Centerspace(US:CSR) Prnewswireยท2025-08-04 20:30Core Insights - Centerspace reported a net loss of $0.87 per diluted share for Q2 2025, compared to a net loss of $0.19 per diluted share in Q2 2024 [7] - Funds from Operations (FFO) per diluted share for Q2 2025 was $1.24, a decrease from $1.28 in Q2 2024 [2][7] - Core FFO per diluted share increased by 0.8% to $1.28 for Q2 2025, compared to $1.27 for the same period in 2024 [7] Financial Performance - Revenue for Q2 2025 increased by $3.5 million or 5.4% to $68.5 million, compared to $65.0 million for Q2 2024 [7] - Same-store revenues increased by 2.7% for Q2 2025 compared to Q2 2024, contributing to a 2.9% increase in same-store Net Operating Income (NOI) [7] - Same-store expenses rose by 2.4% year-over-year, while sequentially they decreased by 1.3% [2] Operational Metrics - Weighted average occupancy for Q2 2025 was 96.1%, up from 95.5% in Q2 2024 [2] - New lease rate growth was 2.1% for Q2 2025, while renewal lease rate growth was 2.6% [2] - The retention rate improved to 60.2% in Q2 2025 from 49.2% in Q2 2024 [2] Balance Sheet and Liquidity - As of the end of Q2 2025, Centerspace had total liquidity of $206.3 million, including $194.0 million available under lines of credit and $12.4 million in cash [5] - The company updated its 2025 financial outlook, projecting a net loss per share of $(0.71) to $(0.45) and FFO per share of $4.70 to $4.83 [9] Recent Developments - Centerspace acquired Sugarmont, its first apartment community in Salt Lake City, for $149.0 million [7] - On July 29, 2025, the company closed on the acquisition of Railway Flats, a 420-home apartment community in Loveland, CO, for $132.2 million [10]