Centerspace cuts credit line by $150M to $250M

Q: What change did CENTERSPACE (CSR) make to its credit facility?

CENTERSPACE elected to terminate a previously exercised accordion option under its Credit Agreement, reducing aggregate borrowing capacity by $150.0 million from $400.0 million to $250.0 million, with the reduction expected to be effective on August 28, 2026.

Q: How much did CENTERSPACE (CSR) reduce its borrowing capacity by?

CENTERSPACE reduced its borrowing capacity by $150.0 million, electing to terminate an accordion option that had previously increased capacity from $250.0 million to $400.0 million under its Credit Agreement.

Q: Are any other terms of CENTERSPACE (CSR)'s Credit Agreement changing?

No. The company states that other than the $150.0 million reduction in aggregate borrowing capacity, the material terms of the Third Amended and Restated Credit Agreement remain unchanged.

CENTERSPACE (CSR) reports a change to its revolving credit facility under the Third Amended and Restated Credit Agreement for its operating partnership.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

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.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Borrowing capacity before accordion increase: $250.0 million Borrowing capacity after accordion increase: $400.0 million Reduction in aggregate borrowing capacity: $150.0 million +2 more

5 metrics

Borrowing capacity before accordion increase $250.0 million Aggregate borrowing capacity under the Credit Agreement before May 29, 2025

Borrowing capacity after accordion increase $400.0 million Aggregate borrowing capacity after exercising accordion option on May 29, 2025

Reduction in aggregate borrowing capacity $150.0 million Decrease elected on August 21, 2026 by terminating the accordion option

Borrowing capacity after termination of accordion option $250.0 million Expected aggregate borrowing capacity effective August 28, 2026

Effective date of borrowing capacity reduction August 28, 2026 Date the reduced capacity is expected to take effect

Key Terms

accordion option, Third Amended and Restated Credit Agreement, aggregate borrowing capacity, administrative agent

4 terms

accordion option financial

"the Company exercised an accordion option under the Credit Agreement to increase"

An accordion option is a contractual right built into a financing agreement that lets a company expand the number or size of securities it can issue — for example adding more shares or increasing a loan facility — without a separate, lengthy approval process. Think of it like an accordion instrument that can stretch when needed; for investors it matters because exercising the option can change the supply of securities, dilute existing ownership, and alter future fundraising and control dynamics.

Third Amended and Restated Credit Agreement financial

"entered into a Third Amended and Restated Credit Agreement, as amended"

aggregate borrowing capacity financial

"to increase the aggregate borrowing capacity available thereunder by $150.0 million"

administrative agent financial

"and Bank of Montreal, as administrative agent (the “Agent”)"

An administrative agent is a bank or financial firm appointed to handle the day-to-day paperwork and communication for a group of lenders on a loan or credit agreement, acting as the central point for collecting payments, distributing funds, monitoring covenants, and sharing information. For investors, the administrative agent matters because it influences how quickly lenders receive updates, how smoothly repayments and waivers are handled, and how effectively the lending group enforces terms — think of it as a property manager coordinating tasks for multiple owners.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did CENTERSPACE (CSR) make to its credit facility?

CENTERSPACE elected to terminate a previously exercised accordion option under its Credit Agreement, reducing aggregate borrowing capacity by $150.0 million from $400.0 million to $250.0 million, with the reduction expected to be effective on August 28, 2026.

What is the new aggregate borrowing capacity under CENTERSPACE (CSR)'s Credit Agreement?

After terminating the accordion option, CENTERSPACE’s aggregate borrowing capacity under its Credit Agreement is expected to be $250.0 million, down from $400.0 million, effective on or about August 28, 2026.

How much did CENTERSPACE (CSR) reduce its borrowing capacity by?

CENTERSPACE reduced its borrowing capacity by $150.0 million, electing to terminate an accordion option that had previously increased capacity from $250.0 million to $400.0 million under its Credit Agreement.

Are any other terms of CENTERSPACE (CSR)'s Credit Agreement changing?

No. The company states that other than the $150.0 million reduction in aggregate borrowing capacity, the material terms of the Third Amended and Restated Credit Agreement remain unchanged.

When will CENTERSPACE (CSR)'s reduced borrowing capacity become effective?

CENTERSPACE expects the reduction in aggregate borrowing capacity under its Credit Agreement to be effective on August 28, 2026, following its August 21, 2026 notice to the administrative agent.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Available on EDGAR 08/26/2026 - 04:31 PM EDT Accepted by SEC EDGAR 08/26/2026 - 04:30 PM EDT

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): August 21, 2026

CENTERSPACE

(Exact name of Registrant as specified in its charter)

North Dakota

001-35624

45-0311232

(State or Other Jurisdiction
of Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

1324 20th Avenue 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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, no par value	CSR	New York Stock Exchange

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 8.01 Regulation Other Events.

As previously disclosed, on September 30, 2021, Centerspace, LP (the “Operating Partnership”), an indirect subsidiary of Centerspace (the “Company”), entered into a Third Amended and Restated Credit Agreement, as amended (the “Credit Agreement”), by and among the Operating Partnership, each of the guarantors party thereto, including the Company, the lenders from time to time party thereto, and Bank of Montreal, as administrative agent (the “Agent”).

On May 29, 2025, the Company exercised an accordion option under the Credit Agreement to increase the aggregate borrowing capacity available thereunder by $150.0 million, from $250.0 million to $400.0 million.

On August 21, 2026, the Company notified the Agent that it has elected to terminate the previously exercised accordion option, reducing the aggregate borrowing capacity under the Credit Agreement by $150.0 million, from $400.0 million to $250.0 million. The Company expects this reduction in available capacity to be effective on August 28, 2026.

Other than the reduction in aggregate borrowing capacity described above, the material terms of the Credit Agreement remain unchanged.

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: August 26, 2026		President and Chief Executive Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

3 documents