Independence Realty Trust to Acquire Centerspace for $2.14 Billion

Independence Realty Trust, Inc. (IRT) entered into a merger agreement on September 9, 2026, to acquire Centerspace (CSR) in a $2.14 billion deal.

Deal Structure:

Centerspace shareholders will receive 3.8 shares of Independence Realty Trust common stock for each share of Centerspace common stock owned, and holders of common units in Centerspace’s operating partnership will receive 3.8 common units in Independence Realty Trust’s operating partnership.

The stock ratio values Centerspace at $60.46 per share, representing a 14.70% premium from the stock’s last close.

Company Profile:

Centerspace is a real estate company that owns and operates multifamily apartment communities across the U.S. Its portfolio includes 47 communities with 10,456 units across Colorado, Minnesota, Montana, Nebraska, North Dakota, and Utah.

Independence Realty Trust is a real estate investment trust (REIT) that owns and operates multifamily apartment communities across non-gateway U.S. markets. Its portfolio is focused on amenity-rich submarkets near major employment centers.

Deal Details and Timeline:

At closing, IRT will assume all of Centerspace’s outstanding preferred units.

After the deal closes, IRT stockholders will own about 78% of the combined company, while Centerspace shareholders will own about 22%.

The deal is expected to close as early as the end of the fourth quarter of 2026.

The transaction will further diversify IRT’s portfolio across the Sunbelt, Midwest, and Mountain West, three regions benefiting from strong population and employment growth. The combined company will own and operate 163 multifamily communities across 17 states, with 58% of pro forma net operating income generated from Sunbelt markets, 27% from Midwest markets, and 15% from Mountain West markets.

IRT’s current management team will continue to lead the combined company. Scott Schaeffer will serve as Chairman and CEO, while James Sebra will serve as President and CFO. After the merger, IRT’s Board will have 11 members, nine from IRT and two from Centerspace. The company’s headquarters will remain in Philadelphia, Pennsylvania. The combined company will keep the Independence Realty Trust name.

IRT currently expects to maintain its quarterly common stock dividend of $0.18 per share following the closing. Both companies intend to continue paying their regular quarterly dividends through the closing. However, in the quarter in which the transaction closes, Centerspace will pay a prorated “stub” cash dividend of $0.09 per share, based on the number of days elapsed in the quarter before closing.

Centerspace has appointed BMO Capital Markets as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal advisor. IRT has appointed RBC Capital Markets and Rothschild & Co as its financial advisors, and Troutman Pepper Locke as its legal advisor.

IRT is acquiring Centerspace at 10.91 times its funds from operations.

Deal Metrics:

For comprehensive details regarding this merger and acquisition deal, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Centerspace (CSR) by Independence Realty Trust, Inc. (IRT)

The Deal Metrics page for every merger or acquisition includes:

• A spread history chart tracking the merger from announcement to completion or failure.
• Key events as the merger progresses, including the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article