Centerspace agrees to all-stock merger with Independence Realty Trust in $8.1 billion deal - IRT News | RalliesCenterspace agrees to all-stock merger with Independence Realty Trust in $8.1 billion deal
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IRT• All-stock merger terms
- Independence Realty Trust agreed to buy Centerspace in an all-stock deal valuing the combined company at about $8.1 billion.
- Centerspace holders are to receive 3.8 IRT shares per share, implying about 68 million new IRT shares and operating partnership units.
- The combined REIT is expected to own about 44,000 apartment units; pro forma equity market value is about $5 billion.
- IRT stockholders are expected to own about 78% of the combined equity; Centerspace holders about 22% on a fully diluted basis.
Synergies and earnings outlook
- The deal targets about $24 million in annual synergies.
- It is projected to lift 2027 Core FFO per share by about 5%.
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