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 real estate investment trust (REIT) focused on owning and operating apartment communities, and its news flow reflects both operating performance and portfolio activity. This page aggregates news releases and updates related to Centerspace’s multifamily portfolio, financial results, ESG reporting, and strategic decisions.
Company news frequently covers quarterly financial and operating results, where Centerspace reports metrics such as Net Income or Net Loss per diluted share, Funds from Operations (FFO), Core FFO, Net Operating Income (NOI), same-store revenues and expenses, occupancy, lease rate growth, and resident retention. Earnings releases are often accompanied by details on conference calls and webcasts for investors.
Another recurring theme in Centerspace’s news is portfolio transactions. The company has announced acquisitions of apartment communities in markets such as Salt Lake City, Utah and Loveland, Colorado, as well as dispositions like the sale of five communities in the St. Cloud, Minnesota market, which marked its exit from that market. These updates provide insight into the company’s ongoing portfolio repositioning and capital allocation decisions.
Centerspace also issues news about its dividend distributions, with its Board of Trustees declaring regular quarterly distributions to common shareholders and unitholders. In addition, the company publishes announcements on its Environmental, Social, and Governance (ESG) efforts, including annual ESG reports, a Task Force on Climate Related Financial Disclosures (TCFD) report, and progress toward ESG goals.
Strategic developments, such as the Board of Trustees’ review of strategic alternatives, are also communicated through news releases. Investors and observers can use this news page to follow Centerspace’s reported financial performance, portfolio changes, ESG initiatives, dividend declarations, and strategic reviews over time.
Centerspace (NYSE: CSR) has disclosed its tax treatment details for 2024 distributions on common and preferred shares. For common shares, the total distribution was $2.98 per share, comprising $1.24 in ordinary taxable dividends and $1.74 in nondividend distributions. The company paid quarterly dividends of $0.73 (Q1) and $0.75 (Q2-Q4).
For Series C Preferred Shares, CSR distributed $1.24 per share annually, paid in quarterly installments of $0.414 each, all classified as ordinary taxable dividends. Centerspace, founded in 1970, currently owns and operates 71 apartment communities with 13,012 homes across six states including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
Centerspace (NYSE: CSR) has declared a regular quarterly dividend of $0.75 per share/unit, payable on January 13, 2025, to shareholders and unitholders of record as of December 30, 2024. The company owns and operates 71 apartment communities with 13,012 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Founded in 1970, Centerspace has been recognized as a top workplace by the Minneapolis Star Tribune for five consecutive years through 2024.
Centerspace (NYSE: CSR) reported its Q3 2024 financial results, showing a net loss of $0.40 per diluted share compared to net income of $0.41 in Q3 2023. Core FFO per diluted share increased 3.4% to $3.68 for the nine months ended September 30, 2024. Same-store revenues grew 3.0% year-over-year, driving a 2.8% increase in same-store NOI. The company raised its 2024 Core FFO guidance to $4.82-$4.90 per share. During Q3, Centerspace issued 1.5 million common shares for $105.1 million and used proceeds to redeem Series C preferred shares worth $97.0 million.
Centerspace (NYSE: CSR) has announced the release date for its third quarter 2024 operating results. The company will disclose its financial performance for the quarter ended September 30, 2024, after market close on Monday, October 28, 2024. A conference call to discuss the results is scheduled for Tuesday, October 29, 2024, at 10:00 a.m. Eastern Time.
Interested parties can access the conference call via a live webcast or operator-assisted dial-in. Replay options will be available until November 12, 2024. Centerspace, founded in 1970, is an owner and operator of 71 apartment communities with 13,012 homes across six states. The company was recognized as a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune.
Centerspace (NYSE: CSR) announced the acquisition of The Lydian in Denver, CO, for $54 million on October 1, 2024. The 129-home apartment community includes 23,000 square feet of leased office and retail space. The acquisition was financed through a $35 million mortgage assumption, $14.5 million in common operating partnership units, and cash.
The company also completed the redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024. Additionally, Centerspace sold approximately 1.59 million shares through its ATM program, generating gross proceeds of about $113.73 million, which was used to fund the preferred share redemption and reduce line of credit debt.
With this acquisition, Centerspace now provides 2,536 homes across nine communities in the Denver and Fort Collins regions.
Centerspace (NYSE: CSR) has announced several key financial decisions. The company declared a quarterly dividend of $0.75 per share/unit, payable on October 10, 2024, to shareholders of record as of September 30, 2024. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares was declared, payable on September 30, 2024.
Notably, Centerspace plans to redeem all outstanding shares of its 6.625% Series C Cumulative Redeemable Preferred Stock on September 30, 2024, at $25.00 per share plus accrued dividends, totaling approximately $98.64 million. This redemption is primarily funded through the issuance of common shares under the company's ATM program, with approximately 1.36 million shares sold year-to-date, raising about $97.28 million before fees.
Centerspace (NYSE: CSR), a multifamily real estate company, has released its 2024 Environmental, Social, and Governance (ESG) Report. This marks the company's fifth annual report since establishing its ESG Committee in 2019. Key accomplishments for 2023 include:
- Aligning the report with GRI's 2024 Universal Standards and Topic Standards
- Achieving 81% energy usage data coverage, surpassing the 2027 goal of 75%
- Completing the second GRESB submission
- Launching a Manager in Training program
Centerspace, which owns 70 apartment communities with 12,883 homes across six states, emphasizes its commitment to sustainable practices, resource stewardship, and responsible operations in the real estate industry.
Centerspace (NYSE: CSR) reported its Q2 2024 financial results and raised its 2024 Core FFO per share guidance. Key highlights include:
- Net loss of $0.19 per diluted share for Q2 2024, compared to $0.23 loss in Q2 2023
- Core FFO per diluted share increased 5.5% to $2.49 for H1 2024
- Same-store revenues up 3.4% and NOI up 2.4% in Q2 2024 vs Q2 2023
- Issued 110,000 common shares for $7.7 million in Q2 2024
- Total liquidity of $222.3 million at quarter-end
- Revised 2024 outlook: Core FFO per share guidance raised to $4.78-$4.92
The company also amended its Unsecured Credit Facility, extending maturity to July 2028, and sold additional shares post-quarter end.
Centerspace (NYSE: CSR) has appointed Jay Rosenberg to its Board of Trustees, effective July 8, 2024. Rosenberg, a retired Head of Public Real Assets at Nuveen, brings nearly three decades of investment management and real estate experience. He will also serve on the Nominating and Corporate Governance Committee. Centerspace President and CEO Anne Olson expressed confidence in Rosenberg's contributions, emphasizing his extensive knowledge in public real estate and investment strategies. Board Chair John Schissel highlighted Rosenberg's public company experience and successful track record in real estate as assets to Centerspace's growth.
Centerspace, established in 1970, operates 70 apartment communities with 12,883 homes across six states. The company was named a top workplace for the fifth consecutive year in 2024.
Centerspace (NYSE: CSR) will announce its Q2 2024 earnings on July 29, 2024, after market close.
A conference call to discuss the results will be held on July 30, 2024, at 10:00 a.m. Eastern Time.
Centerspace owns and operates 70 apartment communities, totaling 12,883 homes across six states: Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
The company has been recognized as a top workplace for five consecutive years.
For more information, contact Josh Klaetsch, Investor Relations, at (701) 837-7104 or IR@centerspacehomes.com.