Independence Realty Trust, Inc. Prices Public Offering of Common Stock

PHILADELPHIA--()--Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company") today announced the pricing of its public offering of 25,000,000 shares of common stock at a public offering price of $9.00 per share for total gross proceeds of $225.0 million. The offering is expected to close on October 5, 2016, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions.

Citigroup is acting as the sole book-running manager of the offering. KeyBanc Capital Markets, Deutsche Bank Securities, and BofA Merrill Lynch are acting as joint lead managers of the offering. Capital One Securities, FBR, Ladenburg Thalmann, William Blair, Compass Point, Huntington Investment Company, Wunderlich, Ramirez & Co., Inc. and Comerica Securities are acting as co-managers of the offering.

The Company intends to use the net proceeds from the offering to (i) repay in full the Company’s $40.0 million senior secured term loan facility, (ii) pay $43.0 million for the previously-announced internalization of the Company’s management, as described in the prospectus supplement referenced below, and (iii) repurchase up to 7,269,719 shares of the Company’s common stock held by subsidiaries of RAIT Financial Trust. Any remaining proceeds will be used to repay outstanding borrowings under the Company’s $325.0 million senior secured credit facility.

A registration statement relating to the offered securities has been declared effective by the Securities and Exchange Commission. The offering is being made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus and the prospectus supplement relating to the offering, when available, may be obtained by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

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 an offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. 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. The Company seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. The Company is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

Forward Looking Statements

This press release contains "forward-looking statements." These forward -looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "anticipate," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, completion and terms of the offering and the intended use of the net proceeds of the offering. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. Investors should not place undue reliance on these forward-looking statements. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based, except as may be required by applicable law.

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-207-2100
aviroslav@irtreit.com

Contacts

Independence Realty Trust, Inc.
Andres Viroslav, 215-207-2100
aviroslav@irtreit.com