Independence Realty Trust Declares Dividends in Connection with Pending Merger with Steadfast Apartment REIT
December 2, 2021 | Independence Realty Trust, Inc.| Business Wire
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT”) today announced that its Board of Directors has declared a prorated dividend on IRT common stock, contingent upon the completion of IRT’s pending merger with Steadfast Apartment REIT, Inc. (“STAR”) on or before December 31, 2021. The contingent prorated dividend will be payable in cash to IRT stockholders of record as of the close of business on December 15, 2021 (the “record date”), which is the day immediately prior to the anticipated closing date of the merger. If the merger is completed before or after December 16, 2021 (but no later than December 31, 2021), the record date will automatically be changed to be the close of business on the last business day immediately prior to the actual closing date of the merger.
The amount of the contingent prorated dividend, on a per share basis, will be based upon IRT’s current quarterly dividend rate of $0.12 per share and will be equal to $0.00130435 multiplied by the number of days from and including October 1, 2021 through the day immediately prior to the closing date of the merger. The payment date will be the 30th day after the record date (or the next business day if such 30th day is not a business day).
If the merger has been completed on or before December 31, 2021, then an additional pro rata dividend at the same daily rate multiplied by the number of days from and including closing date of the merger to and including December 31, 2021 will be payable in cash on January 21, 2022 to IRT stockholders of record as of the close of business on December 30, 2021.
If the merger has not been completed on or before December 31, 2021, then a regular quarterly dividend for the fourth quarter in the amount of $0.12 per share of IRT common stock will be payable in cash on January 21, 2022 to IRT stockholders of record as of the close of business on December 30, 2021.
Completion of the merger is contingent upon approval by IRT and STAR stockholders and the satisfaction of other customary closing conditions. Both companies are scheduled to hold special meetings of stockholders on December 13, 2021, and the merger is expected to close on or before December 16, 2021, subject to the satisfaction or waiver of all closing conditions. There can be no assurance that the merger will be completed when expected or at all.
About Independence Realty Trust, Inc.
Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily apartment properties across non-gateway U.S. markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh and Tampa. IRT’s investment strategy is focused on gaining scale within key amenity rich submarkets that offer good school districts, high-quality retail and major employment centers. IRT aims to provide stockholders attractive risk-adjusted returns through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. More information may be found on IRT’s website at www.irtliving.com.
