Independence Realty Trust, Inc. Announces Exercise and Closing of Underwriters’ Option to Purchase Additional Shares

Independence Realty Trust, Inc. (NYSE MKT: IRT) (the "Company") today announced that the underwriters for its previously announced public offering of 25,000,000 shares of common stock exercised in full their option to purchase up to 3,750,000 additional shares of common stock. As a result of this exercise, the Company received an additional $32.1 million in net proceeds. In the aggregate, the Company received approximately $245.8 million of net proceeds from this offering, before offering expenses and after underwriting discounts and commissions. The closing of this additional sale occurred on October 21, 2016.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. 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. The Company seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. The Company is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

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