---
schema_version: "secwatch.filing_event.v1"
accession: "0000798359-22-000108"
form_type: "8-K"
ticker: "CSR"
cik: "0000798359"
company_name: "CENTERSPACE"
filed_at: "2022-11-28T23:59:59+00:00"
generated_at: "2026-06-21T12:54:39.092439+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Centerspace closes $100M term loan to repay existing credit facility

## Summary
- Closed $100M senior unsecured term loan on Nov 22, 2022 with PNC Bank as administrative agent.
- Initial 364-day term with one-year extension option; floating rate SOFR+1.20%-1.75% based on leverage.
- Proceeds to repay a portion of existing credit facility balance, enhancing financial flexibility.
- CEO Mark Decker says loan augments capacity and shows strength of institutional relationships.

## SEC filing metadata
- accession: 0000798359-22-000108
- form_type: 8-K
- ticker: CSR
- cik: 0000798359
- company_name: CENTERSPACE
- filed_at: 2022-11-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/798359/000079835922000108/0000798359-22-000108-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798359/000079835922000108/iret-20221122.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000798359-22-000108
- JSON: https://secwatch.observer/filing/0000798359-22-000108.json
- Plain text: https://secwatch.observer/filing/0000798359-22-000108.txt

## Key facts
- Debt Financings
  CENTERSPACE incurred term loan of $100,000,000 with PNC Bank, National Association (as administrative agent) and other lenders at SOFR plus applicable margin based on leverage ratio: 1.200%-1.750% for SOFR loan maturing 364 days from November 22, 2022, with one optional 364-day extension.
  - Instrument: term loan
  - Principal: $100,000,000
  - Counterparty: PNC Bank, National Association (as administrative agent) and other lenders
  - Rate: SOFR plus applicable margin based on leverage ratio: 1.200%-1.750% for SOFR loan
  - Maturity: 364 days from November 22, 2022, with one optional 364-day extension
  - Event: incurrence
  source text: The Agreement is effective November 22, 2022 and provides the Partnership with a $100,000,000 senior unsecured term loan (the “Credit Facility”). The Credit Facility terminates 364 days following the effective date of the Agreement, but may be extended, subject to certain conditions, for one additional 364-day term.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798359/000079835922000108/0000798359-22-000108-index.htm
- Material Agreements
  CENTERSPACE entered into Term Loan Agreement valued at $100,000,000 (effective 2022-11-22).
  - Action: entry
  - Agreement: credit facility
  - Value: $100,000,000
  - Effective: 2022-11-22
  source text: On November 22, 2022 Centerspace, LP (the “Partnership”) entered into a Term Loan Agreement (the “Agreement”). The Partner and Centerspace (the “Company”), Centerspace, Inc.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798359/000079835922000108/0000798359-22-000108-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.