Independence Realty Trust (IRT) and Centerspace Combine into an $8.1 Billion Apartment Giant

Independence Realty Trust (IRT) and Centerspace announced a merger on September 9, 2026, forming a $8.1 billion apartment REIT with 44,354 units across 163 communities in 17 states. The combined company will operate under the Independence Realty Trust name and retain its IRT ticker on the NYSE. Scott Schaeffer will continue as Chairman and CEO.

The merger aims to provide a 5% accretion to 2027 Core FFO per share for both shareholder groups. The transaction will reduce reliance on any single regional market while retaining strong exposure to high-growth markets. The combined entity expects to apply its value-creation strategy across a larger portfolio and grow its technology and income-generating programs.

The all-stock structure allows for scale expansion without increasing debt. The deal is projected to improve access to capital markets and lower the combined firm's cost of capital. However, successful integration and realization of synergies are required to deliver the expected earnings benefit.