Centerspace Stock Price, News & Analysis

Centerspace (NYSE: CSR) announced the appointment of Bhairav Patel as Executive Vice President, transitioning to Chief Financial Officer (CFO) in Q1 2022. John Kirchmann, the current CFO, will depart to explore other opportunities. Mr. Patel brings over 15 years of experience in real estate finance, having served as CFO at New Senior Investment Group until its acquisition by Ventas in 2021. The leadership transition is expected to maintain continuity as the company focuses on its growth in apartment ownership and operations.

Centerspace (NYSE: CSR) reported financial results for Q3 and YTD 2021, highlighting a net loss of $(0.81) per diluted share, down from a profit of $1.38 in Q3 2020. Core FFO rose to $0.98, a 4.3% increase year-over-year. Same-store revenues increased by 6.2%, while expenses grew by 4.4%. The company completed a $359.9 million acquisition, adding 2,696 apartment homes. It also improved its balance sheet with $125 million in unsecured notes and a revised earnings outlook of $(0.36) to $(0.24) for the year.

Centerspace (NYSE: CSR) will release its third quarter 2021 operating results after market close on November 1, 2021. A conference call is scheduled for November 2, 2021, at 10:00 a.m. ET to discuss the results. The call can be accessed via a live webcast on the company's investor relations website. Centerspace operates apartment communities across six states, with a total of 79 communities and 14,275 homes. It was recognized as a Top Workplace for 2021 by the Minneapolis Star Tribune.

Centerspace (NYSE: CSR) has announced the amendment and extension of its $250 million revolving credit facility, allowing for an accordion feature up to $400 million, maturing in September 2025. The company fully repaid existing bank term loans totaling $145 million using proceeds from a new $125 million unsecured senior notes issuance and additional refinancing. These actions reduced Centerspace's weighted average interest from 3.70% to 3.35% and extended maturities from 4.9 years to 7.6 years, enhancing its financial flexibility in a competitive market.

Centerspace (NYSE: CSR) announced the issuance of $125 million in unsecured senior notes with a 2.63% weighted average interest rate and a maturity of 10.46 years. The proceeds will be used to repay existing debt. This marks the company's fourth issuance of senior notes, following prior issuances of $75 million, $50 million, and $50 million. Institutional investors include Prudential Private Capital and Allianz Global Investors. CEO Mark O. Decker Jr. stated the transaction helps strengthen the company’s balance sheet by extending debt maturity and lowering capital costs.

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.