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Sep 30, 2024
Centerspace Q3 2024 Earnings Report
Financial and operating results reported for Q3 2024.
Key Takeaways
Centerspace reported a net loss of $0.40 per diluted share for the third quarter of 2024, compared to a net income of $0.41 per diluted share for the same period of the prior year. Same-store revenues increased by 3.0%, driving a 2.8% increase in same-store NOI.
Centerspace raised the mid-point and narrowed the 2024 financial outlook ranges for net loss per diluted share and Core FFO per diluted share.
Centerspace issued approximately 1.5 million common shares for net consideration of $105.1 million and used the proceeds to redeem all of its outstanding Series C preferred shares for $97.0 million.
Net loss was $0.40 per diluted share for the third quarter of 2024, compared to net income of $0.41 per diluted share for the same period of the prior year.
Same-store revenues increased by 3.0% for the third quarter of 2024 compared to the third quarter of 2023, driving a 2.8% increase in same-store NOI compared to the same period of the prior year.
Forward Guidance
Centerspace updated its 2024 financial outlook.
Positive Outlook
- Same-store revenue is expected to be between 3.00% and 3.50%.
- Controllable expenses are projected to grow between 1.50% and 2.00%.
- Non-controllable expenses are anticipated to increase between 4.25% and 5.25%.
- Same-store NOI is forecasted to grow between 3.25% and 3.75%.
- Value-add expenditures are estimated to be between $23.0 million and $25.0 million.
Challenges Ahead
- Net loss per share is expected to be between $(1.21) and $(1.06).
- FFO per diluted share is projected to be between $4.50 and $4.59.
- Core FFO per diluted share is forecasted to be between $4.82 and $4.90.
- Same-store recurring capital expenditures are expected to be between $1,100 and $1,150 per home.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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