MINNEAPOLIS - Centerspace (NYSE:CSR), an owner and operator of apartment communities, announced Monday the addition of Jay Rosenberg to its Board of Trustees. Rosenberg, who brings a wealth of experience from the public real estate investment sector, will also contribute to the company's Nominating and Corporate Governance Committee.
The newly appointed trustee recently concluded a notable tenure as Head of Public Real Assets at Nuveen. During his over 19 years with Nuveen, Rosenberg not only oversaw the firm's listed real assets platform but also contributed as a member of the global investment committee. His leadership saw the creation of several investment strategies, including public global infrastructure and real estate securities.
Anne Olson, Centerspace’s President and CEO, expressed confidence in Rosenberg's appointment, citing his deep understanding of the public real estate industry and investment strategy development. She anticipates his experience will be beneficial as Centerspace continues to expand.
John Schissel, Board Chair of Centerspace, echoed Olson's sentiments, highlighting Rosenberg's respected status in the equity investment community and his track record in the real estate sector as assets that will enhance the Board's expertise and aid in the company's growth.
Centerspace, established in 1970, currently owns 70 apartment communities with a total of 12,883 homes across six states. The company has been recognized as a top workplace for the fifth consecutive year by the Minneapolis Star Tribune in 2024.
The information in this article is based on a press release statement from Centerspace.
In other recent news, Centerspace, a real estate investment trust, has declared a quarterly distribution of $0.75 per common share/unit. Additionally, the company announced a distribution for its 6.625% Series C Cumulative Redeemable Preferred Shares, with shareholders to receive $0.4140625 per share.
These developments come alongside Centerspace's strong performance in the first quarter of 2024, as reported by RBC (TSX:RY) Capital Markets, which led to an increase in the company's price target from $66.00 to $68.00.
Baird financial firm also raised the price target for Centerspace from $59.00 to $64.00 due to the company's operational strength and less impact from supply constraints. However, Compass Point downgraded Centerspace's stock rating from Buy to Neutral, despite raising its price target to $68.00 from $65.00. This followed the company's announcement of its 2023 core Funds From Operations (FFO) results, which exceeded estimates and the company's full-year guidance.
InvestingPro Insights
As Centerspace (NYSE:CSR) welcomes Jay Rosenberg to its Board of Trustees, the company's financial health and market performance remain pivotal for investors. Here are some insights based on the latest data from InvestingPro:
InvestingPro Data shows that Centerspace has a market capitalization of $1.08 billion, reflecting the size and scale of the company within the real estate sector. Despite a challenging year, the company has managed to maintain a gross profit margin of 58.19% over the last twelve months as of Q1 2024, indicating a strong ability to control costs and generate revenue from its operations. Furthermore, Centerspace has shown a commitment to returning value to shareholders, maintaining dividend payments for 28 consecutive years, with a current dividend yield of 4.38%.
Within the InvestingPro Tips, it's noted that management has been aggressively buying back shares, a move that can signal confidence in the company's future prospects and potentially support the stock price. However, it's important for investors to be aware of potential headwinds: net income is expected to drop this year, and analysts do not anticipate the company will be profitable within the same timeframe. Additionally, Centerspace is trading near its 52-week high, with a significant price uptick of 28.3% over the past six months.
Investors looking to delve deeper into Centerspace's financial metrics and gain more insights can find additional InvestingPro Tips at https://www.investing.com/pro/CSR. Remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. Currently, there are 9 additional InvestingPro Tips available for Centerspace that could further inform investment decisions.
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