PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) announced today that it has agreed to sell $150 million in aggregate principal amount of unsecured notes (the “Notes”), consisting of $75 million aggregate principal amount of unsecured notes due 2031 and $75 million aggregate principal amount of unsecured notes due 2034, to an institutional investor in a private placement at fixed annual interest rates of 5.32% and 5.53%, respectively.
IRT expects that the funding of the Notes will occur in the fourth quarter of 2024, subject to customary closing conditions, and intends to use all of the net proceeds to repay secured mortgage debt scheduled to mature in 2025 and borrowings outstanding under its revolving credit facility.
“This transaction highlights strong support by a high-quality institutional investor that we believe demonstrates their conviction in IRT’s strategy and balance sheet,” said Jim Sebra, IRT’s Chief Financial Officer. “The private placement will strengthen our balance sheet and be both leverage and earnings neutral.”
BofA Securities, Inc. was the Lead Placement Agent and Sole Bookrunner on this transaction, with Citigroup Global Markets Inc. acting as a Co-Placement Agent.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL. IRT’s investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT aims to provide stockholders with attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation.
