Independence Realty Trust, Inc. Announces Full Exercise of Underwriters’ Option

Independence Realty Trust, Inc. (NYSE MKT:IRT) (the “Company”), announced today the full exercise of the underwriters' option to purchase 1,050,000 additional shares of the Company's common stock. The option was exercised in connection with the Company’s recently announced underwritten public offering which priced on July 15, 2014. Including the shares of common stock being issued and sold in connection with the underwriters’ option, a total of 8,050,000 common shares will be issued and sold at a price to the public of $9.50 per share. Total gross proceeds to the Company from the offering, before deducting the underwriting discount and estimated offering expenses, will be approximately $76.5 million. The offering is expected to close on July 21, 2014. RAIT Financial Trust is purchasing 300,000 shares of common stock in the offering, at the public offering price, for which no underwriting discounts and commissions will be paid to the underwriters.

Deutsche Bank Securities is acting as the book-running manager of the offering. Compass Point, Ladenburg Thalmann, William Blair, JMP Securities, Drexel Hamilton, The Huntington Investment Company and National Securities Corporation are acting as co-managers of the offering.

The Company intends to use the net proceeds from the offering to acquire additional apartment properties in the ordinary course of its business and, to a lesser extent, for general corporate purposes and working capital as described in the prospectus supplement referenced below. A registration statement relating to these securities has been filed and is effective and on file with the Securities and Exchange Commission. The offering is being made solely by means of a prospectus supplement and an accompanying prospectus which may be obtained by contacting Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling (800) 503-4611, or by emailing prospectus.cpdg@db.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT:IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. The Company seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. The Company is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE:RAS).

Forward Looking Statements

This press release contains "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not historical facts and are generally accompanied by words such as "estimate," "project," "predict," “seek,” "believe," "expect," "anticipate," "intend," "anticipate," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, expectations concerning completion and terms of the offering and the intended use of the net proceeds of the offering. Because this offering has priced may imply that the offering will close, but the closing is subject to certain conditions customary in transactions of this type and may be delayed or may not occur at all. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. Investors should not place undue reliance on these forward-looking statements. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.