Brief: Independence Realty Trust, Steadfast Apartment REIT Report Strategic Merger

Steadfast Apartment REIT

26/07/2021 21:08

July 26 (Reuters) - Independence Realty Trust Inc  IRT.N :
    * INDEPENDENCE REALTY TRUST INC SAYS SCOTT F. SCHAEFFER WILL
REMAIN AS CHAIRMAN OF THE BOARD OF DIRECTORS OF THE COMBINED
COMPANY
    * INDEPENDENCE REALTY TRUST AND STEADFAST APARTMENT REIT
ANNOUNCE
STRATEGIC MERGER
    * INDEPENDENCE REALTY TRUST INC - COMBINED COMPANY IS
EXPECTED TO
HAVE A PRO FORMA EQUITY MARKET CAPITALIZATION OF APPROXIMATELY
$4 BILLION
    * INDEPENDENCE REALTY TRUST INC - COMBINED COMPANY IS
EXPECTED TO
HAVE PRO FORMA TOTAL ENTERPRISE VALUE OF APPROXIMATELY $7
BILLION
    * INDEPENDENCE REALTY TRUST INC - SCOTT SCHAEFFER WILL
CONTINUE TO
LEAD COMBINED COMPANY AS CEO
    * INDEPENDENCE REALTY TRUST INC - DEAL EXPECTED TO BE
IMMEDIATELY
ACCRETIVE TO KEY EARNINGS METRICS
    * INDEPENDENCE REALTY TRUST INC - JAMES SEBRA WILL CONTINUE
TO
SERVE AS CFO OF COMBINED COMPANY
    * INDEPENDENCE REALTY TRUST INC - EACH STAR COMMON SHARE
WILL BE
CONVERTED INTO 0.905 SHARES OF NEWLY ISSUED IRT COMMON STOCK
    * INDEPENDENCE REALTY TRUST INC - IRT STOCKHOLDERS ARE
EXPECTED TO
OWN APPROXIMATELY 50% OF COMBINED COMPANY'S EQUITY
    * INDEPENDENCE REALTY TRUST - UPON COMPLETION, CO WILL
RETAIN
INDEPENDENCE REALTY TRUST NAME AND WILL TRADE UNDER TICKER
SYMBOL "IRT"
    * INDEPENDENCE REALTY TRUST - STAR STOCKHOLDERS ARE EXPECTED
TO
OWN APPROXIMATELY 50% OF COMBINED COMPANY'S EQUITY ON A PRO
FORMA BASIS, POST MERGER

Source text for Eikon:  ID:nBw5SCd5Fa 
Further company coverage:  IRT.N 

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