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 July 15, 2014. Including the shares of common stock being issued and sold in connection with the underwriters’ option, a total of 8,050,000 common shares will be issued and sold at a price to the public of $9.50 per share. Total gross proceeds to the Company from the offering, before deducting the underwriting discount and estimated offering expenses, will be approximately $76.5 million. The offering is expected to close on July 21, 2014. 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 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.