Independence Realty Trust priced the 6 million shares of common stock in its public offering at $9.60 a share, for gross proceeds of $57.6 million. The underwriters of the offering have a 30-day option to buy up to 900,000 additional shares of common stock.
The company said it plans to use the net proceeds from the offering to acquire more apartment properties in the course of its business, with some of the money also used for general corporate purposes and as working capital.
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TheStreet Ratings team rates INDEPENDENCE REALTY TRUST as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INDEPENDENCE REALTY TRUST (IRT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and poor profit margins."