Centerspace Stock Price, News & Analysis

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.

Centerspace (NYSE: CSR) announced the tax treatment for its 2022 distributions, detailing allocations for common and preferred shares. Key dividend payments include:

• Common Shares: Total of $2.91 per share.
• Series C Preferred: Total of $1.65625 per share.

Record dates for cash distributions span from January to December 2022, with payable dates following shortly after. Shareholders should consult tax advisors for personal tax implications of these distributions.

Centerspace has declared a quarterly dividend of $0.73 per share, payable on January 12, 2023, to shareholders of record as of January 2, 2023. Additionally, the company will distribute $0.4140625 per share on its 6.625% Series C Cumulative Redeemable Preferred Shares, with payment on December 30, 2022, to holders of record by December 15, 2022. These dividends reflect Centerspace’s commitment to returning value to its investors and maintaining a steady income stream from its operations across 84 apartment communities.

Centerspace (NYSE: CSR) announced the closing of a $100 million term loan with PNC Bank on November 22, 2022. The loan bears a floating interest rate of 1.20% to 1.75% over the Secured Overnight Financing Rate (SOFR) and has a term of one year with a possible one-year extension. Proceeds will be used to repay part of the existing credit facility. According to President and CEO Mark O. Decker, this financing enhances the company's capacity and flexibility amidst a challenging capital markets environment.

Centerspace (NYSE: CSR) released its financial results for Q3 and YTD September 30, 2022. It reported a net loss of $0.14 per diluted share, a significant improvement from a loss of $0.79 per share a year prior. Funds from Operations (FFO) rose to $1.13 per share, up from $0.60, while Core FFO increased 17.3% to $1.15. Same-store revenues grew by 11.1%, with a 11.4% rise in Net Operating Income (NOI). The company revised its 2022 outlook, projecting a net loss of $0.50 to $0.41 per diluted share, influenced by rising costs and recent acquisitions.

Centerspace (NYSE: CSR) will release its operating results for the quarter ending September 30, 2022, after the market closes on October 31, 2022. A conference call is scheduled for November 1, 2022, at 10:00 AM ET to discuss these results. Interested parties can access the call via a live webcast. Centerspace operates 83 apartment communities across six states, focusing on providing quality homes. For further information, visit www.centerspacehomes.com.