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Sep 30, 2022
Centerspace Q3 2022 Earnings Report
Centerspace's financial performance reflected a mix of revenue growth and increased expenses, impacting profitability.
Key Takeaways
Centerspace reported a net loss of $0.14 per diluted share for Q3 2022, an improvement compared to the $0.79 loss in Q3 2021. Core FFO per diluted share increased by 17.3% to $1.15. Same-store revenues grew by 11.1%, driving an 11.4% increase in NOI. The company revised its 2022 financial outlook, with a net loss per share guidance of $0.50 to $0.41 and a Core FFO guidance range of $4.42 to $4.50 per diluted share.
Net loss was $0.14 per diluted share, compared to a net loss of $0.79 per diluted share for the same period of 2021.
Core FFO per diluted share increased 17.3% to $1.15.
Same-store revenues increased by 11.1%, driving an 11.4% increase in NOI.
Revised 2022 financial outlook with net loss per share guidance of $0.50 to $0.41 and Core FFO guidance range of $4.42 to $4.50 per diluted share.
Revenue by Geographic Location
Forward Guidance
Centerspace revised its 2022 financial outlook, adjusting guidance for net loss per share, same-store revenue, expenses, and NOI, as well as FFO and Core FFO per share.
Positive Outlook
- Same-store revenue is expected to grow between 9.75% and 10.25%.
- The acquisition of Lyra Apartments is expected to improve overall portfolio and earnings quality.
- Centerspace repurchased 426,773 common shares for $28.7 million.
- The company had $99.5 million of total liquidity at the end of the third quarter.
- Participating in the upcoming Nareit REITWorld 2022 Annual Conference and Jefferies 2022 Real Estate Conference.
Challenges Ahead
- The guidance range for net loss per share is $(0.50) to $(0.41).
- Persistent cost pressures were higher than previously anticipated.
- Experienced a higher than usual volume of noncontrollable unreimbursable losses across the portfolio.
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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