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) released its 2021 Environmental, Social, and Governance (ESG) Report, marking its third annual publication. The report emphasizes the company's dedication to sustainable practices within the multifamily sector, building on the insights from a 2020 materiality assessment. Centerspace initiated its participation in the GRESB framework for sustainability benchmarking in 2021. The company aims to enhance safety, well-being, and financial transparency. CEO Mark O. Decker, Jr. expressed commitment to continual improvement and operational stewardship of resources.
Centerspace (NYSE: CSR) reported its Q2 2022 financial results, showing a net loss of $0.30 per diluted share, compared to a net income of $1.48 per share in Q2 2021. Core FFO rose by 14.3% to $1.12 per diluted share. Same-store revenues increased 11.7% year-over-year, contributing to an 11.5% rise in NOI. Centerspace revised its 2022 outlook, adjusting the net loss guidance to a range of $0.31 to $0.14 and increasing the same-store NOI growth guidance to 10.0% to 12.0%. As of June 30, the company held $196.2 million in liquidity.
Centerspace (NYSE: CSR) will report its operating results for the quarter ending June 30, 2022, after market close on August 1, 2022. A conference call to discuss these results is scheduled for August 2, 2022, at 10:00 AM ET. Interested parties can access the call via a live webcast. Centerspace operates 83 apartment communities, providing 14,838 homes across several states, including Colorado and Minnesota. The company was recognized as a Top Workplace for 2022 by the Minneapolis Star Tribune.
Centerspace's Board of Trustees has declared a regular quarterly distribution of $0.73 per share/unit, payable on July 11, 2022 to shareholders and unitholders of record by June 30, 2022. Additionally, a distribution of $0.4140625 per share has been announced for the 6.625% Series C Cumulative Redeemable Preferred Shares, payable on June 30, 2022 to holders of record by June 15, 2022. The Series C preferred shares have an annual rate of $1.65625. Centerspace operates 83 apartment communities across several states, emphasizing integrity and service.
Centerspace (NYSE: CSR) released its Q1 2022 financial results, reporting a net loss of $(0.68) per diluted share, an increase from $(0.49) in Q1 2021. However, Core FFO rose 3.2% to $0.98 per diluted share. Same-store revenues grew by 8.6%, while new lease rates increased to 6.9%. The company acquired properties totaling 397 homes for $114.5 million. Total liquidity was $223.3 million. Centerspace revised its 2022 financial outlook, affirming its Core FFO guidance with expectations for FFO per share between $4.26 and $4.52.
Centerspace (NYSE: CSR) will release its operating results for Q1 2022 on May 2, 2022, post-market close. A conference call to discuss these results is scheduled for May 3, 2022, at 10:00 AM ET. Investors can access the live call via webcast at ir.centerspacehomes.com. The call will also be available for replay until May 17, 2022. Centerspace manages 84 apartment communities across six states, focusing on providing quality homes and was recognized as a Top Workplace in 2021.
Centerspace (NYSE: CSR) reported a net loss of $(0.47) per diluted share for 2021, compared to a loss of $(0.15) in 2020. Core Funds from Operations (FFO) increased by 5.8% to $3.99 per share. Same-store revenues grew by 4.8%, influenced by a 5.1% rise in rental income, though occupancy declined by 0.3%. The company strategically acquired 17 communities for a total of $499.8 million. A regular quarterly dividend of $0.73 per share is set for April 11, 2022. As of December 31, 2021, Centerspace had $204.8 million in total liquidity.
Centerspace (NYSE: CSR) will release its operating results for the year ended December 31, 2021, on February 28, 2022, after market close. A conference call to discuss these results is scheduled for March 1, 2022, at 10:00 AM ET. The call will be accessible via a live webcast. Centerspace operates 84 apartment communities across several states and was recognized as a Top Workplace for 2021. For more details, visit their website or contact Emily Miller in Investor Relations.
Centerspace (NYSE: CSR) has acquired Noko Apartments in Minneapolis for $46.4 million. The deal includes a $29.9 million construction loan at 4.5% interest and a $13.5 million mezzanine loan at 11.5%. Noko, completed in 2021, features 130 homes and is strategically located near Lake Nokomis, enhancing walkability and access to amenities. Centerspace's acquisition aligns with its strategy to improve portfolio quality while increasing distributable cash flow and core FFO, according to President and CEO Mark O. Decker Jr.
Centerspace (NYSE: CSR) announced the tax treatment for 2021 distributions on its common and preferred shares. Shareholders are advised to consult their tax advisors regarding these distributions. Key details include:
- Common Shares: $0.70000 distribution per share
- Series C Preferred Shares: $0.4140625 distribution per share
The cash distributions were payable on varying dates throughout 2021 and included ordinary taxable distributions and returns of capital. Centerspace operates 83 apartment communities across the Midwest.
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