8-K

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 11, 2023

CENTERSPACE

(Exact name of Registrant as specified in its charter)

3100 10th Street SW, Post Office Box 1988, Minot, ND 58702-1988

(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:

☐    Written communications pursuant to Rule 425 under the Securities Act

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

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 11, 2023, Centerspace (the “Company”) issued a press release about the acquisition of Lake Vista Apartment Homes in Loveland, Colorado, as well as the disposition of four apartment communities in Minot, North Dakota. 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 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

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.

Document

FOR IMMEDIATE RELEASE

Contact Information

Josh Klaetsch, Investor Relations

Phone: (701) 837-7104

E-mail : IR@centerspacehomes.com

CENTERSPACE ANNOUNCES ENTRANCE INTO FORT COLLINS MARKET

MINNEAPOLIS, MN, October 11, 2023 – Centerspace (NYSE: CSR) announced today that it has recently closed on a series of transactions marking the company’s entry into the Fort Collins, CO, MSA and exit from the Minot, ND, MSA.

In the Fort Collins market, Centerspace has closed on the acquisition of Lake Vista Apartment Homes in Loveland, CO, for an aggregate investment of $94.5 million. The acquisition includes the assumption of $52.7 million of mortgage debt at a rate of 3.45%. The mortgage features interest-only payments through June 2024 and a maturity in June 2026. The community was built in 2011 and includes 303 homes on 16 acres. It is adjacent to the UCHealth Medical Center of the Rockies and is part of the Centerra master-planned community featuring immediate access to grocers, retail, restaurants, and employers.

The Fort Collins MSA is a new market for Centerspace and an extension of the company’s existing Mountain West platform. It features a diverse economic base, including healthcare, high-tech manufacturing, education, and oil and gas companies; a vibrant culture; and plentiful outdoor amenities, including serving as a gateway to Rocky Mountain National Park.

Centerspace has also closed on the sale of four apartment communities and associated commercial space in Minot, North Dakota for an aggregate price of $82.5 million. This marks the company’s exit from the Minot market. Proceeds from the disposition were used to fund the Lake Vista acquisition and for general corporate purposes.

“These transactions continue the company’s strategy of enhancing our portfolio quality and market exposure while maintaining balance sheet strength. We are excited to enter Fort Collins and are optimistic about the long-term prospects of that market,” said Anne Olson, President and CEO of Centerspace.

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 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. In 2022, Centerspace was named the National Apartment Association’s Leading Organization in Diversity, Equity, and Inclusion. For more information, please visit www.centerspacehomes.com.

If you would like more information about this topic, please contact Josh Klaetsch, Investor Relations, at (701) 837-7104 or IR@centerspacehomes.com.