Table of Contents

As filed with the U.S. Securities and Exchange Commission on September 23, 2026

Registration No. 333-    

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form S-4

REGISTRATION STATEMENT

UNDER
THE SECURITIES ACT OF 1933

INDEPENDENCE REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Approximate date of commencement of the proposed sale of the securities to the public: As soon as practicable after this Registration Statement becomes effective and upon completion of the merger described in the enclosed document.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, as amended, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such dates as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

The information in this joint proxy statement/prospectus is not complete and may be changed. We may not sell the securities offered by this joint proxy statement/prospectus until the registration statement filed with the Securities and Exchange Commission is effective. This joint proxy statement/prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where an offer, solicitation, or sale is not permitted.

PRELIMINARY - SUBJECT TO COMPLETION - DATED SEPTEMBER 23, 2026

MERGER PROPOSED - YOUR VOTE IS VERY IMPORTANT

The board of directors of Independence Realty Trust, Inc., a Maryland corporation (which we refer to as “IRT”), and the board of trustees of Centerspace, a North Dakota real estate investment trust (which we refer to as “CSR”), have each approved an Agreement and Plan of Merger, dated as of September 8, 2026 (which we refer to as the “Original Merger Agreement”), by and among CSR, Centerspace, LP, a North Dakota limited partnership (which we refer to as “CSR OP”), IRT, Independence Realty Operating Partnership, LP, a Delaware limited partnership (which we refer to as “IRT OP”) and Islanders OP Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of IRT OP (which we refer to as “IRT OP Merger Sub”). Islanders Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of IRT (which we refer to as “IRT Merger Sub”), was formed after the date of the Original Merger Agreement and was added to the Original Merger Agreement as a party by joinder. The Original Merger Agreement was amended pursuant to the Amendment to Agreement and Plan of Merger, dated as of September 22, 2026 (the “Amendment to the Merger Agreement” and, together with the Original Merger Agreement, the “Merger Agreement”), by and among CSR, CSR OP, IRT, IRT Merger Sub, IRT OP and IRT OP Merger Sub. Following the Mergers (as defined below), the combined company will own a portfolio of 163 apartment communities comprising over 44,000 apartment units across 17 states in urban and suburban locations in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, Minnesota, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah.

The combination of IRT and CSR will be accomplished through (1) a merger of CSR with and into IRT Merger Sub, whereupon the separate existence of CSR will cease and IRT Merger Sub will be the surviving entity and a wholly owned subsidiary of IRT (which we refer to as the “Company Merger”) and (2) immediately thereafter, a merger of IRT OP Merger Sub with and into CSR OP, whereupon the separate existence of IRT OP Merger Sub will cease and CSR OP will be the surviving entity and a subsidiary of IRT OP (which we refer to as the “Partnership Merger” and, together with the Company Merger, the “Mergers”). At the effective time of the Company Merger (which we refer to as the “Company Merger Effective Time”), each share of beneficial interest, no par value, of CSR (which we refer to as “CSR Common Stock”) issued and outstanding immediately prior to the Company Merger Effective Time (other than certain shares set forth in the Merger Agreement) will be automatically converted into the right to receive 3.800 (which we refer to as the “Exchange Ratio”) shares of common stock, par value $0.01 per share, of IRT (which we refer to as “IRT Common Stock”), with cash paid in lieu of fractional shares. The Exchange Ratio will not change if the market price of IRT Common Stock or CSR Common Stock changes before consummation of the Mergers.

IRT Common Stock is traded on the New York Stock Exchange (which we refer to as the “NYSE”) under the ticker symbol “IRT.” Based on the closing price of IRT Common Stock on the NYSE of $15.91 on September 8, 2026, the last trading day before public announcement of the Merger Agreement, the Exchange Ratio represented approximately $60.46 in IRT Common Stock for each share of CSR Common Stock, which represented a premium of approximately 14.70% to the closing price of CSR Common Stock on the NYSE of $52.71 as of September 8, 2026, the last trading day before public announcement of the Merger Agreement. Based on the closing price of IRT Common Stock on the NYSE of $         on ,         2026, the latest practicable date before the date of this joint proxy statement/prospectus, the Exchange Ratio represented approximately $       in IRT Common Stock for each share of CSR Common Stock. The value of the consideration will fluctuate with changes in the market price of IRT Common Stock. We urge you to obtain current market quotations of IRT Common Stock.

At the effective time of the Partnership Merger (the “Partnership Merger Effective Time”), each CSR OP Common Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into the right to receive a number of common units (each, an “IROP Common Unit”) of IRT OP equal to the Exchange Ratio, rounded up to the nearest whole unit (for each holder of CSR OP Common Units, after aggregation of all fractional IROP Common Units otherwise to be received by such holder). The IROP Common Units will generally have the same rights as the currently issued and outstanding IROP Common Units, including as to distributions. Holders of IROP Common Units generally have the right to tender their IROP Common Units, in whole or in part, to IRT OP for redemption for a cash amount based on the then market price of an equivalent number of shares of IRT Common Stock, and IRT may thereupon elect, at its option, to satisfy the redemption by issuing one share of IRT Common Stock for each IROP Common Unit tendered for redemption. IRT will use reasonable best efforts to register for resale the shares of IRT Common Stock that may be issued upon redemption of IROP Common Units and IRT OP Preferred Units issued in the Partnership Merger.

At the Partnership Merger Effective Time, (1) each limited partnership interest in CSR OP designated as a Series D preferred unit (each, a “Series D Preferred Unit”) issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one preferred unit of IRT (“IRT OP Preferred Unit”) designated as “Series A Preferred Unit,” which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the Series D Preferred Units and which may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.37931 multiplied by the Exchange Ratio, subject to certain terms and conditions, and (2) each limited partnership interest in CSR OP designated as a Series E preferred unit (each, a “Series E Preferred Unit”) issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one IRT OP Preferred Unit designated as “Series B Preferred Unit,” which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the Series E Preferred Units and which may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.20482 multiplied by the Exchange Ratio, subject to certain terms and conditions.

Based upon the number of outstanding shares on       , 2026, the latest practicable date before the date of this joint proxy statement/prospectus, we anticipate that IRT will issue approximately        shares of IRT Common Stock, IROP Common Units and        IRT OP Preferred Units.

Upon consummation of the Mergers, based on the shares of IRT Common Stock and CSR Common Stock outstanding as of latest practicable date before the date of this joint proxy statement/prospectus, IRT and CSR estimate that legacy IRT stockholders and holders of IROP Common Units will own approximately      % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively, and legacy CSR shareholders and CSR OP unitholders will own approximately       % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively.

IRT and CSR have each scheduled special meetings of their respective stockholders to be held on        , 2026 (unless they are adjourned or postponed to a later date), in connection with the Mergers and related transactions. The IRT special meeting will be held at 3000 Two Logan Square, Eighteenth and Arch Streets, Philadelphia, Pennsylvania 19103 on        , 2026, at        , Eastern Time (unless it is adjourned or postponed to a later date). The CSR special meeting will be held virtually at www.virtualshareholdermeeting.com/CSR2026SM on     , 2026 at      Central Time (unless it is adjourned or postponed to a later date).

At the special meeting of IRT, IRT stockholders will be asked to consider and vote on (1) a proposal to approve the issuance of IRT Common Stock in the Company Merger, including IRT Common Stock issuable upon conversion of IROP Common Units and IRT OP Preferred Units issued in the Partnership Merger, pursuant to the Merger Agreement (which we refer to as the “IRT Issuance Proposal”), and (2) a proposal to approve the adjournment of the IRT special meeting, if necessary or appropriate, to solicit additional proxies in favor of the IRT Issuance Proposal if there are insufficient votes at the time of such adjournment to approve such proposal (which we refer to as the “IRT Adjournment Proposal”).

At the special meeting of CSR shareholders, CSR shareholders will be asked to consider and vote on (1) a proposal to approve the Company Merger, on the terms and subject to the conditions of the Merger Agreement (which we refer to as the “CSR Merger Proposal”), (2) a proposal to approve by advisory (non-binding) vote, the compensation that may be paid or become payable to the named executive officers of CSR in connection with the Company Merger (which we refer to as the “CSR Compensation Proposal”) and (3) a proposal to approve the adjournment of the CSR special meeting to solicit additional proxies in favor of the CSR Merger Proposal, if there are not sufficient votes to approve the CSR Merger Proposal, if necessary and as determined by the chair of the CSR special meeting (which we refer to as the “CSR Adjournment Proposal”).

Your vote is very important, regardless of the number of shares you own. The record dates for determining the stockholders entitled to receive notice of, and to vote at, the special meetings are , 2026, with respect to the IRT special meeting, and , 2026, with respect to the CSR special meeting. The Mergers cannot be consummated without the approval of the IRT stockholders of the IRT Issuance Proposal and CSR shareholders of the CSR Merger Proposal. We urge you to read this joint proxy statement/prospectus carefully. The obligations of IRT and CSR to consummate the Mergers are subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement. More information about IRT, CSR, the special meetings, the Merger Agreement and the transactions contemplated thereby, including the Mergers, is included in this joint proxy statement/prospectus. You should also consider carefully the risks that are described in the “Risk Factors” section, beginning on page 30.

Whether or not you plan to attend the IRT special meeting or the CSR special meeting, please submit your proxy as soon as possible to make sure that your shares of IRT Common Stock or CSR Common Stock are represented at the applicable meeting. Submitting a proxy now will not prevent you from being able to vote at your company’s special meeting.

The IRT board of directors unanimously recommends that IRT stockholders vote “FOR” the IRT Issuance Proposal, which approval is necessary to consummate the Mergers, and “FOR” the IRT Adjournment Proposal.

The CSR board of trustees unanimously recommends that CSR shareholders vote “FOR” the CSR Merger Proposal, which approval is necessary to consummate the Mergers, “FOR” the CSR Compensation Proposal and “FOR” the CSR Adjournment Proposal.

We join our respective boards in their recommendation and look forward to the successful combination of IRT and CSR.

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued under this joint proxy statement/prospectus or determined that this joint proxy statement/prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

This joint proxy statement/prospectus is dated        2026 and is first being mailed to the IRT stockholders and CSR shareholders on or about        , 2026.

Independence Realty Trust, Inc.
1835 Market Street, Suite 2601
Philadelphia, Pennsylvania 19103
(267) 270-4800

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
To Be Held On         , 2026

Dear Stockholders of Independence Realty Trust, Inc.:

We are pleased to invite you to attend a special meeting of stockholders of Independence Realty Trust, Inc., a Maryland corporation (which we refer to as “IRT”). The meeting will be held at 3000 Two Logan Square, Eighteenth and Arch Streets, Philadelphia, Pennsylvania 19103,        on , 2026, at       , Eastern Time (unless it is adjourned or postponed to a later date) (which we refer to as the “IRT special meeting”), to consider and vote upon the following matters:

The approval by IRT stockholders of the IRT Issuance Proposal is a condition to the consummation of the Mergers and the other transactions contemplated by the Merger Agreement.

Please refer to the attached joint proxy statement/prospectus for further information with respect to the business to be transacted at the IRT special meeting.

Holders of record of shares of IRT Common Stock at the close of business on        , 2026 are entitled to notice of, and to vote at, the IRT special meeting and any adjournments or postponements of the IRT special meeting.

The IRT Issuance Proposal requires the affirmative vote of the majority of the votes cast by IRT stockholders at the IRT special meeting, assuming a quorum is present. The IRT Adjournment Proposal requires the affirmative vote of a majority of the votes cast by IRT stockholders at the IRT special meeting.

Your vote is important. Whether or not you expect to attend the IRT special meeting in person, we urge you to authorize a proxy to vote your shares as promptly as possible by: (1) accessing the Internet at www.voteproxy.com; (2) calling the toll-free number specified on your proxy card; or (3) signing and returning the enclosed proxy card in the postage-paid envelope provided, so that your shares may be represented and voted at the IRT special meeting. If your shares are held in the name of a bank, broker or other fiduciary, please follow the instructions on the voting instruction card furnished by the record holder.

By Order of the Board of Directors,

John Reyle
General Counsel & Secretary
           , 2026
Philadelphia, Pennsylvania

Centerspace 
1324 20^th Avenue SW, PO Box 1988
Minot, North Dakota 58702

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
To Be Held On           , 2026

Dear Shareholders of Centerspace:

We are pleased to invite you to attend a special meeting of shareholders of Centerspace, a North Dakota real estate investment trust (which we refer to as “CSR”). The meeting will be held at www.virtualshareholdermeeting.com/CSR2026SM on          , 2026, at           , Central Time (unless it is adjourned or postponed to a later date) (which we refer to as the “CSR special meeting”), to consider and vote upon the following matters:

The approval by CSR shareholders of the CSR Merger Proposal is a condition to the consummation of the Company Merger and the other transactions contemplated by the Merger Agreement.

Holders of record of shares of beneficial interest, no par value, of CSR (which we refer to as “CSR Common Stock”), at the close of business on         , 2026 are entitled to notice of, and to vote on, all proposals at the CSR special meeting and any adjournments or postponements of the CSR special meeting.

The CSR Merger Proposal requires the affirmative vote of the holders of CSR Common Stock possessing a majority of the voting power of the shares of CSR Common Stock outstanding and entitled to vote thereon. The CSR Compensation Proposal requires the affirmative vote of the majority of the shares of CSR Common Stock present in person (virtually) or represented by proxy at the CSR special meeting, assuming a quorum is present. The CSR Adjournment Proposal requires the affirmative vote of the majority of the votes cast by holders of CSR Common Stock at the CSR special meeting.

The CSR Board of Trustees unanimously recommends that Centerspace shareholders vote “FOR” the CSR Merger Proposal, “FOR” the CSR Compensation Proposal and “FOR” the CSR Adjournment Proposal.

The accompanying joint proxy statement/prospectus describes the CSR Proposals in more detail. Please refer to the attached document, including the Merger Agreement and all other annexes and any documents incorporated by reference, for further information with respect to the business to be transacted at the CSR special meeting. You are encouraged to read the entire document carefully before voting. A summary of the Merger Agreement is included in the accompanying joint proxy statement/prospectus in the section titled “The Merger Agreement,” and a copy of the Original Merger Agreement is attached as Annex A, and a copy of the Amendment to Agreement and Plan of Merger, dated as of September 22, 2026 is attached as Annex B, to the accompanying joint proxy statement/prospectus, each of which are incorporated by reference into this notice to the same extent as if fully set forth herein. In addition, see the section titled “Risk Factors” beginning on page 30 of the joint proxy statement/prospectus accompanying this notice for an explanation of the risks associated with the Company Merger and the other transactions contemplated by the Merger Agreement.

Your vote is important. Whether or not you expect to attend the CSR special meeting virtually, we urge you to authorize a proxy to vote your shares as promptly as possible by completing, dating, signing and returning the enclosed proxy card in the envelope provided, which requires no postage if mailed in the United States, or to submit their votes by phone or on the Internet. Simply follow the instructions provided on the enclosed proxy card. If you later desire to revoke or change your proxy for any reason, you may do so in the manner described in the accompanying joint proxy statement/prospectus. If your shares are held in the name of a bank, broker or other fiduciary, please follow the instructions on the voting instruction card furnished by the record holder.

If you have any questions concerning the CSR Proposals, the Company Merger or the accompanying joint proxy statement/prospectus, would like additional copies or need help voting your shares of CSR Common Stock, please contact CSR’s proxy solicitor:

Sodali & Co
430 Park Ave, 14th Floor
New York, New York 10022
Call Toll-Free: (800) 662-5200
Banks and Brokers Call: (212) 300-2470
CSR@info.sodali.com

By Order of the Board of Trustees,

       , 2026
Minot, North Dakota

ADDITIONAL INFORMATION

This joint proxy statement/prospectus incorporates by reference important business and financial information about IRT from other documents that are not included in or delivered with this joint proxy statement/prospectus. For a listing of documents incorporated by reference herein, see the section titled “Where You Can Find More Information.” This information is available to you without charge through the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also obtain the documents incorporated by reference into this joint proxy statement/prospectus by requesting them in writing or by telephone from the appropriate company at the following addresses and telephone numbers:

Investors may also consult the websites of IRT or CSR for more information concerning the Mergers and the other transactions described in this joint proxy statement/prospectus. The website of IRT is www.irtliving.com and the website of CSR is www.centerspacehomes.com. Information included on these websites is not incorporated by reference into this joint proxy statement/prospectus.

If you would like to request any documents, please do so by        , 2026, in order to receive them before the special meetings.

For more information, see “Where You Can Find More Information.”

ABOUT THIS DOCUMENT

This joint proxy statement/prospectus, which forms part of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission by Independence Realty Trust, Inc. (File No. 333-      ), constitutes a prospectus of IRT under Section 5 of the Securities Act of 1933, as amended (which we refer to as the “Securities Act”), with respect to the IRT Common Stock to be issued in connection with the Company Merger. This document also constitutes a joint proxy statement of IRT and CSR under Section 14(a) of the Securities Exchange Act of 1934, as amended (which we refer to as the “Exchange Act”). It also constitutes a notice of meeting with respect to the special meeting of IRT stockholders and a notice of meeting with respect to the special meeting of CSR shareholders, at which IRT stockholders and CSR shareholders, respectively, will be asked to vote upon certain proposals to approve the Mergers and/or other related matters.

You should rely only on the information contained or incorporated by reference into this joint proxy statement/prospectus. No one has been authorized to provide you with information that is different from that contained in, or incorporated by reference into, this joint proxy statement/prospectus. IRT and CSR take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This joint proxy statement/prospectus is dated          , 2026. You should not assume that the information contained in, or incorporated by reference into, this joint proxy statement/prospectus is accurate as of any date other than the date on the front cover of those documents. Neither the mailing of this joint proxy statement/prospectus to IRT stockholders or CSR shareholders nor the issuance of IRT Common Stock in connection with the Mergers will create any implication to the contrary.

This joint proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy, in any jurisdiction in which or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction. Information contained in this joint proxy statement/prospectus regarding IRT has been provided by IRT and information contained in this joint proxy statement/prospectus regarding CSR has been provided by CSR.

TABLE OF CONTENTS

Page

DEFINED TERMS

Unless otherwise indicated or as the context otherwise requires, all references in this joint proxy statement/prospectus to:         

QUESTIONS AND ANSWERS

The following are answers to some questions that you, as a stockholder of IRT, or a shareholder of CSR, may have regarding the proposed transactions between IRT and CSR and their respective subsidiaries, and the other matters being considered at the special meeting of IRT and at the special meeting of CSR. IRT and CSR urge you to carefully read this joint proxy statement/prospectus because the information in this section does not provide all the information that might be important to you with respect to the Mergers and the other matters being considered at the special meetings. Additional important information is also contained in the annexes to and the documents incorporated by reference into this joint proxy statement/prospectus.

The Merger Agreement provides that, among other things and on the terms and subject to the satisfaction or waiver of the conditions set forth therein, (1) the Company Merger will be consummated, and (2) immediately following the Company Merger, the Partnership Merger will be consummated.

At the Company Merger Effective Time, each share of CSR Common Stock issued and outstanding immediately prior to the Company Merger Effective Time (other than certain shares set forth in the Merger Agreement) will be automatically converted into the right to receive 3.800 shares of IRT Common Stock, with cash paid in lieu of fractional shares.

The Exchange Ratio is subject to adjustment for any stock split, reverse stock split, combination, subdivision or reclassification of IRT Common Stock or CSR Common Stock, and may be increased or reduced in connection with REIT Dividends declared before the Closing Date, as provided in the Merger Agreement and as discussed herein.

In addition, pursuant to the terms and subject to the conditions of the Merger Agreement, at the Partnership Merger Effective Time, (1) each CSR OP Common Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into the right to receive a number of IROP Common Units equal to the Exchange Ratio, rounded up to the nearest whole unit (for each holder of CSR OP Common Units, after aggregation of all fractional IROP Common Units otherwise to be received by such holder), (2) each CSR OP Series D Preferred Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one IRT OP Series A Preferred Unit, which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the CSR OP Series D Preferred Units and may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.37931 multiplied by the Exchange Ratio, subject to certain terms and conditions, and (3) each CSR OP Series E Preferred Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one IRT OP Series B Preferred Unit, which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the CSR OP Series E Preferred Units and may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.20482 multiplied by the Exchange Ratio, subject to certain terms and conditions.

Upon consummation of the Mergers, based on the shares of IRT Common Stock and CSR Common Stock outstanding as of latest practicable date before the date of this joint proxy statement/prospectus, IRT and CSR estimate that legacy IRT stockholders and holders of IROP Common Units will own approximately          % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively, and legacy CSR shareholders and CSR OP unitholders will own approximately % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively.

Each of IRT and CSR will hold separate special meetings of their stockholders to obtain these approvals and approvals for other related proposals as described herein.

This joint proxy statement/prospectus contains important information about the Mergers and the other proposals being voted on at the special meetings, and you should read it carefully. It is a joint proxy statement because the IRT Board is soliciting proxies from its stockholders and the CSR Board is soliciting proxies from its shareholders. It is a prospectus because IRT will issue shares of IRT Common Stock in connection with the Company Merger. The enclosed voting materials allow you to authorize a proxy to vote your shares without attending your respective meeting.

Your vote is important. We encourage you to authorize a proxy to vote your shares as soon as possible.

If you hold IRT Common Stock in the name of a broker, bank or nominee, please follow the voting instructions provided by your broker, bank or nominee to ensure that your shares are represented at your special meeting.

CSR. If you are a holder of record of CSR Common Stock as of the record date for the CSR special meeting, you may vote at the CSR special meeting or by submitting proxies by:

If you hold shares of CSR Common Stock in the name of a broker, bank or nominee, please follow the voting instructions provided by your broker, bank or nominee to ensure that your shares are represented at your special meeting.

CSR. CSR shareholders are being asked to vote to approve the CSR Merger Proposal. Holders of CSR Common Stock are also being asked to approve a proposal by advisory (non-binding) vote, the compensation that may be paid or become payable to the named executive officers of CSR in connection with the Company Merger (which we refer to as the “CSR Compensation Proposal”) and to approve a proposal to adjourn the CSR special meeting from time to time, if necessary or appropriate to solicit additional proxies in favor of the CSR Merger Proposal if there are not sufficient votes to approve such proposal (which we refer to as the “CSR Adjournment Proposal”, and, together with the CSR Merger Proposal and the CSR Compensation Proposal, the “CSR Proposals”).

The Mergers cannot be consummated without the approval by IRT stockholders of the IRT Issuance Proposal and the approval by CSR shareholders of the CSR Merger Proposal.

CSR.

The CSR Adjournment Proposal requires the affirmative vote of a majority of the votes cast by holders of CSR Common Stock at the CSR special meeting.

CSR. The CSR Board unanimously recommends that holders of CSR Common Stock vote “FOR” the CSR Merger Proposal, “FOR” the CSR Compensation Proposal, and “FOR” the CSR Adjournment Proposal.

CSR. The CSR Board has fixed the close of business on       , 2026 as the record date for the CSR special meeting. All holders of record of shares of CSR Common Stock as of such record date are entitled to receive notice of, and to vote at, the CSR special meeting. Attendance at the CSR special meeting is not required to vote. For instructions on how to vote your shares without attending the CSR special meeting, see the response to the question “How do I vote?” above.

CSR. You are entitled to one vote for each share of CSR Common Stock that you owned as of the close of business on the record date. As of the close of business on       , 2026, the record date for the CSR special meeting, there were       outstanding shares of CSR Common Stock, approximately        % of which were beneficially owned by CSR trustees and executive officers and their affiliates.

CSR. Shareholders who hold thirty-three and one-third percent (33 1/3%) of the shares of the CSR Common Stock outstanding on the record date and who are entitled to vote must be present (virtually) or represented by proxy to constitute a quorum at the CSR special meeting.

CSR. If you are a CSR shareholder and you fail to instruct your broker, bank or nominee to vote your shares of CSR Common Stock, your broker will not be permitted to vote your shares on the CSR Merger Proposal, the CSR Compensation Proposal, or the CSR Adjournment Proposal. The failure to vote shares of CSR Common Stock will have the same effect as a vote against the CSR Merger Proposal. Assuming a quorum is present at the CSR special meeting, the failure to instruct your broker, bank or nominee on how to vote, if such failure results in your shares of CSR Common Stock not being present in person (virtually) or represented by proxy, will have no effect on the CSR Compensation Proposal or the CSR Adjournment Proposal. In addition, assuming a quorum is present, if a CSR shareholder who holds shares in “street name” through a bank, broker or other nominee provides voting instructions for one or more other proposals, but not for the CSR Compensation Proposal, such shares will be present at the CSR special meeting and such failure to provide voting instructions for the CSR Compensation Proposal will have the same effect as a vote against the CSR Compensation Proposal.

A broker non-vote occurs when shares held by a bank, brokerage firm or other nominee are represented at a meeting, but the bank, brokerage firm or other nominee has not received voting instructions from the beneficial owner and does not have the discretion to direct the voting of the shares on a particular proposal (a “non-routine” proposal) but has discretionary voting power on other proposals at such meeting.

CSR. If you are a CSR shareholder and fail to vote or abstain from voting, it will have the same effect as a vote against the CSR Merger Proposal. Assuming a quorum is present, an abstention or other failure of any shares present or represented by proxy to vote on the CSR Compensation Proposal will have the same effect as a vote against the CSR Compensation Proposal. Assuming a quorum is present, an abstention or other failure to vote will have no effect on the CSR Adjournment Proposal. Assuming a quorum is present, shares not present in person (virtually) or represented by proxy will have no effect on the CSR Compensation Proposal or the CSR Adjournment Proposal.

If your shares of IRT Common Stock or CSR Common Stock are held by a bank, broker or nominee, you must follow the instructions provided by the bank, broker or nominee to revoke or change your voting instructions.

If you choose either of the first two methods, you must submit your notice of revocation or your new proxy card to be received by the secretary of IRT or the secretary of CSR, as appropriate, no later than the beginning of the IRT special meeting or the CSR special meeting.

CSR Shareholders. The record date for the CSR special meeting is earlier than the date of the CSR special meeting. If you transfer your shares of CSR Common Stock after such record date but before the CSR special meeting, you will, unless special arrangements are made, retain your right to vote at the CSR special meeting but will have transferred the right to receive the merger consideration to the person to whom you transferred your shares of CSR Common Stock.

CSR Shareholders. If you transfer your shares of CSR Common Stock after the CSR special meeting but before the Closing, you will have transferred the right to receive the merger consideration to the person to whom you transfer your shares. In order to receive the merger consideration, you must hold your shares of CSR Common Stock through completion of the Mergers.

In addition, upon consummation of the Mergers, IRT’s management team will continue to lead the combined company. Scott F. Schaeffer, currently IRT’s Chairman of the Board and Chief Executive Officer, will continue in these positions for the combined company; and James J. Sebra, currently IRT’s President and Chief Financial Officer, will continue in these positions for the combined company.

In considering the recommendation of the CSR Board that CSR shareholders vote to approve the CSR Proposals, CSR shareholders should be aware that CSR’s trustees and executive officers may have interests in the Mergers that are different from, or in addition to, the interests of CSR shareholders generally. The CSR Board was aware of and considered these differing interests, to the extent such interests existed at the time, among other matters, in evaluating and negotiating the Merger Agreement and the Mergers and in unanimously recommending that CSR shareholders approve the CSR Proposals. For additional information, see the section titled “The Mergers—Interests of CSR Trustees and Executive Officers in the Mergers.”

CSR. CSR has retained Sodali & Co (“Sodali”) to assist in the solicitation process. CSR will pay Sodali a fee of $30,000, as well as reimbursement of reasonable and customary documented expenses. CSR also has agreed to indemnify Sodali against various liabilities and expenses that relate to or arise out of its solicitation of proxies (subject to certain exceptions).

In order for your shares to be voted at the IRT special meeting or the CSR special meeting:

If your shares of IRT Common Stock or CSR Common Stock are held by a bank, broker or nominee, you must follow the instructions provided by the bank, broker or nominee for your shares to be voted.

SUMMARY

This summary highlights information contained elsewhere in this joint proxy statement/prospectus and may not contain all of the information that is important to you. IRT and CSR urge you to read carefully this joint proxy statement/prospectus, including the attached annexes, and the other documents to which we have referred you because this section does not provide all of the information that might be important to you with respect to the Mergers and the related matters being considered at the applicable special meeting. See also “Where You Can Find More Information.” We have included page references to direct you to a more complete description of the topics presented in this summary.

Information about the Companies

Independence Realty Trust, Inc. (See page 50)

IRT, a Maryland corporation, is a self-administered and self-managed Maryland REIT and an S&P MidCap 400 Company that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of June 30, 2026, IRT owned a diversified portfolio of 116 multifamily apartment properties, totaling 33,898 units. IRT’s properties are located in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. IRT does not have any foreign operations and its business is not seasonal.

IRT’s primary business objective is to maximize stockholder value through diligent portfolio management, strong operational performance, and a consistent return of capital through distributions and capital appreciation. Its investment strategy is focused on the following:

The principal offices of IRT are located at 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800. IRT has offices in Philadelphia, Pennsylvania and Chicago, Illinois.

IRT Common Stock is listed on the NYSE, trading under the symbol “IRT.”

Additional information about IRT and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus. For more information, see “Where You Can Find More Information.”

Independence Realty Operating Partnership, LP (See page 50)

IRT owns all of its assets and conducts substantially all of its operations through IRT OP, a Delaware limited partnership, of which IRT is the sole general partner. As of June 30, 2026, IRT owned a 97.5 % interest in IRT OP. The remaining 2.5% consists of IROP Common Units issued to third parties in exchange for contributions of properties to IRT OP. The principal executive offices of IRT OP are located at 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Islanders Sub, LLC (See page 50)

Islanders Sub, LLC, a Delaware limited liability company, is a direct, wholly owned subsidiary of IRT. IRT Merger Sub was formed after the date of the Merger Agreement solely for the purpose of engaging in the transactions contemplated by the Merger Agreement, including the Company Merger, and was added to the Merger Agreement as a party by joinder. IRT Merger Sub has not conducted any business activities, has no assets, liabilities or obligations and has conducted its operations solely as contemplated by the Merger Agreement. Its principal executive offices are located at c/o Independence Realty Trust, Inc., 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Islanders OP Sub, LLC (See page 51)

Islanders OP Sub, LLC, a Delaware limited liability company, is a direct, wholly owned subsidiary of IRT OP. IRT OP Merger Sub was formed by IRT OP solely for the purpose of engaging in the transactions contemplated by the Merger Agreement, including the Partnership Merger. IRT OP Merger Sub has not conducted any business activities, has no assets, liabilities or obligations and has conducted its operations solely as contemplated by the Merger Agreement. Its principal executive offices are located at c/o Independence Realty Trust, Inc., 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Centerspace (See page 51)

CSR is a North Dakota REIT that owns, manages, acquires, develops and redevelops apartment communities. As of September 9, 2026, CSR owned 47 apartment communities consisting of 10,456 apartment units located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and Utah. Founded in 1970, CSR is committed to providing a great home for its residents, its team members, and its investors by focusing on integrity and serving others.

CSR’s principal executive offices are located at 1324 20th Avenue SW, PO Box 1988, Minot, North Dakota 58702-1988, and its telephone number is (701) 837-4738. CSR also has a corporate office in Minneapolis, Minnesota.

CSR Common Stock is listed on the NYSE, trading under the symbol “CSR.”

Additional information about CSR and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus. For more information, see “Where You Can Find More Information.”

Centerspace, LP (See page 51)

CSR conducts its daily business operations primarily through its operating partnership, CSR OP, of which Centerspace, Inc., a North Dakota corporation and a wholly owned subsidiary of CSR, is the sole general partner. All of CSR’s assets and liabilities have been contributed to CSR OP, through Centerspace, Inc., in exchange for the sole general partnership interest in CSR OP. As of September 8, 2026, Centerspace, Inc. owned approximately 95% of the CSR OP Common Units. The remaining CSR OP Common Units of CSR OP are held by individual limited partners. The principal executive offices of CSR OP are located at 1324 20th Avenue SW, PO Box 1988, Minot, North Dakota 58702-1988, and its telephone number is (701) 837-4738.

Risk Factors (See page 30)

Before voting at the IRT special meeting or the CSR special meeting, you should carefully consider all of the information contained in or incorporated by reference into this joint proxy statement/prospectus, as well as the specific factors under the heading “Risk Factors” beginning on page 30, including, among others, the risks that:

The Mergers

The Merger Agreement (See page 109)

IRT and CSR have entered into the Original Merger Agreement attached as Annex A to this joint proxy statement/prospectus and the Amendment to the Merger Agreement attached as Annex B to this joint proxy statement/prospectus. The IRT Board and the CSR Board have both unanimously approved the Merger Agreement and the transactions contemplated thereby. IRT and CSR encourage you to read the entire Merger Agreement carefully because it is the principal legal document governing the Mergers.

Pursuant to the Amendment to the Merger Agreement, IRT has elected to implement the Alternative Structure (solely with respect to the Company Merger). The Amendment to the Merger Agreement includes a waiver by IRT, IRT OP, IRT Merger Sub and IRT OP Merger Sub of any representation inaccuracy caused solely by the Alternative Structure.

Form of the Mergers (See page 109)

Pursuant to the Merger Agreement, CSR will merge with and into IRT Merger Sub at the Company Merger Effective Time, whereupon the separate existence of CSR will cease and IRT Merger Sub will be the surviving entity and a wholly owned subsidiary of IRT. Immediately following the Company Merger, IRT OP Merger Sub will merge with and into CSR OP at the Partnership Merger Effective Time, whereupon the separate existence of IRT OP Merger Sub will cease and CSR OP will be the surviving entity and a subsidiary of IRT OP.

Upon consummation of the Mergers, based on the shares of IRT Common Stock and CSR Common Stock outstanding as of latest practicable date before the date of this joint proxy statement/prospectus, IRT and CSR estimate that legacy IRT stockholders and holders of IROP Common Units will own approximately     % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively, and legacy CSR shareholders and CSR OP unitholders will own approximately       % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively.

Merger Consideration (See page 110)

Pursuant to the terms of the Merger Agreement, upon consummation of the Company Merger, each issued and outstanding share of CSR Common Stock will be automatically converted into the right to receive a number of shares of IRT Common Stock equal to the Exchange Ratio, with cash paid in lieu of fractional shares.

At the Partnership Merger Effective Time, (i) each IROP Common Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will remain issued and outstanding, (ii) each CSR OP Common Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into the right to receive a number of IROP Common Units equal to the Exchange Ratio, rounded up to the nearest whole unit (for each holder of CSR OP Common Units, after aggregation of all fractional IROP Common Units otherwise to be received by such holder), (iii) each CSR OP Series D Preferred Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one IRT OP Series A Preferred Unit, which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the CSR OP Series D Preferred Units and which may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.37931 multiplied by the Exchange Ratio, subject to specified terms and conditions, (iv) each CSR OP Series E Preferred Unit issued and outstanding immediately prior to the Partnership Merger Effective Time will be automatically converted into one IRT OP Series B Preferred Unit, which will have rights, powers, duties and preferences that are substantially the same as the rights, powers, duties and preferences of the Series E Preferred Units and which may be exchanged at the option of its holder into a number of IROP Common Units equal to 1.20482 multiplied by the Exchange Ratio, subject to specified terms and conditions, and (v) the general partnership interest of CSR OP, which is owned entirely by Centerspace, Inc., a North Dakota corporation and wholly owned subsidiary of CSR, will remain issued and outstanding and unchanged by the Partnership Merger, and no consideration will be delivered in respect thereof.

The Exchange Ratio is fixed at 3.800 (subject to any adjustments pursuant to the Merger Agreement as described below) and will not be adjusted for changes in the market price of IRT Common Stock or CSR Common Stock.

Dividends (See page 107)

CSR may pay regular quarterly cash dividends of up to $0.77 per share of CSR Common Stock per calendar quarter, except that for the calendar quarter in which the Closing occurs, CSR may not pay such regular quarterly cash dividend, but instead may pay a one-time cash dividend up to an amount of $0.09 per share of CSR Common Stock, prorated based on the number of days elapsed in such quarter prior to the Closing Date, to be paid to holders of record as of the close of business on the business day immediately preceding the Closing Date and payable on the Closing Date. IRT may pay regular quarterly cash dividends of up to $0.18 per share of IRT Common Stock per calendar quarter. CSR OP and IRT OP may generally pay corresponding dividends to their respective unitholders. Additionally, CSR and IRT will each coordinate their record and payment dates for their regular quarterly dividends to ensure that the holders of CSR Common Stock do not receive more than one dividend, or fail to receive one dividend, in any calendar quarter with respect to their shares of CSR Common Stock and the shares of IRT Common Stock that such holders receive in exchange therefor in the Company Merger. For any calendar quarter in which the Closing will occur, IRT may not make, declare or set aside any dividend or other distribution to its stockholders with a record date prior to the date that is at least one business day following the Closing, and IRT OP may not make, declare or set aside any dividend or other distribution to its partners with a record date prior to the date that is at least one business day following the Closing, in each case without the prior written consent of CSR in its sole discretion. IRT and CSR may also make a REIT Dividend. Any REIT Dividend must be payable only in cash and the party declaring a REIT Dividend must provide the other party with at least 15 calendar days’ notice prior to the record date for such REIT Dividend. If IRT declares a REIT Dividend with a record date on or prior to the Closing Date, the Exchange Ratio will be increased by an amount equal to the product of (x) the then-applicable Exchange Ratio prior to the adjustment multiplied by (y) the quotient obtained by dividing (A) the amount of such REIT Dividend per share of IRT Common Stock by (B) the excess of $16.09 over such REIT Dividend per share of IRT Common Stock. Conversely, if CSR declares a REIT Dividend with a record date on or prior to the Closing Date, the Exchange Ratio will be reduced by an amount equal to the quotient obtained by dividing the amount of such REIT Dividend per share of CSR Common Stock by $16.09.

Financing of the Mergers (See page 128)

In connection with the Mergers, IRT OP entered into a Debt Commitment Letter, dated as of September 8, 2026, with Royal Bank of Canada pursuant to which Royal Bank of Canada committed, subject to customary conditions, to provide IRT OP with a senior unsecured Term Loan of up to $716,000,000 that may be used to finance a portion of the transactions contemplated by the Merger Agreement, including the refinancing of indebtedness of CSR and its subsidiaries, and to pay related costs, fees and expenses. If incurred, IRT will guarantee IRT OP’s obligations under the Term Loan. The Term Loan will mature 364 days after the Closing Date, subject to two available six-month extensions, each conditioned on payment of an extension fee and satisfaction of other customary conditions, including the absence of a default or event of default and the accuracy of representations and warranties. The Term Loan will bear interest at a rate equal to a SOFR-based rate plus an applicable margin ranging from 80 to 160 basis points based on our credit rating, or a base rate plus an applicable margin ranging from 0 to 60 basis points based on our credit rating. The obligations of IRT and IRT OP to consummate the Mergers are not conditioned on receipt of the proceeds of the Term Loan or any alternative financing.

Treatment of CSR Equity Awards (See page 111)

At the Company Merger Effective Time, each CSR RSU that is not held by a non-employee trustee of CSR or an employee of CSR who will terminate employment immediately following the Closing (a “Terminating Employee”) will automatically cease to represent a restricted stock unit denominated in shares of CSR Common Stock and will be converted into (or canceled and replaced by) an IRT Stock-Based RSU. The number of shares of IRT Common Stock subject to each such IRT Stock-Based RSU will be equal to the product (rounded to the nearest whole number) of (1) the number of shares of CSR Common Stock subject to such CSR RSU immediately prior to the Company Merger Effective Time multiplied by (2) the Exchange Ratio. Except as specifically provided in the Merger Agreement, following the Company Merger Effective Time, each IRT Stock-Based RSU will continue to be governed by the same terms and conditions as were applicable to the corresponding CSR RSU immediately prior to the Company Merger Effective Time, including service-based vesting terms and related protections such that each IRT Stock-Based RSU shall be settled (and the dividend equivalents accrued but unpaid thereon shall be paid in cash) as soon as practicable, but in no event later than 30 days, following the date upon which the holder of such IRT Stock-Based RSU experiences a severance-qualifying termination of employment (a “Qualifying Termination”), or such later time as required to comply with Section 409A of the Code.

At the Company Merger Effective Time, each CSR RSU held by a non-employee trustee of CSR and each CSR RSU held by a Terminating Employee will automatically become fully vested and be canceled and converted into (1) a number of shares of IRT Common Stock equal to the product (rounded to the nearest whole number) of (a) the number of shares of CSR Common Stock subject to such CSR RSU immediately prior to the Company Merger Effective Time multiplied by (b) the Exchange Ratio and (2) an amount in cash equal to the value of all dividend equivalents accrued but unpaid as of the Company Merger Effective Time with respect to such CSR RSU (without interest), in each case, less any applicable withholding taxes.

At the Company Merger Effective Time, each CSR PSU will automatically become fully vested and be canceled and converted into (1) a number of shares of IRT Common Stock equal to the product (rounded to the nearest whole number) of (a) the number of shares of CSR Common Stock subject to such CSR PSU immediately prior to the Company Merger Effective Time based on the target level of performance multiplied by (b) the Exchange Ratio and (2) an amount in cash equal to the value of all dividend equivalents accrued but unpaid as of the Company Merger Effective Time with respect to such CSR PSU (without interest), in each case, less any applicable withholding taxes.

At the Company Merger Effective Time, each CSR Stock Option, whether vested or unvested, will automatically cease to represent an option to purchase shares of CSR Common Stock and will be converted into (or canceled and replaced by) an IRT Stock Option (1) equal to the product (rounded to the nearest whole number) of (a) the number of shares of CSR Common Stock subject to the corresponding CSR Stock Option immediately prior to the Company Merger Effective Time multiplied by (b) the Exchange Ratio and (2) at a per share exercise price (rounded to the nearest whole cent) equal to the quotient of (i) the exercise price per share of CSR Common Stock of the corresponding CSR Stock Option immediately prior to the Company Merger Effective Time divided by (ii) the Exchange Ratio. Except as specifically provided in the Merger Agreement, following the Company Merger Effective Time, each IRT Stock Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding CSR Stock Option immediately prior to the Company Merger Effective Time; provided, such IRT Stock Options will be eligible to vest in full and become exercisable upon a Qualifying Termination within 12 months of the Closing Date.

Recommendations of the IRT Board (See page 66)

After careful consideration, the IRT Board, on September 7, 2026, unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Mergers, and declared the Merger Agreement and such transactions (including the issuance of IRT Common Stock in the Company Merger) to be advisable and in the best interests of IRT and the stockholders of IRT.

The IRT Board unanimously recommends that holders of IRT Common Stock vote “FOR” the IRT Issuance Proposal and “FOR” the IRT Adjournment Proposal.

For the factors considered by the IRT Board in reaching its decision to approve the Merger Agreement and the recommendations of the IRT Board, see “The Mergers—IRT’s Reasons for the Mergers; Recommendations of the IRT Board.”

Recommendations of the CSR Board (See page 70)

After careful consideration, the CSR Board, on September 8, 2026, unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Mergers, and determined the Merger Agreement and such transactions to be advisable and in the best interests of CSR.

The CSR Board unanimously recommends that holders of CSR Common Stock vote “FOR” the CSR Merger Proposal, “FOR” the CSR Compensation Proposal, and “FOR” the CSR Adjournment Proposal.

For the factors considered by the CSR Board in reaching its decision to approve the Merger Agreement and the recommendations of the CSR Board, see “The Mergers—CSR’s Reasons for the Mergers; Recommendations of the CSR Board.”

Opinions of IRT’s Financial Advisors (See page 75)

Opinion of RBC Capital Markets, LLC

IRT has engaged RBC Capital Markets, LLC (“RBC Capital Markets”) as a financial advisor to IRT in connection with the Mergers. As part of this engagement, RBC Capital Markets delivered an opinion, dated September 7, 2026, to the IRT Board as to the fairness, from a financial point of view and as of such date, to IRT of the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement.

The full text of RBC Capital Markets’ written opinion, dated September 7, 2026, is attached as Annex C to this joint proxy statement/prospectus and sets forth, among other things, the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by RBC Capital Markets in connection with its opinion. RBC Capital Markets delivered its opinion to the IRT Board for the benefit, information and assistance of the IRT Board (in its capacity as such) in connection with its evaluation of the Exchange Ratio provided for in the Company Merger from a financial point of view to IRT and did not address any other terms, conditions, implications or aspects of the Mergers or the Merger Agreement. RBC Capital Markets’ opinion also did not address the underlying business decision of IRT to engage in the Mergers or the relative merits of the Mergers compared to any alternative business strategy or transaction that may be available to IRT or which IRT might engage in or consider. RBC Capital Markets did not express any opinion and does not make any recommendation to any securityholder as to how such securityholder should vote or act with respect to the Mergers or any proposal to be voted upon in connection with the Mergers or otherwise. For additional information, see the section entitled “The Mergers—Opinions of IRT’s Financial Advisors—Opinion of RBC Capital Markets, LLC” beginning on page 75.

Opinion of Rothschild & Co US Inc.

IRT engaged Rothschild & Co US Inc. (“Rothschild & Co”) to act as one of its two financial advisors with respect to the Mergers. On September 7, 2026, Rothschild & Co rendered its oral opinion (which opinion was subsequently confirmed in writing) to the IRT Board to the effect that, as of the date of such opinion and based on and subject to the matters considered, assumptions made and limitations and qualifications set forth therein, the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement was fair, from a financial point of view, to IRT, as more fully described in the section of this proxy statement/prospectus entitled “The Mergers—Opinions of IRT’s Financial Advisors—Opinion of Rothschild & Co US Inc.” beginning on page 81. The summary of Rothschild & Co’s opinion set forth below is qualified in its entirety by reference to the full text of Rothschild & Co’s written opinion, which is attached as Annex D to this joint proxy statement/prospectus.

Rothschild & Co’s opinion was provided for the benefit of the IRT Board, in its capacity as such, in connection with and for the purpose of its evaluation of the Mergers, and only addressed the fairness, from a financial point of view, to IRT of the Exchange Ratio in the Company Merger pursuant to the Original Merger Agreement. Rothschild & Co did not express any opinion as to IRT’s underlying business decision to engage in the Mergers or the relative merits of the Mergers as compared to any alternative transaction. The summary of Rothschild & Co’s opinion in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of its written opinion, which is included as Annex D to this joint proxy statement/prospectus and sets forth the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Rothschild & Co in preparing its opinion. However, neither Rothschild & Co’s written opinion nor the summary of its opinion and the related analyses set forth in this joint proxy statement/prospectus are intended to be, and they do not constitute, advice or a recommendation to any security holder of IRT or CSR as to how such holder should vote or act on any matter relating to the Mergers.

For additional information, see the section entitled “The Mergers—Opinions of IRT’s Financial Advisors—Opinion of Rothschild & Co US Inc.” beginning on page 81.

Opinion of CSR’s Financial Advisor (See page 87)

Opinion of BMO Capital Markets, Corp.

The CSR Board retained BMO to act as its financial advisor in connection with the Mergers. In connection with the Mergers, at the meeting of the CSR Board on September 8, 2026, BMO rendered to the CSR Board its oral opinion, subsequently confirmed by delivery of a written opinion dated September 8, 2026, as to the fairness, from a financial point of view, to the holders of the CSR Common Stock as of that date and based on and subject to the assumptions, limitations, qualifications and other matters set forth in its written opinion, of the Exchange Ratio provided for pursuant to the Original Merger Agreement, as more fully described in the section of this proxy statement/prospectus entitled “The Mergers— Opinion of CSR’s Financial Advisor — Opinion of BMO Capital Markets, Corp.” beginning on page 87. The summary of BMO’s opinion set forth below is qualified in its entirety by reference to the full text of BMO’s written opinion, which is attached as Annex E to this joint proxy statement/prospectus.

BMO’s opinion was directed to the CSR Board in its capacity as such and addressed only the fairness, from a financial point of view, to the holders of the CSR Common Stock as of the date of the opinion, of the Exchange Ratio provided for pursuant to the Original Merger Agreement. The opinion did not address any other aspects or implications of the Mergers and did not address the relative merits of the Mergers contemplated by the Merger Agreement as compared to other business or financial strategies that might have been available, nor did it address the underlying business decision to enter into the Merger Agreement or proceed with any other transaction contemplated by the Merger Agreement. BMO’s opinion was not intended to, and does not, constitute advice or a recommendation as to how any holder of CSR Common Stock should vote at the CSR special meeting or take any other action with respect to the Mergers.

For additional information, see the section entitled “The Mergers—Opinions of CSR’s Financial Advisor—Opinion of BMO Capital Markets, Corp.” beginning on page 87.

Interests of IRT Directors and Executive Officers in the Mergers (See page 106)

In addition to their interests in the Mergers as stockholders, the directors and executive officers of IRT have interests in the Mergers that may be different from, or in addition to, those of IRT stockholders generally. The IRT Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement.

Upon consummation of the Mergers, the board of directors of the combined company will be comprised of the nine incumbent directors of the IRT Board and two incumbent independent trustees of the CSR Board. At the Company Merger Effective Time, IRT will cause the board of directors of the combined company to include two of the individuals serving as independent members of the CSR Board as of immediately prior to the date of the Original Merger Agreement, subject to the review and recommendation by the Nominating and Governance Committee of the IRT Board in its good faith discretion in accordance with such committee’s charter and a finding by the Nominating and Governance Committee of the IRT Board that the Company Nominees’ qualifications are reasonably satisfactory. In addition, upon consummation of the Mergers, Scott F. Schaeffer, currently IRT’s Chairman of the Board and Chief Executive Officer, will continue in these positions for the combined company; and James J. Sebra, currently IRT’s President and Chief Financial Officer, will continue in these positions for the combined company. IRT’s management team will continue to lead the combined company.

Interests of CSR Trustees and Executive Officers in the Mergers (See page 99)

In addition to their interests in the Mergers as shareholders of CSR, the trustees and executive officers of CSR have interests in the Mergers that may be different from, or in addition to, those of CSR shareholders generally. The CSR Board was aware of these interests and considered them, among other matters, in approving the Merger Agreement.

Certain trustees and executive officers of CSR hold CSR Equity Awards that will be converted or exchanged into consideration in the Company Merger. Each of CSR’s executive officers is also party to other agreements and arrangements, and subject to certain conditions may be eligible for additional awards, pursuant to which they may receive benefits in connection with the Mergers. At the Company Merger Effective Time, IRT will cause the board of directors of the combined company to include two of the individuals serving as independent members of the CSR Board as of immediately prior to the date of the Original Merger Agreement, subject to the review and recommendation by the Nominating and Governance Committee of the IRT Board in its good faith discretion in accordance with such committee’s charter and a finding by the Nominating and Governance Committee of the IRT Board that the Company Nominees’ qualifications are reasonably satisfactory.

Accounting Treatment (See page 106)

The Mergers will be accounted for by applying the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”), with IRT treated as the acquiror for accounting purposes. Under the acquisition method of accounting, the assets acquired and liabilities assumed from CSR will be recorded by IRT at their estimated fair values as of the date the Mergers are completed. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired will be recorded as goodwill. The results of operations of CSR will be included in IRT’s consolidated financial statements from the date of completion of the Mergers.

The allocation of the purchase price to assets acquired and liabilities assumed will be based upon their estimated fair values and is dependent upon certain valuations and other analyses that have not yet been completed. Accordingly, the purchase price allocation is preliminary and subject to further adjustments as additional information becomes available and additional analyses are completed. The final purchase price allocation may be materially different than the preliminary purchase price allocation. Any changes in the estimated fair values of the net assets recorded for the Mergers may impact the combined company’s consolidated financial statements, including changes to goodwill, depreciation, amortization and income tax expense. For more information, see “The Mergers—Accounting Treatment.”

Regulatory Matters (See page 105)

IRT and CSR are not aware of any material federal or state regulatory requirements that must be complied with, or regulatory approvals that must be obtained, in connection with the Mergers or the other transactions contemplated by the Merger Agreement.

Form, Effective Time and Closing of the Mergers (See page 109)

IRT and CSR expect to consummate the Mergers as early as the end of the fourth quarter of 2026. However, the Mergers are subject to various conditions, and it is possible that factors outside the control of IRT and CSR could result in the Mergers being consummated at a later time, or not at all. There may be a substantial amount of time between the respective IRT special meeting and CSR special meeting and the consummation of the Mergers. IRT and CSR expect to consummate the Mergers as soon as reasonably practicable following the satisfaction of all applicable conditions.

In addition, IRT has the right, in its sole discretion and by written notice to CSR, to defer the Closing until the earliest of (i) the tenth business day after, with respect to each designated mortgage loan of CSR’s subsidiaries that has not been repaid, refinanced or defeased in accordance with the Merger Agreement, the applicable lender has granted the required lender consent to the transactions contemplated by the Merger Agreement or has indicated that it is ready, willing and able to grant that consent subject only to the Closing and satisfaction of conditions thereto that by their nature are to be satisfied at the Closing and all other conditions to the effectiveness of that consent have been satisfied or waived, and (ii) the tenth business day before June 30, 2027.

Conditions to Completion of the Mergers (See pages 129)

As more fully described in this joint proxy statement/prospectus and in the Merger Agreement, the consummation of the Mergers depends on a number of conditions being satisfied or, where legally permissible, waived. These conditions include, among others:

No Solicitation; Permitted Change in Recommendation (See page 120)

CSR has agreed to covenants prohibiting CSR from soliciting, providing non-public information and entering into discussions or agreements concerning proposals relating to an alternative business combination transaction, subject to certain limited exceptions.

IRT has agreed to reciprocal covenants restricting IRT from soliciting, providing non-public information and entering into discussions or agreements concerning proposals relating to an alternative business combination transaction involving IRT, subject to mirrored limited exceptions.

Prior to obtaining the requisite CSR shareholder approval, the CSR Board may change its recommendation or terminate the Merger Agreement to enter into an alternative acquisition agreement with respect to a superior proposal, subject to the conditions in the Merger Agreement, including notice and negotiation requirements. The CSR Board may also change its recommendation in response to an Intervening Event if, after consultation with outside legal counsel, it determines that failure to do so would be inconsistent with the trustees’ duties under applicable law.

Prior to obtaining the requisite IRT stockholder approval, the IRT Board may make a corresponding change to its recommendation in response to either a superior proposal or an Intervening Event, subject to conditions in the Merger Agreement, including notice and negotiation requirements, and, in the case of a change in recommendation in response to an Intervening Event, the determination by the IRT Board, after consultation with outside legal counsel, that failure to do so would be inconsistent with the directors’ duties under applicable law. However, IRT does not have the right to terminate the Merger Agreement to enter into an alternative acquisition agreement with respect to a superior proposal.

Termination of the Merger Agreement (See page 131)

The Merger Agreement may be terminated prior to the effective time of the Mergers, whether before or after the required approvals of the IRT stockholders and CSR shareholders are obtained (subject to additional terms of the Merger Agreement summarized below in the section titled “The Merger Agreement—Termination of the Merger Agreement”):

Termination Fees (See page 133)

Generally, all fees and expenses incurred in connection with the Mergers and the transactions contemplated by the Merger Agreement will be paid by the party incurring those expenses, subject to certain exceptions. Upon a termination of the Merger Agreement, under certain circumstances, including, in the case of CSR, concurrently with such termination, entering into an alternative acquisition agreement with respect to a superior proposal, IRT or CSR will be required to pay to the other party the CSR Termination Fee (if payable by CSR) or the IRT Termination Fee (if payable by IRT). If a termination fee is payable, it will be deposited into escrow and released to the recipient party only in accordance with the terms of the Merger Agreement.

For more information, see “The Merger Agreement—Termination of the Merger Agreement—Termination Fee Payable by CSR to IRT” and “—Termination Fee Payable by IRT to CSR.”

No Appraisal or Dissenters’ Rights (See page 108)

Under Maryland law, the holders of IRT Common Stock are not entitled to appraisal or dissenters’ rights in connection with the Mergers. Under North Dakota law, holders of CSR Common Stock are not entitled to appraisal or dissenters’ rights in connection with the Mergers. For more information, see “The Mergers—No Appraisal or Dissenters’ Rights.”

Material U.S. Federal Income Tax Consequences of the Company Merger (See page 136)

IRT and CSR intend that the Company Merger will qualify as a reorganization within the meaning of Section 368(a) of the Code. The closing of the Mergers is conditioned on the receipt by CSR of an opinion from its tax counsel to the effect that the Company Merger will qualify as a reorganization within the meaning of Section 368(a) of the Code. Assuming that the Company Merger qualifies as a reorganization, U.S. holders (as defined in the subsection entitled “Material U.S. Federal Income Tax Consequences—Material U.S. Federal Income Tax Consequences of the Company Merger”) of shares of CSR Common Stock are not expected to recognize gain or loss as a result of the Company Merger, except with respect to the receipt of cash in lieu of fractional shares of IRT Common Stock.

For further discussion of certain U.S. federal income tax consequences of the Company Merger and the ownership and disposition of IRT Common Stock received in the Company Merger, see “Material U.S. Federal Income Tax Consequences—Material U.S. Federal Income Tax Consequences of the Company Merger” and “Material U.S. Federal Income Tax Consequences—Material U.S. Federal Income Tax Considerations Regarding IRT’s Taxation as a REIT.”

Holders of CSR Common Stock should consult their tax advisors to determine the tax consequences to them (including the application and effect of any state, local or foreign income and other tax laws) of the Company Merger and the ownership and disposition of IRT Common Stock received in the Company Merger.

The IRT Special Meeting (See page 157)

The IRT special meeting will be held at 3000 Two Logan Square, Eighteenth and Arch Streets, Philadelphia, Pennsylvania 19103, at        , Eastern Time, on        , 2026. You may vote at the IRT special meeting if you owned shares of IRT Common Stock at the close of business on       , 2026, the record date for the IRT special meeting. On that date, there were shares of IRT Common Stock outstanding and entitled to vote. You may cast one vote for each share of IRT Common Stock that you owned on that date.

At the IRT special meeting, IRT stockholders will be asked to consider and vote upon:

The approval of the IRT Issuance Proposal is a condition to the consummation of the Mergers.

The IRT Issuance Proposal requires approval by the affirmative vote of the majority of the votes cast by the holders of IRT Common Stock, in person or represented by proxy, at the IRT special meeting, assuming a quorum is present. The IRT Adjournment Proposal requires approval by the affirmative vote of the majority of the votes cast by holders of IRT Common Stock, in person or represented by proxy, at the IRT special meeting.

On the record date, approximately      % of the outstanding shares of IRT Common Stock was held by IRT directors and executive officers and their affiliates. IRT currently expects that the IRT directors and executive officers will vote their shares in favor of the IRT Issuance Proposal and the IRT Adjournment Proposal, although none has entered into any agreements obligating them to do so.

The IRT Board unanimously recommends that IRT stockholders vote “FOR” both of the proposals set forth above. For more information, see “The IRT Special Meeting.”

The CSR Special Meeting (See page 162)

The CSR special meeting will be held virtually via live webcast at www.virtualshareholdermeeting.com/CSR2026SM at        , Central Time, on       , 2026. You may vote at the CSR special meeting if you owned CSR Common Stock at the close of business on      , 2026, the record date for the CSR special meeting. On that date, there were       shares of CSR Common Stock outstanding and entitled to vote. Each share of CSR Common Stock is entitled to cast one vote on all matters that come before the CSR special meeting.

At the CSR special meeting, CSR shareholders will be asked to consider and vote upon:

The approval of the CSR Merger Proposal requires the affirmative vote of the holders of CSR Common Stock possessing a majority of the voting power of the shares of CSR Common Stock outstanding and entitled to vote thereon. The approval of the CSR Compensation Proposal requires the affirmative vote of a majority of the shares of CSR Common Stock present in person (virtually) or represented by proxy, at the CSR special meeting, assuming a quorum is present. The CSR Adjournment Proposal requires the affirmative vote of a majority of the votes cast by holders of CSR Common Stock, in person (virtually) or represented by proxy, at the CSR special meeting.

On the record date, approximately        % of the outstanding shares of CSR Common Stock was held by CSR trustees and executive officers and their affiliates. CSR currently expects that the trustees and executive officers of CSR will vote their shares in favor of the CSR Merger Proposal, the CSR Compensation Proposal and the CSR Adjournment Proposal, although none has entered into any agreements obligating them to do so.

The CSR Board unanimously recommends that CSR shareholders vote “FOR” all of the CSR Proposals. For more information, see “The CSR Special Meeting.”

Rights of CSR Shareholders Will Change as a Result of the Mergers (See page 185)

CSR shareholders will have different rights once they become stockholders of IRT, due to differences between the governing documents of IRT and CSR. These differences are described in detail under “Comparison of Rights of IRT Stockholders and CSR Shareholders.”

Market Price Information

Shares of IRT Common Stock are listed for trading on the NYSE under the symbol “IRT.” Shares of CSR Common Stock are listed for trading on the NYSE under the symbol “CSR.”

The following table presents the closing sale price per share of IRT Common Stock and CSR Common Stock on September 8, 2026, the last trading day before public announcement of the Merger Agreement and     , 2026, the latest practicable trading day before the date of this joint proxy statement/prospectus. The table also shows the estimated implied value of the merger consideration for each share of CSR Common Stock as of such dates. This implied value was calculated by multiplying the closing price of shares of IRT Common Stock on each such date by the Exchange Ratio of 3.800. The market prices of IRT Common Stock and CSR Common Stock have fluctuated since the date of the announcement of the Merger Agreement and will continue to fluctuate from the date of this joint proxy statement/prospectus to the date of the IRT special meeting and the CSR special meeting to the Closing Date.

No assurance can be given concerning the market price of IRT Common Stock or CSR Common Stock before the Company Merger Effective Time or IRT Common Stock after the Company Merger Effective Time. The market price of IRT Common Stock (and therefore the value CSR shareholders will receive as a result of the Company Merger) when received by CSR shareholders could be greater than, less than or the same as shown in the table above. We urge you to obtain current market quotations for shares of IRT Common Stock and CSR Common Stock.

Delisting and Deregistration of CSR Shares

If the Mergers are completed, CSR Common Stock currently listed on the NYSE will cease to be listed on the NYSE and will be deregistered under the Exchange Act, and CSR will no longer be required to file periodic reports with the SEC with respect to CSR Common Stock.

RISK FACTORS

In addition to the other information included and incorporated by reference into this joint proxy statement/prospectus, including the matters addressed in the section entitled “Cautionary Statement Regarding Forward-Looking Statements,” whether you are an IRT stockholder or a CSR shareholder, you should carefully consider the following risks before deciding how to vote. In addition, you should read and consider the risks associated with each of the businesses of IRT and CSR because these risks will also affect IRT following consummation of the Mergers. These risks can be found in (i) IRT’s Quarterly Report on Form 10-Q for the period ended June 30, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025 and (ii) CSR’s Quarterly Report on Form 10-Q for the period ended June 30, 2026 and Annual Report on Form 10-K for the fiscal year ended December 31, 2025, each of which is incorporated by reference into this joint proxy statement/prospectus. You should also read and consider the other information in this joint proxy statement/prospectus and the other documents incorporated by reference into this joint proxy statement/prospectus. For more information, see “Where You Can Find More Information.”

Risks Relating to the Mergers

The Mergers may not be consummated on the terms or timeline currently contemplated, or at all. Consummation of the Mergers is subject to many conditions and if these conditions are not satisfied or waived, the Mergers will not be consummated, which could adversely affect the businesses of IRT or CSR and, in certain circumstances, result in CSR or IRT being required to pay a termination fee to the other party.

Consummation of the Mergers is subject to certain conditions, including: (1) the receipt of required approvals from IRT’s stockholders and from CSR’s shareholders; (2) approval for listing on the NYSE, subject to official notice of issuance, of the shares of IRT Common Stock to be issued in the Mergers, including shares of IRT Common Stock issuable upon conversion of IROP Common Units and IRT OP Preferred Units issued in the Partnership Merger; (3) the effectiveness of the registration statement of which this joint proxy statement/prospectus is a part, and no stop order suspending the effectiveness of such registration statement and no proceedings for such purpose shall have been initiated or threatened by the SEC and not withdrawn; (4) the absence of a court order or other legal restraint preventing the consummation of the Mergers; (5) accuracy of each party’s representations and warranties, subject in most cases to materiality or material adverse effect qualifications; (6) material compliance with each party’s covenants; (7) receipt by CSR of an opinion to the effect that the Company Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code; (8) receipt by IRT of an opinion of counsel to CSR that CSR qualifies as a REIT under the Code, and receipt by CSR of an opinion of counsel to IRT that IRT qualifies as a REIT under the Code; and (9) the absence of any continuing Company Material Adverse Effect or continuing Parent Material Adverse Effect since the date of the Merger Agreement.

Neither IRT nor CSR can provide assurance that the conditions to consummation of the Mergers will be satisfied or waived, and accordingly, that the Mergers will be consummated on the terms or timeline that the parties anticipate, or at all. IRT or CSR may terminate the Merger Agreement under certain circumstances, including, among other reasons, if the Mergers are not consummated on or before June 30, 2027.

Failure to consummate the Mergers may adversely affect IRT’s and/or CSR’s results of operations, financial condition and business prospects for many reasons, including, among others:

Upon a termination of the Merger Agreement, under certain circumstances specified therein, including, in the case of CSR, entering into an agreement with respect to a superior proposal, IRT or CSR will be required to pay to the other the CSR Termination Fee (if payable by CSR) or the IRT Termination Fee (if payable by IRT), as more fully described in “The Merger Agreement—Termination of the Merger Agreement—Termination Fee Payable by CSR to IRT” and “—Termination Fee Payable by IRT to CSR.”

In addition, IRT has the right, in its sole discretion and by written notice to CSR, to defer the Closing until the earliest of (i) the tenth business day after, with respect to each designated mortgage loan of CSR’s subsidiaries that has not been repaid, refinanced or defeased in accordance with the Merger Agreement, the applicable lender has granted the required lender consent to the transactions contemplated by the Merger Agreement or has indicated that it is ready, willing and able to grant that consent subject only to the Closing and satisfaction of conditions thereto that by their nature are to be satisfied at the Closing and all other conditions to the effectiveness of that consent have been satisfied or waived, and (ii) the tenth business day before June 30, 2027.

The Exchange Ratio will not be adjusted in the event of any change in the price of IRT Common Stock or CSR Common Stock or in the relative values of IRT and CSR.

At the effective time of the Company Merger, each issued and outstanding share of CSR Common Stock (other than certain shares set forth in the Merger Agreement) will be automatically converted into the right to receive newly issued shares of IRT Common Stock equal to the Exchange Ratio, with cash paid in lieu of fractional shares. At the effective time of the Partnership Merger, each issued and outstanding common unit of CSR OP will be automatically converted into the right to receive a number of IROP Common Units equal to the Exchange Ratio, rounded up to the nearest whole unit (for each holder of CSR OP Common Units, after aggregation of all fractional IROP Common Units otherwise to be received by such holder). The Exchange Ratio will not be adjusted for changes in the market price of IRT Common Stock or CSR Common Stock or in the relative values of IRT and CSR. It may be adjusted for stock splits, reverse stock splits, combinations, subdivisions or reclassifications of IRT Common Stock and CSR Common Stock and for REIT Dividends declared before the Closing Date, as provided in the Merger Agreement and as described herein. The price of IRT Common Stock at the closing of the Mergers may vary from its price on September 8, 2026, the date the Original Merger Agreement was executed. Changes in the price of IRT Common Stock prior to consummation of the Mergers will affect the market value of the merger consideration, which may be more or less than the fair value of CSR’s net assets on the Closing Date. Changes in IRT Common Stock price may result from a variety of factors (many of which are beyond the control of IRT), including the following factors:

The price of IRT Common Stock on the Closing Date may vary from its price on September 8, 2026, the date the Original Merger Agreement was executed, on the date of this joint proxy statement/prospectus and on the date of the special meetings of the stockholders of IRT and shareholders of CSR. As a result, the market value of the merger consideration represented by the Exchange Ratio will also vary. For example, based on the range of closing prices of IRT Common Stock during the period from September 8, 2026, the last trading day before public announcement of the Merger Agreement, through            , 2026, the latest practicable date before the date of this joint proxy statement/prospectus, the Exchange Ratio represented a market value per share of CSR Common Stock ranging from a low of $       to a high of $         .

Because the Mergers will be consummated after the date of the special meetings of the stockholders of IRT and shareholders of CSR, respectively, at the time of your special meeting, you will not know the exact market value of the shares of IRT Common Stock that CSR shareholders will receive upon consummation of the Mergers. You should consider the following two risks:

The Exchange Ratio will not be adjusted for regular distributions or for changes in the market price of IRT Common Stock or CSR Common Stock. It may be adjusted for stock splits, reverse stock splits, combinations, subdivisions or reclassifications of IRT Common Stock or CSR Common Stock and for REIT Dividends declared before the Closing Date, as provided in the Merger Agreement and as described herein.

Therefore, (1) IRT cannot be sure of the market value and consideration to be paid to CSR shareholders and CSR OP unitholders and (2) CSR shareholders and CSR OP unitholders cannot be sure of the market value of the consideration they will receive upon consummation of the Mergers.

The pendency of the Mergers could adversely affect the business and operations of IRT and CSR.

In connection with the pending Mergers, current and prospective employees of IRT and CSR may experience uncertainty about their future roles with IRT following the Mergers, which may materially adversely affect the ability of each of IRT and CSR to attract and retain key personnel during the pendency of the Mergers. If IRT or CSR is unable to retain personnel who are critical to the future operations of the companies, IRT and CSR could face disruptions in their operations, loss of existing residents, loss of key information, expertise or know-how and unanticipated additional recruitment and training costs. In addition, the loss of key IRT and CSR personnel could diminish the anticipated benefits of the Mergers. No assurance can be given that the combined company will be able to retain or attract employees to the same extent that IRT and CSR have previously been able to retain or attract their own employees. Additionally, CSR’s officers and employees may hold shares of CSR Common Stock and CSR equity awards, and, if the Mergers are completed, these officers and employees may be entitled to consideration in respect of such shares of CSR Common Stock and CSR equity awards as a result of the Mergers. These payments, individually or in the aggregate, could make retention of CSR officers and employees more difficult. In addition, due to operating covenants in the Merger Agreement, each of IRT and CSR may be unable (without the other party’s prior written consent), during the pendency of the Mergers, to pursue strategic transactions, undertake significant capital projects, undertake certain significant financing transactions and otherwise pursue other actions, even if such actions would prove beneficial. Similarly, some current or prospective operators or vendors of each of IRT and CSR may delay or defer decisions, which could adversely affect the revenues, earnings, funds from operations, cash flows and expenses of IRT and CSR, regardless of whether the Mergers are consummated.

Management’s attention may be diverted from ongoing business operations and opportunities during the pendency of the Mergers.

The Mergers may divert management’s attention from ongoing business operations and opportunities. Completion of the Mergers will require a significant amount of time and focus from the management teams of both IRT and CSR, which may divert attention from day-to-day operations and the execution of other strategic initiatives. The diversion of management’s attention and any difficulties encountered in the transition and integration process could adversely affect the business, financial results and stock prices of the combined company.

Some of the directors, trustees and executive officers of IRT and CSR have interests in seeing the Mergers consummated that are different from, or in addition to, those of the other IRT stockholders and CSR shareholders.

Certain of the directors and executive officers of IRT and trustees and executive officers of CSR have interests in the Mergers that may be different from other IRT stockholders and CSR shareholders, respectively. These interests include, among other things, the continued service as a director or an executive officer of IRT following consummation of the Mergers. These interests, among other things, may influence or may have influenced the directors, trustees and executive officers of IRT and CSR to support or approve the Mergers. For more information, see “The Mergers—Interests of IRT Directors and Executive Officers in the Mergers” and “The Mergers—Interests of CSR Trustees and Executive Officers in the Mergers.” The IRT Board and CSR Board were aware of and considered the interests of IRT’s and CSR’s directors, trustees and executive officers, to the extent such interests existed at the time, among other matters, in evaluating and negotiating the Merger Agreement and the Mergers and in unanimously recommending that IRT stockholders approve the IRT Issuance Proposal or the CSR shareholders approve the CSR Proposals, as applicable.

The Mergers and related transactions are subject to approval by stockholders of both IRT and CSR.

In order for the Mergers to be consummated, CSR shareholders must approve the CSR Merger Proposal, which requires the affirmative vote of the holders of at least a majority of the outstanding shares of CSR Common Stock entitled to vote on such proposal. In addition, IRT stockholders must approve the IRT Issuance Proposal by the affirmative vote of at least a majority of the votes cast on such proposal. This approval by IRT stockholders is required under applicable NYSE rules.

IRT and CSR shareholders will be diluted by the Mergers.

The Mergers will dilute the ownership position of IRT stockholders and result in CSR shareholders having an ownership stake in IRT that is smaller than their current stake in CSR. Upon consummation of the Mergers, based on the shares of IRT Common Stock and CSR Common Stock outstanding as of latest practicable date before the date of this joint proxy statement/prospectus, IRT and CSR estimate that legacy IRT stockholders and holders of IROP Common Units will own approximately % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively, and legacy CSR shareholders and CSR OP unitholders will own approximately         % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively. IRT may also issue additional shares of common stock or preferred stock in the future and IRT OP may issue additional units of limited partnership in the future and such issuances would create further dilution. Consequently, IRT stockholders and CSR shareholders, as a general matter, will have less influence over the management and policies of IRT after consummation of the Mergers than they currently exercise over the management and policies of IRT and CSR, respectively. However, the IRT Board expects that the transaction will be immediately accretive to IRT’s core funds from operations (“CFFO”) and provide the combined company with an attractive growth profile. For more information, see “The Mergers—IRT’s Reasons for the Mergers; Recommendations of the IRT Board.”

Future sales or issuances of IRT Common Stock could have a negative impact on the IRT Common Stock price.

Based on the number of shares of CSR Common Stock outstanding as of       , 2026, and the number of outstanding CSR equity awards currently estimated to be settled in IRT Common Stock in connection with the Mergers, IRT expects to issue up to approximately        shares of IRT Common Stock in connection with the Mergers. IRT Common Stock that CSR shareholders will receive in connection with the Mergers generally may be sold immediately in the public market. It is possible that some former CSR shareholders may seek to sell some or all of the shares of IRT Common Stock they receive in connection with the Mergers, and the Merger Agreement contains no restriction on the ability of former CSR shareholders to sell such shares of IRT Common Stock following completion of the Mergers. Other IRT stockholders may also seek to sell shares of IRT Common Stock held by them following completion of the Mergers. These sales or other dispositions of a significant number of shares of IRT Common Stock (or the perception that such sales or other dispositions may occur), coupled with the increase in the outstanding number of shares of IRT Common Stock as a result of the Mergers (as well as any increase resulting from potential future issuances of IRT Common Stock), may affect the market for IRT Common Stock in an adverse manner and may cause the price of IRT Common Stock to fall.

The Merger Agreement contains provisions that could discourage a potential competing acquiror of CSR or could result in any competing proposal being at a lower price than it might otherwise be.

The Merger Agreement contains provisions that, subject to limited exceptions, restrict CSR from soliciting, initiating, knowingly encouraging or facilitating competing third-party proposals to effect, among other things, a merger, reorganization, share sale, share exchange, asset sale, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving any purchase or sale of 20% or more of the consolidated assets of CSR or 20% or more of the outstanding CSR Common Stock, and contains mirrored restrictions applicable to IRT with respect to competing proposals involving IRT. IRT generally has an opportunity to offer to modify the terms of the Merger Agreement in response to any competing acquisition proposal before the CSR Board may withdraw or modify its recommendation or terminate the Merger Agreement to enter into such a competing acquisition proposal, and CSR has a mirrored opportunity with respect to any competing proposal involving IRT (except that IRT may not terminate the Merger Agreement to accept a competing acquisition proposal). In some circumstances, on termination of the Merger Agreement, CSR may be required to pay IRT the CSR Termination Fee, or IRT may be required to pay CSR the IRT Termination Fee.

These provisions could discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of CSR or IRT from considering or proposing such an acquisition, even if it were prepared to pay or offer consideration with a higher value than the value expected to be received or realized in the Mergers, or might result in a potential competing acquiror proposing to offer less consideration or less favorable terms than it might otherwise have proposed because of the added expense of the termination fee that may become payable in certain circumstances under the Merger Agreement. For more information, see “The Merger Agreement—Termination of the Merger Agreement—Termination Fee Payable by CSR to IRT” and “—Termination Fee Payable by IRT to CSR.”

An adverse outcome in any litigation or other legal proceedings relating to the Merger Agreement, or the transactions contemplated thereby, could have a material adverse impact on the businesses of IRT and CSR and their ability to consummate the transactions contemplated by the Merger Agreement.

Transactions similar to the Mergers are frequently the subject of litigation or other legal proceedings, including actions alleging that either party’s board of directors or board of trustees, as applicable, breached their respective duties by entering into a merger agreement or any other claims (contractual or otherwise) arising out of a merger or the transactions related thereto. If litigation or other legal proceedings are brought against IRT, CSR, the IRT Board, the CSR Board or their respective subsidiaries in connection with the Merger Agreement, or the transactions contemplated thereby, the respective parties to the proceeding intend to defend against such actions but they might not be successful in doing so. An adverse outcome in such matters, as well as the costs and efforts of a defense even if successful, could have a material adverse effect on IRT’s or CSR’s ability to consummate the Mergers or their respective business, results of operations or financial position, including through the possible diversion of either company’s resources or distraction of key personnel.

If the Company Merger does not qualify as a reorganization, there may be adverse tax consequences.

The Company Merger is intended to qualify as a reorganization within the meaning of Section 368(a) of the Code. Consummation of the Company Merger is conditioned on the receipt by CSR of an opinion from its tax counsel to the effect that the Company Merger will qualify as a reorganization within the meaning of Section 368(a) of the Code. However, such opinion is limited to the factual representations provided by CSR and IRT to counsel and the assumptions set forth therein, and is not a guarantee that the Company Merger, in fact, will qualify as a reorganization. Moreover, such opinion is not binding on the Internal Revenue Service (the “IRS”) and neither CSR nor IRT has requested or plans to request a ruling from the IRS that the Company Merger will qualify as a reorganization. If the Company Merger were to fail to qualify as a reorganization, then each CSR shareholder generally would recognize gain or loss, as applicable, equal to the difference between (i) the sum of the fair market value of the shares of IRT Common Stock and cash in lieu of any fractional share of IRT Common Stock received by such CSR shareholder in the Company Merger; and (ii) the CSR shareholder’s adjusted tax basis in its CSR Common Stock. In addition, failure of the Company Merger to qualify as a reorganization may damage IRT’s reputation and have other adverse impacts on IRT.

Neither CSR shareholders nor IRT stockholders will have appraisal rights or dissenters’ rights in the Mergers.

Appraisal rights (also known as dissenters’ rights) are statutory rights that, if applicable under law, enable shareholders or stockholders, as applicable, to dissent from an extraordinary transaction, such as a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders or stockholders, as applicable, in connection with the extraordinary transaction. Under North Dakota law and the CSR Articles, CSR shareholders are not entitled to appraisal or dissenters’ rights in connection with the Company Merger or any other transactions described in this joint proxy statement/prospectus because shares of CSR Common Stock are listed on the NYSE on the record date and such shareholders are not required to accept for such shares anything except IRT Common Stock and cash in lieu of fractional shares. Likewise, under the MGCL and the IRT Charter, IRT stockholders are not entitled to appraisal or dissenters’ rights in connection with the Company Merger, the issuance of IRT Common Stock in the Company Merger or any other transactions described in this joint proxy statement/prospectus.

The opinions of IRT’s and CSR’s financial advisors do not reflect changes in circumstances since the date on which such opinions were delivered.

Each of the opinions rendered by RBC Capital Markets, financial advisor to IRT, to the IRT Board on, and dated, September 7, 2026, by Rothschild & Co, financial advisor to IRT, to the IRT Board on, and dated, September 7, 2026, and by BMO, financial advisor to CSR, to the CSR Board on, and dated, September 8, 2026, were based upon information available to such financial advisors as of the date of each respective opinion. None of the opinions reflect any changes that may occur or may have occurred after the date on which such opinion was delivered, including changes to the operations and prospects of IRT or CSR, changes in general market and economic conditions or other changes which may be beyond the control of IRT and CSR. Any such changes may alter the relative value of IRT or CSR or the price of IRT Common Stock or CSR Common Stock by the time the Mergers are completed. The opinions do not speak as of the date the Mergers will be completed or as of any date other than the date of each respective opinion. IRT and CSR do not currently anticipate asking their respective financial advisors to update their opinions. The IRT Board’s recommendation that IRT stockholders vote in favor of the IRT Issuance Proposal at the IRT special meeting and the CSR Board’s recommendation that CSR shareholders vote in favor of the CSR Proposals at the CSR special meeting, however, are made as of the date of this joint proxy statement/prospectus. For a description of the opinions that the IRT Board received from IRT’s financial advisors, see “The Mergers—Opinions of IRT’s Financial Advisors.” For a description of the opinion that the CSR Board received from CSR’s financial advisor, see “The Mergers—Opinion of CSR’s Financial Advisor.”

IRT may finance a portion of the transactions contemplated by the Merger Agreement, including the refinancing of indebtedness of CSR and its subsidiaries, and pay related costs, fees and expenses, with the Term Loan.

IRT may finance a portion of the transactions contemplated by the Merger Agreement, including the refinancing of indebtedness of CSR and its subsidiaries, and pay related costs, fees and expenses, with the Term Loan. To this end, IRT entered into the Debt Commitment Letter, pursuant to which Royal Bank of Canada committed to provide, on the terms and subject to the conditions set forth in the Debt Commitment Letter, on the Closing Date, up to $716,000,000 under a senior unsecured term loan facility. In the event the Term Loan contemplated by the Debt Commitment Letter is not available on the anticipated terms, there is a risk that other financing may not be available on acceptable terms, in a timely manner or at all. For additional information regarding the financing of the Mergers, see “The Mergers—Financing of the Mergers.”

Risks Relating to IRT Following Consummation of the Mergers

IRT and CSR expect to incur substantial expenses related to the Mergers and the transactions contemplated by the Merger Agreement.

IRT and CSR expect to incur substantial expenses in consummating the Mergers and integrating the business, operations, networks, systems, technologies, policies and procedures of IRT and CSR. There are a large number of systems that must be integrated or separated in connection with the Mergers, and the other transactions contemplated by the Merger Agreement, including leasing, billing, management information, purchasing, accounting and finance, sales, payroll and benefits, fixed asset, lease administration and regulatory compliance. While IRT and CSR have assumed that a certain level of transaction and integration expenses would be incurred, there are a number of factors beyond their control that could affect the total amount or the timing of their integration expenses. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present time. The expenses in connection with the Mergers and the transactions contemplated by the Merger Agreement are expected to be significant, although the aggregate amount and timing of such charges are uncertain at present.

Following consummation of the Mergers, IRT may be unable to integrate the business of CSR successfully or realize the anticipated synergies and related benefits of the Mergers and the transactions contemplated by the Merger Agreement or do so within the anticipated time frame.

The Mergers involve the combination of IRT and CSR, two companies which currently operate as independent companies. In addition, CSR recently completed a series of transactions to provide for the internalization of its previously externalized management functions. IRT will be required to devote significant management attention and resources to integrating their business practices and operations. Potential difficulties that IRT and CSR may encounter in the integration process include the following:

For all these reasons, you should be aware that it is possible that the integration process could result in the distraction of the combined company’s management, the disruption of the combined company’s ongoing business or inconsistencies in the combined company’s services, standards, controls, procedures and policies, any of which could adversely affect the ability of the combined company to maintain relationships with residents, customers, vendors, joint venture partners and employees or to achieve the anticipated benefits of the Mergers, or could otherwise adversely affect the business and financial results of the combined company. Furthermore, while it is anticipated that certain expenses will be incurred to achieve synergies, cost savings and related benefits of the Mergers, such expenses are difficult to estimate accurately, and may exceed current estimates. Accordingly, the benefits expected to be realized from the Mergers may be offset by costs incurred to, or delays in, integrating the businesses of IRT and CSR.

IRT’s level of indebtedness will increase upon consummation of the Mergers and may increase the related risks IRT now faces.

Upon consummation of the Mergers, IRT intends to assume and/or refinance certain indebtedness of CSR, CSR OP and their subsidiaries and, as a result, IRT’s consolidated indebtedness will increase and it will be subject to increased risks associated with debt financing, including an increased risk that IRT’s cash flows could be insufficient to meet required payments on its indebtedness or to continue to pay dividends on its common stock. On June 30, 2026, IRT had consolidated indebtedness of approximately $2.443 billion, net of approximately $11.979 million of unamortized deferred financing costs and $17.813 million of loan premiums, net. Taking into account CSR’s consolidated indebtedness of approximately $989.583 million, net of approximately $31.564 million of unamortized deferred financing costs, premiums and discounts, on June 30, 2026, the total consolidated indebtedness of the combined company (excluding fair value adjustments) as of June 30, 2026 would have been approximately $3.433 billion, net of unamortized deferred financing costs, premiums and discounts.

The combined company’s increased indebtedness could have important consequences to holders of its common stock, including:

Additionally, if the combined company defaults under a debt instrument, it will automatically be in default under any other debt instrument that has cross-default provisions and the holders of all such indebtedness may be entitled to demand its immediate repayment. If the combined company defaults under a secured debt instrument, it may lose any property securing that indebtedness.

IRT anticipates that the leverage profile of the combined company will be comparable to IRT’s current standalone leverage over time, taking into account IRT’s planned recycling of capital from targeted asset sales to reduce debt, subject to market conditions and the timing of such sales. There can be no assurance, however, that these deleveraging objectives will be achieved on the anticipated timeline or at all, and actual leverage of the combined company may be higher than targeted.

IRT may incur additional indebtedness in the future.

In connection with executing its business strategy following the Mergers, IRT expects to evaluate the possibility of acquiring additional properties and making strategic investments, and it may elect to finance these transactions by incurring additional indebtedness. The amount of such indebtedness could have material adverse consequences for the combined company following the Mergers, including hindering its ability to adjust to changing market, industry or economic conditions; limiting its ability to access the capital markets to refinance maturing debt or to fund acquisitions; limiting the amount of cash flow available for future operations, acquisitions, dividends, stock repurchases or other uses; making the combined company more vulnerable to economic or industry downturns, including interest rate increases; and placing the combined company at a competitive disadvantage compared to less leveraged competitors.

Tax protection agreements could limit the combined company’s ability to sell or otherwise dispose of certain properties and are expected to require the combined company to maintain certain debt levels that otherwise would not be required to operate its business.

In connection with the Mergers, the combined company is expected to succeed to or assume tax protection agreements that provide that if the combined company or IRT OP sells, exchanges, transfers, conveys or otherwise disposes of certain properties in a taxable transaction for a specified period of time, the combined company or IRT OP will indemnify certain protected partners against certain tax liabilities attributable to built-in gain that existed with respect to such properties at the time of their acquisition by CSR OP, together with a gross up for tax liabilities incurred as a result of such indemnification payment. Therefore, although it may be in the combined company’s stockholders’ best interest for the combined company to sell one or more of these properties, it may be economically prohibitive for the combined company to do so because of these indemnity obligations. Moreover, the combined company is expected to be required to maintain certain minimum levels of indebtedness, and in certain cases to provide certain protected partners with the opportunity to guarantee qualifying indebtedness, in each case, in order to enable such protected partners to continue to defer certain tax liabilities. These obligations are expected to require the combined company to maintain more or different indebtedness than it would otherwise require for its business. If IRT OP is unable to maintain the minimum levels or appropriate types of indebtedness required under the tax protection agreements, IRT or IRT OP may be required to indemnify certain protected partners in amounts determined by reference to the gain recognized by such protected partners as a result of such failure, together with a gross up for tax liabilities incurred as a result of such indemnification payment. As a result, these tax protection agreements may restrict the combined company’s ability to take actions or make decisions that otherwise would be in its best interests, including in connection with any future strategic transaction.

The Mergers will result in changes to the IRT Board that may affect its strategy and operations.

Upon consummation of the Mergers, the board of directors of the combined company will be comprised of the nine incumbent directors of the IRT Board and two incumbent directors of the CSR Board. IRT will cause the board of directors of the combined company to include two of the individuals then serving as independent members of the CSR Board, subject to the evaluation and recommendation by the Nominating and Governance Committee of the IRT Board in its sole discretion in accordance with such committee’s charter. Scott F. Schaeffer, currently IRT’s Chairman of the Board and Chief Executive Officer, will continue in these positions. This new composition of the board of directors may affect IRT’s business strategy and operating decisions following consummation of the Mergers. In addition, there can be no assurances that the new board of directors will function effectively as a team and that there will not be any adverse effects on IRT’s business as a result.

IRT will depend on key personnel for its future success, and the loss of key personnel or inability to attract and retain personnel could harm the combined company’s business.

The success of the combined company following consummation of the Mergers will depend in part upon its ability to retain key IRT and CSR executives and other employees. Key executives and other employees may depart either before or after consummation of the Mergers because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with the combined company following consummation of the Mergers. Accordingly, no assurance can be given that IRT, CSR or, following consummation of the Mergers, the combined company, will be able to retain key executives or other employees to the same extent as in the past.

The future results of IRT will suffer if IRT does not effectively manage its operations following consummation of the Mergers and the transactions contemplated by the Merger Agreement.

Following the Mergers, IRT expects to continue to expand its operations through additional acquisitions, development opportunities and other strategic transactions, some of which involve complex challenges. The future success of the combined company will depend, in part, upon the ability of the combined company to manage its expansion opportunities, which pose substantial challenges for the combined company to integrate new operations into its existing business in an efficient and timely manner, to successfully monitor its operations, costs, regulatory compliance and service quality and to maintain other necessary internal controls. IRT and CSR cannot assure you that following consummation of the Mergers, the combined company’s expansion or acquisition opportunities will be successful, or that the combined company will realize its expected operating efficiencies, cost savings, revenue enhancements, synergies or other benefits.

The combined company may be subject to environmental liabilities and the cost of remediating contamination may be substantial.

Under various federal, state and local environmental, health and safety laws and regulations, a current or former owner or operator of real property may be liable for the cost of removal, remediation or disposal of hazardous or toxic substances on, under or in such property. These laws typically impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of the hazardous or toxic substances. The costs of investigation, removal or remediation of hazardous or toxic substances may be substantial, and the presence of such substances, or the failure to properly remediate such substances, may adversely affect the owner’s or operator’s ability to sell or rent the affected property or to borrow using the property as collateral. Environmental laws may impose restrictions on the manner in which property may be used or transferred, or in which businesses may be operated, and may require expenditures to bring the property into compliance. Persons who arrange for the disposal of hazardous or toxic substances at a disposal site may be liable for the costs of removal or remediation of hazardous substances at that disposal site. In addition, certain environmental laws may impose liability for releases of hazardous substances into the air or water from a property, including asbestos-containing materials, and third parties may seek recovery from owners or operators of real property for personal injury or property damage associated with exposure to released hazardous substances. The combined company cannot provide assurance that it will be able to identify all potential environmental liabilities prior to its acquisition of CSR or that the combined company will not incur material environmental liabilities in the future.

The combined company may be required to record impairment charges or write-downs of CSR’s assets following the Mergers.

The combined company will be required to account for the Mergers using the acquisition method of accounting. Under this method of accounting, the combined company will record the assets acquired and liabilities assumed by it in connection with the Mergers at their estimated fair values as of the Closing Date. The estimated fair values of acquired assets may be affected by changes in the operations of the properties, changes in local, regional and national market conditions and other factors such as changes in interest rates. Following the Mergers, the combined company may be required to write-down or record impairment charges with respect to CSR’s assets if their carrying values exceed their estimated fair values or such assets are otherwise determined to be impaired. Any such write-down or impairment charges could have a material adverse effect on the combined company’s business, financial condition and results of operations.

The trading price of shares of IRT Common Stock following consummation of the Mergers may be affected by factors different from those affecting the price of shares of IRT Common Stock before consummation of the Mergers.

If the Mergers are consummated, then, based on the shares of IRT Common Stock and CSR Common Stock outstanding as of         , the latest practicable date before the date of this joint proxy statement/prospectus, IRT and CSR estimate that legacy IRT stockholders and holders of IROP Common Units will own approximately      % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively, and legacy CSR shareholders and CSR OP unitholders will own approximately        % of the issued and outstanding shares of IRT Common Stock and IROP Common Units, respectively. The results of operations of IRT, as well as the trading price of IRT Common Stock, after consummation of the Mergers may be affected by factors different from those currently affecting the trading prices of IRT Common Stock. These different factors include:

Accordingly, the historical trading prices of IRT Common Stock and the historical financial results of IRT and CSR may not be indicative of these matters for IRT after the Mergers.

Holders of outstanding indebtedness of CSR and its subsidiaries, and other third parties, may exercise contractual rights under the respective debt agreements in connection with the Mergers.

CSR and its subsidiaries are party to debt agreements that give the holders of indebtedness under such agreements certain rights following a merger or change of control, including the right to demand immediate repayment upon the merger or change of control absent a waiver or consent by the applicable holders of indebtedness. Debt agreements covering substantially all of CSR’s indebtedness include such provisions. While IRT is working to gain holder waivers and/or consents required to assume certain indebtedness of CSR’s subsidiaries that carries such provisions to avoid the risk of accelerated repayment, there is no assurance that any or all of the holders of such indebtedness will provide requested waivers or consents and if they do not, and such indebtedness and any other indebtedness of CSR and its subsidiaries that carries such provisions is not refinanced at or prior to the consummation of the Mergers, then the aggregate amount of indebtedness that would become due and payable upon consummation of the Mergers would be substantial and could result in a material adverse effect on IRT. To mitigate the risk of the need to refinance indebtedness of CSR and its subsidiaries, IRT has entered into the Debt Commitment Letter to provide short-term liquidity, if needed. For additional information, see “—IRT may finance a portion of the transactions contemplated by the Merger Agreement, including the refinancing of indebtedness of CSR and its subsidiaries, and pay related costs, fees and expenses, with the Term Loan.”

The completion of the Mergers may also trigger change-in-control, right of first refusal or other provisions in other agreements to which CSR is a party. If CSR is unable to negotiate waivers of those provisions, the counterparties may exercise their rights and remedies under the applicable agreements, including in some instances potentially terminating the agreements or seeking monetary damages. Even if CSR is able to negotiate waivers, the counterparties may require a fee for such waivers or seek to renegotiate the agreements on terms less favorable to the combined company.

IRT has the right to defer the Closing if consent to the transactions contemplated by the Merger Agreement has not been obtained from the holders of certain indebtedness of CSR’s subsidiaries.

In addition, IRT has the right, in its sole discretion and by written notice to CSR, to defer the Closing until the earliest of (i) the tenth business day after, with respect to each designated mortgage loan of CSR’s subsidiaries that has not been repaid, refinanced or defeased in accordance with the Merger Agreement, the applicable lender has granted the required lender consent to the transactions contemplated by the Merger Agreement or has indicated that it is ready, willing and able to grant that consent subject only to the Closing and satisfaction of conditions thereto that by their nature are to be satisfied at the Closing and all other conditions to the effectiveness of that consent have been satisfied or waived, and (ii) the tenth business day before June 30, 2027. Any such deferral could delay consummation of the Mergers and increase the risk that the Mergers will not be consummated before the outside date.

Risks Relating to REIT Status and Certain Tax Matters

IRT may incur adverse tax consequences if IRT or CSR has failed or fails to qualify as a REIT for U.S. federal income tax purposes.

Each of IRT and CSR has operated in a manner that it believes has allowed it to qualify as a REIT for U.S. federal income tax purposes under the Code and intends to continue to do so through the time of the Mergers. IRT intends to continue operating in such a manner following the Mergers. Neither IRT nor CSR has requested or plans to request a ruling from the IRS that it qualifies as a REIT. Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within the control of IRT or CSR may affect each company’s ability to qualify as a REIT. In order to qualify as a REIT, each of IRT and CSR must satisfy a number of requirements, including requirements regarding the ownership of its stock and the composition of its gross income and assets. Also, a REIT must make distributions to stockholders aggregating annually at least 90% of its net taxable income, excluding any net capital gains.

Consummation of the Mergers is conditioned on receipt by IRT of an opinion from Hunton Andrews Kurth LLP (or other nationally recognized tax counsel) generally to the effect that CSR, during the period commencing with its taxable year ended April 30, 2016 and ending with its taxable year ended December 31, 2025, was organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and, with respect to any taxable year of CSR beginning on or after January 1, 2026 and ending on or prior to the Closing Date, was organized and operated in conformity with such requirements without regard to the distribution requirement described in Section 857(a)(1) of the Code for such taxable year. Consummation of the Mergers is also conditioned on receipt by CSR of an opinion from Troutman Pepper Locke LLP (or other nationally recognized tax counsel) to the effect that IRT, commencing with its taxable year ended December 31, 2016, was organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code and its current and proposed method of operation will enable it to continue to qualify for taxation as a REIT through the end of the taxable year that includes the Closing Date. The foregoing REIT opinions will be based on factual representations provided by IRT and CSR to counsel and limited by the assumptions set forth therein, and are not a guarantee that IRT or CSR, in fact, has qualified, or, in the case of IRT, will continue to qualify as a REIT, nor are such opinions binding on the IRS. Moreover, as noted above, neither IRT nor CSR has requested or plans to request a ruling from the IRS that it qualifies as a REIT.

If IRT loses its REIT status, or is determined to have lost its REIT status in a prior year, it will face serious tax consequences that would substantially reduce its cash available for distribution, including cash available to pay dividends to its stockholders, because:

Even if IRT retains its REIT status, if CSR is determined to have lost its REIT status for a taxable year ending on or before the Mergers, IRT would be subject to adverse tax consequences. This could substantially reduce IRT’s cash available for distribution, including cash available to pay dividends to its stockholders, because, assuming that IRT otherwise maintains its REIT qualification:

If there is an adjustment to CSR’s taxable income or dividends paid deductions for taxable years ending on or prior to the Mergers, IRT could elect to use the deficiency dividend procedure in order to maintain CSR’s REIT status for such taxable years. That deficiency dividend procedure could require IRT to make significant distributions to its stockholders and to pay significant interest to the IRS.

As a result of all these factors, IRT’s or CSR’s failure to qualify as a REIT could impair IRT’s ability to expand its business and raise capital, and would materially adversely affect the market value of its common stock. In addition, for years in which IRT does not qualify as a REIT, it would not otherwise be required to make distributions to stockholders.

Risks Relating to an Investment in Common Stock of IRT following Consummation of the Mergers and the Transactions Contemplated by the Merger Agreement

The market price of IRT Common Stock may decline as a result of the Mergers and the transactions contemplated by the Merger Agreement.

The market price of IRT Common Stock may fluctuate significantly following completion of the Mergers, and holders of IRT Common Stock could lose some or all of the value of their investment. In particular, the market price of IRT Common Stock may decline as a result of the Mergers and the transactions contemplated by the Merger Agreement if, among other things, IRT does not achieve the perceived benefits of the Mergers and the transactions contemplated by the Merger Agreement or the effect of the Mergers and the transactions contemplated by the Merger Agreement on IRT’s results of operations or financial condition is not consistent with the expectations of financial or industry analysts.

In addition, upon consummation of the Mergers and the transactions contemplated by the Merger Agreement, IRT stockholders and CSR shareholders will own interests in IRT, which will operate an expanded business with a different mix of properties, risks and liabilities. Stockholders of IRT and shareholders of CSR may not wish to continue to invest in IRT, or may wish to dispose of some or all of their shares of IRT Common Stock. If, following the effective time of the Mergers or while the Mergers are pending, large amounts of IRT Common Stock are sold, the market price of IRT Common Stock could decline, perhaps substantially.

Following consummation of the Mergers and the transactions contemplated by the Merger Agreement, IRT may not continue to pay dividends at the rate currently paid by IRT.

Following consummation of the Mergers, IRT may not pay dividends at the same level at which IRT currently pays dividends, or with the same frequency, including because of factors such as the following:

Stockholders of IRT will have no contractual or other legal right to dividends that have not been declared by the IRT Board.

The Mergers may not be accretive to the combined company’s stockholders.

The IRT Board expects that the transaction will be immediately accretive to IRT’s CFFO and provide the combined company with an attractive growth profile. However, because IRT Common Stock will be issued in the Mergers, it is possible that the Mergers may be dilutive to IRT’s CFFO per share if, among other things, the combined company incurs higher than expected expenses in connection with the Mergers or fails to realize the cost savings and other benefits of the Mergers in a timely manner or at all. The failure of the Mergers to be accretive to stockholders could have a material adverse effect on the combined company’s business, financial condition and results of operations.

Shares of IRT Common Stock to be received by CSR’s shareholders in the Company Merger will have rights different from the shares of CSR Common Stock.

After the Company Merger Effective Time, CSR’s shareholders who receive shares of IRT Common Stock in connection with the Company Merger will have different rights than they currently have as CSR shareholders and these rights may be, or may be perceived to be, less favorable than their current rights as CSR shareholders. For more information, see “Comparison of Rights of IRT Stockholders and CSR Shareholders.”

Each of IRT and CSR may have liabilities that are not known to the other party, or that may materialize in a manner not consistent with the other party’s expectations.

Each of IRT and CSR may have liabilities that the other party failed, or was unable, to discover in the course of performing its respective due diligence investigations. IRT and CSR may learn additional information about the other party that materially adversely affects it, such as unknown or contingent liabilities and liabilities related to compliance with applicable laws. As a result of these factors, the combined company may incur additional costs and expenses and may be forced to later write-down or write-off assets, restructure operations or incur impairment or other charges that could result in the combined company reporting losses. Even if IRT’s and CSR’s respective due diligence has identified certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with its expectations. If any of these risks materialize, this could adversely affect the combined company’s financial condition and results of operations and could contribute to negative market perceptions about, or price movements of, IRT Common Stock following the Mergers.

Other Risks

The unaudited pro forma condensed consolidated financial statements contained herein do not purport to be indicative of IRT’s results after consummation of the Mergers and the transactions contemplated by the Merger Agreement, and accordingly, you will have limited financial information on which to evaluate the future performance of IRT.

The unaudited pro forma condensed consolidated financial statements contained herein are presented for informational purposes only and do not purport to be indicative of the financial position or results of operations that actually would have occurred had the Mergers and the transactions contemplated by the Merger Agreement been consummated as of the dates indicated, nor do they purport to be indicative of the future operating results or financial position of IRT after the Mergers and the transactions contemplated by the Merger Agreement. The unaudited pro forma condensed consolidated financial statements reflect adjustments, which are based upon preliminary estimates, to allocate the purchase price to CSR’s assets and liabilities.

In addition, the unaudited pro forma condensed consolidated financial statements do not reflect other future events that may occur after consummation of the Mergers, including the costs related to the planned integration of IRT and CSR and any future non-recurring charges resulting from the Mergers and the transactions contemplated by the Merger Agreement, and do not consider potential impacts of current market conditions on revenues or expense efficiencies. The unaudited pro forma condensed consolidated financial statements contained herein are based in part on certain estimates and assumptions (including the estimated purchase price allocation described above) regarding the Mergers and the transactions contemplated by the Merger Agreement that IRT and CSR believe are reasonable under the circumstances. IRT and CSR cannot assure you that the estimates and assumptions will prove to be appropriate.

IRT’s and CSR’s financial forecasts are based on various assumptions that may not prove to be appropriate.

The financial forecasts set forth in “The Mergers—Certain IRT Unaudited Prospective Financial Information” and “The Mergers—Certain CSR Unaudited Prospective Financial Information” are based on assumptions of, and information available to, IRT and CSR at the time they were prepared and provided to the IRT Board and CSR Board, respectively, and IRT’s and CSR’s respective financial advisors. There can be no assurance that such assumptions will prove to be appropriate. Such forecasts can be adversely affected by known or unknown risks and uncertainties, many of which are beyond IRT’s and CSR’s control. Many factors discussed in, or in documents incorporated by reference into, this joint proxy statement/prospectus, including the risks outlined in this “Risk Factors” section and the events or circumstances described under “Cautionary Statement Regarding Forward-Looking Statements,” will be important in determining IRT’s, CSR’s and the combined company’s future results. As a result of these contingencies, actual future results may vary materially from IRT’s and CSR’s forecasts.

In view of these uncertainties, the inclusion of IRT’s and CSR’s financial forecasts in this joint proxy statement/prospectus is not and should not be viewed as a representation that the forecast results will be achieved. Further, any forward-looking statement speaks only as of the date on which it is made, and IRT and CSR undertake no obligation, other than as required by applicable law, to update the financial forecasts herein to reflect events or circumstances after the date those financial forecasts were prepared or to reflect the occurrence of anticipated or unanticipated events or circumstances. Moreover, neither IRT’s nor CSR’s independent accountants, nor any other independent accountants, have compiled, examined, or performed any procedures with respect to IRT’s or CSR’s unaudited prospective financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or the achievability thereof.

Following consummation of the Mergers, the market price and trading volume of the IRT Common Stock may be volatile.

The United States stock markets, including the NYSE, on which the IRT Common Stock is and, after the Mergers, will continue to be listed under the symbol “IRT,” have experienced significant price and volume fluctuations. As a result, the market price of shares of IRT Common Stock is likely to be similarly volatile, and investors in shares of IRT Common Stock may experience a decrease, which could be substantial, in the value of their shares, including decreases unrelated to IRT’s operating performance or prospects. IRT and CSR cannot assure you that the market price of shares of IRT Common Stock will not fluctuate or decline significantly in the future.

In addition to the risks listed elsewhere in these “Risk Factors,” a number of factors could negatively affect the IRT Common Stock price or result in fluctuations in the price or trading volume of IRT Common Stock, including:

In the past, securities class action litigation has often been instituted against companies following periods of volatility in the price of their common stock. This type of litigation could result in substantial costs and divert IRT’s management’s attention and resources, which could have a material adverse effect on IRT’s cash flows, its ability to execute its business strategy and IRT’s ability to make distributions to its stockholders.

IRT and CSR face other risks.

The risks listed above are not exhaustive, and you should be aware that, prior to and following consummation of the Mergers and the transactions contemplated by the Merger Agreement, IRT and CSR will face various other risks, including those discussed in reports filed by IRT and CSR with the SEC, and including the risks described in Part I, Item 1A of IRT’s Annual Report on Form 10-K for the year ended December 31, 2025 and CSR’s Annual Report on Form 10-K for the year ended December 31, 2025. For more information, see “Where You Can Find More Information.”

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This joint proxy statement/prospectus and the documents incorporated by reference into this joint proxy statement/prospectus contain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which IRT, CSR and their respective subsidiaries operate and beliefs of and assumptions made by IRT’s management and CSR’s management, involve uncertainties that could significantly affect the financial or operating results of IRT, CSR or the combined company. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “would,” “should,” variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed transactions involving IRT and CSR, including future financial and operating results, plans, objectives, expectations and intentions. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements relating to creating value for stockholders, benefits of the proposed transactions to clients, employees, stockholders and other constituents of the combined company, integrating our companies, cost savings, synergies and the expected timetable for consummating the proposed transactions are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although IRT and CSR believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, IRT and CSR can give no assurance that their expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to, those set forth under “Risk Factors” beginning on page 30 as well as the following:

Neither IRT nor CSR undertakes any duty to update any forward-looking statements appearing in this document, except as may be required by applicable securities laws. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

INFORMATION ABOUT THE COMPANIES

Independence Realty Trust, Inc.

IRT, a Maryland corporation, is a self-administered and self-managed Maryland REIT, that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of June 30, 2026, IRT owned a diversified portfolio of 116 multifamily apartment properties, totaling 33,898 units. IRT’s properties are located in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas. IRT does not have any foreign operations and its business is not seasonal.

IRT’s primary business objective is to maximize stockholder value through diligent portfolio management, strong operational performance, and a consistent return of capital through distributions and capital appreciation. Its investment strategy is focused on the following:

The principal offices of IRT are located at 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800. IRT has offices in Philadelphia, Pennsylvania, Chicago, Illinois and Tampa, Florida.

IRT Common Stock is listed on the NYSE, trading under the symbol “IRT.”

Additional information about IRT and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus. For more information, see “Where You Can Find More Information.”

Independence Realty Operating Partnership, LP

IRT owns all of its assets and conducts substantially all of its operations through Independence Realty Operating Partnership, LP, a Delaware limited partnership, of which IRT is the sole general partner. As of June 30, 2026, IRT owned a 97.5% interest in IRT OP. The remaining 2.5% consists of IROP Common Units issued to third parties in exchange for contributions of properties to IRT OP. The principal executive offices of IRT OP are located at 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Islanders Sub, LLC

Islanders Sub, LLC, a Delaware limited liability company, is a direct, wholly owned subsidiary of IRT. IRT Merger Sub was formed after the date of the Merger Agreement solely for the purpose of engaging in the transactions contemplated by the Merger Agreement, including the Company Merger, and was added to the Merger Agreement as a party by joinder. IRT Merger Sub has not conducted any business activities, has no assets, liabilities or obligations and has conducted its operations solely as contemplated by the Merger Agreement. Its principal executive offices are located at c/o Independence Realty Trust, Inc., 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Islanders OP Sub, LLC

Islanders OP Sub, LLC, a Delaware limited liability company, is a direct, wholly owned subsidiary of IRT OP. IRT OP Merger Sub was formed by IRT OP solely for the purpose of engaging in the transactions contemplated by the Merger Agreement, including the Partnership Merger. IRT OP Merger Sub has not conducted any business activities, has no assets, liabilities or obligations and has conducted its operations solely as contemplated by the Merger Agreement. Its principal executive offices are located at c/o Independence Realty Trust, Inc., 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number is (267) 270-4800.

Centerspace

CSR is a North Dakota REIT that owns, manages, acquires, develops and redevelops apartment communities. As of September 9, 2026, CSR owned 47 apartment communities consisting of 10,456 apartment units located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and Utah. Founded in 1970, CSR is committed to providing a great home for its residents, its team members and its investors by focusing on integrity and serving others.

CSR’s operations strategy aims to provide an exceptional resident experience and maximize property financial results.

CSR’s business objective under its current strategic plan is to employ an investment strategy that encompasses:

CSR’s principal executive offices are located at 1324 20th Avenue SW, PO Box 1988, Minot, North Dakota 58702-1988, and its telephone number is (701) 837-4738. CSR also has a corporate office in Minneapolis, Minnesota.

CSR Common Stock is listed on the NYSE, trading under the symbol “CSR.”

Additional information about CSR and its subsidiaries is included in documents incorporated by reference into this joint proxy statement/prospectus. For more information, see “Where You Can Find More Information.”

Centerspace, LP

CSR conducts its daily business operations primarily through its operating partnership, CSR OP, of which Centerspace, Inc., a North Dakota corporation and a wholly owned subsidiary of CSR, is the sole general partner. All of CSR’s assets and liabilities have been contributed to Centerspace, LP, through Centerspace, Inc., in exchange for the sole general partnership interest in Centerspace, LP. As of September 8, 2026, Centerspace, Inc. owned approximately 95% of the CSR OP Common Units. The remaining CSR OP Common Units of CSR OP are held by individual limited partners. The principal executive offices of CSR OP are located at 1324 20th Avenue SW, PO Box 1988, Minot, North Dakota 58702-1988, and its telephone number is (701) 837-4738.

The Combined Company

Upon consummation of the pending Mergers, IRT will be the parent entity of the combined company, which will retain the name “Independence Realty Trust, Inc.” and will continue to trade on the NYSE under the ticker symbol “IRT.”

The Mergers will join together two high-quality portfolios to increase geographic diversification across high-growth markets in the Sunbelt, Midwest and Mountain West markets of the United States. On a pro forma basis, the combined company will own a portfolio of 163 apartment communities comprising approximately 44,000 units across 17 states in urban and suburban locations in Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, Minnesota, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah. Upon consummation of the Mergers, the combined company’s ten largest markets by unit count will be Atlanta, Dallas, Denver, Minneapolis, Columbus, Indianapolis, Tampa, Oklahoma City, Raleigh – Durham, and Nashville.

The business of the combined company will be operated through IRT OP and its subsidiaries and will be structured as a traditional UPREIT. On a pro forma basis giving effect to the pending Mergers, IRT will own approximately 94.7% of the partnership interests in IRT OP and, as its sole general partner, IRT will have the full, exclusive and complete responsibility for and discretion in the day-to-day management and control of IRT OP.

The combined company’s principal offices will be located at 1835 Market Street, Suite 2601, Philadelphia, Pennsylvania 19103, and its telephone number will be (267) 270-4800.

THE MERGERS

The following is a description of the material aspects of the Mergers. While IRT and CSR believe that the following description covers the material terms of the Mergers, the description may not contain all of the information that is important to the IRT stockholders and the CSR shareholders. IRT and CSR encourage the IRT stockholders and the CSR shareholders to carefully read this entire joint proxy statement/prospectus, including the Merger Agreement and the other documents attached to this joint proxy statement/prospectus and incorporated herein by reference, for a more complete understanding of the Mergers.

General

The IRT Board has unanimously declared advisable, and unanimously approved, the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement, including the issuance of IRT Common Stock to the holders of CSR Common Stock in the Company Merger, the issuance of IROP Common Units to the holders of CSR OP Common Units in the Partnership Merger and the issuance of IRT OP Preferred Units to the holders of CSR OP Preferred Units in the Partnership Merger.

The CSR Board has unanimously determined the Merger Agreement and the other transactions contemplated thereby to be advisable and in the best interests of CSR.

Pursuant to the Merger Agreement, CSR will merge with and into IRT Merger Sub at the Company Merger Effective Time, whereupon the separate existence of CSR will cease and IRT Merger Sub will be the surviving entity and a wholly owned subsidiary of IRT. Immediately following the Company Merger, IRT OP Merger Sub will merge with and into CSR OP at the Partnership Merger Effective Time, whereupon the separate existence of IRT OP Merger Sub will cease and CSR OP will be the surviving entity and a subsidiary of IRT OP.

As a result of the Mergers, each share of CSR Common Stock (other than certain shares set forth in the Merger Agreement) will be automatically converted into the right to receive a number of shares of IRT Common Stock equal to the Exchange Ratio, with cash paid in lieu of fractional shares, each CSR OP Common Unit will be automatically converted into the right to receive a number of IROP Common Units equal to the Exchange Ratio, rounded up to the nearest whole unit (for each holder of CSR OP Common Units, after aggregation of all fractional IROP Common Units otherwise to be received by such holder), each Series D Preferred Unit will be automatically converted into one IRT OP Preferred Unit designated as “Series A Preferred Unit,” and each Series E Preferred Unit will be automatically converted into one IRT OP Preferred Unit designated as “Series B Preferred Unit,” as more fully described below under the section entitled “The Merger Agreement—Merger Consideration; Effects of the Mergers.”

Background of the Mergers

The terms of the Merger Agreement are the result of arm’s-length negotiations between IRT and CSR. The following is a summary of the material events leading up to the signing of the Merger Agreement and the key meetings, negotiations, discussions and actions by and between IRT and CSR and their respective advisors that preceded the public announcement of the transactions contemplated by the Merger Agreement. This summary does not purport to catalogue every conversation or interaction among representatives of IRT, CSR or any other parties.

In pursuing strategies for enhancing stockholder value, the IRT Board and the CSR Board regularly evaluate IRT’s and CSR’s respective strategic directions and ongoing business plans and consider opportunities for acquisitions, joint ventures and other strategic investments. As part of these evaluations, each of the IRT Board and the CSR Board has, from time to time, considered a variety of potential strategic alternatives. These have included, among others: (1) the continuation of, and potential improvements to, IRT’s and CSR’s respective business plans, with IRT and CSR each remaining as an independent company, (2) the acquisition or disposition of certain properties, (3) capital return activities and (4) business combinations and other financial and strategic alternatives. In addition, IRT management and CSR management each regularly holds introductory and informational meetings with actual and potential investors, other participants in IRT’s and CSR’s industry and other counterparties that may have an interest in engaging in potential commercial or strategic transactions with IRT or CSR, as applicable, for the purpose of discussing, in general terms and based on publicly available information, IRT’s or CSR’s business and industry. IRT management and CSR management each regularly updates the IRT Board or CSR Board, as applicable, with respect to these discussions and meetings.

On May 8, 2025, Mr. James J. Sebra, President and Chief Financial Officer of IRT, met with RBC Capital Markets in the ordinary course to discuss potential acquisition opportunities, including a possible transaction with CSR. Later that day, Mr. Scott F. Schaeffer, Chairman of the IRT Board and Chief Executive Officer of IRT, and Mr. Sebra further discussed a possible transaction with CSR, including whether to request that a representative of RBC Capital Markets contact Mr. John Schissel, Chairman of the CSR Board, to initiate discussions with CSR on behalf of IRT. During the following week of May 12, 2025, IRT authorized a representative of RBC Capital Markets to contact Mr. Schissel regarding a potential transaction between IRT and CSR.

On May 16, 2025, the CSR Board held a regularly scheduled meeting, with members of management in attendance, and reviewed a presentation prepared by BMO Capital Markets, Corp. (“BMO”), from which CSR had obtained strategic advice in the past, regarding investors’ views of CSR and its relative position among peer companies in the multifamily apartment REIT industry. Additionally, at this meeting, the CSR Board reviewed and discussed CSR’s strategic priorities, which included (i) reducing CSR’s footprint in its tertiary markets to maximize the attractiveness of its portfolio, (ii) seeking to increase the multiple of earnings at which CSR’s shares traded, (iii) entering and scaling identified strategic markets, (iv) maintaining balance sheet discipline and (v) supporting best-in class operations at CSR’s communities, all while being opportunistic regarding strategic transactions.

Also on May 16, 2025, in accordance with IRT’s request, a representative of RBC Capital Markets contacted Mr. Schissel, to discuss the possibility of a potential strategic transaction between IRT and CSR. Mr. Schissel informed such representative that the CSR Board recently met and affirmed CSR’s strategic plan. Mr. Schissel also informed the representative of RBC Capital Markets that the CSR Board was focused on shareholder value and would evaluate a proposal for a strategic business combination with IRT if one were made.

On August 8, 2025, at IRT’s request, a representative of RBC Capital Markets contacted Mr. Schissel to again discuss the possibility of a potential strategic transaction between IRT and CSR. Mr. Schissel informed the representative of RBC Capital Markets that the CSR Board was focused on shareholder value and would evaluate a proposal for a strategic business combination with IRT if one were made and informed such representative that he would discuss IRT’s interest with the CSR Board.

On August 14, 2025 and August 15, 2025, the CSR Board held regularly scheduled meetings, with representatives of BMO in attendance. At these meetings, the CSR Board engaged in discussions regarding the business plan and strategy of CSR, including the opportunities and risks associated therewith. Additionally, during these meetings Mr. Schissel informed the CSR Board of his conversations with the representative of RBC Capital Markets and IRT’s interest in a business combination with CSR. Additionally, at these meetings, representatives of BMO provided the CSR Board with an overview of macroeconomic trends and the multifamily sector generally, as well as market perspectives with respect to CSR. BMO’s presentation also analyzed potential strategic transactions involving CSR. Following such presentation, the CSR Board discussed the strategic alternatives available to CSR, which also included executing on CSR’s standalone plan. In particular, the CSR Board discussed the challenging macroeconomic and interest rate environment for multifamily REITs, the importance of scale in the multifamily sector, and the continuing challenges posed by CSR having a higher cost of capital than other larger industry participants. The CSR Board also discussed RBC Capital Markets’ outreach to Mr. Schissel, on behalf of IRT, and IRT’s potential interest in a business combination with CSR. Following this discussion, the CSR Board directed BMO to contact certain publicly traded REITs (including IRT) and financial sponsors, in each case, on a public information-only basis, to ascertain their level of interest in exploring a potential strategic transaction with CSR.

In accordance with the CSR Board’s direction, beginning the week of August 18, 2025, BMO contacted several publicly traded REITs and financial sponsors to gauge their interest in a strategic transaction with CSR. As part of that outreach, BMO provided certain publicly available information to the parties contacted.

On or about August 18, 2025, a representative of BMO contacted Mr. Schaeffer to inquire whether IRT would be interested in submitting a proposal to CSR regarding a potential combination of IRT and CSR. Mr. Schaeffer indicated that IRT was interested in exploring a transaction and would prepare a proposal for the CSR Board’s consideration.

On August 27, 2025, the IRT Board held a meeting. At this meeting, Mr. Schaeffer provided the IRT Board with background on the recent conversations with representatives of CSR and its financial advisor regarding a potential combination. Mr. Schaeffer and Mr. Sebra presented materials to the IRT Board addressing the strategic rationale, certain preliminary financial aspects and potential balance sheet implications of a combination with CSR. Following discussion, during which the IRT Board considered the potential strategic benefits and risks of a combination with CSR, the IRT Board unanimously authorized management to submit a non-binding confidential proposal to CSR for an all-stock merger transaction, subject to due diligence and negotiation of definitive terms, with a fixed exchange ratio of 3.625 shares of IRT Common Stock for each outstanding share of CSR Common Stock.

On August 29, 2025, Mr. Schaeffer submitted a non-binding indication of interest to Mr. Schissel and Ms. Anne Olson, President and Chief Executive Officer of CSR, to acquire 100% of CSR’s outstanding equity in a stock-for-stock merger transaction (the “First IRT Proposal”). The letter proposed a fixed exchange ratio of 3.625 shares of IRT Common Stock for each outstanding share of CSR Common Stock. The letter indicated IRT’s willingness to proceed expeditiously, subject to satisfactory completion of due diligence and negotiation of mutually acceptable transaction documentation.

Later on August 29, 2025, the CSR Board held a meeting, with members of management and representatives of Wachtell Lipton, Rosen & Katz, CSR’s outside legal counsel (“Wachtell Lipton”), in attendance. At the meeting, the CSR Board discussed shareholder perspectives on CSR, and Ms. Olson provided a summary of recent activity regarding a potential strategic transaction, including the receipt of the First IRT Proposal. Ms. Olson informed the CSR Board that she had acknowledged receipt of the First IRT Proposal but had not taken any action with respect thereto. It was the consensus of the CSR Board that management work with CSR’s advisors to analyze the First IRT Proposal, and that the CSR Board would review the First IRT Proposal at a subsequent meeting.

On September 9, 2025, the CSR Board held a meeting, with members of management and representatives of BMO and Wachtell Lipton in attendance, to discuss the First IRT Proposal and BMO’s initial outreach to other potential strategic transaction counterparties. During this meeting, BMO reviewed with the CSR Board certain preliminary financial aspects of the First IRT Proposal and IRT’s ability to potentially increase its proposed exchange ratio, as well as preliminary perspectives on the potential prospects and the positioning of the combined company. BMO also summarized its outreach to other potential counterparties, noting that certain of these counterparties had expressed interest in a strategic transaction with CSR. The CSR Board then discussed the alternatives available to CSR with respect to future interactions with IRT or other third parties and considered which approach would be most likely to enhance shareholder value. In particular, the CSR Board discussed CSR’s efforts to execute its strategic plan, and the risks and uncertainties associated with respect to achieving some or all of the goals of the plan. These risks and uncertainties included execution and market risks, as well as the continued challenges posed by CSR’s higher cost of capital as compared to other larger participants in the multifamily sector. In light of these risks and uncertainties, as well as the First IRT Proposal and the potential interest from the potential counterparties contacted by BMO, the CSR Board decided to conduct a “market check” for an acquisition of CSR, the results of which could then be evaluated and compared to CSR’s potential as a standalone company, focused on the execution of its business plan. The CSR Board also discussed the potential to pursue a liquidation via asset sales if the CSR Board determined that such option would be in the best interests of CSR shareholders. The CSR Board also instructed BMO to include IRT in this market check and continue to engage with IRT as well as with other potential counterparties.

Following the September 9, 2025 meeting of the CSR Board, members of CSR’s management, with the assistance of representatives of BMO, began collecting certain confidential financial information to be placed in a virtual data room (the “Phase I Data Room”) that would be made available to potential participants in the market check, in each case, subject to entering into a confidentiality agreement with CSR. Additionally, representatives of CSR’s management worked with BMO to assemble a list of potential third parties that might be interested in an acquisition of CSR and that would have the ability and necessary access to capital to complete such a transaction. A representative of BMO also informed a representative of RBC Capital Markets of the CSR Board’s decision to proceed with a strategic review process in which IRT would be invited to participate.

At the CSR Board’s direction, beginning on September 24, 2025, BMO began contacting the potential counterparties discussed with CSR, including IRT. Subsequently, a financial sponsor and its operating partner (collectively, “Party A”) and a strategic company (“Party B”) contacted CSR management or BMO to express interest in a potential transaction with CSR. Nine of the potential counterparties (including IRT, Party A and Party B) subsequently signed confidentiality agreements with CSR and were provided access to, and accessed, the Phase I Data Room. Each of the confidentiality agreements with these potential counterparties included standstill provisions generally restricting the counterparty from seeking to acquire or control CSR and its subsidiaries. The restrictions on each of the counterparties under the standstill provisions terminated automatically and immediately upon CSR’s entry into the Merger Agreement.

On September 30, 2025, CSR and BMO formally entered into an engagement letter for BMO to act as CSR’s financial advisor, on terms that had previously been reviewed and approved by the CSR Board. The CSR Board selected BMO as CSR’s financial advisor based on its qualifications, expertise and reputation, as well as its knowledge of CSR’s business and the industry in which it operates.

On October 3, 2025, CSR opened the Phase I Data Room and began granting access to the nine potential counterparties that had entered into confidentiality agreements with CSR (including IRT, Party A and Party B). The potential counterparties were also given the opportunity to ask due diligence questions of members of CSR management as part of the ongoing due diligence.

Beginning on October 9, 2025, each of the nine potential counterparties that had entered into confidentiality agreements with CSR and had not withdrawn from the strategic process were provided with a transaction process letter consistent with the CSR Board’s instructions, which requested preliminary indications of interest by October 28, 2025.

On October 11, 2025, IRT and its advisors received access to CSR’s virtual data room to conduct due diligence in connection with their evaluation of a potential transaction. Over the following weeks, IRT’s management team and advisors conducted preliminary due diligence on CSR’s business, properties, financial condition, debt obligations, tax matters, legal compliance and other material aspects of CSR’s operations.

On October 20, 2025, an investor in CSR that, from time to time, had met with members of the CSR Board to discuss its perspectives on CSR (“Party C”) sent Mr. Schissel a non-binding proposal to acquire CSR for $68 per share in an all-cash transaction. Such proposal indicated that Party C beneficially owned 4.9% of CSR’s outstanding common shares. Mr. Schissel shared Party C’s proposal with Ms. Olson and the other members of the CSR Board, and it was the consensus of the CSR Board that Party C should be invited to participate in the market check.

On October 22, 2025, BMO, on behalf of CSR, informed Party C that CSR was conducting a strategic review process and sent Party C a proposed confidentiality agreement, which included a standstill provision restricting the counterparty from seeking to acquire or control CSR and its subsidiaries. Party C declined to enter into a confidentiality agreement with a standstill that extended past the date that was 30 days before the first date on which shareholders could nominate director candidates for CSR’s 2026 annual meeting of shareholders. Party C informed CSR that, unlike other bidders (all of which had entered into a confidentiality agreement containing a standstill with a term of at least 18 months), Party C needed to preserve its right to nominate director candidates or take any other action it deemed appropriate at CSR’s 2026 annual meeting of shareholders.

On October 28, 2025, following its preliminary review of CSR’s data room materials and consultation with certain of its advisors, IRT submitted a revised non-binding indication of interest to Mr. Schissel and Ms. Olson (the “Second IRT Proposal”). The revised proposal increased the proposed fixed exchange ratio from 3.625 to 3.675 shares of IRT Common Stock for each outstanding share of CSR Common Stock. The Second IRT Proposal requested that CSR agree to negotiate exclusively with IRT for 30 days for IRT to complete its diligence. The Second IRT Proposal reiterated IRT’s interest in the transaction and IRT’s view that a combination would create significant value for stockholders of both companies.

Prior to the October 28, 2025 deadline, Party A informed BMO that it remained interested in a potential strategic transaction involving CSR, but that it required more time to evaluate the information in the Phase I Data Room. Additionally, the other financial sponsors that had entered into confidentiality agreements with CSR each separately verbally informed BMO that they might be interested in a strategic transaction involving CSR, but were not prepared to submit a proposal at this time.

On October 29, 2025, Party B submitted a non-binding indication of interest to acquire CSR for $65 per share in an all-cash transaction. Party B indicated that, subject to additional due diligence, it was possible that Party B could increase its valuation. Party B’s indication of interest stated that it expected to partner with another third party to consummate the acquisition.

None of the other potential counterparties submitted an indication of interest providing for an acquisition of CSR prior to the November 6, 2025 meeting of the CSR Board, but certain of the counterparties expressed interest in learning more about CSR’s portfolio and potentially acquiring certain of CSR’s communities.

On November 6, 2025, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance, to discuss the status of the market check, and the proposals received from each IRT, Party B and Party C, as well as the feedback received from Party A and the other participants contacted by BMO. Representatives of BMO provided an overview of the Second IRT Proposal, as well as the proposals from Party B and Party C, and the oral feedback from other potential counterparties. Representatives of BMO also provided their perspectives on the perceived level of interest by the potential counterparties, including Party B, Party C and IRT, and discussed with the CSR Board certain assumptions underlying the indicative valuations included in the preliminary indications of interest, proposed financing plans, and other information. The CSR Board also discussed Party C’s unwillingness to enter into a confidentiality agreement containing a standstill provision that extended past the date that was 30 days before the first date on which shareholders could nominate director candidates for CSR’s 2026 annual meeting of shareholders, and Party C’s position that Party C needed to preserve its right to nominate director candidates or take any other action it deemed appropriate at CSR’s 2026 annual meeting of shareholders.

Following discussion, the CSR Board determined that CSR’s management and advisors should continue to engage with Party A, Party B, Party C, IRT and the other potential counterparties that remained interested in a strategic transaction with CSR and instructed management and CSR’s advisors to prepare to advance each such potential counterparty to a second phase of the strategic process during which more detailed information would be made available to such counterparties. Additionally, the CSR Board instructed members of management and its advisors to advance Party C to the second stage of the strategic review, and, if necessary, to agree to Party C’s request that CSR’s confidentiality agreement with Party C contain a standstill that terminated on the date that was 30 days before the first date on which shareholders could nominate director candidates for CSR’s 2026 annual meeting of shareholders so that Party C could be given access to confidential information and progress its proposal. The CSR Board instructed BMO to obtain final proposals from participants in the second phase of the strategic review in advance of the CSR Board’s next scheduled meeting on December 15, 2025.

Following the November 6, 2025 meeting of the CSR Board, members of CSR’s management, with the assistance of representatives of BMO organized additional confidential information regarding CSR that had not been provided in the Phase I Data Room in a second virtual data room (the “Phase II Data Room”), that would be made available to participants in the second phase of the strategic review, subject to being party to a confidentiality agreement with CSR.

On November 11, 2025, Bloomberg reported that CSR was exploring a potential sale and working with advisors to explore potential interest. Later on November 11, 2025, CSR publicly announced that the CSR Board had initiated a review of CSR’s strategic alternatives earlier in the fall of 2025. CSR’s announcement stated that the CSR Board would consider a wide range of options including, among other things, a sale, merger and other business combinations, as well as continuing to execute on its independent business strategy. Additionally, the public announcement identified BMO as CSR’s financial advisor in connection with the strategic review.

Following the public disclosure of CSR’s strategic alternatives review, BMO received inbounds from and engaged with numerous additional potential counterparties that had not participated in the first phase of the strategic review, with 11 additional counterparties entering into confidentiality agreements with CSR. Each of these confidentiality agreements included standstill provisions generally restricting the counterparty from seeking to acquire or control CSR and its subsidiaries. The restrictions on each of the counterparties under the standstill provisions terminated automatically and immediately upon CSR’s entry into the Merger Agreement. Each of these 11 counterparties, as well as Party A, Party B, IRT and the other potential counterparties that had been advanced to the second phase of the strategic review, were provided access to the Phase II Data Room and were given the opportunity to ask due diligence questions of and meet with members of CSR management and BMO regarding the due diligence information provided.

Beginning on November 12, 2025, each of the participants in the second phase of the strategic review, including IRT and Party B, were provided with a transaction process letter consistent with the CSR Board’s instructions, which requested final proposals by December 9, 2025.

Additionally, consistent with the CSR Board’s instructions, BMO provided the transaction process letter to Party C, and informed Party C that it had been advanced to the second phase of the strategic process based on Party C’s October 20, 2025 letter. Party C was also informed that in order to participate in the second phase of the strategic review, Party C would need to enter into a confidentiality agreement with CSR. Wachtell Lipton subsequently informed Party C’s outside counsel that CSR would accept Party C’s proposal that the confidentiality agreement include a standstill that terminated on the date that was 30 days before the first date on which shareholders could nominate director candidates for CSR’s 2026 annual meeting of shareholders so that Party C could be given access to confidential information and progress its proposal. Party C’s outside counsel informed Wachtell Lipton that while Party C appreciated CSR’s willingness to accommodate Party C’s request, Party C would not enter into a confidentiality agreement with CSR, as the confidentiality agreement did not provide that CSR would be obligated to publicly disclose material non-public information disclosed to Party C, and that Party C needed the ability to maintain flexibility, including with respect to trading in shares of CSR Common Stock. Party C’s outside counsel informed representatives of Wachtell Lipton that given these factors and the process timetable, Party C had elected not to participate in the second phase of the process and not to make any further proposals to acquire CSR.

On December 5, 2025, Mr. Schaeffer and Mr. Sebra spoke with Mr. Schissel and Ms. Olson by telephone to discuss the status of the Second IRT Proposal. During this call, Mr. Schaeffer reiterated IRT’s interest in pursuing an all-stock transaction at a fixed exchange ratio of 3.675 shares of IRT Common Stock per share of CSR Common Stock set forth in the Second IRT Proposal. Mr. Schaeffer also indicated that IRT was not prepared to continue submitting further proposals or further increase the proposed exchange ratio unless CSR confirmed that it was prepared to focus on a combination and was willing to engage in substantive discussions regarding a potential transaction. IRT did not subsequently submit a revised proposal in advance of the December 9, 2025 deadline.

Prior to the December 9, 2025 submission deadline, representatives of Party B informed representatives of BMO that Party B was withdrawing from the process, due to the fact that Party B was unable to finance a potential acquisition of CSR. Other than IRT, none of the other potential counterparties that participated in the second phase of the process submitted a proposal for an acquisition of, or combination with, CSR. Certain potential counterparties submitted non-binding preliminary proposals to acquire a portion of CSR’s assets.

On December 15, 2025, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance. The CSR Board discussed certain strategic transaction options identified during the recent strategic review process, including (i) continuing to execute on CSR’s current strategy to recycle capital through dispositions and acquisitions, (ii) pursuing select disposition to reduce debt, (iii) engaging in negotiations with IRT for the sale of the entire company, (iv) exploring disposition opportunities based on allocating CSR’s assets into portfolios based on geography and (v) liquidating via asset sales. In particular, the CSR Board discussed the fact that, other than IRT, no potential counterparty had submitted an offer to acquire or combine with CSR. Additionally, the CSR Board discussed the continuing challenging macroeconomic and interest rate environment for multifamily REITs, the importance of scale in the multifamily sector, and the continuing challenges posed by CSR having a higher cost of capital than other larger industry participants, and potential actions that could be taken to address these challenges. The CSR Board also discussed the Second IRT Proposal, and considered the potential benefits and costs of engaging with IRT on a bilateral basis, as opposed to the other alternatives discussed and considered by the CSR Board.

After discussion, the CSR Board directed BMO and CSR management to explore disposition opportunities based on allocating CSR’s assets into portfolios based on geography, to be defined by CSR management. CSR management subsequently constructed four distinct portfolios: Mountain West (composed of approximately 3,300 units across communities in the Denver, Boulder, Fort Collins and Salt Lake City markets), Emerging Markets (composed of approximately 4,900 units across communities in the Billings, Omaha, Bismarck, Grand Forks, Rapid City and Rochester markets), Minneapolis 1 (composed of approximately 1,350 units across six communities of largely newer construction) and Minneapolis 2 (composed of approximately 2,700 units across 14 communities of largely older construction) (collectively, the “Portfolios”).

On December 16, 2025, at the CSR Board’s direction, representatives of BMO informed representatives of RBC Capital Markets that the CSR Board had carefully considered the Second IRT Proposal and had concluded that the proposal did not represent sufficient value for CSR shareholders. BMO indicated that CSR intended to continue pursuing strategic alternatives. Following this communication, substantive discussions between IRT and CSR regarding a potential combination were suspended.

On December 19, 2025, at the CSR Board’s direction, BMO contacted potential counterparties to solicit bids for one or more of the Portfolios. Subsequently, from time to time through March 2026, BMO, in its capacity as financial advisor to CSR, received written proposals from parties relating to one or more of the Portfolios (or portions thereof). Certain of such parties conducted site visits to CSR properties or held other due diligence meetings with members of CSR management, and certain parties submitted proposals in the final round of this process. None of these proposals constituted offers to acquire or combine with CSR.

On February 13, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance, to discuss the strategic review process. After discussing the proposals that had been received, the CSR Board directed management to continue evaluating the proposals that had been received and to provide a recommendation to the CSR Board regarding CSR’s strategic options.

On March 1, 2026, Mr. Schaeffer and Ms. Olson met at an industry conference and discussed the multifamily industry.

On March 30, 2026, the CSR Board held a meeting, with representatives of management and BMO in attendance, to discuss the strategic review process. Representatives of BMO summarized the strategic review process and the final proposals CSR had received from potential counterparties. Ms. Olson then presented the recommendation of CSR’s management team to terminate the strategic review process and pursue certain targeted dispositions of assets in 2026, using the sale proceeds to repay outstanding indebtedness and potentially pay a special distribution to CSR shareholders, if required. After this presentation, the CSR Board discussed and evaluated potential alternatives to terminating the strategic review process, including liquidating CSR based on indications of interest for certain of CSR’s assets or portfolios. The CSR Board also discussed the risks if pursuing such a liquidation, including that executing multiple transactions in a compressed timeframe could lead to unforeseen costs and execution challenges, that the indications of interest received for the assets or Portfolios could be revised downwards or proceeds not ultimately realized, and other risks related to pursuing a liquidation. After extensive discussion, the CSR Board determined to strategically dispose of assets primarily in tertiary markets, deleveraging and improving portfolio quality at the time while preserving the option to pursue a strategic business combination in the future.

Subsequently, between June and August 2026, CSR completed the dispositions of such properties for aggregate gross proceeds of approximately $319 million.

On June 1, 2026, CSR issued a press release announcing the outcome of its comprehensive evaluation of strategic alternatives and the approval by the CSR Board of a portfolio optimization and deleveraging plan. The announcement indicated that CSR intended to pursue selective asset dispositions.

The following day, on June 2, 2026, Mr. Schaeffer attended the annual National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) investor conference and met with Ms. Olson. During their conversation, Mr. Schaeffer and Ms. Olson discussed the general state of the multifamily REIT sector and their respective companies’ strategic priorities. Mr. Schaeffer reiterated IRT’s continued interest in exploring a potential combination with CSR.

On June 2, 2026, Ms. Olson had dinner with representatives from a multifamily REIT whose equity is publicly traded on a stock exchange outside the United States (“Party D”) and discussed the industry generally, investor matters and the companies’ complementary platforms.

On June 5, 2026, Party D sent Ms. Olson a proposal for an all-stock reverse merger between CSR and Party D, whereby Party D would acquire all of CSR’s outstanding equity, resulting in CSR shareholders owning 68% of the combined company.

On June 13, 2026, the CSR Board held a meeting, with representatives of management and BMO in attendance, to discuss the recent proposal from Party D. After discussion and comparing such proposal to CSR’s strategic objectives, the CSR Board determined that engaging with Party D was not in the best interests of CSR shareholders. In particular, the CSR Board determined that the combined company would be over-leveraged, hindering its ability to pursue growth opportunities, and that the geographical portfolio of the combined company was not compelling.

At a meeting of the IRT Board held on June 15, 2026, in addition to receiving regular operational and financial updates, the IRT Board discussed strategic matters. During the meeting, Mr. Schaeffer updated the IRT Board on his recent conversation with Ms. Olson at the NAREIT conference and noted that, given the market’s reaction to CSR’s June 1, 2026 strategic alternatives announcement, there appeared to be a renewed opportunity for IRT to engage with CSR regarding a potential transaction. The IRT Board discussed the strategic rationale for a combination and authorized Mr. Schaeffer to continue his dialogue with CSR management to assess CSR’s receptivity to resume discussions.

On June 16, 2026, Mr. Schaeffer spoke with Ms. Olson by telephone to follow up on their NAREIT conversation and to reiterate IRT’s interest in a potential transaction. Ms. Olson indicated that she would advise the CSR Board of IRT’s continued interest in a strategic combination and would provide the CSR Board’s feedback.

On June 18, 2026, Ms. Olson provided the CSR Board with a written update regarding discussions with IRT.

Between June 23, 2026 and June 29, 2026, Mr. Schaeffer spoke with Ms. Olson by telephone several times to further discuss a potential business combination.

On June 26, 2026, the CSR Board held a meeting, with representatives of management and BMO in attendance, to discuss engagement with IRT. In particular, the CSR Board discussed the fact that the environment for multifamily REITs continued to be challenging, and that increased scale, including in attractive markets, would be critical to creating shareholder value. The CSR Board also considered the fact that pursuing a liquidation of CSR via asset sales presented structural complexity, including because certain of CSR’s properties are subject to tax protection agreements that restrict CSR’s ability to sell such properties in transactions that would create current taxable income to the former owner, and general execution risk, and that if CSR pursued such a liquidation and encountered difficulties in execution, or was unable to execute the liquidation in a timely fashion, the value available to shareholders from such a plan could be materially impaired. After this discussion and after reviewing materials prepared by BMO and considering input from management, the CSR Board determined that discussing a potential transaction with IRT was in the best interests of CSR’s shareholders and directed CSR management to engage with IRT in order to determine if there was a strategic combination with IRT that would present a better alternative to CSR’s standalone prospects, while noting that the CSR Board would expect such engagement to yield a proposal from IRT with an exchange ratio greater than the 3.675 exchange ratio IRT had proposed in the Second IRT Proposal from October 2025.

Following the June 26, 2026 meeting of the CSR Board, Ms. Olson informed Mr. Schaeffer that the CSR Board had authorized further engagement between the parties.

On July 6, 2026, Mr. Schaeffer spoke with Ms. Olson by telephone to discuss potential site visits to CSR’s properties and further due diligence efforts.

On July 10, 2026, following additional discussions between the parties’ executives and legal advisors, IRT and CSR executed an amended and restated confidentiality agreement in connection with the evaluation of a potential negotiated transaction between IRT and CSR, which made the standstill provisions in the original confidentiality agreement mutual and reflected the parties’ renewed engagement.

Following the execution of the amended and restated confidentiality agreement, CSR provided IRT with access to a virtual data room containing confidential information about CSR, including the CSR financial projections, which are more fully described in “Certain CSR Unaudited Prospective Financial Information.”

On July 15, 2026, Mr. Schaeffer and Mr. Sebra met in person with Mr. Schissel and Ms. Olson at IRT’s Tampa, Florida offices to discuss a potential combination of IRT and CSR. During this meeting, the executives discussed the strategic merits of a business combination and IRT’s strategic vision, financial position and operating strategy. Following this meeting, the parties agreed to proceed with substantive negotiations toward a potential transaction.

On July 20, 2026, Mr. Schaeffer and Mr. Sebra met with Ms. Olson and Bhairav Patel, CSR’s Chief Financial Officer, to discuss site visits and certain considerations related to the potential transaction, including structuring matters and the impact of CSR’s recent dispositions.

Also on July 20, 2026, IRT provided CSR and certain of CSR’s advisors with access to a virtual data room containing confidential information about IRT, including the IRT financial projections, which are more fully described in “Certain IRT Unaudited Prospective Financial Information.”

Representatives of IRT subsequently conducted site visits to CSR’s property portfolio as part of their reviews and assessments during the last week of July 2026 and through the first week of August 2026.

On July 21, 2026 and July 22, 2026, the IRT Board held its regularly scheduled second-quarter IRT Board meetings. At the July 21 meeting, in addition to regular business matters, a representative of Rothschild & Co presented an overview of market trends and valuation considerations for IRT. Mr. Schaeffer then presented materials to the IRT Board regarding a potential combination of IRT and CSR, including an overview of the proposed transaction structure, preliminary financial analyses addressing accretion, synergies and valuation, and an illustrative timeline for negotiation and closing. The representative of Rothschild & Co provided feedback on the potential impact to IRT of consummating the proposed transaction and discussed the relative merits of pursuing the proposed combination with CSR as compared to numerous alternative strategic paths available to IRT, including continuing to execute on IRT’s standalone business plan. A representative of Troutman Pepper Locke LLP (“Troutman”), IRT’s legal counsel, reviewed the fiduciary duties of the directors in connection with their evaluation of a potential transaction. The IRT Board engaged in discussions regarding the potential merits and risks of the proposed transaction and authorized management to continue negotiations with CSR.

On August 4, 2026 and August 5, 2026, Mr. Sebra met in person with Ms. Olson and certain other members of CSR management to continue discussing a potential combination of IRT and CSR, along with members of the IRT transaction team. Mr. Sebra also visited several of CSR’s properties during this visit.

On August 7, 2026, the IRT Board held a meeting to receive an interim update on the status of negotiations with CSR. At this meeting, members of IRT management provided the IRT Board with a summary of due diligence activities, including site visits to CSR properties. Mr. Sebra then presented updated materials to the IRT Board addressing the proposed transaction structure, the status of due diligence, preliminary implied financial metrics at various potential exchange ratios and an illustrative timeline to closing. The IRT Board discussed the range of potential exchange ratios, the status of negotiations, the remaining due diligence items and the key open items to be resolved with CSR, and authorized management to continue negotiations within the range of exchange ratios authorized by the IRT Board.

On August 11, 2026 and August 12, 2026, Mr. Schaeffer traveled to meet in person with CSR’s Senior Vice President – Investments and Capital Markets to further discuss the potential combination of IRT and CSR and related matters and to conduct site visits to certain of CSR’s properties.

On August 15, 2026, a private investment firm (“Party E”) submitted to representatives of BMO a non-binding letter of intent to acquire CSR at $65 per share of CSR Common Stock in an all-cash transaction (the “Party E Proposal”). The Party E Proposal proposed that Party E would have a two-month due diligence period after the execution of a definitive agreement to conduct due diligence on CSR, and that Party E could decide not to proceed with a transaction with CSR following the two-month due diligence period and terminate the definitive agreement without penalty. Additionally, the Party E Proposal was conditioned on CSR agreeing to a 60-day period of exclusivity. The Party E Proposal did not include committed financing or any evidence that Party E had access to equity or debt financing necessary to consummate a transaction. Representatives of BMO shared the Party E Proposal with Ms. Olson, who shared the Party E Proposal with the other members of the CSR Board.

On August 17, 2026, following a phone call with Ms. Olson, Mr. Schaeffer sent a non-binding indication of interest to Mr. Schissel and Ms. Olson setting forth IRT’s revised proposal (the “Third IRT Proposal”). The letter proposed an all-stock transaction with a fixed exchange ratio of 3.725 shares of IRT Common Stock for each outstanding share of CSR Common Stock, which represented an increase from IRT’s prior proposal of 3.675 shares. The letter proposed that CSR would enter into a 21-day exclusivity period. The letter indicated IRT’s desire to announce a transaction on an expedited timeline. The letter also reflected that the proposal assumed the transaction would close by year end and that CSR would not make any distributions to its shareholders or unitholders prior to closing of a potential transaction other than regular quarterly dividends consistent with past practice. The Third IRT Proposal provided that the definitive agreement providing for a transaction on the terms set forth in the Third IRT Proposal would not include a financing condition.

On August 20, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance, to discuss the Party E Proposal and the Third IRT Proposal. During this meeting, representatives of Wachtell Lipton reviewed the duties of the trustees in connection with their evaluation of the Party E Proposal and the Third IRT Proposal. The CSR Board discussed the fact that Party E had never completed an acquisition of a public company, and that there was no indication that Party E had access to the funds necessary to pursue the Party E Proposal. Additionally, the CSR Board discussed the fact that the Party E Proposal would require CSR to engage exclusively with Party E for 60 days, and that even after the execution of a definitive agreement with Party E, Party E would reserve the right to abandon a transaction with CSR based on the results of post-signing due diligence. Based on this discussion, CSR determined that the Party E Proposal did not provide a basis for further engagement with Party E.

BMO then provided its perspective on the Third IRT Proposal, including with respect to the relative trading prices and trading multiples of CSR and IRT, as well as their historical exchange ratio. Following this review, the CSR Board engaged in a discussion of the potential benefits and risks of continuing to pursue CSR’s standalone plan, as well as the potential to pursue additional asset sales and potentially a liquidation. In particular, the CSR Board discussed the complexities and execution risk presented by a liquidation, and that if CSR pursued a liquidation and encountered difficulties in execution, or was unable to execute the liquidation in a timely fashion, the value available to shareholders from such a plan could be materially impaired. The CSR Board also discussed the difficulty of executing on CSR’s standalone plan given CSR’s cost of capital and the importance of scale in the multifamily sector, and that in the 12 months since the First IRT Proposal, despite reaching out to numerous counterparties and publicly announcing a strategic review, IRT remained the only counterparty to make an actionable proposal to acquire CSR. Following extensive discussion, the CSR Board instructed Ms. Olson to submit a counterproposal to IRT, whereby IRT would acquire 100% of the outstanding shares of CSR Common Stock in accordance with the following terms: (i) a fixed exchange ratio of 3.95 shares of IRT Common Stock for each outstanding share of CSR Common Stock, (ii) the right to continue to pay regular quarterly cash dividends during the pendency of the transaction in an amount of up to $0.77 per quarter and (iii) the appointment of two current CSR directors to serve on the board of directors of the combined company. The CSR Board did not authorize CSR to agree to enter into an exclusivity arrangement with IRT.

Following the meeting, consistent with the CSR Board’s determination, CSR sent Party E a letter informing Party E that the Party E Proposal did not form the basis for further engagement.

On August 21, 2026, Ms. Olson sent a letter to Mr. Schaeffer expressing the CSR Board’s interest in moving expeditiously toward a transaction with IRT on the terms approved by the CSR Board.

Between August 21, 2026 and August 23, 2026, Mr. Schaeffer and Ms. Olson spoke several times regarding CSR’s counterproposal and the terms of a potential business combination. During one of these conversations, on August 23, 2026, Mr. Schaeffer proposed that IRT would acquire CSR in a stock-for-stock transaction with a fixed exchange ratio of 3.800 shares of IRT Common Stock per share of CSR Common Stock (the “Fourth IRT Proposal”), which represented an increase from the 3.725 fixed exchange ratio set forth in the Third IRT Proposal. During this conversation, Ms. Olson proposed an exchange ratio of 3.81 shares of IRT Common Stock for each outstanding share of CSR Common Stock and Mr. Schaeffer indicated that the fixed exchange ratio of 3.800 shares of IRT Common Stock per share of CSR Common Stock set forth in the Fourth IRT Proposal was IRT’s best and final offer. During these conversations, Mr. Schaeffer and Ms. Olson then discussed other potential terms of the proposed transaction (subject to the approval of the IRT Board and the CSR Board), which included: (i) two seats on the board of directors of the combined company being filled by independent directors selected from the CSR Board, subject to and consistent with the Nominating and Governance Committee of the IRT Board’s customary review process, and (ii) a termination fee equal to 4% of CSR’s equity value, payable by CSR to IRT under customary termination circumstances. Ms. Olson kept Mr. Schissel and other members of the CSR Board apprised of these discussions and the terms being proposed by Mr. Schaeffer.

On August 23, 2026, Troutman and IRT’s other advisors began a due diligence review of a virtual data room that CSR had opened to IRT and its advisors and, over the course of the following weeks, IRT and CSR and their respective advisors exchanged mutual due diligence materials and information, engaged in related discussions and conducted legal, financial and operational due diligence.

Also on August 23, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance, to discuss the potential transaction with IRT and the Fourth IRT Proposal. Ms. Olson described her conversations with Mr. Schaeffer since the CSR Board’s August 20, 2026 meeting, including that Mr. Schaeffer had informed her that the fixed exchange ratio of 3.800 shares of IRT Common Stock per share of CSR Common Stock in the Fourth IRT Proposal represented IRT’s best and final offer. Representatives of Wachtell Lipton then reviewed the duties of the trustees in connection with their evaluation of the Fourth IRT Proposal, and representatives of BMO reviewed with the CSR Board a preliminary financial analysis of the Fourth IRT Proposal.

The CSR Board then discussed potential alternatives to the potential transaction, including the alternatives considered at the August 20, 2026 meeting and other prior meetings. After extensive discussion, the CSR Board unanimously determined that management and CSR’s advisors should attempt to negotiate a transaction with IRT on the terms of the Fourth IRT Proposal, subject to the negotiation of definitive documentation and final approval by the CSR Board and to target the signing and announcement of a transaction as promptly as reasonably practicable.

On August 24, 2026, the IRT Board held a meeting to receive an update on the status of negotiations with CSR. Mr. Schaeffer reported on the exchange of proposals with CSR and presented the key business terms under discussion, including the proposed fixed exchange ratio of 3.800 shares of IRT Common Stock for each outstanding share of CSR Common Stock, termination fee, board composition and deal protections. Mr. Sebra presented updated financial information reflecting the proposed transaction terms. The IRT Board discussed the proposed terms and authorized management to continue negotiations with CSR toward a definitive agreement on substantially those terms. The IRT Board also scheduled future meetings to receive further updates and to consider approval of a definitive merger agreement.

Also on August 24, 2026, IRT and its advisors held a call to discuss the transaction, the form of merger agreement to use for the transaction and topics related to the structuring of the transaction and proposed timeline. Later on August 24, 2026, IRT, CSR and their respective advisors held an organizational call to discuss, among other things, the timeline of the proposed transaction, the merger agreement, due diligence items and related financial matters.

Between August 25, 2026 and September 8, 2026, the parties’ respective management teams and legal and other advisors engaged in extensive negotiations regarding the terms of the proposed merger agreement and other transaction documentation. During the course of these negotiations, areas of discussion and negotiation between the parties included, among other things: (i) the ability of the IRT Board to change its recommendation and IRT’s ability to terminate the Merger Agreement to accept a superior proposal, (ii) the size and triggers of the IRT Termination Fee and the CSR Termination Fee, (iii) IRT’s and CSR’s respective obligations with respect to the operation of their respective businesses during the period between the signing of the Merger Agreement and the consummation of the Mergers, (iv) restrictions on the payment of dividends between the signing of the Merger Agreement and the consummation of the Mergers, (v) whether IRT’s obligation to consummate the Mergers would be conditioned on the receipt of consents from certain of CSR’s lenders, (vi) the termination provisions, (vii) the representations and warranties to be made by the parties and (viii) provisions regarding CSR’s equity awards, employee benefit plans, retention, severance and other compensation matters.

On August 26, 2026, representatives of Troutman and Wachtell Lipton held a call to discuss the draft merger agreement, including topics related to the mechanics of the partnership merger, potential timing and related matters regarding North Dakota merger filings, the exchange of CSR OP Series D Preferred Units and CSR OP Series E Preferred Units, the treatment of CSR equity awards and employee covenants, representations and interim operating covenants of IRT, IRT OP and IRT Merger Sub to be included in the merger agreement, dividend coordination, certain closing conditions related to receiving consents from lenders under CSR outstanding mortgage debt instruments, and the IRT Board’s obligation to maintain its recommendation to the IRT stockholders in favor of the IRT Share Issuance.

On August 27, 2026, the CSR Board, acting by unanimous written consent, approved the reinstatement of BMO’s engagement letter with CSR, subject to an extension and clarification that certain fees previously paid would be credited against certain fees payable under such engagement letter.

Also on August 27, 2026, in connection with its engagement, Rothschild & Co provided certain information for the IRT Board regarding Rothschild & Co’s material investment banking relationships during the preceding approximately two-year period with IRT and CSR, which IRT determined did not present a conflict with respect to Rothschild & Co’s engagement by IRT.

Over the course of August 28, 2026 through September 2, 2026, representatives of Troutman and Wachtell Lipton and members of the respective management teams of IRT and CSR held calls to discuss due diligence matters related to the transaction.

On August 29, 2026, O’Melveny & Myers LLP, counsel to Royal Bank of Canada, sent drafts of the Debt Commitment Letter and Term Loan term sheet to Troutman. Over the course of August 29, 2026 through September 7, 2026, at the direction of the IRT Board, members of IRT management and representatives of Troutman negotiated the Debt Commitment Letter with Royal Bank of Canada and O’Melveny & Myers LLP.

On August 31, 2026, Troutman, on behalf of IRT, sent an initial draft of IRT’s disclosure schedules to Wachtell Lipton. The next morning, Wachtell Lipton, on behalf of CSR, sent an initial draft of CSR’s disclosure schedules to Troutman.

After previously executing an indemnification agreement with RBC Capital Markets, IRT formally engaged RBC Capital Markets as a financial advisor to IRT in connection with the potential transaction with CSR pursuant to an engagement letter effective as of August 29, 2026, the material terms of which had been reviewed and discussed with the IRT Board. In connection with its engagement, RBC Capital Markets provided certain information for the IRT Board regarding RBC Capital Markets’ material investment banking relationships during the preceding approximately two-year period with IRT and CSR, which IRT determined did not present a conflict with respect to RBC Capital Markets’ engagement by IRT.

On September 1, 2026, IRT executed a formal engagement letter with Rothschild & Co, the material terms of which had been reviewed and discussed with the IRT Board, pursuant to which Rothschild & Co agreed to serve as a financial advisor to IRT in connection with the potential transaction with CSR.

Also on September 1, 2026, the IRT Board held a meeting to receive an update on the status of negotiations with CSR. Mr. Schaeffer reported on the remaining open deal points under discussion with CSR, which related principally to tax-related matters, debt assumption conditions, economic terms and dividend mechanics. Mr. Schaeffer directed the IRT Board’s attention to transaction-related materials that had been distributed to the IRT Board on August 31, 2026, including certain preliminary financial analyses separately provided in advance of such meeting by RBC Capital Markets and Rothschild & Co for the IRT Board. The IRT Board discussed the remaining open items and authorized management to continue negotiations toward resolution of all open points in the merger agreement.

On September 2, 2026, the IRT Board held a meeting to receive further updates on the status of negotiations with CSR. Mr. Schaeffer reported that certain structural and process-related discussions remained ongoing in connection with the remaining open points. Mr. Schaeffer reported that IRT management and its advisors had evaluated various approaches to addressing remaining open points while protecting IRT’s interests. The IRT Board further discussed and authorized management to continue working with CSR to resolve the remaining open points.

Also on September 2, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance. Ms. Olson summarized negotiations between IRT and CSR. Ms. Olson reported that CSR management and its advisors had evaluated various approaches to addressing remaining open points while protecting CSR’s interests. The CSR Board further discussed and authorized management to continue working with IRT to resolve the remaining open points.

On September 6, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance. Ms. Olson summarized negotiations between IRT and CSR, including the key outstanding points of negotiation. Representatives of BMO then reviewed and discussed with the CSR Board, among other matters, the financial aspects of the proposed transaction and BMO’s preliminary financial analyses of the proposed 3.800 exchange ratio to be provided in the proposed transaction. Members of the CSR Board further discussed and authorized management to continue working with IRT to resolve the remaining open points.

Over the course of September 6, 2026 through September 8, 2026, representatives of Troutman and Wachtell Lipton and members of the respective management teams of IRT and CSR, including Messrs. Schaeffer and Sebra and Ms. Olson and Mr. Patel, worked to finalize the draft merger agreement and related transaction documents and the draft disclosure schedules, and representatives of Troutman and Wachtell Lipton exchanged drafts reflecting these discussions.

On September 7, 2026, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance. Ms. Olson summarized the status of negotiations with IRT, and explained that IRT and CSR were continuing to negotiate one remaining item relating to certain tax matters, and that, if and when IRT and CSR had agreed upon a proposed resolution to such item, the CSR Board would be reconvened to officially consider whether to approve the proposed transaction. Representatives of Wachtell Lipton reviewed with the CSR Board certain legal considerations, including the trustees’ duties in connection with their consideration of the potential transaction, and the principal terms of the draft merger agreement. Additionally, prior to the meeting, BMO had provided a relationship disclosure letter (a draft of which had been reviewed by members of CSR senior management and Wachtell Lipton) to the CSR Board providing certain information regarding its material business relationships with CSR and IRT during the preceding approximately two-year period, which letter was discussed with the CSR Board at the meeting. Following these discussions, the CSR Board instructed CSR management and its advisors to continue to negotiate the terms of the potential transaction, with a further update to be provided to the CSR Board at its next meeting.

Also on September 7, 2026, the IRT Board held an additional meeting to further review and discuss the proposed transaction. Mr. Schaeffer provided an update regarding the merger agreement negotiations and due diligence matters. Representatives of Troutman then reviewed the duties of the IRT directors under Maryland law, before reviewing a summary of the draft merger agreement that was provided to the IRT Board prior to the meeting. Mr. Schaeffer confirmed that, other than the resolution of one outstanding matter relating to certain tax matters, material changes to the terms of such draft merger agreement were not anticipated. At the request of the IRT Board, Mr. Sebra then provided an overview of the key financial terms of the proposed merger transaction and the $716,000,000 term loan facility offered to IRT OP by Royal Bank of Canada, and the representatives of Troutman provided a summary of the key terms of the merger agreement. The IRT Board subsequently discussed each of these items. In advance of such meeting, RBC Capital Markets and Rothschild & Co provided for the IRT Board updated information regarding their respective material investment banking relationships during the preceding approximately two-year period with IRT and CSR. At the request of Mr. Schaeffer, Mr. Sebra reviewed the information provided by RBC Capital Markets and Rothschild & Co for the IRT Board in advance of the meeting.

Also at this meeting and at the request of the IRT Board, RBC Capital Markets reviewed its financial analysis of the Exchange Ratio provided for in the Company Merger with the IRT Board and rendered an oral opinion, confirmed by delivery of a written opinion dated September 7, 2026, to the IRT Board to the effect that, as of that date and based on and subject to the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by RBC Capital Markets, the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement was fair, from a financial point of view, to IRT.

At the request of the IRT Board, representatives of Rothschild & Co reviewed Rothschild & Co’s financial analyses supporting its opinion to the IRT Board as to the fairness, from a financial point of view, to IRT of the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement. Rothschild & Co then rendered an oral opinion to the IRT Board, subsequently confirmed by delivery of a written opinion dated September 7, 2026, to the effect that, as of that date, and based upon and subject to the various assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by Rothschild & Co as set forth in its written opinion, the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement was fair, from a financial point of view, to IRT.

Following further discussion by the IRT Board of the proposed transaction, including the potential benefits, opportunities, risks and challenges, representatives of Troutman summarized the process for the approval of the transaction and reviewed resolutions for consideration by the IRT Board to approve the proposed Mergers and related matters. The IRT Board, following discussion and by a unanimous vote of all directors, then, among other things, (i) determined that the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Mergers, were advisable and in the best interests of IRT and its stockholders, (ii) approved the Mergers, the Merger Agreement and the other transactions contemplated by the Merger Agreement, (iii) authorized and approved the issuance of IRT Common Stock to the holders of CSR Common Stock in the Company Merger and the issuance of IROP Common Units to the holders of CSR OP Common Units in the Partnership Merger, (iv) directed that the issuance of IRT Common Stock be submitted for approval at a meeting of IRT stockholders, (v) recommended the approval of the issuance of IRT Common Stock in the Company Merger by IRT stockholders, (vi) authorized the creation of two new series of IRT OP preferred units (Series A and Series B), authorized IRT OP to issue IROP Common Units and IRT OP Preferred Units in the Partnership Merger pursuant to the Merger Agreement, and authorized IRT to reserve and issue shares of IRT Common Stock upon future redemption of IROP Common Units and IRT OP Preferred Units issued in the Partnership Merger, (vii) authorized, at the Company Merger Effective Time, the inclusion on the IRT Board of up to two individuals serving as independent members of the CSR Board as of immediately prior to the date of the Original Merger Agreement, selected by the Nominating and Governance Committee of the IRT Board, subject to such committee’s review and recommendation in its good faith discretion in accordance with its charter and a finding that such individuals’ qualifications are reasonably satisfactory, (viii) authorized the assumption, amendment, refinancing or prepayment of CSR’s existing debt at the Closing, including authorization of the Debt Commitment Letter and Term Loan and (ix) approved and ratified IRT’s execution and delivery of RBC Capital Markets’ and Rothschild & Co’s respective engagement letters. The IRT Board also authorized, among other things, the preparation and filing of this joint proxy statement/prospectus in connection with the Mergers. For further information concerning the factors considered by the IRT Board in reaching its decision to approve the Merger Agreement and the other transactions contemplated by the Merger Agreement and in making its recommendation to the IRT stockholders to approve the IRT Share Issuance, see the section titled “—IRT’s Reasons for the Mergers; Recommendations of the IRT Board.”

On September 8, 2026, following the resolution of the remaining open points related to the merger agreement and related transaction documents, the CSR Board held a meeting, with representatives of management, BMO and Wachtell Lipton in attendance. Representatives of Wachtell Lipton updated the directors on the terms of the proposed merger agreement, and representatives of BMO then discussed the financial aspects of the potential transaction and discussed the financial analyses of the 3.800 exchange ratio to be provided in the proposed transaction.

Following the discussion, at the request of the CSR Board, BMO rendered to the CSR Board its opinion, which was initially provided orally and subsequently confirmed by delivery of a written opinion, that, as of September 8, 2026 and based on and subject to the assumptions, limitations, qualifications and other matters set forth therein to be set forth in full in BMO’s written opinion, the Exchange Ratio provided for pursuant to the Original Merger Agreement was fair, from a financial point of view, to the holders of the CSR Common Stock. The CSR Board, after considering the factors more fully described in the section titled “—CSR’s Reasons for the Mergers; Recommendations of the CSR Board,” and upon a motion duly brought and seconded, unanimously (i) approved and declared advisable the Original Merger Agreement, the Mergers and the other transactions contemplated by the Original Merger Agreement, (ii) determined that the Original Merger Agreement, the Mergers and the other transactions contemplated by the Original Merger Agreement were advisable and in the best interests of CSR, (iii) approved the execution, delivery and performance by CSR of the Original Merger Agreement, (iv) recommended that CSR shareholders approve the Company Merger and (v) authorized and directed that the Company Merger be submitted to a vote of the holders of shares of CSR Common Stock entitled to vote thereon at the CSR special meeting.

Later on September 8, 2026, following the CSR Board meeting, Troutman and Wachtell Lipton finalized the Merger Agreement and the related transaction documents, and IRT and CSR executed the Merger Agreement.

Thereafter, on the morning of September 9, 2026, prior to the opening of the financial markets in New York, IRT and CSR issued a joint press release announcing the Mergers.

The following week, IRT informed CSR that it was electing to effect the Alternative Structure with respect to the Company Merger.

On September 22, IRT, IRT OP, IRT Merger Sub, IRT OP Merger Sub, CSR and CSR OP entered into the Amendment to the Merger Agreement, which effected the Alternative Structure.

IRT’s Reasons for the Mergers; Recommendations of the IRT Board

At its meeting on September 7, 2026, after careful consideration, the IRT Board unanimously (i) determined that the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Mergers, were advisable and in the best interests of IRT and its stockholders, (ii) authorized and approved the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement, including the issuance of IRT Common Stock to the holders of CSR Common Stock in the Company Merger, the issuance of IROP Common Units to the holders of CSR OP Common Units in the Partnership Merger and the issuance of IRT OP Preferred Units to the holders of CSR OP Preferred Units in the Partnership Merger, (iii) directed that the IRT Share Issuance be submitted for approval at a meeting of IRT stockholders, and (iv) recommended the approval of the IRT Share Issuance by IRT stockholders.

In evaluating the Mergers, the IRT Board consulted with and received the advice of IRT’s management and outside legal and financial advisors and, in reaching its determination at its September 7, 2026 meeting and at other meetings at which it considered the proposed transaction, carefully considered a number of factors that the IRT Board viewed as supporting its decision, including the following material factors:

The IRT Board also considered a variety of risks and other potentially negative factors concerning the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. These factors included: 

The IRT Board also considered the interests that certain executive officers and directors of IRT may have with respect to the Mergers that may be different from, or in addition to, the interests of IRT stockholders generally. See the section entitled “The Mergers—Interests of IRT Directors and Executive Officers in the Mergers” beginning on page 106 of this joint proxy statement/prospectus.

This discussion of the information and factors considered by the IRT Board in reaching its conclusion and recommendations is not intended to be exhaustive and is not provided in any specific order or ranking. In view of the wide variety of factors considered by the IRT Board in evaluating the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement, and the complexity of these matters, the IRT Board did not find it practicable to, and did not attempt to, quantify, rank or otherwise assign relative weight to those factors. In addition, different members of the IRT Board may have given different weight to different factors. The IRT Board did not reach any specific conclusion with respect to any of the factors considered and instead conducted an overall review of such factors and determined that, in the aggregate, the potential benefits considered outweighed the potential risks or possible negative consequences of approving the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement.  

The explanation of the reasoning of the IRT Board and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 46 of this joint proxy statement/prospectus.

For the reasons set forth above, the IRT Board unanimously determined that the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement are advisable and in the best interests of IRT and its stockholders and unanimously authorized and approved the Merger Agreement. The IRT Board unanimously recommends to IRT stockholders that they vote “FOR” the IRT Issuance Proposal.

CSR’s Reasons for the Mergers; Recommendations of the CSR Board

At a meeting on September 8, 2026, the CSR Board unanimously adopted resolutions declaring that the Mergers are advisable and in the best interests of CSR and directed that the Company Merger be submitted to a vote of the holders of CSR Common Stock entitled to vote thereon at the CSR special meeting. In making its determination, the CSR Board consulted with CSR’s management and CSR’s legal and financial advisors and considered a variety of factors that the CSR Board believed supported its decision to approve the Merger Agreement and to recommend approval by CSR shareholders of the Company Merger, including the following material factors (which are presented below in no particular order and are not exhaustive): 

In addition, the CSR Board identified and considered various risks and other potentially negative factors weighing against the combined company, including the following material risks (which are presented below in no particular order and are not exhaustive):

The CSR Board considered these and other factors as a whole and concluded that the potentially negative factors associated with the Company Merger were outweighed by the potential benefits that it expected CSR shareholders would achieve as a result of the Company Merger.

The foregoing discussion of certain information and factors considered by the CSR Board is not exhaustive but is intended to reflect the principal factors considered by the CSR Board in its consideration of the Merger Agreement and the transactions contemplated by the Merger Agreement. In light of the complexity and numerous factors considered, the CSR Board did not assign any relative or specific weight to those various factors. Rather, the CSR Board based its recommendations on the totality of the information presented to and considered by the CSR Board. In addition, individual members of the CSR Board may have given weight to the above factors and different factors not mentioned above. The foregoing discussion of the information and factors considered by the CSR Board utilized forward-looking information. This information should be read in light of the factors described under the section entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 46 of this joint proxy statement/prospectus.

In considering the recommendation of the CSR Board, CSR shareholders should be aware that the trustees and executive officers of CSR have certain interests in the Company Merger that may be different from, or in addition to, the interests of CSR shareholders generally. The CSR Board was aware of these interests and considered them when approving the Merger Agreement and recommending that CSR shareholders vote to approve the CSR Merger Proposal, which are described in the section entitled “—Interests of CSR Trustees and Executive Officers in the Mergers.”

After carefully considering the various potentially positive and negative factors, including the potentially negative factors, the CSR Board unanimously recommends that you vote “FOR” the CSR Merger Proposal, “FOR” the CSR Compensation Proposal and “FOR” the CSR Adjournment Proposal.

Opinions of IRT’s Financial Advisors

Opinion of RBC Capital Markets, LLC

IRT has engaged RBC Capital Markets as a financial advisor to IRT in connection with the Mergers. As part of this engagement, the IRT Board requested that RBC Capital Markets evaluate the fairness, from a financial point of view, to IRT of the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement. At a September 7, 2026 meeting of the IRT Board held to evaluate the Mergers, RBC Capital Markets rendered an oral opinion, confirmed by delivery of a written opinion dated September 7, 2026, to the IRT Board to the effect that, as of that date and based on and subject to the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by RBC Capital Markets, the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement was fair, from a financial point of view, to IRT.

The full text of RBC Capital Markets’ written opinion, dated September 7, 2026, is attached as Annex C to this joint proxy statement/prospectus and is incorporated herein by reference. The written opinion sets forth, among other things, the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by RBC Capital Markets in connection with its opinion. The following summary of RBC Capital Markets’ opinion is qualified in its entirety by reference to the full text of the opinion. RBC Capital Markets delivered its opinion to the IRT Board for the benefit, information and assistance of the IRT Board (in its capacity as such) in connection with its evaluation of the Exchange Ratio provided for in the Company Merger from a financial point of view to IRT and did not address any other terms, conditions, implications or aspects of the Mergers or the Merger Agreement. RBC Capital Markets’ opinion also did not address the underlying business decision of IRT to engage in the Mergers or the relative merits of the Mergers compared to any alternative business strategy or transaction that may be available to IRT or which IRT might engage in or consider. RBC Capital Markets did not express any opinion and does not make any recommendation to any securityholder as to how such securityholder should vote or act with respect to the Mergers or any proposal to be voted upon in connection with the Mergers or otherwise.

For purposes of rendering its opinion, RBC Capital Markets undertook such review, inquiries and analyses as it deemed necessary or appropriate under the circumstances, including the following:

In rendering its opinion, RBC Capital Markets assumed and relied upon the accuracy and completeness of all information that was reviewed by RBC Capital Markets, including all financial, legal, tax, accounting, operating and other information provided to or discussed with RBC Capital Markets by or on behalf of IRT and CSR (including, without limitation, financial statements and related notes), and upon the assurances of the respective managements and other representatives of IRT and CSR that they were not aware of any relevant information that was omitted or that remained undisclosed to RBC Capital Markets. RBC Capital Markets did not assume responsibility for independently verifying and it did not independently verify such information. RBC Capital Markets assumed that the financial projections and other estimates and data (as approved in the case of financial projections and other estimates and data relating to CSR, by the management of IRT and including estimates as to potential cost savings and other benefits expected by the management of IRT to result from the Mergers) that RBC Capital Markets was directed to utilize in its analyses were reasonably prepared reflecting the best currently available estimates and good faith judgments of the respective managements of CSR and IRT, as the case may be, as to the future financial performance of, and were an appropriate basis upon which to evaluate, CSR, IRT, such potential cost savings and other benefits, potential pro forma financial effects of the Mergers and the other matters covered thereby and RBC Capital Markets also assumed that the financial results reflected therein, including the potential cost savings and other benefits expected by the management of IRT to result from the Mergers, would be realized in the amounts and at the times projected. RBC Capital Markets expressed no opinion as to the any such financial projections or other estimates and data utilized in RBC Capital Markets’ analyses or the assumptions upon which they were based.

RBC Capital Markets relied upon the assessments of the managements of IRT and CSR as to, among other things, (i) the potential impact on IRT and CSR of market, competitive, macroeconomic and other conditions, trends and developments in and prospects for, and governmental, regulatory and legislative matters relating to or affecting, the residential real estate industry, including the multi-family sector thereof, related credit and financial markets and the geographic regions in which IRT and CSR operate, (ii) mortgage and other debt obligations of IRT and CSR, and tax protection agreements of CSR, including associated costs and other financial impacts, both on a standalone and pro forma basis, (iii) existing and future agreements and arrangements involving, and the ability to attract, retain and/or replace, key employees, residents, third-party vendors, service providers and other commercial relationships of, IRT and CSR, and (iv) the ability of IRT to integrate the operations of IRT and CSR and to realize the potential cost savings and other benefits expected by the management of IRT to result from the Mergers as contemplated. RBC Capital Markets assumed that there would be no developments with respect to any such matters or any adjustments to the Exchange Ratio, or any modification to the structure for the Mergers as permitted by the Merger Agreement, that would have an adverse effect on CSR, CSR OP, IRT or IRT OP or the Mergers (including the contemplated benefits thereof) or that otherwise would be meaningful in any respect to its analyses or opinion.

In connection with its opinion, RBC Capital Markets did not assume any responsibility to perform, and it did not perform, an independent valuation or appraisal of any of the assets or liabilities (contingent, off-balance sheet, accrued, derivative or otherwise) of or relating to CSR, CSR OP, IRT, IRT OP or any other entity and RBC Capital Markets was not furnished with any such valuations or appraisals. RBC Capital Markets did not assume any obligation to conduct, and it did not conduct, any physical inspection of the properties or facilities of CSR, CSR OP, IRT, IRT OP or any other entity. RBC Capital Markets was not requested to make, and it did not make, an independent evaluation of, and expressed no opinion or view as to, any pending or potential litigation, claims, governmental, regulatory or other proceedings or investigations or possible unasserted claims or other contingent liabilities affecting CSR, CSR OP, IRT, IRT OP or any other entity. RBC Capital Markets also did not evaluate the solvency or fair value of CSR, CSR OP, IRT, IRT OP or any other entity under any state, federal or other laws relating to bankruptcy, insolvency or similar matters.

RBC Capital Markets assumed that the Mergers would be consummated in accordance with the terms of the Merger Agreement and in compliance with all applicable laws, documents and other requirements, without waiver, modification or amendment of any material term, condition or agreement, and that, in the course of obtaining the necessary governmental, regulatory or third party approvals, consents, releases, permits, waivers and agreements for the Mergers, no delay, limitation, restriction or condition would be imposed or occur, including any divestiture or other requirements, that would have an adverse effect on CSR, CSR OP, IRT, IRT OP or the Mergers (including the contemplated benefits thereof) or that otherwise would be meaningful in any respect to its analyses or opinion. RBC Capital Markets assumed that the Company Merger would qualify as a reorganization, and the Partnership Merger would constitute an asset-over form of merger, for U.S. federal income tax purposes and that the Mergers would otherwise qualify for the intended tax treatment contemplated by the Merger Agreement. RBC Capital Markets also was advised, and RBC Capital Markets assumed, that each of CSR and IRT has operated in conformity with the requirements for qualification as a REIT for U.S. federal income tax purposes since its election to be taxed as a REIT and will continue to qualify for taxation as a REIT and that the Mergers would not adversely affect such REIT status or operations of the pro forma combined entities resulting from the Mergers. In addition, RBC Capital Markets assumed that the final executed Merger Agreement would not differ in any respect meaningful to its analyses or opinion from the draft that RBC Capital Markets reviewed.

RBC Capital Markets’ opinion speaks only as of the date of the opinion, was based on conditions as they existed and information supplied or reviewed as of the date of the opinion, and was without regard to any market, economic, financial, legal, regulatory or other circumstances or event of any kind or nature which may exist or occur after such date. RBC Capital Markets did not undertake and has no obligation to reaffirm, revise or update its opinion or otherwise comment upon events occurring after the date of its opinion with respect to its opinion. RBC Capital Markets did not express any opinion as to the actual values of IRT Common Stock or any partnership interests of IRT OP when issued in the Mergers or the prices or range of prices at which IRT Common Stock, CSR Common Stock, any partnership interests of IRT OP or CSR OP or other securities of IRT, IRT OP, CSR or CSR OP may trade or otherwise be transferable at any time, including following announcement or consummation of the Mergers. As the IRT Board was aware, the credit, financial and stock markets and the industry in which CSR and IRT operate have experienced and may continue to experience volatility and disruptions, and RBC Capital Markets expressed no opinion or view as to any potential effects of such volatility or disruptions on CSR, CSR OP, IRT, IRT OP or the Mergers (including the contemplated benefits thereof).

RBC Capital Markets’ opinion addressed the fairness, from a financial point of view and as of the date of the opinion, to IRT of the Exchange Ratio provided for in the Company Merger (to the extent expressly specified in the opinion). RBC Capital Markets’ opinion did not address any other terms, conditions, implications or other aspects of the Mergers or the Merger Agreement, including, without limitation, the form or structure of the Mergers, any adjustments to the Exchange Ratio, any dividends or other distributions, governance or financing arrangements or any other agreement, arrangement or understanding to be entered into in connection with or contemplated by the Mergers or otherwise. RBC Capital Markets’ opinion also did not address the underlying business decision of IRT to engage in the Mergers or the relative merits of the Mergers compared to any alternative business strategy or transaction that may be available to IRT or which IRT might engage in or consider. RBC Capital Markets did not express any opinion or view with respect to, and RBC Capital Markets relied upon the assessments of IRT and its representatives regarding, legal, regulatory, tax, accounting and similar matters, including, without limitation, tax or other consequences resulting from the Mergers or otherwise or changes in, or the impact of, accounting standards or tax or other laws, regulations and governmental and legislative policies affecting CSR, CSR OP, IRT, IRT OP or the Mergers (including the contemplated benefits thereof), as to which RBC Capital Markets understood that IRT obtained such advice as it deemed necessary from qualified professionals. Further, in rendering its opinion, RBC Capital Markets did not express any view on, and its opinion did not address, the fairness of the amount or nature of the compensation (if any) or other consideration to any officers, directors or employees of any party, or class of such persons, relative to the Exchange Ratio or otherwise. The issuance of RBC Capital Markets’ opinion was approved by an internal committee of RBC Capital Markets.

In preparing its opinion to the IRT Board, RBC Capital Markets performed various financial and comparative analyses, including those described below. The summary below of RBC Capital Markets’ material financial analyses provided to the IRT Board in connection with RBC Capital Markets’ opinion is not a comprehensive description of all analyses undertaken or factors considered by RBC Capital Markets in connection with its opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a financial opinion is not readily susceptible to partial analysis or summary description. RBC Capital Markets believes that the analyses and factors summarized below must be considered as a whole and in context.

In arriving at its opinion, RBC Capital Markets employed several analytical methodologies and considered various financial matters and no one method of analysis should be regarded as critical to the overall conclusion reached by RBC Capital Markets. Each analytical technique and financial consideration has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. The overall conclusion reached by RBC Capital Markets was based on all analyses and factors presented, taken as a whole, and also on application of RBC Capital Markets’ experience and judgment. Such conclusion may have involved significant elements of subjective judgment and qualitative analysis and no opinion was given as to the value or merit standing alone of any one or more portions of such analyses or factors.

In performing its analyses, RBC Capital Markets considered industry performance, general business and economic conditions and other matters, many of which are beyond the control of IRT and CSR. The estimates of the future performance of CSR and IRT in or underlying RBC Capital Markets’ analyses are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than those estimates or those suggested by RBC Capital Markets’ analyses. The analyses do not purport to be appraisals or to reflect the prices at which a company or business might actually be sold or acquired or the prices at which any securities have traded or may trade at any time in the future. Accordingly, the estimates used in, and the implied reference ranges resulting from, any particular analysis described below are inherently subject to substantial uncertainty and should not be taken as RBC Capital Markets’ view of the actual value of CSR or IRT.

The type and amount of the consideration payable in the Mergers were determined through negotiations between IRT and CSR and the decision of IRT to enter into the Merger Agreement was solely that of the IRT Board. RBC Capital Markets’ opinion and analyses were only one of many factors considered by the IRT Board in its evaluation of the Exchange Ratio provided for in the Company Merger and should not be viewed as determinative of the views of the IRT Board, IRT’s management or any other party with respect to the Mergers or the consideration payable in the Mergers.

Financial Analyses

The summary of the financial analyses described below under this heading “—Financial Analyses” is a summary of the material financial analyses provided by RBC Capital Markets to the IRT Board in connection with RBC Capital Markets’ opinion, dated September 7, 2026. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by RBC Capital Markets, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Selecting portions of RBC Capital Markets’ financial analyses or factors considered or focusing on the data set forth in the tables below without considering all analyses or factors or the full narrative description of such analyses or factors, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of RBC Capital Markets’ financial analyses. Future results may differ from those described and such differences may be material. The order in which the financial analyses summarized below appear does not necessarily reflect the relative importance or weight given to such analyses. For purposes of RBC Capital Markets’ financial analyses described below, the terms (i) “adjusted EBITDA” means earnings before interest, taxes, depreciation and amortization, after adjustment for non-recurring items, as applicable, and (ii) “CFFO” means core funds from operations.

In calculating low-ends (or high-ends, as the case may be), of the implied exchange ratio reference ranges derived from the financial analyses described below, RBC Capital Markets divided the low-ends (or high-ends, as the case may be) of the implied equity value per share reference ranges derived for CSR from such analyses by the high-ends (or low-ends, as the case may be) of the implied equity value per share reference ranges derived for IRT from such analyses.

Selected Public Companies Analyses. In its selected public companies analyses of CSR and IRT, RBC Capital Markets reviewed certain financial and stock market information of CSR, IRT and the following six selected public companies in the multi-family sector of the residential real estate industry that RBC Capital Markets deemed relevant for purposes of its analyses (such companies, including IRT, considered in relation to CSR, collectively, the “CSR selected companies,” such companies, together with CSR, considered in relation to IRT, collectively, the “IRT selected companies” and the IRT selected companies, together with the CSR selected companies, the “selected companies”):

RBC Capital Markets, among other things, reviewed enterprise values, calculated as equity values based on closing stock prices on September 4, 2026 plus total debt, plus preferred securities at liquidation value, plus non-controlling interests, less investments in unconsolidated entities and less cash and cash equivalents, as a multiple of calendar year 2027 estimated adjusted EBITDA, and reviewed equity values, calculated based on closing stock prices on September 4, 2026, as a multiple of calendar year 2027 CFFO per share. Financial and other data of the selected companies were based on publicly available research analysts’ estimates, public filings and other publicly available information. Financial and other data of CSR were based on publicly available research analysts’ estimates, public filings and other publicly available information and financial projections and other estimates and data prepared by the management of CSR (as approved by the management of IRT). Financial and other data of IRT were based on publicly available research analysts’ estimates, public filings and other publicly available information and financial projections and other estimates and data prepared by the management of IRT.

The overall low to high calendar year 2027 estimated adjusted EBITDA and calendar year 2027 estimated CFFO per share multiples observed for the CSR selected companies were 14.7x to 17.9x (with a mean of 16.6x and a median of 16.7x) and 10.5x to 15.4x (with a mean of 13.2x and a median of 13.6x), respectively, and the overall low to high calendar year 2027 estimated adjusted EBITDA and calendar year 2027 estimated CFFO per share multiples observed for the IRT selected companies were 14.7x to 17.9x (with a mean of 16.6x and a median of 16.7x) and 10.5x to 15.4x (with a mean of 12.9x and a median of 13.2x), respectively. RBC Capital Markets applied selected ranges of calendar year 2027 estimated adjusted EBITDA multiples and calendar year 2027 estimated CFFO per share multiples derived from the selected companies of 16.0x to 18.0x and 12.5x to 14.5x, respectively, to corresponding financial data of CSR and IRT based on financial projections and other estimates and data prepared by the managements of CSR and IRT (as approved, in the case of CSR, by the management of IRT). This analysis indicated implied equity value per share reference ranges for CSR of $55.92 to $69.44 (based on calendar year 2027 estimated EBITDA) and $59.00 to $68.44 (based on calendar year 2027 estimated CFFO per share) and implied equity value per share reference ranges for IRT of $16.36 to $19.59 (based on calendar year 2027 estimated adjusted EBITDA) and $14.95 to $17.34 (based on calendar year 2027 estimated CFFO per share).

Utilizing the implied equity value per share reference ranges derived for CSR and IRT described above, RBC Capital Markets calculated the following implied exchange ratio reference ranges, as compared to the Exchange Ratio provided for in the Company Merger:

No company or business used in the analyses above is identical to CSR or IRT. Accordingly, an evaluation of the results of such analyses is not entirely mathematical. Rather, these analyses involve complex considerations and judgments concerning differences in financial and operating characteristics and other factors that could affect the public trading or other values of the companies or businesses to which CSR and IRT were compared.

Discounted Cash Flow Analyses. RBC Capital Markets performed separate discounted cash flow analyses of CSR and IRT as described below.

CSR. In its discounted cash flow analysis of CSR, RBC Capital Markets calculated the estimated present value of the standalone unlevered free cash flows that CSR was forecasted to generate during the fiscal years ending December 31, 2027 through December 31, 2031 based on financial projections and other estimates and data prepared by the management of CSR (as approved by the management of IRT). For purposes of this analysis, stock-based compensation was treated as a cash expense. The implied terminal value of CSR was derived by applying to the terminal year estimated EBITDA of CSR a selected range of one-year forward adjusted EBITDA multiples of 16.0x to 18.0x. The unlevered free cash flows and terminal value were then discounted to present value (as of December 31, 2026) using a selected discount rate range of 8.5% to 9.5%. This analysis indicated an implied equity value per share reference range for CSR of $52.84 to $67.99.

IRT. In its discounted cash flow analysis of IRT, RBC Capital Markets calculated the estimated present value of the standalone unlevered free cash flows that IRT was forecasted to generate during the fiscal years ending December 31, 2027 through December 31, 2031 based on financial projections and other estimates and data prepared by the management of IRT. For purposes of this analysis, stock-based compensation was treated as a cash expense. The implied terminal value of IRT was derived by applying to the terminal year estimated adjusted EBITDA of IRT a selected range of one-year forward adjusted EBITDA multiples of 16.0x to 18.0x. The unlevered free cash flows and terminal value were then discounted to present value (as of December 31, 2026) using a selected discount rate range of 8.5% to 9.5%. This analysis indicated an implied equity value per share reference range for IRT of $17.61 to $21.74.

Utilizing the implied equity value per share reference ranges derived for CSR and IRT described above, RBC Capital Markets calculated the following implied exchange ratio reference ranges, as compared to the Exchange Ratio provided for in the Company Merger:

Illustrative Has-Gets Analysis. RBC Capital Markets compared the implied equity value per share reference range derived for IRT on a standalone basis as described above under “Discounted Cash Flow Analyses” relative to an illustrative implied equity value per share reference range derived from a discounted cash flow analysis of IRT on a pro forma basis based on financial forecasts and other information and data provided by the managements of IRT and CSR (as approved, in the case of CSR, by the management of IRT), after taking into account potential cost savings and other benefits expected by the management of IRT to result from the Mergers. For purposes of this comparison, RBC Capital Markets utilized a selected range of adjusted EBITDA terminal year multiples of 16.0x to 18.0x and a selected discount rate range of 8.5% to 9.5% and otherwise performed such comparison in a manner consistent with the approach undertaken in connection with the discounted cash flow analysis conducted for IRT on a standalone basis described above under “Discounted Cash Flow Analyses.” RBC Capital Markets observed that the Mergers could result in a potential per share uplift in value for holders of IRT Common Stock from $17.61 to $21.74 per share on a standalone basis to $17.90 to $22.61 per share on a pro forma basis. Actual results achieved may vary from forecasted results and variations may be material.

Certain Additional Information

RBC Capital Markets observed certain factors that were not considered part of RBC Capital Markets’ financial analyses with respect to its opinion but were referenced for informational purposes, including, among other things, the following:

Miscellaneous

IRT has agreed to pay RBC Capital Markets for its services as financial advisor to IRT in connection with the Mergers an aggregate fee of $12 million, of which $1.5 million was payable upon delivery of RBC Capital Markets’ opinion and the remaining $10.5 million is contingent upon consummation of the Mergers. In addition, Royal Bank of Canada and certain of its affiliates are providing committed debt financing for the Mergers, for which they expect to receive an aggregate fee of up to $1.9 million. IRT has agreed to reimburse RBC Capital Markets for expenses incurred in connection with RBC Capital Markets’ services and to indemnify RBC Capital Markets and related persons against certain liabilities, including liabilities under federal securities laws, arising out of RBC Capital Markets’ engagement.

As the IRT Board was aware, RBC Capital Markets and/or its affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and/or financial advisory services to IRT unrelated to the Mergers, for which services RBC Capital Markets and its affiliates have received and would expect to receive compensation, including, during the approximate two-year period preceding the date of RBC Capital Markets’ opinion, having acted or acting as a (i) sales agent for an at-the-market-offering of IRT Common Stock, (ii) joint bookrunner for a public offering of IRT Common Stock and (iii) lender under certain credit facilities, for which services described in the foregoing clauses (i) through (iii) RBC Capital Markets and/or its affiliates received during such two-year period aggregate fees of approximately $1.25 million. As the IRT Board also was aware, RBC Capital Markets and its affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and/or financial advisory services to CSR, for which services RBC Capital Markets and its affiliates have received and would expect to receive compensation, including, during the approximate two-year period preceding the date of RBC Capital Markets’ opinion, having acted or acting as a (i) sales agent for an at-the-market-offering of CSR Common Stock and (ii) lender under certain credit facilities, for which services described in the foregoing clauses (i) and (ii) RBC Capital Markets and/or its affiliates received during such two-year period aggregate fees of approximately $0.53 million.

RBC Capital Markets, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, corporate restructurings, underwritings, secondary distributions of listed and unlisted securities, private placements and valuations for corporate and other purposes. In the ordinary course of business, RBC Capital Markets and/or certain of its affiliates actively trade or hold or at any time may trade or hold securities or financial instruments (including loans and other obligations) of IRT, CSR and/or other entities involved in the Mergers or their respective affiliates for RBC Capital Markets’ or its affiliates’ own account or for the account of customers and hold or at any time may hold long or short positions or otherwise effect transactions in the securities or financial instruments of IRT, CSR and/or such other entities or affiliates.

RBC Capital Markets is an internationally recognized investment banking firm that is regularly engaged in providing financial advisory services in connection with mergers and acquisitions. IRT selected RBC Capital Markets as financial advisor to IRT in connection with the Mergers on the basis of RBC Capital Markets’ experience in similar transactions, reputation in the investment community and familiarity with IRT, CSR and the industries in which IRT and CSR operate.

Opinion of Rothschild & Co US Inc.

IRT engaged Rothschild & Co to act as one of its two financial advisors with respect to the Mergers. On September 7, 2026, Rothschild & Co rendered its oral opinion (which opinion was subsequently confirmed in writing) to the IRT Board that, as of the date of such opinion and based on and subject to the matters considered, assumptions made and limitations and qualifications set forth therein, the Exchange Ratio provided for in the Company Merger pursuant to the Original Merger Agreement was fair, from a financial point of view, to IRT, as more fully described in this section of the joint proxy statement/prospectus. The summary of Rothschild & Co’s opinion set forth below is qualified in its entirety by reference to the full text of Rothschild & Co’s written opinion, which is included as Annex D to this joint proxy statement/prospectus.

Rothschild & Co’s opinion was provided for the benefit of the IRT Board, in its capacity as such, in connection with and for the purpose of its evaluation of the Mergers, and only addressed the fairness, from a financial point of view, to IRT of the Exchange Ratio in the Company Merger pursuant to the Original Merger Agreement. Rothschild & Co did not express any opinion as to IRT’s underlying business decision to engage in the Mergers or the relative merits of the Mergers as compared to any alternative transaction. The summary of Rothschild & Co’s opinion in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of its written opinion, which is included as Annex D to this joint proxy statement/prospectus and sets forth the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Rothschild & Co in preparing its opinion. However, neither Rothschild & Co’s written opinion nor the summary of its opinion and the related analyses set forth in this joint proxy statement/prospectus are intended to be, and they do not constitute, advice or a recommendation to any security holder of IRT or CSR as to how such holder should vote or act on any matter relating to the Mergers.

In arriving at its opinion, Rothschild & Co, among other things:

In arriving at its opinion, Rothschild & Co, with the IRT Board’s consent, relied upon and assumed, without independent verification, the accuracy and completeness of all information that was publicly available or was furnished or made available to it by IRT, CSR and their respective associates, affiliates and advisors, or otherwise reviewed by or for it, and Rothschild & Co did not assume any responsibility or liability therefor. Rothschild & Co did not conduct any valuation or appraisal of any assets or liabilities of IRT or CSR, nor were any such valuations or appraisals provided to it, and Rothschild & Co did not express any opinion as to the value of such assets or liabilities. Rothschild & Co did not evaluate the solvency or fair value of IRT or CSR under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. In addition, Rothschild & Co did not assume any obligation to conduct any physical inspection of the properties or the facilities of IRT or CSR. Rothschild & Co was not requested to, nor did it, express any opinion as to the Partnership Merger or whether the exchange ratio in the Partnership Merger was fair to any party thereto. At the direction of IRT, Rothschild & Co used and relied upon the CSR Projections and the IRT Projections for purposes of its analyses and opinion. In relying on the CSR Projections and the IRT Projections, Rothschild & Co assumed, at the direction of IRT, that they had been reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by management of IRT as to the expected future results of operations and financial condition of IRT and CSR and the other matters covered thereby, and that the financial results reflected in the CSR Projections and the IRT Projections, respectively, would be achieved at the times and in the amounts projected. Rothschild & Co expressed no view as to the reasonableness of the CSR Projections and the IRT Projections and the assumptions on which they are based.

Rothschild & Co understood that (a) the Company Merger was intended to qualify, for U.S. federal income tax purposes, as a “reorganization” within the meaning of Section 368(a) of the Code, and (b) the Partnership Merger was intended to be treated, for U.S. federal income tax purposes, as an “assets-over” form of merger governed by Treasury Regulations Section 1.708-1(c)(3)(i). Rothschild & Co assumed that the transactions contemplated by the Merger Agreement would be consummated as contemplated in the Merger Agreement without any waiver or amendment of any terms or conditions, including, among other things, that the parties would comply with all material terms of the Merger Agreement and that in connection with the receipt of all necessary governmental, regulatory or other approvals and consents required for the Mergers, no material delays, limitations, conditions or restrictions would be imposed. For purposes of rendering its opinion, Rothschild & Co assumed that there had not occurred any material change in the assets, financial condition, results of operations, business or prospects of CSR or IRT since the date of the most recent financial statements and other information, financial or otherwise, relating to CSR or IRT, as the case may be, made available to Rothschild & Co, and that there was no information or any facts that would make any of the information reviewed by it incomplete or misleading. Rothschild & Co did not express any opinion as to any tax or other consequences that may result from the Mergers, nor does its opinion address any legal, tax, regulatory or accounting matters. Rothschild & Co relied as to all legal, tax, regulatory and accounting matters relevant to rendering its opinion upon the assessments made by IRT and its other advisors with respect to such matters. In arriving at its opinion, Rothschild & Co had not taken into account any litigation, regulatory or other proceeding that was pending or may be brought against IRT, CSR or any of their respective affiliates. In addition, Rothschild & Co relied upon and assumed, without independent verification, that the final form of the Merger Agreement would not differ in any material respect from the draft of the Merger Agreement reviewed by it.

Rothschild & Co’s opinion was necessarily based on securities markets, economic, monetary, financial and other general business and financial conditions as they existed and could be evaluated on, and the information made available to it as of, the date thereof and the conditions and prospects, financial and otherwise, of IRT and CSR as they were reflected in the information provided to Rothschild & Co and as they were represented to Rothschild & Co in discussions with the management of IRT. Rothschild & Co expressed no opinion as to what the value of shares of IRT Common Stock actually would be when issued pursuant to the Company Merger or the prices or range of prices at which shares of CSR Common Stock or IRT Common Stock may be purchased or sold at any time. Rothschild & Co’s opinion is limited to the fairness, from a financial point of view, to IRT of the Exchange Ratio in the Company Merger pursuant to the Original Merger Agreement. Rothschild & Co did not express any opinion as to IRT’s underlying business decision to engage in the Mergers or the relative merits of the Mergers as compared to any alternative transaction. Rothschild & Co was not asked to, nor did it, offer any opinion as to the terms, other than the Exchange Ratio in the Company Merger and only to the extent expressly set forth in its written opinion, of the Merger Agreement or the Mergers, including, without limitation, any ongoing obligations of IRT or CSR.

Rothschild & Co’s opinion was provided for the benefit of the IRT Board, in its capacity as such, in connection with and for the purpose of its evaluation of the Mergers. Rothschild & Co’s opinion should not be construed as creating any fiduciary duty on its part to any party. Rothschild & Co’s opinion did not constitute a recommendation to the IRT Board as to whether to approve the Mergers or a recommendation to any security holder of IRT or CSR as to how such security holder should vote or act on any matter relating to the proposed Mergers or any other matter. In addition, the IRT Board did not ask Rothschild & Co to address, and Rothschild & Co’s opinion does not address, (a) the fairness to, or any other consideration of, any holders of IRT Common Stock or CSR Common Stock, or the holders of any other class of securities, or creditors or other constituencies of IRT or CSR or (b) the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of IRT or CSR, or any class of such persons, whether relative to the Exchange Ratio pursuant to the Original Merger Agreement or otherwise.

Rothschild & Co’s opinion is given and speaks only as of its date. It should be understood that developments occurring or coming to its attention after the date of the opinion may affect Rothschild & Co’s analyses and opinion, and the assumptions used in preparing them, and Rothschild & Co does not have any obligation to update, revise, or reaffirm its opinion. Rothschild & Co’s opinion has been approved by the Global Advisory Commitment Committee of Rothschild & Co.

In preparing its opinion to the IRT Board, Rothschild & Co performed a variety of analyses, including those described below. The summary of Rothschild & Co’s financial analyses is not a complete description of the analyses underlying Rothschild & Co’s opinion. The preparation of such an opinion is a complex process involving various quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaptation and application of those methods to the unique facts and circumstances presented. As a consequence, neither Rothschild & Co’s opinion nor the analyses underlying its opinion are readily susceptible to partial analysis or summary description. Rothschild & Co arrived at its opinion based on the results of all analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from or with regard to any individual analysis, analytic method or factor. Accordingly, Rothschild & Co believes that its analyses must be considered as a whole and that selecting portions of its analyses, analytic methods and factors, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying its analyses and opinion.

In performing its analyses, Rothschild & Co considered business, economic, industry and market conditions, financial and otherwise, and other matters as they existed on, and could be evaluated as of, the date of its opinion. No company, business or transaction used in Rothschild & Co’s analyses for comparative purposes is identical to IRT, CSR or the proposed Mergers. While the results of each analysis were taken into account in reaching its overall conclusion with respect to fairness from a financial point of view to IRT of the Exchange Ratio in the Company Merger, Rothschild & Co did not make separate or quantifiable judgments regarding individual analyses. The reference ranges indicated by Rothschild & Co’s financial analyses are illustrative and not necessarily indicative of actual values nor predictive of future results or values, which may be significantly more or less favorable than those suggested by the analyses. In addition, any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold, which may depend on a variety of factors, many of which are beyond IRT’s control or Rothschild & Co’s control. Much of the information used in, and accordingly the results of, Rothschild & Co’s analyses are inherently subject to substantial uncertainty.

Summary of Material Financial Analyses

The following is a summary of the material financial analyses reviewed by Rothschild & Co with the IRT Board in connection with the rendering of its opinion to the IRT Board on September 7, 2026. The summary does not contain all of the financial data security holders of IRT may want or need for purposes of making an independent determination regarding the matters before them, and such holders are encouraged to consult their own financial and other advisors before making any investment decision in connection with the proposed Mergers. The analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the analyses. Considering the data in the tables below without considering the full narrative description of the analyses, as well as the methodologies underlying, and the assumptions, qualifications and limitations affecting, each analysis, could create a misleading or incomplete view of Rothschild & Co’s analyses.

Discounted Cash Flow Analysis

Rothschild & Co performed a discounted cash flow analysis of each of CSR and IRT, on a standalone basis, to derive an implied per share equity value reference range for each of CSR and IRT by calculating the sum of the (a) estimated net present value of the projected unlevered free cash flows (treating stock-based compensation, for purposes of this analysis, as a non-cash expense) that each of CSR and IRT was forecasted to generate during the year ending December 31, 2027 through the year ending December 31, 2031, based on the CSR Projections and the IRT Projections, respectively, discounted to present value as of December 31, 2026, after the application of a range of illustrative discount rates, which were based on the estimated weighted average cost of capital (“WACC”) for each of CSR and IRT, as applicable, and (b) estimated net present value, as of December 31, 2026, of the implied terminal value of each of CSR and IRT after application of a range of illustrative discount rates, which were based on the estimated WACC for each of CSR and IRT, as applicable, derived by applying a one-year growth rate to the projected net operating income during the final year of the forecast period and by applying a range of terminal capitalization rates to the projected net operating income for the terminal period, in each case, applying a mid-year discounting convention. With respect to its analysis for CSR, Rothschild & Co applied a range of terminal capitalization rates of 6.25% to 6.75% which indicated an implied per share equity value reference range for CSR Common Stock of approximately $55.79 to $74.35. With respect to its analysis for IRT, Rothschild & Co applied a range of terminal capitalization rates of 5.75% to 6.25% which indicated an implied per share equity value reference range for IRT Common Stock of approximately $18.13 to $23.46.

The foregoing analysis indicated an implied exchange ratio range of 2.379x to 4.101x as compared to the Exchange Ratio of 3.800x provided for in the Mergers pursuant to the Original Merger Agreement.

Selected Public Company Analysis

Rothschild & Co considered certain financial data for CSR, IRT and selected companies with publicly traded equity securities that Rothschild & Co deemed relevant. Rothschild & Co used the same selected companies in its selected companies analysis for each of CSR and IRT. The selected companies were selected because they were deemed to be similar to CSR and IRT in one or more respects. As noted above, the selected companies used in the selected companies analysis for comparative purposes to CSR and IRT, other than CSR and IRT, respectively, are not identical to CSR or IRT, and an evaluation of the results of the selected companies analysis is not entirely mathematical. As a consequence, the ranges of multiples applied for purposes of the selected companies analysis were selected based on Rothschild & Co’s experience and judgment. Unless the context indicates otherwise, share prices for the selected companies used in the selected companies analysis described below were closing prices as of September 4, 2026. Estimates of future financial performance for the year ending December 31, 2027 for the selected companies listed below, including CSR and IRT, were based on publicly available research analyst estimates for those companies.

The financial data reviewed included:

These selected companies used by Rothschild & Co in its analyses were:

Selected Companies

The mean and median multiples of the financial data reviewed for the selected companies, based on publicly available research analyst estimates for the year ending December 31, 2027, are:

Taking into account the results of the selected companies analysis, Rothschild & Co applied a CFFO Multiple range of 11.5x to 14.5x to estimates of CSR’s core funds from operations per share for the calendar year ending December 31, 2027 based on the CSR Projections and an implied capitalization rate percentage range of 8.00% to 7.25% to estimates of CSR’s net operating income for the calendar year ending December 31, 2027 based on the CSR Projections. This analysis indicated implied per share equity value reference ranges for CSR Common Stock of approximately $54.28 to $68.44 based on the CFFO Multiples and $55.11 to $65.21 based on implied capitalization rates.

Taking into account the results of the selected companies analysis, Rothschild & Co applied a CFFO Multiple range of 12.5x to 15.5x to estimates of IRT’s core funds from operations per share for the calendar year ending December 31, 2027 based on the IRT Projections and an implied capitalization rate percentage range of 6.50% to 5.75% to estimates of IRT’s net operating income for the calendar year ending December 31, 2027 based on the IRT Projections. This analysis indicated implied per share equity value reference ranges for IRT Common Stock of approximately $14.95 to $18.53 based on the CFFO Multiples and $17.00 to $20.52 based on implied capitalization rates.

The foregoing analyses indicated implied exchange ratio ranges of 2.928x to 4.579x based on CFFO Multiples and 2.685x to 3.836x based on implied capitalization rates as compared to the Exchange Ratio of 3.800x provided for in the Company Merger pursuant to the Original Merger Agreement.

Other Analyses and Information

Rothschild & Co also reviewed and considered certain additional factors that were not considered part of its material financial analyses with respect to its opinion, but which were noted for informational purposes for the IRT Board, including:

Other Matters

As described above, Rothschild & Co’s opinion, together with the financial analyses performed by Rothschild & Co in connection with its opinion and reviewed by the IRT Board, were among the many factors that the IRT Board took into consideration in making the recommendations of the IRT Board described in the section entitled “The Mergers—IRT’s Reasons for the Mergers; Recommendations of the IRT Board” beginning on page 66. Rothschild & Co was not requested to, and did not, recommend any specific amount of consideration to the IRT Board or that any specific amount of consideration constituted the only appropriate consideration in the Company Merger. The amount and type of consideration payable in the Company Merger was determined through arm’s-length negotiations between IRT, on the one hand, and CSR, on the other hand. Consequently, Rothschild & Co’s opinion should not be viewed as determinative of the views of the IRT Board or the management of IRT with respect to the Exchange Ratio or the Company Merger, including whether the IRT Board would have been willing to determine that a different merger consideration was fair.

IRT retained Rothschild & Co as its financial advisor in connection with the Mergers based on Rothschild & Co’s qualifications, experience and reputation as an internationally recognized investment banking and financial advisory firm. Pursuant to the engagement letter between IRT and Rothschild & Co, IRT has agreed to pay Rothschild & Co a fee of $7.5 million for its services, of which a portion became payable to Rothschild & Co upon the delivery of its opinion and the remaining portion of which is contingent upon the consummation of the Mergers. In addition, IRT has agreed to reimburse certain of Rothschild & Co’s expenses and to indemnify Rothschild & Co for certain liabilities arising out of its engagement.

Rothschild & Co and its affiliates are engaged in a wide range of financial advisory and investment banking activities. In addition, in the ordinary course of their asset management, merchant banking and other business activities, affiliates of Rothschild & Co may trade in the securities of IRT, CSR and any of their respective affiliates, for their own accounts or for the accounts of their affiliates and customers, and may at any time hold a long or short position in such securities.

In the past two years, Rothschild & Co provided financial advisory services to IRT in connection with general advisory matters unrelated to the Mergers, for which Rothschild & Co received de minimis fees (excluding expense reimbursement). In addition, Rothschild & Co and its affiliates may in the future provide investment banking and other financial services to IRT, CSR (other than in connection with the Mergers) and their respective affiliates in the ordinary course of their businesses from time to time and may receive fees for the rendering of such services.

Opinions of CSR’s Financial Advisor

Opinion of BMO Capital Markets Corp.

The CSR Board retained BMO to act as its financial advisor in connection with the Mergers. In connection with the Mergers, at the meeting of the CSR Board on September 8, 2026, BMO rendered to the CSR Board its oral opinion, subsequently confirmed by delivery of a written opinion dated September 8, 2026, as to the fairness, from a financial point of view, to the holders of the CSR Common Stock as of that date and based on and subject to the assumptions, limitations, qualifications and other matters set forth in its written opinion, of the Exchange Ratio provided for pursuant to the Original Merger Agreement.

The full text of BMO’s written opinion, dated September 8, 2026, is attached to this proxy statement as Annex E and is incorporated into this proxy statement by reference. You should read BMO’s opinion carefully and in its entirety for a discussion of the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by BMO in rendering its opinion. This summary is qualified in its entirety by reference to the full text of the opinion. BMO’s opinion was directed to the CSR Board in its capacity as such and addressed only the fairness, from a financial point of view, to the holders of the CSR Common Stock as of the date of the opinion, of the Exchange Ratio provided for pursuant to the Original Merger Agreement. The opinion did not address any other aspects or implications of the Mergers and did not address the relative merits of the Mergers contemplated by the Merger Agreement as compared to other business or financial strategies that might have been available, nor did it address the underlying business decision to enter into the Merger Agreement or proceed with any other transaction contemplated by the Merger Agreement. BMO’s opinion was not intended to, and does not, constitute advice or a recommendation as to how any holder of CSR Common Stock should vote at the CSR special meeting or take any other action with respect to the Mergers.

In connection with its opinion, BMO made such reviews, analyses and inquiries as BMO deemed necessary and appropriate under the circumstances. Among other things, BMO: