CenterSpace Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CenterSpace has filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

CENTERSPACE (CSR) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. CenterSpace filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. CenterSpace is incorporated in North Dakota. The filing was made on April 29, 2024.

Why It Matters

For investors and stakeholders tracking CENTERSPACE, this filing contains several important signals. This 10-Q provides investors with the latest financial data and operational updates for CenterSpace, crucial for assessing its current performance and future outlook. As a Real Estate Investment Trust (REIT), CenterSpace's financial health and strategic decisions detailed in this report are key indicators for stakeholders in the real estate sector.

Risk Assessment

Risk Level: low — CENTERSPACE shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant deviations from typical reporting requirements.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand CenterSpace's performance trends and strategic direction.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-04-29 — Filing Date (10-Q Submission)
• 12/31 — Fiscal Year End (Annual Cycle)
• 6798 — SIC Code (Real Estate Investment Trusts)

Key Players & Entities

• CENTERSPACE (company) — Filer Name
• 0000798359 (company) — Central Index Key
• 2024-03-31 (date) — Period of Report
• 2024-04-29 (date) — Filed As Of Date
• ND (location) — State of Incorporation
• 6798 (industry) — Standard Industrial Classification
• 450311232 (company) — IRS Number
• 701-837-4738 (phone) — Business Phone

FAQ

Industry Context

CenterSpace operates as a Real Estate Investment Trust (REIT), a sector characterized by its focus on income-generating real estate and specific tax advantages.

Regulatory Implications

As a publicly traded company, CenterSpace is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024 to identify any significant changes in assets, liabilities, revenue, or expenses.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers, risks, and future outlook.
3. Compare key financial metrics from this 10-Q with previous filings to identify trends and assess the company's financial trajectory.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q
• 2024-04-29: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, following the previous annual report (10-K) and prior quarterly filings.

Filing Documents

• csr-20240331.htm (10-Q) — 1195KB
• centerspace033124-10qex311.htm (EX-31.1) — 16KB
• centerspace033124-10qex312.htm (EX-31.2) — 17KB
• centerspace033124-10qex321.htm (EX-32.1) — 6KB
• centerspace033124-10qex322.htm (EX-32.2) — 6KB
• 0000798359-24-000039.txt (&nbsp;) — 7206KB
• csr-20240331.xsd (EX-101.SCH) — 54KB
• csr-20240331_cal.xml (EX-101.CAL) — 72KB
• csr-20240331_def.xml (EX-101.DEF) — 346KB
• csr-20240331_lab.xml (EX-101.LAB) — 666KB
• csr-20240331_pre.xml (EX-101.PRE) — 498KB
• csr-20240331_htm.xml (XML) — 929KB

Financial Information

Part I. Financial Information

Financial Statements - First Quarter - 202 4

Item 1. Financial Statements - First Quarter - 202 4 : 3 Condensed Consolidated Balance Sheets Marc h 31 , 202 4 (unaudited) and December 31, 202 3 3 Condensed Consolidated Statements of Operations (unaudited) For the Three Months ended March 31, 2024 and 20 23 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) For the Three Months ended March 31, 2024 and 20 23 5 Condensed Consolidated Statements of Equity (unaudited) For the Three Months ended March 31, 2024 and 20 23 6 Condensed Consolidated Statements of Cash Flows (unaudited) For the Three Months ended March 31, 2024 and 20 23 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 2 Table of Contents PART I

Financial Statements

Item 1. Financial Statements. CENTERSPACE AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2024 December 31, 2023 ASSETS (Unaudited) Real estate investments Property owned $ 2,413,488 $ 2,420,146 Less accumulated depreciation ( 553,231 ) ( 530,703 ) Total real estate investments 1,860,257 1,889,443 Cash and cash equivalents 12,682 8,630 Restricted cash 1,066 639 Other assets 29,468 27,649 TOTAL ASSETS $ 1,903,473 $ 1,926,361 LIABILITIES, MEZZANINE EQUITY, AND EQUITY LIABILITIES Accounts payable and accrued expenses $ 54,614 $ 62,754 Revolving lines of credit 40,357 30,000 Notes payable, net of unamortized loan costs of $ 525 and $ 541 , respectively 299,475 299,459 Mortgages payable, net of unamortized loan costs of $ 3,342 and $ 3,427 , respectively 585,382 586,563 TOTAL LIABILITIES $ 979,828 $ 978,776 COMMITMENTS AND CONTINGENCIES (NOTE 10) SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $ 100 par value, 166 units issued and outstanding at March 31, 2024 and December 31, 2023, aggregate liquidation preference of $ 16,560 ) $ 16,560 $ 16,560 EQUITY Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $ 25 per share liquidation preference, 3,881 shares issued and outstanding at March 31, 2024 and December 31, 2023, aggregate liquidation preference of $ 97,036 ) 93,530 93,530 Common Shares of Beneficial Interest (Unlimited authorization, no par value, 14,912 shares issued and outstanding at March 31, 2024 and 14,963 shares issued and outstanding at December 31, 2023) 1,160,492 1,165,694 Accumulated distributions in excess of net income ( 564,951 ) ( 548,273 ) Accumulated other comprehensive loss ( 922 ) ( 1,119 ) Total shareholders' equity $ 688,149 $ 709,832 Noncontrolling interests – Operating Partnership and Series E preferred units 218,255 220,544 Noncontrolling interests – consolidated real estate enti

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