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Mar 31, 2024
Centerspace Q1 2024 Earnings Report
Centerspace's financial performance for Q1 2024 was reported, including an increase in Core FFO per diluted share and same-store revenue, accompanied by a revised financial outlook for 2024.
Key Takeaways
Centerspace reported a net loss of $0.37 per diluted share for Q1 2024, but Core FFO per diluted share increased by 15.0% to $1.23. Same-store revenues also increased by 3.5%, leading to a 7.5% increase in same-store NOI. The company successfully executed the sale of two non-core apartment communities in Minnesota for $19.0 million.
Net loss decreased to $0.37 per diluted share, compared to a net income of $2.76 per diluted share for the same period last year.
Core FFO per diluted share increased 15.0% to $1.23, compared to $1.07 for the same period last year.
Same-store revenues increased by 3.5% compared to the first quarter of 2023.
Centerspace repurchased 87,722 common shares for $4.7 million, at an average price of $53.62 per share.
Revenue by Segment
Forward Guidance
Centerspace revised its 2024 financial outlook, narrowing the ranges for net income per diluted share and FFO per diluted share, and raising the mid-point for Core FFO per diluted share.
Positive Outlook
- Same-store revenue growth is expected to be between 3.00% and 4.50%.
- Same-store expense growth is projected to be between 4.00% and 5.50%.
- Same-store NOI growth is anticipated to be between 2.50% and 4.00%.
- FFO per share is expected to be between $4.57 and $4.76.
- Core FFO per share is projected to be between $4.74 and $4.92.
Challenges Ahead
- Net income per share is expected to be between $(1.34) and $(1.10).
- Same-store recurring capital expenditures are estimated to be between $1,075 and $1,150 per home.
- Value-add expenditures are projected to be between $25.0 million and $27.0 million.
- Proceeds from dispositions are expected to be $19.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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