Independence Realty Trust Inc (NYSE:IRT) Reports Pricing of Public Offering

Independence Realty Trust Inc

Independence Realty Trust Inc (NYSE:IRT) reported the pricing of its public offering of 12.5 million shares at an offering price of $9.25/share for anticipated gross proceeds of around $115.6 million. It has given the underwriters a 30-day option to buy up to an additional 1.875 million shares at the offering price, less underwriting commissions and discounts. The offering is anticipated to close on September 11, 2017, depending on the satisfaction of customary closing conditions.

The details

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

Independence Realty Trust plans to use the net proceeds from the public offering to compensate a portion of the deal price for the $228.1 million buy of a 9-property multifamily portfolio. This deal was reported on September 5, 2017. The company reported that any remaining proceeds will be utilized for general corporate purposes.

Independence Realty Trust comes in the list of real estate investment trust. After the completion of the reported portfolio acquisition, it will own and run 55 multifamily apartment assets, a total of 15,165 units, across non-gateway markets in the United States, including Atlanta, Raleigh, Louisville and Memphis.

The company’s investment plan is focused on gaining scale within major amenity rich submarkets that provide good school districts, major employment centers and high-quality retail. It intends to offer shareholders attractive risk-adjusted returns via diligent portfolio management, robust operational performance, and a reliable return of capital through capital appreciation and distributions.

In the last trading session, the stock price of Independence Realty Trust jumped more than 5% to close the day at $9.99.

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