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 has announced the sale of nine communities in Minnesota and Nebraska for a total of $144.3 million. This includes four communities in St. Cloud, two in the Omaha-Lincoln area, and three in the Minneapolis-St. Paul region, totaling 1,567 homes. Proceeds will be utilized to reduce outstanding debt, enhancing financial flexibility and lowering leverage. CEO Mark Decker highlighted the strategic timing of the sale, aligning with ongoing demand for affordable housing. This transaction is expected to bolster the company’s earnings potential and overall financial health.
Centerspace (NYSE: CSR) has declared a quarterly distribution of $0.73 per share, payable on April 10, 2023, to shareholders of record by March 31, 2023. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (CSR.PRC) will be paid on March 31, 2023, to holders on record by March 15, 2023. This reflects Centerspace's commitment to returning income to shareholders while managing its growing portfolio of 84 apartment communities across six states.
Centerspace (NYSE: CSR) reported its financial results for the year ending December 31, 2022, revealing a diluted net loss per share of $1.35, compared to $0.47 in 2021. Core FFO increased 11.0% year-over-year to $4.43 per share. Same-store revenues saw a growth of 10%, while expenses rose by 11.6%, resulting in a 9% increase in NOI. The company repurchased 432,000 shares for $29.1 million. Centerspace secured a $100 million term loan and holds $153 million in total liquidity as of year-end. For 2023, the company projects a diluted net income range of $2.37 to $3.25 per share.
Centerspace (NYSE: CSR) announced it will release its operating results for the year ended December 31, 2022, after market close on February 21, 2023. A conference call to discuss these results will take place on February 22, 2023, at 10:00 AM ET. Interested parties can access the live webcast via Centerspace's investor relations page. The company operates 84 apartment communities across six states, focusing on providing quality housing. For further inquiries, investors can contact Joe McComish, Investor Relations, at (701) 837-7104 or via email.
Centerspace (NYSE: CSR) announced the tax treatment for its 2022 distributions, detailing allocations for common and preferred shares. Key dividend payments include:
- Common Shares: Total of $2.91 per share.
- Series C Preferred: Total of $1.65625 per share.
Record dates for cash distributions span from January to December 2022, with payable dates following shortly after. Shareholders should consult tax advisors for personal tax implications of these distributions.
Centerspace has declared a quarterly dividend of $0.73 per share, payable on January 12, 2023, to shareholders of record as of January 2, 2023. Additionally, the company will distribute $0.4140625 per share on its 6.625% Series C Cumulative Redeemable Preferred Shares, with payment on December 30, 2022, to holders of record by December 15, 2022. These dividends reflect Centerspace’s commitment to returning value to its investors and maintaining a steady income stream from its operations across 84 apartment communities.
Centerspace (NYSE: CSR) announced the closing of a $100 million term loan with PNC Bank on November 22, 2022. The loan bears a floating interest rate of 1.20% to 1.75% over the Secured Overnight Financing Rate (SOFR) and has a term of one year with a possible one-year extension. Proceeds will be used to repay part of the existing credit facility. According to President and CEO Mark O. Decker, this financing enhances the company's capacity and flexibility amidst a challenging capital markets environment.
Centerspace (NYSE: CSR) released its financial results for Q3 and YTD September 30, 2022. It reported a net loss of $0.14 per diluted share, a significant improvement from a loss of $0.79 per share a year prior. Funds from Operations (FFO) rose to $1.13 per share, up from $0.60, while Core FFO increased 17.3% to $1.15. Same-store revenues grew by 11.1%, with a 11.4% rise in Net Operating Income (NOI). The company revised its 2022 outlook, projecting a net loss of $0.50 to $0.41 per diluted share, influenced by rising costs and recent acquisitions.
Centerspace (NYSE: CSR) will release its operating results for the quarter ending September 30, 2022, after the market closes on October 31, 2022. A conference call is scheduled for November 1, 2022, at 10:00 AM ET to discuss these results. Interested parties can access the call via a live webcast. Centerspace operates 83 apartment communities across six states, focusing on providing quality homes. For further information, visit www.centerspacehomes.com.
Centerspace (NYSE: CSR) announced a revised payable date for its regular quarterly distribution of $0.73 per share/unit, now set for October 11, 2022. This distribution will be available to common shareholders and unitholders of record as of September 30, 2022. The company manages 83 apartment communities with 14,838 homes across several states, including Colorado and Minnesota. Centerspace was recognized as a Top Workplace for 2022 by the Minneapolis Star Tribune.
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