Centerspace (CSR) News & Sentiment

Centerspace is a residential REIT focused on apartment communities, primarily in Minnesota and Colorado. The company delivered a core FFO of $4.88/share in 2024, with a circa 2% increase forecast for 2025. NOI growth is set to moderate from 3.7% in 2024 to about 3.3% in 2025, although I estimate the underlying growth rate closer to 1.9%.

Centerspace (NYSE:CSR ) Q4 2024 Earnings Conference Call February 19, 2025 10:00 AM ET Company Participants Josh Klaetsch - Investor Relations Anne Olson - President and Chief Executive Officer Grant Campbell - Senior Vice President, Investments and Capital Markets Bhairav Patel - Chief Financial Officer Conference Call Participants Brad Heffern - RBC Capital John Kim - BMO Rob Stevenson - Janney Montgomery Rich Anderson - Wedbush Michael Gorman - BTIG Mason Guell - Baird Operator Hello, everyone, and welcome to the Centerspace Q4 2024 Earnings Call. My name is Ezra, and I will be your coordinator today.

Centerspace (CSR) came out with quarterly funds from operations (FFO) of $1.21 per share, beating the Zacks Consensus Estimate of $1.18 per share. This compares to FFO of $1.22 per share a year ago.

MINNEAPOLIS , Feb. 18, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the year ended December 31, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the year ended December 31, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 and the twelve months ended December 31, 2024 and 2023.

MINNEAPOLIS , Jan. 27, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) will release its operating results for the quarter ended December 31, 2024, after the market closes on Tuesday, February 18, 2025. Management will host a conference call to discuss those results on the following day, Wednesday, February 19, 2025, at 10:00 a.m.

MINNEAPOLIS , Jan. 23, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today the tax treatment (Form 1099-DIV) for calendar year 2024 distributions on its common and preferred shares of beneficial interest. Shareholders are encouraged to consult with their personal tax advisors as to the specific tax treatment of their Centerspace distributions.

Centerspace is a Midwest-focused apartment REIT trading at a discount to peers, with strong near-term AFFO/share growth prospects not priced in. CSR's clever acquisition strategy, including using OP units, allows for accretive purchases in growth markets, enhancing long-term performance. The Midwest's stable rental market and CSR's significant presence in Minneapolis and Denver contribute to its outperformance in same-store NOI growth.

Centerspace manages 13,014 apartments with a focus on Minnesota, Colorado, and North Dakota. Q3 2024 per share results were impacted by a capital increase to fund the redemption of the Series C preferred shares. Only 4% of all debt is variable rate, indicating limited benefits from Fed rate cuts.

MINNEAPOLIS , Dec. 2, 2024 /PRNewswire/ -- NYSE: CSR. Centerspace's Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on January 13, 2025, to common shareholders and unitholders of record at the close of business on December 30, 2024.