Quarterly ResultMay 4, 2026, 04:24 PM
Centerspace Q1 Core FFO $1.12, down 7.4%; Net Loss $(0.77)
AI Summary
Centerspace reported its Q1 2026 financial and operating results, with Core FFO per diluted share decreasing 7.4% to $1.12 and net loss widening to $(0.77) per diluted share. Revenue decreased 3.0% year-over-year, primarily due to prior year asset sales, while same-store NOI declined 1.1%. The company reaffirmed its 2026 Core FFO outlook but updated its net loss outlook to a wider range of $(0.95) to $(0.66). Centerspace also provided an update on its ongoing strategic review process, expecting a more substantive update by the Q2 earnings release.
Key Highlights
- Q1 2026 Net loss per diluted share was $(0.77), compared to $(0.22) in Q1 2025.
- Q1 2026 Core FFO per diluted share decreased 7.4% to $1.12 from $1.21 in Q1 2025.
- Revenue decreased 3.0% to $65.1 million in Q1 2026 from $67.1 million in Q1 2025.
- Same-store Net Operating Income (NOI) decreased 1.1% in Q1 2026 compared to Q1 2025.
- Same-store weighted average occupancy was 95.4% in Q1 2026, down from 95.8% in Q1 2025.
- Effective blended lease rate growth was 0.4% in Q1 2026, compared to 0.5% in Q1 2025.
- Updated 2026 Net loss per diluted share outlook to $(0.95) to $(0.66) from $(0.49) to $(0.19).
- Reaffirmed 2026 Core FFO per diluted share outlook range of $4.81 to $5.05.
Price Impact
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