Independence Realty Trust (IRT) and Centerspace Combine into an $8.1 Billion Apartment Giant
Independence Realty Trust (IRT) and Centerspace have announced a definitive all-stock merger agreement, creating a new middle-market apartment REIT with a pro forma equity market capitalization of about $5.0 billion and a total enterprise value of approximately $8.1 billion. The combined company will retain the Independence Realty Trust name and NYSE ticker IRT, with Scott Schaeffer continuing as Chairman and CEO.
The merger is projected to be roughly 5% accretive to 2027 Core FFO per share for shareholders of both companies, giving the combined firm higher scale and broader geographic diversification across 44,354 units in 163 communities in 17 states. The transaction is expected to improve access to capital markets and reduce the combined firm's cost of capital over time.
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