Independence Realty Trust and Centerspace have agreed to merge in an all-stock transaction that will create a multifamily real estate investment trust with an enterprise value of about $8.1 billion and more than 44,000 apartment units. Under the terms, Centerspace shareholders will receive 3.8 shares of Independence Realty Trust common stock for each Centerspace share they own, resulting in the issuance of approximately 67.6 million Independence Realty Trust shares and common partnership units. The combined company is expected to have an equity market capitalization of about $5 billion, with 58% of pro forma net operating income coming from Sunbelt markets, 27% from the Midwest, and 15% from the Mountain West. The deal is expected to be about 5% accretive to Independence Realty Trust's 2027 core funds from operations per share, supported by approximately $24 million in annualized synergies. The merger is expected to close in the fourth quarter of 2026, and the combined company will keep the Independence Realty Trust name and continue trading under the IRT ticker on the New York Stock Exchange.
CenterspaceCenterspace shareholders receive a fixed exchange ratio in an all-stock merger with Independence Realty Trust, creating a larger combined REIT.
Independence Realty Trust Inc