PHILADELPHIA — Independence Realty Trust (NYSE: IRT) and Centerspace (NYSE: CSR) announced Sept. 9 an agreement to merge in an all-stock transaction. The combined company will retain the Independence Realty Trust name and NYSE ticker IRT. The transaction is expected to close as early as the end of 2026, at which point, Centerspace shares will cease trading under the CSR ticker. The combined REIT is expected to have a market value of about $5 billion and an enterprise value of roughly $8.1 billion.
The combined REIT will be headquartered at IRT’s existing headquarters in Philadelphia, and IRT’s management team will run the company. Scott Schaeffer will serve as chairman and chief executive officer, and James Sebra will serve as president and chief financial officer. Upon completion of the merger, the board of directors of IRT will be expanded to 11 members, including nine directors from IRT and two directors from Centerspace.
The companies say the merger will broaden IRT’s geographic reach and increase its operating scale, while giving Centerspace, which has been selling assets to reduce debt, access to a larger public REIT platform. Together, the companies will own and operate 163 multifamily communities totaling 44,354 units across 17 states.
IRT’s stock price closed at $15.91 per share on Sept. 8, down from $17.14 one year prior. Centerspace closed at $52.71 per share, compared with $57.48 on Sept. 8, 2025.