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) 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.
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.
Centerspace (NYSE: CSR) reported strong financial results for Q2 2021, with Net Income of $1.48 per diluted share, reversing a loss of $(0.44) in Q2 2020. Core FFO also increased, reaching $0.98 per diluted share, a 7.7% year-over-year rise. Same-store revenues rose 3.2%, while same-store NOI grew 1.2%. Centerspace has improved its financial outlook for 2021, raising the EPS range to $0.58-$0.76. The company is set to acquire 17 communities through a $197.3 million deal and has disposed of 589 units in Rochester for $60 million.
Centerspace (NYSE: CSR) will release its second quarter 2021 operating results on August 2, 2021, after market close. A conference call will follow on August 3, 2021, at 10:00 AM ET to discuss these results. Interested investors can access the live call via a webcast on the company's investor relations page. Centerspace, an owner/operator of apartment communities across multiple states, emphasizes a commitment to integrity and customer service, holding 62 communities with 11,579 homes.
Centerspace (NYSE: CSR) announced a regular quarterly distribution of $0.70 per share, payable on July 12, 2021. This is to be distributed to shareholders recorded by June 30, 2021.
Additionally, a distribution of $0.4140625 per share is declared for the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC), payable on June 30, 2021. Holders must be recorded by June 15, 2021. The annual rate for preferred shares totals $1.65625 per share.
Centerspace (NYSE: CSR) has announced the acquisition of a portfolio of 17 communities from KMS Management for $323.8 million. This addition includes 2,696 apartment homes in Minneapolis and St. Cloud, boosting Centerspace's presence significantly in these markets. The purchase will be funded through $197.3 million in Convertible Preferred Operating Partnership units and cash options of $16.2 million. The acquisition is expected to close in Q3 2021, subject to approvals, enhancing operational scale and potential revenue growth.
Centerspace (NYSE: CSR) released its second annual Environmental, Social, and Governance (ESG) Report, emphasizing its dedication to sustainable practices within the multifamily industry. The report follows the formation of the ESG Committee in 2019, which focuses on identifying and tracking sustainability initiatives. The company conducted its first ESG materiality assessment to align operations with stakeholder concerns. In April 2021, Centerspace reported strong leasing activity, with renewal leases up 4.4%, new leases up 8.2%, and blended leases increasing by 6.1% compared to March 2021.
Centerspace (NYSE: CSR) reported Q1 2021 financial results, showing a net loss of $(0.49) per share, improved from $(0.69) in Q1 2020. Core FFO rose 5.6% to $0.95, with same-store revenues up 0.4% and expenses down 0.9%. The company acquired Union Pointe for $76.9 million and anticipates closing a $60 million asset sale this May. Centerspace's 2021 financial guidance was revised upward, projecting EPS between $0.10 and $0.50 and Core FFO of $3.48 to $3.72. Notably, it paid its 200th consecutive quarterly distribution.
Centerspace (NYSE: CSR) has upgraded its financial outlook for 2021, reflecting a 122% increase in the mid-point earnings per share forecast and a 4.2% rise in Core FFO projections, driven by strong first quarter leasing activity. The company's revised earnings per share outlook has increased from $3.455 to $3.60. The uptick is attributed to enhanced leasing performance, faster vaccination rates, and anticipated lower expense growth. First quarter renewal leases rose 4.0%, while new leases saw significant growth to 0.7%.
Centerspace (NYSE: CSR) will announce its Q1 2021 operating results on May 3, 2021, after market closing. A conference call to discuss these results is scheduled for May 4, 2021, at 10:00 AM ET. The call will be accessible via a live webcast on their investor relations page. Centerspace, founded in 1970, currently owns 68 apartment communities across several states including Colorado and Minnesota, totaling 12,166 homes. The company was recognized as a Top Workplace for 2020 by Minneapolis Star Tribune.
FAQ
What is the current stock price of Centerspace (CSR)?
What is the market cap of Centerspace (CSR)?
What is Centerspace?
Where does Centerspace operate?
What is Centerspace's mission?
How financially stable is Centerspace?
What recent acquisitions has Centerspace made?
Has Centerspace sold any properties recently?
What awards has Centerspace received?
Where can I find detailed financial information about Centerspace?
What is Centerspace's current stock symbol?
How can I contact Centerspace's Investor Relations?
