Independence Realty Trust Announces Division of the September 2015 Monthly Dividend into Two Prorated Dividends in Preparation of Expected Merger

PHILADELPHIA--()--Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced that, on September 4, 2015, IRT’s Board of Directors (“Board”) approved the division of the previously announced September 2015 monthly dividend of $0.06 per share into two prorated dividends in preparation of the expected closing of the merger contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated May 11, 2015, by and among IRT, IRT OP, IRT Limited Partner, LLC, Adventure Merger Sub LLC, Trade Street Residential, Inc. (“TSRE ”), and Trade Street Operating Partnership, L.P. The new September 2015 monthly dividend payments with the relevant amount per share, record date and payment date are as follows:

           

Month

Amount

Record Date

Payment Date

September 2015 $0.034 09/15/2015 10/15/2015
September 2015 $0.026 09/30/2015 10/15/2015
 

The aggregate amount and payment date of the two prorated dividends remain the same as the previously announced September 2015 monthly dividend. The record date of the previously announced September 2015 monthly dividend was September 30, 2015 and the first prorated dividend has a different record date while the second prorated dividend has the same record date. The two prorated dividends replace the previously announced September 2015 monthly dividend.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. IRT is advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

Cautionary Statement Regarding Forward-Looking Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which IRT operates and beliefs of and assumptions made by IRT management, involve uncertainties that could significantly affect the financial results of IRT or the combined company. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. Such forward-looking statements include, but are not limited to, statements about the expected closing of the merger contemplated by the Merger Agreement. All statements that address events or developments that we expect or anticipate will occur in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although IRT believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, IRT can give no assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (ii) the inability to complete the merger contemplated by the Merger Agreement (the “ Merger ”) or failure to satisfy other conditions to completion of the Merger, (iii) changes in financial markets and interest rates, or to the business or financial condition of IRT, TSRE or either of their businesses, (iv) the availability of financing and capital, (v) maintenance of IRT’s REIT Status, (vi) the performance of IRT’s portfolio and TSRE’s portfolio, and (vii) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“ SEC ”) by IRT and TSRE from time to time, including those discussed under the heading “Risk Factors” in their respective most recently filed reports on Forms 10-K and 10-Q. We do not undertake any duty to update any forward-looking statements contained herein.

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-243-9000
aviroslav@irtreit.com

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-243-9000
aviroslav@irtreit.com