Independence Realty Trust, Inc. Prices Public Offering of Common Stock
November 20 2014 - 8:30AM
Business Wire
Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company")
today announced the pricing of its public offering of 6,000,000
shares of common stock at a public offering price of $9.60 per
share for total gross proceeds of $57.6 million. The offering is
expected to close on November 25, 2014, subject to the satisfaction
of customary closing conditions. The Company has granted the
underwriter a 30-day option to purchase up to 900,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions.
Deutsche Bank Securities is acting as the book-running manager
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 the offered securities has
been declared effective by the Securities and Exchange Commission
(“SEC”). The offering will be 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 Deutsche Bank Securities
Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY
10005-2836, by calling (800) 503-4611, or by emailing
prospectus.cpdg@db.com.
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.
Independence Realty Trust, Inc. ContactAndres Viroslav,
215-243-9000aviroslav@irtreit.com
Independence Realty (NYSE:IRT)
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