Centerspace expands Denver presence with $54M acquisition of The Lydian; redeems Series C preferred

CENTERSPACE

Acquired 129-home community The Lydian in Denver for $54M; includes 23K sq ft retail space.
Assumed $35M mortgage at 3.72%, interest-only through Jan 2032, maturing Feb 2037.
Issued $14.5M in common OP units at $76.42/unit as part of consideration.
Redeemed all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on Sept 30, 2024.
Sold ~1.59M shares via ATM YTD 2024 for gross proceeds ~$113.7M; proceeds used for preferred redemption and debt paydown.

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