Here’s Why Independence Realty Trust Is Down 10% Today

Here’s Why Independence Realty Trust Is Down 10% Today

Independence Realty Trust (NYSEMKT: IRT), a real estate investment trust that specializes in apartment properties, saw its stock plunge by nearly 10% on Wednesday, Sept. 6, after making two major announcements.

First, the company announced its intention to acquire nine more multifamily properties with 2,353 apartment units for $228.1 million. Second, in order to help fund the acquisition, Independence Realty also announced that it planned a 12.5 million share offering of common stock.

Image Source: Getty Images. (Note: Image does not necessarily depict one of Independence Realty's properties.)

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Source: Fool.com