Centerspace announced its financial and operating results for the first quarter ended March 31, 2025, reporting Core FFO of $1.21 per diluted share, matching analyst estimates. This figure represents a slight decrease from $1.23 per diluted share in the first quarter of 2024. The company's net loss per diluted share improved to $(0.22) from $(0.37) in the prior year period.
Total revenue for the first quarter increased by 4.0% to $67.1 million compared to $64.5 million in Q1 2024. Same-store revenues grew by 3.5% year-over-year, contributing to a 2.1% increase in same-store Net Operating Income (NOI). However, same-store expenses increased by 5.8%, primarily due to a $0.06 per share increase in property taxes compared to the prior year, which benefited from one-time property tax refunds.
Centerspace maintained strong operational metrics, with same-store weighted-average occupancy at 95.8%, an increase from 94.6% in Q1 2024. The company reaffirmed its full-year 2025 financial outlook, projecting Core FFO per diluted share between $4.86 and $5.10. Total liquidity stood at $223.2 million as of March 31, 2025, including $211.3 million available under lines of credit.
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