Quarterly ResultMay 4, 2026, 04:23 PM
Centerspace Q1 Net Loss $(14.97)M; Real Estate Impairment $9.7M
AI Summary
Centerspace reported a net loss of $(14.97) million for the first quarter of 2026, a significant increase from a net loss of $(4.18) million in the prior year. This was primarily driven by a $9.7 million impairment charge on a Denver apartment community and a decrease in total revenue to $65.07 million. Net cash provided by operating activities also declined to $21.42 million.
Key Highlights
- Net loss for Q1 2026 was $(14.97) million, compared to $(4.18) million in Q1 2025.
- Net loss per common share was $(0.77) for Q1 2026, versus $(0.22) in Q1 2025.
- Total revenue decreased to $65.07 million in Q1 2026 from $67.09 million in Q1 2025.
- The company recorded a $9.7 million impairment loss on real estate investments in Q1 2026.
- Net cash provided by operating activities was $21.42 million, down from $25.43 million year-over-year.
- Total liabilities decreased to $1,071.51 million at March 31, 2026.
- Total equity decreased to $810.14 million at March 31, 2026.
- Total debt stood at $1,015.63 million with a 3.60% weighted average interest rate.