Independence Realty Trust is acquiring Centerspace in an all-stock deal that will create a multifamily REIT with an $8.1 billion enterprise value. The transaction, announced Wednesday, will add 47 communities with 10,456 units across six states, expanding IRT's portfolio by nearly 30% to about 44,000 units. Centerspace shareholders will receive 3,800 IRT shares for each Centerspace share, leaving them with roughly 22% of the combined company. The merger will shift IRT's geographic mix, reducing Sun Belt exposure from 79% to 58%, with 27% in the Midwest and the rest in the Mountain West. The combined portfolio is about 95% leased with an average monthly rent of $1,628, and the deal is expected to close in the fourth quarter pending shareholder approval.
CenterspaceCenterspace is being acquired at a premium in an all-stock merger, creating value for shareholders.
Independence Realty Trust Inc