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News Article | May 25, 2017
Site: www.businesswire.com

PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced that on May 24, 2017, it acquired a 160-unit apartment property located in Lexington, KY for $14.2 million. IRT used available cash and its line of credit to acquire the community. Located in Lexington, Kentucky, the 160-unit apartment property was constructed in 2001. The property is located in Georgetown, part of the Lexington, KY submarket known as Scott County. Top employers in the area are Toyota with a manufacturing plant located within three miles of the property, state government and the University of Kentucky. Scott County has been the fastest growing county in the state of Kentucky and, based on U.S. Census Bureau estimates, is expected to double its 2015 population by 2040. The property contains one, two and three-bedroom units with an average unit size of 1,206 square feet. As of May 19, 2017, the occupancy of the property was 99% and, for the three months ended April 30, 2017, had an average effective rent per occupied unit of $874 per month. This acquisition is IRT’s second acquisition in 2017 and is part of its previously announced strategy to sell its “C” class assets and reinvest the proceeds into “B” class assets located in IRT’s core geographic markets. Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed 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. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward looking statements are based upon the current beliefs and expectations of IRT’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally not within IRT’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These risks, uncertainties and contingencies include, but are not limited to, how IRT will use the net cash proceeds of the sale, whether and how IRT will be able to implement its strategy to sell properties, the ultimate accounting treatment of the property sale and those disclosed in IRT’s filings with the Securities and Exchange Commission. IRT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.


News Article | May 23, 2017
Site: www.businesswire.com

PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that it will present at REITWeek 2017, the National Association of Real Estate Investment Trusts (NAREIT) Investor Forum, on June 6, 2017, at 3:00 PM (ET), at the New York Hilton Midtown. The presentation will be audio-webcast and may be accessed through the company’s website at www.irtliving.com in the Investor Relations section under Presentations. For those who are not able to listen to the live broadcast, a replay link will be available on the company’s website following the presentation. Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed 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. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.


News Article | May 23, 2017
Site: www.businesswire.com

SAN FRANCISCO & PHILADELPHIA--(BUSINESS WIRE)--endpoint Clinical, the leading global interactive response technology (IRT®) company, and Clinical Ink, the pioneering provider of eSource and patient engagement technologies, have teamed up to integrate IRT and eSource in order to create a seamless user experience for investigator sites. “The workload on investigator sites has steadily increased over the years; each technology advancement requires the site to learn new tools, remember more usernames and passwords and work with yet another siloed dataset for reporting,” said Chuck Harris, CEO, endpoint. “By integrating our technologies, we enable clinicians to focus their energy on what matters the most — patient care.” This collaboration between endpoint and Clinical Ink integrates Clinical Ink’s SureSource eSource platform and endpoint’s PULSE® IRT. Clinicians electronically record protocol-required source data while accessing best-in-class IRT functionality to randomize patients and manage mission-critical clinical supply information through a single system during the patient visit. “Clinical Ink’s novel approach to capture clinical trial source data electronically during a patient visit coupled with endpoint’s IRT solution is a tremendous benefit for both sites and sponsors,” said Jonathan Andrus, COO, Clinical Ink. “From the site perspective, it just made sense for us to collaborate — both the IRT and eSource system rely on the same patient data; our combined solution reduces the effort and risk of managing data across multiple platforms, helping to improve protocol execution.” Otsuka Pharmaceutical has provided critical support and guidance as this relationship evolved. Otsuka’s early adoption of eSource and vision of how other systems could be integrated created momentum for this industry-first initiative. “This effort not only improves the day-to-day operations and compliance of our clinical studies, but improves the speed with which we can obtain insights into study data,” said Shashank Rohatagi, PhD, MBA, Leader, Data Sciences, Otsuka Pharmaceutical Development and Commercialization. “In addition to reducing the burden on clinical site personnel, the ability to increasingly integrate our clinical trial systems is key to real-time access and insights of our clinical trial data — something not feasible in the past.” Combining eSource and IRT benefits both sites and sponsors by simplifying the critical randomization and tedious supply accountability tasks that typically require so much time and effort. Clinical Ink and endpoint Clinical are committed to continuously improving the utility of this industry-first alliance to reduce the burden on sites and improve data quality for sponsors. For more information about SureSource or PULSE please visit www.clinicalink.com or www.endpointclinical.com. About Clinical Ink Founded in 2007, Clinical Ink® is transforming clinical development with innovative technologies that make clinical research easier for sites, sponsors and patients. Clinical Ink’s SureSource® comprehensive platform directly captures eSource data and documents and improves patient engagement by focusing on the critical moments that matter when executing the protocol. Clinical Ink maintains offices in Cambridge, MA, Winston-Salem, NC, and Philadelphia, PA. Find more at www.clinicalink.com. About endpoint endpoint is an interactive response technology (IRT®) systems and solutions provider that supports the life sciences industry. Since 2009, we have been working with a single vision in mind, to help sponsors and pharmaceutical companies achieve clinical trial success. Our solutions, realized through the proprietary PULSE® platform, have proven to maximize the supply chain, minimize operational costs, and ensure timely and accurate patient dosing. endpoint is headquartered in San Francisco, California, with a global footprint in the APAC region and Europe.


News Article | May 26, 2017
Site: www.businesswire.com

PHILADELPHIA--(BUSINESS WIRE)--RAIT Financial Trust (“RAIT”) (NYSE: RAS), a national direct lender to owners of commercial real estate and an internally-managed real estate investment trust, today announced that it has entered into a cooperation agreement with Highland Capital Management, L.P. and its affiliates, which, in the aggregate, beneficially own approximately 5.9% of RAIT’s outstanding common shares. Under the terms of the cooperation agreement, RAIT has agreed that, following the certification of the vote at its 2017 Annual Meeting of Shareholders, it will appoint to its Board of Trustees a new trustee who will be one of two candidates recommended by Highland Capital. In addition, RAIT has agreed that within 120 days from the date of the cooperation agreement, it will appoint an additional new trustee to its Board. Michael J. Malter, RAIT’s non-executive and independent Chairman of the Board, stated, “We are pleased to have reached this cooperation agreement with Highland Capital, as we believe this outcome serves the best interests of RAIT and its shareholders. By constructively engaging and collaborating with Highland Capital, we have been introduced to two very attractive candidates for our Board of Trustees, either of whom we believe would bring substantive skills and experience that will complement the strengths of the current members of our Board and enhance management’s ability to drive the execution of its various initiatives.” James D. Dondero, the Co-Founder and President of Highland Capital, said, “We are pleased to have worked collaboratively with the RAIT Board and senior management team to reach this cooperation agreement, which we believe is a good outcome for all shareholders. We believe the addition of two new trustees will strengthen the RAIT Board and further facilitate the ongoing efforts of the senior management team to enhance shareholder value.” Under the terms of the cooperation agreement, Highland Capital and its affiliates have agreed to vote their shares in support of, among other things, the election of the slate of trustees recommended by RAIT’s Board at the 2017 annual meeting and to abide by certain other voting and customary standstill provisions. The complete cooperation agreement between RAIT and Highland Capital and its affiliates will be filed as an exhibit to a Current Report on Form 8-K with the Securities and Exchange Commission. UBS Investment Bank served as financial advisor to RAIT. Morgan, Lewis & Bockius LLP served as legal counsel to RAIT and its Board of Trustees. FTI Consulting, Inc. served as investor relations advisor to RAIT. RAIT Financial Trust (NYSE: RAS) is an internally managed real estate investment trust focused on providing debt financing options to owners of commercial real estate. Additional information about RAIT can be found on its website at www.rait.com. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “guidance,” “may,” “plan,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “opportunities” or other similar words or terms. RAIT’s forward-looking statements include, but are not limited to, statements regarding RAIT’s plans and initiatives to (i) simplify its business model, (ii) focus originations on high credit quality, first lien loans, (iii) adopt a direct loan origination model that facilitates improved credit and long-term borrower relationships, (iv) deleverage and streamline lending strategy to focus on RAIT’s core competencies, (v) opportunistically divest and maximize the value of RAIT’s legacy REO portfolio and existing property management operations and, ultimately, minimize REO holdings, (vi) significantly reduce its total expense base, (vii) reinvest capital into what it believes is a higher yielding lending business, (viii) achieve its asset mix targets, (ix) sell non-core CRE and lower asset management costs, (x) minimize the issuance of mezzanine debt and preferred equity, (xi) optimize the level of working capital on the balance sheet, (xii) achieve its financial targets, (xiii) achieve its capital structure targets, (xiv) reduce reliance on the issuances of corporate debt and/or preferred stock, (xv) reduce leverage, including preferred stock as a percentage of total assets, (xvi) reduce legacy CDOs as a percentage of total secured indebtedness, (xvii)determine its future dividend policy, (xviii) achieve significant annual expense savings in connection with the internalization of IRT, (xix) exit the commercial property management business, and (xx) enhance its long-term prospects and create value for its shareholders. Such forward-looking statements are based upon RAIT’s historical performance and its current plans, estimates, predictions and expectations and are not a representation that such plans, estimates, predictions or expectations will be achieved. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Risks, uncertainties and contingencies that may affect the results expressed or implied by RAIT’s forward-looking statements include, but are not limited to: (i) whether RAIT will be able to continue to implement its strategy to transition RAIT to a more lender focused, simpler, and more cost-efficient business model, to deleverage and to generate enhanced returns for its shareholders; (ii) whether RAIT will be able to continue to opportunistically divest and maximize the value of RAIT’s legacy REO portfolio and existing property management operations and the majority of RAIT’s non-lending assets; (iii) whether anticipated cost savings from the internalization of IRT will be achieved; (iv) whether the divestiture of RAIT’s CRE portfolio will lead to lower asset management costs and lower expenses; (v) whether RAIT will be able to reduce compensation and G&A expenses and indebtedness; (vi) whether RAIT’s new leadership will lead to enhanced value for shareholders; (vii) whether RAIT will be able to create sustainable earnings and grow book value; (viii) whether RAIT will be able to redeploy capital from non-lending related asset sales; (ix) whether RAIT will be able to increase loan origination levels; (x) whether the disposition of non-core assets, reductions in debt levels and expected loan repayments will impact RAIT’s Cash Available for Distribution (CAD); (xi) whether RAIT will continue to pay dividends and the amount of such dividends; (xii) whether RAIT will be able to organically increase reliance on match-funded asset-level debt; (xiii) overall conditions in commercial real estate and the economy generally; (xiv) whether market conditions will enable us to continue to implement our capital recycling and debt reduction plan involving selling properties and repurchasing or paying down our debt; (xv) whether we will be able to originate sufficient bridge loans; (xvi) whether the timing and amount of investments, repayments, any capital raised and our use of leverage will vary from those underlying our assumptions; (xvii) changes in the expected yield of our investments; (xviii) changes in financial markets and interest rates, or to the business or financial condition of RAIT or its business; (xix) whether RAIT will be able to originate loans in the amounts assumed; (xx) whether RAIT will generate any CMBS gain on sale profits; (xxi) whether the amount of loan repayments will be at the level assumed; (xxii) whether our management changes will be beneficial to RAIT; (xxiii) whether RAIT will be able to dispose of its industrial portfolio or sell the other properties; (xxiv) the availability of financing and capital, including through the capital and securitization markets; and (xxv) other factors described in RAIT’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in other filings with the SEC. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. Important Additional Information And Where To Find It RAIT, its trustees and certain of its executive officers are deemed to be participants in the solicitation of proxies from RAIT’s shareholders in connection with the matters to be considered at RAIT’s 2017 Annual Meeting of Shareholders. On May 15, 2017, RAIT filed a definitive proxy statement and accompanying definitive WHITE proxy card with the SEC in connection with the solicitation of proxies from RAIT shareholders in connection with the matters to be considered at RAIT’s 2017 Annual Meeting of Shareholders. Information regarding the names of RAIT’s trustees and executive officers and their respective interests in RAIT by security holdings or otherwise are set forth in such definitive proxy statement, including the schedules and appendices thereto. INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY RAIT WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain the Proxy Statement, any amendments or supplements to the Proxy Statement, the accompanying WHITE proxy card, and other documents filed by RAIT with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of RAIT’s corporate website at www.RAIT.com, by writing to RAIT’s Corporate Secretary at RAIT Financial Trust, Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, PA 19103, or by calling RAIT’s Secretary at (215) 207.2100.


PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (NYSE MKT: IRT) (“IRT”) today announced that on May 5, 2017, it sold a 320-unit apartment property located in Austin, Texas for $32.0 million. IRT received net cash proceeds of $23.7 million after transaction costs and full repayment of $7.0 million of underlying property specific debt. IRT expects to recognize a gain of approximately $16.2 million associated with this sale, after transaction costs, in the quarter ended June 30, 2017. IRT used $21.0 million dollars of the proceeds from this sale to reduce its outstanding borrowings on its line of credit. The property sale is part of IRT’s previously announced strategy to sell its “C” class assets and reinvest the proceeds into “B” class assets located in IRT’s core geographic markets. This is the first of four sales, all expected to close during the second quarter. Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed 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. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward looking statements are based upon the current beliefs and expectations of IRT’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally not within IRT’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These risks, uncertainties and contingencies include, but are not limited to, how IRT will use the net cash proceeds of the sale, whether and how IRT will be able to implement its strategy to sell properties, the ultimate accounting treatment of the property sale and those disclosed in IRT’s filings with the Securities and Exchange Commission. IRT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.


Houston, Texas headquartered Camden Property Trust's stock edged 0.48% lower, to close the day at $81.70. The stock recorded a trading volume of 480,542 shares. Camden Property Trust's shares have advanced 0.31% in the previous three months and 4.03% in the past one year. The Company's shares are trading 0.62% and 1.56% above its 50-day and 200-day moving averages, respectively. Shares of the Company, which invests in the real estate markets of the US, are trading at a PE ratio of 17.07. Additionally, the stock has a Relative Strength Index (RSI) of 50.63. CPT complete research report is just a click away and free at: On Thursday, shares in US-based Independence Realty Trust Inc. ended the session 0.55% lower at $9.02, with a total volume of 293,050 shares traded. Independence Realty Trust's shares have gained 17.14% in the past one year. Shares of the Company, which makes investments in apartment properties to create its portfolio, are trading at a PE ratio of 80.54. The stock is trading 1.92% below its 50-day moving average and 0.90% below its 200-day moving average. Moreover, the Company's shares have an RSI of 44.22. The complimentary report on IRT can be downloaded at: On Thursday, shares in Vero Beach, Florida-based ARMOUR Residential REIT Inc. recorded a trading volume of 257,724 shares. The stock ended the day 1.04% lower at $24.82. ARMOUR Residential REIT Inc.'s stock has advanced 5.39% in the last one month and 14.06% in the previous three months. Furthermore, the stock has gained 21.19% in the past one year. The Company's shares are trading above its 50-day and 200-day moving averages by 7.15% and 10.92%, respectively. Furthermore, shares of ARMOUR Residential REIT, which invests in residential mortgage backed securities in the US, are trading at a PE ratio of 3.36. The stock has an RSI of 61.03. Sign up for your complimentary research report on ARR at: Memphis, Tennessee-based EdR's stock finished Thursday's session 1.03% lower at $37.54, with a total volume of 440,201 shares traded. The Company's shares are trading below its 50-day and 200-day moving averages by 4.90% and 8.56%, respectively. Shares of EdR, which develops, acquires, owns, and manages collegiate housing communities located near university campuses, are trading at a PE ratio of 84.55. The stock has an RSI of 39.05. On May 02nd, 2017, research firm Canaccord Genuity reiterated its 'Hold' rating on the Company's stock with a decrease of the target price from $43 a share to $42 a share. Get free access to your research report on EDR at: Stock Callers (SC) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. SC has two distinct and independent departments. 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NORWOOD, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (ADI) introduced today a Real-time Ethernet, Multi-protocol (REM) switch chip as part of its new generation of high performance, deterministic Ethernet connectivity solutions for connected motion and Intelligent Factory applications. The fido5000, developed by ADI’s Deterministic Ethernet Technology Group (formally Innovasic), reduces board size and power consumption while improving Ethernet performance at the node under any network load condition. It is ideally suited for synchronised, connected motion applications such as robotics and attaches to ADI’s ADSP-SC58x, ADSP-2158x and ADSP-CM40x motion control processors bringing EtherCAT, PROFINET IRT, and POWERLINK connectivity. Cycle times below 125µs are easily achievable and the chip comes with drivers to simplify integration with any Industrial Ethernet protocol stack. For Intelligent Factory applications, the fido5000 can be integrated with any processor, any protocol, and any stack making it easy to incorporate a single Industrial Ethernet interface that supports multiple protocols in any application. Since the fido5000 is “TSN-ready” it provides a means to futureproof applications as Industrial Ethernet protocols evolve to the upcoming TSN (Time Sensitive Networking) standards. About the fido5000 REM Switch The fido5000 REM switch is a 2-port embedded Ethernet switch that interfaces to any processor including ARM® CPUs and ADI’s ADSP-SC58x, ADSP-2158x and ADSP-CM40x motion control processors. The protocols it supports include PROFINET RT/IRT, EtherNet/IP with beacon-based DLR, ModbusTCP, EtherCAT, SERCOS, and POWERLINK. The REM switch comes with a software driver for each protocol that provides an API for integration with any field device or controller stack. The REM software driver have been certified by their respective sponsoring industry organization using ADI’s RapID Platform. About Analog Devices Analog Devices is the leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com RapID™ Platform is a trademark of Analog Devices, Inc.


News Article | February 27, 2017
Site: www.prnewswire.co.uk

From March 1 to 5 in Vienna (Austria) Guerbet (FR0000032526 GBT), a global specialist in contrast products and solutions for medical imaging, has announced its participation in the European Congress of Radiology (ECR), the flagship event for more than 20,000 medical imaging professionals from 133 countries. The congress will be held from March 1 to 5, 2017 at the Austria Center Vienna (Vienna, Austria). It will enable Guerbet to inform the radiologist community of its innovations and its status as a new leader in imaging, present in 80 countries. The Group, which has 2,600 employees, has just celebrated its 90th anniversary and reached a milestone in its development by successfully integrating Mallinckrodt's "Contrast Media and Delivery Systems" business, acquired at the end of 2015. At the ECR, Guerbet will present its solutions and services for X-ray imaging (CT-scan and angiography), MRI and Interventional Radiology and Theranostics. Guerbet will detail its progress in the flourishing Imaging Solutions and Services segment: The latest news on MRI contrast products will be presented at a symposium organized by Guerbet on Friday March 3 by several international neuroradiology experts. In Interventional Radiology and Theranostic, Guerbet will give details on its growing commitment in hepatic oncology but also in women's health with the use of its products for the radiography of the cavities of the uterus and the fallopian tubes (hysterosalpingography). Finally, a new web and mobile application, "Radiology Events", will be unveiled. It will enable professionals to access information on radiology events, international congresses, local training sessions ... and to propose their own events. Guerbet is a pioneer in the contrast agent field, with 90 years' experience, and is the only pharmaceutical group dedicated to medical imaging worldwide. It offers a comprehensive range of X-Ray, Magnetic Resonance Imaging (MRI) and Interventional Radiology and Theranostic (IRT) products, along with a range of injectors and related medical devices to improve the diagnosis and treatment of patients. To discover new products and ensure future growth, Guerbet invests heavily in R&D, spending around 9% of its sales each year. Guerbet (GBT) is listed on Euronext Paris (Segment B - Mid Caps) and generated €776 million in revenue in 2016. For more information about Guerbet, please visit http://www.guerbet.com


News Article | February 28, 2017
Site: www.businesswire.com

PHILADELPHIA--(BUSINESS WIRE)--Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced that, on February 27, 2017, IRT acquired an apartment community located in Tampa, Florida for a purchase price of $29.75 million. IRT used available cash and its line of credit to acquire the community. Located in Tampa, Florida the 216 unit apartment community was constructed in 1985 and was extensively renovated in 2016. Situated in the Northdale neighborhood of Tampa and more specifically in the Dale Mabry retail corridor, the community benefits from its close proximity to retail, highly rated schools and easy access to Tampa’s major highways. The property contains one and two bedroom units with an average unit size of 925 square feet. As of February 22, 2017, the occupancy of the property was 93% and had an average effective rent per occupied unit of $1,192 ($1.29/sf) for the three months ending January 31, 2017. “This acquisition represents our commitment to improve the quality of the portfolio as we divest of our class C communities and reinvest into Class B communities that are in well located, mature neighborhoods with limited competition from new construction,” said Scott Schaeffer, Chairman and CEO of IRT. Independence Realty Trust, Inc. (NYSE MKT: IRT) is an internally-managed 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. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation.


PHILADELPHIA--(BUSINESS WIRE)--RAIT Financial Trust (RAIT) (NYSE: RAS) today announced that its Board of Directors has approved a comprehensive strategy and transformation initiative to drive long-term revenue growth and enhance shareholder value. Pursuant to this initiative, following the strategy that RAIT began pursuing in 2016, RAIT will continue to transform into a more focused, cost-efficient and lower leverage business concentrated on its core commercial real estate lending business. In connection with executing its strategy and transformation initiative, RAIT has identified several key priorities designed to differentiate RAIT, improve RAIT’s margins and enhance shareholder value over time by delivering stable and repeatable risk-adjusted returns. Our transformational strategy is focused on the following priorities: “We believe our strategy of transforming RAIT into a pure-play commercial real estate lender is the right strategy to differentiate RAIT, drive sustainable earnings and, ultimately, grow long-term shareholder value.” said Scott Davidson, RAIT’s Chief Executive Officer. “As we detail in our investor presentation and will discuss during our fourth quarter 2016 earnings call, we have achieved significant progress in 2016 in implementing our strategy and transformation initiative and look to carry that momentum into 2017.” RAIT has posted to its website an updated investor presentation which provides key elements of RAIT’s comprehensive strategy and transformation initiative. The full presentation, which RAIT will be using with shareholders as part of RAIT’s ongoing program to meet with investors and solicit their views and opinions regarding its strategy for enhancing shareholder value, is available on RAIT’s home page and in RAIT’s investor relations website in the “Presentations” section. Shareholders and other stakeholders are encouraged to read the entire presentation. RAIT plans to discuss its strategy and transformation initiative further during its fourth quarter 2016 earnings call. Interested parties can listen to the live conference call via webcast at 9:30 AM ET on Friday, February 24, 2017 from the home page of the RAIT Financial Trust website at www.rait.com or by dialing 1.844.775.2541, access code 64221042. For those who are not available to listen to the live call, the replay will be available shortly following the live call on RAIT’s website and telephonically until Friday, March 3, 2017, by dialing 855.859.2056, access code 64221042. RAIT Financial Trust is an internally-managed real estate investment trust focused on providing debt financing options to owners of commercial real estate throughout the United States. For more information, please visit www.rait.com or call Investor Relations at 215.207.2100. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “2017 expectations,” “guidance,” “may,” “plan”, “should,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “opportunities” or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. RAIT’s forward-looking statements include, but are not limited to, statements regarding RAIT’s plans and initiatives and 2017 expectations to (i) simplify its business model, (ii) focus on its core commercial real estate lending business, (iii) increase loan origination levels, when compared to 2016, as capital from non-lending related asset sales is re-deployed, (iv) deleverage by using cash generated by asset sales to repay debt, (v) opportunistically divest and maximize the value of RAIT’s legacy REO portfolio and existing property management operations and, ultimately, minimize REO holdings, (vi) significantly reduce its total expense base, (vii) continue to sell non-lending assets, (viii) achieve significant annual expense savings in connection with the internalization of IRT, (ix) sell in whole or substantial part its Urban Retail commercial property management business and achieve costs savings in connection with such sale, and (x) enhance its long-term prospects and create value for its shareholders. Such forward-looking statements are based upon RAIT’s historical performance and its current plans, estimates, predictions and expectations and are not a representation that such plans, estimates, predictions or expectations will be achieved. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Risks, uncertainties and contingencies that may affect the results expressed or implied by RAIT’s forward-looking statements include, but are not limited to: (i) whether RAIT will be able to continue to implement its strategy to transition RAIT to a more lender focused, simpler, and more cost-efficient business model, to deleverage and to generate enhanced returns for its shareholders; (ii) whether RAIT will be able to continue to opportunistically divest and maximize the value of RAIT’s legacy REO portfolio and existing property management operations and the majority of RAIT’s non-lending assets; (iii) whether anticipated cost savings from the internalization of IRT will be achieved; (iv) whether the divestiture of RAIT’s CRE portfolio and other non-lending assets will lead to lower asset management costs and lower expenses; (v) whether RAIT will be able to reduce compensation and G&A expenses and indebtedness; (vi) whether RAIT’s new leadership will lead to enhanced value for shareholders; (vii) whether RAIT will be able to create sustainable earnings and grow book value; (viii) whether RAIT will be able to redeploy capital from non-lending related asset sales; (ix) whether RAIT will be able to increase loan origination levels; (x) whether the disposition of non-core assets, reductions in debt levels and expected loan repayments will impact RAIT’s earning and CAD; (xi) whether RAIT will continue to pay dividends and the amount of such dividends; (xii) whether RAIT will be able to organically increase reliance on match-funded asset-level debt; (xiii) overall conditions in commercial real estate and the economy generally; (xiv) whether market conditions will enable us to continue to implement our capital recycling and debt reduction plan involving selling properties and repurchasing or paying down our debt; (xv) whether we will be able to originate sufficient bridge loans; (xvi) whether the timing and amount of investments, repayments, any capital raised and our use of leverage will vary from those underlying our assumptions; (xvii) changes in the expected yield of our investments; (xviii) changes in financial markets and interest rates, or to the business or financial condition of RAIT or its business; (xix) whether RAIT will be able to originate loans in the amounts assumed; (xx) whether RAIT will generate any CMBS gain on sale profits; (xxi) whether the amount of loan repayments will be at the level assumed; (xxii) whether our management changes will be successfully implemented; (xxiii) whether RAIT will be able to dispose of its industrial portfolio or sell the other properties; (xxiv) the availability of financing and capital, including through the capital and securitization markets; (xxv) risks, disruption, costs and uncertainty caused by or related to the actions of activist shareholders, including that if individuals are elected to our Board with a specific agenda, it may adversely affect our ability to effectively implement our business strategy and create value for our shareholders and perceived uncertainties as to our future direction as a result of potential changes to the composition of our Board may lead to the perception of a change in the direction of our business, instability or a lack of continuity which may be exploited by our competitors, cause concern to our current or potential customers, and may result in the loss of potential business opportunities and make it more difficult to attract and retain qualified personnel and business partners; and (xxvi) other factors described in RAIT’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in other filings with the SEC. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

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