CenterSpace Files Q3 2024 10-Q

TL;DR

CENTERSPACE 10-Q FILED: Q3 2024 financials out, check for REIT performance updates.

AI Summary

CenterSpace, formerly Investors Real Estate Trust, filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the real estate investment trust. Key financial data and disclosures relevant to shareholders are presented in this report.

Why It Matters

This filing provides investors with the latest financial health and operational status of CenterSpace, a real estate investment trust, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a public company.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the quarter for which financial results are reported.)
• 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• CenterSpace (company) — Filer of the 10-Q
• Investors Real Estate Trust (company) — Former name of CenterSpace
• 20240930 (date) — Conformed period of report
• 20241028 (date) — Filed as of date

FAQ

Filing Documents

• csr-20240930.htm (10-Q) — 1619KB
• exhibit101-edaamendmentno2.htm (EX-10.1) — 328KB
• amendmentno4toprudentialsh.htm (EX-10.4) — 34KB
• centerspace093024-10qex311.htm (EX-31.1) — 16KB
• centerspace093024-10qex312.htm (EX-31.2) — 17KB
• centerspace093024-10qex321.htm (EX-32.1) — 6KB
• centerspace093024-10qex322.htm (EX-32.2) — 6KB
• 0000798359-24-000122.txt ( ) — 8983KB
• csr-20240930.xsd (EX-101.SCH) — 60KB
• csr-20240930_cal.xml (EX-101.CAL) — 79KB
• csr-20240930_def.xml (EX-101.DEF) — 320KB
• csr-20240930_lab.xml (EX-101.LAB) — 729KB
• csr-20240930_pre.xml (EX-101.PRE) — 534KB
• csr-20240930_htm.xml (XML) — 1217KB

Financial Information

Part I. Financial Information

Financial Statements - Third Quarter - 2024

Item 1. Financial Statements - Third Quarter - 2024: 3 Condensed Consolidated Balance Sheets September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) For the Three and Nine Months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) For the Three and Nine Months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity (unaudited) For the Three and Nine Months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) For the Nine Months ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 42 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) September 30, 2024 December 31, 2023 ASSETS (Unaudited) Real estate investments Property owned $ 2,438,255 $ 2,420,146 Less accumulated depreciation ( 604,175 ) ( 530,703 ) Total real estate investments 1,834,080 1,889,443 Cash and cash equivalents 14,453 8,630 Restricted cash 2,794 639 Other assets 36,078 27,649 TOTAL ASSETS $ 1,887,405 $ 1,926,361 LIABILITIES, MEZZANINE EQUITY, AND EQUITY LIABILITIES Accounts payable and accrued expenses $ 61,000 $ 62,754 Revolving lines of credit 39,000 30,000 Notes payable, net 299,506 299,459 Mortgages payable, net 582,760 586,563 TOTAL LIABILITIES $ 982,266 $ 978,776 COMMITMENTS AND CONTINGENCIES (NOTE 10) SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $ 100 par value, 166 units issued and outstanding at September 30, 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, no shares issued and outstanding at September 30, 2024 and 3,881 shares issued and outstanding December 31, 2023 — 93,530 Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,568 shares issued and outstanding at September 30, 2024 and 14,963 shares issued and outstanding at December 31, 2023) 1,270,752 1,165,694 Accumulated distributions in excess of net income ( 597,720 ) ( 548,273 ) Accumulated other comprehensive loss ( 578 ) ( 1,119 ) Total shareholders' equity $ 672,454 $ 709,832 Noncontrolling interests – Operating Partnership and Series E preferred units 215,444 220,544 Noncontrolling interests – consolidated real estate entities 681 649 TOTAL EQUITY $ 888,579 $ 931,025 TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,887,405 $ 1,926,361 See ac

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