CSR 8-K
Centerspace (CSR)
8-K
2024-10-02
For: 2024-10-02
View Original
Added on
April 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 2, 2024
(Exact name of Registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip code)
(701 ) 837-4738
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed from last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On October 2, 2024, Centerspace (the “Company”) issued a press release about the acquisition of The Lydian in Denver, Colorado. Pursuant to Item 7.01 of Form 8-K, a copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release will also appear on the Company’s website.
The information in this Item 7.01 and item 9.01, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 Financial Statements and Exhibits
(d)Exhibits
| Exhibit | |||||
| Number | Description | ||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Centerspace | ||||||||
| By | /s/ Anne Olson | |||||||
| Anne Olson | ||||||||
| Date: October 2, 2024 | President and Chief Executive Officer | |||||||
FOR IMMEDIATE RELEASE Contact Information
Josh Klaetsch, Investor Relations
Phone : (701) 837-7104
E-mail : [email protected]
CENTERSPACE EXPANDS PRESENCE IN DENVER MARKET & PROVIDES UPDATE ON THIRD QUARTER 2024 BALANCE SHEET ACTIVITY
MINNEAPOLIS, MN, October 2, 2024 – Centerspace (NYSE: CSR) announced that on October 1, 2024, it closed on the acquisition of The Lydian in Denver, CO, for total consideration of $54 million.
Centerspace also announced the completed redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024. The Company also announced that year-to-date through September 30, 2024, it has sold approximately 1.59 million shares under its ATM program. Gross proceeds from these ATM sales were approximately $113.73 million, before fees and expenses, which was used to fund the preferred share redemption and pay down line of credit debt.
The Lydian is a 129-home apartment community in Denver, CO, that also includes 23,000 square feet of fully leased office and street-level retail space. The property was constructed in 2018 and sits adjacent to the 25th and Welton light rail station in the Five Points neighborhood of Denver’s Downtown submarket. Centerspace entered the Denver market in 2017 and now provides 2,536 homes in nine communities throughout the Denver and Fort Collins regions.
The acquisition was financed through the assumption of $35 million of mortgage debt, the issuance of $14.5 million of common operating partnership units, and cash. The assumed debt carries an interest rate of 3.72%, is interest-only through January 2032, and matures in February 2037. Operating partnership units were issued at a negotiated value of $76.42 per unit. As part of the transaction consideration, the Company will provide tax protection to the holders of the common operating partnership units.
"We are excited to add The Lydian to our portfolio. Its proximity to our existing Denver communities will allow us to more efficiently create Better Every Days for our residents and team members," said Anne Olson, Centerspace's President and CEO." At the same time, the strategic financing undertaken to complete this acquisition, combined with our recent preferred redemption, highlight the levers available to Centerspace to continue to add value for our shareholders while improving our balance sheet.”
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 71 apartment communities consisting of 13,012 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune. For more information, please visit https://www.centerspacehomes.com.
If you would like more information about this topic, please contact Josh Klaetsch, Investor Relations, at (701) 837-7104 or [email protected].