Centerspace to be acquired by Independence Realty Trust in all-stock merger at 3.8x exchange ratio

CENTERSPACE

All-stock deal: each CSR share converts to 3.8 IRT shares; cash paid for fractional shares.
Both boards unanimously approved; closing requires CSR shareholder adoption and IRT shareholder approval of share issuance.
Termination fees: $45M from Centerspace, $60M from IRT; deal must close by June 30, 2027.
Two Centerspace independent trustees to join IRT board post-closing; Series D/E preferred units convert to IRT preferred units.
Pre-closing dividends capped at $0.77/share (CSR) and $0.18/share (IRT) per quarter; REIT dividends adjust exchange ratio.

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