X0206 3 2013-08-13 0 0001466085 INDEPENDENCE REALTY TRUST, INC IRT 0001045425 RAIT Financial Trust CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583922 Belle Creek Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583917 Centrepoint Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583915 Copper Mill Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583918 Crestmont Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583914 Cumberland Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583913 Heritage Trace Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583956 RAIT NTR Holdings, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583912 Taberna IR Holdings Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 0001583957 Tresa At Arrowhead Member, LLC CIRA CENTRE 2929 ARCH STREET, 17TH FLOOR PHILADELPHIA PA 19104 0 0 1 0 Common Stock 5594900 I . These shares represent the aggregate number of shares held directly by subsidiaries of RAIT Financial Trust, as follows: RAIT NTR Holdings, LLC - 385,900, Belle Creek Member, LLC - 352,500, Centrepoint Member, LLC - 1,190,000, Copper Mill Member, LLC - 736,500, Crestmont Member, LLC - 675,000, Cumberland Member, LLC - 690,000, Heritage Trace Member, LLC - 550,000, Taberna IR Holdings Member, LLC - 97,500, and Tresa At Arrowhead Member, LLC - 917,500. Each direct holder expressly disclaims beneficial ownership of all shares held by the other members of the group. RAIT Financial Trust maintains shared control to vote and dispose of these shares and is thus deemed to beneficially own all such shares. Anders Laren, attorney-in-fact 2013-08-13