Independence RealtyTrust Inc. issued and sold 25.0 million common shares in its publicoffering, generating $225.0million in total gross proceeds.

The offering, which included a 30-day option for the underwritersto buy up to 3,750,000 additional shares, pricedat $9.00 apiece.

Independence Realty used $40.0 million of the net proceeds tofully prepay and terminate its $40.0 million senior secured term loan facility,roughly $62.2 million to repurchase 7,269,719 common shares from certain subsidiariesas part of the Oct. 5 initial closing of its management internalization and about $47.3 million to fully prepay allamounts outstanding under its $125.0 million revolving line of credit. It also reserved$43.0 million of the net proceeds to consummate the second closing of the purchaseagreement governing the internalization.

Any remaining funds will go toward the prepayment of borrowingsoutstanding under Independence Realty's $325.0 million senior secured credit facility.

Citigroup Global Markets Inc. was the representative of the underwritersfor the offering, as well as the financial adviser to the Independence Realty board'sspecial committee in conjunction with its management internalization agreement.