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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.
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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