Centerspace | 8-K: FY2025 Q2 Revenue: USD 68.55 M

Revenue: As of FY2025 Q2, the actual value is USD 68.55 M.

EPS: As of FY2025 Q2, the actual value is USD -0.87, missing the estimate of USD -0.1267.

Financial Metrics by Segment

Segment Revenue

• Revenue for the second quarter of 2025 increased by $3.5 million or 5.4% to $68.5 million, compared to $65.0 million for the second quarter of 2024.

Operational Metrics

• Net loss was $0.87 per diluted share for the second quarter of 2025, compared to net loss of $0.19 per diluted share for the same period of the prior year.
• Core FFO per diluted share increased 0.8% to $1.28 for the three months ended June 30, 2025, compared to $1.27 for the three months ended June 30, 2024.
• Same-store revenues increased by 2.7% for the second quarter of 2025 compared to the second quarter of 2024, driving a 2.9% increase in same-store NOI compared to the same period of the prior year.

Cash Flow

• Centerspace had $206.3 million of total liquidity on its balance sheet, consisting of $194.0 million available under the lines of credit and cash and cash equivalents of $12.4 million.

Unique Metrics

• Acquired Sugarmont, the Company’s first apartment community in Salt Lake City, Utah, consisting of 341 homes for an aggregate purchase price of $149.0 million.

Outlook / Guidance

• Centerspace updated its 2025 financial outlook, projecting same-store revenue growth between 2.00% and 3.00%, same-store expenses growth between 1.00% and 2.50%, and same-store NOI growth between 2.50% and 3.50%.
• FFO per diluted share is expected to be between $4.70 and $4.83, and Core FFO per diluted share is expected to be between $4.88 and $5.00.
• Proceeds from dispositions are projected to be between $210.0 million and $230.0 million.
• The Company’s Board of Trustees authorized a share repurchase program under which the Company may repurchase up to $100 million of its common shares through July 31, 2026. The extent and timing of repurchases will depend on market conditions and other considerations. The program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time by the Board without prior notice.