MINNEAPOLIS - Centerspace (NYSE: CSR), a real estate investment trust specializing in apartment communities, has declared a quarterly distribution of $0.75 per common share/unit, to be paid on July 10, 2024, to shareholders and unitholders of record as of June 28, 2024. This announcement was made by the company's Board of Trustees today.
In addition to the common share distribution, Centerspace has announced a distribution for its 6.625% Series C Cumulative Redeemable Preferred Shares. Shareholders of these preferred shares will receive $0.4140625 per share, with the payment due on June 28, 2024, for those on record at the close of business on June 14, 2024. These preferred share distributions are paid quarterly in arrears and equate to an annual rate of $1.65625 per share.
Centerspace owns and operates a portfolio of 70 apartment communities, which includes a total of 12,883 homes. The company's properties are located across several states, including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Established in 1970, Centerspace has built a reputation for its commitment to integrity and service. In recognition of its efforts, the National Apartment Association named Centerspace the Leading Organization in Diversity, Equity, and Inclusion in 2022.
The company's focus on providing quality homes has been a central part of its strategy, and this latest dividend announcement reflects its ongoing commitment to delivering value to its shareholders.
This news is based on a press release statement from Centerspace, and it provides shareholders with the relevant dates and amounts for the upcoming dividend distributions.
InvestingPro Insights
As Centerspace (NYSE: CSR) announces its upcoming dividend distributions, a glimpse at the company's financial health through InvestingPro metrics can provide investors with a deeper understanding of its recent performance. With a market capitalization of $1.02 billion and a dividend yield of 4.39%, Centerspace stands out as a significant player in the real estate investment trust sector. Notably, the company has maintained dividend payments for 28 consecutive years, a testament to its stability and commitment to shareholder returns.
Despite a challenging market, Centerspace has managed to achieve a strong return over the last three months, with a 23.55% total price return. The company is also trading near its 52-week high, at 95.29% of this peak value, reflecting investor confidence and a recent large price uptick over the last six months, totaling 28.92%.
InvestingPro Tips highlight that management has been aggressively buying back shares, which could signal confidence in the company's future prospects. Additionally, while Centerspace has not been profitable over the last twelve months, it has a PEG ratio of 0.53, suggesting potential for future growth relative to earnings expectations.
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