Acquisitions

9 Months Ended

Sep. 30, 2011

Acquisitions [Abstract]

Acquisitions

NOTE 15: ACQUISITIONS

On January 20, 2011, we acquired a development stage, non-traded public REIT and subsequently changed its name to Independence Realty Trust, Inc., or Independence. We paid approximately $2.5 million for Independence and certain of its affiliated entities including the entity that serves as Independence's external advisor and its dealer manager. Independence is currently a subsidiary of RAIT.

We are the external manager of Independence and expect Independence to raise capital for investing in multi-family commercial real estate assets through a public offering of its common stock. The registration statement relating to Independence's public offering of its common stock was declared effective by the SEC on June 10, 2011. We are the sponsor of Independence's offering and we incurred expenses on Independence's behalf in connection with this offering. Our ability to be reimbursed for these expenses will depend on the terms and success of the offering. Any disclosure concerning Independence is neither an offer nor a solicitation to purchase securities issued by Independence.