Centerspace Stock Price, News & Analysis

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.

Centerspace (NYSE: CSR) announced a regular quarterly distribution of $0.70 per share, payable on July 12, 2021. This is to be distributed to shareholders recorded by June 30, 2021.

Additionally, a distribution of $0.4140625 per share is declared for the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC), payable on June 30, 2021. Holders must be recorded by June 15, 2021. The annual rate for preferred shares totals $1.65625 per share.

Centerspace (NYSE: CSR) has announced the acquisition of a portfolio of 17 communities from KMS Management for $323.8 million. This addition includes 2,696 apartment homes in Minneapolis and St. Cloud, boosting Centerspace's presence significantly in these markets. The purchase will be funded through $197.3 million in Convertible Preferred Operating Partnership units and cash options of $16.2 million. The acquisition is expected to close in Q3 2021, subject to approvals, enhancing operational scale and potential revenue growth.

Centerspace (NYSE: CSR) released its second annual Environmental, Social, and Governance (ESG) Report, emphasizing its dedication to sustainable practices within the multifamily industry. The report follows the formation of the ESG Committee in 2019, which focuses on identifying and tracking sustainability initiatives. The company conducted its first ESG materiality assessment to align operations with stakeholder concerns. In April 2021, Centerspace reported strong leasing activity, with renewal leases up 4.4%, new leases up 8.2%, and blended leases increasing by 6.1% compared to March 2021.

Centerspace (NYSE: CSR) reported Q1 2021 financial results, showing a net loss of $(0.49) per share, improved from $(0.69) in Q1 2020. Core FFO rose 5.6% to $0.95, with same-store revenues up 0.4% and expenses down 0.9%. The company acquired Union Pointe for $76.9 million and anticipates closing a $60 million asset sale this May. Centerspace's 2021 financial guidance was revised upward, projecting EPS between $0.10 and $0.50 and Core FFO of $3.48 to $3.72. Notably, it paid its 200th consecutive quarterly distribution.

Centerspace (NYSE: CSR) has upgraded its financial outlook for 2021, reflecting a 122% increase in the mid-point earnings per share forecast and a 4.2% rise in Core FFO projections, driven by strong first quarter leasing activity. The company's revised earnings per share outlook has increased from $3.455 to $3.60. The uptick is attributed to enhanced leasing performance, faster vaccination rates, and anticipated lower expense growth. First quarter renewal leases rose 4.0%, while new leases saw significant growth to 0.7%.