M&A · Financials · Real Estate Investment Trusts
Independence Realty Trust, Inc. to acquire Centerspace
Announced Sep 9, 2026 · Pending Oct 7, 2026
Deal value$1.02BEV $2.00B
Premium14.7%To unaffected price
EV / Adj. EBITDA10.6x7.4x EV / Revenue
ConsiderationAll stock$60.46 per share
Transaction
- Acquirer
- Independence Realty Trust, Inc. (IRT)
- Target
- Centerspace (CSR)
- Buyer type
- Strategic
- Offer price per share
- $60.46
- Enterprise value
- $2.00B
- Status
- Pending Oct 7, 2026
Deal protections
- Break fee (target pays)
- $45.0M · 4.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets
Advisors
- To the acquirer
- RBC Capital Markets, Rothschild & Co
- To the target
- BMO Capital Markets
- RBC Capital Markets fee
- $12.0M
- Rothschild & Co fee
- $7.5M
Sector context · Financials
- Comparable deals
- 81 in the prior 24 months
- Premium
- 14.7% vs. 33.0% sector median
- EV / Adj. EBITDA
- 10.6x vs. 13.7x sector median
- Break fee
- 4.4% vs. 3.7% sector median
Timeline
- AnnouncedSep 9, 2026
- Proxy filedOct 7, 2026
- Definitive proxyOct 7, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesRBC Capital Markets$55.92$69.44
Trading comparablesRBC Capital Markets$59.00$68.44
Trading comparablesRBC Capital Markets$16.36$19.59
Trading comparablesRBC Capital Markets$14.95$17.34
Discounted cash flowRBC Capital Markets$52.84$67.99
Discounted cash flowRothschild & Co$55.79$74.35
Discounted cash flowRothschild & Co$18.13$23.46
Trading comparablesRothschild & Co$54.28$68.44
Trading comparablesRothschild & Co$55.11$65.21
Trading comparablesRothschild & Co$14.95$18.53
Offer $60.46
Implied value per Centerspace share by analysis, from RBC Capital Markets and Rothschild & Co.