Independence Realty Trust, Inc. (NYSE MKT: IRT) (the “Company”) today announced that it has commenced an underwritten public offering of 6,500,000 shares of common stock. The Company expects to grant the underwriters a 30-day option to purchase up to 975,000 additional shares of common stock.
RAIT Financial Trust (“RAIT”) may purchase up to $10.0 million in shares of common stock in the proposed offering at the public offering price; however, RAIT is under no obligation to purchase any shares in the offering.
Deutsche Bank Securities is acting as the book-running manager of the offering. Compass Point, Ladenburg Thalmann & Co. Inc., William Blair and JMP Securities are acting as joint-lead managers for the offering.
The Company intends to use the net proceeds from the offering to acquire additional properties and for general corporate purposes and working capital as described in the prospectus referenced below.The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering, when available, may be obtained by contacting Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling (800) 503-4611, or by emailing firstname.lastname@example.org. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction. About Independence Realty Trust, Inc. Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. The Company seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. The Company is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV