8-K
filed December 16, 2021, 6:59 PM ET
ticker IRT
CIK 0001466085
M&A
confidence high
sentiment positive
materiality 0.85
IRT completes merger with STAR, creating $5.6B equity value multifamily REIT focused on Sunbelt
INDEPENDENCE REALTY TRUST, INC.
- Each STAR share converted to 0.905 IRT shares; former STAR holders own ~47% of combined company.
- IRT assumed ~$1.7B mortgage debt on 49 properties; weighted avg interest 3.9%, maturity 6.7 yrs.
- Five former STAR directors join board; Ella S. Neyland appointed COO; Scott Schaeffer remains CEO.
- IRT sold/plans to sell nine non-core assets for ~$404M gross (3.8% cap); proceeds plus $271.8M equity to reduce debt.
- Expected to generate ~$28M in annual cost synergies; Core FFO accretion.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ella S. Neyland was appointed as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board consists of the following ten directors: (i) Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii) Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
William C. Dunkelberg resigned as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
William C. Dunkelberg resigned as a member of the board of directors of IRT
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ana Marie del Rio was appointed as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board consists of the following ten directors: (i) Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii) Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas H. Purcell was appointed as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board consists of the following ten directors: (i) Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii) Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ella S. Neyland was appointed as Chief Operating Officer at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Chief Operating Officer
Exact text from the filing
Ella S. Neyland became the Chief Operating Officer of IRT
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ned W. Brines was appointed as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board consists of the following ten directors: (i) Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii) Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stephen R. Bowie was appointed as Director at INDEPENDENCE REALTY TRUST, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
the Board consists of the following ten directors: (i) Scott F. Schaeffer, Melinda H. McClure, Richard D. Gebert, DeForest Blake Soaries Jr. and Lisa Washington, each a continuing director of the Board, and (ii) Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, each a former director of STAR.
View on SEC.gov
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