Independence Realty Trust and Centerspace announced an all-stock merger on Sept 9 that creates a middle-market apartment REIT with about $8.1bn of enterprise value and around 44,000 units.
Deal terms and financing
The combined company is expected to have about $5bn of equity market value and roughly $24m of annual cost savings.
Regulatory approvals and timing
Both boards approved the deal; it requires shareholder votes and is targeted to close in the fourth quarter. The parties amended the merger structure on Sept 22.
Market context
IRT CEO Scott Schaeffer will lead the combined company, and two Centerspace directors will join the board.
