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Independence Realty Trust to merge with Centerspace in $8.1B deal
The all-stock combination would create a multifamily REIT with 163 communities and 44,434 units across 17 states, with about 58% of pro forma NOI from Sunbelt markets.
Independence Realty Trust, Inc. and Centerspace have agreed to merge in an all-stock transaction that would create a middle-market multifamily REIT, focused on high-growth, non-gateway markets, according to ConnectCRE.
The combined company is expected to have a pro forma equity market capitalization of about $5.0 billion and an enterprise value of about $8.1 billion. Independence Realty Trust’s chairman and CEO, Scott Schaeffer, said the deal pairs IRT’s high-growth Sunbelt portfolio with Centerspace’s stable Midwest and recovering Mountain West communities, aiming for markets that have historically delivered above-average NOI growth with lower volatility.
Post-merger, the company would own and operate 163 multifamily communities comprising 44,434 units across 17 states. ConnectCRE reports that 58% of pro forma NOI would come from Sunbelt markets, 27% from the Midwest, and 15% from the Mountain West.
Under the agreement, IRT shareholders would own approximately 78% of the combined company, and Schaeffer along with the existing IRT management team would lead the new entity. The board would expand to 11 members with two additional directors from Centerspace, and the merger could close as soon as the fourth quarter of 2026, the companies said.