Business
Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2024 and Provides 2025 Financial Outlook
Centerspace (NYSE: CSR) announced today its financial and operating results for the year ended December 31, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the year ended December 31, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for the three months ended December 31, 2024, Septe
About this update from D/b/a Centerspace
MINNEAPOLIS , Feb. 18, 2025 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the year ended December 31, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO") 1 , and Core FFO 1 , all on a per diluted share basis, for the year ended December 31, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI") 1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for the three months ended December 31, 2024, September 30, 2024 , and December 31, 2023 and the twelve months ended December 31, 2024 and 2023. Highlights for the Year Ended December 31, 2024 Balance Sheet At December 31, 2024, Centerspace had $224.6 million of total liquidity on its balance sheet, including $212.6 million available on its lines of credit. Dividend Distributions Centerspace's Board of Trustees announced a quarterly distribution of $0.77 per share/unit, payable on April 8, 2025 , to common shareholders and unitholders of record at the close of business on March 28, 2025 . 2025 Financial Outlook Centerspace is providing the following guidance for its 2025 performance. Additional assumptions: 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 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 Colorado , Minnesota , Montana , Nebraska , North Dakota , and South Dakota . Centerspace was named a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune . For more information, please visit www.centerspacehomes.com . 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: [email protected] Marketing & Media Kelly Weber Phone: 952-401-6600 E-mail: [email protected] View original content to download multimedia: https://www.prnewswire.com/news-releases/centerspace-announces-financial-and-operating-results-for-the-year-ended-december-31-2024-and-provides-2025-financial-outlook-302379312.html SOURCE Centerspace