Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2024 and Provides 2025 Financial Outlook
Centerspace (NYSE: CSR) reported financial results for 2024 and provided 2025 outlook. The company recorded a net loss of $1.27 per diluted share in 2024, compared to net income of $2.32 per share in 2023. Core FFO increased 2.1% to $4.88 per diluted share.
Same-store NOI grew 3.7% year-over-year, driven by 3.3% revenue growth. The company issued 1.6 million common shares raising $112.6 million at $71.66 per share, using proceeds to redeem Series C preferred shares worth $97.0 million. Centerspace acquired a 129-home Denver property for $54 million and sold two non-core properties for $19.0 million.
For 2025, Centerspace projects net loss per share between ($0.71) and ($0.45), and Core FFO per share between $4.86 and $5.10. The company declared a quarterly dividend of $0.77 per share, payable April 8, 2025.
Centerspace (NYSE: CSR) ha riportato i risultati finanziari per il 2024 e ha fornito le previsioni per il 2025. L'azienda ha registrato una perdita netta di $1,27 per azione diluita nel 2024, rispetto a un utile netto di $2,32 per azione nel 2023. Core FFO è aumentato del 2,1% a $4,88 per azione diluita.
Il NOI degli stessi negozi è cresciuto del 3,7% su base annua, trainato da una crescita dei ricavi del 3,3%. L'azienda ha emesso 1,6 milioni di azioni ordinarie raccogliendo $112,6 milioni a $71,66 per azione, utilizzando i proventi per riscattare azioni privilegiate di Serie C del valore di $97,0 milioni. Centerspace ha acquisito una proprietà a Denver con 129 abitazioni per $54 milioni e ha venduto due proprietà non core per $19,0 milioni.
Per il 2025, Centerspace prevede una perdita netta per azione compresa tra ($0,71) e ($0,45), e un Core FFO per azione compreso tra $4,86 e $5,10. L'azienda ha dichiarato un dividendo trimestrale di $0,77 per azione, pagabile il 8 aprile 2025.
Centerspace (NYSE: CSR) reportó los resultados financieros para 2024 y proporcionó perspectivas para 2025. La empresa registró una pérdida neta de $1.27 por acción diluida en 2024, en comparación con un ingreso neto de $2.32 por acción en 2023. Core FFO aumentó un 2.1% a $4.88 por acción diluida.
El NOI de tiendas comparables creció un 3.7% interanual, impulsado por un crecimiento de ingresos del 3.3%. La compañía emitió 1.6 millones de acciones comunes recaudando $112.6 millones a $71.66 por acción, utilizando los ingresos para redimir acciones preferentes de la Serie C por un valor de $97.0 millones. Centerspace adquirió una propiedad en Denver de 129 viviendas por $54 millones y vendió dos propiedades no centrales por $19.0 millones.
Para 2025, Centerspace proyecta una pérdida neta por acción entre ($0.71) y ($0.45), y un Core FFO por acción entre $4.86 y $5.10. La compañía declaró un dividendo trimestral de $0.77 por acción, pagadero el 8 de abril de 2025.
센터스페이스 (NYSE: CSR)는 2024년 재무 결과를 보고하고 2025년 전망을 제시했습니다. 이 회사는 2024년에 희석 주당 $1.27의 순손실을 기록했으며, 2023년에는 주당 $2.32의 순이익을 기록했습니다. 코어 FFO는 희석 주당 $4.88로 2.1% 증가했습니다.
동일 점포 NOI는 연간 3.7% 성장했으며, 이는 3.3%의 수익 성장에 의해 주도되었습니다. 이 회사는 160만 주의 보통주를 발행하여 주당 $71.66에 $1억 1260만을 조달하였으며, 그 수익을 사용하여 $9,700만 가치의 C 시리즈 우선주를 상환했습니다. 센터스페이스는 덴버에 129채의 주택이 있는 부동산을 $5,400만에 인수하고, 두 개의 비핵심 자산을 $1,900만에 매각했습니다.
2025년을 위해 센터스페이스는 주당 순손실을 ($0.71)에서 ($0.45) 사이로 예상하며, 주당 코어 FFO는 $4.86에서 $5.10 사이로 예상합니다. 이 회사는 주당 $0.77의 분기 배당금을 선언했으며, 2025년 4월 8일에 지급될 예정입니다.
Centerspace (NYSE: CSR) a annoncé les résultats financiers pour 2024 et a fourni des perspectives pour 2025. L'entreprise a enregistré une perte nette de 1,27 $ par action diluée en 2024, contre un bénéfice net de 2,32 $ par action en 2023. Core FFO a augmenté de 2,1 % pour atteindre 4,88 $ par action diluée.
Le NOI des magasins comparables a augmenté de 3,7 % d'une année sur l'autre, soutenu par une croissance des revenus de 3,3 %. L'entreprise a émis 1,6 million d'actions ordinaires, levant 112,6 millions de dollars à 71,66 $ par action, utilisant les produits pour racheter des actions privilégiées de la série C d'une valeur de 97,0 millions de dollars. Centerspace a acquis une propriété à Denver avec 129 logements pour 54 millions de dollars et a vendu deux propriétés non essentielles pour 19,0 millions de dollars.
Pour 2025, Centerspace prévoit une perte nette par action comprise entre (0,71 $) et (0,45 $), et un Core FFO par action compris entre 4,86 $ et 5,10 $. L'entreprise a déclaré un dividende trimestriel de 0,77 $ par action, payable le 8 avril 2025.
Centerspace (NYSE: CSR) hat die finanziellen Ergebnisse für 2024 veröffentlicht und die Aussichten für 2025 bereitgestellt. Das Unternehmen verzeichnete einen Nettoverlust von $1,27 pro verwässerter Aktie im Jahr 2024, verglichen mit einem Nettogewinn von $2,32 pro Aktie im Jahr 2023. Core FFO stieg um 2,1% auf $4,88 pro verwässerter Aktie.
Der NOI der gleichen Geschäfte wuchs im Jahresvergleich um 3,7%, was durch ein Umsatzwachstum von 3,3% unterstützt wurde. Das Unternehmen gab 1,6 Millionen Stammaktien aus und erzielte $112,6 Millionen bei $71,66 pro Aktie, wobei die Erlöse verwendet wurden, um Vorzugsaktien der Serie C im Wert von $97,0 Millionen einzulösen. Centerspace erwarb eine Immobilie in Denver mit 129 Wohnungen für $54 Millionen und verkaufte zwei nicht zum Kerngeschäft gehörende Immobilien für $19,0 Millionen.
Für 2025 erwartet Centerspace einen Nettoverlust pro Aktie zwischen ($0,71) und ($0,45) sowie einen Core FFO pro Aktie zwischen $4,86 und $5,10. Das Unternehmen erklärte eine vierteljährliche Dividende von $0,77 pro Aktie, zahlbar am 8. April 2025.
- Core FFO increased 2.1% to $4.88 per diluted share in 2024
- Same-store NOI grew 3.7% year-over-year
- Same-store revenue increased 3.3%
- Weighted average occupancy improved to 95.2% in 2024 from 94.9% in 2023
- Strong liquidity position with $224.6 million available
- Net loss of $1.27 per diluted share in 2024 compared to net income of $2.32 in 2023
- New lease rate growth declined to 0.1% in 2024 from 1.8% in 2023
- Blended lease rate growth decreased to 1.9% in 2024 from 3.3% in 2023
- Retention rate dropped to 56.6% in 2024 from 59.0% in 2023
- Projected net loss for 2025 between ($0.71) and ($0.45) per share
Insights
The 2024 results and 2025 outlook for Centerspace present a complex picture of operational resilience amid challenging market conditions. The company's Core FFO growth of 2.1% to
A critical examination of operational metrics reveals both strengths and concerns. The improvement in weighted average occupancy to
The company's capital structure optimization through the redemption of
The strategic expansion in Denver through a
Looking ahead to 2025, the projected Core FFO range of
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||
Per Share | 2024 | 2023 | 2024 | 2023 | ||||
Net income (loss) per share - diluted | $ (0.31) | $ (0.65) | $ (1.27) | $ 2.32 | ||||
FFO - diluted(1) | $ 1.09 | $ 1.11 | $ 4.49 | $ 4.27 | ||||
Core FFO - diluted(1) | $ 1.21 | $ 1.22 | $ 4.88 | $ 4.78 | ||||
Year-Over-Year | Sequential Comparison | YTD Comparison | ||||
Same-Store Results(2) | 4Q24 vs 4Q23 | 4Q24 vs. 3Q24 | CY24 vs. CY23 | |||
Revenues | 3.1 % | 0.8 % | 3.3 % | |||
Expenses | 4.6 % | (2.7) % | 2.7 % | |||
Net Operating Income ("NOI")(1) | 2.1 % | 3.3 % | 3.7 % |
Three months ended | Twelve months ended | |||||||||
Same-Store Results(2) | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
Weighted Average Occupancy | 95.5 % | 95.3 % | 94.8 % | 95.2 % | 94.9 % | |||||
New Lease Rate Growth | (3.3) % | (1.2) % | (3.4) % | 0.1 % | 1.8 % | |||||
Renewal Lease Rate Growth | 3.2 % | 3.2 % | 3.6 % | 3.3 % | 4.6 % | |||||
Blended Lease Rate Growth(3) | 0.4 % | 1.5 % | 0.2 % | 1.9 % | 3.3 % | |||||
Retention Rate | 54.5 % | 58.9 % | 53.1 % | 56.6 % | 59.0 % | |||||
(1) | NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation |
(2) | Same-store results are updated for disposition activity. Refer to "Non-GAAP Financial Measures and Reconciliations" in Supplemental |
(3) | Blended lease rate growth is weighted by lease count. |
Highlights for the Year Ended December 31, 2024
- Net Loss was
$1.27 $2.32 - Core FFO(1) increased to
$4.88 2.1% per diluted share for the year ended December 31, 2024, compared to$4.78 - Same-store year-over-year NOI(1) grew
3.7% driven by same-store revenue growth of3.3% ; - Centerspace issued approximately 1.6 million common shares for net consideration of
$112.6 million $71.66 $53.62 $97.0 million 6.625% ; - Continued to grow our
Colorado portfolio through the acquisition of an apartment community inDenver, Colorado consisting of 129 homes for an aggregate purchase price of$54 million - Sold two non-core apartment communities for an aggregate sales price of
$19.0 million
Balance Sheet
At December 31, 2024, Centerspace had
Dividend Distributions
Centerspace's Board of Trustees announced a quarterly distribution of
2025 Financial Outlook
Centerspace is providing the following guidance for its 2025 performance.
2025 Financial Outlook | |||||
Range for 2025 | |||||
2024 Actual | Low | High | |||
Net income (loss) per Share - diluted | $ (1.27) | $ (0.71) | $ (0.45) | ||
FFO per Share - diluted | $ 4.49 | $ 4.73 | $ 4.97 | ||
Core FFO per Share - diluted | $ 4.88 | $ 4.86 | $ 5.10 | ||
Additional assumptions:
- Same-store capital expenditures of
$1,125 $1,175 - Value-add expenditures of
$16.0 million $18.0 million
FFO and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, please refer to "2025 Financial Outlook" in the Supplemental Financial and Operating Data below.
Upcoming Events
Centerspace is attending the Citi Global Property CEO conference March 2-4.
Earnings Call
Live webcast and replay: https://www.ir.centerspacehomes.com | ||||
Live Conference Call | Conference Call Replay | |||
Wednesday, February 19, 2025 at 10:00 AM ET | Replay available until February 26, 2025 | |||
1-404-975-4839 | 1-929-458-6194 | |||
1-833-470-1428 | 1-866-813-9403 | |||
Canada Toll Free Number | 1-833-950-0062 | |||
Conference Number | 075110 | Conference Number | 939247 | |
Supplemental Information
Supplemental Operating and Financial Data for the year ended December 31, 2024, is available in the Investors section on Centerspace's website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of December 31, 2024, Centerspace owned 71 apartment communities consisting of 13,012 homes located in
Forward-Looking Statements
Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "assumes," "may," "projects," "outlook," "future," and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission ("SEC"), including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in the Company's Annual Report on Form 10-K, in quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
Contact Information
Investor Relations
Josh Klaetsch
Phone: 952-401-6600
E-mail: IR@centerspacehomes.com
Marketing & Media
Kelly Weber
Phone: 952-401-6600
E-mail: kweber@centerspacehomes.com
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SOURCE Centerspace
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