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Jun 30, 2023
Centerspace Q2 2023 Earnings Report
Centerspace's financial performance for Q2 2023 was reported, featuring an increase in Core FFO guidance for 2023.
Key Takeaways
Centerspace reported a net loss of $0.23 per diluted share for Q2 2023, while Core FFO per diluted share increased by 14.3% to $1.28. Same-store revenues increased by 8.5%, driving a 12.1% increase in NOI. The company also increased its 2023 financial outlook ranges for net income per diluted share, FFO per diluted share, and Core FFO per diluted share.
Net loss increased 23.3% to $0.23 per diluted share for the second quarter of 2023.
Core FFO per diluted share increased 14.3% to $1.28 for the three months ended June 30, 2023.
Same-store revenues increased by 8.5% for the second quarter of 2023, driving a 12.1% increase in NOI compared to the same period of the prior year.
Total expenses decreased by $3.4 million to $55.9 million for the three months ended June 30, 2023.
Revenue by Geographic Location
Forward Guidance
Centerspace revised its 2023 financial outlook upward.
Positive Outlook
- Same-store revenue growth is now expected to be between 6.50% and 8.00%.
- Same-store expenses are projected to increase between 4.00% and 5.25%.
- Same-store NOI is anticipated to grow between 8.50% and 10.00%.
- FFO per Share – diluted is expected to be between $4.14 and $4.35.
- Core FFO per Share – diluted is projected to be between $4.55 and $4.75.
Challenges Ahead
- Same-store capital expenditures are estimated to be $1,100 to $1,150 per home.
- Value-add expenditures are projected to be $31.5 million to $34.5 million.
- Investments from potential acquisitions are estimated at $95.0 million to $100.0 million.
- Proceeds from potential dispositions are projected to be $220.0 million to $225.0 million.
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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