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Centerspace (CSR) investor relations material
Centerspace Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 4.5% year-over-year growth in same-store NOI for Q3 2025, driven by revenue increases and strong expense control.
Revenue rose 9.8% year-over-year to $71.4 million in Q3 2025, with net income per diluted share at $3.19, up from a net loss of $0.40 per share in Q3 2024.
Strategic transactions included the acquisition of Railway Flats in Loveland, CO for $132.2 million (including $76.5 million in assumed debt) and the sale of five St. Cloud, MN communities for $124.0 million.
Portfolio repositioning focused on higher quality, efficiency, and suburban concentration, especially in Minneapolis.
Repurchased 62,973 common shares for $3.5 million at an average price of $54.86 per share.
Financial highlights
Q3 2025 revenue: $71.4 million (up from $65.0 million in Q3 2024); net income available to common shareholders: $53.8 million (vs. $-6.2 million in Q3 2024).
Core FFO per diluted share was $1.19, up from $1.18 in Q3 2024; FFO for Q3 2025: $23.3 million (up 24.7% year-over-year).
Same-store revenues grew 2.4% year-over-year, with occupancy at 95.8% and average monthly revenue per occupied home up 2.2%.
Same-store expenses decreased 80 basis points year-over-year, with non-controllables down 7.6% due to favorable property tax and insurance.
Net debt to EBITDA expected to move to low seven times by year-end, with a pro forma average debt rate of 3.6% and 7.2 years to maturity.
Outlook and guidance
2025 Core FFO per diluted share guidance narrowed to $4.88–$4.96; net income per diluted share guidance updated to $1.97–$2.19.
Full-year 2025 same-store NOI growth expected at 3%–3.5%, with same-store revenue growth of 2%–2.5% and expenses at 0.5–1.0%.
Core FFO guidance midpoint lowered by $0.02 due to higher G&A and interest expense, offset by higher NOI.
Denver expected to remain challenged by supply through 2026, with recovery anticipated in late 2026 into 2027.
Value-add expenditures projected at $14–16 million; disposition proceeds at $210–215 million.
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Next Centerspace earnings date
Q4 202520 Feb, 2026
Next Centerspace earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Centerspace is a real estate investment trust (REIT) focused on the ownership, management, acquisition, and development of residential apartment communities. The company primarily invests in multifamily properties in markets across the Midwest and Mountain West regions of the United States. Its portfolio includes a diverse range of apartment complexes catering to various demographics. The company is headquartered in Minot, North Dakota, and its shares are listed on the NYSE.
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