Welcome to our dedicated page for CENTERSPACE SEC filings (Ticker: CSR), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Centerspace filings document the formal disclosure record for a multifamily REIT that owns and operates apartment communities in the Midwest and Mountain West. Its 8-K reports furnish earnings releases and investor presentations covering FFO, Core FFO, same-store revenue and NOI, occupancy, lease-rate growth, resident retention, capitalization, and portfolio operations.
Proxy and governance filings cover annual meeting matters, trustee elections, committee service, executive compensation, pay-versus-performance data, shareholder voting, and Board of Trustees changes. The filing record also includes Regulation FD presentations, distribution-related disclosures, and risk language tied to real estate operations and forward-looking financial outlooks.
Centerspace (CSR) entered into a definitive all-stock merger agreement to be acquired by Independence Realty Trust, Inc. (IRT). Each Centerspace common share will be converted at closing into 3.8 shares of IRT common stock, subject to potential adjustments and with cash paid in lieu of fractional shares.
Following a first-step company-level merger, Centerspace will become a wholly owned subsidiary of IRT and its operating partnership will merge into IRT’s operating partnership. Common OP units will convert into IRT OP common units at the same 3.8x exchange ratio, with Series D and Series E OP preferred units converted into new IRT OP preferred units that are exchangeable into OP common units using fixed multipliers.
Closing requires shareholder approvals at both companies, effectiveness of an IRT Form S-4, NYSE listing of the IRT shares to be issued, lender consents on specified debt and reciprocal REIT and tax opinions. The outside date is June 30, 2027. Under certain terminations, Centerspace may owe IRT a $45 million fee, and IRT may owe Centerspace $60 million. Regular dividends are capped and coordinated, and any special REIT-required cash dividends by either party will trigger mathematical adjustments to the 3.8 exchange ratio.
Centerspace (CSR) agreed to be acquired by Independence Realty Trust (IRT) in an all-stock merger creating a multifamily REIT with about $8.1 billion enterprise value and 44,354 units across 163 communities. Centerspace shareholders will receive 3.8 IRT shares for each Centerspace share, and common OP unitholders will receive 3.8 IROP units per Centerspace OP unit, implying issuance of about 67.6 million IRT shares/OP units and pro forma ownership of roughly 78% IRT stockholders and 22% Centerspace shareholders.
The transaction is expected to be approximately 5% accretive to 2027E Core FFO per share on a leverage-neutral basis, supported by about $24 million of anticipated annual synergies (around $19 million corporate-level and $5 million property-level). IRT expects to maintain its quarterly dividend of $0.18 per share, while Centerspace may pay up to $0.77 per share in regular quarterly dividends until closing, plus a prorated $0.09 stub dividend in the closing quarter.
Closing, targeted as early as the end of the fourth quarter of 2026, is subject to shareholder approvals, effectiveness of an S-4 registration statement, NYSE listing of new IRT shares, lender consents tied to Centerspace debt, tax and REIT-status opinions, and other customary conditions. The merger agreement includes reciprocal termination rights and fees of $45 million payable by Centerspace or $60 million payable by IRT under specified circumstances, and an amendment to Centerspace’s operating partnership agreement aligns unitholder treatment in combinations.
Centerspace (CSR) agreed to an all‑stock merger with Independence Realty Trust, Inc. (IRT) under a Merger Agreement dated September 8, 2026. Each share of CSR Common Stock outstanding at the Company Merger effective time will be converted into the right to receive 3.800 shares of IRT common stock, with cash paid in lieu of fractional shares. Immediately after CSR merges with an IRT subsidiary, CSR’s operating partnership will merge with an IRT operating partnership subsidiary, and CSR OP units will convert into IRT operating partnership units at the same exchange ratio.
The agreement caps regular quarterly dividends before closing at $0.77 per CSR share and $0.18 per IRT share, provides for a one‑time pro rata CSR dividend in the closing quarter, and includes REIT‑specific “REIT Dividend” mechanics that can adjust the exchange ratio using a $16.09 reference price. CSR equity awards and stock options will vest or convert into IRT‑denominated awards based on the exchange ratio, and CSR OP preferred units will convert into new IRT OP preferred units with set exchange formulas.
Closing is subject to CSR shareholder and IRT stockholder approvals, effectiveness of an IRT Form S‑4, NYSE listing of the new IRT shares, REIT qualification opinions and other customary conditions, including no material adverse effect. Either party can terminate under specified circumstances, with termination fees of $45 million (if paid by CSR) or $60 million (if paid by IRT). IRT’s operating partnership has a debt commitment letter for a $716 million senior unsecured term loan, maturing in 364 days with two six‑month extension options, to help finance the transaction and CSR debt assumptions. The transactions are currently expected to close in the fourth quarter of 2026.
CENTERSPACE (CSR) reports a change to its revolving credit facility under the Third Amended and Restated Credit Agreement for its operating partnership. The company previously used an accordion option to increase aggregate borrowing capacity by $150.0 million, from $250.0 million to $400.0 million on May 29, 2025.
On August 21, 2026, Centerspace notified the administrative agent that it has elected to terminate this previously exercised accordion option, reducing aggregate borrowing capacity by $150.0 million, from $400.0 million back to $250.0 million. The company expects this reduced borrowing capacity to be effective on August 28, 2026, and states that all other material terms of the Credit Agreement remain unchanged.
Centerspace completed the sale of 14 multifamily communities and an associated note receivable in Denver, Minneapolis, Rapid City, and Bismarck as part of a Board-approved portfolio optimization and deleveraging plan. The Denver, Minnesota, and Rapid City transactions closed in June and July 2026, and the Bismarck transaction closed on August 11, 2026. Management evaluated these as a series of related transactions and determined that, in aggregate, they constitute a significant disposition of assets.
Pro forma data show a sale price of $288.8 million for the 2026 dispositions and estimated net cash proceeds of $281.8 million, a portion of which is used to repay the unsecured credit facility. Assuming a $201.0 million reduction of this facility, pro forma interest expense for 2025 declines by $9.6 million, and for the first half of 2026 by $4.7 million. For 2025, net income would have increased from $22.96 million reported to $36.08 million on a pro forma basis, while revenue would have declined from $273.66 million to $238.01 million due to the lost property income. The company is evaluating a potential special distribution of approximately $50–60 million funded from disposition proceeds, while emphasizing that actual use of proceeds and outcomes may differ.
Wellington Management Group LLP and related entities report amended beneficial ownership of Centerspace common stock. Through investment-advisory clients, they collectively hold 476,122 shares, representing 2.83% of the class, and therefore now own less than five percent of Centerspace’s outstanding common stock.
The Wellington entities report 0 shares with sole voting or dispositive power, and 368,844 shares with shared voting power and 476,122 shares with shared dispositive power. The shares are owned of record by advisory clients of various Wellington investment advisers, each generally entitled to dividends and sale proceeds, with no single client known to hold more than five percent of the class.
Centerspace published its 2025 Environmental, Social, and Governance (ESG) Report, highlighting ongoing sustainability efforts in its multifamily housing portfolio. This is the company’s seventh annual ESG report since forming its ESG Committee in 2019 to oversee sustainability initiatives.
The company reports on its first year of progress against performance targets aligned with the United Nations Sustainable Development Goals, established in 2024. Reported accomplishments include completing a portfolio-wide greenhouse gas inventory, expanding smart home technology across additional communities, and advancing operational decarbonization through boiler and controls upgrades. As of June 30, 2026, Centerspace owned 60 apartment communities with 12,090 homes across seven states.
Centerspace reported Q2 2026 results reflecting ongoing portfolio repositioning and asset sales. Revenue was $65.8 million, down $2.8 million or 4.0% from Q2 2025, primarily due to prior-year sales of 12 communities. Net loss was $(0.07) per diluted share versus $(0.87) a year earlier, largely because of impairment recorded in the prior year.
FFO per diluted share was $1.20 compared with $1.24 in Q2 2025, and Core FFO per diluted share was $1.27 versus $1.28, a 0.8% decrease. Same-store results were stable, with Q2 same-store NOI up 0.3% year over year and weighted average occupancy at 96.0%. The company also repurchased 45,310 common shares at an average price of $55.54.
Centerspace continued its disposition and deleveraging strategy, selling a 176-home Denver community for $30.0 million in Q2 and, after quarter-end, seven additional communities totaling 786 homes for $139.8 million. Quarter-end liquidity was $242.6 million, including $234.0 million of revolver capacity. The updated 2026 outlook projects net income per diluted share of $6.42–$6.82, FFO of $4.37–$4.50, Core FFO of $4.58–$4.68, expected disposition proceeds of $315.0–$320.0 million, and potential special distributions of $50.0–$60.0 million.
Centerspace, a multifamily REIT, reported Q2 2026 revenue of $65,782 (thousands), down 4.0% from Q2 2025, while net loss narrowed sharply to $1,130 (thousands), or $0.07 per share, from a loss of $16,785 (thousands), or $0.87 per share. For the first six months of 2026, revenue was $130,851 (thousands) with a net loss of $16,103 (thousands), or $0.83 per share.
Same-store operations were stable, with same-store revenues and expenses largely flat and same-store NOI up 0.3%. Year-to-date results include a $9,700 (thousands) impairment on one Denver community, though no new impairment was recorded in Q2. The company sold the 176‑home Civic Lofts community in Denver for $30,000 (thousands), recognizing a gain of $271 (thousands), and classified 13 additional communities plus a TIF note receivable as held for sale, adding $135,111 (thousands) of assets held for sale at June 30.
Operating cash flow for the first half of 2026 was strong at $44,128 (thousands). Property owned was $2.3 billion (excluding held-for-sale assets). Total debt principal was $1,021,147 (thousands), including $176,000 (thousands) drawn on a $400,000 (thousands) unsecured revolver, leaving significant liquidity. Centerspace repurchased 45,000+ common shares for $2,516 (thousands) and continued quarterly distributions. Subsequent to quarter-end, it sold seven more communities for an aggregate $139.8 million, with proceeds expected to reduce line-of-credit borrowings and support working capital.
Voss Capital and affiliated funds report a significant shareholding in Centerspace. The group, including Voss Value Master Fund, Voss Value-Oriented Special Situations Fund, Voss Advisors GP, Voss Capital, and Travis W. Cocke, reports beneficial ownership of 1,295,000 Common Shares of Beneficial Interest of Centerspace.
Based on 16,803,149 Shares outstanding as of April 27, 2026, Voss Capital and Mr. Cocke each may be deemed to beneficially own approximately 7.7% of Centerspace’s Shares, including about 6.5% held in Voss Managed Accounts. Voss Value Master Fund holds 190,000 Shares, including 15,000 Shares underlying currently exercisable call options, and Voss Value-Oriented Special Situations Fund holds 20,000 Shares.