CSR - Centerspace Reports First Quarter 2022 Financial Results and Affirms Core FFO Guidance

May, 02 2022 04:30 PM Centerspace Com

PR Newswire

MINNEAPOLIS , May 2, 2022 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three months ended March 31, 2022. The tables below show Net Income, Funds from Operations ("FFO") ¹ , and Core FFO ¹ , all on a per share basis, for the three months ended March 31, 2022; Same-Store Revenues, Expenses, and Net Operating Income ("NOI") ¹ over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended March 31, 2022, December 31, 2021 , and March 31, 2021.



Three Months Ended March 31,
Per Share

2022

2021
Net Income - diluted

$ (0.68)

$ (0.49)
FFO - diluted

$ 1.01

$ 0.92
Core FFO - diluted

$ 0.98

$ 0.95



Year-Over-Year Comparison

Sequential Comparison
Same-Store Results

Q1 2022 vs. Q1 2021

Q1 2022 vs. Q4 2021
Revenues

8.6%

(0.2)%
Expenses

9.6%

4.2%
NOI

7.8%

(3.0)%

Three months ended

Same-Store Results

March 31, 2022

December 31, 2021

March 31, 2021

Weighted Average Occupancy

93.9%

93.4%

94.7%

(1)

NOI, FFO, Core FFO, and same-store results 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" below.

Highlights

Net Loss was $(0.68) per diluted share for the first quarter of 2022, compared to a Net Loss of $(0.49) per diluted share for the same period of 2021;
Core FFO increased 3.2% to $0.98 per diluted share for the three months ended March 31, 2022 , compared to $0.95 for the three months ended March 31, 2021 ;
Same-store revenues increased by 8.6% for the first quarter of 2022 compared to the first quarter of 2021;
Same-store new lease rates were 6.9% for the first quarter of 2022, compared to 0.7% in the same period the prior year. Same-store renewal lease over lease rates were 9.6% for the first quarter of 2022, compared to 4.0% in the same period the prior year. Same-store blended lease over lease rates were 7.9% for the first quarter of 2022, compared to 2.0% for the same period the prior year;
Continued to grow the portfolio through the addition of 4 communities totaling 397 homes in the Minneapolis, Minnesota region; and
Continued to strengthen the balance sheet by issuing 321,000 common shares under the ATM program for net proceeds of $31.7 million .

Acquisitions and Dispositions

During the quarter, Centerspace acquired a portfolio of three communities in the Minneapolis, Minnesota region totaling 267 apartment homes for an aggregate purchase price of $68.1 million . The company also acquired Noko Apartments in Minneapolis for an aggregate purchase price of $46.4 million . The company previously financed the construction and mezzanine loan.

Subsequent Events

Following the end of the quarter, Centerspace paid off $22.3 million in mortgages. The Company does not have significant debt maturities over the next three years with only 5% of total debt maturing through the first quarter of 2025.

Balance Sheet

At the end of the first quarter, Centerspace had $223.3 million of total liquidity on its balance sheet, consisting of $210.0 million available under the lines of credit and cash and cash equivalents of $13.3 million .

Revised 2022 Financial Outlook

Centerspace revised its 2022 financial outlook and affirms its Core FFO guidance. For additional information, see S-14 of the Supplemental Financial and Operating Data for the quarter ended March 31, 2022 included at the end of this release. These ranges should be considered in their entirety. The revised outlook is:


Previous Outlook for 2022
Updated Outlook for 2022

Low
High
Low
High
Earnings per Share – diluted
$ (0.41)
$ (0.16)
$ (0.37)
$ (0.11)
Same-Store Revenue
6.0%
8.0%
7.0%
9.0%
Same-Store Expenses
3.5%
5.0%
5.5%
7.5%
Same-Store NOI
8.0%
10.0%
8.0%
10.0%
FFO per Share – diluted
$ 4.25
$ 4.50
$ 4.26
$ 4.52
Core FFO per Share – diluted
$ 4.33
$ 4.57
$ 4.33
$ 4.57

Upcoming Events

On May 17, 2022 , at 9:00 a.m. CDT , Centerspace will be holding its 2022 Annual Meeting of Shareholders live via the Internet. Shareholders can participate in and/or vote at the Annual Meeting via live webcast over the internet at www.virtualshareholdermeeting.com/CSR2022 . Shareholders must enter their 16-digit control number found in their proxy materials, either on the Notice of Internet Availability of Proxy Materials, the proxy card, or in the instructions that accompanied the proxy materials to enter the 2022 Annual Meeting. The company urges the shareholders to vote and submit proxies in advance of the Annual Meeting by one of the methods described in the proxy materials for the Annual Meeting. The Annual Meeting webcast will begin promptly at 9:00 a.m. CDT . On the day of the Annual Meeting, the company recommends that you log into its virtual meeting at least 15 minutes prior to the scheduled start time to ensure you can access the meeting.

Earnings Call

Live webcast and replay: https://ir.centerspacehomes.com

Live Conference Call

Conference Call Replay

Tuesday, May 3, 2022, at 10:00 AM ET

Replay available until May 17, 2022

USA Toll Free Number

1-844-200-6205

USA Toll Free Number

1-866-813-9403

International Toll Free Number

1-929-526-1599

International Toll Free Number

44-204-525-0658

Canada Toll Free Number

1-833-950-0062

Canada Toll Free Number

1-226-828-7578

Conference Number

273559

Conference Number

099828

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended March 31, 2022 included herein ("Supplemental Information"), is available in the Investors section on Centerspace's website at 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 March 31, 2022, Centerspace owned 83 apartment communities consisting of 14,838 apartment homes located in Colorado , Minnesota , Montana , Nebraska , North Dakota , and South Dakota . Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune . For more information, please visit www.centerspacehomes.com .

Forward-Looking Statements

Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in its Annual Report on Form 10-K for the year ended December 31, 2021, in its subsequent quarterly reports on Form 10-Q, and in other public reports. 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
IR@centerspacehomes.com

Marketing & Media
Kelly Weber
Phone: 701-837-7104
kweber@centerspacehomes.com

Common Share Data (NYSE: CSR)



1st Quarter

4th Quarter

3rd Quarter

2nd Quarter

1st Quarter


2022

2021

2021

2021

2021
High closing price

$ 108.27

$ 111.26

$ 105.42

$ 79.71

$ 73.42
Low closing price

$ 89.01

$ 96.58

$ 78.42

$ 67.28

$ 68.00
Average closing price

$ 97.15

$ 103.29

$ 94.10

$ 71.99

$ 71.37
Closing price at end of quarter

$ 98.12

$ 110.90

$ 94.50

$ 78.90

$ 68.00
Common share distributions – annualized

$ 2.92

$ 2.88

$ 2.88

$ 2.80

$ 2.80
Closing dividend yield – annualized

3.0%

2.6%

3.1%

3.6%

4.1%
Closing common shares outstanding ( thousands )

15,365

15,016

14,281

14,045

13,220
Closing limited partnership units outstanding ( thousands )

997

832

845

881

950
Closing Series E preferred units outstanding, as converted ( thousands )

2,186

2,186

2,186

—

—
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units ( thousands )

$ 1,819,930

$ 1,999,971

$ 1,635,984

$ 1,177,661

$ 963,560

CENTERSPACE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands)



Three Months Ended


3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
REVENUE

$ 60,314

$ 57,988

$ 50,413

$ 46,656

$ 46,648
EXPENSES










Property operating expenses, excluding real estate taxes

19,014

16,852

14,434

13,018

13,449
Real estate taxes

6,859

6,654

5,916

5,742

5,792
Property management expense

2,253

2,697

2,203

2,085

1,767
Casualty (gain) loss

598

280

(10)

(27)

101
Depreciation/amortization

31,001

30,418

22,447

19,308

19,992
General and administrative expenses

4,500

4,231

4,279

3,797

3,906
TOTAL EXPENSES

$ 64,225

$ 61,132

$ 49,269

$ 43,923

$ 45,007
Gain (loss) on sale of real estate and other investments

—

678

—

26,840

—
Operating income (loss)

(3,911)

(2,466)

1,144

29,573

1,641
Interest expense

(7,715)

(7,456)

(7,302)

(7,089)

(7,231)
Interest and other income (loss)

1,063

1,117

(5,082)

619

431
Net income (loss)

$ (10,563)

$ (8,805)

$ (11,240)

$ 23,103

$ (5,159)
Dividends to Series D preferred unitholders

(160)

(160)

(160)

(160)

(160)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units

2,157

1,793

1,930

(1,386)

469
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities

(23)

(36)

(22)

(19)

(17)
Net income (loss) attributable to controlling interests

(8,589)

(7,208)

(9,492)

21,538

(4,867)
Dividends to preferred shareholders

(1,607)

(1,607)

(1,607)

(1,607)

(1,607)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

$ (10,196)

$ (8,815)

$ (11,099)

$ 19,931

$ (6,474)











Per Share Data - Basic










Net earnings (loss) per common share – basic

$ (0.68)

$ (0.61)

$ (0.79)

$ 1.49

$ (0.49)











Per Share Data - Diluted










Net earnings (loss) per common share – diluted

$ (0.68)

$ (0.61)

$ (0.79)

$ 1.48

$ (0.49)

CENTERSPACE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)



3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
ASSETS










Real estate investments










Property owned

$ 2,390,952

$ 2,271,170

$ 2,203,606

$ 1,838,837

$ 1,883,407
Less accumulated depreciation

(465,752)

(443,592)

(426,926)

(407,400)

(408,014)


1,925,200

1,827,578

1,776,680

1,431,437

1,475,393
Mortgage loans receivable

—

43,276

42,160

37,457

30,107
Total real estate investments

1,925,200

1,870,854

1,818,840

1,468,894

1,505,500
Cash and cash equivalents

13,313

31,267

20,816

5,194

10,816
Restricted cash

2,409

7,358

2,376

8,444

1,610
Other assets

24,651

30,582

34,919

17,218

18,427
TOTAL ASSETS

$ 1,965,573

$ 1,940,061

$ 1,876,951

$ 1,499,750

$ 1,536,353











LIABILITIES, MEZZANINE EQUITY, AND EQUITY










LIABILITIES










Accounts payable and accrued expenses

$ 50,360

$ 62,403

$ 58,092

$ 52,413

$ 53,852
Revolving line of credit

46,000

76,000

57,000

87,000

181,544
Notes payable, net of loan costs

299,359

299,344

299,454

319,286

319,236
Mortgages payable, net of loan costs

521,536

480,703

489,140

287,143

293,709
TOTAL LIABILITIES

$ 917,255

$ 918,450

$ 903,686

$ 745,842

$ 848,341











SERIES D PREFERRED UNITS

$ 22,412

$ 25,331

$ 21,585

$ 18,022

$ 16,560
EQUITY










Series C Preferred Shares of Beneficial Interest

93,530

93,530

93,530

93,530

93,530
Common Shares of Beneficial Interest

1,203,685

1,157,255

1,092,130

1,033,940

980,453
Accumulated distributions in excess of net income

(495,732)

(474,318)

(454,691)

(433,310)

(443,409)
Accumulated other comprehensive income (loss)

(2,550)

(4,435)

(5,784)

(12,064)

(12,798)
Total shareholders' equity

$ 798,933

$ 772,032

$ 725,185

$ 682,096

$ 617,776
Noncontrolling interests – Operating Partnership and Series E preferred units

226,302

223,600

225,850

53,133

53,007
Noncontrolling interests – consolidated real estate entities

671

648

645

657

669
Total equity

$ 1,025,906

$ 996,280

$ 951,680

$ 735,886

$ 671,452
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY

$ 1,965,573

$ 1,940,061

$ 1,876,951

$ 1,499,750

$ 1,536,353

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 us, may not be comparable to non-GAAP financial 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 newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows us to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI, renewing the 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, amortization, financing, property management overhead, 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.


*(in thousands, except percentages)*

Three Months Ended


Sequential

Year-Over-Year

3/31/2022

12/31/2021

3/31/2021




% Change



% Change
Operating income (loss)
$ (3,911)

$ (2,466)

$ 1,641


$ (1,445)

58.6%

$ (5,552)

(338.3)%
Adjustments:














Property management expenses
2,253

2,697

1,767


(444)

(16.5)%

486

27.5%
Casualty (gain) loss
598

280

101


318

113.6%

497

492.1%
Depreciation and amortization
31,001

30,418

19,992


583

1.9%

11,009

55.1%
General and administrative expenses
4,500

4,231

3,906


269

6.4%

594

15.2%
(Gain) loss on sale of real estate and other investments
—

(678)

—


678

(100.0)%

$ —

—
Net operating income
$ 34,441

$ 34,482

$ 27,407


$ (41)

(0.1)%

$ 7,034

25.7%















Revenue














Same-store
$ 46,891

$ 46,980

$ 43,194


$ (89)

(0.2)%

$ 3,697

8.6%
Non-same-store
12,507

10,198

1,047


2,309

22.6%

11,460

1,094.6%
Other properties
916

810

668


106

13.1%

248

37.1%
Dispositions
—

—

1,739


—

—

(1,739)

(100.0)%
Total
60,314

57,988

46,648


2,326

4.0%

13,666

29.3%
Property operating expenses, including real estate taxes














Same-store
19,215

18,436

17,529


779

4.2%

1,686

9.6%
Non-same-store
6,329

4,753

345


1,576

33.2%

5,984

1,734.5%
Other properties
329

312

264


17

5.4%

65

24.6%
Dispositions
—

5

1,103


(5)

(100.0)%

(1,103)

(100.0)%
Total
25,873

23,506

19,241


2,367

10.1%

6,632

34.5%
Net operating income














Same-store
27,676

28,544

25,665


(868)

(3.0)%

2,011

7.8%
Non-same-store
6,178

5,445

702


733

13.5%

5,476

780.1%
Other properties
587

498

404


89

17.9%

183

45.3%
Dispositions
—

(5)

636


5

(100.0)%

(636)

(100.0)%
Total
$ 34,441

$ 34,482

$ 27,407


$ (41)

(0.1)%

$ 7,034

25.7%

Reconciliation of Same-Store Controllable Expenses to Total 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.


*(in thousands, except percentages)*

Three Months Ended March 31,

2022

2021



% Change








Controllable expenses







On-site compensation ⁽¹⁾
$ 4,745

$ 4,522

$ 223

4.9%
Repairs and maintenance
2,572

2,196

376

17.1%
Utilities
3,946

3,159

787

24.9%
Administrative and marketing
1,046

933

113

12.1%
Total
$ 12,309

$ 10,810

$ 1,499

13.9%








Non-controllable expenses







Real estate taxes
$ 5,242

$ 5,350

$ (108)

(2.0)%
Insurance
1,664

1,369

295

21.5%
Total
$ 6,906

$ 6,719

$ 187

2.8%








Property operating expenses, including real estate taxes - non-same-store
$ 6,329

$ 345

$ 5,984

1,734.5%
Property operating expenses, including real estate taxes - other properties
329

264

65

24.6%
Property operating expenses, including real estate taxes - dispositions
—

1,103

(1,103)

(100.0)%
Total property operating expenses, including real estate taxes
$ 25,873

$ 19,241

$ 6,632

34.5%

(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 measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its 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 gains and losses from the sale of real estate assets and impairment write-downs 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 this definition. The company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this 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 its 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 flow needs, including the ability to service indebtedness or make distributions to shareholders.

Core Funds from Operations ("Core FFO") is FFO as 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, or 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 the company's cash needs, including its 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 should not be considered a substitute for operating results determined in accordance with GAAP.



*(in thousands, except per share amounts)*


Three Months Ended


3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
Funds From Operations










Net income (loss) available to common shareholders

$ (10,196)

$ (8,815)

$ (11,099)

$ 19,931

$ (6,474)
Adjustments:










Noncontrolling interests – Operating Partnership

(2,157)

(1,793)

(1,930)

1,386

(469)
Depreciation and amortization

31,001

30,418

22,447

19,308

19,992
Less depreciation – non real estate

(101)

(101)

(80)

(87)

(98)
Less depreciation – partially owned entities

(21)

(21)

(24)

(24)

(24)
(Gain) loss on sale of real estate

—

(678)

—

(26,840)

—
FFO applicable to common shares and Units

$ 18,526

$ 19,010

$ 9,314

$ 13,674

$ 12,927











Adjustments to Core FFO:










Non-cash casualty (gain) loss

25

—

—

—

—
Loss on extinguishment of debt

—

2

530

3

—
Technology implementation costs

103

535

625

447

413
Commercial lease termination proceeds

—

—

(450)

—

—
Acquisition related costs

—

90

140

—

—
Interest rate swap termination, amortization, and mark-to-market

(613)

(411)

5,353

—

—
Amortization of assumed debt

(115)

(26)

(27)

—

—
Other miscellaneous items

(4)

(61)

(3)

—

—
Core FFO applicable to common shares and Units

$ 17,922

$ 19,139

$ 15,482

$ 14,124

$ 13,340











Funds from operations applicable to common shares and Units

$ 18,526

$ 19,010

$ 9,314

$ 13,674

$ 12,927
Dividends to preferred unitholders

160

160

160

160

160
Funds from operations applicable to common shares and Units - diluted

$ 18,686

$ 19,170

$ 9,474

$ 13,834

$ 13,087











Core funds from operations applicable to common shares and Units

$ 17,922

$ 19,139

$ 15,482

$ 14,124

$ 13,340
Dividends to preferred unitholders

160

160

160

160

160
Core funds from operations applicable to common shares and Units - diluted

$ 18,082

$ 19,299

$ 15,642

$ 14,284

$ 13,500











Per Share Data










Earnings (loss) per share and Unit - diluted

$ (0.68)

$ (0.61)

$ (0.81)

$ 1.48

$ (0.49)
FFO per share and Unit - diluted

$ 1.01

$ 1.07

$ 0.60

$ 0.95

$ 0.92
Core FFO per share and Unit - diluted

$ 0.98

$ 1.08

$ 0.98

$ 0.98

$ 0.95











Weighted average shares and Units - diluted

18,542

17,868

15,922

14,514

14,282

Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. 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, the cost of debt, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.



*(in thousands)*


Three Months Ended


3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
Adjusted EBITDA










Net income (loss) available to common shareholders

$ (8,589)

$ (7,208)

$ (9,492)

$ 21,538

$ (4,867)
Adjustments:










Dividends to preferred unitholders

160

160

160

160

160
Noncontrolling interests – Operating Partnership

(2,157)

(1,793)

(1,930)

1,386

(469)
Income (loss) before noncontrolling interests – Operating Partnership

$ (10,586)

$ (8,841)

$ (11,262)

$ 23,084

$ (5,176)
Adjustments:










Interest expense

7,700

7,440

7,287

7,075

7,216
Loss on extinguishment of debt

—

2

530

3

—
Depreciation/amortization related to real estate investments

30,980

30,397

22,423

19,284

19,969
Non-cash casualty (gain) loss

25

—

—

—

—
Interest income

(464)

(644)

(769)

(583)

(407)
(Gain) loss on sale of real estate and other investments

—

(678)

—

(26,840)

—
Technology implementation costs

103

534

625

447

413
Commercial lease termination proceeds

—

—

(450)

—

—
Acquisition related costs

—

90

140

—

—
Interest rate swap termination and mark-to-market

(582)

(359)

5,361

—

—
Other miscellaneous items

(4)

(61)

(3)

—

—
Adjusted EBITDA

$ 27,172

$ 27,880

$ 23,882

$ 22,470

$ 22,015

CENTERSPACE
DEBT ANALYSIS
(in thousands)

Debt Maturity Schedule
Annual Expirations



Future Maturities of Debt


Secured Fixed Debt

Unsecured Fixed Debt

Unsecured Variable Debt

Total Debt

% of Total Debt

Weighted Average Interest Rate ⁽¹⁾
2022 (remainder)

$ 22,254

$ —

$ —

$ 22,254

2.6%

3.92%
2023

42,305

—

—

42,305

4.9%

4.02%
2024

—

—

—

—

—

—
2025

31,907

—

46,000

77,907

8.9%

3.03%
2026

53,125

—

—

53,125

6.1%

3.74%
Thereafter

375,372

300,000

—

675,372

77.5%

3.21%
Total debt

$ 524,963

$ 300,000

$ 46,000

$ 870,963

100.0%

3.29%

(1)

Weighted average interest rate of debt that matures during the year.



3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
Debt Balances Outstanding










Secured fixed rate - other mortgages

$ 326,113

$ 284,934

$ 293,547

$ 288,363

$ 295,001
Secured fixed rate - Fannie Mae credit facility

198,850

198,850

198,850

—

—
Unsecured fixed rate line of credit ⁽¹⁾

—

75,000

57,000

50,000

50,000
Unsecured variable rate line of credit

46,000

1,000

—

37,000

131,544
Unsecured term loans

—

—

—

145,000

145,000
Unsecured senior notes

300,000

300,000

300,000

175,000

175,000
Debt total

$ 870,963

$ 859,784

$ 849,397

$ 695,363

$ 796,545











Other mortgages rate

3.85%

3.81%

3.83%

3.90%

3.92%
Fannie Mae Credit Facility rate

2.78%

2.78%

2.78%

—

—
Lines of credit rate (rate with swap)

2.56%

4.22%

2.79%

2.24%

2.18%
Term loan rate (rate with swap)

—

—

—

4.19%

4.11%
Senior notes rate

3.12%

3.12%

3.12%

3.47%

3.47%
Total debt

3.29%

3.26%

3.23%

3.70%

3.37%

(1)

The current rate on our line of credit is LIBOR plus 150 basis points. The LIBOR exposure on the line of credit was hedged using an interest rate swap with a notional of $75.0 million and a fixed rate of 2.81%. The interest rate swap was terminated in February 2022.

CENTERSPACE
CAPITAL ANALYSIS
(in thousands, except per share and unit amounts)



Three Months Ended


3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
Equity Capitalization










Common shares outstanding

15,365

15,016

14,281

14,045

13,220
Operating partnership units outstanding

997

832

845

881

950
Series E preferred units (as converted)

2,186

2,186

2,186

—

—
Total common shares and units outstanding

18,548

18,034

17,312

14,926

14,170
Market price per common share (closing price at end of period)

$ 98.12

$ 110.90

$ 94.50

$ 78.90

$ 68.00
Equity capitalization-common shares and units

$ 1,819,930

$ 1,999,971

$ 1,635,984

$ 1,177,661

$ 963,560
Recorded book value of preferred shares

$ 93,530

$ 93,530

$ 93,530

$ 93,530

$ 93,530
Total equity capitalization

$ 1,913,460

$ 2,093,501

$ 1,729,514

$ 1,271,191

$ 1,057,090











Series D Preferred Units

$ 22,412

$ 25,331

$ 21,585

$ 18,022

$ 16,560











Debt Capitalization










Total debt

$ 870,963

$ 859,784

$ 849,397

$ 695,363

$ 796,545
Total capitalization

$ 2,806,835

$ 2,978,616

$ 2,600,496

$ 1,984,576

$ 1,870,195











Total debt to total capitalization ⁽¹⁾

31.0%

28.9%

33.1%

35.0%

43.1%

(1)

Total 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

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

Debt service coverage ratio ⁽¹⁾

2.93 x

3.17 x

2.75 x

2.62 x

2.53 x

Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization

2.50 x

2.68 x

2.32 x

2.21 x

2.14 x

Net debt/Adjusted EBITDA ⁽²⁾

7.89 x

7.43 x

8.67 x

7.68 x

8.92 x

Net debt and preferred equity/Adjusted EBITDA ⁽²⁾

8.96 x

8.50 x

9.88 x

8.92 x

10.17 x

Distribution Data

Common shares and Units outstanding at record date

16,363

15,848

15,126

14,926

14,171

Total common distribution declared

$ 11,944

$ 11,411

$ 10,890

$ 10,448

$ 9,919

Common distribution per share and Unit

$ 0.73

$ 0.72

$ 0.70

Payout ratio (Core FFO per diluted share and unit basis) ⁽³⁾

74.5%

66.7%

73.5%

71.4%

73.7%








(1)
Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure 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.
(2)
Net debt is the total debt balance less cash and cash equivalents and net tax deferred exchange proceeds (included within restricted cash). Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial 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 ratio of 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 financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.

CENTERSPACE
SAME-STORE FIRST QUARTER COMPARISONS
( in thousands, except property data amounts and percentages)



Apartment Homes Included

Revenues

Expenses

NOI
Regions


Q1 2022

Q1 2021

% Change

Q1 2022

Q1 2021

% Change

Q1 2022

Q1 2021

% Change
Denver, CO

1,457

$ 8,458

$ 7,665

10.3%

$ 2,468

$ 2,570

(4.0)%

$ 5,990

$ 5,095

17.6%
Minneapolis, MN

2,537

12,391

11,402

8.7%

5,398

4,880

10.6%

6,993

6,522

7.2%
North Dakota

2,421

8,157

7,949

2.6%

3,653

3,271

11.7%

4,504

4,678

(3.7)%
Omaha, NE

1,370

4,363

4,026

8.4%

1,898

1,762

7.7%

2,465

2,264

8.9%
Rochester, MN

1,121

5,003

4,643

7.8%

2,096

1,986

5.5%

2,907

2,657

9.4%
St. Cloud, MN

1,192

4,165

3,656

13.9%

2,084

1,635

27.5%

2,081

2,021

3.0%
Other Mountain West

1,221

4,354

3,853

13.0%

1,618

1,425

13.5%

2,736

2,428

12.7%
Same-Store Total

11,319

$ 46,891

$ 43,194

8.6%

$ 19,215

$ 17,529

9.6%

$ 27,676

$ 25,665

7.8%



% of NOI Contribution

Weighted Average Occupancy ⁽¹⁾

Average Monthly Rental Rate ⁽²⁾

Average Monthly Revenue per Occupied Home ⁽³⁾
Regions


Q1 2022

Q1 2021

Growth

Q1 2022

Q1 2021

% Change

Q1 2022

Q1 2021

% Change
Denver, CO

21.6%

94.3%

93.7%

0.6%

$ 1,819

$ 1,683

8.1%

$ 2,052

$ 1,872

9.6%
Minneapolis, MN

25.3%

93.3%

93.0%

0.3%

1,583

1,503

5.3%

1,744

1,611

8.3%
North Dakota

16.3%

94.8%

96.2%

(1.4)%

1,103

1,061

4.0%

1,185

1,138

4.1%
Omaha, NE

8.9%

94.9%

95.1%

(0.2)%

1,000

912

9.6%

1,118

1,030

8.5%
Rochester, MN

10.5%

92.9%

95.5%

(2.6)%

1,518

1,376

10.3%

1,601

1,446

10.7%
St. Cloud, MN

7.5%

93.0%

94.6%

(1.6)%

1,120

970

15.5%

1,252

1,081

15.8%
Other Mountain West

9.9%

94.0%

97.7%

(3.7)%

1,155

987

17.0%

1,264

1,077

17.4%
Same-Store Total

100.0%

93.9%

94.7%

(0.8)%

$ 1,339

$ 1,236

8.3%

$ 1,471

$ 1,343

9.5%








(1)
Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rent. Scheduled rental revenue 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.
(2)
Average monthly rental rate is scheduled rent divided by the total number of apartment homes.
(3)
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
( in thousands, except property data amounts and percentages)



Apartment Homes Included

Revenues

Expenses

NOI
Regions


Q1 2022

Q4 2021

% Change

Q1 2022

Q4 2021

% Change

Q1 2022

Q4 2021

% Change
Denver, CO

1,457

$ 8,458

$ 8,163

3.6%

$ 2,468

$ 2,657

(7.1)%

$ 5,990

$ 5,506

0.4%
Minneapolis, MN

2,537

12,391

12,572

(1.4)%

5,398

5,145

4.9%

6,993

7,427

(5.8)%
North Dakota

2,421

8,157

8,155

—

3,653

3,273

11.6%

4,504

4,882

(7.7)%
Omaha, NE

1,370

4,363

4,222

3.3%

1,898

1,888

0.5%

2,465

2,334

5.6%
Rochester, MN

1,121

5,003

4,996

0.1%

2,096

2,174

(3.6)%

2,907

2,822

3.0%
St. Cloud, MN

1,192

4,165

4,576

(9.0)%

2,084

1,820

14.5%

2,081

2,756

(24.5)%
Other Mountain West

1,221

4,354

4,296

1.4%

1,618

1,479

9.4%

2,736

2,817

(2.9)%
Same-Store Total

11,319

$ 46,891

$ 46,980

(0.2)%

$ 19,215

$ 18,436

4.2%

$ 27,676

$ 28,544

(3.0)%



% of NOI Contribution

Weighted Average Occupancy

Average Monthly Rental Rate

Average Monthly Revenue per Occupied Home
Regions


Q1 2022

Q4 2021

Growth

Q1 2022

Q4 2021

% Change

Q1 2022

Q4 2021

% Change
Denver, CO

21.6%

94.3%

93.5%

0.8%

$ 1,819

$ 1,797

1.2%

$ 2,052

$ 1,997

2.8%
Minneapolis, MN

25.3%

93.3%

92.6%

0.7%

1,583

1,593

(0.6)%

1,744

1,807

(3.5)%
North Dakota

16.3%

94.8%

95.3%

(0.5)%

1,103

1,107

(0.4)%

1,185

1,178

0.6%
Omaha, NE

8.9%

94.9%

93.9%

1.0%

1,000

996

0.4%

1,118

1,094

2.2%
Rochester, MN

10.5%

92.9%

91.7%

1.2%

1,518

1,515

0.2%

1,601

1,620

(1.2)%
St. Cloud, MN

7.5%

93.0%

91.9%

1.1%

1,120

1,106

1.3%

1,252

1,392

(10.1)%
Other Mountain West

9.9%

94.0%

94.5%

(0.5)%

1,155

1,133

1.9%

1,264

1,241

1.9%
Same-Store Total

100.0%

93.9%

93.4%

0.5%

$ 1,339

$ 1,334

0.4%

$ 1,471

$ 1,487

(1.1)%

CENTERSPACE
PORTFOLIO SUMMARY ⁽¹⁾



Three Months Ended


3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021
Number of Apartment Homes at Period End










Same-Store

11,319

10,672

10,676

10,676

11,265
Non-Same-Store

3,519

3,769

3,599

903

903
All Communities

14,838

14,441

14,275

11,579

12,168











Average Monthly Rental Rate ⁽²⁾










Same-Store

$ 1,339

$ 1,314

$ 1,279

$ 1,233

$ 1,200
Non-Same-Store

1,218

1,225

1,506

1,617

1,584
All Communities

$ 1,292

$ 1,291

$ 1,293

$ 1,263

$ 1,229











Average Monthly Revenue per Occupied Apartment Home ⁽³⁾










Same-Store

$ 1,471

$ 1,463

$ 1,392

$ 1,333

$ 1,302
Non-Same-Store

1,271

1,306

1,606

1,739

1,705
All Communities

$ 1,424

$ 1,423

$ 1,397

$ 1,365

$ 1,332











Weighted Average Occupancy ⁽⁴⁾










Same-Store

93.9%

93.4%

94.3%

94.9%

94.9%
Non-Same-Store

94.5%

94.7%

95.1%

94.2%

91.8%
All Communities

94.0%

93.7%

94.4%

94.8%

94.6%











Operating Expenses as a % of Scheduled Rent










Same-Store

41.0%

39.5%

41.8%

41.9%

42.9%
Non-Same-Store

50.6%

44.1%

39.9%

32.9%

34.9%
All Communities

43.0%

40.6%

41.6%

41.0%

42.1%











Capital Expenditures










Total Capital Expenditures per Apartment Home – Same-Store

$ 145

$ 369

$ 255

$ 159

$ 131








(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 rental revenue 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 revenue per occupied 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 the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs.

CENTERSPACE
CAPITAL EXPENDITURES
($ in thousands, except per home amounts)



Three Months Ended
Same Store Capital Expenditures

3/31/2022

3/31/2021
Total Same-Store Apartment Homes

11,319

11,319





Building - Exterior

$ 527

$ 484
Building - Interior

—

92
Mechanical, Electrical, & Plumbing

270

147
Furniture & Equipment

80

65
Landscaping & Grounds

92

67
Turnover

667

535
Capital Expenditures - Same-Store

$ 1,636

$ 1,390
Capital Expenditures per Apartment Home - Same-Store

$ 145

$ 123





Value Add

$ 5,570

$ 2,631
Total Capital Spend - Same-Store

$ 7,206

$ 4,021
Total Capital Spend per Apartment Home - Same-Store

$ 637

$ 355







Three Months Ended
Capital Expenditures - All Properties

3/31/2022

3/31/2021
All Properties - Weighted Average Apartment Homes

14,839

11,575





Capital Expenditures

$ 1,841

$ 1,555
Capital Expenditures per Apartment Home

$ 124

$ 134





Value Add

5,570

2,631
Acquisition Capital

1,589

558
Total Capital Spend

9,000

4,744
Total Capital Spend per Apartment Home

$ 607

$ 410












Three Months Ended
Value Add Capital Expenditures

3/31/2022

3/31/2021
Interior - Units




Same-Store

$ 2,637

$ 1,691
Non-Same-Store

—

—
Total Interior Units

$ 2,637

$ 1,691





Common Areas and Exteriors




Same-Store

$ 2,933

$ 940
Non-Same-Store

—

—
Total Common Areas and Exteriors

$ 2,933

$ 940





Total Value-Add Capital Expenditures




Same-Store

$ 5,570

$ 2,631
Non-Same-Store

—

—
Total Portfolio Value-Add

$ 5,570

$ 2,631


CENTERSPACE
2022 Financial Outlook
(in thousands, except per share and per home amounts)

Centerspace revised its outlook for 2022 in the table below.


Three Months Ended

2022 Previous Outlook Range

2022 Revised Outlook Range

March 31, 2022

Low

High

Low

High

YTD Actual

Amount

Amount

Amount

Amount
Same-store growth









Revenue
$ 46,891

6.0%

8.0%

7.0%

9.0%
Controllable expenses
12,309

3.8%

5.3%

7.0%

9.0%
Non-controllable expenses
6,906

3.0%

4.5%

3.0%

4.5%
Total Expenses
$ 19,215

3.5%

5.0%

5.5%

7.5%
Same-store NOI
$ 27,676

8.0%

10.0%

8.0%

10.0%










Components of NOI









Same-store NOI
$ 27,676

$ 115,600

$ 118,100

$ 115,850

$ 118,150
Non-same-store NOI ⁽¹⁾
6,178

30,300

30,800

29,200

29,900
Other Commercial NOI
587

1,800

1,900

2,100

2,300
Total NOI
$ 34,441

$ 147,700

$ 150,800

$ 147,150

$ 150,350










(1) Previous outlook range was adjusted to reclassify NOI from non-same-store to other commercial.










Interest expense
$ (7,715)

(32,200)

(31,700)

(32,200)

(31,700)
Preferred dividends
$ (1,607)

(6,400)

(6,400)

(6,400)

(6,400)










Recurring income and expenses









Interest and other income
$ 1,040

$ 660

$ 700

$ 1,580

$ 1,750
General and administrative and property management
(6,753)

(27,800)

(27,100)

(27,625)

(26,975)
Casualty losses
(598)

(2,000)

(1,700)

(1,900)

(1,600)
Non-real estate depreciation and amortization
(101)

(430)

(390)

(375)

(325)
Non-controlling interest
(21)

(70)

(90)

(110)

(100)
Total recurring income and expenses
$ (6,433)

$ (29,640)

$ (28,580)

$ (28,430)

$ (27,250)
FFO
$ 18,686

$ 79,460

$ 84,120

$ 80,120

$ 85,000










Non-core income and expenses









Casualty loss
$ 25

$ 600

$ 500

$ 500

$ 350
Technology implementation costs
103

990

890

950

850
Interest rate swap termination, amortization, and mark-to-market
(613)

—

—

200

200
Other miscellaneous items
(119)

—

—

(300)

(400)
Total non-core income and expenses
$ (604)

$ 1,590

$ 1,390

$ 1,350

$ 1,000
Core FFO
$ 18,082

$ 81,050

$ 85,510

$ 81,470

$ 86,000










EPS - Diluted
$ (0.68)

$ (0.41)

$ (0.16)

$ (0.37)

$ (0.11)
FFO per diluted share
$ 1.01

$ 4.25

$ 4.50

$ 4.26

$ 4.52
Core FFO per diluted share
$ 0.98

$ 4.33

$ 4.57

$ 4.33

$ 4.57
Weighted average shares outstanding - diluted
18,542

18,700

18,700

18,800

18,800










Additional Assumptions









Same-store capital expenditures (per home)
$ 145

$ 925

$ 975

$ 925

975
Value-add expenditures
$ 5,570

$ 21,000

$ 24,000

$ 21,000

$ 24,000
Investments
$ 116,874

$ 116,874

$ 116,874

$ 116,874

$ 116,874

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.




Previous Outlook

Revised Outlook

Three Months Ended March 31, 2022

12 Months Ended December 31, 2022

12 Months Ended December 31, 2022

Actual

Low

High

Low

High
Net income (loss) available to common shareholders
$ (10,196)

$ 282

$ 4,922

$ 927

$ 5,747
Noncontrolling interests - Operating Partnership and Series E preferred units
(2,157)

(7,885)

(7,885)

(7,885)

(7,885)
Depreciation and amortization
31,001

86,923

86,923

86,923

86,923
Less depreciation - non real estate
(101)

(430)

(390)

(375)

(325)
Less depreciation - partially owned entities
(21)

(70)

(90)

(110)

(100)
Dividends to preferred unitholders
160

640

640

640

640
FFO applicable to common shares and Units
$ 18,686

$ 79,460

$ 84,120

$ 80,120

$ 85,000










Adjustments to Core FFO:









Casualty loss write off
25

600

500

500

350
Technology implementation costs
103

990

890

950

850
Interest rate swap termination and amortization
(613)

—

—

200

200
Other miscellaneous items
(119)

—

—

(300)

(400)
Core FFO applicable to common shares and Units
$ 18,082

$ 81,050

$ 85,510

$ 81,470

$ 86,000










Earnings per share - diluted
$ (0.68)

$ (0.41)

$ (0.16)

$ (0.37)

$ (0.11)
FFO per share - diluted
$ 1.01

$ 4.25

$ 4.50

$ 4.26

$ 4.52
Core FFO per share - diluted
$ 0.98

$ 4.33

$ 4.57

$ 4.33

$ 4.57

Reconciliation of Operating Income to Net Operating Income




Previous Outlook

Revised Outlook

Three Months Ended March 31, 2022

12 Months Ended December 31, 2021

12 Months Ended December 31, 2021

Actual

Low

High

Low

High
Operating income
$ (3,911)

$ 30,977

$ 35,077

$ 30,702

$ 34,852
Adjustments:









General and administrative and property management expenses
6,753

27,800

27,100

27,625

26,975
Casualty loss
598

2,000

1,700

1,900

1,600
Depreciation and amortization
31,001

86,923

86,923

86,923

86,923
Net operating income
$ 34,441

$ 147,700

$ 150,800

$ 147,150

$ 150,350

SOURCE Centerspace

Company Name:	Centerspace Com
Stock Symbol:	CSR
Market:	NYSE
Website:	centerspacehomes.com

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