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May 29, 2015 11:51 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Independence Realty Trust, Inc.

Company Overview

Independence Realty Trust, Inc is an equity real estate investment trust launched by RAIT Financial Trust. It is managed by Independence Realty Advisors, LLC. The fund invests in the real estate markets of the United States. It makes investments in apartment properties to create its portfolio. Independence Realty Trust, Inc was formed on March 26, 2009 and is domiciled in the United States.

Cira Centre

17th Floor

2929 Arch Street

Philadelphia, PA 19104

United States

Founded in 2009



Key Executives for Independence Realty Trust, Inc.

Chairman of The Board, Chief Executive Officer and President
Age: 52
Chief Financial Officer, Principal Accounting Officer and Treasurer
Age: 38
Compensation as of Fiscal Year 2014.

Independence Realty Trust, Inc. Key Developments

Independence Realty Trust Seeks Acquisitions

Independence Realty Trust, Inc. (AMEX:IRT) is seeking further acquisitions. By acquiring Trade Street Residential, Inc. (NasdaqGM:TSRE), the combined scale will provide Independence Realty Trust an enhanced platform to continue to pursue accretive acquisitions. Scott Schaeffer, Chairman and Chief Executive Officer of Independence Realty Trust, said, “We are pleased to announce the acquisition of Trade Street, which will accelerate our expansion strategy and significantly strengthen our position as a leading regional multifamily operator across select target markets in the United States. Upon completion of the deal, our expanded business will be even better situated to continue to pursue accretive acquisitions and transformational opportunities to create additional shareholder value.”

Independence Realty Trust, Inc. Announces Board Appointments

Independence Realty Trust, Inc. and Trade Street Residential, Inc. jointly announced that they have signed a definitive merger agreement for IRT to acquire all of the outstanding common stock of Trade Street for a mix of cash and stock, creating a leading, regional market focused, multifamily REIT. The transaction is expected to close in the third quarter. Upon completion of the transaction, Scott Schaeffer will continue to serve as Chairman and CEO of IRT. Mack Pridgen, Chairman of Trade Street, and Richard Ross, CEO of Trade Street, will join IRT's board of directors, which will be expanded from five members to seven members.

Independence Realty Trust, Inc. Acquires Indianapolis, IN Apartment Community

Independence Realty Trust, Inc. announced that, on May 1, 2015, IRT acquired an apartment community located in Indianapolis, Indiana for a purchase price of approximately $25.3 million. IRT used available cash to acquire the community. RAIT Residential will provide the property management services for this apartment community. Located in Indianapolis, Indiana, the 236 unit apartment community was constructed in 2004 and has an average unit size of 1,015 square feet. As of April 30, 2015, the occupancy of the property was 91% and it had an average effective rent per occupied unit of $925 for the three months ending March 31, 2015.

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