Irenic Sends Letter to Independence Realty Trust Board of Directors Opposing Proposed Acquisition of Centerspace and Urging a Sale of the Company
Business Wire•29/09/2026•08:00 ET
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Key Highlights
- ➤Irenic (approximately 2% owner) will vote against IRT’s required share issuance
- ➤IRT (IRT) shares fell nearly 8% since Centerspace deal announcement
- ➤Irenic estimates an IRT sale could fetch $18-$20 per share
- ➤Centerspace deal would reduce IRT Sunbelt exposure from nearly 80% to below 60%
- ➤IRT claims 5% year-one Core FFO per-share accretion
Expert Statements
Scott Schaeffer, CEO of Independence Realty Trust
“We have an optimal portfolio footprint across key Sunbelt markets that continue to see significant migration and job growth, and we expect to outperform during all points of market cycles.”
Scott Schaeffer, CEO of Independence Realty Trust
“I'm still a believer in the Sunbelt long-term. I think that's where you will see above-average population and job growth. We're coming through a bit of a rough patch here because of all the new supply, but that's coming to an end. I believe you'll see continued above-average growth in the Sunbelt markets. That's where our focus will be.”
Scott Schaeffer, CEO of Independence Realty Trust
“My plan is to keep our ratio of Sunbelt exposure to Midwest exposure somewhat consistent. As you see us continue to grow in the Sunbelt over time, expect that growth in the Midwest as well to keep that ratio consistent.”
Scott Schaeffer, CEO of Independence Realty Trust
“Well, we are increasing our Midwest exposure with this transaction. When you look at the results over an extended period of time, the Sunbelt has consistently outperformed. And we expect it to outperform again in the future, or going forward, I should say. We've come through a significant supply wave, and that has come to an end. And now the Sunbelt will be -- will have much better supply-demand dynamics. Strong population job growth with limited additions to supply over the next three years to four years. That's a great runway for above-market growth. We're hyping the Midwest because the Midwest, first of all, we already have an exposure to the Midwest. It has performed very, very well with low volatility, and we expect it to continue to perform well with low volatility, but it will not be as dynamic as the Sunbelt going forward, in our opinion.”
Janice Richards, EVP of Operations, Independence Realty Trust
“Denver's definitely a concessionary market that will probably continue to be so as we work through that 7.5% of supply…and doesn't [sic] anticipate to ebb as fast as some of the other markets that we are in.”
Irenic Sends Letter to Independence Realty Trust Board of Directors Opposing Proposed Acquisition of Centerspace and Urging a Sale of the Company
Believes Centerspace Acquisition Lacks Industrial Logic, Is Destructive to Both NAV and Earnings Growth, and Abandons IRT's Long-Stated Sunbelt Strategy
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