Monitor stockholder votes on November 10, 2026; key risk is IRT's stock price fluctuation affecting deal value for CSR shareholders. Watch for lender consents on CSR's mortgage loans which could delay closing.
Price Chart
Executive Summary
IRT is acquiring CSR in an all-stock merger with a fixed exchange ratio of 3.800 IRT shares per CSR share. The combined company will own 163 apartment communities (~44,000 units) across 17 states, with a pro forma equity market cap of ~$5.0B and enterprise value of ~$8.1B. IRT expects ~$24M in annualized synergies and immediate accretion to CFFO. The deal requires stockholder approval from both companies at special meetings on November 10, 2026.
Key Facts
- Fixed exchange ratio of 3.800 IRT shares per CSR share, implying ~$60.46 per CSR share at announcement (14.70% premium to CSR's $52.71 closing price on Sept 8, 2026)
- Combined company will own 163 apartment communities (~44,000 units) across 17 states
- Pro forma equity market cap of ~$5.0B and total enterprise value of ~$8.1B
- IRT expects ~$24M in annualized synergies (~$19M corporate, ~$5M property-level)
- IRT will issue ~64.16 million shares in the merger; legacy IRT holders will own ~78% of combined company; legacy CSR shareholders ~22%
- Senior unsecured Term Loan of up to $716,000,000 committed by Royal Bank of Canada
- CSR termination fee of $45,000,000; IRT termination fee of $60,000,000
- Special meetings scheduled for November 10, 2026; expected closing by end of Q4 2026
Financial Impact
Pro forma equity market cap ~$5.0B, enterprise value ~$8.1B, ~$24M annualized synergies, $716M term loan facility
Risk Factors
- Deal may not close if stockholders fail to approve or if conditions not satisfied
- Fixed exchange ratio creates risk for CSR shareholders if IRT stock price declines
- Integration risks and potential failure to realize synergies
- Potential litigation risk from stockholder lawsuits
- Risk of failure to qualify as REIT
- Risk of not obtaining lender consents from CSRs lenders
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4/A Filing (Primary) | 0001437749-26-032031 |
| Exhibit: ex_1021701.htm | 0001437749-26-032031 |
| Exhibit: ex_1021702.htm | 0001437749-26-032031 |
| Exhibit: ex_1021628.htm | 0001437749-26-032031 |
| Exhibit: ex_1021631.htm | 0001437749-26-032031 |
| Exhibit: ex_1021633.htm | 0001437749-26-032031 |
| Exhibit: ex_1021703.htm | 0001437749-26-032031 |
| Exhibit: ex_1021630.htm | 0001437749-26-032031 |
| Exhibit: ex_1021629.htm | 0001437749-26-032031 |
| Document: 0001437749-26-032031-index-headers.html | 0001437749-26-032031 |
| Document: 0001437749-26-032031-index.html | 0001437749-26-032031 |
| Document: 0001437749-26-032031.txt | 0001437749-26-032031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | EFFECT | $14.64 | awaiting T+20 | — | $14.90 (+1.81%) |
Oct 5, 2026 21d ago | S-4/A | $14.73 | awaiting T+20 | — | $14.90 (+1.19%) |
Sep 24, 2026 4w ago | 8-K | $14.61 $15.17 | ▲ +3.83% | ▲ +4.25% | $14.90 (+2.02%) |
Sep 23, 2026 4w ago | S-4 | $14.61 $15.17 | ▲ +3.83% | ▲ +4.25% | $14.90 (+2.02%) |
Sep 23, 2026 4w ago | 425 | $14.61 $15.17 | ▲ +3.83% | ▲ +4.25% | $14.90 (+2.02%) |
Sep 23, 2026 4w ago | 8-K | $14.61 $15.17 | ▲ +3.83% | ▲ +4.25% | $14.90 (+2.02%) |
Sep 23, 2026 4w ago | 425 | $14.61 $15.17 | ▲ +3.83% | ▲ +4.25% | $14.90 (+2.02%) |
Sep 9, 2026 6w ago | 425 | $15.23 $14.44 | ▼ −5.19% | ▼ −7.38% | $14.90 (−2.13%) |
Sep 9, 2026 6w ago | 8-K | $15.23 $14.44 | ▼ −5.19% | ▼ −7.38% | $14.90 (−2.13%) |
Jul 18, 2026 14w ago | Institutional Cluster | $16.50 $16.67 | ▲ +1.03% | ▼ −3.09% | $14.90 (−9.67%) |
US Market Status
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