Centerspace Enters Material Definitive Agreement

TL;DR

Centerspace just signed a big deal, filing an 8-K today.

AI Summary

On September 9, 2024, Centerspace (formerly Investors Real Estate Trust) entered into a material definitive agreement. The filing also includes financial statements and exhibits related to this event. The company is incorporated in North Dakota and its fiscal year ends on December 31.

Why It Matters

This filing indicates a significant new contract or partnership for Centerspace, which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that may affect the company's financial stability and market position.

Key Numbers

• 001-35624 — SEC File Number (Identifies the company's filing with the SEC.)
• 45-0311232 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Centerspace (company) — Registrant
• Investors Real Estate Trust (company) — Former company name
• September 9, 2024 (date) — Date of earliest event reported
• North Dakota (location) — State of incorporation
• 3100 10th Street SW, Post Office Box 1988, Minot, ND 58702-1988 (address) — Principal executive offices

FAQ

Key Financial Figures

• $250,000,000 — r offer and sale under the Agreement by $250,000,000 to $500,000,000. In addition, the Amend
• $500,000,000 — under the Agreement by $250,000,000 to $500,000,000. In addition, the Amendment adds Collie
• $220,676,481.51 — s having an aggregate offering price of $220,676,481.51 under the Agreement, leaving an availab
• $279,323,518.49 — s having an aggregate offering price of $279,323,518.49 that may be offered and sold pursuant t

Filing Documents

• iret-20240909.htm (8-K) — 32KB
• exhibit11-8xk.htm (EX-1.1) — 351KB
• exhibit51-8xk.htm (EX-5.1) — 13KB
• taftlogo.jpg (GRAPHIC) — 9KB
• 0001628280-24-039868.txt ( ) — 629KB
• iret-20240909.xsd (EX-101.SCH) — 2KB
• iret-20240909_def.xml (EX-101.DEF) — 16KB
• iret-20240909_lab.xml (EX-101.LAB) — 28KB
• iret-20240909_pre.xml (EX-101.PRE) — 16KB
• iret-20240909_htm.xml (XML) — 4KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On September 9, 2024, Centerspace (the "Company") entered into a third amendment (the "Amendment") to the Equity Distribution Agreement (the "Agreement"), dated September 10, 2021, as amended by Amendment No. 1 to the Agreement, dated May 9, 2024 and Amendment No. 2 to the Agreement, dated July 29, 2024 with BMO Capital Markets Corp., Robert W. Baird & Co. Incorporated, BofA Securities, Inc., BTIG, LLC, Colliers Securities LLC, Janney Montgomery Scott LLC, Jefferies LLC, Piper Sandler & Co., Raymond James & Associates, Inc., RBC Capital Markets, LLC and UBS Securities LLC, as sales agent (in such capacity, each an "Agent" and together, the "Agents"), forward seller (except with respect to BTIG, LLC) and/or principal, and Nomura Securities International, Inc. (acting through BTIG, LLC as its agent), as forward seller to Nomura Global Financial Products, Inc., its relevant Forward Purchaser (as defined below) (in such capacity, each a "Manager" and collectively, the "Managers") and each of Bank of Montreal, Robert W. Baird & Co. Incorporated, Bank of America N.A., Jefferies LLC, Nomura Global Financial Products, Inc., Piper Sandler & Co., Raymond James & Associates, Inc., Royal Bank of Canada and UBS AG London Branch, as forward purchaser (in such capacity, each a "Forward Purchaser" and together, the "Forward Purchasers"). Pursuant to the terms of the Agreement, the Company is permitted to offer and sell from time to time its common shares of beneficial interest, no par value per share (the "Shares"), through or to the Agents, or, if applicable, Forward Purchasers. The Amendment increases the maximum aggregate number of Shares available for offer and sale under the Agreement by $250,000,000 to $500,000,000. In addition, the Amendment adds Colliers Securities LLC and Janney Montgomery Scott LLC as Agents and changes the number of business days by which the parties agree to settle trades from two to one. The Comp

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 1.1 Amendment No. 3, dated September 9, 2024, to Equity Distribution Agreement, dated Septem ber 10, 2021, as amended by Amendment No. 1 to the Equity Distribution Agreement, effective as of May 9 , 2024 and Amendment No. 2 to the Equity Distribution Agreement, effective as of July 29, 2024, between the Company and BMO Capital Markets Corp., Robert W. Baird & Co. Incorporated, BofA Securities, Inc., BTIG, LLC, Colliers Securities LLC, Janney Montgomery Scott LLC, Jefferies LLC, Piper Sandler & Co., Raymond James & Associates, Inc., RBC Capital Markets, LLC and UBS Securities LLC and certain of their affiliates and agents 5.1 Opinion of Taft Stettinius & Hollister LLP 23.1 Consent of Taft Stettinius & Hollister LLP (contained in Exhibit 5.1) 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: September 9, 2024 President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR