Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Independence Realty Trust, Steadfast Apartment REIT Close Merger.

Document Cited in Related
Vincent

MANews-(C)2009-2021

US-based real estate investment trust Independence Realty Trust, Inc. (NYSE: IRT) and US-based Steadfast Apartment REIT, Inc. have closed a merger transaction between the two companies, forming a combined company with an equity market capitalization of approximately USD 5.6bn and a total enterprise value of approximately USD 8.3bn, as of market close on December 15, 2021, the companies said.

The transaction was previously approved by both companies' stockholders at their respective special meetings held on December 13, 2021.

The combined company, headquartered in Philadelphia, Pennsylvania, will retain the Independence Realty Trust name and will trade under the existing ticker symbol "IRT" on the New York Stock Exchange.

Concurrently with the completion of the merger, the number of directors on IRT's board of directors was increased to 10, and five incumbent directors of the STAR board of directors, Stephen R. Bowie, Ned W. Brines, Ana Marie del Rio, Ella S. Neyland and Thomas H. Purcell, joined the following five incumbent directors of the IRT board of directors, Scott F. Schaeffer, Richard D. Gebert, Melinda H. McClure, DeForest Blake Soaries Jr., and Lisa Washington.

Scott F. Schaeffer continues to serve as CEO and chairman of the board of directors.

James J. Sebra continues to serve as chief financial officer of the combined company.

Farrell Ender continues to serve as president of the combined company. Jessica Norman, formerly IRT's executive vice president and General Counsel, serves as Chief Legal officer of the combined company.

Ella S. Neyland, formerly STAR's president, chief financial officer and treasurer, joined the combined company as its chief operating officer.

As a result of the merger, each former share of STAR common stock has been converted into 0.905 shares of newly issued IRT common stock, and cash in lieu of fractional shares.

On a pro forma basis former STAR common stockholders hold approximately 47% of the combined company's common equity, with continuing IRT common stockholders holding approximately 53% of the combined company.

As part of the...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT