Steadfast Apartment REIT Shareholders to Vote on Independence Realty Trust Merger
October 28, 2021 | James Sprow | Blue Vault
On July 26, 2021, Steadfast Apartment REIT (“STAR”) and Steadfast Apartment REIT Operating
Partnership, L.P., its subsidiary operating partnership, entered into an Agreement and Plan of Merger
with Independence Realty Trust, Inc., or IRT. In the Merger, each outstanding share of the REIT’s
common stock will be converted automatically into the right to receive 0.905, or the Exchange Ratio, of
a newly issued share of IRT common stock, with cash paid in lieu of fractional shares.
On October 27, 2021, Steadfast Apartment REIT sent out a reminder to shareholders to vote their shares
with regard to the proposed merger. A Special Meeting of Stockholders is scheduled for December 13,
2021.
On October 27, 2021, IRT’s common stock closed at $22.66 per share. At the proposed merger terms,
each share of Steadfast Realty Trust would convert into 0.905 shares of IRT, translating to approximately $20.51 in value based upon the October 27, 2021 closing price. On March 9, 2021, the board of directors of STAR determined an estimated value per share of common stock of $15.55 as of December 31, 2020.
If the IRT Merger is consummated, then, based on the number of shares of STAR common stock and IRT common stock outstanding as of July 26, 2021, immediately following consummation of the IRT Merger, legacy stockholders of STAR will hold approximately 50% of the outstanding shares of IRT common stock and legacy IRT stockholders will hold approximately 50% of the outstanding shares of IRT common stock.
As of September 30, 2021, STAR owned and managed a diverse portfolio of 70 multifamily properties comprised of 22,001 apartment homes and three parcels of land held for the development of apartment homes.
Source: SEC, Blue Vault Partners, Yahoo!Finance
