Independence Realty Trust and Centerspace to Merge in $8.1B Deal
Independence Realty Trust (IRT) and Centerspace (CSR) announced a definitive merger agreement to combine in an $8.1 billion all-stock transaction. The merger will create a leading middle-market multifamily REIT with a pro forma equity market capitalization of approximately $5.0 billion and an enterprise value of approximately $8.1 billion, encompassing over 44,000 apartment units. The transaction is expected to be accretive to 2027 Core FFO per share by approximately 5% and generate approximately $24 million in annualized synergies. Centerspace shareholders will receive 3.800 shares of IRT common stock for each share of Centerspace common stock, with IRT stockholders owning approximately 78% and Centerspace shareholders owning approximately 22% of the combined entity.
Key Highlights
- Independence Realty Trust (IRT) and Centerspace (CSR) to merge in an $8.1 billion all-stock transaction.
- Creates a combined entity with pro forma equity market capitalization of $5.0 billion and enterprise value of $8.1 billion.
- Combined portfolio will consist of over 44,000 apartment units across 17 states.
- Transaction is expected to be accretive to 2027 Core FFO per share by approximately 5%.
- Annualized synergies are estimated at approximately $24 million.
- Centerspace shareholders will receive 3.800 shares of IRT common stock for each share of CSR common stock.
- IRT stockholders will own approximately 78% and Centerspace shareholders will own approximately 22% of the combined company.
Price Impact
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