Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
Per Share | 2021 | 2020 | 2021 | 2020 | ||||
Net Income - diluted | $ | (0.81) | $ | 1.38 | $ | 0.12 | $ | 0.33 |
FFO - diluted | $ | 0.60 | $ | 0.90 | $ | 2.44 | $ | 2.49 |
Core FFO - diluted | $ | 0.98 | $ | 0.94 | $ | 2.91 | $ | 2.76 |
Year-Over-Year Comparison |
Sequential Comparison | YTD Comparison | ||||
Same-Store Results | Q3 2021 vs. Q3 2020 | Q3 2021 vs. Q2 2021 | 2021 vs. 2020 | |||
Revenues | 6.2 | % | 3.7 | % | 3.3 | % |
Expenses | 4.4 | % | 3.6 | % | 2.9 | % |
NOI | 7.5 | % | 3.8 | % | 3.6 | % |
Three months ended | ||||||
Same-Store Results | September 30, 2021 | June 30, 2021 | September 30, 2020 | |||
Weighted Average Occupancy | 94.3 | % | 94.9 | % | 94.3 | % |
1
|
Previous Outlook for 2021 | Updated Outlook for 2021 | |||||||
Low | High | Low | High | |||||
Earnings per Share - diluted | $ | 0.58 | $ | 0.76 | $ | (0.36) | $ | (0.24) |
Same-Store Revenue | 2.0 | % | 3.5 | % | 3.5 | % | 4.0 | % |
Same-Store Expenses | 4.0 | % | 6.0 | % | 4.5 | % | 5.0 | % |
Same-Store NOI | 0.5 | % | 2.0 | % | 3.0 | % | 3.5 | % |
FFO per Share - diluted | $ | 3.64 | $ | 3.83 | $ | 3.40 | $ | 3.52 |
Core FFO per Share - diluted | $ | 3.78 | $ | 3.94 | $ | 3.92 | $ | 4.02 |
2
|
Live webcast and replay: https://ir.centerspacehomes.com | |||
Live Conference Call | Conference Call Replay | ||
Tuesday, November 2, 2021, at 10:00 AM ET | Replay available until November 16, 2021 | ||
USA Toll Free Number | 1-877-509-9785 | USA Toll Free Number | 1-877-344-7529 |
International Toll Free Number | 1-412-902-4132 | International Toll Free Number | 1-412-317-0088 |
Canada Toll Free Number | 1-855-669-9657 | Canada Toll Free Number | 1-855-669-9658 |
Conference Number | 10160003 |
3
|
Page | |
Common Share Data |
S-1 |
Key Financial Data | |
Condensed Consolidated Statements of Operations |
S-2 |
Condensed Consolidated Balance Sheets |
S-3 |
Non-GAAP Financial Measures and Reconciliations | |
Net Operating Income |
S-4 |
Same-Store Controllable Expenses |
S-5 |
Funds From Operations and Core Funds From Operations |
S-6 |
Adjusted EBITDA |
S-8 |
Debt and Capital Analysis | |
Debt Analysis |
S-9 |
Capital Analysis |
S-10 |
Portfolio Analysis | |
Same-Store Comparison |
S-11 |
Portfolio Summary |
S-14 |
Capital Expenditures |
S-15 |
2021 Financial Outlook |
S-16 |
3rd Quarter | 2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
High closing price | $ | 105.42 | $ | 79.71 | $ | 73.42 | $ | 74.55 | $ | 73.53 |
Low closing price | $ | 78.42 | $ | 67.28 | $ | 68.00 | $ | 65.79 | $ | 61.87 |
Average closing price | $ | 94.10 | $ | 71.99 | $ | 71.37 | $ | 70.30 | $ | 70.15 |
Closing price at end of quarter | $ | 94.50 | $ | 78.90 | $ | 68.00 | $ | 70.64 | $ | 65.17 |
Common share distributions - annualized | $ | 2.88 | $ | 2.80 | $ | 2.80 | $ | 2.80 | $ | 2.80 |
Closing dividend yield - annualized | 3.1 | % | 3.6 | % | 4.1 | % | 4.0 | % | 4.3 | % |
Closing common shares outstanding (thousands)
| 14,281 | 14,045 | 13,220 | 13,027 | 12,976 | |||||
Closing limited partnership units outstanding (thousands)
| 845 | 881 | 950 | 977 | 1,018 | |||||
Closing Series E preferred units outstanding, as converted (thousands)
| 2,186 | - | - | - | - | |||||
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)
| $ | 1,635,984 | $ | 1,177,661 | $ | 963,560 | $ | 989,243 | $ | 911,989 |
S-1
|
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 9/30/2021 | 9/30/2020 | ||||||||
REVENUE | $ | 50,413 | $ | 46,656 | $ | 46,648 | $ | 45,540 | $ | 44,138 | $ | 143,717 | $ | 132,454 |
EXPENSES | ||||||||||||||
Property operating expenses, excluding real estate taxes | 14,434 | 13,018 | 13,449 | 12,668 | 13,129 | 40,901 | 38,957 | |||||||
Real estate taxes | 5,916 | 5,742 | 5,792 | 5,256 | 5,402 | 17,450 | 16,277 | |||||||
Property management expense | 2,203 | 2,085 | 1,767 | 1,460 | 1,442 | 6,055 | 4,341 | |||||||
Casualty (gain) loss | (10) | (27) | 101 | 331 | 91 | 64 | 1,331 | |||||||
Depreciation/amortization | 22,447 | 19,308 | 19,992 | 20,282 | 18,995 | 61,747 | 55,311 | |||||||
General and administrative expenses | 4,279 | 3,797 | 3,906 | 3,733 | 3,077 | 11,982 | 9,707 | |||||||
TOTAL EXPENSES | $ | 49,269 | $ | 43,923 | $ | 45,007 | $ | 43,730 | $ | 42,136 | $ | 138,199 | $ | 125,924 |
Operating income | 1,144 | 2,733 | 1,641 | 1,810 | 2,002 | 5,518 | 6,530 | |||||||
Interest expense | (7,302) | (7,089) | (7,231) | (6,903) | (6,771) | (21,622) | (20,622) | |||||||
Interest and other income (loss) | (5,082) | 619 | 431 | 404 | 277 | (4,032) | (1,979) | |||||||
Income (loss) before gain (loss) on sale of real estate and other investments | (11,240) | (3,737) | (5,159) | (4,689) | (4,492) | (20,136) | (16,071) | |||||||
Gain (loss) on sale of real estate and other investments | - | 26,840 | - | 17 | 25,676 | 26,840 | 25,486 | |||||||
Net income (loss) | $ | (11,240) | $ | 23,103 | $ | (5,159) | $ | (4,672) | $ | 21,184 | $ | 6,704 | $ | 9,415 |
Dividends to Series D preferred unitholders | (160) | (160) | (160) | (160) | (160) | (480) | (480) | |||||||
Net (income) loss attributable to noncontrolling interest - Operating Partnership and Series E preferred units | 1,930 | (1,386) | 469 | 460 | (1,387) | 1,013 | (248) | |||||||
Net (income) loss attributable to noncontrolling interests - consolidated real estate entities | (22) | (19) | (17) | (6) | (8) | (58) | 132 | |||||||
Net income (loss) attributable to controlling interests | (9,492) | 21,538 | (4,867) | (4,378) | 19,629 | 7,179 | 8,819 | |||||||
Dividends to preferred shareholders | (1,607) | (1,607) | (1,607) | (1,607) | (1,607) | (4,821) | (4,921) | |||||||
Discount (premium) on redemption of preferred shares | - | - | - | - | (1) | - | 297 | |||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | (11,099) | $ | 19,931 | $ | (6,474) | $ | (5,985) | $ | 18,021 | $ | 2,358 | $ | 4,195 |
Per Share Data - Basic | ||||||||||||||
Net earnings (loss) per common share - basic | $ | (0.79) | $ | 1.49 | $ | (0.49) | $ | (0.46) | $ | 1.40 | $ | 0.17 | $ | 0.33 |
Per Share Data - Diluted | ||||||||||||||
Net earnings (loss) per common share - diluted | $ | (0.81) | $ | 1.48 | $ | (0.49) | $ | (0.46) | $ | 1.38 | $ | 0.12 | $ | 0.33 |
S-2
|
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||
ASSETS | ||||||||||
Real estate investments | ||||||||||
Property owned | $ | 2,203,606 | $ | 1,838,837 | $ | 1,883,407 | $ | 1,812,557 | $ | 1,805,390 |
Less accumulated depreciation | (426,926) | (407,400) | (408,014) | (399,249) | (380,392) | |||||
1,776,680 | 1,431,437 | 1,475,393 | 1,413,308 | 1,424,998 | ||||||
Mortgage loans receivable | 42,160 | 37,457 | 30,107 | 24,661 | 17,986 | |||||
Total real estate investments | 1,818,840 | 1,468,894 | 1,505,500 | 1,437,969 | 1,442,984 | |||||
Cash and cash equivalents | 20,816 | 5,194 | 10,816 | 392 | 16,804 | |||||
Restricted cash | 2,376 | 8,444 | 1,610 | 6,918 | 2,199 | |||||
Other assets | 34,919 | 17,218 | 18,427 | 18,904 | 16,947 | |||||
TOTAL ASSETS | $ | 1,876,951 | $ | 1,499,750 | $ | 1,536,353 | $ | 1,464,183 | $ | 1,478,934 |
LIABILITIES, MEZZANINE EQUITY, AND EQUITY | ||||||||||
LIABILITIES | ||||||||||
Accounts payable and accrued expenses | $ | 58,092 | $ | 52,413 | $ | 53,852 | $ | 55,609 | $ | 58,596 |
Revolving line of credit | 57,000 | 87,000 | 181,544 | 152,871 | 135,000 | |||||
Notes payable, net of loan costs | 299,454 | 319,286 | 319,236 | 269,246 | 269,202 | |||||
Mortgages payable, net of loan costs | 489,140 | 287,143 | 293,709 | 297,074 | 313,065 | |||||
TOTAL LIABILITIES | $ | 903,686 | $ | 745,842 | $ | 848,341 | $ | 774,800 | $ | 775,863 |
SERIES D PREFERRED UNITS | $ | 21,585 | $ | 18,022 | $ | 16,560 | $ | 16,560 | $ | 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 | 1,092,130 | 1,033,940 | 980,453 | 968,263 | 968,436 | |||||
Accumulated distributions in excess of net income | (454,691) | (433,310) | (443,409) | (427,681) | (412,577) | |||||
Accumulated other comprehensive income (loss) | (5,784) | (12,064) | (12,798) | (15,905) | (17,256) | |||||
Total shareholders' equity | $ | 725,185 | $ | 682,096 | $ | 617,776 | $ | 618,207 | $ | 632,133 |
Noncontrolling interests - Operating Partnership and Series E preferred units | 225,850 | 53,133 | 53,007 | 53,930 | 53,669 | |||||
Noncontrolling interests - consolidated real estate entities | 645 | 657 | 669 | 686 | 709 | |||||
Total equity | $ | 951,680 | $ | 735,886 | $ | 671,452 | $ | 672,823 | $ | 686,511 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ | 1,876,951 | $ | 1,499,750 | $ | 1,536,353 | $ | 1,464,183 | $ | 1,478,934 |
S-3
|
(in thousands, except percentages) | ||||||||||||||
Three Months Ended | Sequential | Year-Over-Year | ||||||||||||
9/30/2021 | 6/30/2021 | 9/30/2020 | $ Change | % Change | $ Change | % Change | ||||||||
Operating income | $ | 1,144 | $ | 2,733 | $ | 2,002 | $ | (1,589) | (58.1) | % | $ | (858) | (42.9) | % |
Adjustments: | ||||||||||||||
Property management expenses | 2,203 | 2,085 | 1,442 | 118 | 5.7 | % | 761 | 52.8 | % | |||||
Casualty (gain) loss | (10) | (27) | 91 | 17 | (63.0) | % | (101) | (111.0) | % | |||||
Depreciation and amortization | 22,447 | 19,308 | 18,995 | 3,139 | 16.3 | % | 3,452 | 18.2 | % | |||||
General and administrative expenses | 4,279 | 3,797 | 3,077 | 482 | 12.7 | % | 1,202 | 39.1 | % | |||||
Net operating income | $ | 30,063 | $ | 27,896 | $ | 25,607 | $ | 2,167 | 7.8 | % | $ | 4,456 | 17.4 | % |
Revenue | ||||||||||||||
Same-store | $ | 42,034 | $ | 40,521 | $ | 39,571 | $ | 1,513 | 3.7 | % | $ | 2,463 | 6.2 | % |
Non-same-store | 7,214 | 4,436 | 1,117 | 2,778 | 62.6 | % | 6,097 | 545.8 | % | |||||
Other properties | 1,120 | 646 | 833 | 474 | 73.4 | % | 287 | 34.5 | % | |||||
Dispositions | 45 | 1,053 | 2,617 | (1,008) | (95.7) | % | (2,572) | (98.3) | % | |||||
Total | 50,413 | 46,656 | 44,138 | 3,757 | 8.1 | % | 6,275 | 14.2 | % | |||||
Property operating expenses, including real estate taxes | ||||||||||||||
Same-store | 17,126 | 16,528 | 16,409 | 598 | 3.6 | % | 717 | 4.4 | % | |||||
Non-same-store | 2,940 | 1,439 | 491 | 1,501 | 104.3 | % | 2,449 | 498.8 | % | |||||
Other properties | 317 | 268 | 229 | 49 | 18.3 | % | 88 | 38.4 | % | |||||
Dispositions | (33) | 525 | 1,402 | (558) | (106.3) | % | (1,435) | (102.4) | % | |||||
Total | 20,350 | 18,760 | 18,531 | 1,590 | 8.5 | % | 1,819 | 9.8 | % | |||||
Net operating income | ||||||||||||||
Same-store | 24,908 | 23,993 | 23,162 | 915 | 3.8 | % | 1,746 | 7.5 | % | |||||
Non-same-store | 4,274 | 2,997 | 626 | 1,277 | 42.6 | % | 3,648 | 582.7 | % | |||||
Other properties | 803 | 378 | 604 | 425 | 112.4 | % | 199 | 32.9 | % | |||||
Dispositions | 78 | 528 | 1,215 | (450) | (100.0) | % | (1,137) | (93.6) | % | |||||
Total | $ | 30,063 | $ | 27,896 | $ | 25,607 | $ | 2,167 | 7.8 | % | $ | 4,456 | 17.4 | % |
S-4
|
(in thousands, except percentages) | ||||||||
Nine Months Ended September 30, | ||||||||
2021 | 2020 | $ Change | % Change | |||||
Operating income | $ | 5,518 | $ | 6,530 | $ | (1,012) | (15.5) | % |
Adjustments: | ||||||||
Property management expenses | 6,055 | 4,341 | 1,714 | 39.5 | % | |||
Casualty (gain) loss | 64 | 1,331 | (1,267) | (95.2) | % | |||
Depreciation and amortization | 61,747 | 55,311 | 6,436 | 11.6 | % | |||
General and administrative expenses | 11,982 | 9,707 | 2,275 | 23.4 | % | |||
Net operating income | $ | 85,366 | $ | 77,220 | $ | 8,146 | 10.5 | % |
Revenue | ||||||||
Same-store | $ | 122,555 | $ | 118,627 | $ | 3,928 | 3.3 | % |
Non-same-store | 15,892 | 2,319 | 13,573 | 585.3 | % | |||
Other properties | 2,415 | 2,208 | 207 | 9.4 | % | |||
Dispositions | 2,855 | 9,300 | (6,445) | (69.3) | % | |||
Total | 143,717 | 132,454 | 11,263 | 8.5 | % | |||
Property operating expenses, including real estate taxes | ||||||||
Same-store | 50,032 | 48,631 | 1,401 | 2.9 | % | |||
Non-same-store | 5,875 | 995 | 4,880 | 490.5 | % | |||
Other properties | 873 | 759 | 114 | 15.0 | % | |||
Dispositions | 1,571 | 4,849 | (3,278) | (67.6) | % | |||
Total | 58,351 | 55,234 | 3,117 | 5.6 | % | |||
Net operating income | ||||||||
Same-store | 72,523 | 69,996 | 2,527 | 3.6 | % | |||
Non-same-store | 10,017 | 1,324 | 8,693 | 656.6 | % | |||
Other properties | 1,542 | 1,449 | 93 | 6.4 | % | |||
Dispositions | 1,284 | 4,451 | (3,167) | (71.2) | % | |||
Total | $ | 85,366 | $ | 77,220 | $ | 8,146 | 10.5 | % |
S-5
|
(in thousands, except percentages) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | $ Change | % Change | 2021 | 2020 | $ Change | % Change | |||||||||
Controllable expenses | ||||||||||||||||
On-site compensation(1)
| $ | 4,488 | $ | 4,362 | $ | 126 | 2.9 | % | $ | 13,182 | $ | 12,908 | $ | 274 | 2.1 | % |
Repairs and maintenance | 2,562 | 2,804 | (242) | (8.6) | % | 7,060 | 7,469 | (409) | (5.5) | % | ||||||
Utilities | 2,941 | 2,609 | 332 | 12.7 | % | 8,239 | 7,689 | 550 | 7.2 | % | ||||||
Administrative and marketing | 956 | 853 | 103 | 12.1 | % | 2,701 | 2,595 | 106 | 4.1 | % | ||||||
Total | $ | 10,947 | $ | 10,628 | $ | 319 | 3.0 | % | $ | 31,182 | $ | 30,661 | $ | 521 | 1.7 | % |
Non-controllable expenses | ||||||||||||||||
Real estate taxes | $ | 4,812 | $ | 4,795 | $ | 17 | 0.4 | % | $ | 14,665 | $ | 14,513 | $ | 152 | 1.0 | % |
Insurance | 1,367 | 986 | 381 | 38.6 | % | 4,185 | 3,457 | 728 | 21.1 | % | ||||||
Total | $ | 6,179 | $ | 5,781 | $ | 398 | 6.9 | % | $ | 18,850 | $ | 17,970 | $ | 880 | 4.9 | % |
Property operating expenses, including real estate taxes - non-same-store | $ | 2,940 | $ | 491 | $ | 2,449 | 498.8 | % | $ | 5,875 | $ | 995 | $ | 4,880 | 490.5 | % |
Property operating expenses, including real estate taxes - other properties | 317 | 229 | 88 | 38.4 | % | 873 | 759 | 114 | 15.0 | % | ||||||
Property operating expenses, including real estate taxes - dispositions | (33) | 1,402 | (1,435) | (102.4) | % | 1,571 | 4,849 | (3,278) | (67.6) | % | ||||||
Total property operating expenses, including real estate taxes | $ | 20,350 | $ | 18,531 | $ | 1,819 | 9.8 | % | $ | 58,351 | $ | 55,234 | $ | 3,117 | 5.6 | % |
S-6
|
(in thousands, except per share amounts) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 9/30/2021 | 9/30/2020 | ||||||||
Funds From Operations | ||||||||||||||
Net income (loss) available to common shareholders | $ | (11,099) | $ | 19,931 | $ | (6,474) | $ | (5,985) | $ | 18,021 | $ | 2,358 | $ | 4,195 |
Adjustments: | ||||||||||||||
Noncontrolling interests - Operating Partnership | (1,930) | 1,386 | (469) | (460) | 1,387 | (1,013) | 248 | |||||||
Depreciation and amortization | 22,447 | 19,308 | 19,992 | 20,282 | 18,995 | 61,747 | 55,311 | |||||||
Less depreciation - non real estate | (80) | (87) | (98) | (87) | (85) | (265) | (266) | |||||||
Less depreciation - partially owned entities | (24) | (24) | (24) | (33) | (31) | (72) | (346) | |||||||
(Gain) loss on sale of real estate | - | (26,840) | - | (17) | (25,676) | (26,840) | (25,486) | |||||||
FFO applicable to common shares and Units | $ | 9,314 | $ | 13,674 | $ | 12,927 | $ | 13,700 | $ | 12,611 | $ | 35,915 | $ | 33,656 |
Adjustments to Core FFO: | ||||||||||||||
Casualty (gain) loss | - | - | - | 204 | 545 | - | 545 | |||||||
Loss on extinguishment of debt | 530 | 3 | - | 2 | 4 | 533 | 21 | |||||||
Rebranding costs | - | - | - | 402 | - | - | - | |||||||
Technology implementation costs | 625 | 447 | 413 | - | - | 1,485 | - | |||||||
(Gain) loss on marketable securities | - | - | - | - | - | - | 3,378 | |||||||
(Discount) premium on redemption of preferred shares | - | - | - | - | 1 | - | (297) | |||||||
Commercial lease termination proceeds | (450) | - | - | - | - | (450) | - | |||||||
Acquisition related costs | 140 | - | - | - | - | 140 | - | |||||||
Interest rate swap termination and amortization | 5,353 | - | - | - | - | 5,353 | - | |||||||
Amortization of assumed debt | (27) | - | - | - | - | (27) | - | |||||||
Other miscellaneous items | (3) | - | - | - | - | (3) | - | |||||||
Core FFO applicable to common shares and Units | $ | 15,482 | $ | 14,124 | $ | 13,340 | $ | 14,308 | $ | 13,161 | $ | 42,946 | $ | 37,303 |
Funds from operations applicable to common shares and Units | $ | 9,314 | $ | 13,674 | $ | 12,927 | $ | 13,700 | $ | 12,611 | $ | 35,915 | $ | 33,656 |
Dividends to preferred unitholders | 160 | 160 | 160 | 160 | 160 | 480 | 480 | |||||||
Funds from operations applicable to common shares and Units - diluted | $ | 9,474 | $ | 13,834 | $ | 13,087 | $ | 13,860 | $ | 12,771 | $ | 36,395 | $ | 34,136 |
Core funds from operations applicable to common shares and Units | $ | 15,482 | $ | 14,124 | $ | 13,340 | $ | 14,308 | $ | 13,161 | $ | 42,946 | $ | 37,303 |
Dividends to preferred unitholders | 160 | 160 | 160 | 160 | 160 | 480 | 480 | |||||||
Core funds from operations applicable to common shares and Units - diluted | $ | 15,642 | $ | 14,284 | $ | 13,500 | $ | 14,468 | $ | 13,321 | $ | 43,426 | $ | 37,783 |
Per Share Data | ||||||||||||||
Earnings (loss) per share and Unit - diluted | $ | (0.81) | $ | 1.48 | $ | (0.49) | $ | (0.46) | $ | 1.38 | $ | 0.12 | $ | 0.33 |
FFO per share and Unit - diluted | $ | 0.60 | $ | 0.95 | $ | 0.92 | $ | 0.97 | $ | 0.90 | $ | 2.44 | $ | 2.49 |
Core FFO per share and Unit - diluted | $ | 0.98 | $ | 0.98 | $ | 0.95 | $ | 1.02 | $ | 0.94 | $ | 2.91 | $ | 2.76 |
Weighted average shares and Units - diluted | 15,922 | 14,514 | 14,282 | 14,222 | 14,143 | 14,917 | 13,704 |
S-7
|
(in thousands) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 9/30/2021 | 9/30/2020 | ||||||||
Adjusted EBITDA | ||||||||||||||
Net income (loss) available to common shareholders | $ | (9,492) | $ | 21,538 | $ | (4,867) | $ | (4,378) | $ | 19,629 | $ | 7,179 | $ | 8,819 |
Adjustments: | ||||||||||||||
Dividends to preferred unitholders | 160 | 160 | 160 | 160 | 160 | 480 | 480 | |||||||
Noncontrolling interests - Operating Partnership | (1,930) | 1,386 | (469) | (460) | 1,387 | (1,013) | 248 | |||||||
Income (loss) before noncontrolling interests - Operating Partnership | $ | (11,262) | $ | 23,084 | $ | (5,176) | $ | (4,678) | $ | 21,176 | $ | 6,646 | $ | 9,547 |
Adjustments: | ||||||||||||||
Interest expense | 7,287 | 7,075 | 7,216 | 6,888 | 6,756 | 21,578 | 20,446 | |||||||
Loss on extinguishment of debt | 530 | 3 | - | 2 | 4 | 533 | 21 | |||||||
Depreciation/amortization related to real estate investments | 22,423 | 19,284 | 19,969 | 20,250 | 18,964 | 61,676 | 54,965 | |||||||
Casualty (gain) loss | - | - | - | 204 | 545 | - | 545 | |||||||
Interest income | (769) | (583) | (407) | (328) | (256) | (1,759) | (1,184) | |||||||
(Gain) loss on sale of real estate and other investments | - | (26,840) | - | (17) | (25,676) | (26,840) | (25,486) | |||||||
Technology implementation costs | 625 | 447 | 413 | - | - | 1,486 | - | |||||||
(Gain) loss on marketable securities | - | - | - | - | - | - | 3,378 | |||||||
Commercial lease termination proceeds | (450) | - | - | - | - | (450) | - | |||||||
Acquisition related costs | 140 | - | - | - | - | 140 | - | |||||||
Interest rate swap termination | 5,361 | - | - | - | - | 5,361 | - | |||||||
Other miscellaneous items | (3) | - | - | - | - | (3) | - | |||||||
Adjusted EBITDA | $ | 23,882 | $ | 22,470 | $ | 22,015 | $ | 22,321 | $ | 21,513 | $ | 68,368 | $ | 62,232 |
S-8
|
Future Maturities of Debt | ||||||||||
Secured Fixed Debt |
Unsecured Fixed
Debt(1)
|
Total Debt |
% of Total Debt |
Weighted
Average Interest Rate(2)
| ||||||
2021 (remainder) | $ | - | $ | - | $ | - | - | - | ||
2022 | 29,822 | - | 29,822 | 3.5 | % | 4.07 | % | |||
2023 | 42,875 | - | 42,875 | 5.1 | % | 4.02 | % | |||
2024 | - | - | - | - | - | |||||
2025 | 32,316 | 57,000 | 89,316 | 10.5 | % | 2.83 | % | |||
Thereafter | 387,384 | 300,000 | 687,384 | 80.9 | % | 3.20 | % | |||
Total debt | $ | 492,397 | $ | 357,000 | $ | 849,397 | 100.0 | % | 3.23 | % |
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||
Debt Balances Outstanding | ||||||||||
Secured fixed rate - other mortgages | $ | 293,547 | $ | 288,363 | $ | 295,001 | $ | 298,445 | $ | 314,511 |
Secured fixed rate - Fannie Mae credit facility | 198,850 | - | - | - | - | |||||
Unsecured fixed rate line of credit(1)
| 57,000 | 50,000 | 50,000 | 50,000 | 50,000 | |||||
Unsecured variable rate line of credit | - | 37,000 | 131,544 | 102,871 | 85,000 | |||||
Unsecured term loans | - | 145,000 | 145,000 | 145,000 | 145,000 | |||||
Unsecured senior notes | 300,000 | 175,000 | 175,000 | 125,000 | 125,000 | |||||
Debt total | $ | 849,397 | $ | 695,363 | $ | 796,545 | $ | 721,316 | $ | 719,511 |
Other mortgages rate | 3.83 | % | 3.90 | % | 3.92 | % | 3.93 | % | 3.99 | % |
Fannie Mae Credit Facility rate | 2.78 | % | - | - | - | - | ||||
Lines of credit rate (rate with swap) | 2.79 | % | 2.24 | % | 2.18 | % | 2.35 | % | 3.35 | % |
Term loan rate (rate with swap) | - | 4.19 | % | 4.11 | % | 4.18 | % | 4.18 | % | |
Senior notes rate | 3.12 | % | 3.47 | % | 3.47 | % | 3.78 | % | 3.78 | % |
Total debt | 3.23 | % | 3.70 | % | 3.37 | % | 3.62 | % | 3.68 | % |
S-9
|
Three Months Ended | ||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||
Equity Capitalization | ||||||||||
Common shares outstanding | 14,281 | 14,045 | 13,220 | 13,027 | 12,976 | |||||
Operating partnership units outstanding | 845 | 881 | 950 | 977 | 1,018 | |||||
Series E preferred units (as converted) | 2,186 | - | - | - | - | |||||
Total common shares and units outstanding | 17,312 | 14,926 | 14,170 | 14,004 | 13,994 | |||||
Market price per common share (closing price at end of period) | $ | 94.50 | $ | 78.90 | $ | 68.00 | $ | 70.64 | $ | 65.17 |
Equity capitalization-common shares and units | $ | 1,635,984 | $ | 1,177,661 | $ | 963,560 | $ | 989,243 | $ | 911,989 |
Recorded book value of preferred shares | $ | 93,530 | $ | 93,530 | $ | 93,530 | $ | 93,530 | $ | 93,530 |
Total equity capitalization | $ | 1,729,514 | $ | 1,271,191 | $ | 1,057,090 | $ | 1,082,773 | $ | 1,005,519 |
Series D Preferred Units | $ | 21,585 | $ | 18,022 | $ | 16,560 | $ | 16,560 | $ | 16,560 |
Debt Capitalization | ||||||||||
Total debt | $ | 849,397 | $ | 695,363 | $ | 796,545 | $ | 721,317 | $ | 719,511 |
Total capitalization | $ | 2,600,496 | $ | 1,984,576 | $ | 1,870,195 | $ | 1,820,650 | $ | 1,741,590 |
Total debt to total capitalization(1)
| 33.1 | % | 35.0 | % | 43.1 | % | 39.6 | % | 41.3 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | 9/30/2021 | 9/30/2020 | ||||||||
Debt service coverage ratio(1)
| 2.75 | x | 2.62 | x | 2.53 | x | 2.73 | x | 2.65 | x | 2.63 | x | 2.52 | x |
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization | 2.32 | x | 2.21 | x | 2.14 | x | 2.28 | x | 2.21 | x | 2.22 | x | 2.08 | x |
Net debt/Adjusted EBITDA(2)
| 8.67 | x | 7.68 | x | 8.92 | x | 8.07 | x | 8.17 | x | 9.09 | x | 8.47 | x |
Net debt and preferred equity/Adjusted EBITDA(2)
| 9.88 | x | 8.92 | x | 10.17 | x | 9.31 | x | 9.45 | x | 10.35 | x | 9.80 | x |
Distribution Data | ||||||||||||||
Common shares and Units outstanding at record date | 15,126 | 14,926 | 14,171 | 14,004 | 13,994 | 15,126 | 13,994 | |||||||
Total common distribution declared
| $ | 10,890 | $ | 10,448 | $ | 9,919 | $ | 9,803 | $ | 9,796 | $ | 31,257 | $ | 28,735 |
Common distribution per share and Unit
| $ | 0.72 | $ | 0.70 | $ | 0.70 | $ | 0.70 | $ | 0.70 | $ | 2.12 | $ | 2.10 |
Payout ratio (Core FFO per diluted share and unit basis)(3)
| 73.5 | % | 71.4 | % | 73.7 | % | 68.6 | % | 74.5 | % | 72.9 | % | 76.1 | % |
S-10
|
Apartment Homes Included | Revenues | Expenses | NOI | ||||||||||||||||
Regions | Q3 2021 | Q3 2020 | % Change | Q3 2021 | Q3 2020 | % Change | Q3 2021 | Q3 2020 | % Change | ||||||||||
Denver, CO | 992 | $ | 5,565 | $ | 5,372 | 3.6 | % | $ | 1,899 | $ | 1,916 | (0.9) | % | $ | 3,666 | $ | 3,456 | 6.1 | % |
Minneapolis, MN | 2,355 | 11,361 | 10,547 | 7.7 | % | 4,548 | 4,462 | 1.9 | % | 6,813 | 6,085 | 12.0 | % | ||||||
North Dakota | 2,422 | 8,183 | 7,852 | 4.2 | % | 3,378 | 3,146 | 7.4 | % | 4,805 | 4,706 | 2.1 | % | ||||||
Omaha, NE | 1,370 | 4,166 | 3,884 | 7.3 | % | 1,933 | 1,790 | 8.0 | % | 2,233 | 2,094 | 6.6 | % | ||||||
Rochester, MN | 1,122 | 4,874 | 4,577 | 6.5 | % | 1,924 | 2,064 | (6.8) | % | 2,950 | 2,513 | 17.4 | % | ||||||
St. Cloud, MN | 1,192 | 3,683 | 3,548 | 3.8 | % | 1,750 | 1,603 | 9.2 | % | 1,933 | 1,945 | (0.6) | % | ||||||
Other Mountain West | 1,223 | 4,202 | 3,791 | 10.8 | % | 1,694 | 1,428 | 18.6 | % | 2,508 | 2,363 | 6.1 | % | ||||||
Same-Store Total | 10,676 | $ | 42,034 | $ | 39,571 | 6.2 | % | $ | 17,126 | $ | 16,409 | 4.4 | % | $ | 24,908 | $ | 23,162 | 7.5 | % |
% of NOI Contribution |
Weighted Average Occupancy (1)
|
Average Monthly Rental Rate (2) |
Average Monthly Revenue per Occupied Home (3) | |||||||||||||||||
Regions | Q3 2021 | Q3 2020 | Growth | Q3 2021 | Q3 2020 | % Change | Q3 2021 | Q3 2020 | % Change | |||||||||||
Denver, CO | 14.7 | % | 94.5 | % | 93.4 | % | 1.1 | % | $ | 1,779 | $ | 1,750 | 1.7 | % | $ | 1,978 | $ | 1,932 | 2.5 | % |
Minneapolis, MN | 27.3 | % | 94.6 | % | 93.1 | % | 1.5 | % | 1,558 | 1,504 | 3.6 | % | 1,699 | 1,603 | 6.2 | % | ||||
North Dakota | 19.3 | % | 94.2 | % | 95.5 | % | (1.3) | % | 1,107 | 1,054 | 5.0 | % | 1,195 | 1,131 | 5.5 | % | ||||
Omaha, NE | 9.0 | % | 94.6 | % | 93.8 | % | 0.8 | % | 962 | 913 | 5.4 | % | 1,072 | 1,008 | 6.5 | % | ||||
Rochester, MN | 11.8 | % | 93.2 | % | 93.8 | % | (0.6) | % | 1,462 | 1,385 | 5.6 | % | 1,554 | 1,450 | 7.1 | % | ||||
St. Cloud, MN | 7.8 | % | 91.5 | % | 94.4 | % | (2.9) | % | 1,063 | 963 | 10.4 | % | 1,125 | 1,051 | 6.7 | % | ||||
Other Mountain West | 10.1 | % | 96.6 | % | 97.1 | % | (0.5) | % | 1,080 | 970 | 11.3 | % | 1,185 | 1,064 | 11.3 | % | ||||
Same-Store Total | 100.0 | % | 94.3 | % | 94.3 | % | - | $ | 1,279 | $ | 1,215 | 5.3 | % | $ | 1,392 | $ | 1,311 | 6.2 | % |
S-11
|
Apartment Homes Included | Revenues | Expenses | NOI | ||||||||||||||||
Regions | Q3 2021 | Q2 2021 | % Change | Q3 2021 | Q2 2021 | % Change | Q3 2021 | Q2 2021 | % Change | ||||||||||
Denver, CO | 992 | $ | 5,565 | $ | 5,486 | 1.4 | % | $ | 1,899 | $ | 1,837 | 3.4 | % | $ | 3,666 | $ | 3,649 | 0.4 | % |
Minneapolis, MN | 2,355 | 11,361 | 10,538 | 7.8 | % | 4,548 | 4,649 | (2.2) | % | 6,813 | 5,889 | 15.7 | % | ||||||
North Dakota | 2,422 | 8,183 | 8,078 | 1.3 | % | 3,378 | 3,199 | 5.6 | % | 4,805 | 4,879 | (1.5) | % | ||||||
Omaha, NE | 1,370 | 4,166 | 4,037 | 3.2 | % | 1,933 | 1,885 | 2.5 | % | 2,233 | 2,152 | 3.8 | % | ||||||
Rochester, MN | 1,122 | 4,874 | 4,709 | 3.5 | % | 1,924 | 1,937 | (0.7) | % | 2,950 | 2,772 | 6.4 | % | ||||||
St. Cloud, MN | 1,192 | 3,683 | 3,634 | 1.3 | % | 1,750 | 1,582 | 10.6 | % | 1,933 | 2,052 | (5.8) | % | ||||||
Other Mountain West | 1,223 | 4,202 | 4,039 | 4.0 | % | 1,694 | 1,439 | 17.7 | % | 2,508 | 2,600 | (3.5) | % | ||||||
Same-Store Total | 10,676 | $ | 42,034 | $ | 40,521 | 3.7 | % | $ | 17,126 | $ | 16,528 | 3.6 | % | $ | 24,908 | $ | 23,993 | 3.8 | % |
% of NOI Contribution | Weighted Average Occupancy |
Average Monthly Rental Rate |
Average Monthly Revenue per Occupied Home | |||||||||||||||||
Regions | Q3 2021 | Q2 2021 | Growth | Q3 2021 | Q2 2021 | % Change | Q3 2021 | Q2 2021 | % Change | |||||||||||
Denver, CO | 14.7 | % | 94.5 | % | 94.2 | % | 0.3 | % | $ | 1,779 | $ | 1,727 | 3.0 | % | $ | 1,978 | $ | 1,957 | 1.1 | % |
Minneapolis, MN | 27.3 | % | 94.6 | % | 94.2 | % | 0.4 | % | 1,558 | 1,510 | 3.2 | % | 1,699 | 1,584 | 7.4 | % | ||||
North Dakota | 19.3 | % | 94.2 | % | 95.9 | % | (1.7) | % | 1,107 | 1,078 | 2.7 | % | 1,195 | 1,159 | 3.0 | % | ||||
Omaha, NE | 9.0 | % | 94.6 | % | 95.5 | % | (0.9) | % | 962 | 927 | 3.8 | % | 1,072 | 1,029 | 4.1 | % | ||||
Rochester, MN | 11.8 | % | 93.2 | % | 94.5 | % | (1.3) | % | 1,462 | 1,403 | 4.2 | % | 1,554 | 1,480 | 4.8 | % | ||||
St. Cloud, MN | 7.8 | % | 91.5 | % | 92.7 | % | (1.2) | % | 1,063 | 1,005 | 5.8 | % | 1,125 | 1,097 | 2.5 | % | ||||
Other Mountain West | 10.1 | % | 96.6 | % | 98.1 | % | (1.5) | % | 1,080 | 1,014 | 6.5 | % | 1,185 | 1,122 | 5.5 | % | ||||
Same-Store Total | 100.0 | % | 94.3 | % | 94.9 | % | (0.6) | % | $ | 1,279 | $ | 1,233 | 3.7 | % | $ | 1,392 | $ | 1,333 | 4.4 | % |
S-12
|
Apartment Homes Included | Revenues | Expenses | NOI | ||||||||||||||||
Regions | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||
Denver, CO | 992 | $ | 16,459 | $ | 16,170 | 1.8 | % | $ | 5,604 | $ | 5,332 | 5.1 | % | $ | 10,855 | $ | 10,838 | 0.2 | % |
Minneapolis, MN | 2,355 | 32,365 | 32,024 | 1.1 | % | 13,627 | 13,125 | 3.8 | % | 18,738 | 18,899 | (0.9) | % | ||||||
North Dakota | 2,422 | 24,209 | 23,331 | 3.8 | % | 9,848 | 9,791 | 0.6 | % | 14,361 | 13,540 | 6.1 | % | ||||||
Omaha, NE | 1,370 | 12,229 | 11,536 | 6.0 | % | 5,580 | 5,199 | 7.3 | % | 6,649 | 6,337 | 4.9 | % | ||||||
Rochester, MN | 1,122 | 14,227 | 13,910 | 2.3 | % | 5,847 | 5,922 | (1.3) | % | 8,380 | 7,988 | 4.9 | % | ||||||
St. Cloud, MN | 1,192 | 10,972 | 10,705 | 2.5 | % | 4,967 | 4,883 | 1.7 | % | 6,005 | 5,822 | 3.1 | % | ||||||
Other Mountain West | 1,223 | 12,094 | 10,951 | 10.4 | % | 4,559 | 4,379 | 4.1 | % | 7,535 | 6,572 | 14.7 | % | ||||||
Same-Store Total | 10,676 | $ | 122,555 | $ | 118,627 | 3.3 | % | $ | 50,032 | $ | 48,631 | 2.9 | % | $ | 72,523 | $ | 69,996 | 3.6 | % |
% of NOI Contribution | Weighted Average Occupancy |
Average Monthly Rental Rate |
Average Monthly Revenue per Occupied Home | |||||||||||||||||
Regions | 2021 | 2020 | Growth | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||
Denver, CO | 15.0 | % | 94.4 | % | 93.6 | % | 0.8 | % | $ | 1,741 | $ | 1,772 | (1.7) | % | $ | 1,953 | $ | 1,935 | 1.0 | % |
Minneapolis, MN | 25.7 | % | 93.9 | % | 93.8 | % | 0.1 | % | 1,521 | 1,495 | 1.7 | % | 1,626 | 1,611 | 1.0 | % | ||||
North Dakota | 19.8 | % | 95.4 | % | 95.9 | % | (0.5) | % | 1,082 | 1,045 | 3.5 | % | 1,164 | 1,116 | 4.3 | % | ||||
Omaha, NE | 9.2 | % | 95.0 | % | 94.3 | % | 0.7 | % | 934 | 903 | 3.4 | % | 1,044 | 992 | 5.3 | % | ||||
Rochester, MN | 11.6 | % | 94.4 | % | 95.5 | % | (1.1) | % | 1,413 | 1,383 | 2.2 | % | 1,493 | 1,443 | 3.4 | % | ||||
St. Cloud, MN | 8.3 | % | 92.9 | % | 94.3 | % | (1.4) | % | 1,013 | 953 | 6.3 | % | 1,101 | 1,058 | 3.9 | % | ||||
Other Mountain West | 10.4 | % | 97.5 | % | 95.9 | % | 1.6 | % | 1,026 | 954 | 7.5 | % | 1,127 | 1,037 | 8.8 | % | ||||
Same-Store Total | 100.0 | % | 94.7 | % | 94.7 | % | - | $ | 1,242 | $ | 1,208 | 2.8 | % | $ | 1,347 | $ | 1,304 | 3.3 | % |
S-13
|
Three Months Ended | ||||||||||
9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||
Number of Apartment Homes at Period End | ||||||||||
Same-Store | 10,676 | 10,676 | 11,265 | 10,567 | 10,567 | |||||
Non-Same-Store | 3,599 | 903 | 903 | 1,343 | 1,343 | |||||
All Communities | 14,275 | 11,579 | 12,168 | 11,910 | 11,910 | |||||
Average Monthly Rental Rate(2)
| ||||||||||
Same-Store | $ | 1,279 | $ | 1,233 | $ | 1,200 | $ | 1,177 | $ | 1,178 |
Non-Same-Store | 1,506 | 1,617 | 1,584 | 1,599 | 1,597 | |||||
All Communities | $ | 1,293 | $ | 1,263 | $ | 1,229 | $ | 1,225 | $ | 1,210 |
Average Monthly Revenue per Occupied Apartment Home(3)
| ||||||||||
Same-Store | $ | 1,392 | $ | 1,333 | $ | 1,302 | $ | 1,282 | $ | 1,271 |
Non-Same-Store | 1,606 | 1,739 | 1,705 | 1,708 | 1,729 | |||||
All Communities | $ | 1,397 | $ | 1,365 | $ | 1,332 | $ | 1,330 | $ | 1,307 |
Weighted Average Occupancy(4)
| ||||||||||
Same-Store | 94.3 | % | 94.9 | % | 94.9 | % | 95.0 | % | 94.4 | % |
Non-Same-Store | 95.1 | % | 94.2 | % | 91.8 | % | 92.3 | % | 93.9 | % |
All Communities | 94.4 | % | 94.8 | % | 94.6 | % | 94.6 | % | 94.3 | % |
Operating Expenses as a % of Scheduled Rent | ||||||||||
Same-Store | 41.8 | % | 41.9 | % | 42.9 | % | 41.2 | % | 43.4 | % |
Non-Same-Store | 39.9 | % | 32.9 | % | 34.9 | % | 35.3 | % | 39.7 | % |
All Communities | 41.6 | % | 41.0 | % | 42.1 | % | 40.3 | % | 43.0 | % |
Capital Expenditures | ||||||||||
Total Capital Expenditures per Apartment Home - Same-Store
| $ | 255 | $ | 159 | $ | 131 | $ | 326 | $ | 293 |
S-14
|
Three Months Ended | Nine Months Ended | |||||||
9/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Total Same-Store Apartment Homes | 10,676 | 10,676 | 10,676 | 10,676 | ||||
Building - Exterior | $ | 1,236 | $ | 707 | $ | 2,013 | $ | 2,796 |
Building - Interior | 128 | 154 | 431 | 370 | ||||
Mechanical, Electrical, & Plumbing | 145 | - | 476 | - | ||||
Furniture & Equipment | 13 | 19 | 76 | 237 | ||||
Landscaping & Grounds | 211 | 727 | ||||||
Turnover | 989 | 1,071 | 2,371 | 2,553 | ||||
Capital Expenditures - Same-Store | $ | 2,722 | $ | 2,678 | $ | 5,737 | $ | 7,136 |
Capital Expenditures per Apartment Home - Same-Store | $ | 255 | $ | 251 | $ | 537 | $ | 668 |
Value Add | $ | 7,209 | $ | 4,118 | $ | 14,384 | $ | 10,267 |
Total Capital Spend - Same-Store | $ | 9,931 | $ | 6,796 | $ | 20,121 | $ | 17,403 |
Total Capital Spend per Apartment Home - Same-Store | $ | 930 | $ | 637 | $ | 1,885 | $ | 1,630 |
All Properties - Weighted Average Apartment Homes | 12,475 | 11,600 | 12,140 | 11,456 | ||||
Capital Expenditures | $ | 2,827 | $ | 2,761 | $ | 5,939 | $ | 7,755 |
Capital Expenditures per Apartment Home | $ | 227 | $ | 238 | $ | 489 | $ | 677 |
Value Add | 7,209 | 4,118 | 14,396 | 10,267 | ||||
Acquisition Capital | 336 | 730 | 1,297 | 1,265 | ||||
Total Capital Spend | 10,372 | 7,609 | 21,632 | 19,287 | ||||
Total Capital Spend per Apartment Home | $ | 831 | $ | 656 | $ | 1,782 | $ | 1,684 |
Value Add Capital Expenditures | ||||||||
Interior - Units | ||||||||
Same-Store | $ | 4,823 | $ | 2,228 | $ | 9,622 | $ | 4,581 |
Non-Same-Store | - | - | 8 | - | ||||
Total Interior Units | $ | 4,823 | $ | 2,228 | $ | 9,630 | $ | 4,581 |
Expected Year 1 Annual ROI | 16.0 | % | 17.3 | % | 16.3 | % | 17.0 | % |
Common Areas and Exteriors | ||||||||
Same-Store | $ | 2,386 | $ | 1,890 | $ | 4,762 | $ | 5,686 |
Non-Same-Store | - | - | 4 | - | ||||
Total Common Areas and Exteriors | $ | 2,386 | $ | 1,890 | $ | 4,766 | $ | 5,686 |
Expected Year 1 Annual ROI | 8.6 | % | 11.7 | % | 8.4 | % | 11.8 | % |
Total Value-Add Capital Expenditures | ||||||||
Same-Store | $ | 7,209 | $ | 4,118 | $ | 14,384 | $ | 10,267 |
Non-Same-Store | - | - | 12 | - | ||||
Total Portfolio Value-Add | $ | 7,209 | $ | 4,118 | $ | 14,396 | $ | 10,267 |
Expected Year 1 Annual ROI | 13.6 | % | 14.7 | % | 13.7 | % | 14.1 | % |
S-15
|
Nine Months Ended | 2021 Previous Outlook Range | 2021 Revised Outlook Range | ||||||||
September 30, 2021 | Low | High | Low | High | ||||||
YTD Actual | Amount | Amount | Amount | Amount | ||||||
Same-store growth | ||||||||||
Revenue | $ | 122,555 | 2.0 | % | 3.5 | % | 3.5 | % | 4.0 | % |
Controllable expenses | $ | 31,182 | 3.0 | % | 5.0 | % | 3.8 | % | 4.3 | % |
Non-controllable expenses | $ | 18,850 | 5.5 | % | 7.5 | % | 6.3 | % | 6.8 | % |
Total Expenses | $ | 50,032 | 4.0 | % | 6.0 | % | 4.5 | % | 5.0 | % |
Same-store NOI | $ | 72,523 | 0.5 | % | 2.0 | % | 3.0 | % | 3.5 | % |
Components of NOI | ||||||||||
Same-store NOI | $ | 72,523 | $ | 95,100 | $ | 96,300 | $ | 97,300 | $ | 97,800 |
Non-same-store NOI | $ | 10,017 | $ | 11,800 | $ | 12,000 | $ | 17,200 | $ | 17,800 |
Other Commercial NOI | $ | 1,542 | $ | 1,800 | $ | 1,900 | $ | 2,100 | $ | 2,200 |
Other Sold NOI | $ | 1,284 | $ | 1,200 | $ | 1,200 | $ | 1,200 | $ | 1,200 |
Total NOI | $ | 85,366 | $ | 109,900 | $ | 111,400 | $ | 117,800 | $ | 119,000 |
Accretion (dilution) from investments and capital market activity, excluding impact from change in share count | $ | - | 4,350 | 4,500 | 30 | 40 | ||||
Interest expense | $ | (21,622) | (28,700) | (28,500) | (29,100) | (28,900) | ||||
Preferred dividends | $ | (4,821) | (6,430) | (6,430) | (6,430) | (6,430) | ||||
Recurring income and expenses | ||||||||||
Interest and other income | $ | (4,104) | 2,580 | 2,580 | (3,330) | (3,330) | ||||
General and administrative and property management | $ | (18,037) | (23,500) | (23,000) | (25,100) | (24,800) | ||||
Casualty losses | $ | (64) | (1,245) | (755) | (600) | (400) | ||||
Non-real estate depreciation and amortization | $ | (265) | (280) | (280) | (320) | (330) | ||||
Non-controlling interest | $ | (58) | (70) | (65) | (70) | (65) | ||||
Total recurring income and expenses | $ | (22,528) | (22,515) | $ | (21,520) | (29,420) | $ | (28,925) | ||
FFO | $ | 36,395 | $ | 56,605 | $ | 59,450 | $ | 52,880 | $ | 54,785 |
Non-core income and expenses | ||||||||||
Casualty loss | $ | - | $ | 280 | $ | 120 | $ | 280 | $ | 120 |
Technology implementation costs | 1,485 | 1,800 | 1,600 | 2,000 | 1,900 | |||||
Interest rate swap termination and amortization | 5,353 | - | - | 5,400 | 5,400 | |||||
Other miscellaneous items | 193 | - | - | 400 | 400 | |||||
Total non-core income and expenses | $ | 7,031 | $ | 2,080 | $ | 1,720 | $ | 8,080 | $ | 7,820 |
Core FFO | $ | 43,426 | $ | 58,685 | $ | 61,170 | $ | 60,960 | $ | 62,605 |
EPS - Diluted | $ | 0.12 | $ | 0.58 | $ | 0.76 | $ | (0.36) | $ | (0.24) |
FFO per diluted share | $ | 2.44 | $ | 3.64 | $ | 3.83 | $ | 3.40 | $ | 3.52 |
Core FFO per diluted share | $ | 2.91 | $ | 3.78 | $ | 3.94 | $ | 3.92 | $ | 4.02 |
Weighted average shares outstanding - diluted | 14,917 | 15,541 | 15,541 | 15,562 | 15,570 | |||||
Additional Assumptions | ||||||||||
Same-store capital expenditures (per home) | $ | 537 | $ | 875 | $ | 925 | $ | 885 | 915 | |
Value-add expenditures | $ | 14,396 | $ | 15,000 | $ | 20,000 | $ | 22,000 | $ | 23,000 |
Investments | $ | 400,000 | $ | 400,000 | $ | 400,000 | $ | 401,000 | $ | 401,000 |
Dispositions | $ | 60,000 | $ | 60,000 | $ | 60,000 | $ | 62,300 | $ | 62,300 |
Equity issuance proceeds | $ | 86,127 | $ | 66,500 | $ | 66,500 | $ | 101,100 | $ | 111,100 |
S-16
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Previous Outlook | Revised Outlook | |||||||||
Nine Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
September 30, 2021 | December 31, 2021 | December 31, 2021 | ||||||||
Actual | Low | High | Low | High | ||||||
Net income (loss) available to common shareholders | $ | 2,358 | $ | 10,479 | $ | 13,324 | $ | (4,180) | $ | (2,270) |
Noncontrolling interests - Operating Partnership and Series E preferred units | (1,013) | (1,456) | (1,456) | (6,518) | (6,518) | |||||
Depreciation and amortization | 61,747 | 74,157 | 74,157 | 90,452 | 90,452 | |||||
Less depreciation - non real estate | (265) | (280) | (280) | (320) | (330) | |||||
Less depreciation - partially owned entities | (72) | (95) | (95) | (70) | (65) | |||||
(Gain) loss on sale of real estate | (26,840) | (26,840) | (26,840) | (27,124) | (27,124) | |||||
Dividends to preferred unitholders | 480 | 640 | 640 | 640 | 640 | |||||
FFO applicable to common shares and Units | $ | 36,395 | $ | 56,605 | $ | 59,450 | $ | 52,880 | $ | 54,785 |
Adjustments to Core FFO: | ||||||||||
Casualty loss write off | - | 280 | 120 | 280 | 120 | |||||
Technology implementation costs | 1,485 | 1,800 | 1,600 | 2,000 | 1,900 | |||||
Interest rate swap termination and amortization | 5,353 | - | - | 5,400 | 5,400 | |||||
Other miscellaneous items | 193 | - | - | 400 | 400 | |||||
Core FFO applicable to common shares and Units | $ | 43,426 | $ | 58,685 | $ | 61,170 | $ | 60,960 | $ | 62,605 |
Earnings per share - diluted | $ | 0.12 | $ | 0.58 | $ | 0.76 | $ | (0.36) | $ | (0.24) |
FFO per share - diluted | $ | 2.44 | $ | 3.64 | $ | 3.83 | $ | 3.40 | $ | 3.52 |
Core FFO per share - diluted | $ | 2.91 | $ | 3.78 | $ | 3.94 | $ | 3.92 | $ | 4.02 |
Previous Outlook | Revised Outlook | |||||||||
Nine Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
September 30, 2021 | December 31, 2021 | December 31, 2021 | ||||||||
Actual | Low | High | Low | High | ||||||
Operating income | $ | 5,518 | $ | 10,998 | $ | 13,488 | $ | 1,648 | $ | 3,348 |
Adjustments: | ||||||||||
General and administrative and property management expenses | 18,037 | 23,500 | 23,000 | 25,100 | 24,800 | |||||
Casualty loss | 64 | 1,245 | 755 | 600 | 400 | |||||
Depreciation and amortization | 61,747 | 74,157 | 74,157 | 90,452 | 90,452 | |||||
Net operating income | $ | 85,366 | $ | 109,900 | $ | 111,400 | $ | 117,800 | $ | 119,000 |
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Centerspace published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 20:38:27 UTC.