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Dec 31, 2022
Centerspace Q4 2022 Earnings Report
Centerspace's Q4 2022 earnings were announced, revealing a net loss per share but growth in same-store revenues and NOI.
Key Takeaways
Centerspace reported a net loss per share for Q4 2022, but demonstrated growth in key areas such as same-store revenues and Net Operating Income (NOI). The company also provided its financial outlook for 2023, including projections for net income, FFO, and Core FFO.
Net loss per share - diluted was $(0.24) for the quarter ended December 31, 2022.
Same-store revenues increased by 9.3% compared to Q4 2021.
Same-store Net Operating Income (NOI) grew by 6.1% year-over-year.
Weighted average occupancy increased to 94.9% for the quarter ended December 31, 2022, compared to 93.4% in Q4 2021.
Forward Guidance
Centerspace provided financial guidance for 2023, including projections for same-store growth, total NOI, interest expense, and Core FFO.
Positive Outlook
- Revenue growth between 6.00% and 8.00%
- Same-store NOI growth between 7.00% and 9.00%
- FFO per diluted share between $4.21 and $4.50
- Core FFO per diluted share between $4.27 and $4.56
- Proceeds from potential dispositions of $155.0 million to $165.0 million
Challenges Ahead
- Interest expense between $(37,100) and $(36,700)
- General and administrative and property management between $(29,100) and $(28,300)
- Casualty losses between $(1,500) and $(1,300)
- Non-real estate depreciation and amortization of $(375) and $(325)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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