The Independence Realty Trust merger with Centerspace will create an apartment owner with an enterprise value of about $8.1 billion and more than 44,000 units across the United States. Independence Realty Trust (NYSE: IRT) and Centerspace (NYSE: CSR) said the all-stock transaction will bring together 163 communities in 17 states.
Under the terms described in the companies’ joint announcement filed with the SEC, Centerspace shareholders will receive 3.800 IRT shares for each share they own. Existing IRT shareholders are expected to hold roughly 78% of the combined company, with Centerspace investors owning the remaining 22%.
Independence Realty Trust Merger Expands Its National Footprint
The portfolio would generate about 58% of net operating income from the Sunbelt, 27% from the Midwest and 15% from the Mountain West. Management expects the larger platform to improve access to capital and create more opportunities to recycle assets across markets with different demand and supply conditions.
The companies forecast about $24 million in annualized cost savings and said the deal could add approximately 5% to core funds from operations per share in 2027. Those figures are management estimates and depend on the timing of integration, financing conditions and the realization of projected efficiencies.
The Independence Realty Trust merger is expected to close as early as the end of the fourth quarter of 2026, subject to shareholder approvals and customary closing conditions. Apartment demand, regional rent growth and the cost of refinancing will remain important variables for the combined REIT after the transaction is completed.
