PHILADELPHIA-A real estate affiliate of locally-based RAIT Financial Trust filed a shelf registration to make a public offering of 4 million shares of common stock on the New York Stock Exchange.
The affiliate, Independence Realty Trust Inc., has bundled together eight apartment properties in connection with the public offering located in Arizona, Colorado, Georgia, Indiana, Texas and Virginia. The portfolio totals more than 2,000 apartment units, is valued at $161 million and has an average occupancy of 94%, according to the Philadelphia Business Journal.
Independence Realty, which is also based in Philadelphia, was formed in 2009. RAIT Financial Trust will own about 92% of Independence Realty's common stock prior to the public offering. See story in the Philadelphia Business Journal.
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