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Sep 30, 2021
Centerspace Q3 2021 Earnings Report
Announced financial results and increased financial outlook.
Key Takeaways
Centerspace reported a net loss of $(0.81) per diluted share for Q3 2021, but Core FFO increased by 4.3% to $0.98 per diluted share. Same-store revenues also increased by 6.2% compared to the same period in 2020.
Net Loss was $(0.81) per diluted share for the third quarter of 2021, compared to Net Income of $1.38 per diluted share for the same period of 2020.
Core FFO increased 4.3% to $0.98 per diluted share for the three months ended September 30, 2021, compared to $0.94 for the three months ended September 30, 2020.
Same-store revenues increased by 6.2% for the third quarter of 2021 compared to the third quarter of 2020.
Same-store new lease over lease rates were 10.8% for the third quarter of 2021, compared to 0.0% in the same period of the prior year.
Revenue by Segment
Forward Guidance
Centerspace revised its 2021 financial outlook, including the acquisition of KMS on September 1, 2021.
Positive Outlook
- Same-Store Revenue growth between 3.5% and 4.0%.
- Same-Store NOI growth between 3.0% and 3.5%.
- Updated Core FFO per Share – diluted between $3.92 and $4.02
- Full year earnings per share mid-point outlook of $(0.30) resulting in a 3% increase in Core FFO from our prior outlook
- Strategic portfolio acquisition comprised of 14 communities in Minneapolis, Minnesota and three communities in St. Cloud, Minnesota totaling 2,696 apartment homes for an aggregate acquisition cost of $359.9 million
Challenges Ahead
- Earnings per Share – diluted between $(0.36) and $(0.24)
- Same-Store Expenses growth between 4.5% and 5.0%
- FFO per Share – diluted between $3.40 and $3.52
- COVID-19 pandemic continues to impact business and operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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