Centerspace (CSR) Proxy filing summary

Executive summary

• Proposed two-step merger would combine portfolios into 163 apartment communities with more than 44,000 units across 17 states; expected to close as early as Q4 2026, subject to approvals, lender consents and other conditions.

• Fixed exchange ratio of 3.800 IRT shares per CSR share; implied consideration was $60.46 on Sep. 8, 2026, a 14.70% premium, and $55.14 on Oct. 2, 2026.

• Estimated annualized synergies of ~$24 million: ~$19 million corporate-level and ~$5 million property-level; IRT expects immediate accretion to core FFO and an attractive growth profile.

• Legacy IRT holders are estimated to own 78% and legacy CSR holders 22% of the combined equity and operating partnership units after closing.

Voting matters and shareholder proposals

• IRT holders vote Nov. 10, 2026 on the share issuance and possible adjournment; approval requires a majority of votes cast, assuming a quorum.

• CSR shareholders vote Nov. 10, 2026 on the merger, advisory executive-compensation approval and possible adjournment; merger approval requires a majority of outstanding shares.

• Both boards unanimously recommend voting FOR all their respective proposals; the merger and IRT issuance approvals are closing conditions.

• The compensation vote is advisory and non-binding; merger completion and payment of compensation are not conditioned on its approval.

Board of directors and corporate governance

• Combined board would expand to 11 members: nine incumbent IRT directors and two independent CSR trustees, subject to IRT committee review and recommendation.

• IRT’s management team will continue to lead; Scott F. Schaeffer remains chairman and CEO, and James J. Sebra remains president and CFO.