Centerspace Stock Price, News & Analysis

Centerspace (NYSE: CSR) released its Q1 2022 financial results, reporting a net loss of $(0.68) per diluted share, an increase from $(0.49) in Q1 2021. However, Core FFO rose 3.2% to $0.98 per diluted share. Same-store revenues grew by 8.6%, while new lease rates increased to 6.9%. The company acquired properties totaling 397 homes for $114.5 million. Total liquidity was $223.3 million. Centerspace revised its 2022 financial outlook, affirming its Core FFO guidance with expectations for FFO per share between $4.26 and $4.52.

Centerspace (NYSE: CSR) will release its operating results for Q1 2022 on May 2, 2022, post-market close. A conference call to discuss these results is scheduled for May 3, 2022, at 10:00 AM ET. Investors can access the live call via webcast at ir.centerspacehomes.com. The call will also be available for replay until May 17, 2022. Centerspace manages 84 apartment communities across six states, focusing on providing quality homes and was recognized as a Top Workplace in 2021.

Centerspace (NYSE: CSR) reported a net loss of $(0.47) per diluted share for 2021, compared to a loss of $(0.15) in 2020. Core Funds from Operations (FFO) increased by 5.8% to $3.99 per share. Same-store revenues grew by 4.8%, influenced by a 5.1% rise in rental income, though occupancy declined by 0.3%. The company strategically acquired 17 communities for a total of $499.8 million. A regular quarterly dividend of $0.73 per share is set for April 11, 2022. As of December 31, 2021, Centerspace had $204.8 million in total liquidity.

Centerspace (NYSE: CSR) will release its operating results for the year ended December 31, 2021, on February 28, 2022, after market close. A conference call to discuss these results is scheduled for March 1, 2022, at 10:00 AM ET. The call will be accessible via a live webcast. Centerspace operates 84 apartment communities across several states and was recognized as a Top Workplace for 2021. For more details, visit their website or contact Emily Miller in Investor Relations.

Centerspace (NYSE: CSR) has acquired Noko Apartments in Minneapolis for $46.4 million. The deal includes a $29.9 million construction loan at 4.5% interest and a $13.5 million mezzanine loan at 11.5%. Noko, completed in 2021, features 130 homes and is strategically located near Lake Nokomis, enhancing walkability and access to amenities. Centerspace's acquisition aligns with its strategy to improve portfolio quality while increasing distributable cash flow and core FFO, according to President and CEO Mark O. Decker Jr.

Centerspace (NYSE: CSR) announced the tax treatment for 2021 distributions on its common and preferred shares. Shareholders are advised to consult their tax advisors regarding these distributions. Key details include:

• Common Shares: $0.70000 distribution per share
• Series C Preferred Shares: $0.4140625 distribution per share

The cash distributions were payable on varying dates throughout 2021 and included ordinary taxable distributions and returns of capital. Centerspace operates 83 apartment communities across the Midwest.

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.