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
holders of record at the close of business on September 16, 2024.
Centerspace also announced that it intends to redeem all shares
outstanding of the Company's 6.625% Series C Cumulative Redeemable
Preferred Stock on September 30,
2024. The shares will be redeemed at $25.00 per share, plus the aforementioned accrued
and unpaid dividends to September 30,
2024, in an amount equal to approximately $0.4140625 per share, for a total payment of
approximately $25.4140625 per share.
The total payment to redeem these shares is approximately
$98.64 million.
The preferred share redemption is being funded largely by the
issuance of common shares under the Company's ATM program.
Year-to-date through August 30, 2024,
Centerspace has sold approximately 1.36 million shares under their
ATM, including through forward transactions. The aggregate issuance
price of these shares is approximately $97.28 million, before fees and expenses.
"This is an important strategic step that allows Centerspace to
simplify and improve its balance sheet while increasing the
Company's share liquidity in a non-dilutive manner," noted CFO
Bhairav Patel.
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 70
apartment communities consisting of 12,883 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South
Dakota. Centerspace was named a top workplace for the
fifth consecutive year in 2024 by the Minneapolis Star
Tribune. For more information, please visit
https://www.centerspacehomes.com.
Forward-Looking Statements
Certain statements in this press release 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 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, in Quarterly Reports on Form 10-Q, and in
other reports that 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.
If you would like more information about this topic, please
contact Josh Klaetsch, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
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SOURCE Centerspace