Minot, North Dakota-Based Centerspace Reports Strong Q4 Earnings
Centerspace (CSR) reported impressive financial results for its fourth quarter, exceeding market expectations.
Funds from Operations
The real estate investment trust based in Minot, North Dakota, reported funds from operations (FFO) of $24 million, or $1.21 per share, in the quarter. This surpassed the average analyst estimate of $1.18 per share as surveyed by Zacks Investment Research. FFO is a key profitability metric in the REIT industry.
Revenue
Centerspace generated revenue of $66.4 million in the quarter, also surpassing Street forecasts. Three analysts surveyed by Zacks expected revenue of $65.5 million.
Net Loss
Despite strong FFO, the company reported a net loss of $5.1 million, or 31 cents per share.
Full-Year Results
For the full year, Centerspace reported FFO of $91.3 million and revenue of $261 million.
Guidance
Centerspace anticipates full-year FFO in the range of $4.86 to $5.10 per share.