Centerspace(US:CSR) Prnewswire·2025-02-18 21:30Core Insights - Centerspace reported a net loss of $1.27 per diluted share for the year ended December 31, 2024, compared to a net income of $2.32 per diluted share for the year ended December 31, 2023 [8] - Core Funds from Operations (Core FFO) increased to $4.88 per diluted share for 2024, a 2.1% increase from $4.78 in 2023 [8] - Same-store Net Operating Income (NOI) grew by 3.7% year-over-year, driven by a 3.3% increase in same-store revenues [8] Financial Performance - For the three months ended December 31, 2024, diluted net income (loss) per share was $(0.31), an improvement from $(0.65) in the same period of 2023 [2] - Funds from Operations (FFO) for the twelve months ended December 31, 2024, was $4.49 per diluted share, compared to $4.27 in 2023, reflecting a year-over-year increase [2] - Core FFO for the three months ended December 31, 2024, was $1.21 per diluted share, slightly down from $1.22 in the same period of 2023 [2] Operational Metrics - Same-store revenues increased by 3.1% in Q4 2024 compared to Q4 2023, while expenses rose by 4.6% [2] - The weighted average occupancy rate for the three months ended December 31, 2024, was 95.5%, up from 94.8% in the same period of 2023 [2] - Renewal lease rate growth was 3.2% for Q4 2024, consistent with the previous quarter, while new lease rate growth was negative at (3.3)% [2] Balance Sheet and Liquidity - As of December 31, 2024, Centerspace had total liquidity of $224.6 million, including $212.6 million available on lines of credit [5] - The company issued approximately 1.6 million common shares for net proceeds of $112.6 million, using the funds to redeem outstanding Series C preferred shares [8] Dividend Information - Centerspace's Board of Trustees announced a quarterly distribution of $0.77 per share/unit, payable on April 8, 2025, to shareholders of record as of March 28, 2025 [6] Future Outlook - Centerspace provided guidance for 2025, indicating expectations for continued growth in Core FFO and NOI [7]