Independence Realty Trust and Centerspace agreed to an all-stock merger creating a middle-market multifamily REIT with pro forma enterprise value of about $8.1 billion and equity market capitalization of about $5.0 billion, the companies said in a joint PR Newswire release and Centerspace Form 8-K materials. Centerspace holders receive 3.800 IRT shares, or OP units, per Centerspace share or unit. The combined portfolio covers 44,354 apartment units across 163 communities in 17 states, with pro forma ownership about 78% IRT and 22% Centerspace on a fully diluted basis excluding preferred units.
Closing is targeted as early as the end of the fourth quarter of 2026, subject to stockholder votes, lender consents, S-4 effectiveness, and customary conditions. The companies cite about $24 million of annualized synergies and say they expect the deal to qualify as a tax-free reorganization for U.S. federal income tax purposes, language drawn from the company release and 8-K.
Sources: PR Newswire joint release, Sep. 9, 2026; Centerspace Form 8-K / StockTitan.
