Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2025 and Provides 2026 Financial Outlook
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%
Key Figures
Market Reality Check
Peers on Argus
Residential REIT peers showed mixed moves, from -3.11% (ELME) to +3.55% (VRE). CSR’s +1.27% gain appeared more company-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Q3 2025 earnings | Positive | +2.3% | Revenue and NOI growth with net income swinging from loss to profit. |
| Aug 04 | Q2 2025 earnings | Neutral | -0.8% | Net loss widened while Core FFO and same-store NOI inched higher. |
| May 01 | Q1 2025 earnings | Positive | +2.1% | Revenue growth, smaller net loss, and steady occupancy supported results. |
| Feb 18 | 2024 annual results | Positive | +2.5% | Core FFO growth and higher NOI alongside portfolio and capital actions. |
| Oct 28 | Q3 2024 earnings | Positive | -2.6% | Core FFO guidance raised despite reporting a quarterly net loss. |
Earnings releases often produced modest single-day moves, with a slight tilt toward positive alignment when results emphasized Core FFO and NOI growth.
Over the past year, Centerspace’s earnings releases have highlighted steady Core FFO and same-store NOI growth, even as GAAP net income swung between losses and profits. Prior updates in Q1–Q3 2025 featured portfolio expansion via acquisitions like Sugarmont and Railway Flats, plus guidance refinements. The 2024 annual results introduced higher Core FFO and capital raises to redeem preferreds. Today’s 2025 results and 2026 outlook continue that focus on Core FFO stability, NOI growth, and portfolio repositioning.
Historical Comparison
Past earnings headlines moved CSR about 0.7% on average. Today’s earnings-and-outlook release, with a 1.27% move, fits the usual pattern of modest but directionally positive reactions.
Earnings updates show a shift from 2024 net losses toward 2025 profitability while maintaining incremental Core FFO and same-store NOI growth, supported by selective acquisitions and portfolio pruning.
Market Pulse Summary
This announcement details 2025 results and 2026 guidance, highlighting a shift to net income of $1.02 per share and Core FFO of $4.93. Same-store NOI grew 3.5%, supported by acquisitions and asset sales, while liquidity reached $267.9M. Investors may watch execution on 2026 Core FFO guidance, same-store growth, and outcomes from the ongoing strategic review for future updates.
Key Terms
funds from operations financial
ffo financial
core ffo financial
net operating income financial
noi financial
same-store financial
non-gaap financial measures financial
AI-generated analysis. Not financial advice.
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 | 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, | September 30, | December 31, | December 31, | December 31, | |||||
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 $1.27 - Core FFO(1) increased to
$4.93 $4.88 - Operating income increased to
$64.5 million $20.5 million - Same-store year-over-year NOI(1) grew
3.5% driven by same-store revenue growth of2.4% ; - The Company acquired two apartment communities during the year, Sugarmont in
Salt Lake City, Utah , and Railway Flats inLoveland, Colorado , for an aggregate purchase price of$281.2 million $76.5 million - The Company repurchased 62,973 shares at an average price of
$54.86 - 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
Dividend Distributions
Centerspace's Board of Trustees announced a quarterly distribution of
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 $1,350 - Value-add expenditures of
$2.5 million $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 | |||
1-646-844-6383 | 1-929-458-6194 | |||
1-833-470-1428 | 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
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
What were Centerspace (CSR) full-year 2025 net income and Core FFO per share?
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