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425 ·Filed Oct 7, 2026

CSR

CENTERSPACE
NEUTRAL
Impact 4/10
Horizonweeks Processed20d 10h ago SEC0001437749-26-032319
Rule 425 M&A communications
Actionable Insight • Neutral

This filing advances the deal process by soliciting shareholder votes. Monitor for shareholder vote results and any regulatory updates. The deal is expected to close by end of Q4 2026 or June 30, 2027 per prior filings.

DirectionNeutral
Confidencehigh
Horizonweeks
Latest settled — T+5d ⚠ clustered
CSR ▲ +1.77% at T+5d
NEUTRAL call +1.77% · α vs SPY +2.04% · entry $54.91 → $55.88
Next anchor: T+20d in 7d
Latest observation: T+11 +1.11% FF3 residual α
Entry = T+0 close
Oct 7, 2026
via day close
T+1d
+1.77%
call +1.77% · α +1.17%
$55.88
settled 20d ago
T+5d
+1.77%
call +1.77% · α +2.04%
$55.88
settled 14d ago
T+20d
Pending
in 7d
T+60d
Pending
in 2mo

Price Chart

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Executive Summary

This is a Rule 425 filing by Independence Realty Trust (IRT) in connection with the pending acquisition of Centerspace (CSR). The filing contains a joint proxy statement/prospectus for the special meetings of both companies' shareholders to vote on the merger. No new material information or changes to deal terms are disclosed beyond what was previously announced.

Key Financial Metrics

Deal Value
$1.1B
Deal Type
merger

Key Facts

  • The filing is a joint proxy statement/prospectus for shareholder votes on the IRT-CSR merger.
  • The merger is structured as an all-stock transaction with CSR shareholders receiving 3.8 IRT shares per CSR share.
  • The transaction was valued at approximately $1.1 billion in the original announcement.
  • Shareholder meetings are being scheduled to vote on the merger.
  • No changes to deal terms, pricing, or timeline are disclosed in this filing.

Financial Impact

Deal valued at approximately $1.1 billion; CSR shareholders receive 3.8 IRT shares per CSR share.

share pricedilution

Risk Factors

  • Shareholder vote may not approve the merger.
  • Regulatory approvals or lender consents may not be obtained.
  • Market conditions could affect IRT's stock price and thus the value of consideration for CSR shareholders.

Investment Themes

Real Estate

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
425 Filing (Primary)0001437749-26-032319
Document: 0001437749-26-032319-index-headers.html0001437749-26-032319
Document: 0001437749-26-032319-index.html0001437749-26-032319
Document: 0001437749-26-032319.txt0001437749-26-032319
17 reports for CSR
Performance horizon
67% Hit rate @ T+60 2 of 3 directional calls Went positive at some point 9 of 9 best @ T+60▲ +16.23%May 8, 2026
Filters
Rows
Reports for CSR — sortable, filterable
TypeNow
Oct 7, 2026
20d ago
DEFM14A
BULLISH ★ 7/10
$54.91awaiting T+60—$56.61 (+3.10%)
Oct 7, 2026
20d ago
425
NEUTRAL ★ 4/10
$54.91awaiting T+60—$56.61 (+3.10%)
Oct 1, 2026
26d ago
Press Release
NEUTRAL ★ 1/10
$54.50awaiting T+60—$56.61 (+3.87%)
Sep 23, 2026
4w ago
425
NEUTRAL ★ 3/10
$55.17awaiting T+60—$56.61 (+2.61%)
Sep 23, 2026
4w ago
8-K
NEUTRAL ★ 4/10
$55.17awaiting T+60—$56.61 (+2.61%)
Sep 23, 2026
4w ago
425
BULLISH ★ 7/10
$55.17awaiting T+60—$56.61 (+2.61%)
Sep 9, 2026
6w ago
425
BULLISH ★ 7/10
$57.36awaiting T+60—$56.61 (−1.31%)
Sep 9, 2026
6w ago
8-K
BULLISH ★ 7/10
$57.36awaiting T+60—$56.61 (−1.31%)
Aug 14, 2026
10w ago
Institutional Cluster
MIXED ★ 4/10
$54.64awaiting T+60—$56.61 (+3.61%)
Aug 14, 2026
10w ago
8-K
BULLISH ★ 6/10
$54.64awaiting T+60—$56.61 (+3.61%)
Showing 10 of 17

US Market Status

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Report published Oct 7, 2026