Financial Performance - For the three months ended September 30, 2024, revenue increased by $457,000 or 0.7% to $65.0 million compared to $64.6 million for the same period in 2023[128]. - Same-store revenues increased by 3.0% for the three months ended September 30, 2024, contributing to a 2.8% increase in same-store NOI[129]. - Non-GAAP Core Funds from Operations (Core FFO) for the three months ended September 30, 2024, increased by $245,000 or 1.1% to $22.0 million compared to $21.7 million for the same period in 2023[132]. - The net loss was $0.40 per diluted share for the three months ended September 30, 2024, compared to net income of $0.41 per diluted share for the same period in the prior year[131]. - Net operating income (NOI) for the three months ended September 30, 2024, was $38.4 million, reflecting a 1.4% increase from $37.8 million in the same period of 2023[138]. - Total revenue for the three months ended September 30, 2024, was $65.025 million, a 0.7% increase from $64.568 million in Q3 2023[141]. - Net income (loss) for Q3 2024 was $(1.951) million, a decrease of 121.3% compared to net income of $9.169 million in Q3 2023[141]. - Net loss available to common shareholders decreased to $14.6 million for the nine months ended September 30, 2024, compared to net income of $44.7 million in the same period in the prior year[165]. - FFO applicable to common shares for the nine months ended September 30, 2024, increased to $61.7 million, representing an increase of 8.0% compared to the prior year[173]. - Core FFO applicable to common shares and units for the three months ended September 30, 2024, was $21,969 thousand, slightly up from $21,724 thousand in 2023[175]. Property Management and Operations - The company owned interests in 70 apartment communities consisting of 12,883 apartment homes, with property valued at $2.4 billion[126]. - The company disposed of two apartment communities consisting of 205 apartment homes during the nine months ended September 30, 2024, compared to thirteen communities with 2,279 homes in the same period of 2023[136]. - Property management expenses for the three months ended September 30, 2024, were $2.2 million, a 2.0% increase from $2.2 million in the same period of 2023[138]. - General and administrative expenses increased by 7.0% to $4.1 million for the three months ended September 30, 2024, compared to $3.8 million for the same period in 2023[138]. - Same-store revenue increased by 3.0%, or $1.8 million, for the three months ended September 30, 2024, compared to the same period in the prior year[144]. - Weighted average occupancy for same-store properties rose to 95.3% in Q3 2024 from 94.6% in Q3 2023[143]. - Property operating expenses for same-store communities increased by 3.2%, or $807,000, in Q3 2024 compared to Q3 2023[144]. - Same-store net operating income (NOI) increased by $1.0 million to $36.8 million for the three months ended September 30, 2024, compared to $35.8 million in the same period of the prior year[144]. Revenue and Expenses - Revenue from same-store communities increased by 3.3%, or $6.0 million, for the nine months ended September 30, 2024, compared to the same period in the prior year[145]. - Same-store NOI increased by $4.5 million to $112.5 million for the nine months ended September 30, 2024, compared to $108.0 million in the same period of the prior year[145]. - Revenue from non-same-store communities increased by $5.5 million for the nine months ended September 30, 2024, compared to the same period in the prior year[147]. - NOI at non-same-store communities increased by $3.8 million for the nine months ended September 30, 2024, compared to the same period in the prior year[147]. - Revenue from dispositions decreased by $13.9 million for the nine months ended September 30, 2024, compared to the same period in the prior year[150]. - General and administrative expenses decreased by 17.7% to $12.9 million for the nine months ended September 30, 2024, compared to $15.7 million in the same period of the prior year[158]. - Interest expense was comparable at $27.5 million for the nine months ended September 30, 2024, and 2023[162]. - Casualty loss decreased to $918,000 for the nine months ended September 30, 2024, compared to $1.2 million in the same period of the prior year[154]. Capital and Financing - The company issued approximately 1.5 million common shares for $105.1 million under its at-the-market offering program, using proceeds to redeem all outstanding Series C preferred shares for $97.0 million[130]. - Total liquidity as of September 30, 2024, was approximately $235.5 million, including $221.0 million available on lines of credit and $14.5 million in cash[183]. - The company had $39.0 million outstanding on its revolving line of credit, with additional borrowing availability of $211.0 million[184]. - The company had a multibank revolving line of credit with total commitments of $250.0 million, which matures in July 2028[184]. - The company issued $175.0 million in unsecured senior promissory notes, with an amended shelf agreement extending borrowing capacity to $300.0 million[187]. - The company has a $198.9 million Fannie Mae Credit Facility Agreement, secured by mortgages on 11 apartment communities, with a blended average interest rate of 2.78%[188]. - Mortgage loan indebtedness, excluding the FMCF, was $387.3 million as of September 30, 2024, down from $392.3 million at December 31, 2023[189]. - The company redeemed all 3.9 million Series C preferred shares for an aggregate price of $97.0 million on September 30, 2024[190]. - The company amended its equity distribution agreement to increase the maximum aggregate offering price of common shares from $250.0 million to $500.0 million[191]. - During the nine months ended September 30, 2024, the company generated $112.2 million in net proceeds from the issuance of common shares[196]. - The company has a share repurchase program authorized for up to $50.0 million, with $4.7 million remaining as of September 30, 2024[193]. - The company funded capital improvements for apartment communities of approximately $47.4 million during the nine months ended September 30, 2024[196]. - The weighted average interest rate on mortgage debt was 4.05% as of September 30, 2024[189]. Market and Operational Challenges - The company continues to monitor supply chain challenges and inflationary pressures that may increase operating expenses[200]. - The Company is currently not involved in any material pending legal proceedings, aside from ordinary routine litigation incidental to its business operations[212].

Investors interested in REIT and Equity Trust - Residential stocks are likely familiar with Centerspace (CSR) and American Homes 4 Rent (AMH) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look. Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targ ...

Group 1 - Shares of Centerspace (CSR) have lost 5% over the past four weeks, but a hammer chart pattern formed in the last trading session suggests potential support and a trend reversal [1] - The hammer pattern indicates a possible exhaustion of selling pressure, which, combined with rising optimism among Wall Street analysts regarding future earnings, enhances the prospects for a trend reversal [1] Group 2 - The hammer chart pattern is characterized by a small candle body and a long lower wick, signaling a potential trend reversal when formed at the bottom of a downtrend [2] - Hammer candles can occur on various timeframes and are used by both short-term and long-term investors, but should be combined with other bullish indicators for confirmation [2] Group 3 - There has been an upward trend in earnings estimate revisions for CSR, with the consensus EPS estimate increasing by 0.1% over the last 30 days, indicating bullish sentiment among analysts [3] - CSR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [3] - The Zacks Rank serves as a timing indicator, suggesting that CSR's prospects are beginning to improve, further supporting the potential for a trend reversal [3]

MINNEAPOLIS, Oct. 7, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) will release its operating results for the quarter ended September 30, 2024, after the market closes on Monday, October 28, 2024. Management will host a conference call to discuss those results on the following day, Tuesday, October 29, 2024, at 10:00 a.m. Eastern Time. Interested parties may access the conference call via the following: Live Conference Call Details: Live webcast: https://events.q4inc.com/attendee/841168447 Operator Assisted ...

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].