Centerspace Declares Dividend and Announces Share Updates
![Centerspace Declares Dividend and Announces Share Updates](https://investorshangout.com/images/blog/ihnews-Centerspace%20Declares%20Dividend%20and%20Announces%20Share%20Updates.jpg)
Centerspace Announces Regular Quarterly Dividend
Centerspace's Board of Trustees has declared a quarterly distribution of $0.75 per share/unity, demonstrating the company’s commitment to rewarding its shareholders. This dividend is payable to common shareholders and unitholders of record at the close of business on September 30, with payment set for October 10.
Details on Series C Preferred Shares
The company also announced a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares. This payment is scheduled for September 30 to holders who are on record by September 16.
Redeeming Series C Preferred Stock
In a significant move, Centerspace intends to redeem all outstanding shares of its 6.625% Series C Preferred Stock. Each share will be redeemed at $25.00, plus accrued and unpaid dividends until the redemption date. The total payment for shareholders will be around $25.4140625 per share, translating to an overall redemption cost of approximately $98.64 million.
Funding Through Common Share Issuance
This redemption will largely be funded via the issuance of common shares under Centerspace's ATM program. As of late August, the company has issued about 1.36 million shares with an aggregate value of around $97.28 million before costs. This approach aims to maintain financial flexibility while enhancing shareholder liquidity.
Strategic Steps for Financial Improvement
Company CFO Bhairav Patel emphasized the significance of these actions for improving Centerspace’s balance sheet. This strategy not only simplifies its financial structure but also boosts liquidity in a non-dilutive manner, showcasing Centerspace's ongoing commitment to enhancing shareholder value.
About Centerspace
Centerspace is dedicated to owning and operating quality apartment communities. Founded in 1970, it currently manages 70 communities with approximately 12,883 homes. The company is widely recognized for its commitment to integrity and service.
Frequently Asked Questions
What is the amount of the quarterly dividend declared by Centerspace?
Centerspace declared a quarterly dividend of $0.75 per share/unit.
When will the preferred share payment be made?
The preferred share payment will be distributed on September 30 for holders of record by September 16.
How many shares has Centerspace sold under its ATM program?
Since the beginning of the year, Centerspace sold approximately 1.36 million shares under their ATM program.
What is the total redemption payment for the Series C Preferred Shares?
The total redemption payment for the Series C Preferred Shares is approximately $98.64 million.
What is Centerspace’s mission?
Centerspace's mission is to provide quality homes while focusing on integrity and exceptional service to its residents.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Intel Faces Challenges as Shares Plummet Amid DJIA Concerns
- Highland Opportunities and Income Fund Monthly Distribution Update
- Whataburger Announces Leadership Transition with New CEO
- District Cooling Market Growth Driven by Urbanization and AI
- Restaurant Brands International Inc. Announces Notes Offering Details
- Business First and Oakwood Bancshares Merger Approved
- Market Updates: Insights on Recent US Stock Trends
- Palatants Market Growth Driven by Pet Ownership and AI Trends
- Curbio Appoints Jeff Sim as CFO to Drive Growth and Innovation
- Insights on Walmart, Merck, and Nike Post-Earnings Review
- Brookfield Reveals New Dividend Rate for Series 40 Shares
- Verizon Stock Surges on Anticipation of Dividend Increase
- Lupin Protein Market Growth Driven by Health Trends and AI
- Warner Bros. and Trailer Park Group Launch Beetlejuice App
- US Outdoor Landscape Lighting Market Growth Insights and Trends
- Healthcare Testing, Inspection, and Certification Market Growth
- Hooker Furnishings Declares Quarterly Dividend for Investors
- Market Dynamics: Micron, Arm, and ASML Face Challenges
- New America High Income Fund, Inc. Announces Dividend Payment
- TransAlta Declares New Dividend Rates for Preferred Shares
- Fairfax Financial Announces Preferred Shares Dividend Details
- Ascendis Pharma's Q2 2024 Financial Overview and Milestones
- Diversified Royalty Corp. Declares Cash Dividend for September 2024
- Petrus Resources Announces Dividend for Shareholders This Month
- Skookum and Skils'kin Merge to Propel Growth and Inclusion
Recent Articles
- Whataburger Announces Leadership Transition with New CEO
- Restaurant Brands International Inc. Announces Notes Offering Details
- Investigation of iLearningEngines, Inc. Over Securities Issues
- Mexican Stock Market Experiences Significant Decline Today
- Royalty Pharma Secures $150 Million for Ascendis's Yorvipath
- QIAGEN N.V. Sets Conversion Price for New Convertible Bonds
- Ascendis Pharma Partners with Royalty Pharma in $150 Million Deal
- Skookum and Skils'kin Merge to Propel Growth and Inclusion
- Protect Pharmaceutical Corp. Terminates KARINCA Logistics Merger
- BrightSpring Health Services Expands Hospice Care Across Florida
- MDU Resources Reveals Future Board for Everus Construction Group
- Auburn University Empowers Rural Communities in Alabama
- Market Turbulence: A Closer Look at Recent Trends
- Megan Holdings Ltd Pursues IPO With 1.25M Shares Offered
- Riot Games and 1,000 Dreams Fund Empower Women in Esports
- Lycoming College Honors Coach Steve Wiser with Locker Room Dedication
- Perdue Farms Donates 400,000 Pounds of Chicken for Hunger
- Alliance Trust PLC Updates Share Buyback Details Today
- Bybit Card Launches in Brazil to Enhance Crypto Payments
- Portable Projector Market Growth Projections: $2.1 Billion by 2029
- Xiaohongshu's Street Life Festival Draws Record Attendance and Engagement
- Peraton Names Steve Schorer New CEO to Lead Growth Strategy
- Cleartide Unveils Stylish and Efficient Condensate Pumps
- Cemat A/S Unveils Managerial Share Transactions Update
- DMEX.APP Launches Cross Margin Positions for Traders