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Jun 30, 2024
Centerspace Q2 2024 Earnings Report
Centerspace's financial performance for Q2 2024 was reported, with the mid-point for 2024 Core FFO per share guidance raised.
Key Takeaways
Centerspace reported a net loss of $0.19 per diluted share for Q2 2024. Same-store revenues increased by 3.4%, driving a 2.4% increase in same-store NOI compared to the same period of the prior year. The company raised the mid-point and narrowed the 2024 financial outlook ranges for net loss per diluted share, FFO per diluted share and Core FFO per diluted share.
Net loss was $0.19 per diluted share for the second quarter of 2024, compared to net loss of $0.23 per diluted share for the same period of the prior year.
Core FFO per diluted share increased 5.5% to $2.49 for the six months ended June 30, 2024, compared to $2.36 for the six months ended June 30, 2023.
Same-store revenues increased by 3.4% for the second quarter of 2024 compared to the second quarter of 2023, driving a 2.4% increase in same-store NOI compared to the same period of the prior year.
Centerspace issued approximately 110,000 common shares for gross consideration of $7.7 million, and an average gross price of $69.82 per share during the second quarter of 2024 under its at-the-market offering program.
Revenue by Segment
Forward Guidance
Centerspace revised its 2024 financial outlook, with updated ranges for same-store revenue, expenses, and NOI, as well as FFO and Core FFO per share.
Positive Outlook
- Same-store revenue growth is projected between 3.25% and 4.25%.
- Same-store expense growth is anticipated between 3.50% and 4.75%.
- Same-store NOI growth is expected to be between 3.00% and 4.00%.
- FFO per diluted share is projected between $4.61 and $4.76.
- Core FFO per diluted share is expected to be between $4.78 and $4.92.
Challenges Ahead
- Net loss per share is projected between $(1.21) and $(1.01).
- Same-store recurring capital expenditures are estimated between $1,100 and $1,150 per home.
- Value-add expenditures are projected between $23.0 million and $25.0 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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