PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced
that on May 5, 2016 IRT sold a 360 unit apartment property located in
Phoenix, Arizona for $47.0 million. IRT received net cash proceeds of
approximately $18.4 million, after transaction costs and full repayment
of the debt underlying the property. The property, built in 1999 and
renovated in 2006, generated $2.4 million of net operating income over
the 12 months preceding the sale. IRT will utilize the net cash proceeds
to reduce its outstanding indebtedness and for general corporate
purposes.
The property sale is part of IRT’s previously announced strategy to sell
properties that fall outside its geographic focus. IRT expects to
recognize a gain of approximately $15.4 million associated with the sale
in the quarter ending June 30, 2016.
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
geographic submarkets that it believes 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. IRT is advised by a wholly-owned subsidiary of
RAIT Financial Trust (NYSE: RAS).
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160505006607/en/
Independence Realty Trust, Inc.
Andres Viroslav, 215-207-2100
aviroslav@irtreit.com
Source: Independence Realty Trust, Inc.