Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company"), announced today the full exercise of the underwriters' option to purchase 1,050,000 additional shares of the Company's common stock. The option was exercised in connection with the Company’s recently announced underwritten public offering which priced on January 23, 2014. Including the shares of common stock sold in connection with the underwriters’ option, a total of 8,050,000 shares of common stock were sold. The public offering price was $8.30 per share. Total gross proceeds to the Company from the offering, before deducting the underwriting discount and estimated offering expenses, will be approximately $66.8 million. RAIT Financial Trust purchased 1,204,819 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. The offering is expected to close on January 29, 2014. 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. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 23, 2014. The offering was made solely by means of a prospectus which 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. 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.