Centerspace Reports First Quarter 2026 Financial & Operating Results and Reaffirms 2026 Core Financial Outlook

MINNEAPOLIS, May 4, 2026 /PRNewswire/ -- Centerspace (NYSE: CSR) (the "Company") announced today its financial and operating results for the three months ended March 31, 2026. The tables below show Net Loss, Funds from Operations ("FFO")¹, and Core FFO¹, all on a per diluted share basis, for the three months ended March 31, 2026; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")¹ over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for each of the three months ended March 31, 2026, December 31, 2025, and March 31, 2025.

Overview of the First Quarter

• Revenue decreased by $2.0 million or 3.0% to $65.1 million, compared to $67.1 million for the same period of the prior year, primarily due to the sale of 12 apartment communities in the prior year;
• Same-store revenues remained consistent while property operating expenses increased, resulting in a 1.1% decrease in same-store NOI compared to the same period of the prior year;
• Net loss was $0.77 per diluted share, compared to net loss of $0.22 per diluted share for the same period of the prior year; and
• 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 in the prior year.

Balance Sheet

At the end of the first quarter, Centerspace had $267.1 million of total liquidity on its balance sheet, consisting of $259.6 million available under lines of credit and cash and cash equivalents of $7.6 million.

Updated 2026 Financial Outlook

Centerspace updated its 2026 financial outlook. For additional information, see S-15 of the Supplemental Financial and Operating Data for the quarter ended March 31, 2026 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.

Additional assumptions:

• Same-store recurring capital expenditures of $1,250 per home to $1,350 per home
• Value-add expenditures of $2.5 million to $12.5 million
• The outlook does not include any acquisitions or dispositions

Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to "2026 Financial Outlook" in the Supplemental Financial and Operating Data within.

Strategic Review Update

During 2025, we announced that our Board has undertaken a proactive process to review strategic alternatives that may be available to Centerspace, engaging both legal and financial advisors.

This process remains ongoing, and we are appreciative of the engagement and feedback we have received from our stakeholders. We have been thorough and deliberate, and the Board and its advisors continue to make progress. The board currently expects to be able to provide shareholders with a more substantive update on the status of the review process before or in connection with our second quarter earnings release.

There can be no assurance as to the timing or outcome of this process. There can be no assurance that the review process will result in a transaction or other strategic change or outcome. We do not intend to disclose or comment further on developments related to this review unless or until we determine that further disclosure is appropriate or required by law.

Earnings Call

Management will host a conference call to discuss those results on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time.

Interested parties may access the conference call via the following:

Live Webcast: https://events.q4inc.com/attendee/110927308

Operator Assisted Dial-In: 1-833-461-5787
Meeting ID: 110927308

Replay Details: Following the conclusion of the earnings call, a replay of the webcast will be hosted at ir.centerspacehomes.com and at https://events.q4inc.com/attendee/110927308 for one year.

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended March 31, 2026 included herein ("Supplemental Information") is available in the Investors section on Centerspace's website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.  

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of March 31, 2026, Centerspace owned 61 apartment communities consisting of 12,263 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a Top Workplace in 2026 by USA Today and for the sixth consecutive year in 2025 by the Minnesota Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items related to the future. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "assumes," "may," "projects," "outlook," "future," and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission ("SEC"), including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, in its subsequent quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor Relations
Josh Klaetsch
Phone: 952-401-6600
Email: [email protected]

Marketing & Media
Kelly Weber
Phone: 952-401-6600
Email: [email protected]

SOURCE Centerspace