Independence Realty Trust announces $19.75 share offering in Philadelphia
- Independence Realty Trust, Inc. announced a public offering of 10,000,000 shares of common stock at $19.75 per share.
- The offering is part of a forward sale agreement with Citigroup, with potential for an additional 1,500,000 shares if underwriters exercise their option.
- The funds raised will be used for acquisitions and reducing outstanding borrowings, reflecting IRT's strategy for growth and shareholder value.
On September 3, 2024, Independence Realty Trust, Inc. (IRT), a multifamily apartment real estate investment trust (REIT), announced the pricing of a public offering of 10,000,000 shares of common stock at $19.75 per share. This offering is part of a forward sale agreement with Citigroup, which is acting as the forward purchaser. If the underwriters exercise their option, an additional 1,500,000 shares may be included in the offering. The forward purchaser is expected to borrow and sell the shares to underwriters, with IRT planning to deliver the shares upon physical settlement by September 5, 2025. Initially, IRT will not receive any proceeds from this sale, but it anticipates contributing any future cash net proceeds to its operating partnership, Independence Realty Operating Partnership, LP (IROP). The funds raised are intended to be used for potential acquisitions, investment opportunities, and general corporate purposes, including reducing outstanding borrowings under IRT's unsecured credit facility. The offering is being conducted under an effective shelf registration statement filed with the SEC, ensuring compliance with regulatory requirements. This strategic move reflects IRT's commitment to enhancing shareholder value through diligent portfolio management and operational performance. The company aims to provide attractive risk-adjusted returns, and this capital raise is a step towards achieving its growth objectives in the competitive real estate market.