Centerspace Announces 2.8% Increase To Common Distributions For The 3rd Quarter Of Calendar Year 2021

Rhea-AI Summary

On August 30, 2021, Centerspace (NYSE: CSR) announced a quarterly distribution of $0.72 per share, marking a $0.02 increase and the first rise in over a decade. This payment is set for October 11, 2021, beneficial for shareholders on record by September 30, 2021. Additionally, a $0.4140625 distribution on Series C preferred shares will be paid on September 30, 2021. Centerspace, operating 62 apartment communities across several states, focuses on responsible capital allocation and enhancing shareholder value.

Positive

• Common distribution increased by $0.02 to $0.72 per share, the first increase in over 10 years.
• Commitment to responsible capital allocation as expressed by management.

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• None.

MINNEAPOLIS, Aug. 30, 2021 /PRNewswire/ -- NYSE: CSR. Centerspace announced today that the Board of Trustees has declared a regular quarterly distribution of $0.72 per share/unit, payable on October 11, 2021, to common shareholders and unitholders of record at the close of business on September 30, 2021.  This represents a $0.02 increase over the prior distribution and the first increase in over 10 years.  "The Board and Management are committed to responsible capital allocation; we are pleased to be positioned to grow our distribution after a five-year transition to a focused owner-operator of apartment homes," said Mark O. Decker Jr., President and CEO.

The Board of Trustees also declared a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC), payable on September 30, 2021, to holders of record at the close of business on September 15, 2021. Series C preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $1.65625 per share. 

About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 62 apartment communities consisting of 11,579 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

If you would like more information about this topic, please contact Emily Miller, Investor Relations, at (701) 837-7104 or IR@centerspacehomes.com.

 

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SOURCE Centerspace

FAQ

What is the new quarterly distribution amount for Centerspace (CSR)?

Centerspace announced a new quarterly distribution of $0.72 per share, an increase of $0.02.

When will Centerspace pay the new distribution to shareholders?

The new distribution will be payable on October 11, 2021, to shareholders on record by September 30, 2021.

What is the distribution rate for Series C preferred shares of Centerspace (CSR PRC)?

The distribution on Series C preferred shares is $0.4140625, payable on September 30, 2021.

When was the last increase in common distributions by Centerspace before this announcement?

This is the first increase in common distributions in over 10 years.