CENTERSPACE
For the period ended Oct 28, 2024. Filed Oct 28, 2024.
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Oct 28, 2024 · Filed Oct 28, 2024
Contents
EX-99.1 · Adjusted EBITDA
RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS
TO ADJUSTED EBITDA(1)
| (in thousands) | |||||||
|---|---|---|---|---|---|---|---|
| Three Months Ended · Nine Months Ended | |||||||
| 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 9/30/2024 | 9/30/2023 | |
| Adjusted EBITDA | |||||||
| Net income (loss) available to controlling interests | $(1,048) | $(1,296) | $(3,905) | $(8,157) | $7,774 | $(6,249) | $49,482 |
| Adjustments: | |||||||
| Dividends to Series D preferred unitholders | 160 | 160 | 160 | 160 | 160 | 480 | 480 |
| Noncontrolling interests – Operating Partnership and Series E preferred units | (1,095) | (561) | (1,079) | (1,917) | 1,204 | (2,735) | 9,058 |
| Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units | $(1,983) | $(1,697) | $(4,824) | $(9,914) | $9,138 | $(8,504) | $59,020 |
| Adjustments: | |||||||
| Interest expense | 8,932 | 9,318 | 9,193 | 8,900 | 8,542 | 27,443 | 27,473 |
| Depreciation and amortization related to real estate investments | 26,059 | 25,689 | 26,988 | 26,595 | 24,675 | 78,736 | 74,997 |
| Impairment of real estate | — | — | — | 5,218 | — | — | — |
| Non-cash casualty (recovery) loss | (632) | 191 | 702 | 535 | 854 | 261 | 815 |
| Interest income | (558) | (462) | (280) | (316) | (187) | (1,300) | (527) |
| (Gain) loss on sale of real estate and other assets | — | — | 577 | 83 | (11,235) | 577 | (71,323) |
| Severance and transition related costs | — | — | — | (10) | — | — | 3,180 |
| Loss on litigation settlement and associated trial costs(2) | — | — | 37 | 1,035 | 34 | 37 | 3,235 |
| Other miscellaneous items(3) | (61) | 31 | (42) | (35) | (129) | (72) | (97) |
| Adjusted EBITDA | $31,757 | $33,070 | $32,351 | $32,091 | $31,692 | $97,178 | $96,773 |
(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.
(2)Consists of $37,000 in associated trial costs related to the litigation matter for the nine months ended September 30, 2024. Consists of a $3.9 million loss on litigation settlement for a trial judgment entered against the Company and $406,000 in associated trial costs related to the litigation matter for the year ended December 31, 2023.
(3)Consists of (gain) loss on investments and one-time professional fees.
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