CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND

Rhea-AI Summary

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.

Positive

• Declaration of a regular quarterly dividend of $0.75 per share, indicating stable income for shareholders.
• Payment date set for July 10, 2024, ensuring timely returns.
• Additional distribution of $0.4140625 per share on Series C Preferred Shares, reflecting financial commitment.
• Series C Preferred Share distributions are cumulative, ensuring unpaid dividends are accrued and paid in future periods.
• Centerspace's portfolio includes 70 apartment communities, showing a substantial asset base.
• Recognition by the National Apartment Association for diversity, equity, and inclusion signals positive corporate culture.

Negative

• No specific information on revenue or earnings which leaves questions about overall financial health.
• Dividend amount remains unchanged, which might indicate stagnant growth.
• Series C Preferred Share distributions’ annual rate at $1.65625 per share could be seen as low by some investors.
• Lack of new significant business developments or expansions in the report.

MINNEAPOLIS, June 3, 2024 /PRNewswire/ -- NYSE: CSR. Centerspace's Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on July 10, 2024, to common shareholders and unitholders of record at the close of business on June 28, 2024.

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 June 28, 2024, to holders of record at the close of business on June 14, 2024. 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 70 apartment communities consisting of 12,883 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. In 2022, Centerspace was named the National Apartment Association's Leading Organization in Diversity, Equity, and Inclusion. For more information, please visit www.centerspacehomes.com.

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

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SOURCE Centerspace

FAQ

What is the dividend amount announced by Centerspace for common shareholders?

Centerspace announced a quarterly dividend of $0.75 per share for common shareholders.

When is the dividend payment date for Centerspace common shareholders?

The dividend payment date for Centerspace common shareholders is July 10, 2024.

What is the record date for Centerspace's common shareholders to be eligible for the dividend?

The record date for common shareholders is June 28, 2024.

How much is the distribution for Centerspace's 6.625% Series C Preferred Shares?

The distribution for Centerspace's 6.625% Series C Preferred Shares is $0.4140625 per share.

When will the Series C Preferred Shares distribution be paid?

The Series C Preferred Shares distribution will be paid on June 28, 2024.

What is the annual rate of the Series C Preferred Shares distributions?

The annual rate of the Series C Preferred Shares distributions is $1.65625 per share.

How many apartment communities does Centerspace own?

Centerspace owns 70 apartment communities.

What recognition did Centerspace receive in 2022?

Centerspace was named the National Apartment Association's Leading Organization in Diversity, Equity, and Inclusion in 2022.