Centerspace (NYSE: CSR) has elected to terminate a previously exercised accordion option under its credit agreement, reducing the aggregate borrowing capacity by $150.0 million, from $400.0 million to $250.0 million.

The company notified Bank of Montreal, the administrative agent under the credit agreement, of its decision on August 21, 2026. The reduction in available capacity is expected to take effect on August 28, 2026.

The accordion option had been exercised on May 29, 2025, increasing the borrowing capacity from $250.0 million to $400.0 million under the Third Amended and Restated Credit Agreement, which was originally entered into on September 30, 2021.

According to a company statement, all other material terms of the credit agreement remain unchanged following the capacity reduction.