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Stock Market & Financial Investment News

News Breaks
May 16, 2014
16:08 EDTIRTIndependence Realty Trust files $1B mixed securities shelf
News For IRT From The Last 14 Days
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May 11, 2015
08:20 EDTIRTTrade Street Residential agrees to be acquired by Independence Realty Trust
Independence Realty Trust (IRT) and Trade Street Residential (TSRE) jointly announced that IRT and TSRE have signed a definitive merger agreement pursuant to which IRT has agreed to acquire all of the outstanding common stock of Trade Street for a mix of cash and stock, creating a regional market focused, multifamily REIT. Under the terms of the definitive merger agreement, IRT will pay each Trade Street stockholder $3.80 in cash and 0.4108 of newly issued IRT common stock, subject to adjustment as described below. Based on the agreed upon "Reference Price" of $9.25 for IRT shares, this offer represents the equivalent of $7.60 in value to Trade Street stockholders. The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions including the approval of both IRT and Trade Street stockholders. Upon consummation of the merger, IRT's number of properties will increase from 31 to 50 resulting in a 55% increase in units to 14,044. The combined scale will provide an enhanced platform to continue to pursue accretive acquisitions and transformational opportunities. The addition of Trade's Street's high-quality Class A apartment communities will reduce IRT's average property age from 25 years to 20 years while improving average base rents, occupancy levels and operating margins on the expanded platform. The transaction is expected to be accretive to 2016 Core FFO and AFFO per share, with meaningful identified run-rate cost savings and NOI upside from value-add capex. Additionally, with a stronger balance sheet and lower cost of capital, IRT will be better positioned to drive future growth and increase its current quarterly dividend. The transaction has been approved by the board of directors of both IRT and Trade Street. In addition, in connection with the merger agreement, RAIT Financial Trust (RAS), which, with is affiliates and subsidiaries, collectively own approximately 23% of IRT's commons stock, has entered into a voting agreement pursuant to which it has committed to support the transaction. Also in connection with the merger agreement, certain affiliates of Senator Investment Group LP and Monarch Alternative Capital LP, which own approximately 25.4% and 23.0%, respectively, of Trade Street's common stock, have entered into voting agreements pursuant to which they have committed to support the transaction. Upon completion of the merger, the company will retain the Independence Realty Trust name and will trade under the ticker symbol "IRT."
08:17 EDTIRTTrade Street Residential agrees to be acquired by Independence Realty Trust
08:07 EDTIRTIndependence Realty to acquire Trade Street Residential in cash, stock deal
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