Mergers & Acquisitions ·
Independence Realty Trust, Inc. entered into an Agreement and Plan of Merger with Centerspace to combine in an…
IRTIndependence Realty Trust, Inc.
Independence Realty Trust, Inc. entered into an Agreement and Plan of Merger with Centerspace to combine in an all-stock transaction valued at approximately $8.1 billion enterprise value. Under the terms, Centerspace shareholders will receive 3.800 shares of IRT common stock for each share held, resulting in the issuance of approximately 67.6 million new IRT shares and partnership units. The combined entity will own over 44,000 apartment units across 17 states, with pro forma equity market capitalization estimated at $5.0 billion. IRT secured a senior unsecured term loan commitment from Royal Bank of Canada for up to $716 million to finance the deal. The transaction is expected to close in the fourth quarter of 2026, subject to shareholder approvals and customary conditions. Independence Realty Trust operates as a multifamily real estate investment trust owning and operating apartment communities.