NYSE$CSR
Centerspace · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Centerspace's financial performance for Q2 2023 was reported, featuring an increase in Core FFO guidance for 2023.
Centerspace reported a net loss of $0.23 per diluted share for Q2 2023, while Core FFO per diluted share increased by 14.3% to $1.28. Same-store revenues increased by 8.5%, driving a 12.1% increase in NOI. The company also increased its 2023 financial outlook ranges for net income per diluted share, FFO per diluted share, and Core FFO per diluted share.
- Net loss increased 23.3% to $0.23 per diluted share for the second quarter of 2023.
- Core FFO per diluted share increased 14.3% to $1.28 for the three months ended June 30, 2023.
- Same-store revenues increased by 8.5% for the second quarter of 2023, driving a 12.1% increase in NOI compared to the same period of the prior year.
- Total expenses decreased by $3.4 million to $55.9 million for the three months ended June 30, 2023.
Headline financials
Revenue & EPS history
Centerspace · Revenue · Quarterly
$64.8M
Revenue by segment
Centerspace · $63.1M total across 3 segments · Q2 2022
- Same-store Revenue$48.9M—77.4%
- Non-same-store Revenue$13.3M—21.1%
- Other Properties Revenue$915K—1.4%
Forward guidance
Centerspace revised its 2023 financial outlook upward.
Tailwinds
- Same-store revenue growth is now expected to be between 6.50% and 8.00%.
- Same-store expenses are projected to increase between 4.00% and 5.25%.
- Same-store NOI is anticipated to grow between 8.50% and 10.00%.
- FFO per Share – diluted is expected to be between $4.14 and $4.35.
- Core FFO per Share – diluted is projected to be between $4.55 and $4.75.
Headwinds
- Same-store capital expenditures are estimated to be $1,100 to $1,150 per home.
- Value-add expenditures are projected to be $31.5 million to $34.5 million.
- Investments from potential acquisitions are estimated at $95.0 million to $100.0 million.
- Proceeds from potential dispositions are projected to be $220.0 million to $225.0 million.
- General and administrative and property management expenses are expected to be between $(32,300) and $(31,500).
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+0.4%
Avg return
30 days after
48%
30 / 62 earnings
Positive
+9.5%
Q2 2023
Best reaction
-9.0%
Q1 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | -1.7% | -13.1% | |
| Q4 2025 | +1.4% | -1.3% | -9.3% | |
| Q3 2025 | +1.8% | +1.4% | +9.6% | |
| Q1 2025 | +1.9% | +0.8% | +6.0% | |
| Q4 2024 | +2.5% | +3.5% | +2.5% | |
| Q3 2024 | -1.8% | -5.1% | +4.1% | |
| Q2 2024 | -1.9% | +0.1% | +5.9% | |
| Q1 2024 | +4.1% | +6.4% | +2.0% | |
| Q4 2023 | +3.4% | +0.4% | +3.0% | |
| Q3 2023 | +1.6% | +6.3% | +11.9% | |
| Q2 2023 | +9.5% | +5.5% | +6.9% | |
| Q1 2023 | +0.5% | +5.3% | +4.3% | |
| Q4 2022 | -2.2% | -3.0% | -19.9% | |
| Q3 2022 | -3.2% | -9.5% | -6.9% | |
| Q2 2022 | -0.2% | -2.1% | -12.2% | |
| Q1 2022 | -6.4% | -10.1% | -9.0% | |
| Q4 2021 | -3.3% | +7.2% | +1.5% | |
| Q3 2021 | -2.4% | -0.3% | -0.3% | |
| Q2 2021 | +3.1% | +5.5% | +13.4% | |
| Q1 2021 | -1.0% | +1.2% | +2.0% | |
| Q4 2020 | +1.8% | -1.5% | -1.3% | |
| Q3 2020 | +3.6% | +0.0% | +6.5% | |
| Q2 2020 | -1.0% | +0.7% | -1.6% | |
| Q1 2020 | -3.9% | -1.3% | +19.0% | |
| Q4 2019 | -9.0% | -9.4% | -34.5% | |
| Q3 2019 | -1.2% | +0.2% | +4.2% | |
| Q2 2019 | +7.8% | +5.9% | +12.6% | |
| Q1 2019 | +1.1% | +1.5% | +1.8% | |
| Q4 2018 | -3.7% | -5.9% | -8.5% | |
| Q3 2018 | +2.7% | +4.2% | +13.1% | |
| Q2 2018 | -2.0% | -2.7% | -4.1% | |
| Q1 2018 | -5.3% | -5.0% | +1.6% | |
| Q4 2017 | +1.1% | +9.6% | +2.6% | |
| Q3 2017 | -1.7% | -1.7% | +3.2% | |
| Q2 2017 | +5.3% | +4.8% | +10.1% | |
| Q1 2017 | -9.0% | -13.7% | -14.1% | |
| Q4 2016 | +0.0% | +0.3% | +2.3% | |
| Q3 2016 | +9.5% | — | — | |
| Q2 2016 | -5.9% | — | — | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +1.0% | — | — | |
| Q3 2015 | +2.0% | — | — | |
| Q2 2015 | -0.6% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2014 | -2.7% | — | — | |
| Q3 2013 | -1.5% | — | — | |
| Q2 2013 | -2.9% | — | — | |
| Q1 2013 | +0.5% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | +2.9% | — | — | |
| Q2 2012 | -2.4% | — | — | |
| Q1 2012 | +2.0% | — | — | |
| Q4 2011 | +4.1% | — | — | |
| Q3 2011 | -4.1% | — | — | |
| Q2 2011 | +4.6% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q4 2010 | -1.0% | — | — | |
| Q3 2010 | -1.4% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q1 2010 | -2.4% | — | — | |
| Q4 2009 | -1.2% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro