Centerspace Q2 2022 Earnings Report

Reported financial results for the second quarter of 2022.

Key Takeaways

Centerspace reported a net loss of $0.30 per diluted share for Q2 2022, while Core FFO increased by 14.3% to $1.12 per diluted share. Same-store revenues increased by 11.7%, driving an 11.5% increase in NOI compared to the same period last year. The company revised its 2022 financial outlook, increasing guidance for net loss per share and same-store NOI growth.

Net Loss was $0.30 per diluted share for the second quarter of 2022, compared to Net Income of $1.48 per diluted share for the same period of 2021.

Core FFO increased 14.3% to $1.12 per diluted share for the three months ended June 30, 2022, compared to $0.98 for the three months ended June 30, 2021.

Same-store revenues increased by 11.7% for the second quarter of 2022 compared to the second quarter of 2021, driving an 11.5% increase in NOI compared to the same period of the prior year.

Revised 2022 financial outlook, increasing our guidance range for net loss per share to $0.31 to $0.14 per diluted share. We also increased our same-store NOI growth guidance for 2022 to 10.0% to 12.0%, an increase of 2% over our previous guidance range. This resulted in an increase in the Core FFO guidance range to $4.45 to $4.61 per diluted share.

Total Revenue

$63.1M

Previous year: $46.7M

Weighted Avg. Occupancy

94.8%

Previous year: 94.9%

-0.1%