Centerspace (CSR) Reports Q3 2023 Financial Results: Net Income Rises to $0.41 Per Diluted Share
Centerspace (NYSE:CSR) reports Q3 2023 net income of $0.41 per diluted share, a significant increase from a net loss of $0.14 per diluted share in Q3 2022.
Core FFO per diluted share increased 4.3% to $1.20 for Q3 2023, compared to $1.15 for Q3 2022.
Same-store revenues increased by 5.7% for Q3 2023 compared to Q3 2022, driving a 5.4% increase in NOI.
Centerspace (NYSE:CSR) revised its 2023 financial outlook, raising the mid-point for Core FFO per diluted share.
On October 30, 2023, Centerspace (NYSE:CSR) announced its financial and operating results for the three and nine months ended September 30, 2023. The company reported a net income of $0.41 per diluted share for Q3 2023, a significant turnaround from a net loss of $0.14 per diluted share in the same period of 2022. The company's Core FFO per diluted share also increased by 4.3% to $1.20 for Q3 2023, compared to $1.15 for Q3 2022.
Financial Performance and Highlights
Centerspace (NYSE:CSR) successfully executed the sale of four non-core apartment communities and associated commercial space in Minot, North Dakota for an aggregate sales price of $82.5 million, resulting in a gain on sale of $11.3 million. The company's same-store revenues increased by 5.7% for Q3 2023 compared to Q3 2022, driving a 5.4% increase in NOI compared to the same period of the prior year.
Balance Sheet and Subsequent Events
At the end of Q3 2023, Centerspace (NYSE:CSR) had $285.7 million of total liquidity on its balance sheet, consisting of $256.0 million available under the lines of credit and cash and cash equivalents of $29.7 million. The company had no outstanding variable rate debt and only $30.6 million in debt maturing through 2025. On October 11, 2023, the company acquired Lake Vista Apartment Homes in Loveland, Colorado, for an aggregate purchase price of $94.5 million.
Revised 2023 Financial Outlook
Centerspace (NYSE:CSR) revised its 2023 financial outlook, narrowing the financial outlook ranges for net income per diluted share and FFO per diluted share and raising the mid-point for Core FFO per diluted share. The company now expects net income per share to be between $2.90 and $3.56, and Core FFO per share to be between $4.63 and $4.71.
Conclusion
The Q3 2023 financial results demonstrate Centerspace (NYSE:CSR)'s strong operational performance and financial resilience. The company's strategic initiatives, including the sale of non-core assets and the acquisition of Lake Vista Apartment Homes, have contributed to its improved financial performance. With the revised 2023 financial outlook, Centerspace (NYSE:CSR) continues to demonstrate its commitment to delivering value to its shareholders.
Explore the complete 8-K earnings release (here) from Centerspace for further details.
This article first appeared on GuruFocus.
