Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Market Information
Our Common Shares of Beneficial Interest, no par value, are traded on the New York Stock Exchange under the symbol “CSR”.
Shareholders
As of February 13, 2024, there were approximately 2,424 common shareholders of record.
Unregistered Sales of Shares
Under the terms of Centerspace, LP’s Agreement of Limited Partnership, limited partners have the right to require Centerspace, LP to redeem their limited partnership Units any time following the first anniversary of the date they acquired such Units (“Exchange Right”). When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to redeem such Units by either making a cash payment or exchanging the Units for our common shares, on a one-for-one basis. The Exchange Right is subject to certain conditions and limitations, including that the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 100 Units, or, if such limited partner holds less than 100 Units, for less than all of the Units held by such limited partner. Centerspace, LP and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year, or other modifications to their Exchange Right.
On September 30, 2023, October 31, 2023, and November 30, 2023, we issued an aggregate of 2,283, 1,265, and 1,505 unregistered common shares, respectively, to limited partners of Centerspace, LP upon exercise of their Exchange Rights for an equal number of Units. All such issuances of our common shares were exempt from registration as private placements under Section 4(a)(2) of the Securities Act. We have registered the resale of such common shares under the Securities Act.
Issuer Purchases of Equity Securities
Maximum Dollar
Total Number of Shares Amount of Shares That
Total Number of Average Price Purchased as Part of May Yet Be Purchased
Shares and Units Paid per Publicly Announced Under the Plans or
Period Purchased (1)
Share and Unit (2)
Plans or Programs Programs (3)
October 1 - 31, 2023 — $ — — $ 14,234,010
November 1 - 30, 2023 75,465 52.13 75,465 10,301,837
December 1 - 31, 2023 26,482 53.16 16,511 9,414,859
Total 101,947 $ 52.40 91,976
(1) Includes Units redeemed for cash pursuant to the exercise of exchange rights.
(2) Amount includes commissions paid.
(3) On March 10, 2022, the board authorized a $50.0 million share repurchase program.
Comparative Stock Performance
The information contained in this Comparative Stock Performance section shall not be deemed to be “soliciting material” or “filed” or “incorporated by reference” into our future filings with the SEC, or subject to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act.
Set forth below is a graph that compares, for the five years commencing December 31, 2018 and ending December 31, 2023, the cumulative total returns for our common shares with the comparable cumulative total return of three indices, the Standard & Poor’s 500 Index (“S&P 500”), the FTSE Nareit Equity REITs Index, and the FTSE Nareit Equity Apartments Index, the latter of which is an index prepared by the FTSE Group for the National Association of Real Estate Investment Trusts, which includes all tax-qualified equity REITs listed on the NYSE and the NASDAQ Market. The performance graph assumes that, at the close of trading on December 31, 2018, $100 was invested in our common shares and in each of the indices. The comparison assumes the reinvestment of all distributions.
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Period Ending
Index 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Centerspace 100.00 154.26 156.96 254.70 140.18 146.30
S&P 500 Index 100.00 131.49 155.68 200.37 164.08 207.21
FTSE Nareit Equity REITs 100.00 126.00 115.92 166.04 125.58 142.83
FTSE Nareit Equity Apartments Index 100.00 126.32 106.94 174.97 119.06 126.05
Source: S&P Global Market Intelligence
Item 6. Reserved
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