CENTERSPACE Q1 FY26 Results

Summary

Centerspace announced its financial and operating results for the three months ended March 31, 2026. Revenue decreased by 3.0% to $65.1 million compared to $67.1 million in the same period last year, mainly due to property sales. Same-store NOI decreased by 1.1% due to increased operating expenses. The company reported a net loss of $0.77 per diluted share, and Core FFO per diluted share decreased by 7.4% to $1.12. Centerspace updated its 2026 financial outlook, projecting a net loss per share between $(0.95) and $(0.66).

Key Highlights

1. 1

   Centerspace reported a revenue decrease of 3.0% to $65.1 million for Q1 2026, compared to $67.1 million for the same period last year, primarily due to the sale of 12 apartment communities.

2. 2

   Same-store revenues remained consistent, while property operating expenses increased, resulting in a 1.1% decrease in same-store NOI compared to the prior year.

3. 3

   Net loss was $0.77 per diluted share, compared to a net loss of $0.22 per diluted share for the same period of the prior year.

4. 4

   Core FFO per diluted share decreased 7.4% to $1.12, compared to $1.21 for the same period of the prior year, primarily due to the sale of 12 apartment communities.

5. 5

   The company had $267.1 million of total liquidity on its balance sheet at the end of the first quarter, including $259.6 million available under lines of credit.

6. 6

   Centerspace updated its 2026 financial outlook, with net loss per share expected to be between $(0.95) and $(0.66).