Combined Apartment Portfolio

The combined portfolio will contain more than 44,000 apartment units, including the 10,456 units in 47 communities that CSR will transfer from six states. After the merger the portfolio will be 95 % leased, with a 58 % concentration in the Sun Belt, 27 % in the Midwest and 15 % in the Mountain West. Average monthly rent across the new entity is projected to rise to $1,628. IRT’s management team will continue to lead the new company, with Scott Schaeffer as Chairman and CEO and Jim Sebra as CFO.