Independence Realty drops on pricing 10 mln share offering
04/09/2024 12:38
** Independence Realty Trust's IRT.N shares down 3.8% at
$19.90 premarket after follow-on priced
** Philadelphia-based multifamily apartment REIT late Tues
announced 10 mln shares at $19.75 for deal size of $197.5 mln
** Offering price is 4.5% discount to stock's last sale
** Co entered into 1-yr forward sale agreement with
Citigroup, one of jt bookrunners along with KeyBanc and RBC
** Upon any settlements of such agreement, IRT to use net
proceeds to fund potential acquisitions and other investments or
for general purposes, including debt repayment under credit
facility
** Prior to offering, co has 231 mln shares outstanding,
per SEC prospectus filing
** Through Tues, IRT shares up 35% YTD
** 8 of 11 analysts rate IRT "strong buy" or "buy", 2 rate
"hold" and 1 recommends "sell" with $20 median PT, according to
LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))