Independence Realty Trust Inc is a realty investment trust company that owns apartment properties located in lucrative geographical submarkets. Today, the company announced launching a public offering of its 4,000,000 shares. The company has granted the underwriters an offering for a 30-day option to buy additional shares of its common stock. The offer for the additional 600,000 shares was to cover any overallotments for the sale. The public offering was approved for listing on the NYSE under the trading symbol IRT.
Independence Realty Trust intends to use the proceeds of the offering to redeem preferred securities and to buy additional properties. A portion of the proceeds will be used to finance general corporate undertakings.
Ladenburg Thalmann & Co. Inc, JMP Securities, William Blair and Compass Point were appointed as book running managers for the offering. The manager for the public offering is National Securities Corporation with Aegis Capital Corp, Drexel Hamilton and C&C/PrinceRidge as co-managers.
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