Independence Realty Trust Announces Completion of Shared Services Period with RAIT Financial Trust

Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced it has completed its use of shared services previously provided by RAIT Financial Trust (“RAIT”) and has fully completed its previously disclosed management internalization. As announced on December 20, 2016, IRT entered a shared service agreement in which RAIT provided IRT certain transitional services such as information technology, human resources, insurance, investor relations, legal, tax and accounting for a transition period after the closing.

“The completion of our shared services agreement with RAIT marks a significant milestone for IRT as it solidifies our position as a leading internally-managed owner and operator of high-quality multifamily properties across attractive non-gateway markets,” said Scott F. Schaeffer, IRT’s Chairman and Chief Executive Officer. “The shared service agreement has been instrumental in ensuring a seamless and cost-effective transition and we want to thank RAIT for its help through this process.”

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.

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New Corporate HeadquartersTwo Liberty Place50 S. 16th Street, Suite 3575Philadelphia, PA 19102267-270-4800Independence Realty Trust, Inc. ContactsTed McHugh and Lauren TarolaEdelman Financial Communications & Capital MarketsPhone: 212-277-4322Email: [e-mail]