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Dec 31, 2023
Centerspace Q4 2023 Earnings Report
Announced financial results for Q4 2023, provided 2024 financial outlook, and increased dividend.
Key Takeaways
Centerspace reported a net loss of $9.764 million, or $(0.65) per diluted share, for Q4 2023. However, the company's same-store NOI grew by 7.6% compared to the same period last year.
Net loss per share - diluted was $(0.65).
The Board of Trustees announced a quarterly distribution of $0.75 per share/unit, payable on April 8, 2024.
Same-store year-over-year NOI grew to 9.0% driven by same-store revenue growth of 7.2% for the year ended December 31, 2023.
Centerspace had $234.6 million of total liquidity on its balance sheet, including $226.0 million available on its lines of credit as of December 31, 2023.
Revenue by Segment
Forward Guidance
Centerspace provided financial guidance for 2024, including estimates for same-store revenue growth, controllable expenses, non-controllable expenses, and same-store NOI.
Positive Outlook
- Revenue growth between 3.00% and 5.00%
- Controllable expenses growth between 6.00% and 7.50%
- Non-controllable expenses growth between 4.75% and 6.50%
- Same-store NOI growth between 1.50% and 3.50%
- FFO per diluted share between $4.54 and $4.80
Challenges Ahead
- Net income (loss) per share - diluted between $(1.31) and $(0.99)
- Interest expense between $(38,800) and $(38,400)
- Value-add expenditures between $25.0 million to $27.0 million
- Same-store recurring capital expenditures (per home) between $1,075 and $1,150
Historical Earnings Impact
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Avg. Return Before/After Earnings
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