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.

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