IRT and Centerspace Shareholders Approve Merger With $8.1 Billion Combined Enterprise Value

The Tip Desk · November 11, 2026 · 2 min read

Stockholders cleared the all-stock combination that would create a multifamily REIT with more than 44,000 units in non-gateway Sunbelt, Midwest and Mountain West markets.

Independence Realty Trust, Inc. (IRT) and Centerspace (CSR) said stockholders at both companies approved the previously announced all-stock merger on November 10, clearing the shareholder-vote requirement while other closing conditions remain.

Approximately 88.1% of the votes cast at IRT’s special meeting favored the issuance of IRT common stock in connection with the merger. At Centerspace, about 99.6% of votes cast, representing 80.4% of outstanding common shares, were in favor. Final results remain subject to certification by each company’s independent inspectors of election.

Upon closing, Centerspace shareholders will receive 3.800 shares of IRT common stock for each Centerspace common share owned, with cash paid in lieu of fractional shares. Holders of common units in Centerspace’s operating partnership will receive 3.800 common units in IRT’s operating partnership for each unit held, subject to certain adjustments.

The combination was framed as a way to build a larger middle-market apartment REIT in high-growth, non-gateway markets. When the deal was announced in September, the companies said the combined company would have a pro forma equity market capitalization of approximately $5.0 billion and an enterprise value of approximately $8.1 billion, with more than 44,000 apartment units. Pro forma net operating income was described as 58% Sunbelt, 27% Midwest and 15% Mountain West.

Scott Schaeffer, Chairman and Chief Executive Officer of IRT, said the vote was a milestone toward that outcome. “We greatly appreciate the support of IRT stockholders, who voted overwhelmingly in favor of the merger. Today’s vote is an exciting milestone toward creating a leading multifamily REIT focused on high-growth, non-gateway markets in the Sunbelt, Midwest, and Mountain West regions of the U.S.,” Schaeffer said. He added that the companies are bringing together portfolios in markets that have historically delivered above-average NOI growth with lower volatility.

As of September 9, 2026, Centerspace owned 47 apartment communities consisting of 10,456 units in Colorado, Minnesota, Montana, Nebraska, North Dakota and Utah. IRT, an S&P MidCap 400 company, owns and operates multifamily communities across non-gateway U.S. markets.

Completion remains subject to the satisfaction or waiver of remaining closing conditions. IRT has the right, in its sole discretion, to defer closing until the earlier of the tenth business day after required lender consents for designated Centerspace mortgage loans that have not been repaid, refinanced or defeased, or the tenth business day before June 30, 2027.