Welcome to our dedicated page for Centerspace news (Ticker: CSR), a resource for investors and traders seeking the latest updates and insights on Centerspace stock.
Overview
Centerspace (NYSE: CSR) is a real estate investment trust (REIT) dedicated to the ownership, management, acquisition, redevelopment, and development of apartment communities. Operating since 1970, the company has built a strong reputation within the multi-family housing and apartment community sector by focusing on quality, customer service, and operational excellence. With strategic offices in North Dakota and Minnesota, Centerspace has a robust presence in key midwestern markets, providing well-managed homes that emphasize both quality living and community integration.
Core Business Areas
Apartment Ownership and Management: At its heart, Centerspace specializes in the efficient operation and management of apartment communities. This includes ensuring high standards in property upkeep, resident services, and community engagement. The company’s operational strategies are designed to promote satisfied residents and enhance asset performance through a well-structured property management approach.
Property Development and Redevelopment: Beyond traditional management, Centerspace is committed to the development and redevelopment of properties. This dual focus allows the company to refresh its portfolio, adapt to evolving resident needs, and integrate contemporary residential trends. By investing strategically in both new developments and the modernization of existing properties, Centerspace continuously adds value to its assets.
Market Position and Competitive Landscape
Within the real estate sector, particularly in the realm of residential and multi-family housing, Centerspace stands as a reputable and stable operator of apartment communities. The company competes with other regional and national REITs by leveraging its long-established operational expertise and commitment to quality service. Its customer-centric philosophy and attention to the minor details that improve daily living set Centerspace apart in a competitive market where operational integrity and resident satisfaction are paramount.
Business Model and Value Proposition
Centerspace’s business model revolves around a comprehensive strategy that integrates property acquisition with dedicated property management and continuous redevelopment initiatives. This integrated approach maximizes asset performance and operational efficiency. The company’s value proposition is evident in its commitment to creating better living environments for residents, achieved through meticulous attention to service quality, community engagement, and strategic capital allocation.
Operational Strategy and Community Focus
At the core of Centerspace’s operations is a philosophy centered on providing not just an apartment, but a home. The company fosters a positive community atmosphere through consistent operational practices that emphasize integrity, customer service, and team harmony. This focus on the small details—those essential everyday touches that improve resident life—results in high resident satisfaction and long-term stability in its operating markets.
Corporate Culture and Strategic Initiatives
Centerspace is committed to nurturing a corporate culture that values both its residents and its team members. Recognized for maintaining a positive workplace and being a top employer, the company emphasizes teamwork and respect in all its operations. Its strategic initiatives, including select acquisitions and redevelopment projects, are executed with precision to bolster the overall portfolio while upholding a tradition of excellence and integrity.
Industry Terminology and Insights
In the context of residential real estate, key industry terms such as real estate investment trust, multi-family housing, and apartment community management accurately describe Centerspace’s operational focus. The company’s expertise in these areas is demonstrated through its methodical approach to property acquisition and its ongoing commitment to adapting to the trends and demands of the real estate sector. This nuanced understanding is echoed in its operational practices and strategic market positioning, making Centerspace a well-informed and trusted entity in the industry.
Centerspace (NYSE: CSR), an owner and operator of apartment communities, has scheduled its Q1 2025 earnings release for Thursday, May 1, 2025, after market close. The company will host a conference call to discuss results on Friday, May 2, 2025, at 1:00 p.m. Eastern Time.
Centerspace currently owns 71 apartment communities with 13,012 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The company, founded in 1970, was recognized as a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune.
Centerspace (NYSE: CSR) announced that Jeff Caira will retire from his positions as trustee, chair of the Nominating and Governance Committee, and member of the Audit Committee at the conclusion of the 2025 Annual Meeting of Shareholders on May 14, 2025.
Caira, who was appointed in 2015, served as Board Chair during his tenure and provided leadership through the company's transition to pure-play multifamily operations. The company has recently undergone board refreshment, adding two new members in January and July 2024, while another trustee retired in May 2024.
Centerspace (NYSE: CSR) reported financial results for 2024 and provided 2025 outlook. The company recorded a net loss of $1.27 per diluted share in 2024, compared to net income of $2.32 per share in 2023. Core FFO increased 2.1% to $4.88 per diluted share.
Same-store NOI grew 3.7% year-over-year, driven by 3.3% revenue growth. The company issued 1.6 million common shares raising $112.6 million at $71.66 per share, using proceeds to redeem Series C preferred shares worth $97.0 million. Centerspace acquired a 129-home Denver property for $54 million and sold two non-core properties for $19.0 million.
For 2025, Centerspace projects net loss per share between ($0.71) and ($0.45), and Core FFO per share between $4.86 and $5.10. The company declared a quarterly dividend of $0.77 per share, payable April 8, 2025.
Centerspace (NYSE: CSR), an owner and operator of apartment communities, has scheduled its Q4 2024 earnings release for Tuesday, February 18, 2025, after market close. The company will host a conference call to discuss the results on Wednesday, February 19, 2025, at 10:00 a.m. Eastern Time.
Centerspace currently owns 71 apartment communities with 13,012 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The company was recognized as a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune.
Centerspace (NYSE: CSR) has disclosed its tax treatment details for 2024 distributions on common and preferred shares. For common shares, the total distribution was $2.98 per share, comprising $1.24 in ordinary taxable dividends and $1.74 in nondividend distributions. The company paid quarterly dividends of $0.73 (Q1) and $0.75 (Q2-Q4).
For Series C Preferred Shares, CSR distributed $1.24 per share annually, paid in quarterly installments of $0.414 each, all classified as ordinary taxable dividends. Centerspace, founded in 1970, currently owns and operates 71 apartment communities with 13,012 homes across six states including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
Centerspace (NYSE: CSR) has declared a regular quarterly dividend of $0.75 per share/unit, payable on January 13, 2025, to shareholders and unitholders of record as of December 30, 2024. The company owns and operates 71 apartment communities with 13,012 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Founded in 1970, Centerspace has been recognized as a top workplace by the Minneapolis Star Tribune for five consecutive years through 2024.
Centerspace (NYSE: CSR) reported its Q3 2024 financial results, showing a net loss of $0.40 per diluted share compared to net income of $0.41 in Q3 2023. Core FFO per diluted share increased 3.4% to $3.68 for the nine months ended September 30, 2024. Same-store revenues grew 3.0% year-over-year, driving a 2.8% increase in same-store NOI. The company raised its 2024 Core FFO guidance to $4.82-$4.90 per share. During Q3, Centerspace issued 1.5 million common shares for $105.1 million and used proceeds to redeem Series C preferred shares worth $97.0 million.
Centerspace (NYSE: CSR) has announced the release date for its third quarter 2024 operating results. The company will disclose its financial performance for the quarter ended September 30, 2024, after market close on Monday, October 28, 2024. A conference call to discuss the results is scheduled for Tuesday, October 29, 2024, at 10:00 a.m. Eastern Time.
Interested parties can access the conference call via a live webcast or operator-assisted dial-in. Replay options will be available until November 12, 2024. Centerspace, founded in 1970, is an owner and operator of 71 apartment communities with 13,012 homes across six states. The company was recognized as a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune.
Centerspace (NYSE: CSR) announced the acquisition of The Lydian in Denver, CO, for $54 million on October 1, 2024. The 129-home apartment community includes 23,000 square feet of leased office and retail space. The acquisition was financed through a $35 million mortgage assumption, $14.5 million in common operating partnership units, and cash.
The company also completed the redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024. Additionally, Centerspace sold approximately 1.59 million shares through its ATM program, generating gross proceeds of about $113.73 million, which was used to fund the preferred share redemption and reduce line of credit debt.
With this acquisition, Centerspace now provides 2,536 homes across nine communities in the Denver and Fort Collins regions.
Centerspace (NYSE: CSR) has announced several key financial decisions. The company declared a quarterly dividend of $0.75 per share/unit, payable on October 10, 2024, to shareholders of record as of September 30, 2024. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares was declared, payable on September 30, 2024.
Notably, Centerspace plans to redeem all outstanding shares of its 6.625% Series C Cumulative Redeemable Preferred Stock on September 30, 2024, at $25.00 per share plus accrued dividends, totaling approximately $98.64 million. This redemption is primarily funded through the issuance of common shares under the company's ATM program, with approximately 1.36 million shares sold year-to-date, raising about $97.28 million before fees.
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