Independence Realty Trust and Centerspace to Merge in $8.1 Billion Combination
Centerspace and Independence Realty Trust signed a definitive merger agreement to combine in an all-stock transaction creating a middle-market apartment REIT with roughly $8.1 billion of enterprise value and $5.0 billion of pro forma equity market cap. Centerspace shareholders will receive 3.800 IRT shares per CSR share, leaving them with about 22% of the combined company while IRT holders own roughly 78%; approximately 67.6 million IRT shares and partnership units will be issued, and the combined firm will keep the IRT name and NYSE ticker.
Key figures
- Deal Value Usd
- 8100000000
- Shares Offered
- 67600000
- Noi mix
- ["Sunbelt 58%","Midwest 27%","Mountain West 15%"]
- Exchange ratio
- 3.8
- Expected close
- as early as end of Q4 2026
- Pro forma units
- 44354
- Pro forma states
- 17
- Csr stub dividend
- 0.09
- Pro forma free float
- $4.8 billion
- Pro forma communities
- 163
- Irt quarterly dividend
- 0.18
- Core ffo accretion 2027
- approximately 5%
- Annualized synergies usd
- 24000000
- Csr post close ownership
- approximately 22%
- Irt post close ownership
- approximately 78%
- Pro forma equity market cap
- $5.0 billion
AI analysis
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