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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centerspace | NYSE:CSR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.39 | -0.56% | 69.41 | 70.14 | 69.32 | 69.96 | 94,569 | 22:30:00 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Dakota | 45-0311232 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
3100 10th Street SW | Post Office Box 1988 | Minot | ND | 58702-1988 | ||||||||||
(Address of principal executive offices) | (Zip code) |
Yes | ☑ | No | ☐ |
Yes | ☑ | No | ☐ |
Large Accelerated Filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller Reporting Company | ☐ | Emerging growth company | ☐ |
Yes | ☐ | No | ☑ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Shares of Beneficial Interest, no par value | CSR | New York Stock Exchange | ||||||
Series C Cumulative Redeemable Preferred Shares | CSR-PRC | New York Stock Exchange |
Page | |||||
(in thousands, except per share data) | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate investments | |||||||||||
Property owned | $ | 2,390,952 | $ | 2,271,170 | |||||||
Less accumulated depreciation | (465,752) | (443,592) | |||||||||
1,925,200 | 1,827,578 | ||||||||||
Mortgage loans receivable at fair value | — | 43,276 | |||||||||
Total real estate investments | 1,925,200 | 1,870,854 | |||||||||
Cash and cash equivalents | 13,313 | 31,267 | |||||||||
Restricted cash | 2,409 | 7,358 | |||||||||
Other assets | 24,651 | 30,582 | |||||||||
TOTAL ASSETS | $ | 1,965,573 | $ | 1,940,061 | |||||||
LIABILITIES, MEZZANINE EQUITY, AND EQUITY | |||||||||||
LIABILITIES | |||||||||||
Accounts payable and accrued expenses | $ | 50,360 | $ | 62,403 | |||||||
Revolving lines of credit | 46,000 | 76,000 | |||||||||
Notes payable, net of unamortized loan costs of $641 and $656, respectively | 299,359 | 299,344 | |||||||||
Mortgages payable, net of unamortized loan costs of $3,648 and $3,187, respectively | 521,536 | 480,703 | |||||||||
TOTAL LIABILITIES | $ | 917,255 | $ | 918,450 | |||||||
COMMITMENTS AND CONTINGENCIES (NOTE 10) | |||||||||||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at March 31, 2022 and December 31, 2021, aggregate liquidation preference of $16,560) | $ | 22,412 | $ | 25,331 | |||||||
EQUITY | |||||||||||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 3,881 shares issued and outstanding at March 31, 2022 and December 31, 2021, aggregate liquidation preference of $97,036) | 93,530 | 93,530 | |||||||||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,366 shares issued and outstanding at March 31, 2022 and 15,016 shares issued and outstanding at December 31, 2021) | 1,203,685 | 1,157,255 | |||||||||
Accumulated distributions in excess of net income | (495,732) | (474,318) | |||||||||
Accumulated other comprehensive income (loss) | (2,550) | (4,435) | |||||||||
Total shareholders’ equity | $ | 798,933 | $ | 772,032 | |||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | 226,302 | 223,600 | |||||||||
Noncontrolling interests – consolidated real estate entities | 671 | 648 | |||||||||
Total equity | $ | 1,025,906 | $ | 996,280 | |||||||
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ | 1,965,573 | $ | 1,940,061 |
(in thousands, except per share data) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
REVENUE | $ | 60,314 | $ | 46,648 | ||||||||||
EXPENSES | ||||||||||||||
Property operating expenses, excluding real estate taxes | 19,014 | 13,449 | ||||||||||||
Real estate taxes | 6,859 | 5,792 | ||||||||||||
Property management expense | 2,253 | 1,767 | ||||||||||||
Casualty (gain) loss | 598 | 101 | ||||||||||||
Depreciation and amortization | 31,001 | 19,992 | ||||||||||||
General and administrative expenses | 4,500 | 3,906 | ||||||||||||
TOTAL EXPENSES | $ | 64,225 | $ | 45,007 | ||||||||||
Operating income (loss) | (3,911) | 1,641 | ||||||||||||
Interest expense | (7,715) | (7,231) | ||||||||||||
Interest and other income (loss) | 1,063 | 431 | ||||||||||||
NET INCOME (LOSS) | $ | (10,563) | $ | (5,159) | ||||||||||
Dividends to Series D preferred unitholders | (160) | (160) | ||||||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 2,157 | 469 | ||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (23) | (17) | ||||||||||||
Net income (loss) attributable to controlling interests | (8,589) | (4,867) | ||||||||||||
Dividends to preferred shareholders | (1,607) | (1,607) | ||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | (10,196) | $ | (6,474) | ||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ | (0.68) | $ | (0.49) | ||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED | $ | (0.68) | $ | (0.49) |
(in thousands) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net income (loss) | $ | (10,563) | $ | (5,159) | ||||||||||
Other comprehensive income: | ||||||||||||||
Unrealized gain (loss) from derivative instrument | 1,581 | 2,011 | ||||||||||||
(Gain) loss on derivative instrument reclassified into earnings | 304 | 1,095 | ||||||||||||
Total comprehensive income (loss) | $ | (8,678) | $ | (2,053) | ||||||||||
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 2,480 | 261 | ||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (23) | (17) | ||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | (6,221) | $ | (1,809) |
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | PREFERRED SHARES | NUMBER OF COMMON SHARES | COMMON SHARES | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTERESTS | TOTAL EQUITY | |||||||||||||||||||||||||||||||
Balance December 31, 2020 | $ | 93,530 | 13,027 | $ | 968,263 | $ | (427,681) | $ | (15,905) | $ | 54,616 | $ | 672,823 | |||||||||||||||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | (4,867) | (452) | (5,319) | |||||||||||||||||||||||||||||||||||
Change in fair value of derivatives | 3,107 | 3,107 | ||||||||||||||||||||||||||||||||||||
Distributions - common shares and units ($0.70 per share and unit) | (9,254) | (665) | (9,919) | |||||||||||||||||||||||||||||||||||
Distributions – Series C preferred shares ($0.414063 per Series C share) | (1,607) | (1,607) | ||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 3 | 810 | 810 | |||||||||||||||||||||||||||||||||||
Sale of common shares, net | 164 | 11,782 | 11,782 | |||||||||||||||||||||||||||||||||||
Redemption of units for common shares | 26 | (220) | 220 | — | ||||||||||||||||||||||||||||||||||
Other | — | (182) | (43) | (225) | ||||||||||||||||||||||||||||||||||
Balance March 31, 2021 | $ | 93,530 | 13,220 | $ | 980,453 | $ | (443,409) | $ | (12,798) | $ | 53,676 | $ | 671,452 | |||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | $ | 93,530 | 15,016 | $ | 1,157,255 | $ | (474,318) | $ | (4,435) | $ | 224,248 | $ | 996,280 | |||||||||||||||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | (8,589) | (2,134) | (10,723) | |||||||||||||||||||||||||||||||||||
Change in fair value of derivatives | 1,885 | 1,885 | ||||||||||||||||||||||||||||||||||||
Distributions - common shares and units ($0.73 per share and unit) | (11,218) | (728) | (11,946) | |||||||||||||||||||||||||||||||||||
Distributions – Series C preferred shares ($0.414063 per Series C share) | (1,607) | (1,607) | ||||||||||||||||||||||||||||||||||||
Distributions - Series E preferred units ($0.968750 per unit) | (1,757) | (1,757) | ||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 19 | 719 | 719 | |||||||||||||||||||||||||||||||||||
Sale of common shares, net | 321 | 31,684 | 31,684 | |||||||||||||||||||||||||||||||||||
Issuance of Units | 13,023 | 9,859 | 22,882 | |||||||||||||||||||||||||||||||||||
Redemption of units for common shares | 10 | (388) | 388 | — | ||||||||||||||||||||||||||||||||||
Redemption of units for cash | (2,903) | (2,903) | ||||||||||||||||||||||||||||||||||||
Change in value of Series D preferred units | 2,919 | 2,919 | ||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | (1,274) | (1,274) | ||||||||||||||||||||||||||||||||||||
Other | — | (253) | — | (253) | ||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | $ | 93,530 | 15,366 | $ | 1,203,685 | $ | (495,732) | $ | (2,550) | $ | 226,973 | $ | 1,025,906 |
(in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | (10,563) | $ | (5,159) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization, including amortization of capitalized loan costs | 31,096 | 20,245 | |||||||||
Share-based compensation expense | 719 | 810 | |||||||||
(Gain) loss on interest rate swap termination, amortization, and mark-to-market | (613) | — | |||||||||
Other, net | 416 | 836 | |||||||||
Changes in other assets and liabilities: | |||||||||||
Other assets | 1,316 | (533) | |||||||||
Accounts payable and accrued expenses | (10,773) | (1,244) | |||||||||
Net cash provided by (used by) operating activities | $ | 11,598 | $ | 14,955 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Increase in mortgages and notes receivable | — | (5,445) | |||||||||
Payments for acquisitions of real estate investments | (9,545) | (77,585) | |||||||||
Payments for improvements of real estate investments | (3,474) | (2,165) | |||||||||
Other investing activities | 288 | 160 | |||||||||
Net cash provided by (used by) investing activities | $ | (12,731) | $ | (85,035) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Principal payments on mortgages payable | (2,154) | (3,566) | |||||||||
Proceeds from revolving lines of credit | 13,000 | 105,716 | |||||||||
Principal payments on revolving lines of credit | (43,000) | (77,044) | |||||||||
Net proceeds from notes payable | — | 49,940 | |||||||||
Payment for termination of interest rate swap | (3,209) | — | |||||||||
Net proceeds from issuance of common shares | 31,684 | 11,782 | |||||||||
Redemption of partnership units | (2,903) | ||||||||||
Distributions paid to common shareholders | (10,812) | (9,119) | |||||||||
Distributions paid to preferred shareholders | (1,607) | (1,607) | |||||||||
Distributions paid to preferred unitholders | (160) | (160) | |||||||||
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (2,356) | (683) | |||||||||
Other financing activities | (253) | (63) | |||||||||
Net cash provided by (used by) financing activities | $ | (21,770) | $ | 75,196 | |||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (22,903) | 5,116 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 38,625 | 7,310 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 15,722 | $ | 12,426 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Accrued capital expenditures | $ | 2,656 | $ | 2,418 | |||||||
Operating partnership units converted to shares | (388) | (220) | |||||||||
Distributions declared but not paid to common shareholders | 11,944 | 9,919 | |||||||||
Retirement of shares withheld for taxes | 1,273 | — | |||||||||
Real estate assets acquired through assumption of debt | 41,623 | — | |||||||||
Fair value adjustment to debt | 1,224 | — | |||||||||
Note receivable exchanged through real estate acquisition | 43,276 | — | |||||||||
Real estate assets acquired through issuance of operating partnership units | 22,882 | — | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest | $ | 7,182 | $ | 6,787 |
(in thousands) | |||||||||||||||||
Balance sheet description | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||
Cash and cash equivalents | $ | 13,313 | $ | 31,267 | $ | 10,816 | |||||||||||
Restricted cash | 2,409 | 7,358 | 1,610 | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 15,722 | $ | 38,625 | $ | 12,426 |
(in thousands) | ||||||||
2022 (remainder) | $ | 1,958 | ||||||
2023 | 2,627 | |||||||
2024 | 2,577 | |||||||
2025 | 2,528 | |||||||
2026 | 1,935 | |||||||
Thereafter | 1,548 | |||||||
Total scheduled lease income - commercial operating leases | $ | 13,173 |
(in thousands) | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
Revenue Stream | Applicable Standard | 2022 | 2021 | ||||||||||||||
Fixed lease income - operating leases | Leases | $ | 56,673 | $ | 43,840 | ||||||||||||
Variable lease income - operating leases | Leases | 2,523 | 1,969 | ||||||||||||||
Other property revenue | Revenue from contracts with customers | 1,118 | 839 | ||||||||||||||
Total revenue | $ | 60,314 | $ | 46,648 |
(in thousands, except per share data) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
NUMERATOR | ||||||||||||||
Net income (loss) attributable to controlling interests | $ | (8,589) | $ | (4,867) | ||||||||||
Dividends to preferred shareholders | (1,607) | (1,607) | ||||||||||||
Numerator for basic earnings (loss) per share – net income available to common shareholders | (10,196) | (6,474) | ||||||||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | (2,157) | (469) | ||||||||||||
Dividends to preferred unitholders | 160 | 160 | ||||||||||||
Numerator for diluted earnings (loss) per share | $ | (12,193) | $ | (6,783) | ||||||||||
DENOMINATOR | ||||||||||||||
Denominator for basic earnings per share weighted average shares | 15,097 | 13,078 | ||||||||||||
Effect of redeemable operating partnership units | — | 957 | ||||||||||||
Denominator for diluted earnings per share | 15,097 | 14,035 | ||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ | (0.68) | $ | (0.49) | ||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED | $ | (0.68) | $ | (0.49) |
(in thousands) | |||||||||||
Three Months Ended March 31, | Number of Units | Net Book Basis | |||||||||
2022 | 10 | $ | (388) | ||||||||
2021 | 26 | $ | (220) | ||||||||
(in thousands) | |||||||||||||||||
Three Months Ended March 31, | Number of Units | Aggregate Cost | Average Price Per Unit | ||||||||||||||
2022 | 31 | $ | 2,903 | $ | 93.14 | ||||||||||||
2021 | — | $ | 9 | $ | 71.55 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended March 31, | Number of Common Shares | Net Consideration(1) | Average Net Price Per Share | ||||||||||||||
2022 | 321 | $ | 31,732 | $ | 98.89 | ||||||||||||
2021 | 164 | $ | 11,859 | $ | 72.19 | ||||||||||||
(in thousands) | |||||||||||
March 31, 2022 | December 31, 2021 | Weighted Average Maturity in Years at March 31, 2022 | |||||||||
Lines of credit | $ | 46,000 | $ | 76,000 | 3.75 | ||||||
Unsecured senior notes (1) | 300,000 | 300,000 | 8.63 | ||||||||
Unsecured debt | 346,000 | 376,000 | 7.98 | ||||||||
Mortgages payable - Fannie Mae credit facility | 198,850 | 198,850 | 9.56 | ||||||||
Mortgages payable - other | 326,113 | 284,934 | 6.71 | ||||||||
Total debt | $ | 870,963 | $ | 859,784 | 7.14 | ||||||
Weighted average interest rate on lines of credit (rate with swap)(2) | 2.56 | % | 2.74 | % | |||||||
Weighted average interest rate on unsecured senior notes | 3.12 | % | 3.12 | % | |||||||
Weighted average interest rate on mortgages payable - Fannie Mae credit facility | 2.78 | % | 2.78 | % | |||||||
Weighted average interest rate on mortgages payable - other | 3.85 | % | 3.81 | % | |||||||
Weighted average interest rate on total debt | 3.29 | % | 3.26 | % |
(in thousands) | |||||
2022 (remainder) | $ | 26,443 | |||
2023 | 45,988 | ||||
2024 | 5,012 | ||||
2025 | 79,850 | ||||
2026 | 50,088 | ||||
Thereafter | 663,582 | ||||
Total payments | $ | 870,963 |
(in thousands) | |||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
Total derivative instruments designated as hedging instruments - interest rate swaps | Accounts Payable and Accrued Expenses | $ | — | $ | 4,610 | ||||||||||||
Total derivative instruments not designated as hedging instruments - interest rate swaps | Accounts Payable and Accrued Expenses | $ | — | $ | 1,097 |
(in thousands) | |||||||||||||||||||||||||||||
Gain (Loss) Recognized in OCI | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from Accumulated OCI into Income | |||||||||||||||||||||||||||
Three months ended March 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Total derivatives in cash flow hedging relationships - Interest rate contracts | $ | 1,581 | $ | 2,011 | Interest expense | $ | (304) | $ | (1,095) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Notes receivable | $ | 6,068 | — | — | $ | 6,068 | |||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Mortgages and notes receivable | $ | 49,484 | — | — | $ | 49,484 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - interest rate swaps | $ | 5,707 | $ | — | — | $ | 5,707 |
(in thousands) | |||||||||||||||||||||||
Fair Value Measurement at March 31, | Other Gains (Losses) | Interest Income | Total Changes in Fair Value Included in Current-Period Earnings | ||||||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||
Notes receivable | $ | 6,068 | $ | 4 | $ | 460 | $ | 464 | |||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||||||||
Mortgage loans and notes receivable | $ | 36,443 | $ | 4 | $ | 407 | $ | 411 |
(in thousands) | |||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 13,313 | $ | 13,313 | $ | 31,267 | $ | 31,267 | |||||||||||||||
Restricted cash | $ | 2,409 | $ | 2,409 | $ | 7,358 | $ | 7,358 | |||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||||||||
Revolving lines of credit(1) | $ | 46,000 | $ | 46,000 | $ | 76,000 | $ | 76,000 | |||||||||||||||
Unsecured senior notes | $ | 300,000 | $ | 273,973 | $ | 300,000 | $ | 308,302 | |||||||||||||||
Mortgages payable - Fannie Mae | $ | 198,850 | $ | 176,055 | $ | 198,850 | $ | 198,850 | |||||||||||||||
Mortgages payable - other | $ | 326,113 | $ | 308,363 | $ | 284,934 | $ | 284,546 |
Date Acquired | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Acquisition Cost | Form of Consideration | Investment Allocation | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Cash | Units(1) | Other(2) | Land | Building | Intangible Assets | Other(3) | ||||||||||||||||||||||||||||||||||||||||||||||
191 homes - Martin Blu - Minneapolis, MN | January 4, 2022 | $ | 49,825 | $ | 3,031 | $ | 18,885 | $ | 27,909 | $ | 3,547 | $ | 45,212 | $ | 1,813 | $ | (747) | ||||||||||||||||||||||||||||||||||||
31 homes - Zest - Minneapolis, MN | January 4, 2022 | 9,066 | 1,290 | 1,748 | 6,028 | 941 | 7,853 | 335 | (63) | ||||||||||||||||||||||||||||||||||||||||||||
45 homes - Elements - Minneapolis, MN | January 4, 2022 | 11,364 | 1,429 | 2,249 | 7,686 | 936 | 10,261 | 574 | (407) | ||||||||||||||||||||||||||||||||||||||||||||
130 homes - Noko Apartments - Minneapolis, MN | January 26, 2022 | 46,619 | 3,343 | — | 43,276 | 1,915 | 42,754 | 1,950 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Acquisitions | $ | 116,874 | $ | 9,093 | $ | 22,882 | $ | 84,899 | $ | 7,339 | $ | 106,080 | $ | 4,672 | $ | (1,217) |
Date Acquired | (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Acquisition Cost | Form of Consideration | Investment Allocation | |||||||||||||||||||||||||||||||||||||||
Acquisitions | Cash | Land | Building | Intangible Assets | |||||||||||||||||||||||||||||||||||||
256 homes - Union Pointe - Longmont, CO | January 6, 2021 | $ | 76,900 | $ | 76,900 | $ | 5,727 | $ | 69,966 | $ | 1,207 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||
Three Months Ended March 31, 2022 | Multifamily | All Other | Total | ||||||||||||||
Revenue | $ | 59,398 | $ | 916 | $ | 60,314 | |||||||||||
Property operating expenses, including real estate taxes | 25,544 | 329 | 25,873 | ||||||||||||||
Net operating income | $ | 33,854 | $ | 587 | $ | 34,441 | |||||||||||
Property management | (2,253) | ||||||||||||||||
Casualty gain (loss) | (598) | ||||||||||||||||
Depreciation and amortization | (31,001) | ||||||||||||||||
General and administrative expenses | (4,500) | ||||||||||||||||
Interest expense | (7,715) | ||||||||||||||||
Interest and other income | 1,063 | ||||||||||||||||
Net income (loss) | $ | (10,563) |
(in thousands) | |||||||||||||||||
Three Months Ended March 31, 2021 | Multifamily | All Other | Total | ||||||||||||||
Revenue | $ | 44,241 | $ | 2,407 | $ | 46,648 | |||||||||||
Property operating expenses, including real estate taxes | 17,874 | 1,367 | 19,241 | ||||||||||||||
Net operating income | $ | 26,367 | $ | 1,040 | $ | 27,407 | |||||||||||
Property management | (1,767) | ||||||||||||||||
Casualty gain (loss) | (101) | ||||||||||||||||
Depreciation and amortization | (19,992) | ||||||||||||||||
General and administrative expenses | (3,906) | ||||||||||||||||
Interest expense | (7,231) | ||||||||||||||||
Interest and other income | 431 | ||||||||||||||||
Net income (loss) | $ | (5,159) |
(in thousands) | |||||||||||||||||
As of March 31, 2022 | Multifamily | All Other | Total | ||||||||||||||
Segment assets | |||||||||||||||||
Property owned | $ | 2,364,167 | $ | 26,785 | $ | 2,390,952 | |||||||||||
Less accumulated depreciation | (457,985) | (7,767) | (465,752) | ||||||||||||||
Total property owned | $ | 1,906,182 | $ | 19,018 | $ | 1,925,200 | |||||||||||
Cash and cash equivalents | 13,313 | ||||||||||||||||
Restricted cash | 2,409 | ||||||||||||||||
Other assets | 24,651 | ||||||||||||||||
Total Assets | $ | 1,965,573 |
(in thousands) | |||||||||||||||||
As of December 31, 2021 | Multifamily | All Other | Total | ||||||||||||||
Segment assets | |||||||||||||||||
Property owned | $ | 2,244,250 | $ | 26,920 | $ | 2,271,170 | |||||||||||
Less accumulated depreciation | (436,004) | (7,588) | (443,592) | ||||||||||||||
Total property owned | $ | 1,808,246 | $ | 19,332 | $ | 1,827,578 | |||||||||||
Mortgage loans receivable | 43,276 | ||||||||||||||||
Cash and cash equivalents | 31,267 | ||||||||||||||||
Restricted cash | 7,358 | ||||||||||||||||
Other assets | 30,582 | ||||||||||||||||
Total Assets | $ | 1,940,061 |
2022 | |||||
Exercise price | $ | 110.90 | |||
Risk-free rate | 1.44 | % | |||
Expected term | 6.25 years | ||||
Expected volatility | 21.2 | % | |||
Dividend yield | 2.597 | % |
(in thousands, except percentages) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Operating income (loss) | $ | (3,911) | $ | 1,641 | $ | (5,552) | (338.3) | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Property management expenses | 2,253 | 1,767 | 486 | 27.5 | % | ||||||||||||||||||
Casualty (gain) loss | 598 | 101 | 497 | 492.1 | % | ||||||||||||||||||
Depreciation and amortization | 31,001 | 19,992 | 11,009 | 55.1 | % | ||||||||||||||||||
General and administrative expenses | 4,500 | 3,906 | 594 | 15.2 | % | ||||||||||||||||||
Net operating income | $ | 34,441 | $ | 27,407 | $ | 7,034 | 25.7 | % |
(in thousands, except percentages) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Same-store | $ | 46,891 | $ | 43,194 | $ | 3,697 | 8.6 | % | |||||||||||||||
Non-same-store | 12,507 | 1,047 | 11,460 | 1,094.6 | % | ||||||||||||||||||
Other | 916 | 668 | 248 | 37.1 | % | ||||||||||||||||||
Dispositions | — | 1,739 | (1,739) | (100.0) | % | ||||||||||||||||||
Total | 60,314 | 46,648 | 13,666 | 29.3 | % | ||||||||||||||||||
Property operating expenses, including real estate taxes | |||||||||||||||||||||||
Same-store | 19,215 | 17,529 | 1,686 | 9.6 | % | ||||||||||||||||||
Non-same-store | 6,329 | 345 | 5,984 | 1,734.5 | % | ||||||||||||||||||
Other | 329 | 264 | 65 | 24.6 | % | ||||||||||||||||||
Dispositions | — | 1,103 | (1,103) | (100.0) | % | ||||||||||||||||||
Total | 25,873 | 19,241 | 6,632 | 34.5 | % | ||||||||||||||||||
Net operating income | |||||||||||||||||||||||
Same-store | 27,676 | 25,665 | 2,011 | 7.8 | % | ||||||||||||||||||
Non-same-store | 6,178 | 702 | 5,476 | 780.1 | % | ||||||||||||||||||
Other | 587 | 404 | 183 | 45.3 | % | ||||||||||||||||||
Dispositions | — | 636 | (636) | (100.0) | % | ||||||||||||||||||
Total | $ | 34,441 | $ | 27,407 | $ | 7,034 | 25.7 | % | |||||||||||||||
Property management expenses | (2,253) | (1,767) | 486 | 27.5 | % | ||||||||||||||||||
Casualty gain (loss) | (598) | (101) | 497 | 492.1 | % | ||||||||||||||||||
Depreciation and amortization | (31,001) | (19,992) | 11,009 | 55.1 | % | ||||||||||||||||||
General and administrative expenses | (4,500) | (3,906) | 594 | 15.2 | % | ||||||||||||||||||
Interest expense | (7,715) | (7,231) | 484 | 6.7 | % | ||||||||||||||||||
Interest and other income (loss) | 1,063 | 431 | 632 | 146.6 | % | ||||||||||||||||||
NET INCOME (LOSS) | $ | (10,563) | $ | (5,159) | $ | (5,404) | 104.7 | % | |||||||||||||||
Dividends to Series D preferred unitholders | (160) | (160) | — | — | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 2,157 | 469 | 1,688 | 359.9 | % | ||||||||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (23) | (17) | (6) | 35.3 | % | ||||||||||||||||||
Net income (loss) attributable to controlling interests | (8,589) | (4,867) | (3,722) | 76.5 | % | ||||||||||||||||||
Dividends to preferred shareholders | (1,607) | (1,607) | — | — | |||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | (10,196) | $ | (6,474) | $ | (3,722) | 57.5 | % |
Three Months Ended March 31, | |||||||||||
Weighted Average Occupancy(1) | 2022 | 2021 | |||||||||
Same-store | 93.9 | % | 94.7 | % | |||||||
Non-same-store | 94.5 | % | 90.3 | % | |||||||
Total | 94.0 | % | 94.6 | % |
Number of Apartment Homes | March 31, 2022 | March 31, 2021 | |||||||||
Same-store | 11,319 | 11,319 | |||||||||
Non-same-store | 3,519 | 256 | |||||||||
Total | 14,838 | 11,575 |
(in thousands, except per share and unit amounts) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) available to common shareholders | $ | (10,196) | $ | (6,474) | |||||||
Adjustments: | |||||||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | (2,157) | (469) | |||||||||
Depreciation and amortization | 31,001 | 19,992 | |||||||||
Less depreciation – non real estate | (101) | (98) | |||||||||
Less depreciation – partially owned entities | (21) | (24) | |||||||||
FFO applicable to common shares and Units | $ | 18,526 | $ | 12,927 | |||||||
Adjustments to Core FFO: | |||||||||||
Non-cash casualty (gain) loss | 25 | — | |||||||||
Technology implementation costs | 103 | 413 | |||||||||
Interest rate swap termination, amortization, and mark-to-market | (613) | — | |||||||||
Amortization of assumed debt | (115) | — | |||||||||
Other miscellaneous items | (4) | — | |||||||||
Core FFO applicable to common shares and units | $ | 17,922 | $ | 13,340 | |||||||
FFO applicable to common shares and Units | $ | 18,526 | $ | 12,927 | |||||||
Dividends to preferred unitholders | 160 | 160 | |||||||||
FFO applicable to common shares and Units - diluted | $ | 18,686 | $ | 13,087 | |||||||
Core FFO applicable to common shares and units | $ | 17,922 | $ | 13,340 | |||||||
Dividends to preferred unitholders | 160 | 160 | |||||||||
Core FFO applicable to common shares and Units - diluted | $ | 18,082 | $ | 13,500 | |||||||
Per Share Data | |||||||||||
Earnings (loss) per common share - diluted | $ | (0.68) | $ | (0.49) | |||||||
FFO per share and Unit - diluted | $ | 1.01 | $ | 0.92 | |||||||
Core FFO per share and Unit - diluted | $ | 0.98 | $ | 0.95 | |||||||
Weighted average shares and Units - diluted | 18,542 | 14,282 |
Maximum Dollar | |||||||||||||||||
Total Number of Shares | Amount of Shares That | ||||||||||||||||
Total Number of | Average Price | Purchased as Part of | May Yet Be Purchased | ||||||||||||||
Shares and Units | Paid per | Publicly Announced | Under the Plans or | ||||||||||||||
Period | Purchased | Share and Unit(1) | Plans or Programs | Programs | |||||||||||||
January 1 - 31, 2022 | — | — | — | — | |||||||||||||
February 1 - 28, 2022 | 31,168 | 93.03 | — | — | |||||||||||||
March 1 - 31, 2022 | — | — | — | — | |||||||||||||
Total | 31,168 | 93.03 | — |
Exhibit No. | Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
10.1 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101 INS** | INSTANCE DOCUMENT | ||||
101 SCH** | SCHEMA DOCUMENT | ||||
101 CAL** | CALCULATION LINKBASE DOCUMENT | ||||
101 LAB** | LABELS LINKBASE DOCUMENT | ||||
101 PRE** | PRESENTATION LINKBASE DOCUMENT | ||||
101 DEF** | DEFINITION LINKBASE DOCUMENT | ||||
104** | COVER PAGE INTERACTIVE DATA FILE - THE COVER PAGE XBRL TAGS ARE EMBEDDED WITHIN THE INLINE XBRL DOCUMENT |
/s/ Mark O. Decker, Jr. | |||||
Mark O. Decker, Jr. | |||||
President and Chief Executive Officer | |||||
/s/ Bhairav Patel | |||||
Bhairav Patel | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: May 2, 2022 |
1 Year Centerspace Chart |
1 Month Centerspace Chart |
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