---
schema_version: "secwatch.filing_event.v1"
accession: "0000798359-23-000053"
form_type: "8-K"
ticker: "CSR"
cik: "0000798359"
company_name: "CENTERSPACE"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:45:01.429869+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Centerspace reports Q1 Core FFO $1.07, affirms guidance; issues $90M notes at 5.04%

## Summary
- 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.

## SEC filing metadata
- accession: 0000798359-23-000053
- form_type: 8-K
- ticker: CSR
- cik: 0000798359
- company_name: CENTERSPACE
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 9.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/798359/000079835923000053/0000798359-23-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/798359/000079835923000053/iret-20230426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000798359-23-000053
- JSON: https://secwatch.observer/filing/0000798359-23-000053.json
- Plain text: https://secwatch.observer/filing/0000798359-23-000053.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798359/000079835923000053/0000798359-23-000053-index.htm
- Earnings Releases
  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
  source text: The Company issued an earnings release on May 1, 2023, announcing certain financial and operational results for the three months ended March 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/798359/000079835923000053/0000798359-23-000053-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/798359/000079835923000053/0000798359-23-000053-index.htm

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