Group 1 - Centerspace announced the acquisition of The Lydian in Denver, CO, for a total consideration of $54 million [1] - The Lydian is a 129-home apartment community with 23,000 square feet of fully leased office and retail space, constructed in 2018 [3] - Centerspace has entered the Denver market in 2017 and now operates 2,536 homes across nine communities in the Denver and Fort Collins regions [3] Group 2 - The acquisition was financed through the assumption of $35 million in mortgage debt, issuance of $14.5 million in common operating partnership units, and cash [4] - The assumed mortgage debt has an interest rate of 3.72%, is interest-only until January 2032, and matures in February 2037 [4] - Centerspace completed the redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024, and raised approximately $113.73 million through its ATM program [2] Group 3 - Centerspace's President and CEO, Anne Olson, expressed excitement about adding The Lydian to the portfolio, emphasizing the strategic financing and value addition for shareholders [5] - The company currently owns 71 apartment communities with a total of 13,012 homes across several states, including Colorado, Minnesota, and Montana [5]

Core Viewpoint - Centerspace (NYSE:CSR) is a multifamily REIT with a portfolio primarily in Minnesota and Colorado, facing challenges in growth and returns but showing potential due to undervaluation and favorable market conditions [2][10]. Company Overview - Centerspace was incorporated in 1970 and is headquartered in Minot, ND, owning and operating multifamily properties mainly in Minnesota and Colorado [1]. Portfolio and Market Outlook - The REIT's portfolio includes 70 communities with a total of 12,883 apartments across 6 states, with Minnesota representing 51.5% and Colorado 32.7% of the portfolio [3][4]. - Minnesota has stable population growth and a low unemployment rate of 3.20%, while Colorado's population growth is more volatile but generally higher, with an unemployment rate of 3.9% [4][5]. Rental Market Dynamics - High mortgage rates make home buying unattractive, leading to increased demand for rental properties, as rent prices are lower than combined maintenance, tax expenses, and mortgage payments [5][6]. - The supply of rental properties is relatively low, indicated by historically low vacancy rates and a decrease in building permits [7]. Financial Performance - The long-term stock price performance has been underwhelming, with current prices similar to those decades ago, underperforming peers [8]. - In 2023, average monthly revenue per occupied home increased by 6.9%, with an occupancy rate of 94.9% and same-store NOI rising by 8.95% YoY [8]. - Management projects a core FFO per share of $4.85 for 2024, indicating a 1.46% increase from 2023 [8]. Leverage and Liquidity - Centerspace maintains a moderate leverage level, with 54.85% of assets funded through various debt instruments and a low weighted average interest rate of 3.62% [9]. - The REIT has adequate liquidity, with annual maturities not exceeding 12% of total debt until 2028 and liquid assets comprising 35.16% of total debt [9]. Dividend and Valuation - The current quarterly dividend is $0.75 per share, yielding 4%, with a payout ratio of 61.85% [10]. - The forward AFFO yield is 6.47%, indicating good value for residential REITs, despite a low dividend yield compared to the sector median of 4.31% [10]. - Centerspace shares are undervalued, needing a 27.94% increase to reach the average FFO multiple and a 33.26% increase to reach NAV of $99.94 per share based on 2024 forecasts [11][13].

MINNEAPOLIS, Sept. 3, 2024 /PRNewswire/ -- (NYSE: CSR) Centerspace's (the "Company") Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on October 10, 2024, to common shareholders and unitholders of record at the close of business on September 30, 2024. The Board of Trustees also declared a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR-PRC), payable on September 30, 2024, to ...

Amsterdam and Almaty, 2 September 2024 – VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator that provides connectivity and online services ("VEON" or the "Company"), announces that its digital operator Beeline Kazakhstan, through its Corporate Foundation Zhyly Zhurek, is supporting digital skills development in Kazakhstan with the inauguration of a newly-constructed secondary school with high-end technology facilities. The newly built school in the village of Shelek, near Almaty, ...

jimkruger/E+ via Getty Images Introduction Centerspace (NYSE:CSR) has substantially outperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering a 32% gain against the ~9% total return for the benchmark ETF: CSR vs VNQ in 2024 (Seeking Alpha) I also covered the shares back in June 2024 arguing they were undervalued thanks to robust net operating income (NOI) growth, and an attractive enterprise-level valuation. After examining the REIT's Q2 2024 results I see that while leverage has ...

Financial Data and Key Metrics Changes - The company reported core FFO of $1.27 per diluted share for Q2 2024, reflecting stable revenue growth and disciplined expense management [13][25]. - Same-store revenue increased by 3.4% year-over-year, driven by a 3.3% increase in revenue per occupied home and a 10 basis point increase in weighted average occupancy to 95.3% [17][26]. - Property operating expenses rose by 5.1% year-over-year, primarily due to higher repairs and maintenance costs and increased insurance premiums [27]. Business Line Data and Key Metrics Changes - Same-store new lease trade outs averaged 3.5% during the quarter, with renewal rates also averaging 3.5% [18]. - The company experienced a leveling off of new lease pricing in July, with blended trade outs expected to be around 2.8% [19]. - Resident retention rates exceeded projections, aiding in maintaining occupancy and driving rental rates [20]. Market Data and Key Metrics Changes - The company noted a muted supply profile across its portfolio, with Denver having the highest levels of supply at 6.7% of existing stock under construction [52]. - In Minneapolis, the supply pipeline has been tapering, currently at 3.6% of existing stock under construction, down from 6% in mid-2023 [52]. - Secondary Midwest markets showed little to no supply, with pipelines ranging from 0.5% to 4.5% of existing stock [52]. Company Strategy and Development Direction - The company aims to be a premier provider of apartment homes and vibrant communities, focusing on consistent earnings growth for investors [16]. - There is a strategic shift towards acquisitions due to high construction costs and tighter capital for development deals [3]. - The company is optimistic about its cost of capital and ability to execute on external growth despite economic volatility and higher interest rates [23]. Management's Comments on Operating Environment and Future Outlook - Management raised the midpoint of full-year earnings guidance by $0.02 to $4.85 per share, reflecting confidence in current trends [22]. - The company does not anticipate additional transactions in 2024, focusing instead on optimizing existing operations [24]. - Management expressed cautious optimism regarding acquisition opportunities, noting a recent uptick in transaction activity [42]. Other Important Information - The company issued shares on its ATM program, raising approximately $37 million to reduce leverage, contrasting with previous stock buybacks [14][34]. - A recast of the line of credit was completed, extending maturity to 2028, which strengthens the balance sheet [15][36]. Q&A Session Summary Question: What is the strategy behind equity issuances? - The company uses equity issuance to pay down higher-rate floating debt, balancing leverage with growth opportunities [41]. Question: What acquisition opportunities are being seen? - Transaction volume remains down significantly, but there has been an uptick in activity, particularly in Denver and Minneapolis, with pricing in the 5% to 5.25% cap range [42]. Question: What are the supply issues faced in the portfolio? - The highest supply issues are in Denver, with 6.7% of existing stock under construction, while Minneapolis has seen a tapering supply pipeline [52]. Question: How is the company addressing lower occupancy in Omaha? - Lower occupancy in Omaha is attributed to ongoing value-add projects, with expectations of improvement post-renovation [53]. Question: What is the outlook for revenue growth in the second half of the year? - The company expects to maintain similar blended rates as the first half, with improved occupancy and lesser use of concessions compared to the previous year [55].

Over the last four quarters, the company has surpassed consensus FFO estimates four times. Centerspace shares have added about 20.9% since the beginning of the year versus the S&P 500's gain of 14.5%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately. It will be interesting to see ...

2nd Quarter 2024 // Quarter Ended June 30, 2024 Sunset Trail // Rochester, MN Exhibit 99.1 Centerspace Reports Second Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|-------|-----------------------------------------------|----------|--------------|-------|---------------------------------------------|-------|-------------| | Per Common Share \nNet income (loss) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-35624 CENTERSPACE (Exact name of registrant as specified in its charter) | North Dakota | | | | 45-0311232 | | --- | ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|------------------------------------|--------|---------------------|--------|---------------------|---------------------------|---------------|-------| | Per Common Share | Three Months Ended June 30, \n2024 | | \n2023 | | 2024 | Six Months Ended June 30, | 2023 | | | Net income (loss) - diluted | $ | (0.19) | $ | (0.23) | $ | (0.56) | $ 2.55 | | | FFO - diluted(1) | $ 1.23 | | $ 1.11 | | $ 2.39 | | $ 2.01 | | | Core FFO ...