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.
Centerspace (NYSE: CSR) is a distinguished real estate investment trust (REIT) that specializes in the ownership, management, acquisition, development, and redevelopment of apartment communities. Founded in 1970, Centerspace continues to expand its presence throughout the Midwest, providing high-quality apartment homes to thousands of residents from Denver, CO to Minneapolis, MN, and the states in between.
Operating from its corporate offices in Minot, North Dakota and Minneapolis, Minnesota, the company is dedicated to creating better living experiences by focusing on integrity and exceptional customer service. Centerspace's mission is to provide a great home not only for its residents but also for its team members and investors, capturing the essence of their motto, #bettereverydays.
As of the latest reports, Centerspace owns 70 apartment communities, comprising 12,883 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. In recent news, Centerspace has revised its 2024 financial outlook upwards, reflecting strong financial health and optimistic future growth.
Centerspace was recently recognized by the Minneapolis Star Tribune as a Top Workplace for the fourth consecutive year in 2023, highlighting its commitment to fostering a positive work environment. Additionally, the company was named the National Apartment Association's Leading Organization in Diversity, Equity, and Inclusion in 2022, underscoring its dedication to inclusive practices.
The company's financial condition remains robust, with significant liquidity and minimal debt maturing through 2025. Centerspace reported $228.3 million in total liquidity at the end of Q1 2024, consisting of $215.6 million available under lines of credit and cash equivalents of $12.7 million.
Centerspace continues to strategically enhance its portfolio. Notably, the company has entered the Fort Collins, CO market with the acquisition of Lake Vista Apartment Homes and has exited the Minot, ND market, reallocating resources to areas with promising long-term prospects.
Investors and stakeholders can find detailed financial data and updates on the company's performance in the Supplemental Operating and Financial Data available on Centerspace's website or by contacting Investor Relations.
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.
Centerspace (NYSE: CSR), a multifamily real estate company, has released its 2024 Environmental, Social, and Governance (ESG) Report. This marks the company's fifth annual report since establishing its ESG Committee in 2019. Key accomplishments for 2023 include:
- Aligning the report with GRI's 2024 Universal Standards and Topic Standards
- Achieving 81% energy usage data coverage, surpassing the 2027 goal of 75%
- Completing the second GRESB submission
- Launching a Manager in Training program
Centerspace, which owns 70 apartment communities with 12,883 homes across six states, emphasizes its commitment to sustainable practices, resource stewardship, and responsible operations in the real estate industry.
Centerspace (NYSE: CSR) reported its Q2 2024 financial results and raised its 2024 Core FFO per share guidance. Key highlights include:
- Net loss of $0.19 per diluted share for Q2 2024, compared to $0.23 loss in Q2 2023
- Core FFO per diluted share increased 5.5% to $2.49 for H1 2024
- Same-store revenues up 3.4% and NOI up 2.4% in Q2 2024 vs Q2 2023
- Issued 110,000 common shares for $7.7 million in Q2 2024
- Total liquidity of $222.3 million at quarter-end
- Revised 2024 outlook: Core FFO per share guidance raised to $4.78-$4.92
The company also amended its Unsecured Credit Facility, extending maturity to July 2028, and sold additional shares post-quarter end.
Centerspace (NYSE: CSR) has appointed Jay Rosenberg to its Board of Trustees, effective July 8, 2024. Rosenberg, a retired Head of Public Real Assets at Nuveen, brings nearly three decades of investment management and real estate experience. He will also serve on the Nominating and Corporate Governance Committee. Centerspace President and CEO Anne Olson expressed confidence in Rosenberg's contributions, emphasizing his extensive knowledge in public real estate and investment strategies. Board Chair John Schissel highlighted Rosenberg's public company experience and successful track record in real estate as assets to Centerspace's growth.
Centerspace, established in 1970, operates 70 apartment communities with 12,883 homes across six states. The company was named a top workplace for the fifth consecutive year in 2024.
Centerspace (NYSE: CSR) will announce its Q2 2024 earnings on July 29, 2024, after market close.
A conference call to discuss the results will be held on July 30, 2024, at 10:00 a.m. Eastern Time.
Centerspace owns and operates 70 apartment communities, totaling 12,883 homes across six states: Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
The company has been recognized as a top workplace for five consecutive years.
For more information, contact Josh Klaetsch, Investor Relations, at (701) 837-7104 or IR@centerspacehomes.com.
Centerspace (NYSE: CSR) announced a quarterly dividend of $0.75 per share for common shareholders, payable on July 10, 2024, to those on record as of June 28, 2024. Additionally, the Board declared a distribution of $0.4140625 per share for its 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC), payable on June 28, 2024, to holders on record as of June 14, 2024. Series C distributions are cumulative and paid quarterly at an annual rate of $1.65625 per share. Centerspace owns 70 apartment communities across 6 states and emphasizes integrity and service. The company was recognized for diversity, equity, and inclusion in 2022.
Centerspace reported its first-quarter 2024 financial results, with a decrease in net loss and an increase in Core FFO per diluted share. The company successfully sold non-core assets, repurchased common shares, and revised its 2024 financial outlook, raising the mid-point for Core FFO per share. Centerspace also announced participation in upcoming conferences.
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