<SEC-DOCUMENT>0001564590-21-060503.txt : 20211216
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<ACCEPTANCE-DATETIME>20211216092128
ACCESSION NUMBER:		0001564590-21-060503
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20211214
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211216
DATE AS OF CHANGE:		20211216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENCE REALTY TRUST, INC.
		CENTRAL INDEX KEY:			0001466085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				264567130
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36041
		FILM NUMBER:		211496156

	BUSINESS ADDRESS:	
		STREET 1:		1835 MARKET STREET
		STREET 2:		SUITE 2601
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		267-270-4800

	MAIL ADDRESS:	
		STREET 1:		1835 MARKET STREET
		STREET 2:		SUITE 2601
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEPENDENCE REALTY TRUST, INC
		DATE OF NAME CHANGE:	20110218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEPENDENCE REALTY TRUST INC
		DATE OF NAME CHANGE:	20110211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMPIRE AMERICAN REALTY TRUST INC
		DATE OF NAME CHANGE:	20090610
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:8pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>
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<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Trading Symbol(s)</p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000020" name="dei:Security12bTitle" contextRef="C_0001466085_20211214_20211214">Common stock</ix:nonNumeric></p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000021" name="dei:TradingSymbol" contextRef="C_0001466085_20211214_20211214">IRT</ix:nonNumeric></p></td>
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<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000022" name="dei:SecurityExchangeName" contextRef="C_0001466085_20211214_20211214">NYSE</ix:nonNumeric></p></td>
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<p style="margin-bottom:8pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </p>
<p style="margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company&#160;&#160;<span style="font-family:Segoe UI Symbol;"><ix:nonNumeric id="F_000006" name="dei:EntityEmergingGrowthCompany" contextRef="C_0001466085_20211214_20211214" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> </p>
<p style="margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9744;</span></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Introductory Note</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Current Report on Form 8-K is being filed in connection with the consummation, on December 16, 2021 (the &#8220;<span style="text-decoration:underline;">Closing Date</span>&#8221;), of the transactions contemplated by that certain Agreement and Plan of Merger (the &#8220;<span style="text-decoration:underline;">Merger Agreement</span>&#8221;), dated July 26, 2021, by and among Independence Realty Trust, Inc., a Maryland corporation (&#8220;<span style="text-decoration:underline;">IRT</span>&#8221; or the &#8220;<span style="text-decoration:underline;">Company</span>&#8221;), Independence Realty Operating Partnership, LP, a Delaware limited partnership and a subsidiary of IRT (&#8220;<span style="text-decoration:underline;">IRT OP</span>&#8221;), IRSTAR Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of IRT (&#8220;<span style="text-decoration:underline;">IRT Merger Sub</span>&#8221;), Steadfast Apartment REIT, Inc., a Maryland corporation (&#8220;<span style="text-decoration:underline;">STAR</span>&#8221;), and Steadfast Apartment REIT Operating Partnership, L.P., a Delaware limited partnership and a subsidiary of STAR (&#8220;<span style="text-decoration:underline;">STAR OP</span>&#8221;).<span style="Background-color:#FFFFFF;">&#160;&#160;</span>Pursuant to the Merger Agreement, on the Closing Date, STAR merged with and into IRT Merger Sub, with IRT Merger Sub continuing as the surviving entity (the &#8220;<span style="text-decoration:underline;">Company Merger</span>&#8221;), and STAR OP merged with and into IRT OP, with IRT OP continuing as a subsidiary of IRT (the &#8220;<span style="text-decoration:underline;">Partnership Merger</span>&#8221; and, together with the Company Merger, the &#8220;<span style="text-decoration:underline;">Mergers</span>&#8221;). As a result of the Mergers, IRT Merger Sub remained as a wholly-owned subsidiary of IRT and IRT OP remained as a subsidiary of IRT.&#160;&#160;The combined company will conduct business under the name Independence Realty Trust, Inc. The events described below took place in connection with the consummation of the Mergers.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 1.01.<span style="margin-left:36pt;"></span>Entry into a Material Definitive Agreement.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 16, 2021, IRT, in its capacity as general partner of IRT OP, entered into Amendment No. 1 (the &#8220;<span style="text-decoration:underline;">Amendment</span>&#8221;) to the Fifth Amended and Restated Agreement of Limited Partnership of IRT OP, dated as of March&#160;3, 2017 (the &#8220;<span style="text-decoration:underline;">Partnership Agreement</span>&#8221;).&#160;&#160;The Amendment amends the Partnership Agreement to reflect changes in the U.S. federal tax laws made by the Bipartisan Budget Act of 2015 related to the tax audits of partnerships, including to designate IRT as the partnership representative of IRT OP, to state the powers granted to IRT as partnership representative, including the power to require the current and former partners of IRT OP to make cash payments to IRT OP equal to their share of IRT OP level assessments and to withhold from distributions to the IRT OP partners their share of the IRT OP level taxes and assessments, to require the current and former partners of IRT OP to cooperate with IRT and provide information related to tax audits of IRT OP, to give IRT the authority to amend the Partnership Agreement to implement the partnership tax audit rules in the Bipartisan Budget Act of 2015 and related rules or regulations, and to provide that the obligations of the partners of IRT OP related to tax audits of IRT OP will survive the termination, dissolution, liquidation and winding up of IRT OP and such partner&#8217;s withdrawal from IRT OP or the transfer of such partner&#8217;s interest in IRT OP.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, the Amendment amends the Partnership Agreement to revise the definition of &#8220;Affiliate&#8221; and to provide that IRT shall have satisfied its obligations under Section 9.3(a) and Section 9.3(b) of the Partnership Agreement by posting or making available the reports required by Section 9.3 of the Partnership Agreement on the website maintained from time to time by IRT OP or IRT, provided that such reports are able to be printed or downloaded from such website.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 2.01.<span style="margin-left:36pt;">Completion of Acquisition or Disposition of Assets.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the effective time of the Company Merger (the &#8220;<span style="text-decoration:underline;">Company Merger Effective Time</span>&#8221;), each share of common stock, par value $0.01 per share, of STAR (&#8220;<span style="text-decoration:underline;">STAR Common Stock</span>&#8221;) issued and outstanding immediately prior to the Company Merger Effective Time (other than certain shares set forth in the Merger Agreement) was automatically converted into the right to receive 0.905 (the &#8220;<span style="text-decoration:underline;">Exchange Ratio</span>&#8221;) newly issued, fully paid and nonassessable shares of common stock, <span style="color:#000000;">par value $0.01 per share, of IRT (&#8220;</span><span style="text-decoration:underline;color:#000000;">IRT Common Stock</span><span style="color:#000000;">&#8221;), with cash paid in lieu of fractional shares</span>.&#160;&#160;</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the effective time of the Partnership Merger (the &#8220;<span style="text-decoration:underline;">Partnership Merger Effective Time</span>&#8221;), (1) each unit of limited partnership interest of STAR OP designated as a &#8220;Class A Common Unit&#8221; (each a &#8220;<span style="text-decoration:underline;">Class A STAR OP Unit</span>&#8221;) issued and outstanding immediately prior to the Partnership Merger Effective Time and owned by STAR or a subsidiary of STAR was automatically converted into the right to receive&#160;<span style="color:#000000;">0.905 common units of limited partnership interest of IRT OP (each, an &#8220;</span><span style="text-decoration:underline;color:#000000;">IROP Common Unit</span><span style="color:#000000;">&#8221;) and will be owned by IRT through IRT Merger Sub and (2)</span> each unit of limited partnership interest of STAR OP designated as a &#8220;Class A-2 Common Unit&#8221; or &#8220;Class B Common Unit&#8221; issued and outstanding immediately prior to the Partnership Merger Effective Time was automatically converted into the right to receive<span style="color:#000000;"> 0.905 IROP Common Units.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The foregoing description of the Mergers and the Merger Agreement contained in this Item&#160;2.01 does not purport to be complete and is subject to and qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to the Current Report </p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:1pt;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on Form 8-K filed by IRT with the Securities and Exchange Commission (the &#8220;</span><span style="text-decoration:underline;">SEC</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8221;) on July 26, 2021 (Film No.:&#160;211114141), and is incorporated by reference herein. </span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 2.03.<span style="margin-left:36pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the Mergers, on December&#160;16, 2021, IRT, through certain of its subsidiaries, assumed approximately $1.7 billion aggregate principal amount of existing mortgage indebtedness of STAR and its subsidiaries. The mortgage loans are secured by a total of 49 underlying properties, bear interest at fixed rates ranging from 2.8% to 4.7% per annum or at a variable rate of London Inter-Bank Offered Rate (LIBOR) plus 1.7% (as of December 1, 2021), and have remaining maturities ranging from approximately 2.7 years to 8.6 years.&#160;&#160;The assumed indebtedness has a weighted average interest rate of 3.9% per annum and a weighted average maturity date of 6.7 years, with 97.1% of such indebtedness bearing interest at fixed rates and 2.9% of such indebtedness bearing interest at a variable rate.&#160;&#160;</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The assumed indebtedness contains customary covenants, restrictions and events of default for real property loans, including restrictions on the ability to sell the mortgaged property.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 3.02. <span style="margin-left:36pt;">Unregistered Sales of Equity Securities.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As indicated under Item 2.01 &#8220;Completion of Acquisition or Disposition of Assets,&#8221; IRT OP issued 6,429,481.095 IROP Common Units in the Partnership Merger (other than IROP Common Units issued to IRT or IRT Merger Sub) that were not registered under the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration:underline;">Securities Act</span>&#8221;). &#160;IROP Common Units are subject to exchange agreements that permit the holders of the IROP Common Units to tender the units to IRT for cash in an amount equal to the market price (based on a trailing average computation) of an equivalent number of shares of IRT Common Stock at the time we receive notice of the exchange.&#160;&#160;IRT has the option, in lieu of paying cash, to settle the exchange for a number of shares of IRT Common Stock equal to the number of IROP Common Units tendered for exchange.&#160;The IROP Common Units were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02.<span style="margin-left:36pt;">Departure of Directors or Certain Officers&#59; Election of Directors&#59; Appointment of Certain Officers&#59; Compensatory Arrangements of Certain Officers.</span><span style="font-weight:normal;"> </span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Departure of Certain Directors</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the Company Merger Effective Time, and in accordance with the Merger Agreement, William C. Dunkelberg resigned as a member of the board of directors of IRT (the &#8220;<span style="text-decoration:underline;">Board</span>&#8221;) and from each of the committees of the Board on which he served.&#160;&#160;The resignation was not due to any disagreement with IRT regarding any matter related to IRT&#8217;s operations, policies or practices.&#160;&#160;Mr. Dunkelberg formerly served on the Audit Committee and the Compensation Committee of the Board.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Appointment of Directors</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the Company Merger Effective Time, and in accordance with the Merger Agreement, the Board consists of the following ten directors: (i)&#160;Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii)&#160;Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.&#160;&#160;Scott F. Schaffer continues to serve as Chairman of the Board.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ned W. Brines is expected to be named to serve on the Audit Committee, Compensation Committee and Nominating and Governance Committee of the Board, (ii)&#160;Thomas H. Purcell is expected to be named to serve on the Audit Committee and Finance &#38; Investment Committee of the Board, (iii)&#160;Stephen R. Bowie is expected to be named to serve on the Finance &#38; Investment Committee and Risk Committee of the Board, and (iv) Ana Marie del Rio is expected to be named to serve on the Risk Committee of the Board.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Appointment and Continuation of Certain Officers</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the Company Merger Effective Time, and in accordance with the Merger Agreement, Ella S. Neyland became the Chief Operating Officer of IRT.&#160;&#160;The remainder of the senior leadership team of IRT includes the following continuing officers: Scott F. Schaeffer as Chairman of the Board and Chief Executive Officer, James J. Sebra as Chief Financial Officer, Farrell M. Ender as President, Jessica K. Norman as Chief Legal Officer and Jason R. Delozier as Chief Accounting Officer.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:1pt;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The joint proxy statement/prospectus of IRT and STAR that forms part of IRT&#8217;s registration statement on Form S-4 (File No.&#160;333-258871), as amended, contains biographical information about the newly appointed directors and officers in Annex E thereto.&#160;&#160;Such information is incorporated herein by reference. Other than the Merger Agreement, there are no arrangements or understandings between any of Messrs. Bowie, Brines or Purcell or Mses. del Rio or Neyland, on one hand, and any other person on the other hand, pursuant to which any of Messrs. Bowie, Brines or Purcell or Mses. del Rio or Neyland was selected as a director. There are no transactions in which Messrs. Bowie, Brines or Purcell or Mses. del Rio or Neyland has an interest requiring disclosure under Item 404(a) of Regulation S-K.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Indemnification Agreements</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the Company Merger Effective Time, each of Messrs. Bowie, Brines and Purcell and Mses. del Rio and Neyland entered into an indemnification agreement with IRT, the form of which is attached as Exhibit 10.7 to IRT&#8217;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, filed with the SEC on August 1, 2019.</p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 7.01<span style="margin-left:36pt;">Regulation FD Disclosure.</span></p>
<p style="Background-color:#FFFFFF;margin-top:12pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On the Closing Date, IRT issued a press release announcing the completion of the Mergers.&#160;&#160;A copy of the press release is furnished as Exhibit&#160;99.1 hereto and is incorporated into this Item 7.01 by reference.&#160;&#160;The press release shall not be deemed &#8220;filed&#8221; for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;<span style="text-decoration:underline;">Exchange Act</span>&#8221;), or otherwise subject to the liabilities of that Section.&#160;&#160;The information in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in the filing.</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 8.01<span style="margin-left:36pt;">Other Events.</span></p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:8pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 27, 2021 and July 29, 2021, IRT entered into forward equity sales agreements to sell an aggregate of 16,100,000 shares of IRT Common Stock at a price of $17.04 per share, net of underwriting discounts and commissions.&#160;&#160;On December 14, 2021, IRT issued and physically settled 16.1 million shares of IRT Common Stock under the forward equity sales agreements, receiving net proceeds of $271.8 million. </p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01<span style="margin-left:36pt;">Financial Statements and Exhibits.</span></p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) Financial Statements of Business Acquired.</p>
<p style="margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The audited financial statements of STAR as of December 31, 2020 and December 31, 2019 and for each of the years in the three-year period ended December 31, 2020 are incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by IRT on July 26, 2021 (Film No.:&#160;211114746).</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The unaudited financial statements of STAR as of September 30, 2021, and for the nine-month periods ended September 30, 2021 and 2020, are incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by IRT on November 12, 2021.</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)&#160;Pro Forma Financial Information.</p>
<p style="Background-color:#FFFFFF;margin-top:6pt;margin-bottom:8pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The unaudited pro forma condensed combined financial statements of IRT as of and for the nine-month period ended September&#160;30, 2021, and as of and for the year ended December&#160;31, 2020, giving effect to the Mergers and the transactions contemplated by the Merger Agreement, will be filed as an exhibit to an amendment to this Current Report on Form&#160;8-K not later than 71 days after the date on which this Current Report on Form 8-K is required to be filed.</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) Exhibits.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001466085/000156459021037931/irt-ex21_230.htm"><span style="text-decoration:underline;">Agreement and Plan of Merger, dated as of July 26, 2021, by and among Independence Realty Trust, Inc., Independence Realty Operating Partnership, LP, IRSTAR Sub, LLC, Steadfast Apartment REIT, Inc. and Steadfast Apartment REIT Operating Partnership, L.P. (incorporated by reference to Exhibit 2.1 to IRT&#8217;s Current Report on Form 8-K filed on July 26, 2021 (Film No.: 211114141)).</span></a><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1*</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="irt-ex101_16.htm"><span style="text-decoration:underline;">Amendment No. 1 to Fifth Amended and Restated Agreement of Limited Partnership of Independence Realty Operating Partnership, LP.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="irt-ex991_6.htm"><span style="text-decoration:underline;">Press Release, dated as of December 16, 2021.</span></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</p></td>
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<p style="Background-color:#FFFFFF;margin-bottom:8pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">* Filed herewith.&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:1pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</span></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">December 16, 2021</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Execution Version</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="sA7873205C3704C73F821F4B4DB099634"></a>Exhibit 10.1</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AMENDMENT NO. 1 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TO THE FIFTH AMENDED AND RESTATED </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AGREEMENT OF </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">LIMITED PARTNERSHIP OF</p>
<p style="text-align:center;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Amendment No. 1 (this &#8220;<font style="font-weight:bold;">Amendment</font>&#8221;), dated as of December 16, 2021, to the Fifth Amended and Restated Agreement of Limited Partnership of Independence Realty Operating Partnership, LP, a Delaware limited partnership (the &#8220;<font style="font-weight:bold;">Partnership</font>&#8221;), dated as of March 3, 2017 (the &#8220;<font style="font-weight:bold;">Partnership Agreement</font>&#8221;), is hereby entered into by Independence Realty Trust, Inc., a Maryland corporation, as general partner (the &#8220;<font style="font-weight:bold;">General Partner</font>&#8221;).</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, the General Partner is the sole general partner of the Partnership; and</font></p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, acting pursuant to the power and authority granted to the General Partner under Section 14.1 of the Partnership Agreement, the General Partner has determined that this Amendment does not require the approval of any other Partner. </font></p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE<font style="font-weight:normal;">, it is hereby agreed as follows:</font></p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.  <font style="text-decoration:underline;">Amendment of Article 1</font>.&nbsp;&nbsp;The definition of the term &#8220;Affiliate&#8221; is deleted in its entirely and replaced in full as follows:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:11.54%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="font-style:italic;text-decoration:underline;">Affiliate</font>&#8221; means,</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;">with respect to any individual Person, any member of the Immediate Family of such Person or a trust established for the benefit of such member, or</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;">with respect to any Entity, any Person which, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, any such Entity.&nbsp;&nbsp;For purposes of this definition, &#8220;control,&#8221; when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms &#8220;controlling&#8221; and &#8220;controlled&#8221; have meanings correlative to the foregoing; or</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;">any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, or</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d) any Person of which such Person owns or controls ten percent (10%) or more of the voting interests, or</font></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:36pt;">any officer, director, general partner or trustee of such Person or any Person referred to in clauses (b), (c) or (d) above.</font></p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.&nbsp;&nbsp;<font style="text-decoration:underline;">Amendment of Section 9.3</font>.&nbsp;&nbsp;Section 9.3 is hereby amended by adding the following new subsection (d):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)&nbsp;&nbsp;The General Partner shall have satisfied its obligations under Section 9.3(a) and Section 9.3(b) by posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the Parent, provided that such reports are able to be printed or downloaded from such website.</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.  <font style="text-decoration:underline;">Amendment of Section 10.3</font>. Section 10.3 is hereby deleted in its entirety and replaced in full as follows: </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">10.3</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Partnership Representative</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(a)</font><font style="text-decoration:none;margin-left:36pt;">General</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(i)</font><font style="text-decoration:none;margin-left:36pt;">The General Partner shall be the &#8220;tax matters partner&#8221; of the Partnership for U.S. federal income tax purposes for tax years prior to the first tax year that is subject to the BBA Rules</font><font style="text-decoration:none;">. Upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address, taxpayer identification number and profit interest of each of the Limited Partners and any Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners.&nbsp;&nbsp;For purposes of the Agreement, &#8220;</font><font style="text-decoration:underline;">BBA Rules</font><font style="text-decoration:none;">&#8221; means Sections 6221 through 6241 of the Code, as amended, together with any final or temporary Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax law), as in effect following the enactment of the Bipartisan Budget Act of 2015. </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_2"></a><a name="_cp_text_1_3"></a><font style="text-decoration:none;">(ii)</font><font style="text-decoration:none;margin-left:36pt;">The</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">General</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Partner</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">shall</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">be</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">&#8220;partnership</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">representative&#8221;</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Partnership for U.S. federal income t<a name="_cp_text_1_2"></a>ax purposes, and relevant state income tax purposes (the &#8220;</font><font style="text-decoration:underline;">Partnership Representative</font><font style="text-decoration:none;">&#8221;) for all Tax years beginning with the first Taxable</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">year that is subject to the BBA Rules; provided that the General Partner may resign as, remove</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">and replace the Partnership&#8217;s Partnership Representative, in each case in its sole discretion.</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">The</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Partnership Representative shall be entitled to, and shall, designate, a &#8220;designated individual&#8221;</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">within the meaning of and in accordance with applicable Regulations; provided that any such</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">designated individual may resign, and the partnership representative may remove, revoke and</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">replace any such designated individual, in each case in accordance with </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">such Regulations.</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">The</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Partnership and each Partner shall take such actions as are necessary to </font><font style="text-decoration:none;">effect</font><font style="text-decoration:none;"> the designations</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">made</font><font style="letter-spacing:-0.25pt;text-decoration:none;"> </font><font style="text-decoration:none;">in</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">accordance with this Section 10.3</font><font style="text-decoration:none;">(a)</font><font style="text-decoration:none;">, and the following provisions of this Section 10.3 shall apply with respect to each </font><font style="text-decoration:none;">P</font><font style="text-decoration:none;">artnership </font><font style="text-decoration:none;">R</font><font style="text-decoration:none;"><a name="_cp_text_1_3"></a>epresentative and designated individual for the Taxable year(s) with respect to which such persons are so designated</font><font style="text-decoration:none;">.&nbsp;&nbsp;References to Partnership Representative in the remainder of Section 10.3 shall include the designated individual unless the context otherwise requires.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(b)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Powers.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(i)</font><font style="text-decoration:none;margin-left:36pt;">For all tax years prior to the first tax year that is subject to the BBA Rules, the tax matters partner is authorized, but not required:</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(A)</font><font style="text-decoration:none;margin-left:36pt;">to enter into any settlement with the Internal Revenue Service with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a &#8220;tax audit&#8221; and such judicial proceedings being referred to as &#8220;judicial review&#8221;), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:30.77%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(1)</font><font style="text-decoration:none;margin-left:36pt;">who (within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue Service providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner; or</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:30.77%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(2)</font><font style="text-decoration:none;margin-left:36pt;">who is a &#8220;notice partner&#8221; (as defined in Section 6231(a)(8) of the Code, as in effect before the BBA Rules) or a member of a &#8220;notice group&#8221; (as defined in Section 6223(b)(2) of the Code, as in effect before the BBA Rules</font><font style="text-decoration:none;">);</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(B)</font><font style="text-decoration:none;margin-left:36pt;">in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a &#8220;</font><font style="text-decoration:underline;">final adjustment</font><font style="text-decoration:none;">&#8221;) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with the Tax Court or the filing of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership&#8217;s principal place of business is located;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(C)</font><font style="text-decoration:none;margin-left:36pt;">to intervene in any action brought by any other Partner for judicial review of a final </font><font style="text-decoration:none;">adjustment;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(D)</font><font style="text-decoration:none;margin-left:36pt;">to file a request for an administrative adjustment with the Internal Revenue Service and, if any part of such request is not allowed by the Internal Revenue Service, to file an appropriate pleading (petition or complaint) for judicial review with respect to such </font><font style="text-decoration:none;">request;</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(E)</font><font style="text-decoration:none;margin-left:36pt;">to enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax which is attributable to any item required to be </font><font style="text-decoration:none;">taken into account</font><font style="text-decoration:none;"> of by a Partner for tax purposes, or an item affected by such item; and</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(F)</font><font style="text-decoration:none;margin-left:36pt;">to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The taking of any action and the incurring of any expense by the tax matters partner in connection with any such audit or proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.6 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_5"></a><a name="_cp_text_1_7"></a><font style="text-decoration:none;">(ii)</font><font style="text-decoration:none;margin-left:36pt;">For</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">all</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> t</font><font style="text-decoration:none;">ax</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">years</font><font style="letter-spacing:-0.2pt;text-decoration:none;"> </font><font style="text-decoration:none;">beginning</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">with</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">first</font><font style="letter-spacing:-0.25pt;text-decoration:none;"> t</font><font style="text-decoration:none;">ax year</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">that</font><font style="letter-spacing:-0.3pt;text-decoration:none;"> </font><font style="text-decoration:none;">is</font><font style="letter-spacing:-0.2pt;text-decoration:none;"> </font><font style="text-decoration:none;">subject</font><font style="letter-spacing:-0.3pt;text-decoration:none;"> </font><font style="text-decoration:none;">to</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">BBA</font><font style="letter-spacing:-2.9pt;text-decoration:none;"> </font><font style="text-decoration:none;">Rules,</font><font style="letter-spacing:-0.7pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.65pt;text-decoration:none;"><a name="_cp_text_1_5"></a> </font><font style="text-decoration:none;">Partnership</font><font style="letter-spacing:-0.65pt;text-decoration:none;"><a name="_cp_text_1_7"></a> </font><font style="text-decoration:none;">Representative is authorized, but not required (unless required by applicable</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">law):</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_9"></a><a name="_cp_text_1_10"></a><font style="text-decoration:none;">(A)</font><font style="text-decoration:none;margin-left:36pt;"><a name="_cp_text_1_9"></a>to enter into any settlement with the IRS </font><font style="text-decoration:none;">or state taxing authority with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;"><a name="_cp_text_1_10"></a>by a Partner for U.S. federal or state income tax purposes (such administrative proceedings being referred to as a &#8220;tax audit&#8221; and such judicial proceedings being referred to as &#8220;judicial review&#8221;), and in the settlement</font><font style="letter-spacing:-2.85pt;text-decoration:none;"> </font><font style="text-decoration:none;">agreement the Partnership Representative may expressly state that such agreement shall bind all</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Partners;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_11"></a><font style="text-decoration:none;">(B)</font><font style="text-decoration:none;margin-left:36pt;">if a notice of a final administrative adjustment at the Partnership level (a</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">final</font><font style="text-decoration:underline;letter-spacing:-0.6pt;"> </font><font style="text-decoration:underline;">adjustment</font><font style="text-decoration:none;">&#8221;)</font><font style="letter-spacing:-0.65pt;text-decoration:none;"> </font><font style="text-decoration:none;">is</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">mailed</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">to</font><font style="letter-spacing:-0.65pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.35pt;text-decoration:none;"> </font><font style="text-decoration:none;">partnership</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">representative,</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">to</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">seek</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">judicial</font><font style="letter-spacing:-0.35pt;text-decoration:none;"> </font><font style="text-decoration:none;">review</font><font style="letter-spacing:-0.75pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">such</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;"><a name="_cp_text_1_11"></a>final </font><font style="letter-spacing:-2.9pt;text-decoration:none;"> </font><font style="text-decoration:none;">adjustment,</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">including</font><font style="letter-spacing:-0.35pt;text-decoration:none;"> </font><font style="text-decoration:none;">the filing</font><font style="letter-spacing:-0.35pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">a petition</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">for</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">readjustment</font><font style="letter-spacing:-0.2pt;text-decoration:none;"> </font><font style="text-decoration:none;">with</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Tax</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Court</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">or</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">the filing</font><font style="letter-spacing:-0.35pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">a</font><font style="letter-spacing:-2.85pt;text-decoration:none;"> </font><font style="text-decoration:none;">complaint</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">for</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">refund</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">with</font><font style="letter-spacing:-0.65pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">United</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">States</font><font style="letter-spacing:-0.55pt;text-decoration:none;"> </font><font style="text-decoration:none;">Claims</font><font style="letter-spacing:-0.6pt;text-decoration:none;"> </font><font style="text-decoration:none;">Court</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">or</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">District</font><font style="letter-spacing:-0.45pt;text-decoration:none;"> </font><font style="text-decoration:none;">Court</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">United</font><font style="letter-spacing:-0.5pt;text-decoration:none;"> </font><font style="text-decoration:none;">States</font><font style="letter-spacing:-2.85pt;text-decoration:none;"> </font><font style="text-decoration:none;">for</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">district in which the Partnership&#8217;s</font><font style="letter-spacing:-0.3pt;text-decoration:none;"> </font><font style="text-decoration:none;">principal place</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">of business</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">is</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">located;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(C)</font><font style="text-decoration:none;margin-left:36pt;">to intervene in any action brought by any other Partner for judicial review</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">of a final</font><font style="letter-spacing:-0.2pt;text-decoration:none;"> </font><font style="text-decoration:none;">adjustment;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(D)</font><font style="text-decoration:none;margin-left:36pt;">to file a request for an administrative adjustment with the IRS at any time</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition</font><font style="letter-spacing:-2.85pt;text-decoration:none;"> </font><font style="text-decoration:none;">or</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">complaint) for judicial</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">review</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">with respect</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">to such request;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_12"></a><font style="text-decoration:none;">(E)</font><font style="text-decoration:none;margin-left:36pt;"><a name="_cp_text_1_12"></a>to enter into an agreement with the IRS </font><font style="text-decoration:none;">or state taxing authority to extend the period for assessing</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">any tax which is attributable to </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">any item required to be taken into account by a Partner for tax</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">purposes,</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">or an item</font><font style="letter-spacing:-0.2pt;text-decoration:none;"> </font><font style="text-decoration:none;">affected by</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">such </font><font style="text-decoration:none;">item;</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_13"></a><a name="_cp_text_1_14"></a><a name="_cp_text_1_15"></a><a name="_cp_text_1_16"></a><font style="text-decoration:none;">(F)</font><font style="text-decoration:none;margin-left:36pt;">to take any other action on behalf of the Partnership and its Partners in</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">connection with any tax audit or judicial review proceeding, to the extent permitted by <a name="_cp_text_1_13"></a>applicable </font><font style="letter-spacing:-2.9pt;text-decoration:none;"> </font><font style="text-decoration:none;">law</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">or</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">Regulations,</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">including</font><font style="letter-spacing:-0.25pt;text-decoration:none;"><a name="_cp_text_1_14"></a> determining whether an election under Section 6221(b) and Section 6226 (and analogous provisions of state law) is available, and </font><font style="text-decoration:none;">making</font><font style="letter-spacing:-0.3pt;text-decoration:none;"> </font><font style="text-decoration:none;">an</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">election under</font><font style="letter-spacing:-0.05pt;text-decoration:none;"><a name="_cp_text_1_15"></a> Section 6221(b) and </font><font style="text-decoration:none;">Section</font><font style="letter-spacing:0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">6226</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;"><a name="_cp_text_1_16"></a>of the Code (and analogous provisions of state law);</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">and</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_17"></a><a name="_cp_text_1_19"></a><a name="_cp_text_1_21"></a><a name="_cp_text_1_22"></a><font style="text-decoration:none;">(G)</font><font style="text-decoration:none;margin-left:36pt;"><a name="_cp_text_1_17"></a>to take any other action required or permitted by the Code and Regulations</font><font style="text-decoration:none;">, and analogous provision of applicable state laws, </font><font style="letter-spacing:-2.85pt;text-decoration:none;"> </font><font style="text-decoration:none;">in</font><font style="letter-spacing:-0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">connection with</font><font style="letter-spacing:-0.25pt;text-decoration:none;"> </font><font style="text-decoration:none;">its</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">role</font><font style="letter-spacing:-0.15pt;text-decoration:none;"> </font><font style="text-decoration:none;">as</font><font style="letter-spacing:-0.15pt;text-decoration:none;"><a name="_cp_text_1_19"></a> </font><font style="text-decoration:none;">P<a name="_cp_text_1_21"></a>artnership R<a name="_cp_text_1_22"></a>epresentative, which action may bind the Partnership and the Partners.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_24"></a><a name="_cp_text_1_26"></a><a name="_cp_text_1_29"></a><a name="_cp_text_1_31"></a><font style="text-decoration:none;"><a name="_cp_text_1_24"></a>The taking of any action and the incurring of any expense by the P<a name="_cp_text_1_26"></a>artnership Representative&nbsp;&nbsp;in connection with any such</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">audit or proceeding, except to the extent required by law, is a matter in the sole and absolute</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;"><a name="_cp_text_1_29"></a>discretion of the P<a name="_cp_text_1_31"></a>artnership Representative and the provisions relating to indemnification of the</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">General Partner set forth in Section 7.7 shall be fully applicable to the Partnership Representative</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">and designated individual in their capacities as such.</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><a name="_cp_text_1_37"></a><font style="text-decoration:none;">(c)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">BBA Rules - Elections and Imputed Underpayment Modifications</font><font style="text-decoration:none;">.&nbsp;&nbsp;If the Partnership Representative makes a push out election with respect to any adjustment to any partnership-related item to the extent such adjustment results in an &#8220;imputed underpayment&#8221; as described in Section 6225(b) of the Code, or any analogous provision of state or local law (&#8220;</font><font style="text-decoration:underline;">covered audit adjustment</font><font style="text-decoration:none;">&#8221;), each Partner (including transferees or successors of any Partner) covenants and agrees that it shall (1) pay any and all resulting taxes, additions to tax, penalties and interest in a timely fashion and (2) cooperate with the Partnership and the Partnership Representative in good faith.&nbsp;&nbsp;To the extent the Partnership Representative does not make a push out election with respect to any covered audit adjustment, the Partnership Representative may make any modification under Section 6225(c) of the Code (or any analogous provision of state or local law) and each Partner shall, as requested by the Partnership Representative, take such action as may be necessary or prudent for the Partnership Representative to seek an imputed underpayment modification under Section 6225(c) of the Code (or any analogous provision of state or local law) (&#8220;</font><font style="text-decoration:underline;">imputed underpayment modification</font><font style="text-decoration:none;">&#8221;), including, for the avoidance of doubt, filing an amended federal or state income tax return or following an alternative procedure to filing an amended federal income tax return, as described in Section 6225(c) of the Code, paying any and all resulting federal and state income taxes penalties and interest in a timely fashion, providing all necessary information to the Partnership to support the modification of the tax rate applicable to any imputed underpayment modification pursuant to Section 6225(c)(4) of the Code, and providing an affidavit to the Partnership Representative that such actions have been taken).&nbsp;&nbsp;To the extent the Partnership representative </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">does not make a push-out election with respect to a covered audit adjustment, the Partnership Representative is authorized to obtain a loan on behalf of the Partnership to pay any Pa</font><font style="text-decoration:none;">rtnership Level T</font><font style="text-decoration:none;">axes.</font><font style="text-decoration:none;">&nbsp;&nbsp;For purposes of the Agreement, &#8220;</font><font style="text-decoration:underline;">Partnership Level Taxes</font><font style="text-decoration:none;">&#8221; means any federal, state, or local taxes, additions to tax, penalties, and interest payable by the Partnership </font><font style="text-decoration:none;">as a result of</font><font style="text-decoration:none;"> a tax audit under the BBA Rules.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><a name="_cp_text_1_38"></a><a name="_cp_text_4_39"></a><a name="_cp_text_1_40"></a><a name="_cp_text_4_41"></a><a name="_cp_text_1_42"></a><a name="_cp_text_4_43"></a><a name="_cp_text_1_44"></a><font style="text-decoration:none;">(d)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Cooperation</font><font style="text-decoration:none;"><a name="_cp_text_4_39"></a>.&nbsp;&nbsp;<a name="_cp_text_1_40"></a>Each Partner shall take all actions or refrain from taking any actions&nbsp;&nbsp;that the</font><font style="letter-spacing:0.05pt;text-decoration:none;"> P</font><font style="text-decoration:none;">artnership</font><font style="letter-spacing:0.05pt;text-decoration:none;"> R</font><font style="text-decoration:none;">epresentative</font><font style="letter-spacing:0.05pt;text-decoration:none;"><a name="_cp_text_4_41"></a> </font><font style="text-decoration:none;">informs</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">it</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">are</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">reasonably</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">necessary</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">to</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">effect</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">a</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">decision</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">of</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:0.05pt;text-decoration:none;"><a name="_cp_text_1_42"></a> </font><font style="text-decoration:none;"><a name="_cp_text_4_43"></a>Partnership Representative in its capacity as such.</font><font style="letter-spacing:0.05pt;text-decoration:none;"> </font><font style="text-decoration:none;">References to Code Sections in this paragraph are to such provisions</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">as</font><font style="letter-spacing:-0.1pt;text-decoration:none;"> </font><font style="text-decoration:none;">amended by</font><font style="letter-spacing:-0.4pt;text-decoration:none;"> </font><font style="text-decoration:none;">the</font><font style="letter-spacing:0.25pt;text-decoration:none;"> </font><font style="text-decoration:none;">BBA</font><font style="letter-spacing:-0.3pt;text-decoration:none;"> </font><font style="text-decoration:none;"><a name="_cp_text_1_44"></a>Rules.&nbsp;&nbsp;Each Partner shall deliver to the Partnership Representative:&nbsp;&nbsp;(i) any certificates, forms, affidavits, or instruments reasonably requested by the Partnership Representative relating to such Partner&#8217;s status under tax laws, and (ii) any information requested by the Partnership Representative in connection with the BBA Rules, including, but not limited to upper-tier partner specific information if a Partner sis or becomes a partnership for federal income tax purposes, tax returns, information regarding the character of income as capital gain or qualified dividend income, and information regarding passive activity losses). </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_46"></a><font style="text-decoration:none;"><a name="_cp_text_1_46"></a>(e)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Reimbursement. </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(1)</font><font style="text-decoration:none;margin-left:36pt;">The Partnership Representative shall receive no compensation for its services.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(2)</font><font style="text-decoration:none;margin-left:36pt;">All third party costs and expenses incurred by the Partnership Representative in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(3)</font><font style="text-decoration:none;margin-left:36pt;">Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm and/or law firm to assist the Partnership Representative in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_52"></a><font style="text-decoration:none;"><a name="_cp_text_1_52"></a>(f)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Indemnification.</font><font style="text-decoration:none;">&nbsp;&nbsp;The provisions relating to indemnification of the General Partner set forth in </font><font style="text-decoration:underline;">Section 7.7</font><font style="text-decoration:none;"> shall be fully applicable to the Partnership Representative in its capacity as such.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(g)</font><font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Survival</font><font style="text-decoration:none;">.&nbsp;&nbsp;The provisions of this Section 10.3, including the Partnership Representative&#8217;s authority under this Section 10.3 shall survive the termination, dissolution, liquidation and winding up of the Partnership and the termination or transfer of any Partner&#8217;s interest in the Partnership and shall remain binding on each Partner for the period of time necessary to resolve any tax audit involving or related to the Partnership.</font></p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.  <font style="text-decoration:underline;">Amendment of Section 10.5</font>. Section 10.5 is hereby amended as follows: </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</a></p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.</font><font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Section 10.5(a)</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section 10.5(a) is deleted in its entirety and is replaced in full as follows:&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:6pt;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_54"></a><a name="_cp_text_1_54"></a>Each Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445,1446 or 1471-1474 of the Code, and any Partnership Level Taxes payable by the Partnership under the BBA Rules, that the General Partner determines relates to one or more specific Partners.</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-bottom:0pt;margin-top:0pt;margin-left:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">B.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Section 10.5(d) and (e)</font>. Section 10.5 is hereby amended by adding the new subsections (d) and (e) as follows:</p>
<p style="text-align:justify;margin-bottom:6pt;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;"></font>For the avoidance of doubt, any Person who ceases to be a Partner shall be deemed to be a Partner for purposes of this Section 10.5, and the obligations of a Partner pursuant to this Section 10.5 shall survive indefinitely with respect to any taxes withheld or paid by the Partnership that relate to the period during which such Person was actually a Partner, regardless of whether such taxes are assessed, withheld or otherwise paid during such period.</p>
<p style="text-align:justify;margin-bottom:6pt;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:6pt;border-bottom:none 0pt;padding-bottom:12pt;border-left:none 0pt;padding-left:31pt;margin-top:0pt;margin-left:23.08%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:36pt;"></font>Notwithstanding the foregoing, the General Partner may choose to not recover an amount of Partnership Level Taxes or other taxes withheld or paid with respect to a Partner under this Section 10.5 if the General Partner determines, in its reasonable discretion, that such an decision would be in the best interests of the Partnership (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Partner is not justified in light of the amount that may be recovered from such Partner).</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5. <font style="text-decoration:underline;">Entire Agreement</font>. Together with the Partnership Agreement (and the Exhibits thereto), this Amendment contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes all prior written or oral understandings or agreements among them with respect thereto.</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6. <font style="text-decoration:underline;">Headings</font>. The headings of the sections of this Amendment are inserted for convenience only and shall not constitute a part hereof nor affect in any way the meaning or interpretation of this Amendment.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</a></p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7. <font style="text-decoration:underline;">Partnership Continuation; Partnership Agreement Ratified and Confirmed</font>. This Amendment shall not dissolve the Partnership, and the business of the Partnership shall be deemed to have continued notwithstanding this Amendment, and notwithstanding any contrary rights and privileges which may be contained in the Partnership Agreement. Except as amended by this Amendment, the Partnership Agreement&nbsp;&nbsp;is hereby ratified and confirmed in all other respects and shall otherwise remain unmodified and in full force and effect.</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</a></p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">IN WITNESS WHEREOF<font style="font-weight:normal;">, the General Partner has executed this Amendment as of the date first written above. </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.75pt;width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GENERAL PARTNER:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.75pt;width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">INDEPENDENCE REALTY TRUST, INC,</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a Maryland corporation</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;width:auto; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By: </p></td>
<td colspan="2" valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.9pt;width:auto; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ James Sebra</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.75pt;width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.9pt;padding-Bottom:1.75pt;width:auto; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name: James Sebra</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.75pt;width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:1.75pt;padding-Right:1.75pt;padding-Top:1.75pt;padding-Bottom:1.75pt;width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title:&nbsp;&nbsp; Chief Financial Officer</p></td>
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</table></div>
<p style="text-align:center;border-bottom:none 0pt;padding-bottom:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[Signature Page to Amendment No. 1 to Fifth Amended and Restated Agreement of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Limited Partnership of Independence Realty Operating Partnership, LP]</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>irt-ex991_6.htm
<DESCRIPTION>EX-99.1
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><a name="_Hlk90533227"></a>Exhibit 99.1</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-weight:bold;font-size:10pt;font-family:Arial;">Independence Realty Trust and Steadfast Apartment REIT Complete Strategic Merger</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">PHILADELPHIA, PA and IRVINE, CA, December 16, 2021 -- (BUSINESS WIRE) --&#160;Independence Realty Trust, Inc. (NYSE: IRT) (&#8220;IRT&#8221;) and Steadfast Apartment REIT, Inc. (&#8220;STAR&#8221;)&#160;<font style="font-weight:normal;">today announced the completion of the merger transaction between the two companies, forming a combined company with an equity market capitalization of approximately $5.6 billion and a total enterprise value of approximately $8.3 billion, as of market close on December 15, 2021. The transaction was previously approved by both companies&#8217; stockholders at their respective special meetings held on December 13, 2021. The combined company, headquartered in Philadelphia, Pennsylvania, will retain the Independence Realty Trust name and will trade under the existing ticker symbol &#8220;IRT&#8221; on the New York Stock Exchange. </font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk90532776"></a><a name="_Hlk90532776"></a>&#8220;We are excited to announce the successful completion of our merger with STAR, together forming a leading public multifamily REIT focused on the high-growth U.S. Sunbelt region,&#8221; said Scott F. Schaeffer, IRT&#8217;s Chairman and CEO. &#8220;Our combined company creates a best-in-class operating platform, further redevelopment opportunities and notable economies of scale in markets where we expect to benefit from strong growth fundamentals. We remain on-track to generate approximately $28 million in annual synergies and realize the immediate accretion to Core FFO per share. Our future is bright as we unite two high-quality portfolios in attractive non-gateway markets, and look to strengthen and expand our business, while delivering long-term value for our stakeholders.&#8221; </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Leadership and Organization</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concurrently with the completion of the merger, the number of directors on IRT&#8217;s Board of Directors was increased to 10, and five incumbent directors of the STAR Board of Directors, Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas&#160;H. Purcell, joined the following five incumbent directors of the IRT Board of Directors, Scott F. Schaeffer, Richard D. Gebert, Melinda H. McClure, DeForest Blake Soaries Jr., and Lisa Washington. Scott F. Schaeffer continues to serve as CEO and Chairman of the Board of Directors.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">James J. Sebra continues to serve as Chief Financial Officer of the combined company. Farrell Ender continues to serve as President of the combined company. Jessica Norman, formerly IRT&#8217;s Executive Vice President and General Counsel, serves as Chief Legal Officer of the combined company. Ella S. Neyland, formerly STAR&#8217;s President, Chief Financial Officer and Treasurer, joined the combined company as its Chief Operating Officer.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">The Merger</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the merger, each former share of STAR common stock has been converted into 0.905 shares of newly issued IRT common stock, and cash in lieu of fractional shares. On a pro forma basis former STAR common stockholders hold approximately 47% of the combined company&#8217;s common equity, with continuing IRT common stockholders holding approximately 53% of the combined company. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk90383522"></a><a name="_Hlk90369060"></a>Portfolio Optimization and Capital Allocation Update</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As part of the merger, IRT identified nine assets to sell in order to manage market concentrations. In the fourth quarter of 2021, five assets were sold, two from the legacy IRT portfolio and three from STAR, while the remaining four legacy IRT assets are expected to be disposed of during the first quarter of 2022. IRT expects to receive total gross proceeds of approximately $404 million for the nine assets sold,<font style="font-size:12pt;font-family:Times New Roman;"> </font>representing an economic cap rate of approximately 3.8%. Proceeds from these non-core asset sales, along with proceeds received from IRT&#8217;s July forward equity offering totaling approximately $271.8 million will be used to pay down debt of the combined company.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Advisors </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Barclays is acting as lead financial advisor and BMO Capital Markets is acting as financial advisor, and Troutman Pepper Hamilton Sanders LLP is acting as legal advisor to IRT. RBC Capital Markets and Robert A. Stanger &amp; Co. are acting as financial advisors, and Morrison &amp; Foerster LLP is acting as legal advisor to STAR. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">About IRT</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. IRT&#8217;s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on IRT&#8217;s website&#160;<font style="text-decoration:underline;">www.irtliving.com</font>. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Forward-Looking Statements </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which the combined company operates and beliefs of and assumptions made by IRT management, involve uncertainties that could significantly affect the financial results of the combined company. Words such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the merger, including future financial and operating results, and the combined company&#8217;s plans, objectives, expectations and intentions. All statements that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on our financial condition, results of operations, cash flows and performance and those of our residents as well as on the economy and real estate and financial markets; changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; legislative restrictions that may delay or limit collections of past due rents; risks endemic to real estate and the real estate industry generally; impairment charges; the effects of natural and other disasters; delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; any effects of the completion of the merger, including failure to realize the cost savings, synergies and other benefits expected to result from the merger; the ability to successfully integrate the IRT and STAR businesses; unexpected costs of REIT qualification compliance; unexpected changes in our intention or ability to repay certain debt prior to maturity; inability to sell certain assets within the time frames or at the pricing levels expected; costs and disruptions as the result of a cybersecurity incident or other technology disruption; and share price fluctuations those additional risks and factors discussed in reports filed with the Securities and Exchange </p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commission by IRT from time to time, including those discussed under the heading &#8220;Risk Factors&#8221; in our most recently filed reports on Forms 10-K and 10-Q. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Independence Realty Trust, Inc. Contact<font style="font-weight:normal;"><br />Edelman Financial Communications &amp; Capital Markets<br />Ted McHugh and Lauren Torres<br />917-365-7979<br /></font><font style="text-decoration:underline;font-weight:normal;">IRT@edelman.com</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Source: Independence Realty Trust, Inc.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address Address Line2</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address City Or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address State Or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Title of each class</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Name of each exchange on which registered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>irt-20211214_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN ActiveDisclosure(SM) XBRL Linkbase Document - http://www.dfinsolutions.com/ -->
<!-- Creation Date      : 2021-12-15T15:24:36.1086164+00:00 -->
<!-- Version            : 5.0.1.702 -->
<!-- Package ID         : f45dca12c2224110a0afadfb51e05a9b -->
<!-- Copyright (c) 2021 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.irtreit.com/20211214/role/TemplateLink" xlink:href="irt-20211214.xsd#TemplateLink" xlink:type="simple" />
  <link:roleRef roleURI="http://www.irtreit.com/20211214/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="irt-20211214.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.irtreit.com/20211214/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="10010.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="10030.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="10050.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="10070.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="10090.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" order="10110.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityEmergingGrowthCompany" order="10130.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" order="10150.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="10170.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" order="10190.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine2" order="10210.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="10230.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="10250.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="10270.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="10290.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="10310.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" order="10330.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" order="10350.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" order="10370.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" order="10390.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" order="10410.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_TradingSymbol" order="10450.00" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2021"
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            <identifier scheme="http://www.sec.gov/CIK">0001466085</identifier>
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            <endDate>2021-12-14</endDate>
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    <dei:EntityRegistrantName contextRef="C_0001466085_20211214_20211214" id="F_000002">Independence Realty Trust, Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="C_0001466085_20211214_20211214" id="F_000005">MD</dei:EntityIncorporationStateCountryCode>
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    <dei:EntityTaxIdentificationNumber contextRef="C_0001466085_20211214_20211214" id="F_000008">26-4567130</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="C_0001466085_20211214_20211214" id="F_000009">1835 Market Street,</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="C_0001466085_20211214_20211214" id="F_000010">Suite 2601</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="C_0001466085_20211214_20211214" id="F_000011">Philadelphia</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="C_0001466085_20211214_20211214" id="F_000012">PA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="C_0001466085_20211214_20211214" id="F_000013">19103</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="C_0001466085_20211214_20211214" id="F_000014">(267)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="C_0001466085_20211214_20211214" id="F_000015">270-4800</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="C_0001466085_20211214_20211214" id="F_000016">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="C_0001466085_20211214_20211214" id="F_000017">false</dei:SolicitingMaterial>
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    <dei:PreCommencementIssuerTenderOffer contextRef="C_0001466085_20211214_20211214" id="F_000019">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="C_0001466085_20211214_20211214" id="F_000020">Common stock</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="C_0001466085_20211214_20211214" id="F_000021">IRT</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="C_0001466085_20211214_20211214" id="F_000022">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="C_0001466085_20211214_20211214" id="F_000006">false</dei:EntityEmergingGrowthCompany>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm139759952297560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 14, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Independence Realty Trust, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001466085<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 14,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36041<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">26-4567130<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1835 Market Street,<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 2601<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Philadelphia<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19103<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(267)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">270-4800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of each class</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">IRT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Name of each exchange on which registered</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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   "Section": "13e",
   "Subsection": "4c"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
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<FILENAME>0001564590-21-060503-xbrl.zip
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
