Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2025 and Provides 2026 Financial Outlook

Centerspace (NYSE: CSR) reported 2025 results and provided 2026 guidance.

Rhea-AI Summary

Centerspace (NYSE: CSR) reported 2025 results and provided 2026 guidance. Net income was $1.02 per diluted share in 2025 versus a $1.27 loss in 2024. Core FFO rose to $4.93 per diluted share in 2025 from $4.88 in 2024.

Operating income increased to $64.5 million from $20.5 million. Same-store NOI grew 3.5% with revenue up 2.4%. The company acquired two communities for $281.2 million, sold assets for $215.5 million, held $267.9 million liquidity, and declared a $0.77 quarterly distribution payable April 14, 2026. 2026 FFO guidance: $4.61–$4.89; Core FFO: $4.81–$5.05; net income guidance: $(0.49)–$(0.19) per share.

Positive

• Operating income increased to $64.5M from $20.5M
• Acquisitions totaling $281.2M, including $76.5M assumed debt
• Asset sales aggregated $215.5M in proceeds
• Total liquidity of $267.9M at December 31, 2025

Negative

• 2026 net income guidance of $(0.49) to $(0.19) per share
• Q4 2025 new lease rate growth declined by 4.8%

Argus Feb 18 session

+1.03% close to close 2.4x rel. volume Open Argus

Details

News Market Reaction – CSR

On Feb 18, the first trading day after this news, CSR closed 1.03% above the previous close. That session’s volume was 2.4x the stock’s average daily volume.

Data tracked by StockTitan Argus for the Feb 18 session.

Key Figures

Net income per share: $1.02 per diluted share Core FFO per share: $4.93 per diluted share Operating income: $64.5 million +5 more

Net income per share

$1.02 per diluted share

Year ended December 31, 2025 vs net loss $1.27 in 2024

Core FFO per share

$4.93 per diluted share

Year ended December 31, 2025 vs $4.88 in 2024

Operating income

$64.5 million

Year ended December 31, 2025 vs $20.5 million in 2024

Same-store NOI growth

3.5%

Same-store year-over-year NOI growth for 2025

Acquisition spend

$281.2 million

Aggregate purchase price for Sugarmont and Railway Flats, incl. $76.5M debt

Total liquidity

$267.9 million

As of December 31, 2025 (incl. $255.1M credit and $12.8M cash)

Quarterly dividend

$0.77 per share

Declared payable April 14, 2026 to holders of record March 30, 2026

2026 Core FFO guidance

$4.81–$5.05 per diluted share

Company’s projected Core FFO range for full-year 2026

Previous Earnings Reports

5 past events · Latest: Nov 03

Same Type 5 events

1. Nov 03

   Q3 2025 earnings

   24h Move

   +2.3%

   Revenue and NOI growth with net income swinging from loss to profit.

2. Aug 04

   Q2 2025 earnings

   24h Move

   -0.8%

   Net loss widened while Core FFO and same-store NOI inched higher.

3. May 01

   Q1 2025 earnings

   24h Move

   +2.1%

   Revenue growth, smaller net loss, and steady occupancy supported results.

4. Feb 18

   2024 annual results

   24h Move

   +2.5%

   Core FFO growth and higher NOI alongside portfolio and capital actions.

5. Oct 28

   Q3 2024 earnings

   24h Move

   -2.6%

   Core FFO guidance raised despite reporting a quarterly net loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

funds from operations, ffo, core ffo, net operating income, +4 more

8 terms

funds from operations financial

"The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

View in glossary

ffo financial

"The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

core ffo financial

"Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

net operating income financial

"Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods"

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

noi financial

"Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods"

Net operating income (NOI) is the total profit a business makes from its core operations, after subtracting expenses directly related to running the business but before accounting for taxes, interest, or investments. It shows how well the company’s main activities generate earnings and helps investors assess its financial health and profitability without the influence of external factors. Think of it as the money a store earns from sales minus the costs to keep it open.

same-store financial

"Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods"

Same-store describes a performance measure that compares sales or activity only at locations open for a defined prior period, excluding results from newly opened or recently closed outlets. Investors use it to see underlying, organic trends—like checking whether an established shop’s customers are buying more or less—so growth isn’t overstated by expansion or distorted by openings and closures.

non-gaap financial measures financial

"NOI, FFO, and Core FFO are non-GAAP financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

total shareholder return financial

"performance share award tied to total shareholder return versus the FTSE Nareit Equity Index"

Total shareholder return is the overall gain an investor gets from owning a stock, combining changes in the share price plus any cash payouts like dividends, and assuming those payouts are reinvested in more shares. Investors use it like a single score that shows the true return on their investment—similar to checking both the growth of a savings account and the interest earned—to compare how well different companies or investments perform over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MINNEAPOLIS, Feb. 17, 2026 /PRNewswire/ -- Centerspace (NYSE: CSR) (the "Company") announced today its financial and operating results for the year ended December 31, 2025. The tables below show Net Income (Loss), Funds from Operations ("FFO")¹, and Core FFO¹, all on a per diluted share basis, for the year ended December 31, 2025; 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 December 31, 2025, September 30, 2025, and December 31, 2024, and the twelve months ended December 31, 2025 and 2024.

		Three Months Ended December 31,				Twelve Months Ended December 31,
Per Common Share		2025		2024		2025		2024
Net income (loss) per share - diluted		$                  (1.10)		$                  (0.31)		$                    1.02		$                  (1.27)
FFO - diluted(1)		$                    1.14		$                    1.09		$                    4.74		$                    4.49
Core FFO - diluted(1)		$                    1.25		$                    1.21		$                    4.93		$                    4.88

 

		Year-Over-Year Comparison		Sequential Comparison		YTD Comparison
Same-Store Results(2)		Q4 2025 vs Q4 2024		Q4 2025 vs Q3 2025		CY 2025 vs. CY 2024
Revenues		1.0 %		(0.8) %		2.4 %
Expenses		(5.1) %		(7.4) %		0.6 %
NOI(1)		4.8 %		3.3 %		3.5 %

 

		Three months ended						Twelve months ended
Same-Store Results(2)		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Weighted Average Occupancy		95.3 %		95.8 %		95.7 %		95.7 %		95.4 %
New Lease Rate Growth		(4.8) %		(1.7) %		(3.7) %		(1.2) %		— %
Renewal Lease Rate Growth		3.9 %		2.9 %		3.0 %		3.1 %		3.2 %
Blended Lease Rate Growth(3)		0.1 %		1.3 %		0.2 %		1.3 %		1.8 %
Retention Rate		55.2 %		59.9 %		57.1 %		58.2 %		61.8 %

(1)	NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" and "Non-GAAP Financial Measures and Other Terms" in the Supplemental Financial and Operating Data below.
(2)	Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. Refer to "Non-GAAP Financial Measures and Reconciliations" in Supplemental and Financial Operating Data within.
(3)	Blended lease rate growth is weighted by lease count.

Highlights for the Year Ended December 31, 2025

• Net Income was $1.02 per diluted share for the year ended December 31, 2025, compared to Net Loss of $1.27 per diluted share for the year ended December 31, 2024;
• Core FFO⁽¹⁾ increased to $4.93 per diluted share for the year ended December 31, 2025, compared to $4.88 per diluted share for the year ended December 31, 2024;
• Operating income increased to $64.5 million for the year ended December 31, 2025, compared to $20.5 million for the year ended December 31, 2024;
• Same-store year-over-year NOI⁽¹⁾ grew 3.5% driven by same-store revenue growth of 2.4%;
• The Company acquired two apartment communities during the year, Sugarmont in Salt Lake City, Utah, and Railway Flats in Loveland, Colorado, for an aggregate purchase price of $281.2 million, which includes the assumption of $76.5 million in mortgage debt;
• The Company repurchased 62,973 shares at an average price of $54.86 per share, including commissions; and
• The Company sold twelve non-core apartment communities throughout Minnesota and one corporate office building for an aggregate sales price of $215.5 million.

Balance Sheet

At December 31, 2025, Centerspace had $267.9 million of total liquidity on its balance sheet, including $255.1 million available on its lines of credit and $12.8 million in cash and cash equivalents.

Dividend Distributions

Centerspace's Board of Trustees announced a quarterly distribution of $0.77 per share/unit, payable on April 14, 2026, to common shareholders and unitholders of record at the close of business on March 30, 2026.

2026 Financial Outlook

Centerspace is providing the following guidance for its 2026 performance.

2026 Financial Outlook
			Range for 2026
	2025 Actual		Low		High
Net income (loss) per Share - diluted	$             1.02		$          (0.49)		$           (0.19)
FFO per Share - diluted	$             4.74		$            4.61		$             4.89
Core FFO per Share - diluted	$             4.93		$            4.81		$             5.05

Additional assumptions:

• Same-store capital expenditures of $1,250 per home to $1,350 per home
• Value-add expenditures of $2.5 million to $12.5 million

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

Strategic Review

In November, we announced that our Board has undertaken a proactive process to review strategic alternatives that may be available to Centerspace. Our focus remains on maximizing shareholder value. This review remains ongoing and there is no deadline or definitive timetable and there can be no assurance that this process will result in a transaction or any other strategic outcome. Centerspace will not be making disclosures or commenting relating to this process until it determines disclosure is required or appropriate.

Earnings Call

Live webcast and replay:  https://www.ir.centerspacehomes.com
Live Conference Call			Conference Call Replay
Wednesday, February 18, 2026 at 10:00 AM ET			Replay available until February 25, 2026
USA Local Number	1-646-844-6383		USA Local Number	1-929-458-6194
USA Toll Free Number	1-833-470-1428		USA Toll Free Number	1-866-813-9403
Conference Number	250430		Conference Number	894072

Supplemental Information

Supplemental Operating and Financial Data for the year ended December 31, 2025 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 December 31, 2025, Centerspace owned 61 apartment communities consisting of 12,262 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace 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, in 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
E-mail: IR@centerspacehomes.com

Marketing & Media
Kelly Weber
Phone: 952-401-6600
E-mail: kweber@centerspacehomes.com

 

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SOURCE Centerspace

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Centerspace (CSR) full-year 2025 net income and Core FFO per share?

Net income was $1.02 per diluted share and Core FFO was $4.93 per diluted share for 2025. According to the company, Core FFO rose modestly from $4.88 in 2024 while net income swung from a $1.27 loss in 2024 to positive in 2025.

What is Centerspace's (CSR) 2026 FFO and Core FFO guidance?

Centerspace guided 2026 FFO to $4.61–$4.89 and Core FFO to $4.81–$5.05 per diluted share. According to the company, guidance reflects assumptions on capex of $1,250–$1,350 per home and value-add spending of $2.5M–$12.5M.

How much liquidity did Centerspace (CSR) report at December 31, 2025?

Centerspace reported $267.9 million of total liquidity at December 31, 2025. According to the company, this included $255.1 million available on lines of credit and $12.8 million in cash and equivalents.

What acquisitions and dispositions did Centerspace (CSR) complete in 2025?

Centerspace acquired two apartment communities for $281.2 million and sold 12 communities plus one office for $215.5 million. According to the company, the purchase price included $76.5 million of assumed mortgage debt.

When is Centerspace (CSR) paying its next quarterly distribution and how much?

Centerspace declared a $0.77 per share quarterly distribution payable April 14, 2026 to holders of record March 30, 2026. According to the company, this distribution applies to common shareholders and unitholders of record at close of business March 30, 2026.