Reported Earlier, Independence Realty Trust Prices Public Offering Of 10M Common Shares At $19.75/Share, Secures Forward Sale Agreement With Citigroup
Portfolio Pulse from Benzinga Newsdesk
Independence Realty Trust has priced a public offering of 10 million common shares at $19.75 per share and secured a forward sale agreement with Citigroup.

September 04, 2024 | 6:53 am
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Independence Realty Trust has announced a public offering of 10 million shares at $19.75 each, along with a forward sale agreement with Citigroup. This move could lead to short-term stock price pressure due to the increased share supply.
The issuance of 10 million new shares at $19.75 each increases the supply of IRT's stock, which could lead to downward pressure on the stock price in the short term. The forward sale agreement with Citigroup suggests a strategic move to manage this offering, but the immediate impact is likely negative due to dilution concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100