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Mar 31, 2021
Centerspace Q1 2021 Earnings Report
Reported strong financial results for the first quarter
Key Takeaways
Centerspace reports a net loss of $(0.49) per diluted share for Q1 2021, compared to a net loss of $(0.69) per diluted share for the same period in 2020. Core FFO increased by 5.6% to $0.95 per diluted share. The company acquired Union Pointe, a 256-home apartment community in Longmont, Colorado for $76.9 million.
Centerspace paid its 200th consecutive quarterly distribution since its initial dividend in 1971.
Net Loss was $(0.49) per diluted share for the first quarter of 2021, compared to Net Loss of $(0.69) per diluted share for the same period of 2020.
Core FFO increased 5.6% to $0.95 per diluted share for the three months ended March 31, 2021, compared to $0.90 for the three months ended March 31, 2020.
Same-store revenues increased by 0.4% for the first quarter of 2021 compared to the first quarter of 2020.
Forward Guidance
Centerspace's 2021 financial outlook with midpoints of $0.30 for Earnings per Share and $3.60 for Core FFO is consistent with its release issued April 19, 2021, and up from its February expectation of $0.14 and $3.455, respectively.
Positive Outlook
- Revenue growth between 0.0% and 3.0%.
- Controllable expenses growth between 3.5% and 4.5%.
- Non-controllable expenses growth between 2.5% and 6.0%.
- Total expenses growth between 3.0% and 5.0%.
- Same-store NOI growth between -1.5% and 1.5%.
Challenges Ahead
- Interest expense between $29.8 million and $31.1 million.
- Preferred dividends of $6.43 million.
- General and administrative and property management expenses between $23.3 million and $22.5 million.
- Casualty losses between $1.75 million and $1.25 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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