RAIT subsidiary offers 4M shares
Independence Realty Trust Inc., a Philadelphia subsidiary of RAIT Financial Trust, said it started a public offering of 4 million shares of common stock, but did not specify how much it expected to raise.
Independence owns eight apartment complexes in Arizona, Colorado, Georgia, Indiana, Texas, and Virginia.
The appraised value of the complexes, with 2,004 units, is $161.2 million, according to the firm's prospectus.
After the stock sale, RAIT's ownership stake is expected to be 58 percent, down from 99.1 percent now. - Harold Brubaker