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Jun 30, 2021
Centerspace Q2 2021 Earnings Report
Reported strong financial results and improved financial outlook.
Key Takeaways
Centerspace reported a strong second quarter with a Net Income of $1.48 per diluted share and Core FFO increasing 7.7% to $0.98 per diluted share. Same-store revenues also increased by 3.2%.
Net Income was $1.48 per diluted share for the second quarter of 2021, compared to Net Loss of $(0.44) per diluted share for the same period of 2020
Core FFO increased 7.7% to $0.98 per diluted share for the three months ended June 30, 2021, compared to $0.91 for the three months ended June 30, 2020 and 6.6% to $1.93 per diluted share for the six months ended June 30, 2021, compared to $1.81 for the six months ended June 30, 2020
Same-store revenues increased by 3.2% for the second quarter of 2021 compared to the second quarter of 2020
Same-store new lease over lease rates were 10.0% for the second quarter of 2021, compared to a decline of (1.2)% in the same period of the prior year.
Forward Guidance
Centerspace revised its 2021 financial outlook, which includes the anticipated acquisition of KMS during the third quarter.
Positive Outlook
- Earnings per Share – diluted Low: $0.58, High: $0.76
- Same-Store Revenue: Low: 2.0 %, High: 3.5 %
- Same-Store Expenses: Low: 4.0 %, High: 6.0 %
- Same-Store NOI: Low: 0.5 %, High: 2.0 %
- FFO per Share – diluted: Low: $3.64, High: $3.83
Historical Earnings Impact
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Avg. Return Before/After Earnings
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