associated with real estate taxes, property level insurance,
property specific personnel costs, property repairs and maintence, property management fees and other property specific expenses. General and administrative expenses reflect corporate level expenses for audit, corporate level insurance, legal
expenses and various other corporate level matters. IRT advises the staff that, in future filings, it will expand its disclosures to include such a description of each of property operating and general and administrative expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 11: Commitments and Contingencies, page 72 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><I>Reference is made to your risk factor disclosures on page 17 where you discuss the potential impact under any &#147;bad boy&#148; carve-out guaranties provided in connection with certain mortgage and related loans.
Please clarify whether such guaranties existed during the periods presented. To the extent such guaranties exist, please revise future periodic filings to include the disclosures outlined in paragraphs 460-10-50-2 to 4 of the FASB Accounting
Standards Codification. </I> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> &#147;Bad boy&#148; carve-out guaranties existed during the periods presented
and IRT anticipates that they will exist in the future in connection with first mortgage financing of its properties. IRT advises the staff that, in its future filings, it will enhance its disclosures to include the disclosures outlined in ASC
460-10-5-2 to 4 to the extent such guaranties exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">************** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">With regard to the filing discussed above, IRT acknowledges the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IRT is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IRT may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If you have any questions or comments regarding the foregoing, or have additional questions or comments, please contact the undersigned at
(215)&nbsp;243-9000. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James J. Sebra</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">James J. Sebra</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Chief Financial Officer and Treasurer</TD></TR>
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