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Mar 31, 2022
Centerspace Q1 2022 Earnings Report
Centerspace's financial performance declined with a net loss, but core FFO increased and same-store revenues rose.
Key Takeaways
Centerspace reported a net loss of $(0.68) per diluted share for Q1 2022, compared to a net loss of $(0.49) per diluted share for the same period in 2021. However, Core FFO increased by 3.2% to $0.98 per diluted share. Same-store revenues also increased by 8.6% compared to the first quarter of 2021.
Net Loss was $(0.68) per diluted share, compared to $(0.49) per diluted share year-over-year.
Core FFO increased 3.2% to $0.98 per diluted share year-over-year.
Same-store revenues increased by 8.6% year-over-year.
Same-store new lease rates were 6.9% compared to 0.7% in the same period the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Centerspace revised its 2022 financial outlook and affirms its Core FFO guidance.
Positive Outlook
- Same-Store Revenue growth between 7.0% and 9.0%.
- FFO per diluted share between $4.26 and $4.52.
- Core FFO per diluted share between $4.33 and $4.57.
- Same-store NOI between 8.0% and 10.0%
- Investments of $116,874,000
Challenges Ahead
- Earnings per Share – diluted between $(0.37) and $(0.11).
- Same-Store Expenses growth between 5.5% and 7.5%
- Recurring income and expenses of $(28,430,000) to $(27,250,000)
- Non-core income and expenses of $1,350,000 to $1,000,000
- Same-store capital expenditures (per home) of $925 to $975
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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