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) appointed Rodney Jones-Tyson as Trustee and Bob Levine as a non-voting observer to the Board of Trustees, while John Schissel transitions to Chair. The leadership changes are aimed at enhancing the company's growth strategy in the multifamily housing market. Jones-Tyson brings over 30 years of experience in financial services, while Levine contributes over 40 years in real estate. Centerspace continues to focus on creating a great workplace and integrating the recent KMS portfolio acquisition to capitalize on market opportunities.
Centerspace (NYSE: CSR) has appointed Bhairav Patel as its new Chief Financial Officer, succeeding John Kirchmann who will remain as EVP for a smooth transition. Patel will oversee the company's financial strategy, including accounting, reporting, and planning. Expressing enthusiasm for his new role, Patel aims to collaborate with the team to enhance growth in the multifamily industry. Founded in 1970, Centerspace operates 83 apartment communities across six states, focusing on integrity and service.
Centerspace (NYSE: CSR) announced the acquisition of three communities in Minneapolis and one in Denver for $131.1 million. The deal involved assuming $41.6 million in debt and issuing 209,156 common operating partnership units, with the remainder funded by cash. In Minneapolis, the company added 267 homes, bringing its total to 5,177, while in Denver, it acquired Civic Lofts, adding 176 homes. The transaction supports Centerspace’s strategy to enhance portfolio quality and improve cash flow amidst rising market demands.
Centerspace announced a regular quarterly distribution of $0.72 per share, payable on January 14, 2022, to shareholders on record as of January 3, 2022. Additionally, a distribution of $0.4140625 per share will be made for the 6.625% Series C Cumulative Redeemable Preferred Shares, payable on December 31, 2021, to holders of record by December 15, 2021. The series C shares yield an annual rate of $1.65625 per share. Centerspace operates 79 apartment communities with 14,275 homes across six states.
Centerspace (NYSE: CSR) announced the appointment of Bhairav Patel as Executive Vice President, transitioning to Chief Financial Officer (CFO) in Q1 2022. John Kirchmann, the current CFO, will depart to explore other opportunities. Mr. Patel brings over 15 years of experience in real estate finance, having served as CFO at New Senior Investment Group until its acquisition by Ventas in 2021. The leadership transition is expected to maintain continuity as the company focuses on its growth in apartment ownership and operations.
Centerspace (NYSE: CSR) reported financial results for Q3 and YTD 2021, highlighting a net loss of $(0.81) per diluted share, down from a profit of $1.38 in Q3 2020. Core FFO rose to $0.98, a 4.3% increase year-over-year. Same-store revenues increased by 6.2%, while expenses grew by 4.4%. The company completed a $359.9 million acquisition, adding 2,696 apartment homes. It also improved its balance sheet with $125 million in unsecured notes and a revised earnings outlook of $(0.36) to $(0.24) for the year.
Centerspace (NYSE: CSR) will release its third quarter 2021 operating results after market close on November 1, 2021. A conference call is scheduled for November 2, 2021, at 10:00 a.m. ET to discuss the results. The call can be accessed via a live webcast on the company's investor relations website. Centerspace operates apartment communities across six states, with a total of 79 communities and 14,275 homes. It was recognized as a Top Workplace for 2021 by the Minneapolis Star Tribune.
Centerspace (NYSE: CSR) has announced the amendment and extension of its $250 million revolving credit facility, allowing for an accordion feature up to $400 million, maturing in September 2025. The company fully repaid existing bank term loans totaling $145 million using proceeds from a new $125 million unsecured senior notes issuance and additional refinancing. These actions reduced Centerspace's weighted average interest from 3.70% to 3.35% and extended maturities from 4.9 years to 7.6 years, enhancing its financial flexibility in a competitive market.
Centerspace (NYSE: CSR) announced the issuance of $125 million in unsecured senior notes with a 2.63% weighted average interest rate and a maturity of 10.46 years. The proceeds will be used to repay existing debt. This marks the company's fourth issuance of senior notes, following prior issuances of $75 million, $50 million, and $50 million. Institutional investors include Prudential Private Capital and Allianz Global Investors. CEO Mark O. Decker Jr. stated the transaction helps strengthen the company’s balance sheet by extending debt maturity and lowering capital costs.
Centerspace (NYSE: CSR) has successfully completed a strategic acquisition of 17 communities in Minneapolis and St. Cloud, Minnesota, for $323.8 million. This purchase adds 2,696 apartment homes to its portfolio. To finance the acquisition, Centerspace issued $181.4 million of Convertible Preferred Operating Partnership units with a 3.875% dividend. The company will also invest approximately $40 million to reposition the new communities. The acquisition is expected to enhance Centerspace's operational scale and strengthen its market presence in Minneapolis.
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