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- Fixed Exchange Ratio (new) — The exchange ratio is fixed, so CSR shareholders bear the risk of IRT's stock price falling before closing.
- Increased Indebtedness (new) — The combined company will have about $3.433 billion of debt, up from IRT's standalone $2.443 billion.
- Debt Acceleration Risk (new) — CSR's debt agreements give lenders the right to demand immediate repayment upon a merger or change of control.
Independence Realty Trust and CSR merger: each CSR share converts to 3.800 IRT shares, creating 163-community REIT
Filed October 7, 2026 · ~1 min read
Key Changes
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The merger is structured as two steps: CSR merges into an IRT subsidiary, then an IRT OP subsidiary merges into CSR OP, with CSR ceasing to exist.
The Offering view on EDGAR → -
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Each CSR share converts into 3.800 IRT shares, a fixed ratio that will not adjust for stock price changes before closing.
The Offering view on EDGAR → -
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Combined company will own 163 apartment communities with over 44,000 units across 17 states.
The Offering view on EDGAR →
5 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 8, 2026 · How we verify