Independence Realty Trust and Centerspace to merge in $8.1 billion deal

Independence Realty Trust (IRT) and Centerspace (CSR) have entered into a definitive all-stock merger agreement to create a large middle-market apartment real estate investment trust (REIT). The transaction carries an enterprise value of approximately $8.1 billion and an expected pro forma equity market capitalization of roughly $5.0 billion.

The merger aims to diversify the combined company’s geographic footprint. While IRT has focused on Sunbelt markets, Centerspace provides exposure to the Midwest and Mountain West. The resulting portfolio will include 163 multifamily communities and 44,354 apartment units. Approximately 58% of the pro forma net operating income is expected to originate from Sunbelt markets, with 27% from the Midwest and 15% from the Mountain West.

Under the terms of the deal, Centerspace shareholders will receive 3.800 shares of IRT common stock for each share owned. IRT shareholders are expected to own approximately 78% of the combined entity, while Centerspace shareholders will hold roughly 22%. The combined company will retain the Independence Realty Trust name and continue trading on the New York Stock Exchange under the ticker IRT. The transaction is led by IRT’s management team, with Scott Schaeffer as CEO and James Sebra as CFO. The deal is expected to close as early as the end of the fourth quarter of 2026, pending shareholder and lender approvals.