INDEPENDENCE REALTY TRUST, INC. (IRT): Entry into a Material Definitive Agreement

Independence Realty Trust (IRT) and Centerspace (CSR) announced an all-stock merger, creating a REIT with a market cap of around $5B. IRT shares fell 4.27% due to dilution concerns, while CSR shares rose 8.82%. The deal requires investor approval and is expected to close by year-end.

Independence Realty Trust (IRT) and Centerspace (CSR) agreed to merge in an all-stock deal, creating a multifamily REIT with an enterprise value of $8.1B. CSR shareholders will receive 3.800 IRT shares per CSR share. The deal is expected to close by Q4 2026 and is 5% accretive to IRT's 2027 Core FFO per share. IRT will lead the combined company and retain its name and ticker.

Independence Realty Trust (IRT) reported Q2 2026 rental and other property revenue of $167.1 million, up 0.9% year over year. Core FFO per share was $0.28, above internal expectations, driven by 1.2% same-store NOI growth. Management raised full-year same-store NOI guidance, cited WiFi and value-add renovations, and increased the quarterly dividend by 5.9% to $0.18.

Independence Realty Trust (Q2 2026 call) cited improving new lease rates (+120 bps sequentially), faster value-add renovations (turnaround under 20 days), and lower concessions (54% in April to 28% in July). Full-year same-store revenue guidance is 1.7% (2.1% in 2H). Net debt-to-EBITDA targeted mid-5s via a pending Memphis sale; interest expense guidance rose $2M.

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