Independence Realty Trust, Centerspace to Merge in $8.1 Billion Deal

06:37 AM EDT, 09/09/2026 (MT Newswires) -- Independence Realty Trust (IRT) and Centerspace (CSR) have agreed to merge in an all-stock deal that will create a real estate investment trust with an equity market value of about $5 billion and enterprise value of $8.1 billion, the companies said Wednesday. The companies said Centerspace shareholders will receive 3.8 Independence Realty Trust shares for each share they own. Independence Realty Trust shareholders will own about 78% of the combined company, while Centerspace shareholders will own about 22%, the companies said. The companies said the deal, expected to close as early as Q4, is expected to generate about $24 million in annual cost savings and increase its 2027 Core FFO per share by 5% on a leverage-neutral basis. The combined company will retain the Independence Realty Trust name and "IRT" ticker, the companies said.