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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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

IRT Chart IRT data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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.

More from Markets

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices