Independence Realty Trust, Inc. Announces Closing of Public Offering of Common Stock and Exercise of Underwriters’ Option to Purchase Additional Shares

PHILADELPHIA--()--Independence Realty Trust, Inc. (NYSE:IRT) (“IRT”) today announced the closing of its public offering of 12,500,000 shares of its common stock at a public offering price of $9.25 per share. IRT also closed on the underwriters’ option to purchase an additional 1,875,000 shares of common stock at the public offering price. As a result of the closing and exercise of the underwriters’ option, IRT received approximately $126.1 million in proceeds, after deducting the underwriting discount and estimated offering expenses.

Citigroup and KeyBanc Capital Markets acted as joint book-running managers of the offering. Baird, BofA Merrill Lynch, Capital One Securities and Stifel acted as joint lead managers of the offering. Comerica Securities, Compass Point, FBR, a B. Riley Financial Company, Huntington Capital Markets, JMP Securities, JonesTrading, Ladenburg Thalmann, PNC Capital Markets LLC, Ramirez & Co., Inc. and William Blair acted as co-managers of the offering.

IRT intends to use the net proceeds from the offering to pay a portion of the purchase price for the $228.1 million acquisition of a 9-property multifamily portfolio, which was announced on September 5, 2017. Any remaining proceeds will be used for general corporate purposes.

About Independence Realty Trust, Inc.

Independence Realty Trust (NYSE:IRT) is a real estate investment trust. After the close of the announced portfolio acquisition, IRT will own and operate 55 multifamily apartment properties, totaling 15,165 units, across non-gateway U.S. markets, including Louisville, Memphis, Atlanta and Raleigh. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return of capital through distributions and capital appreciation.

Forward-Looking Statements

This press release may contain certain 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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of IRT’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally not within IRT’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These risks, uncertainties and contingencies include, but are not limited to, how IRT will use the net cash proceeds of the sale, whether and how IRT will be able to implement its strategy to sell properties, the ultimate accounting treatment of the property sale and those disclosed in IRT’s filings with the Securities and Exchange Commission. IRT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

Corporate Headquarters 
Two Liberty Place 
50 S. 16th Street, Suite 3575 
Philadelphia, PA 19102 
267-270-4800

Contacts

Independence Realty Trust, Inc.
Edelman Financial Communications & Capital Markets
Ted McHugh and Lauren Tarola
212-277-4322
IRT@edelman.com

Contacts

Independence Realty Trust, Inc.
Edelman Financial Communications & Capital Markets
Ted McHugh and Lauren Tarola
212-277-4322
IRT@edelman.com