Independence Realty Trust Announces Closing of $200 Million Term Loan

Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that its operating partnership, Independence Realty Operating Partnership, LP, closed on a new 5-year $200 million term loan. Proceeds from the term loan will be used to repay amounts outstanding on IRT’s unsecured revolving credit facility.

The 5-year term loan will mature in May 2026 and bear interest at LIBOR plus 1.20% to 1.90% based on IRT’s leverage ratio. At closing, the interest rate spread will be 1.25%.

“Our new term loan strengthens our capital structure by effectively extending $200 million in debt maturities to May 2026 and freeing up liquidity on our unsecured revolving credit facility,” said James J. Sebra, IRT’s Chief Financial Officer. “I thank our lenders for their continued partnership and commitment to IRT. We have increased our financial flexibility to support our ongoing operational and investment strategies to drive growth across the portfolio.”

KeyBank National Association was the Administrative Agent and KeyBanc Capital Markets, Inc., Capital One, National Association and Regions Capital Markets were Joint Lead Arrangers.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on IRT’s website at www.irtliving.com.

Contacts

Independence Realty Trust, Inc.
Edelman Financial Communications & Capital Markets
Ted McHugh and Lauren Torres
917-365-7979