Apartment REIT Independence Realty sets terms for $42 million IPO

Independence Realty Trust, a REIT that owns eight apartment properties containing over 2,000 apartment units, announced terms for its IPO on Friday. The Philadelphia, PA-based company plans to raise $42 million by offering 4.0 million shares at a price range of $10 to $11. At the midpoint of the proposed range, Independence Realty Trust would command a fully diluted market value of $101 million. Independence Realty Trust, which was founded in 2009 and booked $16 million in revenue for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol IRT. Ladenburg Thalmann & Co., William Blair, JMP Securities and Compass Point are the joint bookrunners on the deal.