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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
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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