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Independence Realty Trust is merging with Centerspace to grow its portfolio by nearly 30% and expand it into a 44,000-unit multifamily REIT.
IRT will acquire 47 communities with a combined 10,456 units in six states from Centerspace in an all-stock deal that will give the REIT an $8.1B enterprise value, the firm disclosed Wednesday.
Each Centerspace share will be swapped for 3,800 shares of IRT in the deal, which will leave Centerspace shareholders with roughly 22% of the merged company's combined equity. The deal will create roughly 67.6 million new IRT shares.
Centerspace's portfolio is entirely in the Mountain West and Midwest, while IRT has a 79% concentration in the Sun Belt. The deal will shift IRT's share of Sun Belt exposure to 58% of the portfolio, with 27% in the Midwest and the remaining in the Mountain West, according to a filing with the Securities and Exchange Commission.