Why Independence Realty Trust (IRT) Stock Is Down Today

NEW YORK (TheStreet) -- Independence Realty Trust  (IRT) fell Wednesday after it increased and priced its public offering of shares of common stock.

The REIT increased its offering to 7 million shares from 6 million shares and priced the offering at $9.50 a share for gross proceeds of approximately $66.5 million. The offering, which the company expects to close on Monday, July 21, contains a 30-day option for underwriters to purchase up to an additional 1.05 million shares.

The company announced RAIT Financial Trust would purchase 300,000 shares at the public offering price. No underwriting discounts or commissions would be paid to the underwriters for this purchase.

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The stock was down 2.06% to $9.50 at 11:27 a.m.

IRT Chart IRT data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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