Deal Details
IRT Completes $227.1 Million Follow-On Offering
Summary
Independence Realty Trust, Inc. (“IRT” or the “Company”) (NYSE: IRT) recently completed a follow-on offering (the “Offering”) of 11,500,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 1,500,000 additional shares, at a public offering price of $19.75 per share, generating gross proceeds of approximately $227.1 million. The Company expects to contribute the net proceeds from the offering to its operating partnership in exchange for common units in the operating partnership, and the operating partnership intends to use the net proceeds for general corporate purposes, which may include the repayment of amounts outstanding from time to time under the Company’s revolving credit facility and funding of acquisitions of properties and development activities in the Company’s pipeline.
Baird served as a bookrunner on this Offering.
About
IRT is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity-rich submarkets that offer good school districts and high-quality retail. The Company aims to provide stockholders with attractive risk-adjusted returns through diligent portfolio management, strong operational performance and a consistent return on capital through distributions and capital appreciation. IRT is headquartered in Philadelphia, Pennsylvania.CONTACT US TO LEARN MORE
- Date
- September 2024
- Company
- Independence Realty Trust, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Verticals
-
Real Estate
- Target Geography
- North America
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