Centerspace Reports First Quarter 2026 Financial & Operating Results and Reaffirms 2026 Core Financial Outlook
Rhea-AI Summary
Centerspace (NYSE: CSR) reported Q1 2026 results: revenue fell $2.0 million to $65.1M, same-store NOI declined 1.1% YoY, and net loss was $(0.77) per diluted share. Core FFO per share was $1.12. Liquidity totaled $267.1M. The company updated 2026 guidance (net loss per share range revised lower) and said a Board strategic review remains ongoing. Management will host an earnings call on May 5, 2026.
Positive
- Total liquidity of $267.1 million at quarter-end
- Updated 2026 FFO per share range of $4.65 to $4.92
Negative
- Net loss per diluted share of $(0.77) in Q1 2026
- Updated 2026 net loss per share guidance worsened to $(0.95)–$(0.66)
- Same-store NOI declined 1.1% year-over-year
Key Figures
Market Reality Check
Peers on Argus
CSR’s modest 0.16% gain came as key residential REIT peers showed mixed moves (e.g., AIV up 0.47%, UMH down 0.76%, ELME down 1.38%), and only BHM appeared in momentum scans, pointing to stock-specific rather than sector-wide drivers.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Annual results & outlook | Positive | +1.0% | 2025 results with higher Core FFO and 2026 guidance supported a modest price gain. |
| Nov 03 | Q3 2025 earnings | Positive | +2.3% | Strong revenue and NOI growth plus portfolio transactions and outlook update lifted shares. |
| Aug 04 | Q2 2025 earnings | Neutral | -0.8% | Mixed quarter with wider loss but higher Core FFO and acquisitions led to a small pullback. |
| May 01 | Q1 2025 earnings | Positive | +2.1% | Revenue and NOI growth with reaffirmed guidance saw shares respond positively next day. |
| Feb 18 | 2024 annual results | Positive | +2.5% | Core FFO growth and 2025 guidance plus portfolio actions coincided with a solid gain. |
Earnings-related releases have generally been followed by modest positive price moves, indicating the market often reacts constructively to CSR’s results and guidance updates.
Over the past year, Centerspace has regularly paired earnings releases with updated outlooks and portfolio reshaping. In Feb 2025 and Feb 2026, annual results highlighted rising Core FFO and detailed acquisition/disposition activity, with positive next-day reactions. Quarterly updates in May, Aug, and Nov 2025 showed steady same-store NOI growth and expanding portfolio quality. Today’s Q1 2026 report, with lower revenue and Core FFO but reaffirmed core outlook, fits into this cadence of using earnings to refine guidance and highlight balance sheet flexibility.
Historical Comparison
Past earnings releases moved CSR about 1.43% on average. Today’s pre-news change of 0.16% is relatively muted versus typical earnings reactions.
Earnings history shows CSR using results to refine guidance while growing Core FFO from 2024 into 2025. Prior updates emphasized same-store NOI growth and portfolio upgrades. The current Q1 2026 report, with softer quarterly metrics but reaffirmed full-year Core FFO outlook, represents the next step in tracking how 2026 performance compares with the multi-year guidance trajectory.
Market Pulse Summary
This announcement details a softer Q1 2026 with revenue down 3.0%, Core FFO per share at $1.12 versus $1.21 a year ago, and same-store NOI lower by 1.1%. Management reaffirmed same-store growth ranges and slightly raised FFO guidance while widening expected net loss. Investors may focus on occupancy at 95.4%, total liquidity of $267.1M, and future earnings updates to gauge how quickly operations recover relative to the 2026 outlook.
Key Terms
funds from operations financial
ffo financial
core ffo financial
net operating income financial
noi financial
non-gaap financial measures financial
same-store financial
weighted average occupancy financial
AI-generated analysis. Not financial advice.
Three Months Ended March 31, | ||||
Per Common Share | 2026 | 2025 | ||
Net loss - diluted | $ (0.77) | $ (0.22) | ||
FFO - diluted(1) | $ 1.07 | $ 1.17 | ||
Core FFO - diluted(1) | $ 1.12 | $ 1.21 | ||
Year-Over-Year Comparison | Sequential Comparison | |||
Same-Store Results(2) | Q1 2026 vs. Q1 2025 | Q1 2026 vs. Q4 2025 | ||
Revenues | — % | (0.3) % | ||
Expenses | 1.7 % | 8.2 % | ||
NOI(1) | (1.1) % | (5.1) % |
Three months ended | ||||||
Same-Store Results(2) | March 31, | December | March 31, | |||
Weighted Average Occupancy | 95.4 % | 95.3 % | 95.8 % | |||
Effective New Lease Rate Growth | (2.1) % | (6.1) % | (1.4) % | |||
Effective Renewal Lease Rate Growth | 3.1 % | 3.9 % | 3.4 % | |||
Effective Blended Lease Rate Growth (3) | 0.4 % | (0.4) % | 0.5 % | |||
Retention Rate | 54.1 % | 55.5 % | 52.2 % | |||
(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) | Effective blended lease rate growth is weighted by lease count. |
Overview of the First Quarter
- Revenue decreased by
$2.0 million 3.0% to$65.1 million $67.1 million - 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 $0.22 - Core FFO per diluted share decreased
7.4% to$1.12 $1.21
Balance Sheet
At the end of the first quarter, Centerspace had
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.
Previous Outlook for 2026 | Updated Outlook for 2026 | |||
Low | High | Low | High | |
Net loss per Share – diluted | ||||
Same-Store Revenue | 0.00 % | 1.75 % | 0.00 % | 1.75 % |
Same-Store Expenses | 1.00 % | 2.00 % | 1.00 % | 2.00 % |
Same-Store NOI | (0.50) % | 2.00 % | (0.50) % | 2.00 % |
FFO per Share – diluted | ||||
Core FFO per Share – diluted | ||||
Additional assumptions:
- Same-store recurring capital expenditures of
$1,250 $1,350 - Value-add expenditures of
$2.5 million $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,
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: IR@centerspacehomes.com
Marketing & Media
Kelly Weber
Phone: 952-401-6600
Email: kweber@centerspacehomes.com
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SOURCE Centerspace