Independence Realty Trust Announces New $40 Million Senior Term Loan Facility

Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced that it has entered into a new $40 million senior term loan facility administered by KeyBank which matures in September of 2018. IRT used this facility to repay the existing interim term loan balance of $33.5 million. The remaining availability on the new facility will be used for general working capital purposes. The new facility bears interest at LIBOR plus 400 bps, a reduction of 100 bps from the previous interim term loan facility.

Scott Schaeffer, IRT’s Chairman and Chief Executive Officer, commented, “This new term financing with KeyBank successfully concludes our plan of retiring the $120 million interim term loan used to fund a portion of the Trade Street acquisition and enhances our debt maturity profile.”

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is a 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. IRT is advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

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Independence Realty Trust, Inc. ContactAndres Viroslav, [e-mail]