Irenic opposes Centerspace merger and presses Independence Realty to explore a sale

Irenic Capital, which says it owns approximately 2% of Independence Realty Trust ($IRT), publicly opposed the proposed acquisition of Centerspace ($CSR) and said it would vote against the required share issuance. The investor argues that the combination would dilute Independence’s focus on Sunbelt apartments and impair value. It urged the board to engage with credible parties interested in buying Independence instead.

The campaign introduces a new shareholder challenge to an already announced merger, rather than a new takeover agreement. Irenic’s suggested $18–$20 sale price is its own assessment, not a disclosed bid or an agreed valuation. The letter acknowledges Independence’s projection of approximately 5% accretion to core funds from operations per share but disputes the strategic case. The merger remains proposed; neither its cancellation nor a sale process was announced by the board.

Sources:

• Irenic Capital shareholder letter via Business Wire