Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company") today announced the pricing and upsizing of its public offering of 7,000,000 shares of common stock at a public offering price of $9.50 per share for total gross proceeds of approximately $66.5 million. The offering was increased by 1,000,000 shares from the originally announced offering of 6,000,000 shares of common stock. The offering is expected to close on July 21, 2014, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 1,050,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. RAIT Financial Trust is purchasing 300,000 shares of common stock in the offering, at the public offering price, for which no underwriting discounts and commissions will be paid to the underwriters.
Deutsche Bank Securities is acting as the book-running manager of the offering. Compass Point, Ladenburg Thalmann, William Blair, JMP Securities, Drexel Hamilton, The Huntington Investment Company and National Securities Corporation are acting as co-managers of the offering.
The Company intends to use the net proceeds from the offering to acquire additional apartment properties in the ordinary course of its business and, to a lesser extent, for general corporate purposes and working capital as described in the prospectus supplement referenced below.
A registration statement relating to these securities has been filed and is effective and on file with the Securities and Exchange Commission. The offering is being made solely by means of a prospectus supplement and an accompanying prospectus which may be obtained, when available, 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 email@example.com.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 offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.
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