INDEPENDENCE REALTY TRUST, INC. (IRT) Form 424B3 — Oct 7, 2026
Independence Realty Trust filed a 424B3 joint proxy statement/prospectus for its stock-for-stock merger with Centerspace, under which each CSR share will convert into 3.800 IRT shares — roughly $55.14 per CSR share at IRT's October 2 close of $14.51, a value that has declined from $60.46 at announcement due to IRT's falling stock price. IRT expects to issue approximately 64.16 million shares, leaving legacy IRT holders with ~78% and CSR holders ~22% of the combined company, which will own 163 apartment communities (~44,000 units) across 17 states with a pro forma enterprise value of ~$8.1 billion. Royal Bank of Canada has committed a $716 million term loan to refinance CSR debt.
Key figures
- Offering Price
- 14.51
- Shares Offered
- 64160000
- Outside date
- June 30, 2027
- Csr close sep8
- 52.71
- Exchange ratio
- 3.8
- Irt close oct2
- 14.51
- Irt close sep8
- 15.91
- Combined portfolio
- 163 apartment communities, ~44,000 units, 17 states
- Csr premium percent
- 14.70%
- Csr termination fee
- $45,000,000
- Irt termination fee
- $60,000,000
- Special meeting date
- November 10, 2026
- Term loan commitment
- $716,000,000
- Csr shares outstanding
- 16823940
- Irt shares outstanding
- 235726706
- Pro forma equity market cap
- $5.0 billion
- Legacy csr ownership percent
- 22
- Legacy irt ownership percent
- 78
- Implied value per csr share oct2
- 55.14
- Pro forma total enterprise value
- $8.1 billion
AI analysis
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