Centerspace Reports Third Quarter 2025 Financial & Operating Results and Updates 2025 Financial Outlook
Centerspace (NYSE: CSR) reported Q3 2025 results and updated 2025 outlook on November 3, 2025. Revenue rose 9.8% to $71.4M and same-store revenues increased 2.4%, driving same-store NOI +4.5% year-over-year. Net income was $3.19 per diluted share versus a loss of $(0.40) a year earlier. Q3 FFO diluted was $1.19; Core FFO diluted was $1.19. The company acquired Railway Flats (420 homes) for $132.2M (including $76.5M mortgage assumption), sold five communities for $124.0M, repurchased 62,973 shares for $3.5M, and ended Q3 with $200.4M liquidity. Management narrowed and lowered full-year net income per share to $1.97–$2.19.
Centerspace (NYSE: CSR) ha riportato i risultati del terzo trimestre 2025 e aggiornato le previsioni per il 2025 il 3 novembre 2025. Revenue sono aumentati del 9,8% a $71,4M e i ricavi nei negozi comparabili sono cresciuti del 2,4%, trainando un NOI +4,5% anno su anno. Net income è stato di $3,19 per azione diluita rispetto a una perdita di $(0,40) un anno prima. Q3 FFO diluted è stato $1,19; Core FFO diluted è stato $1,19. L’azienda ha acquistato Railway Flats (420 unità) per $132,2M (inclusa l’assunzione di mutuo di $76,5M), ha venduto cinque comunità per $124,0M, ha riacquistato 62.973 azioni per $3,5M, e ha terminato il terzo trimestre con una liquidità di $200,4M. La direzione ha ristretto e ridotto la guidance per l’anno completo sull’utile per azione a $1,97–$2,19.
Centerspace (NYSE: CSR) informó los resultados del tercer trimestre de 2025 y actualizó las perspectivas para 2025 el 3 de noviembre de 2025. Revenue aumentó un 9,8% a $71,4M y los ingresos por tiendas comparables subieron un 2,4%, impulsando un NOI +4,5% interanual. Net income fue de $3,19 por acción diluida frente a una pérdida de $(0,40) el año anterior. Q3 FFO diluted fue $1,19; Core FFO diluted fue $1,19. La empresa adquirió Railway Flats (420 viviendas) por $132,2M (incluida la asunción de hipoteca de $76,5M), vendió cinco comunidades por $124,0M, recompró 62.973 acciones por $3,5M, y cerró el 3T con una liquidez de $200,4M. La dirección ajustó y redujo el conjunto de previsiones para el año completo respecto al ingreso neto por acción a $1,97–$2,19.
Centerspace (NYSE: CSR)는 2025년 3분기 실적을 발표하고 2025년 전망치를 업데이트했습니다. 매출은 9.8% 증가한 $71.4M이며 동일매장 매출은 2.4% 상승, 같은 매장의 순영업이익(NOI)이 연간 4.5% 상승했습니다. 순이익은 $3.19를 희석 주당으로 기록했고 전년의 손실 $(0.40)에 비해 흑자 전환했습니다. 3분기 FFO 희석은 $1.19; Core FFO 희석도 $1.19였습니다. 회사는 Railway Flats(420세대)를 $132.2M에 인수했고(담보 대출 인수 $76.5M 포함), 다섯 커뮤니티를 $124.0M에 매각했고, 62,973주를 $3.5M에 재매입했으며, 3분기 말 유동성은 $200.4M였습니다. 경영진은 연간 주당순이익 전망 범위를 $1.97–$2.19로 좁히고 하향 조정했습니다.
Centerspace (NYSE: CSR) a communiqué les résultats du T3 2025 et mis à jour les perspectives pour 2025 le 3 novembre 2025. Revenue a augmenté de 9,8% pour atteindre $71,4M et les revenus par magasins comparables ont augmenté de 2,4%, entraînant un NOI comparable +4,5% en glissement annuel. Net income était de $3,19 par action diluée contre une perte de $(0,40) l’année précédente. Le Q3 FFO diluted était de $1,19 ; le Core FFO diluted était de $1,19. La société a acquis Railway Flats (420 logements) pour $132,2M (incluant l’hypothèque assumée de $76,5M), vendu cinq communautés pour $124,0M, racheté 62 973 actions pour $3,5M, et terminé le T3 avec une liquidité de $200,4M. La direction a resserré et abaissé les prévisions annuelles du bénéfice par action à $1,97–$2,19.
Centerspace (NYSE: CSR) meldete die Ergebnisse des dritten Quartals 2025 und aktualisierte die Aussichten für 2025 am 3. November 2025. Umsatz stieg um 9,8% auf $71,4M und die Umsätze pro Same-Store erhöhten sich um 2,4%, wodurch der NOI pro Same-Store um +4,5% gegenüber dem Vorjahr zunahm. Nettogewinn betrug $3,19 pro verwässerte Aktie gegenüber einer Verlust von $(0,40) im Vorjahr. Der Q3 FFO diluted betrug $1,19; Core FFO diluted betrug $1,19. Das Unternehmen erwarb Railway Flats (420 Wohneinheiten) für $132,2M (einschließlich Hypothekenübernahme $76,5M), verkaufte fünf Communities für $124,0M, kehrte 62.973 Aktien für $3,5M zurück und schloss das Q3 mit einer Liquidität von $200,4M ab. Das Management hat den Jahresnettoertrag je Aktie auf $1,97–$2,19 eingeengt.
Centerspace (NYSE: CSR) أبلغت عن نتائج الربع الثالث 2025 وتحديث التوقعات لعام 2025 في 3 نوفمبر 2025. ارتفع الإيرادات بنسبة 9.8% إلى $71.4M وزادت إيرادات المتاجر المماثلة بنسبة 2.4%، ما أدى إلى ارتفاع NOI للمتجر المماثل بنسبة +4.5% على أساس سنوي. كان صافي الدخل $3.19 للسهم المخفف مقارنة بخسارة قدرها $(0.40) قبل عام. كان FFO المخفف للربع الثالث $1.19؛ وCore FFO المخفف $1.19. اشترت الشركة Railway Flats (420 وحدة سكنية) مقابل $132.2M (بما في ذلك افتراض الرهن العقاري $76.5M)، وباعت خمس مجتمعات مقابل $124.0M، وأعادت شراء 62,973 سهماً مقابل $3.5M، وانتهت الربع الثالث بسيولة قدرها $200.4M. قلّصت الإدارة نطاق صافي الدخل للسهم للعام الكامل إلى $1.97–$2.19.
- Revenue +9.8% to $71.4M in Q3 2025
- Same-store NOI +4.5% year-over-year
- Acquired 420-home Railway Flats for $132.2M
- Ended Q3 with $200.4M total liquidity
- Repurchased 62,973 shares for $3.5M
- 2025 net income guidance lowered to $1.97–$2.19 per share
- Sequential Q3 NOI declined (Q3 vs Q2) by 1.8%
- New lease rate growth negative at (1.7)% in Q3 2025
Insights
Quarter shows operational improvement but mixed signal from a lower net-income outlook; FFO stable.
Centerspace reported higher third-quarter revenue and same-store NOI growth, driven by a
Risks and dependencies include the updated 2025 outlook. The company narrowed same-store revenue guidance modestly and reduced net income per share guidance from a prior range of
Watch quarterly FFO/Core FFO and the reconciliation items referenced in the supplemental data through
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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Per Common Share |
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2025 |
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2024 |
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2025 |
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2024 |
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Net income (loss) - diluted |
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$ 3.19 |
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$ (0.40) |
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$ 2.12 |
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$ (0.96) |
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FFO - diluted(1) |
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$ 1.19 |
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$ 1.01 |
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$ 3.60 |
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$ 3.40 |
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Core FFO - diluted(1) |
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$ 1.19 |
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$ 1.18 |
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$ 3.68 |
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$ 3.68 |
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Year-Over-Year Comparison |
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Sequential Comparison |
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YTD Comparison |
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Same-Store Results(2) |
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Q3 2025 vs. Q3 2024 |
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Q3 2025 vs. Q2 2025 |
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2025 vs. 2024 |
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Revenues |
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2.4 % |
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— % |
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2.8 % |
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Expenses |
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(0.8) % |
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3.0 % |
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2.6 % |
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NOI(1) |
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4.5 % |
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(1.8) % |
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3.0 % |
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Three months ended |
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Nine months ended |
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Same-Store Results(2) |
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September 30, |
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June 30, |
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September 30, |
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September 30, |
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September 30, |
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Weighted Average Occupancy |
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95.8 % |
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96.1 % |
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95.6 % |
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95.9 % |
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95.3 % |
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New Lease Rate Growth |
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(1.7) % |
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2.1 % |
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(1.3) % |
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(0.3) % |
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0.8 % |
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Renewal Lease Rate Growth |
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2.9 % |
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2.6 % |
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3.0 % |
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2.9 % |
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3.2 % |
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Blended Lease Rate Growth (3) |
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1.3 % |
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2.4 % |
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1.3 % |
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1.6 % |
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2.1 % |
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Retention Rate |
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59.9 % |
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60.2 % |
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61.3 % |
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58.6 % |
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61.1 % |
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(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. |
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(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. |
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(3) |
Blended lease rate growth is weighted by lease count. |
Overview of the Third Quarter
- Acquired Railway Flats in
Loveland, Colorado consisting of 420 homes for an aggregate purchase price of$132.2 million $76.5 million - Sold five apartment communities in
St. Cloud, Minnesota for an aggregate sale price of$124.0 million - Revenue increased by
$6.4 million 9.8% to$71.4 million $65.0 million - Same-store revenues increased by
2.4% , driving a4.5% increase in same-store NOI compared to the same period of the prior year; - Net income was
$3.19 $0.40 - Core FFO per diluted share increased
0.8% to$1.19 $1.18 - Repurchased 62,973 common shares for total consideration of
$3.5 million $54.86
Balance Sheet
At the end of the third quarter, Centerspace had
Updated 2025 Financial Outlook
Centerspace updated its 2025 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended September 30, 2025 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.
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Previous Outlook for 2025 |
Updated Outlook for 2025 |
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Low |
High |
Low |
High |
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Net income per Share – diluted |
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Same-Store Revenue |
2.00 % |
3.00 % |
2.00 % |
2.50 % |
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Same-Store Expenses |
1.00 % |
2.50 % |
0.50 % |
1.00 % |
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Same-Store NOI |
2.50 % |
3.50 % |
3.00 % |
3.50 % |
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FFO per Share – diluted |
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Core FFO per Share – diluted |
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Additional assumptions:
- Same-store recurring capital expenditures of
$1,150 $1,200 - Value-add expenditures of
$14.0 million $16.0 million - Proceeds from dispositions of
$210.0 million $215.0 million
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 "2025 Financial Outlook" in the Supplemental Financial and Operating Data within.
Upcoming Events
Centerspace is scheduled to participate in the UBS Conference, December 1-4, 2025.
Earnings Call
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Live webcast and replay: https://ir.centerspacehomes.com |
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Live Conference Call |
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Conference Call Replay |
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Tuesday, November 4, 2025, at 10:00 AM ET |
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Replay available until November 11, 2025 |
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1-833-470-1428 |
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1-866-813-9403 |
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1-646-844-6383 |
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1-929-458-6194 |
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Canada Toll Free |
1-833-950-0062 |
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Access Code |
885094 |
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Access Code |
272530 |
Supplemental Information
Supplemental Operating and Financial Data for the quarter ended September 30, 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 September 30, 2025, Centerspace owned 68 apartment communities consisting of 12,941 apartment homes located in Colorad
o,
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, 2024, 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
FAQ
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