MINNEAPOLIS, Feb. 22, 2021 /PRNewswire/ -- Centerspace
(NYSE: CSR) announced today its financial and operating results for
the year ended December 31, 2020. The tables below show Net
Income (Loss), Funds from Operations ("FFO")1, and Core
FFO1, all on a per share basis, for the year ended
December 31, 2020; Same-Store Revenues, Expenses, and Net
Operating Income ("NOI")1 over comparable periods;
and Same-Store Weighted Average Occupancy for the three months
ended December 31, 2020, September 30,
2020, and December 31, 2019 and the twelve months ended
December 31, 2020 and 2019.
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
Per
Share
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Earnings (loss) per
share - diluted
|
|
$
|
(0.46)
|
|
|
$
|
3.95
|
|
|
$
|
(0.15)
|
|
|
$
|
6.00
|
|
FFO -
diluted
|
|
0.97
|
|
|
0.90
|
|
|
3.47
|
|
|
4.05
|
|
Core FFO -
diluted
|
|
1.02
|
|
|
0.96
|
|
|
3.78
|
|
|
3.72
|
|
|
|
Year-Over-Year
Comparison
|
|
Sequential
Comparison
|
|
YTD
Comparison
|
Same-Store
Results
|
|
4Q20 vs
4Q19
|
|
4Q20 vs.
3Q20
|
|
CY20 vs.
CY19
|
Revenues
|
|
2.3
|
%
|
|
1.4
|
%
|
|
2.1
|
%
|
Expenses
|
|
(0.4)
|
%
|
|
(5.1)
|
%
|
|
2.6
|
%
|
Net Operating Income
("NOI")
|
|
4.2
|
%
|
|
6.3
|
%
|
|
1.8
|
%
|
|
|
Three months
ended
|
|
Twelve months
ended
|
Same-Store
Results
|
|
December 31,
2020
|
|
September 30,
2020
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2019
|
Weighted Average
Occupancy
|
|
95.0
|
%
|
|
94.4
|
%
|
|
94.0
|
%
|
|
94.8
|
%
|
|
94.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net operating income,
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" in the Supplemental Financial and Operating Data
below.
|
Highlights for the Year Ended December 31, 2020
- Rebranded the Company as Centerspace in December 2020 to reflect both the transformation
of the company and its vision for the future;
- Net Loss was $(0.15) per diluted
share for the year ended December 31,
2020, compared to Net Income of $6.00 per diluted share for the year ended
December 31, 2019;
- Core FFO increased to $3.78 per
diluted share compared to $3.72 for
the year ended December 31,
2019;
- Total collections for the year ended December 31, 2020 were 99.1% of expected
residential revenue compared to 99.6% for the year ended
December 31, 2019 while total
collections for the quarter ended December
31, 2020 were 98.6% compared to 99.7% for the same period of
2019;
- Same-store revenue increased 2.1% driven by 1.7% growth in
rental revenue and 0.4% increase in occupancy;
- Same-store operating expenses increased 2.6% year-over-year
with a decline of 2.9% in same-store controllable expenses, offset
by a increase of 13.6% in same-store non-controllable
expenses;
- Same-store NOI growth of 1.8% for the year ended December 31, 2020;
- Acquired two new apartment communities in key growth markets of
Minneapolis and Denver in the first and third quarter of 2020
consisting of 647 homes for an aggregate purchase price of
$191.0 million;
- Funded $18.5 million of
mezzanine/construction loans;
- Acquired the remaining noncontrolling interest in 71 France in
the first quarter of 2020;
- Sold four apartment communities consisting of 690 homes in
Grand Forks, North Dakota for an
aggregate sale price of $42.5 million
in the third quarter of 2020;
- Announced Nashville as one of
our target markets in June 2020;
- Maintained an annual dividend of $2.80 per share to common shareholders and
unitholders;
- Continued to strengthen the balance sheet by issuing 829,000
common shares at an average price of $71.39 per share for total consideration, net of
commissions and issuance costs, of approximately $59.2 million in the year ended December 31, 2020; and
- Repurchased and retired approximately 237,000 of our 6.625%
Series C preferred shares for an aggregate cost of $5.6 million or an average share price of
$23.75.
Subsequent Events
Subsequent to December 31, 2020,
Centerspace acquired Union Pointe Apartment Homes in Longmont, Colorado for an aggregate purchase
price of $76.9 million. The company
also issued $50.0 million of 2.7%
unsecured Series C notes, due June 6,
2030. In concert with this issuance, Centerspace amended and
expanded its Note Purchase Private Shelf Agreement (the
"Agreement") with Prudential to increase the aggregate amount
available under the Agreement from $150.0
million to $225.0 million.
After the issuance of Series C notes, the company has $50.0 million remaining under the Agreement,
which is excluded for purposes of reporting liquidity.
Balance Sheet
At December 31, 2020, Centerspace had $97.5 million of total liquidity on its balance
sheet, including $97.1 million
available on its lines of credit.
2021 Financial Overview
Centerspace is providing the following guidance for its 2021
calendar year performance.
2021 Calendar Year
Financial Outlook
|
|
|
|
Range for
2021
|
|
2020
Actual
|
|
Low
|
|
High
|
Earnings per Share -
diluted
|
$
|
(0.15)
|
|
|
$
|
(0.18)
|
|
|
$
|
0.45
|
|
FFO per Share -
diluted
|
$
|
3.47
|
|
|
$
|
3.17
|
|
|
$
|
3.52
|
|
Core FFO per Share -
diluted
|
$
|
3.78
|
|
|
$
|
3.29
|
|
|
$
|
3.62
|
|
Additional assumptions:
- Same-store capital expenditures of $912 per home to $1,012 per home
- Value-add expenditures of $15.0
million to $20.0 million
- Investments of $145.0 million to
$170.0 million, which includes the
January 2021 acquisition of Union
Pointe in Longmont, Colorado
- Dispositions of $55.0 million to
$75.0 million
- Proceeds of $50.0 million to
$70.0 million from equity
issuance
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
"2021 Financial Outlook" in the Supplemental Financial and
Operating Data below.
COVID-19 Developments
The COVID-19 pandemic, including the associated economic
disruptions, has continued to impact business and operations since
March 2020. The company continues to
prioritize the health and well-being of its residents, team
members, and the communities it serves.
A discussion of the ongoing and potential effects of the
COVID-19 pandemic on financial condition, results of operations,
and cash flows can be found in "Management's Discussion and
Analysis of Financial Conditions and Results of Operations"
presented in the company's Annual Report on Form 10-K for the year
ended December 31, 2020, filed with
the SEC on February 22, 2021. For a
more detailed description of the risks and uncertainties affecting
business, see the risk factors presented in Item 1A in the
company's Annual Report on Form 10-K for the year ended
December 31, 2020, filed with the SEC
on February 22, 2021.
Upcoming Events
Centerspace is scheduled to participate in the Raymond James
& Associates' 42nd Annual Institutional Investors Conference,
which will be held virtually on March 1-3,
2021.
Earnings Call
Live webcast and
replay: https://ir.centerspacehomes.com
|
|
|
|
Live Conference
Call
|
|
Conference Call
Replay
|
Tuesday, February 23,
2021 at 10:00 AM ET
|
|
Replay available
until March 9, 2021
|
USA Toll Free
Number
|
1-877-509-9785
|
|
USA Toll Free
Number
|
1-877-344-7529
|
International Toll
Free Number
|
1-412-902-4132
|
|
International Toll
Free Number
|
1-412-317-0088
|
Canada Toll Free
Number
|
1-855-669-9657
|
|
Canada Toll Free
Number
|
1-855-669-9658
|
|
|
|
Conference
Number
|
10145476
|
Supplemental Information
Supplemental Operating and Financial Data for the year ended
December 31, 2020, is available in the Investors section on
Centerspace's website at https://www.centerspacehomes.com or by
calling Investor Relations at 701-837-7104. 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, 2020, Centerspace owned
67 apartment communities consisting of 11,910 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
Centerspace was named a Top Workplace for 2020 by the
Minneapolis Star Tribune. For more information, please visit
www.centerspacehomes.com.
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
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
Emily Miller
Phone: 701-837-7104
E-mail: IR@centerspacehomes.com
Marketing & Media
Kelly Weber
Phone: 701-837-7104
kweber@centerspacehomes.com
Common Share Data
(NYSE: CSR)
|
|
|
|
Three Months
Ended
|
|
|
December 31,
2020
|
|
September 30,
2020
|
|
June 30,
2020
|
|
March 31,
2020
|
|
December 31,
2019
|
High closing
price
|
|
$
|
74.55
|
|
|
$
|
73.53
|
|
|
$
|
76.82
|
|
|
$
|
84.68
|
|
|
$
|
78.91
|
|
Low closing
price
|
|
$
|
65.79
|
|
|
$
|
61.87
|
|
|
$
|
44.36
|
|
|
$
|
52.55
|
|
|
$
|
71.74
|
|
Average closing
price
|
|
$
|
70.30
|
|
|
$
|
70.15
|
|
|
$
|
63.91
|
|
|
$
|
71.62
|
|
|
$
|
74.67
|
|
Closing price at end
of quarter
|
|
$
|
70.64
|
|
|
$
|
65.17
|
|
|
$
|
70.49
|
|
|
$
|
55.00
|
|
|
$
|
72.50
|
|
Common share
distributions—annualized
|
|
$
|
2.80
|
|
|
$
|
2.80
|
|
|
$
|
2.80
|
|
|
$
|
2.80
|
|
|
$
|
2.80
|
|
Closing price
dividend yield - annualized
|
|
4.0
|
%
|
|
4.3
|
%
|
|
4.0
|
%
|
|
5.1
|
%
|
|
3.9
|
%
|
Closing common shares
outstanding (thousands)
|
|
13,027
|
|
|
12,976
|
|
|
12,827
|
|
|
12,164
|
|
|
12,099
|
|
Closing limited
partnership units outstanding (thousands)
|
|
977
|
|
|
1,018
|
|
|
1,022
|
|
|
1,044
|
|
|
1,058
|
|
Closing market value
of outstanding common shares, plus imputed closing market value of
outstanding limited partnership units (thousands)
|
|
$
|
989,243
|
|
|
$
|
911,989
|
|
|
$
|
976,216
|
|
|
$
|
726,440
|
|
|
$
|
953,883
|
|
CENTERSPACE
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
(in thousands,
except per share amounts)
|
|
|
|
Three Months Ended
|
|
|
Twelve months
ended
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
|
12/31/2020
|
|
12/31/2019
|
REVENUE
|
|
$
|
45,540
|
|
|
$
|
44,138
|
|
|
$
|
43,910
|
|
|
$
|
44,406
|
|
|
$
|
45,777
|
|
|
|
$
|
177,994
|
|
|
$
|
185,755
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
expenses, excluding real estate taxes
|
|
12,668
|
|
|
13,129
|
|
|
12,360
|
|
|
13,468
|
|
|
14,018
|
|
|
|
51,625
|
|
|
57,249
|
|
Real estate
taxes
|
|
5,256
|
|
|
5,402
|
|
|
5,410
|
|
|
5,465
|
|
|
4,835
|
|
|
|
21,533
|
|
|
21,066
|
|
Property management
expenses
|
|
1,460
|
|
|
1,442
|
|
|
1,345
|
|
|
1,554
|
|
|
1,634
|
|
|
|
5,801
|
|
|
6,186
|
|
Casualty
loss
|
|
331
|
|
|
91
|
|
|
913
|
|
|
327
|
|
|
205
|
|
|
|
1,662
|
|
|
1,116
|
|
Depreciation/amortization
|
|
20,282
|
|
|
18,995
|
|
|
18,156
|
|
|
18,160
|
|
|
18,972
|
|
|
|
75,593
|
|
|
74,271
|
|
General and
administrative expenses
|
|
3,733
|
|
|
3,077
|
|
|
3,202
|
|
|
3,428
|
|
|
3,647
|
|
|
|
13,440
|
|
|
14,450
|
|
TOTAL
EXPENSES
|
|
$
|
43,730
|
|
|
$
|
42,136
|
|
|
$
|
41,386
|
|
|
$
|
42,402
|
|
|
$
|
43,311
|
|
|
|
$
|
169,654
|
|
|
$
|
174,338
|
|
Operating income
(loss)
|
|
1,810
|
|
|
2,002
|
|
|
2,524
|
|
|
2,004
|
|
|
2,466
|
|
|
|
8,340
|
|
|
11,417
|
|
Interest
expense
|
|
(6,903)
|
|
|
(6,771)
|
|
|
(6,940)
|
|
|
(6,911)
|
|
|
(7,357)
|
|
|
|
(27,525)
|
|
|
(30,537)
|
|
Loss on
extinguishment of debt
|
|
(2)
|
|
|
(4)
|
|
|
(17)
|
|
|
—
|
|
|
(864)
|
|
|
|
(23)
|
|
|
(2,360)
|
|
Interest and other
income (loss)
|
|
406
|
|
|
281
|
|
|
538
|
|
|
(2,777)
|
|
|
702
|
|
|
|
(1,552)
|
|
|
2,092
|
|
Income (loss) before
gain (loss) on sale of real estate and other investments, and
gain (loss) on litigation settlement
|
|
(4,689)
|
|
|
(4,492)
|
|
|
(3,895)
|
|
|
(7,684)
|
|
|
(5,053)
|
|
|
|
(20,760)
|
|
|
(19,388)
|
|
Gain (loss) on sale
of real estate and other investments
|
|
17
|
|
|
25,676
|
|
|
(190)
|
|
|
—
|
|
|
57,850
|
|
|
|
25,503
|
|
|
97,624
|
|
Gain (loss) on
litigation settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
6,586
|
|
Net income
(loss)
|
|
$
|
(4,672)
|
|
|
$
|
21,184
|
|
|
$
|
(4,085)
|
|
|
$
|
(7,684)
|
|
|
$
|
52,797
|
|
|
|
$
|
4,743
|
|
|
$
|
84,822
|
|
Dividends to
preferred unitholders
|
|
(160)
|
|
|
(160)
|
|
|
(160)
|
|
|
(160)
|
|
|
(160)
|
|
|
|
(640)
|
|
|
(537)
|
|
Net (income) loss
attributable to noncontrolling interest – Operating
Partnership
|
|
460
|
|
|
(1,387)
|
|
|
447
|
|
|
692
|
|
|
(4,202)
|
|
|
|
212
|
|
|
(6,752)
|
|
Net (income) loss
attributable to noncontrolling interests – consolidated real estate
entities
|
|
(6)
|
|
|
(8)
|
|
|
(5)
|
|
|
145
|
|
|
223
|
|
|
|
126
|
|
|
1,136
|
|
Net income (loss)
attributable to controlling interests
|
|
(4,378)
|
|
|
19,629
|
|
|
(3,803)
|
|
|
(7,007)
|
|
|
48,658
|
|
|
|
4,441
|
|
|
78,669
|
|
Dividends to
preferred shareholders
|
|
(1,607)
|
|
|
(1,607)
|
|
|
(1,609)
|
|
|
(1,705)
|
|
|
(1,705)
|
|
|
|
(6,528)
|
|
|
(6,821)
|
|
Discount (premium) on
redemption of preferred shares
|
|
—
|
|
|
(1)
|
|
|
25
|
|
|
273
|
|
|
—
|
|
|
|
297
|
|
|
—
|
|
NET INCOME (LOSS)
AVAILABLE TO COMMON SHAREHOLDERS
|
|
$
|
(5,985)
|
|
|
$
|
18,021
|
|
|
$
|
(5,387)
|
|
|
$
|
(8,439)
|
|
|
$
|
46,953
|
|
|
|
$
|
(1,790)
|
|
|
$
|
71,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data -
Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per common share – basic
|
|
$
|
(0.46)
|
|
|
$
|
1.40
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.69)
|
|
|
$
|
3.95
|
|
|
|
$
|
(0.15)
|
|
|
$
|
6.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data -
Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
per common share – diluted
|
|
$
|
(0.46)
|
|
|
$
|
1.38
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.67)
|
|
|
$
|
3.89
|
|
|
|
$
|
(0.15)
|
|
|
$
|
6.00
|
|
CENTERSPACE
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
(in
thousands)
|
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Real estate
investments
|
|
|
|
|
|
|
|
|
|
|
Property
owned
|
|
$
|
1,812,557
|
|
|
$
|
1,805,390
|
|
|
$
|
1,694,033
|
|
|
$
|
1,687,436
|
|
|
$
|
1,643,078
|
|
Less accumulated
depreciation
|
|
(399,249)
|
|
|
(380,392)
|
|
|
(383,917)
|
|
|
(366,307)
|
|
|
(349,122)
|
|
|
|
1,413,308
|
|
|
1,424,998
|
|
|
1,310,116
|
|
|
1,321,129
|
|
|
1,293,956
|
|
Unimproved
land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,376
|
|
|
1,376
|
|
Mortgage loans
receivable
|
|
24,661
|
|
|
17,986
|
|
|
10,961
|
|
|
16,775
|
|
|
16,140
|
|
Total real estate
investments
|
|
1,437,969
|
|
|
1,442,984
|
|
|
1,321,077
|
|
|
1,339,280
|
|
|
1,311,472
|
|
Cash and cash
equivalents
|
|
392
|
|
|
16,804
|
|
|
52,714
|
|
|
26,338
|
|
|
26,579
|
|
Restricted
cash
|
|
6,918
|
|
|
2,199
|
|
|
2,535
|
|
|
2,344
|
|
|
19,538
|
|
Other
assets
|
|
18,904
|
|
|
16,947
|
|
|
16,484
|
|
|
21,124
|
|
|
34,829
|
|
TOTAL
ASSETS
|
|
$
|
1,464,183
|
|
|
$
|
1,478,934
|
|
|
$
|
1,392,810
|
|
|
$
|
1,389,086
|
|
|
$
|
1,392,418
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY, AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
55,609
|
|
|
$
|
58,596
|
|
|
$
|
54,883
|
|
|
$
|
52,337
|
|
|
$
|
47,155
|
|
Revolving line of
credit
|
|
152,871
|
|
|
135,000
|
|
|
63,000
|
|
|
83,000
|
|
|
50,079
|
|
Notes payable, net of
loan costs
|
|
269,246
|
|
|
269,202
|
|
|
269,155
|
|
|
269,106
|
|
|
269,058
|
|
Mortgages payable, net
of loan costs
|
|
297,074
|
|
|
313,065
|
|
|
323,705
|
|
|
328,367
|
|
|
329,664
|
|
TOTAL
LIABILITIES
|
|
$
|
774,800
|
|
|
$
|
775,863
|
|
|
$
|
710,743
|
|
|
$
|
732,810
|
|
|
$
|
695,956
|
|
|
|
|
|
|
|
|
|
|
|
|
SERIES D PREFERRED
UNITS
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred
Shares of Beneficial Interest
|
|
93,530
|
|
|
93,530
|
|
|
93,579
|
|
|
96,046
|
|
|
99,456
|
|
Common Shares of
Beneficial Interest
|
|
968,263
|
|
|
968,436
|
|
|
958,292
|
|
|
912,653
|
|
|
917,400
|
|
Accumulated
distributions in excess of net income
|
|
(427,681)
|
|
|
(412,577)
|
|
|
(421,515)
|
|
|
(407,150)
|
|
|
(390,196)
|
|
Accumulated other
comprehensive income (loss)
|
|
(15,905)
|
|
|
(17,256)
|
|
|
(18,139)
|
|
|
(17,360)
|
|
|
(7,607)
|
|
Total shareholders'
equity
|
|
$
|
618,207
|
|
|
$
|
632,133
|
|
|
$
|
612,217
|
|
|
$
|
584,189
|
|
|
$
|
619,053
|
|
Noncontrolling
interests – Operating Partnership
|
|
53,930
|
|
|
53,669
|
|
|
52,558
|
|
|
54,777
|
|
|
55,284
|
|
Noncontrolling
interests – consolidated real estate entities
|
|
686
|
|
|
709
|
|
|
732
|
|
|
750
|
|
|
5,565
|
|
TOTAL
EQUITY
|
|
$
|
672,823
|
|
|
$
|
686,511
|
|
|
$
|
665,507
|
|
|
$
|
639,716
|
|
|
$
|
679,902
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY, AND EQUITY
|
|
$
|
1,464,183
|
|
|
$
|
1,478,934
|
|
|
$
|
1,392,810
|
|
|
$
|
1,389,086
|
|
|
$
|
1,392,418
|
|
CENTERSPACE
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(unaudited)
This release contains certain non-GAAP financial measures. The
non-GAAP financial measures should not be considered a substitute
for operating results determined in accordance with accounting
principles generally accepted in the
United States of America ("GAAP"). The definitions and
calculations of these non-GAAP financial measures, as calculated by
the company may not be comparable to non-GAAP measures reported by
other REITs that do not define each of the non-GAAP financial
measures exactly as Centerspace does.
The company provides certain information on a same-store and
non-same-store basis. Same-store apartment communities are
owned or in service for substantially all of the periods being
compared, and, in the case of development properties, have achieved
a target level of physical occupancy of 90%. On the first day of
each calendar year, Centerspace determines the composition of the
same-store pool for that year and adjusts the previous year, to
evaluate full period-over-period operating comparisons for existing
apartment communities and their contribution to net operating
income. Measuring performance on a same-store basis allows
investors to evaluate how a fixed pool of communities are
performing year-over-year. Centerspace uses this measure to assess
success in increasing NOI, renewing leases on existing residents,
controlling operating costs, and making prudent capital
improvements.
Reconciliation of Operating Income (Loss) to Net Operating
Income
Net operating income, or NOI, is a non-GAAP financial measure
which the company defines as total real estate revenues less
property operating expenses, including real estate taxes.
Centerspace believes that NOI is an important supplemental measure
of operating performance for real estate because it provides a
measure of operations that is unaffected by depreciation and
amortization, financing costs, property management expenses,
casualty losses, and general and administrative expenses. NOI
does not represent cash generated by operating activities in
accordance with GAAP and should not be considered an alternative to
net income, net income available for common shareholders, or cash
flow from operating activities as a measure of financial
performance.
|
(dollars
in thousands)
|
|
Three Months
Ended
|
|
|
Sequential
|
|
Year-Over-Year
|
|
12/31/2020
|
|
09/30/2020
|
|
12/31/2019
|
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
|
1,810
|
|
|
$
|
2,002
|
|
|
$
|
2,466
|
|
|
|
$
|
(192)
|
|
|
(9.6)
|
%
|
|
$
|
(656)
|
|
|
(26.6)
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property management
expenses
|
1,460
|
|
|
1,442
|
|
|
1,634
|
|
|
|
18
|
|
|
1.2
|
%
|
|
(174)
|
|
|
(10.6)
|
%
|
Casualty
loss
|
331
|
|
|
91
|
|
|
205
|
|
|
|
240
|
|
|
263.7
|
%
|
|
126
|
|
|
61.5
|
%
|
Depreciation and
amortization
|
20,282
|
|
|
18,995
|
|
|
18,972
|
|
|
|
1,287
|
|
|
6.8
|
%
|
|
1,310
|
|
|
6.9
|
%
|
General and
administrative expenses
|
3,733
|
|
|
3,077
|
|
|
3,647
|
|
|
|
656
|
|
|
21.3
|
%
|
|
86
|
|
|
2.4
|
%
|
Net operating
income
|
$
|
27,616
|
|
|
$
|
25,607
|
|
|
$
|
26,924
|
|
|
|
$
|
2,009
|
|
|
7.8
|
%
|
|
$
|
692
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store
|
$
|
38,582
|
|
|
$
|
38,043
|
|
|
$
|
37,718
|
|
|
|
$
|
539
|
|
|
1.4
|
%
|
|
$
|
864
|
|
|
2.3
|
%
|
Non-same-store
|
6,353
|
|
|
4,420
|
|
|
3,191
|
|
|
|
1,933
|
|
|
43.7
|
%
|
|
3,162
|
|
|
99.1
|
%
|
Other properties and
dispositions
|
605
|
|
|
1,675
|
|
|
4,868
|
|
|
|
(1,070)
|
|
|
(63.9)
|
%
|
|
(4,263)
|
|
|
(87.6)
|
%
|
Total
|
45,540
|
|
|
44,138
|
|
|
45,777
|
|
|
|
1,402
|
|
|
3.2
|
%
|
|
(237)
|
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
expenses, including real estate taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store
|
15,370
|
|
|
16,198
|
|
|
15,432
|
|
|
|
(828)
|
|
|
(5.1)
|
%
|
|
(62)
|
|
|
(0.4)
|
%
|
Non-same-store
|
2,271
|
|
|
1,712
|
|
|
1,090
|
|
|
|
559
|
|
|
32.7
|
%
|
|
1,181
|
|
|
108.3
|
%
|
Other properties and
dispositions
|
283
|
|
|
621
|
|
|
2,331
|
|
|
|
(338)
|
|
|
(54.4)
|
%
|
|
(2,048)
|
|
|
(87.9)
|
%
|
Total
|
17,924
|
|
|
18,531
|
|
|
18,853
|
|
|
|
(607)
|
|
|
(3.3)
|
%
|
|
(929)
|
|
|
(4.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same-store
|
23,212
|
|
|
21,845
|
|
|
22,286
|
|
|
|
1,367
|
|
|
6.3
|
%
|
|
926
|
|
|
4.2
|
%
|
Non-same-store
|
4,082
|
|
|
2,708
|
|
|
2,101
|
|
|
|
1,374
|
|
|
50.7
|
%
|
|
1,981
|
|
|
94.3
|
%
|
Other properties and
dispositions
|
322
|
|
|
1,054
|
|
|
2,537
|
|
|
|
(732)
|
|
|
(69.4)
|
%
|
|
(2,215)
|
|
|
(87.3)
|
%
|
Total
|
$
|
27,616
|
|
|
$
|
25,607
|
|
|
$
|
26,924
|
|
|
|
$
|
2,009
|
|
|
7.8
|
%
|
|
$
|
692
|
|
|
2.6
|
%
|
|
(dollars in
thousands)
|
|
Twelve Months
Ended December 31,
|
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
$
|
8,340
|
|
|
$
|
11,417
|
|
|
$
|
(3,077)
|
|
|
(27.0)
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
Property management
expenses
|
5,801
|
|
|
6,186
|
|
|
(385)
|
|
|
(6.2)
|
%
|
Casualty
loss
|
1,662
|
|
|
1,116
|
|
|
546
|
|
|
48.9
|
%
|
Depreciation and
amortization
|
75,593
|
|
|
74,271
|
|
|
1,322
|
|
|
1.8
|
%
|
General and
administrative expenses
|
13,440
|
|
|
14,450
|
|
|
(1,010)
|
|
|
(7.0)
|
%
|
Net operating
income
|
$
|
104,836
|
|
|
$
|
107,440
|
|
|
$
|
(2,604)
|
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
Same-store
|
$
|
152,790
|
|
|
$
|
149,615
|
|
|
$
|
3,175
|
|
|
2.1
|
%
|
Non-same-store
|
18,441
|
|
|
6,020
|
|
|
12,421
|
|
|
206.3
|
%
|
Other properties and
dispositions
|
6,763
|
|
|
30,120
|
|
|
(23,357)
|
|
|
(77.5)
|
%
|
Total
|
177,994
|
|
|
185,755
|
|
|
(7,761)
|
|
|
(4.2)
|
%
|
|
|
|
|
|
|
|
|
Property operating
expenses, including real estate taxes
|
|
|
|
|
|
|
|
Same-store
|
63,227
|
|
|
61,622
|
|
|
1,605
|
|
|
2.6
|
%
|
Non-same-store
|
6,817
|
|
|
2,287
|
|
|
4,530
|
|
|
198.1
|
%
|
Other properties and
dispositions
|
3,114
|
|
|
14,406
|
|
|
(11,292)
|
|
|
(78.4)
|
%
|
Total
|
73,158
|
|
|
78,315
|
|
|
(5,157)
|
|
|
(6.6)
|
%
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
|
|
|
Same-store
|
89,563
|
|
|
87,993
|
|
|
1,570
|
|
|
1.8
|
%
|
Non-same-store
|
11,624
|
|
|
3,733
|
|
|
7,891
|
|
|
211.4
|
%
|
Other properties and
dispositions
|
3,649
|
|
|
15,714
|
|
|
(12,065)
|
|
|
(76.8)
|
%
|
Total
|
$
|
104,836
|
|
|
$
|
107,440
|
|
|
$
|
(2,604)
|
|
|
(2.4)
|
%
|
Reconciliation of Same-Store Controllable Expenses to
Property Operating Expenses, Including Real Estate Taxes
Same-store controllable expenses exclude real estate taxes and
insurance, in order to provide a measure of expenses that are
within management's control, and is used for the purposes of
budgeting, business planning, and performance evaluation. This is a
non-GAAP financial measure and should not be considered an
alternative to total expenses or total property operating expenses
and real estate taxes.
|
(dollars
in thousands)
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months
Ended December 31,
|
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controllable
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On-site compensation
(1)
|
$
|
4,356
|
|
|
$
|
4,035
|
|
|
$
|
321
|
|
|
8.0
|
%
|
|
|
$
|
17,059
|
|
|
$
|
15,814
|
|
|
$
|
1,245
|
|
|
7.9
|
%
|
Repairs and
maintenance
|
2,068
|
|
|
2,945
|
|
|
(877)
|
|
|
(29.8)
|
%
|
|
|
9,499
|
|
|
11,358
|
|
|
(1,859)
|
|
|
(16.4)
|
%
|
Utilities
|
2,579
|
|
|
2,453
|
|
|
126
|
|
|
5.1
|
%
|
|
|
10,096
|
|
|
10,336
|
|
|
(240)
|
|
|
(2.3)
|
%
|
Administrative and
marketing
|
763
|
|
|
891
|
|
|
(128)
|
|
|
(14.4)
|
%
|
|
|
3,265
|
|
|
3,594
|
|
|
(329)
|
|
|
(9.2)
|
%
|
Total
|
$
|
9,766
|
|
|
$
|
10,324
|
|
|
$
|
(558)
|
|
|
(5.4)
|
%
|
|
|
$
|
39,919
|
|
|
$
|
41,102
|
|
|
$
|
(1,183)
|
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controllable
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
taxes
|
$
|
4,350
|
|
|
$
|
4,067
|
|
|
$
|
283
|
|
|
7.0
|
%
|
|
|
$
|
18,379
|
|
|
$
|
16,805
|
|
|
$
|
1,574
|
|
|
9.4
|
%
|
Insurance
|
1,254
|
|
|
1,041
|
|
|
213
|
|
|
20.5
|
%
|
|
|
4,929
|
|
|
3,715
|
|
|
1,214
|
|
|
32.7
|
%
|
Total
|
5,604
|
|
|
5,108
|
|
|
496
|
|
|
9.7
|
%
|
|
|
23,308
|
|
|
20,520
|
|
|
2,788
|
|
|
13.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
expenses, including real estate taxes - non-same-store
|
$
|
2,271
|
|
|
$
|
1,090
|
|
|
$
|
1,181
|
|
|
108.3
|
%
|
|
|
$
|
6,817
|
|
|
$
|
2,287
|
|
|
$
|
4,530
|
|
|
198.1
|
%
|
Property operating
expenses, including real estate taxes - other properties and
dispositions
|
$
|
283
|
|
|
$
|
2,331
|
|
|
$
|
(2,048)
|
|
|
(87.9)
|
%
|
|
|
$
|
3,114
|
|
|
$
|
14,406
|
|
|
$
|
(11,292)
|
|
|
(78.4)
|
%
|
Total property
operating expenses, including real estate taxes
|
$
|
17,924
|
|
|
$
|
18,853
|
|
|
$
|
(929)
|
|
|
(4.9)
|
%
|
|
|
$
|
73,158
|
|
|
$
|
78,315
|
|
|
$
|
(5,157)
|
|
|
(6.6)
|
%
|
|
|
|
|
|
(1)
|
On-site compensation
for administration, leasing, and maintenance personnel.
|
Reconciliation of Net Income (Loss) Available to Common
Shareholders to Funds From Operations and Core Funds From
Operations
Centerspace believes that FFO, which is a non-GAAP financial
measurement used as a supplemental measure for equity real estate
investment trusts, is helpful to investors in understanding
operating performance, primarily because its calculation does not
assume that the value of real estate assets diminishes predictably
over time as implied by the historical cost convention of GAAP and
the recording of depreciation.
Centerspace uses the definition of FFO adopted by the National
Association of Real Estate Investment Trusts, Inc. ("Nareit").
Nareit defines FFO as net income or loss calculated in accordance
with GAAP, excluding:
- depreciation and amortization related to real estate;
- gains and losses from the sale of certain real estate assets;
and
- impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
The exclusion in Nareit's definition of FFO of impairment
write-downs and gains and losses from the sale of real estate
assets helps to identify the operating results of the long-term
assets that form the base of the company's investments, and assists
management and investors in comparing those operating results
between periods.
Due to the limitations of the Nareit FFO definition, Centerspace
has made certain interpretations in applying the definition. The
company believes that all such interpretations not specifically
provided for in the Nareit definition are consistent with the
definition. Nareit's FFO White Paper - 2018 Restatement clarified
that impairment write-downs of land related to a REIT's main
business are excluded from FFO, and a REIT has the option to
exclude impairment write-downs of assets that are incidental to the
main business.
While FFO is widely used by Centerspace as a primary performance
metric, not all real estate companies use the same definition of
FFO or calculate FFO in the same way. Accordingly, FFO presented
here is not necessarily comparable to FFO presented by other real
estate companies. FFO should not be considered as an alternative to
net income or any other GAAP measurement of performance, but rather
should be considered as an additional, supplemental measure. FFO
also does not represent cash generated from operating activities in
accordance with GAAP, nor is it indicative of funds available to
fund all cash needs, including the ability to service indebtedness
or make distributions to shareholders.
Core Funds from Operations ("Core FFO") is FFO adjusted for
non-routine items or items not considered core to business
operations. By further adjusting for items that are not considered
part of core business operations, the company believes that Core
FFO provides investors with additional information to compare core
operating and financial performance between periods. Core FFO
should not be considered as an alternative to net income as any
other GAAP measurement of performance, but rather should be
considered an additional supplemental measure. Core FFO also does
not represent cash generated from operating activities in
accordance with GAAP, nor is it indicative of funds available to
fund all cash needs, including the ability to service indebtedness
or make distributions to shareholders. Core FFO is a non-GAAP and
non-standardized financial measure that may be calculated
differently by other REITs and that should not be considered a
substitute for operating results determined in accordance with
GAAP.
|
|
(in thousands,
except per share amounts)
|
|
|
Three Months Ended
|
|
|
Twelve Months
Ended
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
|
12/31/2020
|
|
12/31/2019
|
Net (loss) income
available to common shareholders
|
|
$
|
(5,985)
|
|
|
$
|
18,021
|
|
|
$
|
(5,387)
|
|
|
$
|
(8,439)
|
|
|
$
|
46,953
|
|
|
|
$
|
(1,790)
|
|
|
$
|
71,848
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests - Operating Partnership
|
|
(460)
|
|
|
1,387
|
|
|
(447)
|
|
|
(692)
|
|
|
4,202
|
|
|
|
(212)
|
|
|
6,752
|
|
Depreciation and
amortization
|
|
20,282
|
|
|
18,995
|
|
|
18,156
|
|
|
18,160
|
|
|
18,972
|
|
|
|
75,593
|
|
|
74,271
|
|
Less depreciation -
non real estate
|
|
(87)
|
|
|
(85)
|
|
|
(88)
|
|
|
(93)
|
|
|
(88)
|
|
|
|
(353)
|
|
|
(322)
|
|
Less depreciation -
partially owned entities
|
|
(33)
|
|
|
(31)
|
|
|
(33)
|
|
|
(282)
|
|
|
(454)
|
|
|
|
(379)
|
|
|
(2,059)
|
|
Gain on sale of real
estate
|
|
(17)
|
|
|
(25,676)
|
|
|
190
|
|
|
—
|
|
|
(57,850)
|
|
|
|
(25,503)
|
|
|
(97,624)
|
|
FFO applicable to
common shares and Units
|
|
$
|
13,700
|
|
|
$
|
12,611
|
|
|
$
|
12,391
|
|
|
$
|
8,654
|
|
|
$
|
11,735
|
|
|
|
$
|
47,356
|
|
|
$
|
52,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Core
FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casualty loss
(recovery)
|
|
204
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
749
|
|
|
—
|
|
Loss on extinguishment
of debt
|
|
2
|
|
|
4
|
|
|
17
|
|
|
—
|
|
|
864
|
|
|
|
23
|
|
|
2,360
|
|
Rebranding
costs
|
|
402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
402
|
|
|
—
|
|
Gain on litigation
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
(6,586)
|
|
(Gain) loss on
marketable securities
|
|
—
|
|
|
—
|
|
|
(175)
|
|
|
3,553
|
|
|
(113)
|
|
|
|
3,378
|
|
|
—
|
|
(Discount) premium on
redemption of preferred shares
|
|
—
|
|
|
1
|
|
|
(25)
|
|
|
(273)
|
|
|
—
|
|
|
|
(297)
|
|
|
(113)
|
|
Core FFO applicable
to common shares and Units
|
|
$
|
14,308
|
|
|
$
|
13,161
|
|
|
$
|
12,208
|
|
|
$
|
11,934
|
|
|
$
|
12,486
|
|
|
|
$
|
51,611
|
|
|
$
|
48,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO applicable to
common shares and Units
|
|
$
|
13,700
|
|
|
$
|
12,611
|
|
|
$
|
12,391
|
|
|
$
|
8,654
|
|
|
$
|
11,735
|
|
|
|
$
|
47,356
|
|
|
$
|
52,866
|
|
Dividends to
preferred unitholders
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
|
640
|
|
|
537
|
|
FFO applicable to
common shares and Units - diluted
|
|
$
|
13,860
|
|
|
$
|
12,771
|
|
|
$
|
12,551
|
|
|
$
|
8,814
|
|
|
$
|
11,895
|
|
|
|
$
|
47,996
|
|
|
$
|
53,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core FFO applicable
to common shares and Units
|
|
$
|
14,308
|
|
|
$
|
13,161
|
|
|
$
|
12,208
|
|
|
$
|
11,934
|
|
|
$
|
12,486
|
|
|
|
$
|
51,611
|
|
|
$
|
48,527
|
|
Dividends to
preferred unitholders
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
|
640
|
|
|
537
|
|
Core FFO
applicable to common shares and Units - diluted
|
|
$
|
14,468
|
|
|
$
|
13,321
|
|
|
$
|
12,368
|
|
|
$
|
12,094
|
|
|
$
|
12,646
|
|
|
|
$
|
52,251
|
|
|
$
|
49,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share and unit - diluted
|
|
$
|
(0.46)
|
|
|
$
|
1.38
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.67)
|
|
|
$
|
3.89
|
|
|
|
$
|
(0.15)
|
|
|
$
|
6.00
|
|
FFO per share and unit
- diluted
|
|
$
|
0.97
|
|
|
$
|
0.90
|
|
|
$
|
0.93
|
|
|
$
|
0.66
|
|
|
$
|
0.90
|
|
|
|
$
|
3.47
|
|
|
$
|
4.05
|
|
Core FFO per share and
unit - diluted
|
|
$
|
1.02
|
|
|
$
|
0.94
|
|
|
$
|
0.91
|
|
|
$
|
0.90
|
|
|
$
|
0.96
|
|
|
|
$
|
3.78
|
|
|
$
|
3.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares and units - diluted
|
|
14,222
|
|
|
14,143
|
|
|
13,558
|
|
|
13,401
|
|
|
13,188
|
|
|
|
13,835
|
|
|
13,182
|
|
Reconciliation of Net Income (Loss) Available to Common
Shareholders to Adjusted EBITDA
Adjusted EBITDA is earnings before interest, taxes,
depreciation, amortization, gain or loss on sale of real estate and
other investments, impairment of real estate investments, gain or
loss on extinguishment of debt, gain on litigation settlement, and
gain/loss from involuntary conversion. Adjusted EBITDA is a
non-GAAP financial measure and should not be considered a
substitute for operating results determined in accordance with
GAAP. The company considers Adjusted EBITDA to be an appropriate
supplemental performance measure because it permits investors to
view income from operations without the effect of depreciation,
financing costs, or non-operating gains and losses.
|
|
(in thousands)
|
|
|
Three Months Ended
|
|
|
Twelve
Months Ended
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
|
12/31/2020
|
|
12/31/2019
|
Net income (loss)
attributable to controlling interests
|
|
$
|
(4,378)
|
|
|
$
|
19,629
|
|
|
$
|
(3,803)
|
|
|
$
|
(7,007)
|
|
|
$
|
48,658
|
|
|
|
$
|
4,441
|
|
|
$
|
78,669
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to preferred
unitholders
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
160
|
|
|
|
640
|
|
|
537
|
|
Noncontrolling
interests – Operating Partnership
|
|
(460)
|
|
|
1,387
|
|
|
(447)
|
|
|
(692)
|
|
|
4,202
|
|
|
|
(212)
|
|
|
6,752
|
|
Income (loss) before
noncontrolling interests – Operating Partnership
|
|
(4,678)
|
|
|
21,176
|
|
|
(4,090)
|
|
|
(7,539)
|
|
|
53,020
|
|
|
|
4,869
|
|
|
85,958
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
6,888
|
|
|
6,756
|
|
|
6,926
|
|
|
6,764
|
|
|
7,112
|
|
|
|
27,334
|
|
|
29,461
|
|
Loss on extinguishment
of debt
|
|
2
|
|
|
4
|
|
|
17
|
|
|
—
|
|
|
864
|
|
|
|
23
|
|
|
2,360
|
|
Depreciation/amortization related to real estate
investments
|
|
20,250
|
|
|
18,964
|
|
|
18,123
|
|
|
17,878
|
|
|
18,518
|
|
|
|
75,215
|
|
|
72,213
|
|
Casualty loss
(recovery)
|
|
204
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
749
|
|
|
—
|
|
Interest
income
|
|
(328)
|
|
|
(256)
|
|
|
(331)
|
|
|
(597)
|
|
|
(415)
|
|
|
|
(1,512)
|
|
|
(1,626)
|
|
Gain (loss) on sale of
real estate and other investments
|
|
(17)
|
|
|
(25,676)
|
|
|
190
|
|
|
—
|
|
|
(57,850)
|
|
|
|
(25,503)
|
|
|
(97,624)
|
|
Gain on litigation
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
(6,586)
|
|
(Gain) loss on
marketable securities
|
|
—
|
|
|
—
|
|
|
(175)
|
|
|
3,553
|
|
|
(113)
|
|
|
|
3,378
|
|
|
(113)
|
|
Adjusted
EBITDA
|
|
$
|
22,321
|
|
|
$
|
21,513
|
|
|
$
|
20,660
|
|
|
$
|
20,059
|
|
|
$
|
21,136
|
|
|
|
$
|
84,553
|
|
|
$
|
84,043
|
|
CENTERSPACE
|
DEBT
ANALYSIS
|
(in
thousands)
|
|
Debt Maturity
Schedule
|
Annual
Expirations
|
|
|
|
Future Maturities of Debt
|
|
|
Secured
Fixed
Debt
|
|
Unsecured
Fixed
Debt(1)
|
|
Unsecured
Variable
Debt
|
|
Total
Debt
|
|
% of
Total Debt
|
|
Weighted
Average
Interest
Rate(2)
|
2021
|
|
$
|
20,270
|
|
|
$
|
—
|
|
|
$
|
5,871
|
|
|
$
|
26,141
|
|
|
3.6
|
%
|
|
5.16
|
%
|
2022
|
|
33,515
|
|
|
50,000
|
|
|
97,000
|
|
|
180,515
|
|
|
25.0
|
%
|
|
2.66
|
%
|
2023
|
|
43,721
|
|
|
—
|
|
|
—
|
|
|
43,721
|
|
|
6.1
|
%
|
|
4.02
|
%
|
2024
|
|
—
|
|
|
70,000
|
|
|
—
|
|
|
70,000
|
|
|
9.7
|
%
|
|
3.65
|
%
|
2025
|
|
32,915
|
|
|
75,000
|
|
|
—
|
|
|
107,915
|
|
|
15.0
|
%
|
|
4.34
|
%
|
Thereafter
|
|
168,024
|
|
|
125,000
|
|
|
—
|
|
|
293,024
|
|
|
40.6
|
%
|
|
3.74
|
%
|
Total debt
|
|
$
|
298,445
|
|
|
$
|
320,000
|
|
|
$
|
102,871
|
|
|
$
|
721,316
|
|
|
100.0
|
%
|
|
3.62
|
%
|
|
|
|
|
|
(1)
|
Term loans have
variable interest rates that are fixed with interest rate swaps and
$50.0 million of the variable interest rate, primary line of credit
is fixed with an interest rate swap.
|
(2)
|
Weighted average
interest rate of debt that matures during the year, including the
effect of interest rate swaps on the term loans and line of
credit.
|
|
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
Debt Balances
Outstanding
|
|
|
|
|
|
|
|
|
|
|
Secured fixed
rate
|
|
$
|
298,445
|
|
|
$
|
314,511
|
|
$
|
325,230
|
|
$
|
329,988
|
|
$
|
331,376
|
Unsecured fixed rate
line of credit(1)
|
|
50,000
|
|
|
50,000
|
|
50,000
|
|
50,000
|
|
50,000
|
Unsecured variable
rate line of credit
|
|
102,871
|
|
|
85,000
|
|
13,000
|
|
33,000
|
|
79
|
Unsecured term
loans
|
|
145,000
|
|
|
145,000
|
|
145,000
|
|
145,000
|
|
145,000
|
Unsecured senior
notes
|
|
125,000
|
|
|
125,000
|
|
125,000
|
|
125,000
|
|
125,000
|
Debt total
|
|
$
|
721,316
|
|
|
$
|
719,511
|
|
$
|
658,230
|
|
$
|
682,988
|
|
$
|
651,455
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Weighted
Average Interest Rates
|
|
|
|
|
|
|
|
|
|
|
Mortgage
debt
|
|
3.93
|
%
|
|
3.99
|
%
|
|
4.01
|
%
|
|
4.01
|
%
|
|
4.02
|
%
|
Lines of credit (rate
with swap)(1)
|
|
2.35
|
%
|
|
3.35
|
%
|
|
2.97
|
%
|
|
3.18
|
%
|
|
3.52
|
%
|
Term loan (rate with
swap)
|
|
4.18
|
%
|
|
4.18
|
%
|
|
4.12
|
%
|
|
4.13
|
%
|
|
4.19
|
%
|
Senior
notes
|
|
3.78
|
%
|
|
3.78
|
%
|
|
3.78
|
%
|
|
3.78
|
%
|
|
3.78
|
%
|
Total debt
|
|
3.62
|
%
|
|
3.68
|
%
|
|
3.87
|
%
|
|
3.92
|
%
|
|
3.97
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
A portion of the
primary line of credit is fixed through an interest rate
swap.
|
Debt Maturity by
Quarter for the Next Two Years
|
|
Year
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
2021
|
|
$
|
—
|
|
|
$
|
1,997
|
|
|
$
|
24,144
|
|
|
$
|
—
|
|
|
$
|
26,141
|
|
2022(1)
|
|
2,508
|
|
|
4,866
|
|
|
173,141
|
|
|
—
|
|
|
180,515
|
|
|
|
|
|
|
|
|
|
|
|
$
|
206,656
|
|
|
|
|
|
|
(1)
|
Includes primary line
of credit with a balance of $147.0 million which has a 12-month
extension available, subject to customary terms.
|
CENTERSPACE
|
CAPITAL
ANALYSIS
|
(in thousands,
except per share and unit amounts)
|
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
Equity
Capitalization
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
13,027
|
|
|
12,976
|
|
|
12,827
|
|
|
12,164
|
|
|
12,099
|
|
Operating partnership
units outstanding
|
|
977
|
|
|
1,018
|
|
|
1,022
|
|
|
1,044
|
|
|
1,058
|
|
Total common shares
and units outstanding
|
|
14,004
|
|
|
13,994
|
|
|
13,849
|
|
|
13,208
|
|
|
13,157
|
|
Market price per
common share (closing price at end of period)
|
|
$
|
70.64
|
|
|
$
|
65.17
|
|
|
$
|
70.49
|
|
|
$
|
55.00
|
|
|
$
|
72.50
|
|
Equity
capitalization-common shares and units
|
|
$
|
989,243
|
|
|
$
|
911,989
|
|
|
$
|
976,216
|
|
|
$
|
726,440
|
|
|
$
|
953,883
|
|
Recorded book value of
preferred shares
|
|
$
|
93,530
|
|
|
$
|
93,530
|
|
|
$
|
93,579
|
|
|
$
|
96,046
|
|
|
$
|
99,456
|
|
Total equity
capitalization
|
|
$
|
1,082,773
|
|
|
$
|
1,005,519
|
|
|
$
|
1,069,795
|
|
|
$
|
822,486
|
|
|
$
|
1,053,339
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D preferred
units
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
$
|
16,560
|
|
|
16,560
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
capitalization
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
721,317
|
|
|
719,511
|
|
|
658,230
|
|
|
682,988
|
|
|
651,455
|
|
Total
capitalization
|
|
$
|
1,820,650
|
|
|
$
|
1,741,590
|
|
|
$
|
1,744,585
|
|
|
$
|
1,522,034
|
|
|
$
|
1,721,354
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt to total
capitalization(1)
|
|
39.6
|
%
|
|
41.3
|
%
|
|
37.7
|
%
|
|
44.9
|
%
|
|
37.8
|
%
|
|
|
|
|
|
(1)
|
Debt to total market
capitalization is total debt from the balance sheet divided by the
sum of total debt from the balance sheet, market value of common
shares and operating partnership units, and book value of Series C
preferred shares and Series D preferred units outstanding at the
end of the period.
|
|
|
Three Months Ended
|
|
|
Twelve Months
Ended
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
|
12/31/2020
|
|
12/31/2019
|
Debt service coverage
ratio(1)
|
|
2.73
|
x
|
|
2.65
|
x
|
|
2.48
|
x
|
|
2.42
|
x
|
|
2.39
|
x
|
|
|
2.57
|
x
|
|
2.18
|
x
|
Adjusted
EBITDA/Interest expense plus preferred distributions and principal
amortization
|
|
2.28
|
x
|
|
2.21
|
x
|
|
2.05
|
x
|
|
1.97
|
x
|
|
1.98
|
x
|
|
|
2.13
|
x
|
|
1.83
|
x
|
Net debt/Adjusted
EBITDA(2)
|
|
8.07
|
x
|
|
8.17
|
x
|
|
7.33
|
x
|
|
8.18
|
x
|
|
7.19
|
x
|
|
|
8.53
|
x
|
|
7.23
|
x
|
Net debt and preferred
equity/Adjusted EBITDA(2)
|
|
9.31
|
x
|
|
9.45
|
x
|
|
8.66
|
x
|
|
9.59
|
x
|
|
8.56
|
x
|
|
|
9.83
|
x
|
|
8.61
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares and
units outstanding at record date
|
|
14,004
|
|
|
13,994
|
|
|
13,849
|
|
|
13,208
|
|
|
13,157
|
|
|
|
14,004
|
|
|
13,157
|
|
Total common
distribution declared
|
|
$
|
9,803
|
|
|
$
|
9,796
|
|
|
$
|
9,694
|
|
|
$
|
9,245
|
|
|
$
|
9,210
|
|
|
|
$
|
38,538
|
|
|
$
|
36,438
|
|
Common distribution
per share and unit
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
|
$
|
2.80
|
|
|
$
|
2.80
|
|
Payout ratio (Core
FFO per diluted share and unit basis)(3)
|
|
68.6
|
%
|
|
74.5
|
%
|
|
76.9
|
%
|
|
77.8
|
%
|
|
72.9
|
%
|
|
|
74.1
|
%
|
|
75.3
|
%
|
|
|
|
|
|
(1)
|
Debt service coverage
ratio is computed by dividing Adjusted EBITDA by interest expense
and principal amortization.
|
(2)
|
Net debt is the total
debt balance less cash and cash equivalents and net tax deferred
exchange proceeds (included within restricted cash). For the
quarterly period presented, adjusted EBITDA is annualized. Net debt
and adjusted EBITDA are non-GAAP measures and should not be
considered a substitute for operating results determined in
accordance with GAAP. Refer to the Adjusted EBITDA definition
included within the Non-GAAP Financial Measures and Reconciliations
section.
|
(3)
|
Payout ratio (Core
FFO per diluted share and unit basis) is the current quarterly or
annual distribution rate per common share and unit divided by
quarterly or annual Core FFO per diluted share and unit. This term
is a non-GAAP measure and should not be considered a substitute for
operating results determined in accordance with GAAP.
|
CENTERSPACE
|
SAME-STORE FOURTH
QUARTER COMPARISONS
|
(dollars in
thousands)
|
|
|
|
Homes
Included
|
|
Revenues
|
|
Expenses
|
|
NOI
|
Regions
|
|
|
Q42020
|
|
Q42019
|
|
%
Change
|
|
Q42020
|
|
Q42019
|
|
%
Change
|
|
Q42020
|
|
Q42019
|
|
%
Change
|
Denver, CO
|
|
664
|
|
|
$
|
3,777
|
|
|
$
|
3,820
|
|
|
(1.1)
|
%
|
|
$
|
1,115
|
|
|
$
|
1,134
|
|
|
(1.7)
|
%
|
|
$
|
2,662
|
|
|
$
|
2,686
|
|
|
(0.9)
|
%
|
Minneapolis,
MN
|
|
1,987
|
|
|
8,978
|
|
|
8,867
|
|
|
1.3
|
%
|
|
3,893
|
|
|
3,907
|
|
|
(0.4)
|
%
|
|
5,085
|
|
|
4,960
|
|
|
2.5
|
%
|
North
Dakota
|
|
2,422
|
|
|
8,011
|
|
|
7,724
|
|
|
3.7
|
%
|
|
3,070
|
|
|
2,987
|
|
|
2.8
|
%
|
|
4,941
|
|
|
4,737
|
|
|
4.3
|
%
|
Omaha, NE
|
|
1,370
|
|
|
3,891
|
|
|
3,751
|
|
|
3.7
|
%
|
|
1,648
|
|
|
1,721
|
|
|
(4.2)
|
%
|
|
2,243
|
|
|
2,030
|
|
|
10.5
|
%
|
Rochester,
MN
|
|
1,711
|
|
|
6,357
|
|
|
6,385
|
|
|
(0.4)
|
%
|
|
2,771
|
|
|
2,571
|
|
|
7.8
|
%
|
|
3,586
|
|
|
3,814
|
|
|
(6.0)
|
%
|
St. Cloud,
MN
|
|
1,190
|
|
|
3,656
|
|
|
3,550
|
|
|
3.0
|
%
|
|
1,602
|
|
|
1,719
|
|
|
(6.8)
|
%
|
|
2,054
|
|
|
1,831
|
|
|
12.2
|
%
|
Other
Markets(1)
|
|
1,223
|
|
|
3,912
|
|
|
3,621
|
|
|
8.0
|
%
|
|
1,271
|
|
|
1,393
|
|
|
(8.8)
|
%
|
|
2,641
|
|
|
2,228
|
|
|
18.5
|
%
|
Same-Store
Total
|
|
10,567
|
|
|
$
|
38,582
|
|
|
$
|
37,718
|
|
|
2.3
|
%
|
|
$
|
15,370
|
|
|
$
|
15,432
|
|
|
(0.4)
|
%
|
|
$
|
23,212
|
|
|
$
|
22,286
|
|
|
4.2
|
%
|
|
|
% of NOI
|
|
Weighted Average
Occupancy (2)
|
|
Average
Monthly
Rental Rate
(3)
|
|
Average
Monthly
Revenue per
Occupied Home (4)
|
Regions
|
|
|
Q42020
|
|
Q42019
|
|
Growth
|
|
Q42020
|
|
Q42019
|
|
%
Change
|
|
Q42020
|
|
Q42019
|
|
%
Change
|
Denver, CO
|
|
11.5
|
%
|
|
94.1
|
%
|
|
93.2
|
%
|
|
0.9
|
%
|
|
$
|
1,776
|
|
|
$
|
1,846
|
|
|
(3.8)
|
%
|
|
$
|
2,015
|
|
|
$
|
2,057
|
|
|
(2.0)
|
%
|
Minneapolis,
MN
|
|
21.8
|
%
|
|
93.9
|
%
|
|
92.0
|
%
|
|
1.9
|
%
|
|
1,490
|
|
|
1,497
|
|
|
(0.5)
|
%
|
|
1,604
|
|
|
1,616
|
|
|
(0.7)
|
%
|
North
Dakota
|
|
21.3
|
%
|
|
95.8
|
%
|
|
95.7
|
%
|
|
0.1
|
%
|
|
1,061
|
|
|
1,040
|
|
|
2.0
|
%
|
|
1,151
|
|
|
1,111
|
|
|
3.6
|
%
|
Omaha, NE
|
|
9.7
|
%
|
|
93.8
|
%
|
|
93.5
|
%
|
|
0.3
|
%
|
|
912
|
|
|
897
|
|
|
1.7
|
%
|
|
1,010
|
|
|
977
|
|
|
3.4
|
%
|
Rochester,
MN
|
|
15.4
|
%
|
|
95.0
|
%
|
|
94.5
|
%
|
|
0.5
|
%
|
|
1,242
|
|
|
1,251
|
|
|
(0.7)
|
%
|
|
1,304
|
|
|
1,316
|
|
|
(0.9)
|
%
|
St. Cloud,
MN
|
|
8.9
|
%
|
|
94.6
|
%
|
|
94.0
|
%
|
|
0.6
|
%
|
|
973
|
|
|
950
|
|
|
2.4
|
%
|
|
1,082
|
|
|
1,058
|
|
|
2.3
|
%
|
Other
Markets(1)
|
|
11.4
|
%
|
|
98.1
|
%
|
|
95.7
|
%
|
|
2.4
|
%
|
|
980
|
|
|
945
|
|
|
3.7
|
%
|
|
1,087
|
|
|
1,031
|
|
|
5.4
|
%
|
Same-Store
Total
|
|
100.0
|
%
|
|
95.0
|
%
|
|
94.0
|
%
|
|
1.0
|
%
|
|
$
|
1,177
|
|
|
$
|
1,171
|
|
|
0.5
|
%
|
|
$
|
1,282
|
|
|
$
|
1,266
|
|
|
1.3
|
%
|
|
|
|
|
|
(1)
|
Includes apartment
communities in Billings, Montana and Rapid City, South
Dakota.
|
(2)
|
Weighted average
occupancy is defined as the percentage resulting from dividing
actual rental revenue by scheduled rent. Scheduled rent represents
the value of all apartment homes, with occupied apartment homes
valued at contractual rates pursuant to leases and vacant apartment
homes valued at estimated market rents. When calculating actual
rents for occupied apartment homes and market rents for vacant
homes, delinquencies and concessions are not taken into
account. Market rates are determined using the currently
offered effective rates on new leases at the community and are used
as the starting point in determination of the market rates of
vacant apartment homes.
|
(3)
|
Average monthly
rental rate is scheduled rent divided by the total number of
apartment homes.
|
(4)
|
Average monthly
revenue per occupied home is defined as total rental revenues
divided by the weighted average occupied apartment homes for the
period.
|
CENTERSPACE
|
SAME-STORE SEQUENTIAL
QUARTER COMPARISONS
|
(dollars in
thousands)
|
|
|
|
Homes
Included
|
|
Revenues
|
|
Expenses
|
|
NOI
|
Regions
|
|
|
Q42020
|
|
Q32020
|
|
%
Change
|
|
Q42020
|
|
Q32020
|
|
%
Change
|
|
Q42020
|
|
Q32020
|
|
%
Change
|
Denver, CO
|
|
664
|
|
|
$
|
3,777
|
|
|
$
|
3,724
|
|
|
1.4
|
%
|
|
$
|
1,115
|
|
|
$
|
1,298
|
|
|
(14.1)
|
%
|
|
$
|
2,662
|
|
|
$
|
2,426
|
|
|
9.7
|
%
|
Minneapolis,
MN
|
|
1,987
|
|
|
8,978
|
|
|
8,892
|
|
|
1.0
|
%
|
|
3,893
|
|
|
3,859
|
|
|
0.9
|
%
|
|
5,085
|
|
|
5,033
|
|
|
1.0
|
%
|
North
Dakota
|
|
2,422
|
|
|
8,011
|
|
|
7,853
|
|
|
2.0
|
%
|
|
3,070
|
|
|
3,146
|
|
|
(2.4)
|
%
|
|
4,941
|
|
|
4,707
|
|
|
5.0
|
%
|
Omaha, NE
|
|
1,370
|
|
|
3,891
|
|
|
3,884
|
|
|
0.2
|
%
|
|
1,648
|
|
|
1,790
|
|
|
(7.9)
|
%
|
|
2,243
|
|
|
2,094
|
|
|
7.1
|
%
|
Rochester,
MN
|
|
1,711
|
|
|
6,357
|
|
|
6,351
|
|
|
0.1
|
%
|
|
2,771
|
|
|
3,074
|
|
|
(9.9)
|
%
|
|
3,586
|
|
|
3,277
|
|
|
9.4
|
%
|
St. Cloud,
MN
|
|
1,190
|
|
|
3,656
|
|
|
3,548
|
|
|
3.0
|
%
|
|
1,602
|
|
|
1,603
|
|
|
(0.1)
|
%
|
|
2,054
|
|
|
1,945
|
|
|
5.6
|
%
|
Other
Markets
|
|
1,223
|
|
|
3,912
|
|
|
3,791
|
|
|
3.2
|
%
|
|
1,271
|
|
|
1,428
|
|
|
(11.0)
|
%
|
|
2,641
|
|
|
2,363
|
|
|
11.8
|
%
|
Same-Store
Total
|
|
10,567
|
|
|
$
|
38,582
|
|
|
$
|
38,043
|
|
|
1.4
|
%
|
|
$
|
15,370
|
|
|
$
|
16,198
|
|
|
(5.1)
|
%
|
|
$
|
23,212
|
|
|
$
|
21,845
|
|
|
6.3
|
%
|
|
|
% of NOI
|
|
Weighted Average
Occupancy
|
|
Average
Monthly
Rental Rate
|
|
Average
Monthly
Revenue per Occupied Home
|
Regions
|
|
|
Q42020
|
|
Q32020
|
|
Growth
|
|
Q42020
|
|
Q32020
|
|
%
Change
|
|
Q42020
|
|
Q32020
|
|
%
Change
|
Denver, CO
|
|
11.5
|
%
|
|
94.1
|
%
|
|
92.8
|
%
|
|
1.4
|
%
|
|
$
|
1,776
|
|
|
$
|
1,801
|
|
|
(1.4)
|
%
|
|
$
|
2,015
|
|
|
$
|
2,014
|
|
|
—
|
|
Minneapolis,
MN
|
|
21.8
|
%
|
|
93.9
|
%
|
|
93.4
|
%
|
|
0.5
|
%
|
|
1,490
|
|
|
1,496
|
|
|
(0.4)
|
%
|
|
1,604
|
|
|
1,596
|
|
|
0.5
|
%
|
North
Dakota
|
|
21.3
|
%
|
|
95.8
|
%
|
|
95.5
|
%
|
|
0.3
|
%
|
|
1,061
|
|
|
1,054
|
|
|
0.7
|
%
|
|
1,151
|
|
|
1,131
|
|
|
1.8
|
%
|
Omaha, NE
|
|
9.7
|
%
|
|
93.8
|
%
|
|
93.8
|
%
|
|
—
|
|
|
912
|
|
|
913
|
|
|
(0.1)
|
%
|
|
1,010
|
|
|
1,008
|
|
|
0.2
|
%
|
Rochester,
MN
|
|
15.4
|
%
|
|
95.0
|
%
|
|
94.1
|
%
|
|
1.0
|
%
|
|
1,242
|
|
|
1,249
|
|
|
(0.6)
|
%
|
|
1,304
|
|
|
1,315
|
|
|
(0.8)
|
%
|
St. Cloud,
MN
|
|
8.9
|
%
|
|
94.6
|
%
|
|
94.4
|
%
|
|
0.2
|
%
|
|
973
|
|
|
965
|
|
|
0.8
|
%
|
|
1,082
|
|
|
1,053
|
|
|
2.8
|
%
|
Other
Markets
|
|
11.4
|
%
|
|
98.1
|
%
|
|
97.1
|
%
|
|
1.0
|
%
|
|
980
|
|
|
970
|
|
|
1.0
|
%
|
|
1,087
|
|
|
1,064
|
|
|
2.2
|
%
|
Same-Store
Total
|
|
100.0
|
%
|
|
95.0
|
%
|
|
94.4
|
%
|
|
0.6
|
%
|
|
$
|
1,177
|
|
|
$
|
1,178
|
|
|
(0.1)
|
%
|
|
$
|
1,282
|
|
|
$
|
1,271
|
|
|
0.9
|
%
|
CENTERSPACE
|
SAME-STORE
YEAR-TO-DATE COMPARISONS
|
(dollars in
thousands)
|
|
|
|
Homes
Included
|
|
Revenues
|
|
Expenses
|
|
NOI
|
Regions
|
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
Denver, CO
|
|
664
|
|
|
$
|
15,129
|
|
|
$
|
15,154
|
|
|
(0.2)
|
%
|
|
$
|
4,767
|
|
|
$
|
4,748
|
|
|
0.4
|
%
|
|
$
|
10,362
|
|
|
$
|
10,406
|
|
|
(0.4)
|
%
|
Minneapolis,
MN
|
|
1,987
|
|
|
36,050
|
|
|
35,407
|
|
|
1.8
|
%
|
|
15,148
|
|
|
15,103
|
|
|
0.3
|
%
|
|
20,902
|
|
|
20,304
|
|
|
2.9
|
%
|
North
Dakota
|
|
2,422
|
|
|
31,342
|
|
|
30,475
|
|
|
2.8
|
%
|
|
12,861
|
|
|
12,874
|
|
|
(0.1)
|
%
|
|
18,481
|
|
|
17,601
|
|
|
5.0
|
%
|
Omaha, NE
|
|
1,370
|
|
|
15,427
|
|
|
14,949
|
|
|
3.2
|
%
|
|
6,846
|
|
|
6,870
|
|
|
(0.3)
|
%
|
|
8,581
|
|
|
8,079
|
|
|
6.2
|
%
|
Rochester,
MN
|
|
1,711
|
|
|
25,617
|
|
|
25,346
|
|
|
1.1
|
%
|
|
11,471
|
|
|
9,861
|
|
|
16.3
|
%
|
|
14,146
|
|
|
15,485
|
|
|
(8.6)
|
%
|
St. Cloud,
MN
|
|
1,190
|
|
|
14,362
|
|
|
14,127
|
|
|
1.7
|
%
|
|
6,485
|
|
|
6,609
|
|
|
(1.9)
|
%
|
|
7,877
|
|
|
7,518
|
|
|
4.8
|
%
|
Other
Markets
|
|
1,223
|
|
|
14,863
|
|
|
14,157
|
|
|
5.0
|
%
|
|
5,649
|
|
|
5,557
|
|
|
1.7
|
%
|
|
9,214
|
|
|
8,600
|
|
|
7.1
|
%
|
Same-Store
Total
|
|
10,567
|
|
|
$
|
152,790
|
|
|
$
|
149,615
|
|
|
2.1
|
%
|
|
$
|
63,227
|
|
|
$
|
61,622
|
|
|
2.6
|
%
|
|
$
|
89,563
|
|
|
$
|
87,993
|
|
|
1.8
|
%
|
|
|
% of NOI
|
|
Weighted Average
Occupancy
|
|
Average
Monthly
Rental Rate
|
|
Average
Monthly
Revenue per Occupied Home
|
Regions
|
|
|
2020
|
|
2019
|
|
Growth
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
Denver, CO
|
|
11.6
|
%
|
|
93.7
|
%
|
|
94.1
|
%
|
|
(0.4)
|
%
|
|
$
|
1,812
|
|
|
$
|
1,834
|
|
|
(1.2)
|
%
|
|
$
|
2,026
|
|
|
$
|
2,022
|
|
|
0.2
|
%
|
Minneapolis,
MN
|
|
23.3
|
%
|
|
93.9
|
%
|
|
92.7
|
%
|
|
1.2
|
%
|
|
1,491
|
|
|
1,480
|
|
|
0.7
|
%
|
|
1,611
|
|
|
1,601
|
|
|
0.6
|
%
|
North
Dakota
|
|
20.6
|
%
|
|
95.9
|
%
|
|
95.2
|
%
|
|
0.7
|
%
|
|
1,049
|
|
|
1,040
|
|
|
0.9
|
%
|
|
1,125
|
|
|
1,101
|
|
|
2.1
|
%
|
Omaha, NE
|
|
9.6
|
%
|
|
94.2
|
%
|
|
93.8
|
%
|
|
0.4
|
%
|
|
905
|
|
|
889
|
|
|
1.8
|
%
|
|
996
|
|
|
970
|
|
|
2.8
|
%
|
Rochester,
MN
|
|
15.8
|
%
|
|
95.3
|
%
|
|
95.2
|
%
|
|
0.1
|
%
|
|
1,244
|
|
|
1,237
|
|
|
0.6
|
%
|
|
1,309
|
|
|
1,296
|
|
|
1.0
|
%
|
St. Cloud,
MN
|
|
8.8
|
%
|
|
94.4
|
%
|
|
94.7
|
%
|
|
(0.3)
|
%
|
|
959
|
|
|
950
|
|
|
0.9
|
%
|
|
1,065
|
|
|
1,044
|
|
|
2.0
|
%
|
Other
Markets
|
|
10.3
|
%
|
|
96.5
|
%
|
|
95.8
|
%
|
|
0.7
|
%
|
|
961
|
|
|
935
|
|
|
2.8
|
%
|
|
1,050
|
|
|
1,007
|
|
|
4.3
|
%
|
Same-Store
Total
|
|
100.0
|
%
|
|
94.8
|
%
|
|
94.4
|
%
|
|
0.4
|
%
|
|
$
|
1,173
|
|
|
$
|
1,163
|
|
|
0.9
|
%
|
|
$
|
1,270
|
|
|
$
|
1,250
|
|
|
1.7
|
%
|
CENTERSPACE
|
PORTFOLIO SUMMARY
(1)
|
|
|
|
Three Months
Ended
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
Number of Apartment
Homes at Period End
|
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
10,567
|
|
|
10,567
|
|
|
11,257
|
|
|
11,257
|
|
|
10,402
|
|
Non-Same-Store
|
|
1,343
|
|
|
1,343
|
|
|
878
|
|
|
878
|
|
|
1,551
|
|
All
Communities
|
|
11,910
|
|
|
11,910
|
|
|
12,135
|
|
|
12,135
|
|
|
11,953
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Monthly
Rental Rate(2)
|
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
$
|
1,177
|
|
|
$
|
1,178
|
|
|
$
|
1,142
|
|
|
$
|
1,135
|
|
|
$
|
1,085
|
|
Non-Same-Store
|
|
1,599
|
|
|
1,597
|
|
|
1,594
|
|
|
1,572
|
|
|
1,722
|
|
All
Communities
|
|
$
|
1,225
|
|
|
$
|
1,210
|
|
|
$
|
1,175
|
|
|
$
|
1,163
|
|
|
$
|
1,168
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Monthly
Revenue per Occupied Apartment Home(3)
|
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
$
|
1,282
|
|
|
$
|
1,271
|
|
|
$
|
1,232
|
|
|
$
|
1,237
|
|
|
$
|
1,169
|
|
Non-Same-Store
|
|
1,708
|
|
|
1,729
|
|
|
1,681
|
|
|
1,658
|
|
|
1,869
|
|
All
Communities
|
|
$
|
1,330
|
|
|
$
|
1,307
|
|
|
$
|
1,264
|
|
|
$
|
1,263
|
|
|
$
|
1,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Occupancy(4)
|
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
95.0
|
%
|
|
94.4
|
%
|
|
94.6
|
%
|
|
95.4
|
%
|
|
94.0
|
%
|
Non-Same-Store
|
|
92.3
|
%
|
|
93.9
|
%
|
|
93.9
|
%
|
|
93.3
|
%
|
|
93.0
|
%
|
All
Communities
|
|
94.6
|
%
|
|
94.3
|
%
|
|
94.5
|
%
|
|
95.2
|
%
|
|
93.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses as
a % of Scheduled Rent
|
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
41.2
|
%
|
|
43.4
|
%
|
|
41.5
|
%
|
|
45.0
|
%
|
|
43.5
|
%
|
Non-Same-Store
|
|
35.3
|
%
|
|
39.7
|
%
|
|
36.1
|
%
|
|
37.0
|
%
|
|
33.8
|
%
|
All
Communities
|
|
40.3
|
%
|
|
43.0
|
%
|
|
41.0
|
%
|
|
44.3
|
%
|
|
41.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
|
|
|
|
|
|
|
|
|
Total Capital
Expenditures per Apartment Home – Same-Store
|
|
$
|
326
|
|
|
$
|
293
|
|
|
$
|
262
|
|
|
$
|
151
|
|
|
$
|
427
|
|
|
|
|
|
|
(1)
|
Previously reported
amounts are not revised for changes in the composition of the
same-store properties pool.
|
(2)
|
Average monthly
rental rate is scheduled rent divided by the total number of
apartment homes. Scheduled rent represents the value of all
apartment homes, with occupied apartment homes valued at
contractual rates pursuant to leases and vacant apartment homes
valued at estimated market rents. When calculating actual rents for
occupied apartment homes and market rents for vacant apartment
homes, delinquencies and concessions are not taken into account.
Market rates are determined using the currently offered effective
rates on new leases at the community and are used as the starting
point in determination of the market rates of vacant apartment
homes.
|
(3)
|
Average monthly
revenue per occupied apartment home is defined as total rental
revenues divided by the weighted average occupied apartment homes
for the period.
|
(4)
|
Weighted average
occupancy is the percentage resulting from dividing actual rental
revenue by scheduled rent. The company believes that weighted
average occupancy is a meaningful measure of occupancy because it
considers the value of each vacant unit at its estimated market
rate. Weighted average occupancy may not completely reflect
short-term trends in physical occupancy, and calculation of
weighted average occupancy may not be comparable to that disclosed
by other real estate companies.
|
CENTERSPACE
|
CAPITAL
EXPENDITURES
|
(dollars in
thousands, except per home amounts)
|
|
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
12/31/2020
|
|
12/31/2019
|
|
|
12/31/2020
|
|
12/31/2019
|
Total Same-Store
Apartment Homes
|
|
10,567
|
|
|
10,567
|
|
|
|
10,567
|
|
|
10,567
|
|
|
|
|
|
|
|
|
|
|
|
Building -
Exterior(1)
|
|
$
|
1,510
|
|
|
$
|
1,287
|
|
|
|
$
|
3,106
|
|
|
$
|
1,802
|
|
Building -
Interior(1)
|
|
32
|
|
|
191
|
|
|
|
234
|
|
|
340
|
|
Mechanical,
Electrical, & Plumbing(1)
|
|
436
|
|
|
762
|
|
|
|
1,888
|
|
|
1,408
|
|
Furniture &
Equipment
|
|
73
|
|
|
146
|
|
|
|
316
|
|
|
365
|
|
Landscaping &
Grounds
|
|
357
|
|
|
713
|
|
|
|
1,523
|
|
|
1,546
|
|
Turnover
|
|
1,033
|
|
|
836
|
|
|
|
3,586
|
|
|
2,992
|
|
Capital
Expenditures - Same-Store
|
|
$
|
3,441
|
|
|
$
|
3,935
|
|
|
|
$
|
10,653
|
|
|
$
|
8,453
|
|
Capital
Expenditures per Apartment Home - Same-Store
|
|
$
|
326
|
|
|
$
|
372
|
|
|
|
$
|
1,008
|
|
|
$
|
800
|
|
|
|
|
|
|
|
|
|
|
|
Value Add
|
|
$
|
2,975
|
|
|
$
|
1,712
|
|
|
|
$
|
10,280
|
|
|
$
|
4,090
|
|
Total Capital Spend
- Same-Store
|
|
$
|
6,416
|
|
|
$
|
5,647
|
|
|
|
$
|
20,933
|
|
|
$
|
12,543
|
|
Total Capital Spend
per Apartment Home - Same Store
|
|
$
|
607
|
|
|
$
|
534
|
|
|
|
$
|
1,981
|
|
|
$
|
1,187
|
|
|
|
|
|
|
|
|
|
|
|
All Properties -
Weighted Average Homes
|
|
11,910
|
|
|
11,909
|
|
|
|
11,570
|
|
|
12,862
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
$
|
3,968
|
|
|
$
|
4,939
|
|
|
|
$
|
12,159
|
|
|
$
|
11,128
|
|
Capital
Expenditures per Apartment Home
|
|
$
|
333
|
|
|
$
|
415
|
|
|
|
$
|
1,051
|
|
|
$
|
865
|
|
|
|
|
|
|
|
|
|
|
|
Value
Add
|
|
3,496
|
|
|
2,014
|
|
|
|
13,901
|
|
|
5,011
|
|
Acquisition
Capital
|
|
302
|
|
|
$
|
1,814
|
|
|
|
1,567
|
|
|
3,713
|
|
Total
Capital Spend
|
|
$
|
7,766
|
|
|
$
|
8,767
|
|
|
|
$
|
27,627
|
|
|
$
|
19,852
|
|
Total
Capital Spend per Apartment Home
|
|
$
|
652
|
|
|
$
|
736
|
|
|
|
$
|
2,388
|
|
|
$
|
1,543
|
|
|
|
|
|
|
|
|
|
|
|
Value Add Capital
Expenditures
|
|
|
|
|
|
|
|
|
|
Interior -
Units
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
$
|
875
|
|
|
$
|
1,072
|
|
|
|
$
|
4,321
|
|
|
$
|
2,501
|
|
Non-Same-Store
|
|
390
|
|
|
18
|
|
|
|
1,684
|
|
|
67
|
|
Total
Interior Units
|
|
$
|
1,265
|
|
|
$
|
1,090
|
|
|
|
$
|
6,005
|
|
|
$
|
2,568
|
|
Expected
Year 1 Annual ROI
|
|
16.0
|
%
|
|
17.3
|
%
|
|
|
17.0
|
%
|
|
16.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Common Areas and
Exteriors
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
$
|
2,100
|
|
|
$
|
640
|
|
|
|
$
|
5,959
|
|
|
$
|
1,589
|
|
Non-Same-Store
|
|
131
|
|
|
284
|
|
|
|
1,937
|
|
|
854
|
|
Total Common
Areas and Exteriors
|
|
$
|
2,231
|
|
|
$
|
924
|
|
|
|
$
|
7,896
|
|
|
$
|
2,443
|
|
Expected
Year 1 Annual ROI
|
|
9.0
|
%
|
|
14.6
|
%
|
|
|
11.2
|
%
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Total Value-Add Capital
Expenditures
|
|
|
|
|
|
|
|
|
|
Same-Store
|
|
$
|
2,975
|
|
|
$
|
1,712
|
|
|
|
$
|
10,280
|
|
|
$
|
4,090
|
|
Non-Same-Store
|
|
521
|
|
|
302
|
|
|
|
3,621
|
|
|
921
|
|
Total
Portfolio Value-Add
|
|
$
|
3,496
|
|
|
$
|
2,014
|
|
|
|
$
|
13,901
|
|
|
$
|
5,011
|
|
Expected Year 1 Annual
ROI
|
|
11.5
|
%
|
|
16.1
|
%
|
|
|
13.7
|
%
|
|
15.7
|
%
|
|
|
|
|
|
(1)
|
Previously disclosed
amounts for capital expenditures related to mechanical, electrical,
and plumbing were reclassified from Building - Exterior and
Building - Interior into Mechanical, Electrical, &
Plumbing.
|
CENTERSPACE
|
2021 Financial
Outlook
|
(in thousands,
except per share amounts)
|
|
Centerspace is
providing guidance for 2021.
|
|
|
12 Months
Ended
|
|
2021 Full-Year
Guidance Range
|
|
December 31,
2020
|
|
Low
|
|
High
|
|
Actuals
|
|
Amount
|
|
Amount
|
Same-store growth
(1)
|
|
|
|
|
|
Revenue
|
$
|
165,807
|
|
|
(0.5)
|
%
|
|
3.0
|
%
|
|
|
|
|
|
|
Controllable
expenses
|
$
|
42,902
|
|
|
5.0
|
%
|
|
8.5
|
%
|
Non-controllable
expenses
|
$
|
24,990
|
|
|
2.5
|
%
|
|
6.0
|
%
|
Total
Expenses
|
$
|
67,892
|
|
|
4.0
|
%
|
|
7.5
|
%
|
Same-store NOI
(1)
|
$
|
97,915
|
|
|
(3.5)
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
Components of
NOI
|
|
|
|
|
|
Same-store NOI
(1)
|
$
|
97,915
|
|
|
$
|
94,200
|
|
|
$
|
97,600
|
|
Non-same-store NOI
(1)
|
$
|
3.272
|
|
|
$
|
7,900
|
|
|
$
|
8,200
|
|
Other Commercial
NOI
|
$
|
1,770
|
|
|
$
|
1,700
|
|
|
$
|
1,800
|
|
Other Sold
NOI
|
$
|
1,879
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Total NOI
|
$
|
104,836
|
|
|
$
|
103,800
|
|
|
$
|
107,600
|
|
|
|
|
|
|
|
Accretion from
investments and capital market activity, excluding impact from
change in share count
|
$
|
—
|
|
|
1,300
|
|
|
990
|
|
|
|
|
|
|
|
Interest
expense
|
$
|
(27,525)
|
|
|
(28,650)
|
|
|
(30,000)
|
|
Preferred
dividends
|
$
|
(6,528)
|
|
|
(6,430)
|
|
|
(6,430)
|
|
|
|
|
|
|
|
Recurring income
and expenses
|
|
|
|
|
|
Interest and other
income
|
$
|
(1,657)
|
|
|
2,580
|
|
|
2,580
|
|
General and
administrative and property management
|
$
|
(19,241)
|
|
|
(23,670)
|
|
|
(22,000)
|
|
Casualty
losses
|
$
|
(1,662)
|
|
|
(1,750)
|
|
|
(1,250)
|
|
Non-real estate
depreciation and amortization
|
$
|
(353)
|
|
|
(280)
|
|
|
(280)
|
|
Non-controlling
interest
|
$
|
126
|
|
|
(65)
|
|
|
(70)
|
|
Total recurring
income and expenses
|
$
|
(22,787)
|
|
|
(23,185)
|
|
|
$
|
(21,020)
|
|
|
|
|
|
|
|
FFO
|
$
|
47,996
|
|
|
$
|
46,835
|
|
|
$
|
51,140
|
|
FFO per diluted
share
|
$
|
3.47
|
|
|
$
|
3.17
|
|
|
$
|
3.52
|
|
|
|
|
|
|
|
Non-core income
and expenses
|
|
|
|
|
|
Casualty
loss
|
$
|
749
|
|
|
$
|
580
|
|
|
$
|
420
|
|
Technology
implementation costs
|
—
|
|
|
1,190
|
|
|
990
|
|
Other miscellaneous
items
|
3,507
|
|
|
—
|
|
|
—
|
|
Total non-core
income and expenses
|
$
|
4,256
|
|
|
$
|
1,770
|
|
|
$
|
1,410
|
|
|
|
|
|
|
|
Core
FFO
|
$
|
52,252
|
|
|
$
|
48,605
|
|
|
$
|
52,550
|
|
Core FFO per
diluted share
|
$
|
3.78
|
|
|
$
|
3.29
|
|
|
$
|
3.62
|
|
|
|
|
|
|
|
EPS -
Diluted
|
$
|
(0.15)
|
|
|
$
|
(0.18)
|
|
|
$
|
0.45
|
|
Weighted average
shares outstanding - diluted
|
13,835
|
|
|
14,773
|
|
|
14,515
|
|
|
|
|
|
|
(1)
|
Amounts for the year
ended December 31, 2020 reflect the 2021 same-store
pool.
|
Additional assumptions:
- Same-store capital expenditures of $912 per home to $1,012 per home
- Value-add expenditures of $15.0
million to $20.0 million
- Investments of $145.0 million to
$170.0 million, which includes the
January 2021 acquisition of Union
Pointe in Longmont, Colorado
- Dispositions of $55.0 million to
$75.0 million
- Proceeds of $50.0 million to
$70.0 million from equity
issuance
Reconciliation of Net Income (Loss) Available to Common
Shareholders to FFO and Core FFO
The following table presents reconciliations of Net income
(loss) available to common shareholders to FFO and Core FFO, which
are non-GAAP financial measures described in greater detail under
"Non-GAAP Financial Measures and Reconciliations." They should not
be considered as alternatives to net income or any other GAAP
measurement of performance, but rather should be considered as an
additional, supplemental measure. FFO and Core FFO also do not
represent cash generated from operating activities in accordance
with GAAP, nor are they indicative of funds available to fund all
cash needs, including the ability to service indebtedness or make
distributions to shareholders. The outlook and projections provided
below are based on current expectations and are
forward-looking.
|
|
|
Outlook
|
|
12 Months
Ended
|
|
12 Months
Ended
|
|
December 31,
2020
|
|
December 31,
2021
|
|
Amount
|
|
|
Low
|
|
High
|
Net income (loss)
available to common shareholders
|
$
|
(1,790)
|
|
|
|
$
|
(1,274)
|
|
|
$
|
8,031
|
|
Noncontrolling
interests - Operating Partnership
|
(212)
|
|
|
|
(1,456)
|
|
|
(1,456)
|
|
Depreciation and
amortization
|
75,593
|
|
|
|
71,424
|
|
|
71,424
|
|
Less depreciation -
non real estate
|
(353)
|
|
|
|
(280)
|
|
|
(280)
|
|
Less depreciation -
partially owned entities
|
(379)
|
|
|
|
(95)
|
|
|
(95)
|
|
(Gain) loss on sale
of real estate
|
(25,503)
|
|
|
|
(22,124)
|
|
|
(27,124)
|
|
Dividends to
preferred unitholders
|
$
|
640
|
|
|
|
$
|
640
|
|
|
$
|
640
|
|
FFO applicable to
common shares and Units
|
$
|
47,996
|
|
|
|
$
|
46,835
|
|
|
$
|
51,140
|
|
|
|
|
|
|
|
|
Adjustments to Core
FFO:
|
|
|
|
|
|
|
Casualty loss write
off
|
749
|
|
|
|
580
|
|
|
420
|
|
Loss on extinguishment
of debt
|
23
|
|
|
|
—
|
|
|
—
|
|
Rebranding
costs
|
402
|
|
|
|
—
|
|
|
—
|
|
(Gain) loss on
marketable securities
|
3,378
|
|
|
|
—
|
|
|
—
|
|
(Discount) premium on
redemption of preferred shares
|
(297)
|
|
|
|
—
|
|
|
—
|
|
Technology
implementation costs
|
—
|
|
|
|
1,190
|
|
|
990
|
|
Core FFO applicable
to common shares and Units
|
$
|
52,251
|
|
|
|
$
|
48,605
|
|
|
$
|
52,550
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted
|
$
|
(0.15)
|
|
|
|
$
|
(0.18)
|
|
|
$
|
0.45
|
|
FFO per share -
diluted
|
$
|
3.47
|
|
|
|
$
|
3.17
|
|
|
$
|
3.52
|
|
Core FFO per share -
diluted
|
$
|
3.78
|
|
|
|
$
|
3.29
|
|
|
$
|
3.62
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/centerspace-announces-financial-and-operating-results-for-the-year-ended-december-31-2020-and-provides-2021-financial-outlook-301232794.html
SOURCE Centerspace