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Dec 31, 2024
Centerspace Q4 2024 Earnings Report
Centerspace reported its financial and operating results for the fourth quarter ended December 31, 2024.
Key Takeaways
Centerspace announced a net loss of $5.079 million for Q4 2024, with diluted EPS at -$0.31. Total revenues for the quarter were $66.409 million. The company's Core FFO per diluted share was $1.21 for the quarter.
Net income (loss) per diluted share for Q4 2024 was -$0.31.
Core FFO per diluted share for Q4 2024 was $1.21.
Total revenues for Q4 2024 reached $66.409 million.
Same-store NOI increased by 2.1% year-over-year in Q4 2024.
Revenue by Segment
Forward Guidance
Centerspace provided financial guidance for the full year 2025, projecting Net income (loss) per Share - diluted between -$0.71 and -$0.45, FFO per Share - diluted between $4.73 and $4.97, and Core FFO per Share - diluted between $4.86 and $5.10.
Positive Outlook
- Projected Core FFO per diluted share for 2025 is $4.86 to $5.10, indicating continued growth.
- Same-store revenue growth is projected between 1.50% and 3.50% for 2025.
- Same-store NOI is expected to grow between 1.25% and 3.25% in 2025.
- Total NOI is projected to be between $161.3 million and $164.8 million for 2025.
- Interest and other income is projected to increase to $2.7 million to $2.9 million in 2025.
Challenges Ahead
- Net income (loss) per share - diluted is projected to remain negative, ranging from -$0.71 to -$0.45 in 2025.
- Interest expense is projected to increase, ranging from $39.4 million to $38.8 million in 2025.
- General and administrative and property management expenses are projected to be between $28.4 million and $27.9 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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