PHILADELPHIA, PA - Independence Realty Trust, Inc. ("IRT") today announced that the U.S. Securities and Exchange Commission declared IRT's registration statement on Form S-11 effective on June 10, 2011. Pursuant to the registration statement, IRT is offering a maximum of $1.0 billion in shares of its common stock at $10.00 per share in its primary offering and up to $95.0 million in shares of its common stock at $9.50 per share in its distribution reinvestment program.
Source: Independence Realty Trust,
IRT intends to use the net proceeds from the offering to acquire a diverse portfolio of multifamily properties located throughout the United States. IRT will offer the shares of common stock through its affiliate, Independence Realty Securities, LLC, the dealer manager for its offering.
Independence Realty Trust, Inc. is a Maryland corporation that plans to qualify as a real estate investment trust ("REIT"). IRT's investment strategy is to invest in a diversified portfolio focused on multifamily properties located throughout the United States. IRT's primary investment objectives are to pay attractive and consistent cash distributions to its stockholders, preserve invested capital and provide a diversified direct investment in multifamily properties. IRT's sponsor is RAIT Financial Trust (NYSE: RAS), a publicly traded REIT.