Centerspace Q3 2020 Earnings Report

Financial and operating results reported for the quarter ended September 30, 2020.

Key Takeaways

IRET reported a Net Income of $1.38 per diluted share for Q3 2020, with Core FFO increasing 3.3% to $0.94 per diluted share. Total collections were 98.8% of expected residential revenue, and physical occupancy for same-store communities was 95.3%. The company acquired Parkhouse Apartment Homes for $144.8 million and disposed of four apartment communities and a commercial property for $43.0 million.

Net Income was $1.38 per diluted share for the third quarter of 2020, compared to Net Income of $2.54 per diluted share for the same period of 2019.

Core FFO increased 3.3% to $0.94 per diluted share for the three months ended September 30, 2020, compared to $0.91 for the three months ended June, 30, 2020.

Total collections were 98.8% of expected residential revenue for the third quarter of 2020, compared to 99.6% for the same period of 2019 and 99.1% for second quarter 2020.

Physical occupancy for same-store communities was 95.3% for the three months ended September 30, 2020, compared to 94.3% for the same period of 2019 and 94.8% for second quarter 2020.

Total Revenue

$44.1M

Previous year: $47.4M

Weighted Avg. Occupancy

94.4%

Previous year: 93.5%

+1.0%