CenterSpace Files 2023 Annual Report on Form 10-K

TL;DR

<b>CenterSpace filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

CENTERSPACE (CSR) filed a Annual Report (10-K) with the SEC on February 20, 2024. CenterSpace reported its 2023 fiscal year results, ending December 31, 2023. The company's principal business is real estate investment trusts. The filing is a 10-K annual report. The company was formerly known as Investors Real Estate Trust. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking CENTERSPACE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CenterSpace's financial health and strategic positioning for the fiscal year 2023. Investors can use this report to assess the company's performance, debt levels, and overall market standing within the real estate investment trust sector.

Risk Assessment

Risk Level: medium — CENTERSPACE shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, indicating a medium level of risk associated with information availability.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand CenterSpace's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• 001-35624 — SEC File Number (SEC file number)

Key Players & Entities

• CenterSpace (company) — Filer name
• Investors Real Estate Trust (company) — Former company name
• ND (location) — State of incorporation
• Minot (location) — City for business and mail address

FAQ

Industry Context

CenterSpace operates within the Real Estate Investment Trusts (REITs) sector, focusing on income-generating properties.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review any disclosed risk factors to understand potential challenges.
3. Compare key financial metrics to previous fiscal years.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-20: Filing Date — Date the 10-K was filed with the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by CenterSpace, containing detailed financial and operational information.)

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (CenterSpace operates as a REIT, making this classification crucial for understanding its business model and industry.)

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 fiscal year. Comparative data from prior filings would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $1.9 billion — nt, net of accumulated depreciation, of $1.9 billion. Our corporate headquarters is located
• $250.0 m — aving an aggregate sales price of up to $250.0 million, in amounts and at times determin
• $126.6 million — ng an aggregate offering price of up to $126.6 million remaining available under the 2021 ATM
• $220.0 million — e additional borrowing availability was $220.0 million beyond the $30.0 million drawn, priced
• $30.0 million — ilability was $220.0 million beyond the $30.0 million drawn, priced at an interest rate of 7.
• $400.0 million — on to increase borrowing capacity up to $400.0 million. On May 31, 2023, this Unsecured Credi
• $6.0 million — margin ranges to LIBOR. We also have a $6.0 million operating line of credit with Wells Far
• $200.0 million — ely, "PGIM") under which we have issued $200.0 million in unsecured senior promissory notes ("
• $125.0 million — purchase agreement for the issuance of $125.0 million senior unsecured promissory notes, of w
• $25.0 million — or unsecured promissory notes, of which $25.0 million was issued under the private shelf agre
• $100.0 million — % In November 2022, we entered into a $100.0 million term loan agreement ("Term Loan") with
• $198.9 million — a balance of $100.0 million. We have a $198.9 million Fannie Mae Credit Facility Agreement ("
• $100 — ies D preferred unit has a par value of $100. The Series D preferred unit holders re
• $16.6 million — an aggregate liquidation preference of $16.6 million. The holders of the Series D preferred
• $172.5 million — an aggregate liquidation preference of $172.5 million. The holders of Series E preferred unit

Filing Documents

• csr-20231231.htm (10-K) — 2887KB
• centerspaceinsidertradingp.htm (EX-19.1) — 48KB
• centerspace12312310kex211.htm (EX-21.1) — 24KB
• centerspace12312310kex231.htm (EX-23.1) — 3KB
• centerspace12312310kex311.htm (EX-31.1) — 13KB
• centerspace12312310kex312.htm (EX-31.2) — 13KB
• centerspace12312310kex321.htm (EX-32.1) — 7KB
• centerspace12312310kex322.htm (EX-32.2) — 8KB
• neoclawbackpolicy.htm (EX-97.1) — 34KB
• csr-20231231_g1.jpg (GRAPHIC) — 262KB
• logo2.jpg (GRAPHIC) — 42KB
• 0000798359-24-000019.txt (&nbsp;) — 14979KB
• csr-20231231.xsd (EX-101.SCH) — 97KB
• csr-20231231_cal.xml (EX-101.CAL) — 87KB
• csr-20231231_def.xml (EX-101.DEF) — 535KB
• csr-20231231_lab.xml (EX-101.LAB) — 1165KB
• csr-20231231_pre.xml (EX-101.PRE) — 777KB
• csr-20231231_htm.xml (XML) — 2277KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. C yber security 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A.

Controls and Procedures

Controls and Procedures 38 Item 9B. Other Information 39

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III

Trustees, Executive Officers and Corporate Governance

Item 10. Trustees, Executive Officers and Corporate Governance 39

Executive Compensation

Item 11. Executive Compensation 39

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 39

Certain Relationships and Related Transactions, and Trustee Independence

Item 13. Certain Relationships and Related Transactions, and Trustee Independence 39

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 39 PART IV Item 15. Exhibits, Financial Statement Schedules 39

10-K Summary

Item 16. 10-K Summary 40 Exhibit Index 41

Signatures

Signatures 45 Reports of Independent Registered Public Accounting Firm and Financial Statements F- 2 1 Table of Contents Special Note Regarding Forward-Looking Statements Certain statements included in this Report and the documents incorporated into this document by reference are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements include statements about our plans and objectives, including our future financial condition, anticipated capital expenditures, anticipated distributions, and our belief that we have the liquidity and capital resources necessary to meet our known obligations and to make additional real estate acquisitions and capital improvements when appropriate to enhance long-term growth. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "assumes," "may," "projects," "outlook," "future," and variations of those words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control

Business

Item 1. Business OVERVIEW Centerspace ("we," "us," "our," "Centerspace," or the "Company") is a real estate investment trust ("REIT") organized under the laws of North Dakota, that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents' experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul and Denver metropolitan areas. We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents. As of December 31, 2023, we owned interests in 72 apartment communities, containing 13,088 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion. Our corporate headquarters is located in Minot, North Dakota. We also have a corporate office in Minneapolis, Minnesota. Website and Available Information Our internet address is www.centerspacehomes.com. We make available, free of charge, through the "SEC filings" tab under the Investors section of our website, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, amendments to such reports, proxy statements for our Annual Meetings of Shareholders, and other documents filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such reports are filed with or furnished to the SEC. These reports are also available at www.sec.gov. We also make press releases, investor presentations, and certain supplemental information available on our website. Current copies of our Code of Conduct; Code of Ethics for Senior Financial Off

View Full Filing

View this 10-K filing on SEC EDGAR