Recent Updates — CSR

Centerspace announced an amendment to its merger agreement with Independence Realty Trust (IRT), dated September 22, 2026. IRT elected to modify the transaction structure so that Centerspace merges into an IRT subsidiary rather than surviving as a subsidiary of IRT. This change requires adding IRT Merger Sub as a party and includes waivers for representation inaccuracies caused by the new structure. The transaction remains subject to shareholder approval and SEC registration via Form S-4. Centerspace is a real estate investment trust that owns, operates, and manages multi-family residential properties.

Centerspace filed an Amendment No. 1 to its Form 8-K solely to correct a typographical error in the EDGARized version of the Agreement and Plan of Merger dated September 8, 2026. The amendment fixes an incorrect cross-reference from Section 8.01(g) to Section 8.01(h) within Section 8.03(a)(iii). This filing does not alter the terms or status of the proposed merger with Independence Realty Trust (IRT), which remains subject to shareholder approval and SEC registration via a Form S-4. Centerspace operates in the real estate investment trust industry, specializing in the ownership and management of neighborhood shopping centers.

Centerspace entered into a definitive Agreement and Plan of Merger with Independence Realty Trust (IRT) on September 8, 2026, to be acquired in an all-stock transaction valued at approximately $8.1 billion enterprise value. Centerspace shareholders will receive 3.8 shares of IRT common stock for each share held, resulting in pro forma ownership of roughly 22% for Centerspace investors and 78% for IRT investors. The combined entity will operate over 44,000 apartment units across 17 states, targeting approximately $24 million in annual synergies and 5% accretion to 2027 Core FFO per share on a leverage-neutral basis. The transaction requires shareholder approvals and lender consents, with a target closing by the end of Q4 2026. Centerspace operates as a multifamily real estate investment trust focused on apartment communities in non-gateway markets.

Centerspace completed the Bismarck Transaction, finalizing a portfolio optimization plan involving the sale of 14 multifamily apartment communities and a note receivable across Colorado, Minnesota, South Dakota, and North Dakota. The aggregate gross proceeds from these dispositions totaled approximately $318.8 million. The company intends to use net proceeds to reduce outstanding indebtedness, including repaying borrowings under its line of credit, and may issue a special distribution of between $50.0 million and $60.0 million to shareholders. Centerspace operates in the real estate investment trust industry, specifically focusing on multifamily apartment communities.

Centerspace reported a net loss of $0.07 per diluted share for the second quarter ended June 30, 2026, compared to a $0.87 loss in the prior year period, primarily due to impairments recognized previously. Funds from Operations (FFO) were $1.20 per diluted share and Core FFO was $1.27 per diluted share. The company disposed of one apartment community for $30.0 million during the quarter and completed two additional dispositions in July totaling $139.8 million, with proceeds intended to pay down its line of credit. Management updated its 2026 financial outlook, lowering expected FFO per share to a range of $4.37–$4.50 from previous estimates. The company also repurchased 45,310 common shares at an average price of $55.54 and maintains $242.6 million in total liquidity. Centerspace is a real estate investment trust that owns and operates apartment communities.