Document:

Form of Indemnification Agreement

 Exhibit 10.6 
 FORM OF INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this
“Agreement”) is made and entered into as of the          day of
                    , 20    , by and between Independence Realty Trust, Inc. (the “Company”),
and              (the “Indemnitee”). 

WHEREAS, at the request of the Company, the Indemnitee currently serves as a director of the Company and may, therefore, be subjected to
claims, suits or proceedings arising as a result of his or her service; 
 WHEREAS, as an inducement to the Indemnitee to
continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by the Indemnitee in connection with any such claims, suits or proceedings; and 

WHEREAS, the parties to this Agreement desire to set forth their agreement regarding indemnification and advance of expenses. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant
and agree as follows: 
 Section 1. Definitions. For purposes of this Agreement: 

(a) “Applicable Legal Rate” means a fixed rate of interest equal to the applicable federal rate for
mid-term debt instruments as of the day that it is determined that the Indemnitee must repay any advanced expenses. 
 (b) “Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then
subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the
Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining
such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a
consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board
of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least
two-thirds of the directors then in office who were directors as of the Effective Date or whose election for nomination for election was previously so approved. 
 (c) “Corporate Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager,
managing 

 
member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that
such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which the Indemnitee may be serving at the request of the Company, service by the Indemnitee shall be deemed
to be at the request of the Company if the Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise (i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company or (ii) the management of which is controlled directly or indirectly by the Company.

 (d) “Disinterested Director” means a director of the Company who is not and was not a party
to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by the Indemnitee. 

(e) “Effective Date” means the date set forth in the first paragraph of this Agreement. 

(f) “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on the Indemnitee as a
result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium
for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent. 
 (g) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to
represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or
(ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.

 (h) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort
claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and the
Indemnitee. If the Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding. 

Section 2. Services by the Indemnitee. The Indemnitee will serve as a director of the Company. However, this Agreement shall not
impose any independent obligation on the Indemnitee or the Company to continue the Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and the Indemnitee.

  
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 Section 3. General. Subject to the limitations in Section 5 hereof, the Company
shall indemnify, and advance Expenses to, the Indemnitee (i) as provided in this Agreement and (ii) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change
in Maryland law shall have the effect of reducing the benefits available to the Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5 hereof, the rights of the Indemnitee provided
in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the
“MGCL”). 
 Section 4. Standard for Indemnification. Subject to the limitations in Section 5
hereof, if, by reason of the Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify the Indemnitee against all judgments, penalties, fines and amounts paid in
settlement and all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (i) the act or omission of
the Indemnitee was material to the matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal benefit
in money, property or services or (iii) in the case of any criminal Proceeding, the Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
 Section 5. Certain Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6 hereof), the Indemnitee shall not be entitled to: 

(a) indemnification for any loss or liability unless all of the following conditions are met: (i) the Indemnitee has
determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) the Indemnitee was acting on behalf of or performing services for the Company; (iii) such loss or
liability was not the result of negligence or misconduct, or, if the Indemnitee is an independent director, gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the Company’s net assets and not
from the Company’s stockholders; 
 (b) indemnification for any loss or liability arising from an alleged
violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the
Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee
and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position
of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 
 (c) indemnification hereunder if the Proceeding was one by or in the right of the Company and the Indemnitee is adjudged to be liable to the Company; 

(d) indemnification hereunder if the Indemnitee is adjudged to be liable on the basis that personal benefit was improperly
received in any Proceeding charging improper personal benefit to the Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or 
 (e) indemnification or advance of Expenses hereunder if the Proceeding was brought by the Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this

  
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Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

Section 6. Court-Ordered Indemnification. Subject to the limitations in Section 5(a) and (b) hereof, a court of
appropriate jurisdiction, upon application of the Indemnitee and such notice as the court shall require, may order indemnification of the Indemnitee by the Company in the following circumstances: 

(a) if such court determines that the Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL,
the court shall order indemnification, in which case the Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 
 (b) if such court determines that the Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the Indemnitee (i) has met the
standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court
shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to
Expenses. 
 Section 7. Indemnification for Expenses of an Indemnitee Who is Wholly or Partly Successful. Subject to the
limitations in Section 5 hereof, to the extent that the Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the
defense of such Proceeding, the Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith. If the Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee under this Section 7 for all Expenses actually and reasonably
incurred by the Indemnitee or on the Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7, and without limitation, the termination of any
claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 Section 8. Advance of Expenses for an Indemnitee. If, by reason of the Indemnitee’s Corporate Status, the Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company
shall, without requiring a preliminary determination of the Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of the Indemnitee in connection with (i) such Proceeding
which is initiated by a third party who is not a stockholder of the Company, or (ii) such Proceeding which is initiated by a stockholder of the Company acting in his or her capacity as such and for which a court of competent jurisdiction
specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, within ten days after the receipt by the Company of a statement or statements requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be preceded or
accompanied by a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written
undertaking by or on behalf of the Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be 

  
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required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to the Indemnitee, together with the Applicable Legal Rate of
interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard of conduct has not been met by the Indemnitee and which have not been
successfully resolved as described in Section 7 hereof. To the extent that Expenses advanced to the Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of the Indemnitee and shall be accepted without reference to the Indemnitee’s financial ability to repay such advanced
Expenses and without any requirement to post security therefor. 
 Section 9. Indemnification and Advance of Expenses as a
Witness or Other Participant. Subject to the limitations in Section 5, to the extent that the Indemnitee is or may be, by reason of the Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding,
whether instituted by the Company or any other party, and to which the Indemnitee is not a party, the Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by the Indemnitee or on
the Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee. 
 Section 10.
Procedure for Determination of Entitlement to Indemnification. 
 (a) To obtain indemnification under this
Agreement, the Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what
extent the Indemnitee is entitled to indemnification. The Indemnitee may submit one or more such requests from time to time and at such time(s) as the Indemnitee deems appropriate in the Indemnitee’s sole discretion. The officer of the Company
receiving any such request from the Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that the Indemnitee has requested indemnification. 

(b) Upon written request by the Indemnitee for indemnification pursuant to Section 10(a) hereof, a determination, if
required by applicable law, with respect to the Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of
Directors, a copy of which shall be delivered to the Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall
not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a
majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee
or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within ten days
after such determination. The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably 

  
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available to the Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this
Section 10(b). Any Expenses incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to
indemnification) and the Company shall indemnify and hold the Indemnitee harmless therefrom. 
 (c) The Company
shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed. 
 Section 11. Presumptions and
Effect of Certain Proceedings. 
 (a) In making any determination with respect to entitlement to
indemnification hereunder, the person or persons or entity making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in accordance
with Section 10(a) hereof, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that the Indemnitee did not meet the requisite standard of conduct described herein for
indemnification. 
 (c) The knowledge and/or actions, or failure to act, of any other director, officer, employee
or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise shall not be imputed to the Indemnitee for purposes of determining any other right to indemnification under this Agreement. 
 Section 12. Remedies of the Indemnitee. 
 (a) If (i) a
determination is made pursuant to Section 10(b) hereof that the Indemnitee is not entitled to indemnification under this Agreement, (ii) an advance of Expenses is not timely made pursuant to Sections 8 or 9 hereof, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section 10(b) hereof within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to
Sections 7 or 9 hereof within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten
days after a determination has been made that the Indemnitee is entitled to indemnification, the Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent
jurisdiction, of the Indemnitee’s entitlement to such indemnification or advance of Expenses. Alternatively, the Indemnitee, at the Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to
the Commercial Arbitration Rules of the American Arbitration Association. The Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which the Indemnitee first has the right to
commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by the Indemnitee to enforce his or her rights under Section 7 hereof. Except as set forth
herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration. 

  
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 (b) In any judicial proceeding or arbitration commenced pursuant to this
Section 12, the Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement, and the Company shall have the burden of proving that the Indemnitee is not entitled to
indemnification or advance of Expenses, as the case may be. If the Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to
Section 8 hereof until a final determination is made with respect to the Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited
by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such
court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement. 
 (c)
If a determination shall have been made pursuant to Section 10(b) hereof that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this
Section 12, absent a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification.

 (d) In the event that the Indemnitee is successful in seeking, pursuant to this Section 12, a judicial
adjudication of or an award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for,
any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that the Indemnitee is entitled to receive part but not all of
the indemnification or advance of Expenses sought, the Expenses incurred by the Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e) Interest shall be paid by the Company to the Indemnitee at the maximum rate allowed to be charged
for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the
Company was requested to advance Expenses in accordance with Sections 8 or 9 hereof or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) hereof, as applicable, and (ii) ending on the date such
payment is made to the Indemnitee by the Company. 
 Section 13. Defense of the Underlying Proceeding. 

(a) The Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena,
complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a
summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify the Indemnitee from the right, or otherwise affect in any manner any right of the Indemnitee, to indemnification or the advance of Expenses
under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so
prejudiced. 
 (b) Subject to the provisions of the last sentence of this Section 13(b) and of
Section 13(c) hereof, the Company shall have the right to defend the Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify the

  
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Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) hereof. The Company shall not, without the prior
written consent of the Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against the Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of the
Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of the Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to the Indemnitee, or
(iii) would impose any Expense, judgment, fine, penalty or limitation on the Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by the Indemnitee under Section 12 hereof. 

(c) Notwithstanding the provisions of Section 13(b) hereof, if, in a Proceeding to which the Indemnitee is a party by
reason of the Indemnitee’s Corporate Status, (i) the Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that the Indemnitee may have separate
defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) the Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between the Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding
in a timely manner, the Indemnitee shall be entitled to be represented by separate legal counsel of the Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the
Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding
to deny or to recover from the Indemnitee the benefits intended to be provided to the Indemnitee hereunder, the Indemnitee shall have the right to retain counsel of the Indemnitee’s choice, subject to the prior approval of the Company, which
approval shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d) hereof), to represent the Indemnitee in connection with any such matter. 

Section 14. Non-Exclusivity; Survival of Rights; Subrogation. 

(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which the Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the
Board of Directors, or otherwise. Unless consented to in writing by the Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of the Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment,
alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy. 

(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights. 

  
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 Section 15. Insurance. The Company will use its reasonable best efforts to acquire
directors and officers liability insurance, on appropriate terms and conditions, covering the Indemnitee or any claim made against the Indemnitee by reason of his or her Corporate Status and covering the Company for any indemnification or advance of
Expenses made by the Company to the Indemnitee for any claims made against the Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify the Indemnitee for
any payment by the Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by the Indemnitee in connection with a
Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or the Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance
policies. If, at the time the Company receives notice from any source of a Proceeding to which the Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 
 Section 16. Coordination of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable, payable or reimbursable as Expenses hereunder if
and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
 Section 17. Reports to Stockholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of
Expenses to, the Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or
advance of Expenses or prior to such meeting. 
 Section 18. Duration of Agreement; Binding Effect. 

(a) This Agreement shall continue until and terminate on the later of (i) the date that the Indemnitee shall have
ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that the Indemnitee is no longer subject
to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by the Indemnitee pursuant to Section 12 hereof). 
 (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and
assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer,
employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of the Indemnitee and the Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives. 

  
 -9-

 (c) The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(d) The Company and the Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such breach may cause the Indemnitee irreparable harm. Accordingly, the parties hereto agree that the Indemnitee may enforce this Agreement by seeking injunctive relief and/or
specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, the Indemnitee shall not be precluded from seeking or obtaining any other relief to
which the Indemnitee may be entitled. The Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of
posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of the Indemnitee by a court, and the Company hereby waives any such requirement of such a
bond or undertaking. 
 Section 19. Severability. If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this
Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 Section 20. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the
party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. 
 Section 21.
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

Section 22. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 Section 23. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall
be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed: 

  
 -10-

	 	(a)	If to the Indemnitee, to the address set forth on the signature page hereto. 

 

	 	(b)	If to the Company, to: 

Independence Realty Trust, Inc. 
 Cira Centre 
 2929 Arch St., 17th Floor 

Philadelphia, PA 19104 
 Attn: Chief Financial Officer 
 or to such other address as may have been furnished in writing to
the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be. 
 Section 24. Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

			
	INDEPENDENCE REALTY TRUST, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	INDEMNITEE
	
	 
	Name:

  
 -11-

 EXHIBIT A 
 AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 
  

	To:	The Board of Directors of Independence Realty Trust, Inc. 

  

	Re:	Affirmation and Undertaking 

 Ladies and
Gentlemen: 
 This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the
         day of                     , 20    , by and between
Independence Realty Trust, Inc. (the “Company”) and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to the advance of Expenses in connection with [Description of
Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings
specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of
alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as a director of the Company, in any of the facts or events giving rise to the Proceeding, I (i) did not act
with bad faith or active or deliberate dishonesty, (ii) did not receive any improper personal benefit in money, property or services and (iii) in the case of any criminal proceeding, had no reasonable cause to believe that any act or
omission by me was unlawful. 
 In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees
and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (i) an act or omission by me was material to the
matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the result of active and deliberate dishonesty, (ii) I actually received an improper personal benefit in money, property or services or (iii) in
the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating
to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established. 
 IN WITNESS
WHEREOF, I have executed this Affirmation and Undertaking on this          day of
                    , 20    . 

 

	
	
	  
	Name:Contribution Agreement

 Exhibit 10.7 

 
  
 CONTRIBUTION AGREEMENT 
 by and among 

Independence Realty Operating Partnership, LP, 
 Crestmont Apartments Georgia, LLC, 
 Cumberland Glen Apartments Georgia,
LLC, 
 Belle Creek Apartments Colorado, LLC, 
 Creeks at Copper Hills Apartments Texas, LLC, 
 Heritage Trace Apartments
Virginia, LLC, 
 and 
 Tresa At Arrowhead Arizona, LLC, 
  

 
 Dated as of April 7, 2011

  
  

 CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (including all exhibits and schedules, this “Agreement”) is made and entered into as of
April 7, 2011 by and among Independence Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and Cresmont Apartments Georgia, LLC, a Delaware limited liability company, Cumberland Glen
Apartments Georgia, LLC, a Delaware limited liability company, Belle Creek Apartments Colorado, LLC, a Delaware limited liability company, Creeks At Copper Hills Apartments Texas, LLC, a Delaware limited liability company, Heritage Trace Apartments
Virginia, LLC, a Delaware limited liability company, and Tresa At Arrowhead Arizona, LLC, a Delaware limited liability company (each, a “Contributor” and collectively, the “Contributors”). 

RECITALS 

A. The Operating Partnership desires to acquire the Properties (as defined on Exhibit A and any other capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms on Exhibit A). 
 B. The Contributors desire to
transfer the Properties to the Operating Partnership in exchange for, among other things, units of limited partner interests in the Operating Partnership (the “OP Units”), and the Operating Partnership desires to issue OP Units in
exchange for the Properties. 
 NOW, THEREFORE, for and in consideration of the foregoing premises, and the mutual undertakings
set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 TERMS OF AGREEMENT 
 ARTICLE 1. 

CONTRIBUTION OF PROPERTY 
 Section 1.1 Contribution Transaction. 
 At the Closing,
each Contributor shall contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating Partnership shall assume, absolutely and unconditionally and free and clear of all Liens other than Permitted Exceptions, but
without recourse, representation or warranty except as expressly set forth herein, all of Contributor’s undivided right, title and interest in and to the Contributor’s Property and the obligations with respect thereto. The contribution of
each Property shall be evidenced by the Transfer Documents (as defined below). 
 Section 1.2 Consideration for the
Property. 
 (a) The Operating Partnership shall, in exchange for each Property, pay to the applicable
Contributor the total amount of consideration (the “Contributor Consideration”) shown opposite such Contributor’s name in Schedule A, which shall consist of (i) the assumption of the amount of the principal
balances of the applicable Loans (as defined below) set forth in Schedule A (the “Assumed Debt”), and (ii) the issuance to the applicable Contributor of OP Units set forth in

  
 2 

 
Schedule A (the “OP Unit Consideration”); provided that the Contributor Consideration shall be adjusted as set forth in paragraphs (b)-(c) of this Section 1.2.

 (b) The OP Unit Consideration payable to each Contributor shall be increased at the time of the Closing on a
dollar for dollar basis to reflect any reduction prior to the Closing in the principal balance of the Assumed Debt with respect to the applicable Property occurring between the date of this Agreement and the Closing. 

(c) Within 120 days after the Closing, each of the Contributors, with respect to the Property contributed by such
Contributor, may deliver a final statement to the Operating Partnership (the “Final Contribution Statement”) setting forth the final amount of Assumed Debt Consideration and OP Unit Consideration. If the amount of OP Unit
Consideration set forth in the Final Contribution Statement exceeds the amount of OP Unit Consideration set forth in the Estimated Contribution Statement, then the Operating Partnership shall issue to such Contributor additional OP Units in the
amount of such excess. Any increase in OP Unit Consideration shall be reflected in a dollar for dollar reduction of the Assumed Debt for such Property, such that there shall be no net adjustment to the total Contributor Consideration. The terms of
this sub-section shall survive the Closing. 
 (d) The issuance of the OP Units to each Contributor shall be
evidenced by an amendment (each, an “Amendment”) to the agreement of limited partnership of the Operating Partnership (the “OP Partnership Agreement”). 

Section 1.3 Prorations. 
 At the Closing, all revenue and charges that are customarily prorated in transactions of this nature, including accrued rent currently due and payable, real and personal property taxes and other similar
periodic charges payable or receivable with respect to each Property shall be prorated between the Contributor of such Property and the Operating Partnership, effective as of the Closing. Any such amounts that cannot be determined at Closing shall
be prorated using reasonable estimates thereof. Thereafter, any over and under payments shall be subject to a true up as soon as commercially reasonable after Closing, provided that any estimated proration shall be final after twelve
(12) months from Closing. 
 Section 1.4 Tax Treatment as Contribution. 

The parties hereto intend and agree that, for federal income tax purposes, the contributions, transfers, conveyances and
assignments effectuated pursuant to this Agreement shall be treated as contributions of the Properties by the Contributors to the Operating Partnership in accordance with Section 721 of the Internal Revenue Code of 1986, as amended (the
“Code”). 
 Section 1.5 Loans. 

(a) Prior the Closing, the Contributors shall have obtained certain financing encumbering the Properties as more
particularly described on Schedule B hereto (collectively, the “Loans”). Such Loans, including any related notes, deed of trusts, financing statements, amendments, modifications, assignments, and all other documents or
instruments evidencing or securing such Loans, shall be referred to, collectively, as the “Loan Documents.” Each of the Loans shall be considered a “Permitted Exception” for purposes of this Agreement, but only to
the extent of the Assumed Debt with respect to such Loan. The Operating Partnership shall assume the Assumed Debt at the Closing (subject to obtaining any necessary consents from the holder of each mortgage or deed of trust related to the Loans
prior to Closing), as described in Section 1.2; provided, however, that the 

  
 3 

 
Operating Partnership may nonetheless, at its sole discretion, cause the Assumed Debt to be refinanced or repaid after the Closing in accordance with the Loan Documents. 

(b) Each Contributor, with respect to the Property being contributed by the Contributor, shall use commercially reasonable
efforts along with the Operating Partnership in seeking to process approval of the assumption of the Assumed Debt or in beginning the process for any refinancing or payoff. 
 ARTICLE 2. 
 CLOSING 

Section 2.1 Conditions Precedent. 
 (a) The obligations of the Operating Partnership to effect each transaction contemplated hereby shall be subject to each of the following conditions; provided, however, that the failure of
any one of the following conditions with respect to the contribution of one Property shall not impact the obligations of the Operating Partnership with respect to the contribution of any other Property: 

(i) the representations and warranties of each Contributor contained in this Agreement shall have been true and correct in
all material respects on the date such representations and warranties were made, and shall be true and correct in all material respects on the Closing Date as if made at and as of such date; 

(ii) each obligation of each Contributor contained in this Agreement shall have been duly performed by it on or before the
Closing Date, and each Contributor shall not have breached any of its covenants contained herein; 
 (iii)
concurrently with the Closing, each Contributor, directly, shall have executed and delivered to the Operating Partnership the documents required to be delivered pursuant to Section 2.3; 

(iv) all necessary consents or approvals of governmental authorities or third parties (including, without limitation,
lenders and lessors) to the consummation of the transactions contemplated herein shall have been obtained; 
 (v)
no order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental or regulatory authority or
instrumentality that prohibits the consummation of any of the transactions contemplated herein, and no litigation or governmental proceeding seeking such an order shall be pending; and 

(vi) from the date of this Agreement to the Closing Date, there has not been any development, occurrence or event that,
individually or in the aggregate with other developments, occurrences or events since that date, would cause a material adverse change to the assets, business, prospects, financial condition, results of operations or cash flows of any of the
Properties. 
 Any or all of the foregoing conditions may be waived by the Operating Partnership in its sole and
absolute discretion. 
 (b) The obligations of each Contributor to effect the transactions contemplated hereby
shall be subject to the following conditions; provided, however, that the failure of any one of the following conditions with respect to one Contributor shall not impact the obligations of the other Contributors: 

  
 4 

 (i) the representations and warranties of the Operating Partnership
contained in this Agreement shall have been true and correct in all material respects on the date such representations and warranties were made, and shall be true and correct in all material respects on the Closing Date as if made at and as of such
date; 
 (ii) each obligation of Operating Partnership contained in this Agreement shall have been duly performed
by it on or before the Closing Date, and Operating Partnership shall not have breached any of its covenants contained herein; 
 (iii) concurrently with the Closing, Operating Partnership, directly, shall have executed and delivered the documents required to be delivered by it pursuant to Section 2.3; 

(iv) all necessary consents or approvals of governmental authorities or third parties (including, without limitation,
lenders and lessors) to the consummation of the transactions contemplated herein shall have been obtained; and 

(v) no order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been
enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental or regulatory authority or instrumentality that prohibits the consummation of the transactions contemplated herein, and no litigation or governmental
proceeding seeking such an order shall be pending. 
 Any or all of the foregoing conditions may be waived by a
Contributor in its sole and absolute discretion, but only with respect to the Property being contributed by such Contributor. 

Section 2.2 Date, Time and Place of Closing. 

The date, time and place of the closing of the transactions contemplated hereunder shall be on or
before May 1, 2011, at 10:00 a.m. at Cira Centre, 2929 Arch St., 17th Floor, Philadelphia, Pennsylvania (the “Closing” or “Closing Date”). 
 Section 2.3 Closing Deliveries. 
 At the Closing, each
party, as applicable, shall make, execute, acknowledge and deliver the following (collectively, the “Closing Documents”): 
 (a) all proper Transfer Documents for the conveyance of title to the Properties. “Transfer Documents” shall mean the title and transfer documents required under the laws of the state
where the Property is located to transfer and vest in the Operating Partnership good, indefeasible and marketable title to the Property, and to cause the title insurance company engaged by the Operating Partnership (the “Title
Company”) to issue an owner’s title policy (the “Title Policy”), including, without limitation: 
 (i) a General Warranty Deed conveying to the Operating Partnership all of each Contributor’s right, title and interest in and to its respective Property, subject only to the Permitted Exceptions,
with a legal description prepared from the Survey legal description in the form attached hereto as Exhibit B; 
 (ii) a Bill of Sale in the form attached hereto as Exhibit C; 
 (iii) an Assignment of Leases, Service Contracts and Intangibles, Transfer of Security Deposits and Assumption Agreement in the form attached hereto as Exhibit D; 

  
 5 

 (iv) an affidavit of title in the form required by the Title Company in
order to issue its extended coverage owner’s policy of title insurance without exception for mechanic’s, materialmen’s or other statutory liens, for unrecorded easements or for other rights of parties in possession; and 

(v) A properly-completed property transfer tax return or affidavit, if any, in form and substance appropriate to the
jurisdiction in which the Property is located. 
 (b) the Amendment evidencing the issuance of OP Units to the
Contributors; 
 (c) an affidavit from each Contributor in the form of Exhibit E, stating under penalty of
perjury, the Contributor’s United States Taxpayer Identification Number and that the Contributor is not a foreign person pursuant to Section 1445(b)(2) of the Code and a comparable affidavit satisfying the withholding requirements imposed
by any other relevant jurisdiction; 
 (d) a certificate from each Contributor affirming that the representations
and warranties made by the Contributor under this Agreement remain true and correct as of the Closing Date, and that all obligations to be performed by the Contributor under this Agreement have been performed by the Contributor on or before the
Closing Date; 
 (e) a certificate affirming that the representations and warranties made by the Operating
Partnership under this Agreement remain true and correct as of the Closing Date, and that all obligations to be performed by the Operating Partnership under this Agreement have been performed by the Operating Partnership on or before the Closing
Date; 
 (f) if requested by the Title Company, a copy of all appropriate corporate resolutions or partnership or
limited liability company actions authorizing the execution, delivery and performance by a Contributor of this Agreement, any related documents and the Closing Documents; and 

(g) any documents or indemnities required by the applicable Lender to effectuate the Operating Partnership’s
assumption of the Assumed Debt and to release a Contributor and any guarantor of a Contributor from its obligations thereunder. 

Section 2.4 Closing Costs. 
 The Operating Partnership shall pay any documentary transfer taxes, escrow charges, title charges and recording taxes or fees and any other closing costs incurred in connection with the transactions
contemplated hereby; provided, however, that each Contributor shall be responsible for its own legal costs or income tax liability incurred by the Contributor in connection herewith. 

ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES AND INDEMNITIES 
 Section 3.1 Representations and Warranties of the Operating Partnership. 
 The Operating Partnership hereby represents and warrants to each Contributor that as of the date hereof and as of the Closing Date: 

(a) Organization; Authority. The Operating Partnership has been duly formed and is validly existing under the laws
of the jurisdiction of its formation, and has all requisite limited liability company power and authority to enter this Agreement and all agreements contemplated hereby and to carry out the transactions contemplated hereby and thereby, and the
requisite approval of such transactions, including the issuance of the OP Units, has been obtained from all of the Operating 

  
 6 

 
Partnership’s respective members. The persons and entities executing this Agreement on behalf of the Operating Partnership have, and the persons and entities that will execute all agreements
contemplated hereby on behalf of the Operating Partnership will have, the power and authority to enter into this Agreement or such other contemplated agreements, as applicable. 

(b) Due Authorization. The execution, delivery and performance of this Agreement by the Operating Partnership have
been duly and validly authorized by all necessary action of the Operating Partnership. This Agreement and each agreement, document and instrument executed and delivered by or on behalf of the Operating Partnership pursuant to this Agreement
constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of the Operating Partnership, each enforceable against the Operating Partnership in accordance with its terms, as such enforceability may be limited
by bankruptcy or the application of equitable principles. 
 (c) Non-Contravention and Consent. The
execution, delivery and performance by the Operating Partnership of its obligations under this Agreement and all agreements contemplated hereby will not contravene any provision of applicable law, the certificate of limited partnership of the
Operating Partnership, the OP Partnership Agreement or other constituent document of the Operating Partnership, or any agreement or other instrument binding upon the Operating Partnership or any applicable law, judgment, order or decree of any
governmental body, agency or court having jurisdiction over the Operating Partnership, and no consent, approval, authorization or order of or qualification with any governmental body or agency is required for the performance by the Operating
Partnership of its obligations under this Agreement and all other agreements contemplated hereby. 
 (d) No
Brokers. The Operating Partnership has not entered into, and covenants that it will not enter into, any agreement, arrangement or understanding with any person or firm that will result in the obligation of Contributor to pay any finder’s
fee, brokerage commission or similar payment in connection with the transactions contemplated hereby. 
 (e)
Consents and Approvals. No consent, waiver, approval or authorization of any third party, including any governmental authority, is required to be obtained by Operating Partnership in connection with the execution, delivery and performance of
the Agreement, the documents required pursuant thereto and the transactions contemplated hereby and thereby. 

(f) No Violation. None of the execution, delivery or performance of the Agreement, the documents required pursuant
thereto and the transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, (i) contravene, violate, conflict with, result in a breach of, or constitute a default under or give to
others any right of termination, cancellation or amendment of (A) the organizational documents, including the charters and bylaws, if any, of Operating Partnership, (B) any agreement, document or instrument to which Operating Partnership
is a party or by which Operating Partnership or any of its assets or properties are bound or (C) any applicable law, or term or provision of any judgment, order, writ, injunction, or decree of any governmental or regulatory authority, which is
binding on Operating Partnership or by which Operating Partnership or any of its respective assets or properties are bound or subject or (ii) result in the creation of any Lien upon the property or any other assets of Operating Partnership.

 Section 3.2 Representations and Warranties of the Contributors. 

Each Contributor hereby represents and warrants to, and covenants with, the Operating Partnership, only with respect to itself and the
Property it is contributing, and not with respect to any other Contributor or Property, that as of the date hereof and as of the Closing Date: 

  
 7 

 (a) Organization; Authority. The Contributor has been duly formed and
is validly existing under the laws of the jurisdiction of its formation, and has all requisite partnership power and authority to enter this Agreement and all agreements contemplated hereby and to carry out the transactions contemplated hereby and
thereby and the requisite approval of such transactions, including the contribution of the Property, has been obtained from all of the Contributor’s respective partners and members. The persons and entities executing this Agreement on behalf of
the Contributor have, and the persons and entities that will execute all agreements contemplated hereby on behalf of the Contributor will have, the power and authority to enter into this Agreement or such other contemplated agreements, as
applicable. 
 (b) Due Authorization. The execution, delivery and performance of the Agreement and any
other agreement, document or instrument to be executed and delivered by or on behalf of the Contributor pursuant to or in connection with the Agreement has been duly and validly authorized by all necessary action of the Contributor. The Agreement
and each agreement, document and instrument executed and delivered by or on behalf of the Contributor pursuant to or in connection with the Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding
obligation of the Contributor, each enforceable against the Contributor in accordance with its terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles. 

(c) Consents and Approvals. Other than the consent of the lenders under the Assumed Debt that will be assumed in
connection with the Closing, all of which consents shall have been satisfied or obtained prior to the Closing Date, no consent, waiver, approval or authorization of any third party, including any governmental authority, is required to be obtained by
the Contributor in connection with the execution, delivery and performance of the Agreement, the documents required pursuant thereto and the transactions contemplated hereby and thereby. 

(d) No Violation. Subject to any consent requirements contained in the Loan Documents, copies of which have been
previously provided to the Operating Partnership, none of the execution, delivery or performance of the Agreement, the documents required pursuant thereto and the transactions contemplated hereby and thereby does or will, with or without the giving
of notice, lapse of time, or both, (i) contravene, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination, cancellation or amendment of (A) the organizational documents,
including the charters and bylaws, if any, of the Contributor, (B) any agreement, document or instrument to which Contributor is a party or by which Contributor or any of its assets or properties are bound or (C) any applicable law, or
term or provision of any judgment, order, writ, injunction, or decree of any governmental or regulatory authority, which is binding on Contributor or by which Contributor or any of its respective assets or properties are bound or subject or
(ii) result in the creation of any Lien upon the Property or any other assets of the Contributor. 
 (e)
Non-Foreign Status. The Contributor is not a foreign person for purposes of Section 1445(a) of the Code, and is, therefore, not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign persons.

 (f) Investment Purposes. The Contributor acknowledges its understanding that the OP Units to be
acquired pursuant to the Agreement (and any Independence Realty Trust, Inc. (“Company”) common stock into which the OP Units may be exchanged in certain circumstances) are not being registered under the Securities Act of 1933, as
amended, and the rules and regulations in effect thereunder (the “Act”) or any applicable state blue sky laws pursuant to a specific exemption or exemptions therefrom, and the Operating Partnership’s reliance on such exemptions
is predicated 

  
 8 

 
in part on the accuracy and completeness of the representations and warranties of the Contributor. In furtherance thereof, the Contributor represents and warrants to the Operating Partnership as
follows: 
 (i) Investment. The Contributor is acquiring the OP Units solely for the Contributor’s
own account for the purpose of investment and not as a nominee or agent for any other person and not with a view to, or for offer or sale in connection with, any distribution thereof. The Contributor agrees and acknowledges that it will not,
directly or indirectly, offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (each, a “Transfer”) any of the OP Units, unless (i) the Transfer is pursuant to an effective registration statement under the
Act and qualification or other compliance under applicable blue sky or state securities laws, (ii) counsel for Contributor (which counsel shall be reasonably acceptable to the Operating Partnership) shall have furnished the Operating
Partnership with an opinion, reasonably satisfactory in form and substance to the Operating Partnership, to the effect that no such registration is required because of the availability of an exemption from registration under the Act, or
(iii) the Transfer is otherwise permitted by the OP Agreement. Notwithstanding the foregoing, no Transfer shall be made unless it is permitted under the OP Agreement. 

(ii) Knowledge. The Contributor is knowledgeable, sophisticated and experienced in business and financial matters.
Contributor fully understands the limitations on transfer imposed by the Federal securities laws and as described in the Agreement. The Contributor is able to bear the economic risk of holding the OP Units for an indefinite period and is able to
afford the complete loss of Contributor’s investment in OP Units. Contributor has received and reviewed all information and documents about or pertaining to the Company, the Operating Partnership, the business and prospects of the Company and
the Operating Partnership and the issuance of the OP Units as Contributor deems necessary or desirable, and has been given the opportunity to obtain any additional information or documents and to ask questions of the proposed management of the
Operating Partnership and the Company and receive answers about such information and documents, the Company, the Operating Partnership, the business and prospects of the Company and the Operating Partnership and the OP Units that the Contributor
deems necessary or desirable to evaluate the merits and risks related to the Contributor’s investment in the OP Units. The Contributor acknowledges that any such questions posed were answered to the Contributor’s satisfaction. The
Contributor understands and has taken cognizance of all risk factors related to the issuance of the OP Units. The Contributor is relying upon its own independent analysis and assessment (including with respect to taxes), and the advice of the
Contributor’s advisors (including tax advisors), and not upon that of the Company, the Operating Partnership or any of the Company’s or the Operating Partnership’s affiliates, for purposes of evaluating, entering into, and
consummating the transactions contemplated by the Agreement. 
 (iii) Holding Period. The Contributor
acknowledges that it has been advised that (A) unless the OP Units are subsequently registered under the Act or an exemption from such registration is available, such OP Units must be held (and the Contributor must continue to bear the economic
risk of the investment in) for at least twelve (12) months and may (absent an effective registration statement or exemption from registration) have to be held indefinitely and the Contributor understands that the Operating Partnership has no
obligation or intention to register the OP Units (or any Company common stock into which the OP Units may be exchanged), and (B) a notation shall be made in the appropriate records of the Operating Partnership (and the Company) indicating that
the OP Units (and any Company common stock that might be exchanged therefor) are subject to restrictions on transfer. 

  
 9 

 (iv) Accredited Investor. The Contributor is an “accredited
investor” (as such term is defined in Rule 501 (a) of Regulation D under the Act) and has a substantive pre-existing relationship with the Operating Partnership and the Company. 

(g) No Brokers. Neither the Contributor nor any of the Contributor’s respective officers, directors or
employees has employed or made any agreement with any broker, finder or similar agent or any person or firm that will result in the obligation of the Operating Partnership or any of its affiliates to pay any finder’s fee, brokerage fees or
commissions or similar payment in connection with the transactions contemplated by the Agreement. 
 (h)
Litigation. Except as set forth on Schedule 3.2(h), there is no pending litigation or proceeding, either judicial or administrative affecting the Contributor’s ability to consummate the transactions contemplated hereby or the
Property other than eviction and other tenant disputes arising in the ordinary course of business. Except as set forth on Schedule 3.2(h), the Contributor knows of no outstanding order, writ, injunction or decree of any court, government,
governmental entity or authority or arbitration against or affecting the Contributor or the Property which in any such case would impair Contributor’s ability to enter into and perform any or all of its obligations under the Agreement.

 Section 3.3 Survival. 
 The representations and warranties of each of the Operating Partnership and the Contributors shall survive the closing for six months following the Closing Date. 

Section 3.4 Indemnification. 
 (a) The Operating Partnership shall indemnify and hold harmless each Contributor and each Contributor’s partners, members, directors, officers, employees, agents, representatives, beneficiaries and
affiliates (each, an “Indemnified Contributor Party”) from and against any and all charges, complaints, claims, actions, causes of action, losses, damages, liabilities and expenses of any nature whatsoever, including without
limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation and remediation, costs of investigative judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds
(collectively, “Losses”) arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Contributor Party in connection with any breach of a representation or warranty of the Operating Partnership
contained in this Agreement. Notwithstanding anything contained herein to the contrary, no Indemnified Contributor Party shall have the right to receive or recover special, compensatory or punitive damages against the Operating Partnership and
hereby waives any and all rights to receive such special, compensatory or punitive damages. 
 (b) Each Contributor shall
severally, but not jointly, indemnify and hold harmless the Operating Partnership and the Operating Partnership’s partners, members, directors, officers, employees, agents, representatives, beneficiaries and affiliates (each, an
“Indemnified OP Party”) from and against any and all Losses arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified OP Party in connection with any breach of a representation or warranty of the
Contributor contained in this Agreement. Notwithstanding anything contained herein to the contrary, no Indemnified OP Party shall have the right to receive or recover special, compensatory or punitive damages against any Contributor and hereby
waives any and all rights to receive such special, compensatory or punitive damages. 

  
 10 

 ARTICLE 4. 
 COVENANTS OF CONTRIBUTORS 
 Section 4.1 Covenants. 

(a) From the date hereof through the Closing, each Contributor shall conduct its business in the ordinary course,
consistent with past practice; provided, however, that the Contributor shall not without the prior written consent of the Operating Partnership: 
 (i) enter into any material transaction not in the ordinary course of business; 
 (ii) sell or transfer (or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of, any assets of the Property the Contributor is contributing, other than Leases
entered into in the ordinary course of business and personal property of an immaterial value; 
 (iii) mortgage,
pledge or encumber (or permit to become encumbered) any of the Property the Contributor is contributing, except (x) liens for taxes not yet due, (y) purchase money security interests in the ordinary course of business and
(z) mechanics’ liens being disputed in good faith and by appropriate proceedings; 
 (iv) except in the
ordinary course of business and consistent with prior practice, amend, modify or terminate any material agreements or other instruments that will be transferred to the Operating Partnership; 

(v) incur or refinance any indebtedness that will not be repaid on or before Closing other than trade payables incurred in
the ordinary course of business; 
 (vi) change the existing use of the Property the Contributor is contributing;
or 
 (vii) take any action that would render any of the representations or warranties of Contributor set forth
herein untrue, incomplete or misleading in any material respect. 
 (b) Each Contributor agrees and acknowledges
that for a period of twelve (12) months following the Closing Date, unless Contributor shall have received the prior written consent of the Company or Operating Partnership, it will not, directly or indirectly, offer, transfer, sell, assign,
pledge, hypothecate or otherwise dispose of any of the OP Units received pursuant to this Agreement. 
 (c) Each
Contributor shall use its good faith diligent efforts to obtain any approvals, waivers or other consents of third parties, governmental authorities and agencies required to permit the Contributor to effect the transactions contemplated by this
Agreement. 
 (d) From the date hereof through the Closing Date, each Contributor will give prompt written notice
to the Operating Partnership of any material development in the Contributor’s commercially reasonable discretion affecting the Property it is contributing and the operations and results of operations related to such Property. Each party hereto
will give prompt written notice to the other parties of any material development affecting the ability of such party to consummate the transactions contemplated by this Agreement. 

  
 11 

 ARTICLE 5. 
 RELEASES AND WAIVERS 
 Each of the releases and waivers enumerated in this
Article 5 shall become effective only upon the Closing. 
 Section 5.1 General Release of Operating Partnership.

 As of the Closing, each Contributor irrevocably waives, releases and forever discharges the Operating
Partnership and each of their affiliates, partners, agents, attorneys, successors and assigns of and from, any and all obligations, charges, complaints, claims, liabilities, damages, actions, causes of action, losses and costs of any nature
whatsoever existing as of the Closing (collectively, “Contributor Claims”), known or unknown, suspected or unsuspected, arising out of or relating to the Property except for Contributor Claims arising from the breach of any
representation, warranty or surviving obligation of the Operating Partnership under this Agreement, any agreement contemplated hereby or entered into in connection herewith, or the governing documents of the Operating Partnership, subject to the
obligations of the Operating Partnership under this Agreement. 
 Section 5.2 General Release of Contributor.

 As of the Closing, the Operating Partnership irrevocably waives, releases and forever discharges each
Contributor and each Contributor’s agents, attorneys, successors and assigns of and from, any and all obligations, charges, complaints, claims, liabilities, damages, actions, causes of action, losses and costs of any nature whatsoever existing
as of the Closing (collectively, “Operating Partnership Claims”), known or unknown, suspected or unsuspected, arising out of or relating to the Property, except for Operating Partnership Claims arising from the breach of any
representation, warranty or surviving obligation of Contributor under this Agreement, any agreement contemplated hereby or entered into in connection herewith, or the governing documents of the Operating Partnership, subject to the obligations of
each Contributor under this Agreement. 
 Section 5.3 “AS-IS” Transaction. 

THE OPERATING PARTNERSHIP HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, EACH
CONTRIBUTOR MAKES NO (AND EACH CONTRIBUTOR EXPRESSLY DISCLAIMS AND NEGATES ANY) REPRESENTATIONS OR WARRANTIES OF ANY KIND, WRITTEN OR ORAL, STATUTORY, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY THE CONTRIBUTOR IS CONTRIBUTING OR ANY OTHER
MATTER WHATSOEVER. THE OPERATING PARTNERSHIP FURTHER ACKNOWLEDGES THAT THE OPERATING PARTNERSHIP HAS CONDUCTED AN INDEPENDENT INSPECTION AND INVESTIGATION OF THE PROPERTIES AND ALL SUCH OTHER MATTERS RELATING TO OR AFFECTING THE PROPERTIES AS THE
OPERATING PARTNERSHIP DEEMED NECESSARY OR APPROPRIATE AND THAT THE OPERATING PARTNERSHIP IS PROCEEDING WITH ITS ACQUISITION OF THE PROPERTIES BASED SOLELY UPON SUCH INDEPENDENT INSPECTIONS AND INVESTIGATIONS. ACCORDINGLY, SUBJECT TO THE TERMS AND
CONDITIONS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OPERATING PARTNERSHIP WILL ACCEPT THE PROPERTIES AT THE CLOSING “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS” AND WITHOUT RECOURSE AGAINST CONTRIBUTOR. 

  
 12 

 ARTICLE 6. 
 MISCELLANEOUS 
 Section 6.1 Further Assurances. 

Each Contributor shall take such other actions and execute and deliver such additional documents following the Closing as
the Operating Partnership may reasonably request in order to effect the transactions contemplated hereby (subject to such Contributor’s approval as to the form and substance of such documents). 

Section 6.2 Counterparts. 
 This Agreement may be executed in one or more counterparts and by facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 6.3 Governing Law. 
 This Agreement shall be governed by the internal laws of the State of Delaware, without regard to the choice of laws provisions thereof. 

Section 6.4 Amendment; Waiver. 
 Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party against whom enforcement
is sought. 
 Section 6.5 Entire Agreement. 

This Agreement and all related agreements referred to herein constitute the entire agreement and supersede conflicting
provisions set forth in all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
 Section 6.6 Assignability. 
 This Agreement shall be
binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by
operation of law) by any party without the prior written consent of the other party, and any attempted assignment without such consent shall be void and of no effect, except that the Operating Partnership may assign this Agreement, the Closing
Documents, and its rights and obligations hereunder and thereunder (other than the obligation to issue OP Units, which shall remain with the Operating Partnership) to an affiliate of the Operating Partnership without the consent of any of the
Contributors; and provided, further, that the Operating Partnership may assign its right to receive the Properties to one or more of its wholly owned subsidiaries. 

Section 6.7 Titles. 
 The titles and captions of the Articles, Sections and paragraphs of this Agreement are included for convenience of reference only and shall have no effect on the construction or meaning of this Agreement.

  
 13 

 Section 6.8 Third Party Beneficiary. 

No provision of this Agreement is intended, nor shall it be interpreted, to provide or create any third party beneficiary
rights or any other rights of any kind in any customer, affiliate, stockholder, partner, member, director, officer or employee of any party hereto or any other person or entity. 

Section 6.9 Severability. 
 If any provision of this Agreement, or the application thereof, is for any reason held to any extent to be invalid or unenforceable, the remainder of this Agreement and application of such provision to
other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that
will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision and to execute any amendment, consent or agreement deemed necessary or desirable by the parties to effect such replacement.

 Section 6.10 Equitable Remedies. 

Each Contributor agrees that irreparable damage may occur to the Operating Partnership in the event that any of the
provisions of this Agreement were not performed by the Contributor in accordance with their specific terms or were otherwise breached by the Contributor. It is accordingly agreed that the Operating Partnership shall be entitled to seek an injunction
or injunctions to prevent breaches of this Agreement by any Contributor and to enforce specifically the terms and provisions hereof in any federal or state court located in Pennsylvania (as to which the parties agree to submit to jurisdiction for
the purposes of such action), this being in addition to any other remedy to which the Operating Partnership is entitled under this Agreement or otherwise at law or in equity; provided, however, any such claim or claims for equitable
relief must be filed (and after such filing maintained) by the Operating Partnership within ninety (90) days of the Operating Partnership having delivered written notice to Contributor alleging such breach or failure to perform by the
Contributor. 
 Section 6.11 Confidentiality. 

All press releases or other public communications of any kind relating to the transactions contemplated herein, and the
method and timing of release for publication thereof, will be subject to the prior written approval of the Operating Partnership and the Contributor who contributed the property which is the subject of the press release or other public
communication, in each case not to be unreasonably withheld; provided, however, that the parties may disclose the terms and conditions of this Agreement (a) as required by law, (b) to consummate the terms of this Agreement or
any financing relating thereto, or (c) to the Operating Partnership’s or any of the Contributors’ lenders, attorneys and accountants. 
 Section 6.12 Time of the Essence. 
 Time is of the
essence with respect to all obligations under this Agreement. 
 Section 6.13 Reliance. 

Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from the other
party to this Agreement, and that it has or will consult with its own advisors. 

  
 14 

 Section 6.15 Notice. 

Any notice to be given hereunder by any party to the other shall be given in writing by personal delivery, by registered
or certified mail, postage prepaid, return receipt requested or by any nationally-recognized overnight carrier, and shall be deemed communicated as of the date of personal delivery (including delivery by overnight courier). Mailed notices shall be
addressed as set forth below, but any party may change the address set forth below by written notice to other parties in accordance with this paragraph. 
 To any of the Contributors: 

			
		
		  	c/o RAIT Financial Trust
		
		  	Cira Centre
		
		  	2929 Arch Street
		
		  	17th Floor
		
		  	Philadelphia, Pennsylvania 19104
		
		  	Attn: Raphael Licht

 To the Operating Partnership: 

			
		
		  	Independence Realty Operating Partnership, LP
		
		  	Cira Centre
		
		  	2929 Arch Street
		
		  	17th Floor
		
		  	Philadelphia, Pennsylvania 19104
		
		  	Attn: Jack Salmon

 Section 6.16
Termination. 
 (a) This Agreement shall terminate if the Closing shall not have occurred on or prior to
June 1, 2011. 
 (b) Upon such termination, this Agreement shall become void and have no effect, and no
party hereto shall have any liability to the other parties hereto except that nothing herein shall relieve any party from liability for any breach of this Agreement prior to termination. 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Contribution Agreement as of the date
first written above. 
  

															
	CONTRIBUTORS:
	
	 CRESTMONT APARTMENTS GEORGIA, LLC, a
 Delaware limited liability company

			
		 	By:	 	Crestmont Member, LLC, its Sole Member
				
		 		 	By:	 	PRG-RAIT Portfolio Member, LLC, its Sole Member
					
		 		 		 	By:	 	RAIT-PRG Member, LLC, its Sole Member
						
		 		 		 		 	By:	 	RAIT Partnership, L.P., its Sole Member
							
		 		 		 		 		 	By:	 	RAIT General, Inc., its General Partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer

  

															
	 CUMBERLAND GLEN APARTMENTS GEORGIA, LLC, a
 Delaware limited liability company

			
		 	By:	 	Cumberland Member, LLC, its Sole Member
				
		 		 	By:	 	RG-RAIT Portfolio Member, LLC, its Sole Member
					
		 		 		 	By:	 	RAIT-PRG Member, LLC, its Sole Member
						
		 		 		 		 	By:	 	RAIT Partnership, L.P., its Sole Member
							
		 		 		 		 		 	By:	 	RAIT General, Inc., its General Partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer

  
 16 

 
															
	 HERITAGE TRACE APARTMENTS VIRGINIA,
 LLC, a Delaware limited liability company

			
		 	By:	 	Heritage Trace Member, LLC, its Sole Member
				
		 		 	By:	 	PRG-RAIT Portfolio Member, LLC, its Sole Member
					
		 		 		 	By:	 	RAIT-PRG Member, LLC, its Sole Member
						
		 		 		 		 	By:	 	RAIT Partnership, L.P., its Sole Member
							
		 		 		 		 		 	By:	 	RAIT General, Inc., its General Partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer
	
	 TRESA AT ARROWHEAD ARIZONA, LLC, a
 Delaware limited liability company

			
		 	By:	 	Tresa at Arrowhead Member, LLC, a Delaware limited liability company, its Manager
				
		 		 	By:	 	RAIT Equity Holdings I, LLC, a Delaware limited liability company, its Sole Member and Manager
					
		 		 		 	By:	 	RAIT Partnership, L.P., a Delaware limited partnership, its Manager
						
		 		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its general partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer

  
 17 

 
															
	BELLE CREEK APARTMENTS COLORADO, LLC, a Delaware limited liability company
			
		 	By:	 	Belle Creek Member, LLC, a Delaware limited liability company, its sole member and manager
				
		 		 	By:	 	Belle Creek, LLC, a Delaware limited liability company, its managing member
					
		 		 		 	By:	 	RAIT Partnership, L.P., a Delaware limited partnership, its sole member
						
		 		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its sole general partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer

  

															
	CREEKS AT COPPER HILLS APARTMENTS TEXAS, LLC, a Delaware limited liability company
			
		 	By:	 	Copper Mill Member, LLC, its Sole Member
				
		 		 	By:	 	PRG-RAIT Portfolio Member, LLC, its Sole Member
					
		 		 		 	By:	 	RAIT-PRG Member, LLC, its Sole Member
						
		 		 		 		 	By:	 	RAIT Partnership, L.P., its Sole Member
							
		 		 		 		 		 	By:	 	RAIT General, Inc., its General Partner
								
		 		 		 		 		 		 	By:	 	/s/ SCOTT F. SCHAEFFER
		 		 		 		 		 		 	Name:	 	Scott F. Schaeffer
		 		 		 		 		 		 	Its:	 	Chief Executive Officer

  

									
	THE OPERATING PARTNERSHIP:
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP
			
		 	By:	 	Independence Realty Trust, Inc., its general partner
				
		 		 	By:	 	  /s/ JACK E. SALMON
		 		 		 	Jack E. Salmon
		 		 		 	President and Chief Financial Officer

  
 18 

 SCHEDULE A 
 TO 
 CONTRIBUTION AGREEMENT 

CONTRIBUTION CONSIDERATION 
  

															
	 Contributor
	  	 Property
	  	Contribution
Consideration	 	  	Debt
Assumed	 	  	OP Units	 
	 Belle Creek Apartments Colorado, LLC
	  	Belle Creek	  	$	14,100,000	  	  	$	7,050,000	  	  	$	7,050,000	  
	 Creeks At Copper Hills Apartments Texas, LLC
	  	Copper Mill	  	 	14,715,000	  	  	 	11,000,000	  	  	 	3,715,000	  
	 Crestmont Apartments Georgia, LLC
	  	Crestmont	  	 	13,500,000	  	  	 	6,750,000	  	  	 	6,750,000	  
	 Cumberland Glen Apartments Georgia, LLC
	  	Cumberland Glen	  	 	13,800,000	  	  	 	6,900,000	  	  	 	6,900,000	  
	 Heritage Trace Apartments Virginia, LLC
	  	Heritage Trace	  	 	11,000,000	  	  	 	5,500,000	  	  	 	5,500,000	  
	 Tresa At Arrowhead Arizona, LLC
	  	Tresa at Arrowhead	  	 	36,675,000	  	  	 	27,500,000	  	  	 	9,175,000	  
		  		  	 	 	 	  	 	 	 	  	 	 	 
		  		  	$	103,790,000	  	  	$	64,700,000	  	  	$	39,090,000	  
		  		  	 	 	 	  	 	 	 	  	 	 	 

 SCHEDULE B 
 TO 
 CONTRIBUTION AGREEMENT 

LOANS 

Each of the Properties will have at the Closing indebtedness provided by affiliates of RAIT Financial Trust, the ultimate parent of each
of the Contributors. The following table contains summary information concerning the Loans that encumber each of the Properties: 
  

													
	 Property
	    	Outstanding
Principal	    	Interest Rate	    	 Maturity Date

	 Belle Creek
	    	 	$	7,050,000	 	    	 	 	5.7%(1)	  	    	April 30, 2021
	 Copper Mill
	    	 	 	11,000,000	 	    	 	 	2.5%(2)	  	    	April 30, 2021
	 Crestmont
	    	 	 	6,750,000	 	    	 	 	5.7%(1)	  	    	April 30, 2021
	 Cumberland Glen
	    	 	 	6,900,000	 	    	 	 	5.7%(1)	  	    	April 30, 2021
	 Heritage Trace
	    	 	 	5,500,000	 	    	 	 	5.7%(1)	  	    	April 30, 2021
	 Tresa at Arrowhead
	    	 	 	27,500,000	 	    	 	 	2.5%(2)	  	    	April 30, 2021
		    	 	 	 	 	    	 	 	 	 	    	
				
	 Total Portfolio
	    	 	$	64,700,000	 	    	 	 	3.8%	  	    	
		    	 	 	 	 	    	 	 	 	 	    	

  

	(1)	Interest-only payments are required monthly at the indicated interest rate. Beginning May 1, 2013, payments of principal and interest will be required based on a
30-year amortization schedule. 

  

	(2)	Floating rate; interest only is payable monthly at a rate of 225 basis points over 30-day LIBOR. 

The weighted average interest rate of the Loans is 3.8%. Each of these Loans is a non-recourse obligation subject to customary
exceptions. 

 EXHIBIT A 
 TO 
 CONTRIBUTION AGREEMENT 

“Appurtenances” 

shall mean, with respect to each Property, all rights, covenants, licenses, privileges, hereditaments and warranties, owned by the
Contributor and/or to the benefit of the Contributor and easements or similar rights appurtenant to the Parcel, which are owned by the Contributor or required for the use of the Parcel as contemplated herein, including, without limitation all
development rights, air rights, water, water rights and water stock relating to the Parcel and any other rights-of-way, rights of ingress or egress or other interests in, on or to any land, highway, street, road or avenue in, on, across, abutting or
adjoining the Parcel and any strips and gores adjacent to or lying between the Parcel and any adjacent land and any appurtenances used in connection with the beneficial use and enjoyment of the Parcel owned by the Contributor and all right, title
and interest, if any, of the Contributor in any land lying in the bed of any street opened or proposed in front of or adjoining the Parcel to the center line thereof. 
 “Business Contracts” 
 shall mean, with respect to each Property,
any equipment leases, janitorial contracts, on-site maintenance agreements, other maintenance agreements, waste disposal agreements, service contracts, vendor or supply contracts, insurance contracts, or other agreements affecting all or a portion
of the Property or imposing any obligation upon the Operating Partnership upon acquisition of the Property. 
 “Government
Authorizations” 
 shall mean, with respect to each Property, all permits, licenses, approvals, consents and
authorizations required to comply with all Legal Requirements, including, but not limited to: (i) zoning permits, variances, exceptions, special use permits, conditional use permits and consents; (ii) environmental, ecological, coastal,
wetlands, air and water permits, licenses and consents; (iii) curb cut, subdivision, land use and planning permits, licenses, approvals and consents; (iv) building, sign, fire, health and safety permits, licenses, approvals and consents;
and (v) architectural reviews, approvals and consents required under restrictive covenants. 
 “Improvements” 

shall mean, with respect to each Property, the buildings and all other permanent improvements and structures including, without
limitation, fixtures (excluding trade fixtures that are the property of Tenants pursuant to the Leases, landscaping, signage, parking lots and structures, roads, drainage systems, all utility structures (whether above or below ground), equipment
systems (to the extent the equipment systems are owned by the Contributor and excluding trade fixtures that are the property of the Tenants pursuant to the Leases and other infrastructure improvements, owned by the Contributor or in which the
Contributor has an interest and located on the Parcel or required for the use of the Parcel. 

  
 A-1

 “Intangible Property” 

shall mean, with respect to each Property, all intangible property (including any interest therein) owned by the Contributor, if any, with
respect to the Parcel, including the Parcel and building name, including building or Parcel logos, if any, all contract rights, agreements, engineering trade names, licenses, (including all permits, certificates of occupancy, entitlements and other
governmental and quasi-governmental authorizations) required in connection with the ownership, development, construction, operation or maintenance of the Property (but specifically excluding any operating licenses held by the Contributor with
respect to any separate business conducted by the Contributor on the Parcel), warranties, water rights, zoning rights, architectural, mechanical, electrical and structural plans, studies, drawings, specifications, surveys, renderings and other
technical descriptions that relate to the Property. 
 “Leases” 

shall mean, with respect to each Property, those certain leases by and between the Contributor and the Tenants. True, complete copies of
such Leases have been, or will be, delivered by the Contributor to the Operating Partnership. 
 “Legal Requirements”

 shall mean, with respect to each Property, all laws, regulations, rules, orders, writs, judgments, injunctions, decrees,
certificates, requirements, agreements, conditions of participation and standards of any Governmental Authorities affecting the development, ownership, construction, condition and operation of the Property by the Contributor, whether now or
hereinafter enacted or amended prior to Closing, including, but not limited to, all of the foregoing related to or affecting: (i) the Property or the construction, use or alteration thereof, including all zoning, building, fire, health, safety,
sign, and subdivision regulations and codes; (ii) the Contributor’s interest in the Property; (iii) the Contributor’s Personal Property or the construction, use or alteration thereof; or (iv) the Contributor’s
obligations with respect to the Americans with Disabilities Act, 42 U.S.C. Section 12101, et seq. 
 “Liens”

 means, regarding any real and personal property with respect to each Property, each of the following: all mortgages, deeds
of trust, pledges, liens, options, charges, security interests, restrictions, prior assignments, encumbrances, covenants, encroachments, assessments, purchase rights, rights of others, licenses, easements, voting agreements, liabilities or claims of
any kind or nature whatsoever, direct or indirect, including, without limitation, interests in or claims to revenues generated by such property. 
 “Parcel” 
 shall mean, with respect to each Property, that
certain parcel of real property more particularly described on Exhibit A attached hereto.  
 “Permitted Exceptions”

 shall mean, with respect to each Property: (i) only those title or survey exceptions or defects (including all
encumbrances, restrictive covenants, governmental zoning and use requirements or any other exception to title and use of the Parcel) that are set forth in the Title Policy or survey obtained by the Operating Partnership prior to Closing;
(ii) Liens, if any, for Property Taxes which are a lien but 

  
 A-2

 
not due and payable as of the Closing Date; (iii) rights of Tenants to possession as set forth in the Leases; and (iv) Liens securing the Loan Documents. 

“Person” 

means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or governmental entity. 
 “Personal Property” 

shall mean, with respect to each Property, all machinery, furnishings, equipment, tools, signs, appliances, systems and all other tangible
personal property used solely in connection with or located on the Parcel that are owned by the Contributor and all books and records and Intangible Property, which are owned by the Contributor and located on or related to the Parcel. 

“Property” and collectively, “Properties” 
 shall mean, with respect to each property being contributed: (i) good and unencumbered title and interest in and to the Parcel, Appurtenances and Improvements, subject only to Permitted Exceptions;
(ii) all of the Contributor’s rights, title and interest, to the extent assignable, to the Personal Property; (iii) to the extent assignable, all of the Contributor’s interest in the Government Authorizations; (iv) all of
the Contributor’s rights and interests under the Leases which are in effect on the Effective Date and at Closing, together with any unapplied Security Deposits from the Tenants thereunder; (v) all of the Contributor’s rights, title
and interest, to the extent assignable, to all Intangible Property; and (vi) all of the Contributor’s rights and obligations arising from and after the Closing Date with respect to the Business Contracts expressly assumed by the Operating
Partnership. 
 “Property Taxes” 
 shall mean, with respect to each Property, all federal, state, county, municipal and local governmental taxes, assessments and charges of every kind or nature, general and special, ordinary and
extraordinary, foreseen and unforeseen, including, but not limited to, all real estate taxes, and transit or transit district taxes or assessments, ad valorem, rent or similar taxes of every kind or nature affecting the Property (including any
rental or similar taxes and license, building, occupancy, permit or similar fees levied in lieu of or in addition to general real or personal property taxes). Property Taxes shall not include any federal or state income tax, any income tax resulting
from the transfer of the Property by the Contributor or any sales, use, single business, gross receipts, transaction privilege franchise and excise taxes, inheritance, gift or estate taxes of the Contributor or any capital stock and franchise taxes
of the Contributor imposed by any governmental entity due to this transaction or the Contributor’s ownership of the Property. 

“Security Deposits” 
 shall mean and include, with respect to each Property, all security deposits, escrow deposits, reserve funds, security interests, letters of credit, pledges, prepaid rent or other sums, deposits or
interests held by the Contributor or by any other Persons for the benefit of the Contributor with respect to the Leases. 

“Tenants” 

shall mean, with respect to each Property, the tenants of the Property. 

  
 A-3

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