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MINNEAPOLIS - Centerspace (NYSE:CSR), an owner and operator of apartment communities with a market capitalization of $1.09 billion, announced the upcoming retirement of Jeff Caira from its Board of Trustees. Caira, who has been a member of the Board since 2015, will step down from his roles as a trustee, chair of the Nominating and Governance Committee, and member of the Audit Committee at the conclusion of his term, coinciding with the 2025 Annual Meeting of Shareholders on May 14, 2025. According to InvestingPro data, the company currently trades at an EV/EBITDA multiple of 17x, with analysts setting price targets between $68.50 and $79.00.
During his tenure, Caira has held multiple leadership positions within the company, including Board Chair. His efforts have been acknowledged for guiding Centerspace’s transition to a pure-play multifamily focus, which the company attributes to enhancing its operational excellence and growth potential. John Schissel, the Board Chair, expressed gratitude for Caira’s consistent and invaluable leadership, while President and CEO Anne Olson credited his commitment to improvement for making the management team and company stronger.
Centerspace has been active in refreshing its Board composition, with new members added in January and July of 2024 and the retirement of another trustee in May of the same year. These changes are part of the company’s ongoing governance and oversight evolution.
The company, founded in 1970, owns 71 apartment communities comprising 13,012 homes across Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. With a remarkable track record of maintaining dividend payments for 29 consecutive years and a current dividend yield of 4.85%, Centerspace has demonstrated long-term commitment to shareholder returns. It has been recognized as a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune.
With an overall Financial Health Score of "FAIR" according to InvestingPro analysis, investors should note that the company faces some challenges, including short-term obligations exceeding liquid assets. Get access to 5+ additional exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports, available for 1,400+ US stocks. This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Centerspace cautions that these forward-looking statements are subject to change based on various important factors, including economic and market conditions, regulatory changes, and other risk factors listed in its SEC filings.
The information regarding the board changes is based on a press release statement from Centerspace.
In other recent news, Centerspace reported a fourth-quarter 2024 loss with earnings per share of -$0.31, which was below analysts’ expectations of -$0.15. The company’s revenue for the quarter was $65.7 million, slightly missing the forecast of $65.86 million. Despite these misses, the company increased its quarterly dividend to $0.77 per share and reported a core funds from operations (FFO) of $4.88 per share for the year. Centerspace’s year-over-year same-store net operating income (NOI) grew by 2.1%, with same-store revenues increasing by 3.1% in the fourth quarter. Looking ahead, the company provided a 2025 Core FFO guidance of $4.98 per share, representing a 2% growth. The company also expects same-store NOI growth of 2.25% and same-store revenue growth of 2.5%. Analysts from firms such as RBC Capital and BMO have shown interest in the company’s market dynamics and future growth potential.
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