PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) announced today
the completion of its previously announced acquisition of Trade Street
Residential, Inc. (“Trade Street”). The common stock of the combined
company will continue to trade under IRT’s existing ticker symbol, IRT,
on the NYSE MKT.
As a result of the merger, each outstanding share of Trade Street common
stock was automatically converted into (a) $3.80 in cash and (b) 0.4108
shares of IRT common stock. In connection with the merger, IRT paid
approximately $139.8 million in cash and issued approximately 15.1
million shares of common stock to former Trade Street stockholders. On a
fully diluted basis following the closing of the merger, legacy IRT
stockholders own approximately 68% of the combined company, and former
Trade Street stockholders own approximately 32% of the combined company.
In addition, in connection with the merger, the two holders of all Trade
Street operating partnership common units not held by Trade Street
contributed those units to IRT’s operating partnership in exchange for
approximately 1.9 million IRT operating partnership common units
exchangeable for a like number of shares of IRT common stock.
Leadership and Organization
Richard H. Ross, the former Chief Executive Officer of Trade Street, and
Mack D. Pridgen III, the former Chairman of the Board of Directors of
Trade Street, have joined IRT’s Board of Directors in connection with
the merger. The executive officers of IRT prior to the merger will
continue to serve as the executive officers of the combined company,
with Scott F. Schaeffer continuing to serve as the combined company’s
Chairman and Chief Executive Officer.
Advisors
Deutsche Bank acted as exclusive financial advisor and Pepper Hamilton
acted as legal advisor to IRT. JP Morgan acted as exclusive financial
advisor and Morrison & Foerster LLP and Venable LLP acted as legal
advisors to Trade Street.
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
non-gateway markets that 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. Subsidiaries of RAIT Financial Trust (NYSE: RAS)
serve as IRT’s external advisor and property manager and RAIT affiliates
collectively own approximately 15% of IRT’s outstanding common stock.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150917005792/en/
Independence Realty Trust, Inc.
Andres Viroslav, 215-243-9000
aviroslav@irtreit.com
Source: Independence Realty Trust, Inc.