irt20260909e

Filed by Independence Realty Trust, Inc.
pursuant to Rule 425 under the Securities Act of 1933, as amended
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934, as amended
Subject Company: Centerspace
Commission File No. 001-35624

1. What does today's announcement mean?

IRT and Centerspace have agreed to merge their respective businesses under the IRT name. Upon closing, the combined company will be able to draw upon the resources of the two organizations to create a leading middle-market multifamily REIT. We anticipate closing as soon as the end of the fourth quarter of 2026, subject to approval by the shareholders of both companies, timing of lender consents, and other customary closing conditions.

2. What will the combined company be named?

The company will continue to be named Independence Realty Trust and will continue to trade on the New York Stock Exchange under the ticker IRT. Our corporate headquarters will remain in Philadelphia.

3. How will this merger benefit IRT?

The merger brings together two multifamily platforms with highly complementary portfolios, creating a combined company with increased scale across the Sunbelt, Midwest and Mountain West. The combined company will own 163 apartment communities containing approximately 44,354 units across 17 states — with approximately 58% of pro forma NOI derived from Sunbelt markets, 27% from Midwest markets and 15% from Mountain West markets. The combined portfolio will span Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, Minnesota, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah. The increased scale of the combined operating platform will enable more operating efficiencies, expand our value-add renovation and community Wi-Fi pipelines, and enhance our ability to deliver superior value to our residents and shareholders — as well as offer new opportunities for employees.

4. Who will be the leaders of the combined company?

Scott Schaeffer will remain Chairman and Chief Executive Officer and James (Jim) Sebra will serve as President and Chief Financial Officer. Our Board of Directors will expand to 11 members, nine from IRT and two from Centerspace.

5. This all seems so sudden. How long has management considered this transaction?

We have been evaluating a combination of the two companies for some time and have done a considerable amount of planning to get to where we are today. The rationale behind the merger is compelling and now is an opportune time to bring these two businesses together. Further detail on the background of the transaction will be included in the joint proxy statement.

6. Will employee benefits be impacted?

Our current compensation, benefits and incentive programs will continue in place until the merger closing date. We will undertake a comprehensive review of compensation, benefits and incentive opportunities at both companies and evaluate the best approach for the combined company.

7. Will the company culture change as a result of the merger?

The culture of the combined company will not change as a result of the merger. Centerspace shares many of our values and their corporate culture will complement ours greatly. The combination will also present new opportunities and additional resources for associates of the combined company.

8. Do you plan to close any offices or eliminate any positions in connection with the merger?

No, we do not anticipate eliminating any positions at IRT or closing any of our offices. We will, however, be undertaking a comprehensive review of our business practices and staffing levels over the coming weeks and months in an effort to create a best-in-case environment for the combined organization. Please be assured that we will work quickly to evaluate and assess any and all changes.

9. How will this merger affect value-add renovations and the Wi-Fi programs?

Both programs will continue as planned. In fact, one of the major benefits of this transaction is that it gives IRT an expanded pipeline for both — Centerspace contributes approximately 3,200 units to the value-add renovation pipeline and approximately 10,000 units to the runway for our community Wi-Fi program.

10. How will this merger impact my job responsibilities?

Until closing, we will be conducting business as usual and operating as a separate company from Centerspace. As we work toward closing, we will be evaluating the best approaches to policies and practices going forward. Our goal is to create a best-in-class, unified organization by drawing on the best practices of both companies. During this time, the most important thing is for all employees to remain focused on their jobs with the same diligence and dedication as usual.

11. What can I tell our residents or vendors about this transaction?

For residents and vendors, it will be business as usual. If a resident or vendor asks about the transaction, please let them know there will be very few changes that affect them. You can also refer them to our press release and investor presentation in the Investor Relations section of our website, www.irtliving.com. Any changes to our processes and procedures will be implemented so as not to disrupt the high level of service we provide our residents. We are counting on each of you to serve our residents with your usual compassion and professionalism during this transition.

12. I own IRT shares. Does this change anything for me?

No. You will continue to own your shares in IRT after the merger closes and the amount of your shares and any of your other vested or unvested equity-based compensation will remain unchanged. In addition, our Insider Trading Policy is not changing and continues to apply to all employees of IRT. As always, all purchases and sales of IRT securities must be pre-cleared with Jamie Reyle or Jason Delozier. Please contact either of them if you have further questions.

13. How will I learn about new developments and changes?

We are committed to communicating with you as we work toward closing, and we will provide updates to keep you informed along the way. As always, please also speak with your manager if you have questions.

14. How should I handle media inquiries about the merger?

Please refer any inquiries from reporters, analysts or investors to Stephanie Krewson-Kelly, Senior Vice President, Investor Relations — SKrewson@IRTLiving.com, (267) 270-4815. Please do not respond directly, and hold off on posting about the transaction until Corporate Communications issues approved language.

The information contained in this communication may contain certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Centerspace and IRT, the expected timing of completion of the proposed transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of those words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial condition, or plans expressed or implied by the forward-looking statements. Although we believe the expectations reflected in these forward-looking statements are based upon reasonable assumptions, we can give no assurance that IRT’s and Centerspace’s expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, undue reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond IRT’s and Centerspace’s control and could differ materially from actual results and performance.

The forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Centerspace’s and IRT’s control. The following factors, among others, could cause our future results to differ materially from those expressed in the forward-looking statements:

Additional factors that could cause results to differ materially from those described above can be found in Centerspace’s Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended June 30, 2026, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available on the “Investor Relations” section of Centerspace’s website, www.centerspacehomes.com, under the heading “Investors” and in other documents Centerspace files with the SEC, and in IRT’s Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended June 30, 2026, each of which is on file with the SEC and available on IRT’s website, www.irtliving.com, under the heading “Investors” and in other documents IRT files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Centerspace nor IRT assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Centerspace or IRT updates one or more forward-looking statements, no inference should be drawn that Centerspace or IRT will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Important Additional Information about the Proposed Transaction and Where to Find It

In connection with the proposed transaction, IRT will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Centerspace and IRT and a prospectus of IRT, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Centerspace and IRT will be submitted to Centerspace’s shareholders and IRT’s shareholders for their consideration. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS, SHAREHOLDERS OF CENTERSPACE AND SHAREHOLDERS OF IRT ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain the registration statement and the definitive joint proxy statement/prospectus free of charge from the SEC’s website or from Centerspace or IRT. The documents filed by Centerspace with the SEC may be obtained free of charge at Centerspace’s website at www.centerspacehomes.com or at the SEC’s website at www.sec.gov. The documents filed by IRT with the SEC may be obtained free of charge at IRT’s website at www.irtliving.com or at the SEC’s website at www.sec.gov.

Centerspace, IRT, and certain of their respective trustees or directors, as applicable, and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Centerspace and stockholders of IRT in connection with the proposed transaction. Information regarding the interests of the trustees or directors, as applicable, and executive officers of Centerspace and IRT and other persons who may be deemed to be participants in the solicitation of shareholders of Centerspace and IRT in connection with the transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the definitive joint proxy statement/prospectus related to the transaction, which will be filed by Centerspace with the SEC. Information regarding Centerspace’s trustees and executive officers is available in its definitive joint proxy statement relating to its 2026 Annual Meeting of Shareholders, which was filed with the SEC on April 3, 2026, and other documents filed by Centerspace with the SEC. Information regarding IRT’s directors and executive officers is available in its definitive proxy statement relating to its 2026 Annual Meeting of Stockholders, which was filed with the SEC on March 19, 2026, and other documents filed by IRT with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC by Centerspace and IRT, respectively. Free copies of these documents may be obtained as described above under “Important Additional Information.”

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

●	IRT’s and Centerspace’s ability to complete the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approvals and satisfaction of other closing conditions to consummate the transaction;
●	the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Centerspace and IRT;
●	the outcome of any legal proceedings that may be instituted against Centerspace or IRT;
●	delays in completing the proposed transaction involving Centerspace and IRT;
●	the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Centerspace and IRT do business;
●	the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events;
●	the ability of Centerspace and IRT to meet expectations regarding the timing, completion and accounting and tax treatment of the transaction;
●	diversion of IRT’s and Centerspace’s management’s attention from ongoing business operations and opportunities;
●	potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction;
●	the ability to complete the transaction and integration of Centerspace and IRT successfully;
●	the dilution caused by IRT’s issuance of additional shares of its capital stock in connection with the transaction;
●	financing risks, including IRT’s and Centerspace’s potential inability to meet existing covenants in IRT’s and Centerspace’s existing credit facilities or to obtain new debt or equity financing on favorable terms, or at all;
●	uncertain global macro-economic and political conditions, the impact of actual or threatened wars or other international conflicts, such as in Ukraine, the Middle East, and South America, including sanctions imposed by the U.S. and other countries, on inflation, trade, and general economic conditions;
●	deteriorating economic conditions and rising unemployment rates, energy costs, and inflation, in the markets where we own apartment communities or in which we may invest in the future;
●	rental conditions in IRT’s and Centerspace’s markets, including occupancy levels and rental rates, IRT’s and Centerspace’s potential inability to renew residents or obtain new residents upon expiration of existing leases, IRT’s and Centerspace’s ability to identify and consummate attractive acquisitions and dispositions on favorable terms, IRT’s and Centerspace’s ability to reinvest sales proceeds successfully, IRT’s and Centerspace’s inability to accommodate any significant decline in the market value of real estate serving as collateral for IRT’s and Centerspace’s debt and mortgage obligations; changes in tax and housing laws, including rent control laws, or other factors;
●	timely access to material and labor required to renovate and maintain apartment communities;
●	adverse changes in IRT’s and Centerspace’s markets, including future demand for apartment homes in those markets, barriers of entry into new markets, limitations on IRT’s and Centerspace’s ability to increase rental rates, IRT’s and Centerspace’s ability to identify and consummate attractive acquisitions and dispositions on favorable terms, IRT’s and Centerspace’s ability to reinvest sales proceeds successfully, and inability to accommodate any significant decline in market value of real estate serving as collateral for IRT’s and Centerspace’s debt and mortgage obligations;
●	the ability of Centerspace to complete its proposed dispositions on a timely basis, or at all;
●	risks that Centerspace’s recently completed or proposed dispositions disrupt current plans and operations; and
●	other factors that may affect the future results of Centerspace and IRT.