PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (the "Company") today announced the
pricing of its public offering of 4,000,000 shares of its common stock
at a public offering price of $8.50 per share for total gross proceeds
of approximately $34.0 million. All of the shares are being offered by
the Company.
The Company’s common stock is expected to begin trading on August 13,
2013 on the NYSE MKT under the symbol “IRT”. The offering is expected to
close on August 16, 2013, subject to the satisfaction of customary
closing conditions. The Company has granted the underwriters a 30-day
option to purchase up to an additional 600,000 shares of common stock at
the public offering price, less underwriting discounts and commissions,
solely to cover overallotments, if any.
The net proceeds of the offering are estimated to be approximately $31.1
million after deducting underwriting discounts and commissions and
estimated offering expenses, prior to any exercise of the underwriters'
overallotment option. The Company intends to use the net proceeds from
the offering to acquire additional properties, redeem all of its and its
operating partnership’s outstanding preferred securities and for general
corporate purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT: LTS), William Blair, JMP Securities
and Compass Point are acting as joint book-running managers for the
offering. Aegis Capital Corp, Drexel Hamilton, MLV & Co. LLC, National
Securities Corporation, a wholly owned subsidiary of National Holdings,
Inc. (OTCBB:NHLD) and C&Co/PrinceRidge are acting as co-managers.
A registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission. This offering is
being made solely by means of a prospectus. A copy of the final
prospectus for the offering will be filed with the Securities and
Exchange Commission and, when available, may be obtained by contacting
Ladenburg Thalmann & Co. Inc., Attn: Syndicate Department, 58 South
Service Road, Suite 160, Melville, New York 11747, or by telephone at
(800) 573-2541. 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
(“REIT”) that owns 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, expectations concerning the Company's
ability to complete the offering and its and its operating partnership's
intended use of the net proceeds. 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.
Independence Realty Trust, Inc.
Andres Viroslav
215.243.9000
aviroslav@irtreit.com
Source: Independence Realty Trust, Inc.