Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. Market Capitalization: Mid-Cap var advadsCfpQueue = []; The show examines all aspects of the legal profession, from intellectual property to criminal law, from bankruptcy to securities law, drawing on the deep research tools of BloombergLaw.com and BloombergBNA.com. window.RSIW : pw; Mark your calendar for Nareit's REITworld: 2023 Annual Conference, where you can stay up to date on the latest trends in the REIT industry, and connect with important REIT stakeholders. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. 917-365-7979 On a pro forma basis former STAR common stockholders hold approximately 47% of the combined company’s common equity, with continuing IRT common stockholders holding approximately 53% of the combined company. Steadfast Apartment will merge with and into Independence Realty, with the latter as the surviving entity. for (var i in e.rl) if (e.gw[i]===undefined || e.gw[i]===0) e.gw[i] = e.gw[i-1]; Independence Realty Trust and Steadfast Apartment REIT Complete #menu-item-2870, #menu-item-1147, #menu-item-1149, #menu-item-1150, #menu-item-1152, #menu-item-1153, #menu-item-2871, #menu-item-1136, #menu-item-1139, #menu-item-1133, #menu-item-1137, #menu-item-1135, #menu-item-1142, #menu-item-1141, #menu-item-2974, #menu-item-2975, #menu-item-3343, #menu-item-3344, #menu-item-4916, #menu-item-4917, #menu-item-4918, #menu-item-4920, #menu-item-4921, #menu-item-9450, #menu-item-12309, #menu-item-12303, #menu-item-13384, #menu-item-13383, #menu-item-16055,#menu-item-23904,#menu-item-23735, #menu-item-1126, #menu-item-1127, #menu-item-9849, #menu-item-14285 { margin-left: 15px; padding: 10px !important; By providing my email, I consent to receiving investment related electronic messages from Stockhouse. Press Release: UPDATE. A more recent docket listing HQ: Philadelphia, PA, United States Note: All prices have a 15 minute delay. #primary-menu .nav-link { color: #f79320; REITNotes uses the REIT's Funds From Operation (FFO) per diluted share informed in the REITs Quarterly Earning Reports and its announced dividend per diluted share. } It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. Steadfast Apartment REIT, Inc. STAR can give no assurance that its expectations will be attained. } Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. e.gw : [e.gw]; 0 : e.tabh; PHILADELPHIA& IRVINE, Calif.---- Independence Realty Trust, Inc. and Steadfast Apartment REIT, Inc. today announced the completion of the merger transaction between the two companies, forming a . width: 70px; } (BESPC). On December 16, 2021, we completed our merger with Steadfast Apartment REIT, Inc. ("STAR"). This REIT made two announcements that sent shares plunging. background-size: 1600px auto; window.RSIH = window.RSIH===undefined ? Find out why. Ella S. Neyland, formerly STAR’s President, Chief Financial Officer and Treasurer, joined the combined company as its Chief Operating Officer. 0 : parseInt(e.thumbhide); E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. Symbol: IRT Troggio v. Steadfast Apartment REIT, Inc. et al. function setREVStartSize(e){ 0 : parseInt(e.tabh); On a pro forma basis former STAR common stockholders hold approximately 47% of the combined companys common equity, with continuing IRT common stockholders holding approximately 53% of the combined company. Suspended: The investment program has suspended its share repurchase or tender program. overflow: hidden; Chief Financial Officer at Independence Realty Trust Inc (IRT) Exton, PA. Jessica Norman . Barclays is acting as lead financial advisor and BMO Capital Markets is acting as financial advisor, and Troutman Pepper Hamilton Sanders LLP is acting as legal advisor to IRT. } None: The investment program does not have an intermittent liquidity program, but shareholders will receive liquidity upon termination or liquidity event at the end of the investment term. #primary-menu .dropdown-menu a:hover{ margin-bottom: 4px; } Pursuant to 28 U.S.C. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. .tribe-events-single-event-title{ color: #f79320; By default, joining or signing in using your Facebook account will work and the email address will be shared by Facebook automatically. 0 : parseInt(e.mh,0); .menu-item-1122 .dropdown-menu{ }; Home > News Article > Steadfast Apartment REIT, Inc. #menu-item-2870, #menu-item-1147, #menu-item-1149, #menu-item-1150, #menu-item-1152, #menu-item-1153, #menu-item-2871, #menu-item-1136, #menu-item-1139, #menu-item-1133, #menu-item-1137, #menu-item-1135, #menu-item-1142, #menu-item-1141, #menu-item-2974, #menu-item-2975, #menu-item-3343, #menu-item-3344, #menu-item-4916, #menu-item-4917, #menu-item-4918, #menu-item-4920, #menu-item-4921, #menu-item-9450, #menu-item-12309, #menu-item-12303, #menu-item-13384, #menu-item-13383, #menu-item-16055,#menu-item-23904,#menu-item-23735, #menu-item-1126, #menu-item-1127, #menu-item-9849, #menu-item-14285 { margin-left: 15px; View source version on businesswire.com: https://www.businesswire.com/news/home/20211215006106/en/, Get the latest news and updates from Stockhouse on social media, Stockhouse.com uses cookies on this site. .et_pb_text_inner h1:before{ Residential REITs are more than just apartment building owners; they enable people to live or stay in all types of dwellings including houses, RVs, and boats. 0 : e.tabw; See complete trend. The combined company after the mergers retained the name Steadfast Apartment REIT, Inc. On August 31, 2020, the REIT internalized its management in exchange for $125 million paid to the former advisor. background-color: transparent; These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in which the combined company operates and beliefs of and assumptions made by IRT management, involve uncertainties that could significantly affect the financial results of the combined company. e.thumbh = e.thumbh===undefined ? PHILADELPHIA & IRVINE, Calif.--(BUSINESS WIRE)-- Independence Realty Trust, Inc. (NYSE: IRT) ("IRT") and Steadfast Apartment REIT, Inc. ("STAR") today announced the completion of the merger transaction between the two companies, forming a . Steadfast Apartment REIT's Merger with Independence Realty Trust The frequency, price, and limitations vary by investment program. for (var i in nl) if (sl>nl[i] && nl[i]>0) { sl = nl[i]; ix=i;} 2 Under-the-Radar REITs That Can Set You Up for Life, 3 Soaring Stocks That Can Make You Richer, Missed Out on Innovative Industrial Properties? Our REITRating logic is continuously improving, so a REITs rating and ranking may change over time. } Contact A high-level overview of Independence Realty Trust, Inc. (IRT) stock. The graph below plots the overall REITRating score for the last trading days. On July 26, 2021, Steadfast Apartment REIT, Inc. and Independence Realty Trust, Inc. (NYSE: IRT) announced the definitive merger agreement under which Steadfast will merge with and into IRT, with IRT surviving as the continuing public company. Portfolio Optimization and Capital Allocation Update. margin-top: 25px; padding: 0 25px; This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. .tribe-events-single-event-title{ This is because although paid in Q3, the dividend value is usually declared during the previous quarter. } color: #093463; These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Bankruptcy and Insolvency-related Litigation, 810 Seventh Avenue, Suite 620, New York, NY 10019, 170 Meeting Street, Suite 110, Charleston, SC 29401, 580 California Street, Suite 1200, San Francisco, CA 94104, 445 S. Figueroa Street, Suite 3100, Los Angeles, CA 90071. James J. Sebra continues to serve as Chief Financial Officer of the combined company. The combined company is expected to have a pro forma equity market capitalization of approximately $4 billion and a pro forma total enterprise . function setREVStartSize(e){ Stockholders Approve Merger with Independence Realty Trust, Inc. December 13, 2021 | Steadfast Apartment REIT, Inc. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. STARs merger proposal and IRTs share issuance proposal are described in detail in IRTs and STARs definitive joint proxy statement/prospectus, which was declared effective by the Securities and Exchange Commission (the SEC) on September 29, 2021. IRT earnings call for the period ending June 30, 2021. } Independence Realty Trust and Steadfast Apartment REIT Announce Merger font-size: 18px; Words such as expects,” anticipates,” intends,” plans,” believes,” seeks,” estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock. REITNotes calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. Best Due Diligence meeting in the industry. .ewd-ufaq-post-margin-symbol{ This docket was last retrieved on December 3, 2021. All rights reserved. Factors that could cause actual results to differ materially from STARs expectations include, but are not limited to, risks related to the economic impact of the ongoing COVID-19 pandemic on our residents and employees and the general economy; STARs and IRTs ability to complete the Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing lender consents and satisfaction of other closing conditions to consummate the Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; risks related to diverting the attention of STARs and IRTs management from ongoing business operations; failure to realize the expected benefits of the Merger; significant transaction costs and/or unknown or inestimable liabilities; the risk of stockholder litigation in connection with the proposed Merger, including resulting expense or delay; the risk that STARs business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the Merger; effects relating to the consummation of the Merger on the market price of the IRT Common Stock; the possibility that, if IRT does not achieve the perceived benefits of the Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of IRT Common Stock could decline; the availability of suitable investment opportunities; changes in interest rates; the availability and terms of financing; general adverse economic and local real estate conditions; market conditions; legislative and regulatory changes that could adversely affect the business of STAR; and other factors, including those set forth in the Risk Factors section of STARs public filings with the SEC, copies of which are available on the SECs website,www.sec.gov.