Mergers & Acquisitions ·
Centerspace entered into a definitive Agreement and Plan of Merger with Independence Realty Trust (IRT) on September…
CSRCenterspace
Centerspace entered into a definitive Agreement and Plan of Merger with Independence Realty Trust (IRT) on September 8, 2026, to be acquired in an all-stock transaction valued at approximately $8.1 billion enterprise value. Centerspace shareholders will receive 3.8 shares of IRT common stock for each share held, resulting in pro forma ownership of roughly 22% for Centerspace investors and 78% for IRT investors. The combined entity will operate over 44,000 apartment units across 17 states, targeting approximately $24 million in annual synergies and 5% accretion to 2027 Core FFO per share on a leverage-neutral basis. The transaction requires shareholder approvals and lender consents, with a target closing by the end of Q4 2026. Centerspace operates as a multifamily real estate investment trust focused on apartment communities in non-gateway markets.