CENTERSPACE

Centerspace announced the publication of its 2025 Environmental, Social, and Governance (ESG) Report, marking its seventh annual ESG publication. The report details the company's ongoing commitment to sustainable business practices and its first year of reporting progress against performance targets aligned with the United Nations Sustainable Development Goals, established in 2024. Key accomplishments include a portfolio-wide greenhouse gas inventory and expansion of smart home technology.

Centerspace reported its second quarter 2026 financial and operating results, showing a net loss of $(0.07) per diluted share, a substantial improvement from the prior year. Core FFO per diluted share slightly decreased to $1.27. The company updated its full-year 2026 financial outlook, lowering its FFO and Core FFO per share guidance due to significant disposition activity, including the sale of an apartment community in Q2 and seven more post-quarter. Same-store NOI saw a modest increase of 0.3%.

Centerspace announced the outcome of its strategic review, approving a portfolio optimization and deleveraging plan. The company intends to sell approximately $240-245 million of assets in 2026, including exiting the Bismarck and Rapid City markets, to strengthen its balance sheet and reduce leverage by an estimated $175-190 million. This is expected to improve pro forma Net Debt to EBITDA to below 7x by Q4 2026. Additionally, the company declared a regular quarterly distribution of $0.77 per share/unit.

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.

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.