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Independence Realty Trust to Buy Centerspace in $8.1B Apartment REIT Deal

Independence Realty Trust logoIndependence Realty Trust
Sig5.60Sen+1.90Env0.00Soc0.00Gov0.00
Centerspace logoCenterspace
Sig4.20Sen+1.80Env0.00Soc0.00Gov0.00

Independence Realty Trust announced it will buy Centerspace in a stock-for-stock transaction that will create an $8.1B apartment REIT. Each CSR share will receive 3.8 IRT shares. The deal offers modest NAV accretion, with about $24M of expected value tied to synergies. IRT’s Sunbelt markets are high growth but face heavy new supply pressure.

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