Latest news with #Centerspace
Yahoo
04-08-2025
- Business
- Yahoo
Centerspace Reports Second Quarter 2025 Financial & Operating Results and Updates 2025 Financial Outlook
MINNEAPOLIS, Aug. 4, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2025. The tables below show Net Loss, Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the three and six months ended June 30, 2025; 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 each of the three months ended June 30, 2025, March 31, 2025, and June 30, 2024 and the six months ended June 30, 2025 and 2024. Three Months Ended June 30,Six Months Ended June 30, Per Common Share2025202420252024 Net loss - diluted$ (0.87)$ (0.19)$ (1.09)$ (0.56) FFO - diluted(1)$ 1.24$ 1.23$ 2.42$ 2.39 Core FFO - diluted(1)$ 1.28$ 1.27$ 2.50$ 2.49 Year-Over-Year ComparisonSequential Comparison Same-Store Results(2)Q2 2025 vs. Q2 2024Q2 2025 vs. Q1 2025 Revenues2.7 %1.1 % Expenses2.4 %(1.3) % Net Operating Income ("NOI")(1)2.9 %2.6 % Three months endedSix months ended Same-Store Results(2)June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024 Weighted Average Occupancy96.1 %95.9 %95.5 %96.0 %95.1 % New Lease Rate Growth2.1 %(1.2) %3.2 %0.6 %1.9 % Renewal Lease Rate Growth2.6 %3.4 %3.5 %2.8 %3.5 % Blended Lease Rate Growth (3)2.4 %0.6 %3.4 %1.8 %2.7 % Retention Rate60.2 %49.2 %59.1 %56.8 %58.5 % (1) NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" and "Non-GAAP Financial Measures and Other Terms" in the Supplemental Financial and Operating Data below. (2) Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. Refer to "Non-GAAP Financial Measures and Reconciliations" in Supplemental and Financial Operating Data within. (3) Blended lease rate growth is weighted by lease count. Overview of the Second Quarter Acquired Sugarmont, the Company's first apartment community in Salt Lake City, Utah, consisting of 341 homes for an aggregate purchase price of $149.0 million; Revenue for the second quarter of 2025 increased by $3.5 million or 5.4% to $68.5 million, compared to $65.0 million for the second quarter of 2024; Same-store revenues increased by 2.7% for the second quarter of 2025 compared to the second quarter of 2024, driving a 2.9% increase in same-store NOI compared to the same period of the prior year; Net loss was $0.87 per diluted share for the second quarter of 2025, compared to net loss of $0.19 per diluted share for the same period of the prior year; and Core FFO per diluted share increased 0.8% to $1.28 for the three months ended June 30, 2025, compared to $1.27 for the three months ended June 30, 2024. Balance Sheet At the end of the second quarter, Centerspace had $206.3 million of total liquidity on its balance sheet, consisting of $194.0 million available under the lines of credit and cash and cash equivalents of $12.4 million. Updated 2025 Financial Outlook Centerspace updated its 2025 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June 30, 2025 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated Outlook for 2025 Updated Outlook for 2025Low High Low High Net loss per Share – diluted $(0.71) $(0.45) $2.50 $2.76 Same-Store Revenue 1.50 % 3.50 % 2.00 % 3.00 % Same-Store Expenses 2.00 % 4.00 % 1.00 % 2.50 % Same-Store NOI 1.25 % 3.25 % 2.50 % 3.50 % FFO per Share – diluted $4.73 $4.97 $4.70 $4.83 Core FFO per Share – diluted $4.86 $5.10 $4.88 $5.00 Additional assumptions: Same-store recurring capital expenditures of $1,150 per home to $1,200 per home Value-add expenditures of $16.0 million to $18.0 million Proceeds from dispositions of $210.0 million to $230.0 million Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to "2025 Financial Outlook" in the Supplemental Financial and Operating Data within. Subsequent Events On July 29, 2025, Centerspace closed on the acquisition of Railway Flats a 420 home apartment community located in Loveland, CO, for $132.2 million which includes the assumption of $76.5 million mortgage debt. Earnings Call Live webcast and replay: Conference CallConference Call Replay Tuesday, August 5, 2025, at 10:00 AM ETReplay available until August 12, 2025 USA Toll Free 1-833-470-1428USA Toll Free 1-866-813-9403 International 1-404-975-4839International 1-929-458-6194 Canada Toll Free 1-833-950-0062Access Code 547256Access Code 134183 Supplemental Information Supplemental Operating and Financial Data for the quarter ended June 30, 2025 included herein ("Supplemental Information"), is available in the Investors section on Centerspace's website at or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release. About Centerspace Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2025, Centerspace owned 72 apartment communities consisting of 13,353 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. For more information, please visit Forward-Looking Statements Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "assumes," "may," "projects," "outlook," "future," and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission ("SEC"), including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, in its subsequent quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. Contact Information Investor RelationsJosh KlaetschPhone: 952-401-6600Email: IR@ Marketing & MediaKelly WeberPhone: 952-401-6600Email: kweber@ View original content to download multimedia: SOURCE Centerspace
Business Insider
12-07-2025
- Business
- Business Insider
RBC Capital Sticks to Its Buy Rating for Centerspace (CSR)
RBC Capital analyst Brad Heffern maintained a Buy rating on Centerspace on July 10 and set a price target of $71.00. The company's shares closed yesterday at $60.08. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Heffern is a 4-star analyst with an average return of 7.1% and a 45.91% success rate. Centerspace has an analyst consensus of Moderate Buy, with a price target consensus of $71.45. CSR market cap is currently $1.06B and has a P/E ratio of -53.82.
Malaysian Reserve
08-07-2025
- Business
- Malaysian Reserve
CENTERSPACE ANNOUNCES SECOND QUARTER 2025 EARNINGS RELEASE DATE
MINNEAPOLIS, July 8, 2025 /PRNewswire/ — Centerspace (NYSE: CSR) will release its operating results for the quarter ended June 30, 2025, after the market closes on Monday, August 4, 2025. Management will host a conference call to discuss those results on Tuesday, August 5, 2025, at 10:00 a.m. Eastern Time. Interested parties may access the conference call via the following: Live Conference Call Details: Live webcast: Operator Assisted Dial-In:United States (Local): +1 404 975 4839United States (Toll-Free): +1 833 470 1428Canada: +1 226 828 7575Canada (Toll-Free): +1 833 950 0062Access Code: 547256 Replay Details: Replay Expiration Date: Tuesday, August 12, 2025 11:59 PM EDT Replay Dial-In:United States (Local): +1 929 458 6194United States (Toll-Free): +1 866 813 9403Access Code: 134183 About Centerspace Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 72 apartment communities consisting of 13,353 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. For more information, please visit If you would like more information about this topic, please contact Josh Klaetsch, Investor Relations, at (952) 401-6600 or IR@ Contact Information Josh Klaetsch, Investor Relations Phone : (952) 401-6600 E-mail : IR@
Yahoo
08-07-2025
- Business
- Yahoo
CENTERSPACE ANNOUNCES SECOND QUARTER 2025 EARNINGS RELEASE DATE
MINNEAPOLIS, July 8, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) will release its operating results for the quarter ended June 30, 2025, after the market closes on Monday, August 4, 2025. Management will host a conference call to discuss those results on Tuesday, August 5, 2025, at 10:00 a.m. Eastern Time. Interested parties may access the conference call via the following: Live Conference Call Details: Live webcast: Operator Assisted Dial-In:United States (Local): +1 404 975 4839United States (Toll-Free): +1 833 470 1428Canada: +1 226 828 7575Canada (Toll-Free): +1 833 950 0062Access Code: 547256 Replay Details: Replay Expiration Date: Tuesday, August 12, 2025 11:59 PM EDT Replay Dial-In:United States (Local): +1 929 458 6194United States (Toll-Free): +1 866 813 9403Access Code: 134183 About Centerspace Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 72 apartment communities consisting of 13,353 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. For more information, please visit If you would like more information about this topic, please contact Josh Klaetsch, Investor Relations, at (952) 401-6600 or IR@ Contact Information Josh Klaetsch, Investor Relations Phone : (952) 401-6600 E-mail : IR@ View original content to download multimedia: SOURCE Centerspace Sign in to access your portfolio
Yahoo
12-06-2025
- Business
- Yahoo
Centerspace puts Minnesota apartments on the sales block
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Centerspace is marketing its entire five-community portfolio in the Saint Cloud, Minnesota, region for sale, and several properties from its Minneapolis portfolio are on the block, according to a news release. The Minneapolis-based apartment REIT is also adding to its portfolio. In late May, it officially entered Salt Lake City, Utah, with the purchase of Sugarmont, a 341-unit property located in the Sugar House submarket with walkable access to multiple retail, dining and recreational offerings, for $149 million. The property was built in 2021. Centerspace also signed an agreement to acquire a 420-unit community in Fort Collins, Colorado, for $132 million, with closing anticipated in mid-June. The REIT will assume approximately $76 million of long-term, below-market-rate mortgage debt. Centerspace owns 72 properties, consisting of 13,353 homes, in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota and Utah. By moving into Salt Lake City and expanding in Fort Collins, Centerspace continues to evolve as a multifamily REIT focused on the Midwest and Mountain West. The firm is attracted to Salt Lake City's economic base of high-tech, finance, healthcare and education jobs and easy access to plentiful natural amenities, including the nearby Wasatch Mountain range. 'The expansion into the Salt Lake City market furthers our scale in our target geographic exposure while improving our portfolio quality and enhancing our growth profile,' Centerspace President and CEO Anne Olson said in the news release. Centerspace Senior Vice President of Investments and Capital Markets Grant Campbell said the REIT likes the long-term fundamentals of the Mountain West. 'We're going to continue to focus on ways where we can enhance the differentiated offering that we can provide in that region,' he said on the REIT's first-quarter earnings call in May. Campbell said Centerspace was focused on acquisitions with 'attractive embedded financing.' 'It could be potential mezz executions, harder to make development math pencil today, but we continue to have those conversations,' he said. 'We're also talking to folks about potential mezz executions on recaps of existing assets.' To increase financial flexibility, Centerspace exercised the accordion feature of its existing line of credit, expanding the borrowing capacity by $150 million to $400 million. 'We have fortified our balance sheet, enhanced our capital positioning and we'll continue evaluating a variety of new investment opportunities to advance our strategic plan,' Campbell said. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
