IRT, Steadfast Plan $7B Merger - Multi-Housing News Independence Realty Trust (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. color: #f98e11; } } //}); PHILADELPHIA & IRVINE, Calif.-- ( BUSINESS WIRE )-- Independence Realty Trust, Inc. (NYSE: IRT) ("IRT") and Steadfast Apartment REIT, Inc. ("STAR") today announced the completion of the. .tribe-events-single-event-title{ Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. At the effective time of the Company Merger, each share of common stock, of the Company issued and outstanding immediately prior to the Company Merger (other than certain shares set forth in the Merger Agreement) was automatically converted into the right to receive 0.905 newly issued, fully paid and nonassessable shares of common stock of IRT, with cash paid in lieu of fractional shares. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. e.thumbw = e.thumbhide>=pw ? As we look ahead to the second half of 2023, the economic and commercial real estate environment will continue to be shaped by global central banks fight against inflationary pressures. More information may be found on IRT’s website www.irtliving.com. } border-top: 3px solid #f98e11; Scott F. Schaeffer continues to serve as CEO and Chairman of the Board of Directors. Copyright Nareit 2023. e.tabh = e.tabh===undefined ? var nl = new Array(e.rl.length), e.tabh = e.tabhide>=pw ? An email was sent with password retrieval instructions. line-height: 31px; var m = pw>(e.gw[ix]+e.tabw+e.thumbw) ? display: block; e.gw = Array.isArray(e.gw) ? Note: Past performance is no guarantee of future results. #primary-menu .nav-link:focus, Through the mergers, the REIT acquired 36 multifamily properties with 10,166 apartment homes and a 10% interest in one unconsolidated joint venture that owned 20 multifamily properties with a total of 4,584 apartment homes, all of which had a gross real estate value of approximately $1.5 billion. }; PHILADELPHIA, July 07, 2023--Independence Realty Trust, Inc. (NYSE: IRT) ("IRT") today announced that it expects to release its second quarter 2023 financial results after market close on . Note: All prices have a 15 minute delay. The combined company after the Mergers retains the name "Independence Realty Trust, Inc." IRT closed at $24.15 per share on December 16, 2021. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.
#menu-item-2870, #menu-item-1147, #menu-item-1149, #menu-item-1150, #menu-item-1152, #menu-item-1153, #menu-item-2871, #menu-item-1136, #menu-item-1139, #menu-item-1133, #menu-item-1137, #menu-item-1135, #menu-item-1142, #menu-item-1141, #menu-item-2974, #menu-item-2975, #menu-item-3343, #menu-item-3344, #menu-item-4916, #menu-item-4917, #menu-item-4918, #menu-item-4920, #menu-item-4921, #menu-item-9450, #menu-item-12309, #menu-item-12303, #menu-item-13384, #menu-item-13383, #menu-item-16055,#menu-item-23904,#menu-item-23735, #menu-item-1126, #menu-item-1127, #menu-item-9849, #menu-item-14285 { margin-left: 15px; Pursuant to the merger, shareholders in STAR received, in aggregate, in exchange for their shares of common stock, approximately 99.7 million shares of IRT common stock, and limited partners in the Operating Partnership, received, in aggregate, in exchange for their partnership units, approximately 6.4 million IRT OP common units. Please go to the link in the email message to retrieve your password. } Independence Realty Trust (IRT) and Steadfast Apartment REIT (STAR) have announced a merger that will have a pro forma enterprise value of $7 billion and create a combined company that will. }. ix = 0, Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas . The REITs score for each analysis is out of ten points, with ten being the best score and zero being the worst. } US District Court for the Southern District of New York, Magistrate Judge Robert W. Lehrburger is so designated. e.gw : [e.gw]; 1st Quarter 2022 Earnings | Download. for (var i in e.rl) nl[i] = e.rl[i]INDEPENDENCE REALTY TRUST, INC. (Form: 10-K, Received: 02/24/2022 17:21:46) advads_items = { conditions: {}, display_callbacks: {}, display_effect_callbacks: {}, hide_callbacks: {}, backgrounds: {}, effect_durations: {}, close_functions: {}, showed: [] }; Philadelphia, PA 19103 if ( 'undefined' == typeof advadsProCfp ) { advadsCfpQueue.push( adID ) } else { advadsProCfp.addElement( adID ) } .et_pb_text_inner h1:before{ Independence Realty to Buy Steadfast Apartment REIT in $2Bln Deal Independence Realty Trust (NYSE: IRT) and Steadfast Apartment REIT entered into a definitive merger agreement wherein the latter will merge with and into IRT; IRT will be surviving as the . } REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term. Morrison & Foerster advised Steadfast Apartment REIT on the deal, while Troutman Pepper Hamilton Sanders represented Independence Realty Trust, Inc. Fried Frank acted as counsel to This content is for members only. (BESPC). border-bottom: solid 1px #163a64; Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. .ewd-ufaq-faqs{ Youre reading a free stock page from The Motley Fools Premium Investing Services. Edelman Financial Communications & Capital Markets Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. e.gh = e.el===undefined || e.el==="" || (Array.isArray(e.el) && e.el.length==0)? All statements that address financial and operating performance, events or developments that we expect or anticipate will occur or be achieved in the future are forward-looking statements. Equity capital raised during offering periods, including DRIP proceeds. window.RSIH = window.RSIH===undefined ? newh = Math.max(e.mh,window.RSIH);
AGREEMENT AND PLAN OF MERGER.
e.tabw = e.tabhide>=pw ? On July 26, 2021, Steadfast Apartment REIT (the Company or STAR), a nontraded REIT, and Steadfast Apartment REIT Operating Partnership, L.P., a Delaware limited partnership and subsidiary of the Company, entered into an Agreement and Plan of Merger with Independence Realty Trust, Inc., a Maryland corporation (IRT), Independence Realty Operating Partnership, LP, a Delaware limited partnership and a subsidiary of IRT (IRT OP), and IRSTAR Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of IRT (IRT Merger Sub). Independence Realty Trust Reports Second Quarter 2021 Financial Results display: block;
See Annual Balance Sheet | See Quarterly Balance Sheet, See Annual Income Statement | See Quarterly Income Statement, See Annual Cash Flow | See Quarterly Cash Flow. STARs merger proposal and IRTs share issuance proposal are described in detail in IRTs and STARs definitive joint proxy statement/prospectus, which was declared effective by the Securities and Exchange Commission (the SEC) on September 29, 2021. The transaction was previously approved by both companies stockholders at their respective special meetings held on December 13, 2021. e.thumbhide = e.thumbhide===undefined ? PHILADELPHIA& IRVINE, Calif.---- Independence Realty Trust, Inc. and Steadfast Apartment REIT, Inc. today announced the completion of the merger transaction between the two companies, forming a . }; } As part of the merger, IRT identified nine assets to sell in order to manage market concentrations. .menu-item-1122 .dropdown-menu{ #primary-menu .nav-link:active { On March 9, 2021, the STAR board of directors determined an estimated value per share of the REITs common stock of $15.55 as of December 31, 2020. This data is updated every 3 minutes during normal trading hours. content: ""; A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. is Investigating Discover Financial Services on DANAHER ALERT: Bragar Eagel & Squire, P.C. Access this case on the New York Southern District Court's Electronic Court Filings (ECF) System. Independence Realty Trust and Steadfast Apartment REIT Announce Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the merger, including future financial and operating results, and the combined companys plans, objectives, expectations and intentions. } #primary-menu .nav-link{ .dropdown-toggle::after{ newh = Math.max(e.mh,window.RSIH); The value of the merger in terms of IRT shares to the common shareholders of Steadfast Apartment REIT would be $21.86 per share. Ella S. Neyland, formerly STARs President, Chief Financial Officer and Treasurer, joined the combined company as its Chief Operating Officer. IRT@edelman.com, Internet Explorer presents a security risk. .ufaq-faq-body { Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Below are some of the properties owned by this IRT. Quotes and other data delayed by 15 minutes for NYSE/AMEX/NASDAQ, 20 minutes for TSX/TSX-V unless otherwise indicated. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. } catch(e){ Under the terms of the merger agreement, each STAR common share will be converted into 0.905 shares of newly issued IRT common stock, including cash in lieu . This website is using a security service to protect itself from online attacks. REITNotes calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. As disclosed in the Companys Current Report on Form 8-K filed with the SEC on December 13, 2021, the Companys stockholders approved the Company Merger contemplated by the Merger Agreement at the Companys Special Meeting of Stockholders held on December 13, 2021. We are not licensed investment advisers, legal advisers, or financial planners, and under no circumstances does any information posted on REITNotes.com represent financial or investment advice or a recommendation to buy or sell a security. } Best Due Diligence meeting in the industry. if ( 'undefined' == typeof advadsProCfp ) { advadsCfpQueue.push( adID ) } else { advadsProCfp.addElement( adID ) } Independence Realty Trust | Nareit } IRVINE, Calif., Dec. 13, 2021 /PRNewswire/ -- Steadfast Apartment REIT, Inc. ("STAR") announced that at its special meeting of stockholders held today, its stockholders approved the previously. e.thumbh = e.thumbh===undefined ? border-top: 2px solid #163a64; IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. Press Release: UPDATE. Our combined company creates a best-in-class operating platform, further redevelopment opportunities and notable economies of scale in markets where we expect to benefit from strong growth fundamentals. We are excited to announce the successful completion of our merger with STAR, together forming a leading public multifamily REIT focused on the high-growth U.S. Sunbelt region, said Scott F. Schaeffer, IRTs Chairman and CEO. The privately held company's geographic focus is in the New York to Washington DC corridor and Florida, although . background-size: 1600px auto; Shareholders approve Steadfast Apartment REIT Merger - The White Law Group Some of the factors that may affect outcomes and results include, but are not limited to: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on our financial condition, results of operations, cash flows and performance and those of our residents as well as on the economy and real estate and financial markets; changes in market demand for rental apartment homes and pricing pressures, including from competitors, that could limit our ability to lease units or increase rents or that could lead to declines in occupancy and rent levels; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; inability of tenants to meet their rent and other lease obligations and charge-offs in excess of our allowance for bad debt; legislative restrictions that may delay or limit collections of past due rents; risks endemic to real estate and the real estate industry generally; impairment charges; the effects of natural and other disasters; delays in completing, and cost overruns incurred in connection with, our value add initiatives and failure to achieve projected rent increases and occupancy levels on account of the initiatives; any effects of the completion of the merger, including failure to realize the cost savings, synergies and other benefits expected to result from the merger; the ability to successfully integrate the IRT and STAR businesses; unexpected costs of REIT qualification compliance; unexpected changes in our intention or ability to repay certain debt prior to maturity; inability to sell certain assets within the time frames or at the pricing levels expected; costs and disruptions as the result of a cybersecurity incident or other technology disruption; and share price fluctuations those additional risks and factors discussed in reports filed with the Securities and Exchange Commission by IRT from time to time, including those discussed under the heading Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q. December 14, 2021 Shareholders of Steadfast Apartment REIT Inc., a publicly registered non-traded real estate investment trust, have approved the proposed merger with publicly traded REIT, Independence Realty Trust Inc (NYSE: IRT). Steadfast Companies Real Estate Irvine, CA . Portfolio Optimization and Capital Allocation Update. display: none !important; .site-header { .et_pb_text_inner h1{ Independence Realty Trust and Steadfast Apartment REIT Announce Strategic Merger Creates a leading public multifamily REIT focused on the high-growth U.S. Sunbelt region; combined company will own . color: #f79320; Steadfast Apartment REIT, Inc. is a real estate investment trust that was formed to acquire and operate a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the United States that have demonstrated high occupancy and income levels across market cycles. font-size: 18px; color: #15426f !important; color: #15426f !important; Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Bloomberg Markets Asia. STAR can give no assurance that its expectations will be attained. color: white !important; Cookies are used to offer you a better browsing experience and to analyze our traffic. IRT. Image Source - REITs website. Troy Hills Shopping Center | Federal Realty Investment Trust The frequency, price, and limitations vary by investment program. @media (min-width: 768px) and (max-width: 1024px) { @media (min-width: 768px) and (max-width: 1024px) { 1-800-3-NAREIT View source version on businesswire.com: https://www.businesswire.com/news/home/20211215006106/en/, Get the latest news and updates from Stockhouse on social media, Stockhouse.com uses cookies on this site. } catch(e){ You may share a link to this page on any of the sites listed below or send link via email: Copyright 2023 Bragar Eagel & Squire, P.C. padding-left: 30px; } .ewd-ufaq-faqs .printfriendly{ In the fourth quarter of 2021, five assets were sold, two from the legacy IRT portfolio and three from STAR, while the remaining four legacy IRT assets are expected to be disposed of during the first quarter of 2022. HQ: Philadelphia, PA, United States
The company was founded on March 26, 2009 and is headquartered in Philadelphia, PA. Today's low prices make these two REITs ideal buys for building long-term financial success. This multifamily REIT has all the right signs for major growth potential. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. James J. Sebra continues to serve as Chief Financial Officer of the combined company. Suite 2601 By default, joining or signing in using your Facebook account will work and the email address will be shared by Facebook automatically. } e.gw : [e.gw]; Upon the consummation of the Merger, each share of STAR common stock will be automatically converted into the right to receive 0.905 shares of newly issued IRT common stock, and cash in lieu of fractional shares. left: initial; https://www.businesswire.com/news/home/20211215006106/en/, @ the Bell: Just another mixed markets Monday, New Data Centers Feed Growing Cloud Demand in Asia. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. //window.requestAnimationFrame(function() { try { SEC Wins Access to Some Covington & Burling Clients Names, Shein Being Sued by H&M for Copyright Infringement in Hong Kong, Londons Top Earners Reaped Biggest Pay Raises Since Start of Pandemic, South Korea Growth Outlook Cloudy Even as GDP Tops Consensus, Bank Indonesia to Keep Interest Rates Steady Ahead of Crucial FedMeeting, Carlos Slims America Movil Boosts Stake in Telekom Austria, Verizon Plans to Boost Wireless Home Internet Priceby $10in Profit Push, Apple Aims to Keep iPhone Shipments Steady Despite 2023 Turmoil, AI Is Rewriting the Rules of $200 Billion Games Industry, How US and Its Allies Are Trying to Rein in China Tech, Anthropic Co-Founder Praises Biden Meeting in Safe AI Effort, SoftBank UpsStake In Symbotic in Joint Venture Deal, Obama Chef Drowns Near Former Presidents Marthas Vineyard Home, Floridas NewSlavery Curriculum Sparks DeSantis Rebuke From 2024 Rival Hurd, Wall Streets Next Prize Is a $2 Trillion Australia Pension Pot, Billionaire Family Courts Worlds Rich on Niche Office Bet, Disney ConsidersDelaying Some 2023 Movie Releases Over Strikes, LVMH to Sponsor Paris Olympics in a First for Luxury Group, Indias Food Security Is Being Choked by Climate Change, Tokyos Tree-Raising Drama Shouldnt Stymie Transformation, Amazons Injury-Plagued Warehouse Operation Goes on Trial, The Stainless-Steel Boom Is Tearing a South African Mining Region Apart, Senegal Official Says 17 Migrants Killed After Boat Capsizes, Should You Consolidate Your Student Loans?
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