Centerspace Declares Quarterly Dividend
Centerspace's Board of Trustees has announced a quarterly dividend of $0.75 per share/unit, reflecting the company's dedication to rewarding its shareholders. This dividend will be distributed to common shareholders and unitholders who are on record by the close of business on September 30, with payments scheduled for October 10.
Information on Series C Preferred Shares
Additionally, the company revealed a distribution of $0.4140625 per share for the 6.625% Series C Cumulative Redeemable Preferred Shares. This payment is set for September 30 for those on record by September 16.
Redemption of Series C Preferred Stock
In a notable decision, Centerspace plans to redeem all outstanding shares of its 6.625% Series C Preferred Stock. Each share will be redeemed at a price of $25.00, plus any accrued and unpaid dividends up to the redemption date. Shareholders can expect a total payment of around $25.4140625 per share, resulting in an overall redemption cost of approximately $98.64 million.
Funding Through Common Share Issuance
This redemption will primarily be financed through the issuance of common shares under Centerspace's ATM program. As of late August, the company has issued roughly 1.36 million shares, amounting to about $97.28 million before costs. This strategy aims to ensure financial flexibility while improving liquidity for shareholders.
Strategic Measures for Financial Enhancement
CFO Bhairav Patel highlighted the importance of these steps in strengthening Centerspace’s balance sheet. This approach not only simplifies the financial structure but also enhances liquidity in a way that does not dilute existing shares, reflecting Centerspace's ongoing commitment to increasing shareholder value.
About Centerspace
Centerspace is focused on owning and managing high-quality apartment communities. Established in 1970, the company currently oversees 70 communities, providing approximately 12,883 homes. Centerspace is well-regarded for its commitment to integrity and exceptional 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.