Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2023, Provides 2024 Financial Outlook and Dividend Increase
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Three Months Ended |
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Twelve Months Ended |
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Per Share |
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2023 |
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2022 |
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2023 |
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2022 |
Net income (loss) per share - diluted |
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$ (0.65) |
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$ (0.24) |
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$ 2.32 |
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$ (1.35) |
FFO - diluted(1) |
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1.11 |
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1.16 |
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4.27 |
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4.32 |
Core FFO - diluted(1) |
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1.22 |
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1.17 |
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4.78 |
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4.43 |
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Year-Over-Year |
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Sequential Comparison |
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YTD Comparison |
Same-Store Results |
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4Q23 vs 4Q22 |
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4Q23 vs. 3Q23 |
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CY23 vs. CY22 |
Revenues |
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3.9 % |
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0.5 % |
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7.2 % |
Expenses |
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(1.2) % |
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(3.6) % |
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4.6 % |
Net Operating Income ("NOI")(1) |
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7.6 % |
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3.4 % |
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9.0 % |
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Three months ended |
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Twelve months ended |
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Same-Store Results |
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Weighted Average Occupancy |
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94.8 % |
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94.7 % |
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94.8 % |
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94.9 % |
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94.6 % |
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(1) |
NOI, Funds from Operations, 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, refer to "Non-GAAP Financial Measures and Reconciliations" and "Non-GAAP Financial Measures and Other Terms" in the Supplemental Financial and Operating Data below. |
Highlights for the Year Ended
- Net Income was
$2.32 per diluted share for the year endedDecember 31, 2023 , compared to Net Loss of$1.35 per diluted share for the year endedDecember 31, 2022 ; - Core FFO(1) increased to
$4.78 or 7.9% per diluted share for the year endedDecember 31, 2023 , compared to$4.43 for the year endedDecember 31, 2022 ; - Operating income increased to
$84.5 million for the year endedDecember 31, 2023 compared to$13.9 million for the prior year; - Same-store year-over-year NOI(1) grew to 9.0% driven by same-store revenue growth of 7.2%;
- Continued to grow
Colorado portfolio through acquisition of an apartment community inLoveland, Colorado consisting of 303 homes for an aggregate purchase price of$94.5 million ; - Thirteen communities in
Minnesota ,Nebraska , andNorth Dakota were sold for an aggregate sales price of$226.8 million . The sale included four communities in theSt. Cloud market comprising 692 homes, two communities in theOmaha -Lincoln market comprising 498 homes, three communities in theMinneapolis-St. Paul market comprising 377 homes, and four communities in the Minot market comprising 712 homes and related commercial space. - 216,000 common shares repurchased for total consideration of
$11.5 million and an average of$53.44 per share.
Balance Sheet
At
Subsequent Events
Subsequent to
Subsequent to
Dividend Distributions
2024 Financial Outlook
2024 Financial Outlook |
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Range for 2024 |
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2023 Actual |
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Low |
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High |
Net income (loss) per Share - diluted |
$ 2.32 |
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$ (1.31) |
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$ (0.99) |
FFO per Share - diluted |
$ 4.27 |
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$ 4.54 |
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$ 4.80 |
Core FFO per Share - diluted |
$ 4.78 |
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$ 4.68 |
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$ 4.92 |
Additional assumptions:
- Same-store capital expenditures of
$1,075 per home to$1,150 per home - Value-add expenditures of
$25.0 million to$27.0 million - Proceeds from potential dispositions of
$18.8 million to$19.0 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 "2024 Financial Outlook" in the Supplemental Financial and Operating Data below.
Earnings Call
Live webcast and replay: https://www.ir.centerspacehomes.com |
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Live Conference Call |
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Conference Call Replay |
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Replay available until |
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1-833-470-1428 |
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1-866-813-9403 |
International Toll Free Number |
1-929-526-1599 |
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International Toll Free Number |
1-929-458-6194 |
Canada Toll Free Number |
1-833-950-0062 |
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Canada Toll Free Number |
1-226-828-7578 |
Conference Number |
373306 |
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Conference Number |
297696 |
Supplemental Information
Supplemental Operating and Financial Data for the year ended
About
Forward-Looking Statements
Certain statements in this press release 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
Contact Information
Investor Relations
Phone: 701-837-7104
E-mail: IR@centerspacehomes.com
Marketing & Media
Phone: 701-837-7104
E-mail: kweber@centerspacehomes.com
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