Seeking Alpha

Independence Realty -3.3% after secondary; but RAIT gains

  • The offering size for Independence Realty (IRT -3.3%) is 6M shares with underwriters granted an option to buy another 900K shares. RAIT Financial (RAS +1.1%) may purchase up to $5M worth of the secondary, but is under no obligation to buy anything.
  • One leg of SA Pro's Dane Bowler's bull thesis on RAIT Financial is its management contract with IRT (not to mention its large ownership stake). As IRT grows - and this secondary should help that along - RAIT's contract grows more valuable.
  • Source: Press Release
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