Centerspace reports first-quarter 2024 financial results and raises midpoint of Investing.com's 2024 core FFO per share guidance



minneapolis, April 29, 2024 /PRNewswire/—— central space (NYSE: CSR) today reported financial and operating results for the three months ended March 31, 2024. The following table shows net income (loss), funds from operations (“FFO”)1and core FFO1all on a diluted per share basis, as of three months March 31, 2024; Same-store revenue, expenses and net operating income (“NOI”)1 During comparable periods; and same-store weighted average occupancy rate for each month ending in the three-month period March 31, 2024, December 31, 2023and March 31, 2023.

three months end March 31,

per share of common stock

2024

2023

Net profit (loss) – diluted

$ (0.37)

$2.76

FFO-dilution(1)

$1.16

$0.89

Core FFO – Diluted(1)

$1.23

$1.07

Year by year

Compare

order

Compare

Same store performance(2)

2024 Q1 vs 2023 Q1

Q1 2024 and Q4 2023

income

3.5%

0.5%

spend

(2.2)%

(0.1)%

us(1)

7.5%

0.9%

three months end

Same store performance(2)

March 31, 2024

December 31, 2023

March 31, 2023

weighted average occupancy rate

94.6%

94.8%

94.9%

(1)

NOI, FFO and core FFO are non-GAAP financial measures.For more information on its use and demonstration, as well as coordination with most people
For directly comparable GAAP measures, see “Non-GAAP Financial Measures and Reconciliations” and “Non-GAAP Financial Measures and Other
Terms” in Supplementary and Financial Operating Data.

(2)

Same-store results are updated for disposition activity. See “Non-GAAP Financial Measures and Reconciliations” in Supplements and Financials
operating data within.

emphasize

  • in the last three months March 31, 2024, central space Successfully completed the sale of 2 non-core apartment complexes Minnesota The total sales price is $19 million;
  • Net loss reduced to $0.37 Diluted EPS vs. Net Income for the First Quarter of 2024 $2.76 Diluted earnings per share for the same period last year;
  • Diluted core FFO per share grew 15.0% to $1.23 three months end March 31, 2024compared to $1.07 three months end March 31, 2023;
  • Same-store revenue in the first quarter of 2024 will increase by 3.5% compared with the first quarter of 2023, driving same-store NOI to increase by 7.5% compared with the same period last year;
  • central space Repurchased 87,722 ordinary shares for a total consideration of $4.7 million The average price is $53.62 per share; and
  • central space Narrowed the range of the 2024 financial outlook for net income per diluted share and FFO per diluted share and raised the midpoint of core FFO per diluted share. For more details, see page S-15 in Supplementary and Financial Operating Data.

balance sheet

At the end of the first season, central space have $228.3 million Total liquidity on the balance sheet, including $215.6 million Available subject to lines of credit and in cash and cash equivalents $12.7 million.

Revised 2024 Financial Outlook

central space Revised 2024 financial outlook. For more information, please see the supplemental financial and operating data for the quarter ended S-15 March 31, 2024 Included at the end of this release. These ranges should be considered as a whole. The table below reflects the revised outlook.

Previous outlook for 2024

Updated 2024 Outlook

low

High

low

High

Diluted net income per share

$ (1.31)

$ (0.99)

$ (1.34)

$ (1.10)

Same store revenue

3.00%

5.00%

3.00%

4.50%

Same store fee

5.50%

7.00%

4.00%

5.50%

US same store

1.50%

3.50%

2.50%

4.00%

FFO per share diluted

$4.54

$4.80

$4.57

$4.76

Core FFO per share “diluted”

$4.68

$4.92

$4.74

$4.92

Additional assumptions:

  • Same-store recurring capital expenditures $1,075 Every family arrives $1,150 every family
  • value-added expenditure $25 million arrive $27 million
  • Proceeds from disposal $19 million

Note: FFO and core FFO are non-GAAP financial measures. For more information on its use and presentation and reconciliation to the most comparable GAAP measures, see the “2024 Financial Outlook” in the Supplemental Financial and Operating Data.

Upcoming events

central space Plan to attend the following conferences:

  • BTIG 4th Annual Report Housing Ecosystem Conference will be New York City, New York, May 6-7, 2024;
  • BMO 2024 Real Estate Conference will be New York City, New York, May 8, 2024; and
  • National Association of Real Estate Investment Trusts (“Nareit”) REITweek: 2024 Investor Conference to be New York City, New York, June 4-5, 2024.

Earnings Conference Call

Webcast and replay: https://ir.centerspacehomes.com

Instant conference call

Conference call replay

Tuesday, April 30, 2024exist 10:00 AM Eastern Time

Replay time ends May 14, 2024

USA toll free

1-833-470-1428

USA toll free

1-866-813-9403

International

1-929-526-1599

International

1-929-458-6194

canada toll free

1-833-950-0062

Canada

1-226-828-7578

access code

748370

access code

274742

Supplementary information

Supplemental operating and financial data for the current quarter March 31, 2024 The information contained in this article (the “Supplementary Information”) can be found in the Investors section of the following website: central space website at www.centerspacehomes.com or call Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalization terms used in this financial report are defined and reconciled in the supplemental financial and operating data accompanying this financial report.

about central space

central space is an owner and operator of apartment communities committed to providing great homes through a focus on integrity and service to others.Founded in 1970, as of March 31, 2024, central space Owns interests in 70 apartment communities containing 12,883 apartment homes located in Colorado, Minnesota, Montana, nebraska, north dakotaand south dakota. 2022, central space Named as National Apartment Association Governing body Diversity, Equity and Inclusion. For more information, please visit www.centerspacehomes.com.

forward-looking statements

Certain statements in this press release and the accompanying supplemental operating and financial data are based on the Company's current expectations and assumptions and are “forward-looking statements” within the meaning of Section 27A and Section 27A of the Securities Act of 1933, as amended. “. Forward-looking statements do not discuss historical facts but instead include statements that relate to expectations, forecasts, intentions or other items relating to the future. Forward-looking statements are often identified by the use of terminology such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes” and other similar terms. “Projects,” “Prospects,” “Futures,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the results of operations, financial condition or plans expressed or implied by the forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be realized. Any statements contained herein that are not statements of historical fact should be deemed to be forward-looking statements. Accordingly, reliance should not be placed on these forward-looking statements, which are subject to known and unknown risks, uncertainties and other factors beyond the Company's control and may differ materially from actual results and performance.Such risks, uncertainties and other factors that may cause such differences include, but are not limited to, the risks and uncertainties detailed from time to time. central space Filing and Securities and Exchange Commissionincluding “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2023, in subsequent quarterly reports on Form 10-Q and other public reports. The Company undertakes no obligation to update or supplement forward-looking statements that may become untrue as a result of subsequent events.

Contact information

investor relations
Josh KretschPhone: 701-837-7104
Email: IR@centerspacehomes.com

Marketing & Media
Kelly WeberPhone: 701-837-7104
Email: kweber@centerspacehomes.com





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