CENTERSPACE (CSR): debt financing — Centerspace reports Q1 Core FFO $1.07, affirms guidance; issues $90M notes at 5.04%

CENTERSPACE

2023-Q1 EPS reported $2.76 revenue$67,897,000

Net income $2.76/sh, Core FFO $1.07/sh (up from $0.98); same-store NOI +11% YoY.
Affirms 2023 Core FFO guidance; same-store revenue +10.5%, occupancy 94.8%.
Enters $90M promissory note at 5.04% fixed rate, due May 1, 2035, with State Farm Life Insurance.
Monthly payments of $485,342; prepayable after May 1, 2026 with premium; guaranteed by Centerspace.

item 1.01 item 2.02 item 9.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CENTERSPACE incurred loan of $90,000,000 with State Farm Life Insurance Company at 5.04% per annum maturing May 1, 2035.

Instrument: loan
Principal: $90,000,000
Counterparty: State Farm Life Insurance Company
Rate: 5.04% per annum
Maturity: May 1, 2035
Event: incurrence

Exact text from the filing

On April 26, 2023 CSR – PARKHOUSE, LLC (the “Borrower”), an indirect subsidiary of Centerspace (the“Company”) entered into a Promissory Note (the “Note”) under which the Borrower promises to pay State Farm Life Insurance Company (the “Lender”) the principal sum of $90,000,000 (“Principal”) together with interest on the unpaid Principal balance outstanding from the date of disbursement until paid at the rate of 5.04% per annum computed on the basis of a 360-day year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CENTERSPACE reported the three months ended March 31, 2023 results: net income Net income (loss) - diluted $ 2.76, EPS $ 2.76. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Net income: Net income (loss) - diluted $ 2.76
EPS: $ 2.76
Guidance: reaffirmed
Result: reported results

Exact text from the filing

The Company issued an earnings release on May 1, 2023, announcing certain financial and operational results for the three months ended March 31, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CENTERSPACE entered into Promissory Note with State Farm Life Insurance Company valued at $90,000,000 (effective 2023-04-26).

Action: entry
Agreement: credit facility
Counterparty: State Farm Life Insurance Company
Value: $90,000,000
Effective: 2023-04-26

Exact text from the filing

On April 26, 2023 CSR – PARKHOUSE, LLC (the “Borrower”), an indirect subsidiary of Centerspace (the“Company”) entered into a Promissory Note (the “Note”) under which the Borrower promises to pay State Farm Life Insurance Company (the “Lender”) the principal sum of $90,000,000

View on SEC.gov

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CENTERSPACE filing history →

Source: SEC EDGAR

accession 0000798359-23-000053

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