Centerspace Expands Denver Presence With $54M Acquisition Of The Lydian; Completes Redemption Of 6.625% Series C Preferred Shares; YTD ATM Sales Of 1.59M Shares With $113.73M In Gross Proceeds Used For Preferred Share Redemption And Debt Pay Down
Portfolio Pulse from Benzinga Newsdesk
Centerspace has expanded its presence in Denver by acquiring The Lydian for $54 million. The acquisition was financed through a combination of mortgage debt, operating partnership units, and cash. Additionally, Centerspace completed the redemption of its 6.625% Series C Preferred Shares, using proceeds from ATM sales and debt pay down.
October 02, 2024 | 8:32 pm
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Centerspace has acquired The Lydian in Denver for $54 million, enhancing its real estate portfolio. The acquisition was funded through mortgage debt, operating partnership units, and cash. The company also redeemed its 6.625% Series C Preferred Shares, using proceeds from ATM sales and debt reduction.
The acquisition of The Lydian expands Centerspace's real estate holdings in a key market, potentially increasing revenue. The redemption of preferred shares and debt pay down improve financial stability, which is positive for investors.
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