Centerspace Stock Price, News & Analysis

Centerspace (NYSE: CSR) has announced its plans to release operating results for the first quarter ended March 31, 2023, on May 1, 2023, after market close. A conference call to discuss these results will take place on May 2, 2023, at 10:00 AM ET. Interested parties can access the live webcast at the company’s investor relations website. Centerspace, a prominent owner and operator of apartment communities, operates 75 communities comprising 13,498 homes across several states, including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The company has been recognized as a Top Workplace for 2022 by the Minneapolis Star Tribune.

Centerspace (NYSE:CSR) announced the transition of Mark Decker, Jr. to Anne Olson as President and CEO, effective March 31, 2023, as part of a succession plan. Decker will remain on the Board of Directors until May and will serve as an advisor during the transition. Anne Olson, who has been with Centerspace since April 2017, previously held the position of Executive Vice President and COO. The company aims to enhance operational efficiency and quality of its portfolio, demonstrated by the recent $144 million in non-core asset sales, contributing to strengthening its balance sheet.

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.