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Mar 31, 2020
Centerspace Q1 2020 Earnings Report
Financial and operating results reported for the quarter ended March 31, 2020.
Key Takeaways
IRET reported a net loss of $0.67 per diluted share, while Core FFO increased by 16.9% to $0.90 per diluted share. Same-store revenues and NOI also increased by 3.9% and 3.8%, respectively, compared to the same quarter in 2019. The company acquired Ironwood Apartments for $46.3 million and withdrew its 2020 financial outlook due to COVID-19.
Net Loss was $0.67 per diluted share, compared to a Net Loss of $0.54 per share for the same quarter in 2019.
Core FFO increased by 16.9% to $0.90 per diluted share, compared to $0.77 per diluted share for the first quarter of 2019.
Same-store revenues increased by 3.9% compared to the first quarter of 2019.
Same-store NOI increased by 3.8% compared to the first quarter of 2019.
Forward Guidance
Due to the impact of the coronavirus (COVID-19) on our business and results of operations, we were withdrawing our 2020 Financial Outlook. We will not be providing a 2020 Financial Outlook at this time.
Challenges Ahead
- Reduced economic activity and rising unemployment could severely impact our residents’ ability to pay rent on a timely basis; and residents may seek lease deferment payment plans or rent reductions, resulting in increases in uncollectible receivables and reductions in rental income, which could reduce NOI and cash flow.
- The negative financial impact of the pandemic could impact our future compliance with financial covenants in our credit facility and other debt agreements.
- Weaker economic conditions could cause us to recognize impairment in value of our tangible or intangible assets.
- We may need to record loss contingencies and increased expenses related to our COVID-19 response.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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