Centerspace Stock Price, News & Analysis

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%.

Centerspace (NYSE: CSR) will announce its Q1 2021 operating results on May 3, 2021, after market closing. A conference call to discuss these results is scheduled for May 4, 2021, at 10:00 AM ET. The call will be accessible via a live webcast on their investor relations page. Centerspace, founded in 1970, currently owns 68 apartment communities across several states including Colorado and Minnesota, totaling 12,166 homes. The company was recognized as a Top Workplace for 2020 by Minneapolis Star Tribune.

Centerspace has declared a quarterly distribution of $0.70 per share for common shareholders, payable on April 12, 2021. This is for shareholders on record by the close of business on March 31, 2021. Additionally, a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC) is set for March 31, 2021, for those recorded by March 15, 2021. Centerspace manages 68 apartment communities across several states, with a focus on integrity and service.

Centerspace (NYSE: CSR) reported its financial results for the year ended December 31, 2020. The company experienced a net loss of $(0.15) per diluted share compared to a profit of $6.00 per diluted share the previous year. However, Core FFO increased to $3.78 per share, up from $3.72 in 2019. Same-store revenues rose 2.1%, while total collections for the year were 99.1%. Centerspace expanded its portfolio by acquiring two apartment communities and issued 829,000 common shares, strengthening its balance sheet. Looking ahead, the company forecasts a diluted EPS range of $(0.18) to $0.45 for 2021.

Centerspace (NYSE: CSR) will release its operating results for the year ended December 31, 2020, after the market closes on February 22, 2021. A conference call will follow on February 23, 2021, at 10:00 a.m. ET to discuss the results. Interested parties can access the call via a live webcast on the company's investor relations website. Centerspace operates 68 apartment communities with 12,166 homes across several states, focusing on providing quality housing and community service.

Centerspace (NYSE: CSR) announced the tax treatment for its 2020 cash distributions for both common and preferred shares. Shareholders are advised to consult their tax advisors regarding their personal tax implications. Key distributions include:

• Common Shares: $0.7000 distributed quarterly
• Series C Preferred: $0.4140625 distributed quarterly

Shareholders received a total of $2.80 per common share and $1.65625 per preferred share for the year. Record and payable dates vary per distribution.

Centerspace (NYSE: CSR) has acquired Union Pointe Apartment Homes in Longmont, Colorado for $76.9 million. The property, built in 2019, consists of 256 units and is 94% occupied, with average rents at $1,582. Additionally, Centerspace issued $50 million in unsecured Series C Notes at 2.7% due on June 6, 2030. Proceeds from the notes will fund the acquisition and enhance corporate flexibility, expanding the Note Purchase Agreement with Prudential from $150 million to $225 million.

Centerspace (NYSE: CSR) will virtually ring The Closing Bell at the New York Stock Exchange on December 22, 2020, marking a significant milestone following its rebranding from IRET. CEO Mark O. Decker, Jr. expressed pride in the company's new name and ticker symbol, viewing the event as a celebration of their brand and a way to conclude the year positively. Centerspace owns and manages 67 apartment communities comprising 11,910 homes. The event will be streamed live and archived on the NYSE website.