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Centerspace, the apartment real estate company previously reported under IRET, issues news about ownership, management, acquisition, redevelopment and development of apartment communities. Company updates commonly cover quarterly financial and operating results, including FFO, Core FFO, same-store revenue, expenses, net operating income, occupancy and rent collections.
Recurring announcements also address common and preferred share distributions, portfolio acquisitions and asset sales, unsecured notes, revolving credit facilities, bank loan repayments, share-related capital actions and finance leadership changes. Historical IRET releases identify the company’s common shares and Series C preferred shares as NYSE-traded securities.
IRET reported its financial results for Q2 2020, showing a net loss of $(0.44) per diluted share compared to a profit of $0.11 in Q2 2019. For the six months ended June 30, 2020, net loss was $(1.13) per diluted share versus $(0.43) in 2019. Core FFO for Q2 2020 was $0.91, down from $1.00 in Q2 2019, while same-store revenues increased by 1.4% year-over-year. The company maintained a high collection rate of 99.1%. IRET has $239.7 million in liquidity, including $52.7 million in cash. The impact of COVID-19 continues to pose challenges, leading to the withdrawal of the 2020 financial outlook.
IRET (NYSE: IRET) announced it will release its Q2 2020 operating results on August 3, 2020, following a business update regarding COVID-19 impacts. In June, the company achieved 100% collections of total revenues and had a 94.0% occupancy rate, up from 93.8% in June 2019. IRET entered 16 rental deferral agreements totaling $23,000 in June and $212,000 for the three months ending in June, with $68,000 still outstanding. A conference call is scheduled for August 4, 2020, to further discuss results.
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