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Dec 31, 2021
Centerspace Q4 2021 Earnings Report
Announced financial results for the year ended December 31, 2021, and provided the 2022 financial outlook with a dividend increase.
Key Takeaways
Centerspace reported a net loss of $(0.47) per diluted share for the year ended December 31, 2021. Core FFO increased to $3.99 per diluted share, and same-store revenue increased by 4.8%.
Net Loss was $(0.47) per diluted share for the year ended December 31, 2021, compared to Net Income of $(0.15) per diluted share for the year ended December 31, 2020
Core FFO increased to $3.99 or 5.8% per diluted share compared to $3.78 for the year ended December 31, 2020
Same-store revenue increased 4.8% driven by 5.1% growth in rental revenue and offset by a decrease of 0.3% in occupancy
Same-store NOI growth of 6.4% from the third quarter of 2021
Forward Guidance
Centerspace provided financial guidance for the full year 2022, including estimates for same-store revenue growth, controllable expenses, non-controllable expenses, total expenses, same-store NOI, and EPS.
Positive Outlook
- Same-store revenue growth between 6.00% and 8.00%
- Controllable expenses growth between 3.75% and 5.25%
- Non-controllable expenses growth between 3.00% and 4.50%
- Total expenses growth between 3.50% and 5.00%
- Same-store NOI growth between 8.00% and 10.00%
Challenges Ahead
- Interest expense between $(32,200,000) and $(31,700,000)
- Preferred dividends of $(6,400,000)
- General and administrative and property management expenses between $(27,800,000) and $(27,100,000)
- Casualty losses between $(2,000,000) and $(1,700,000)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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