Centerspace (CSR) investor relations material

Executive summary

• Q1 2026 revenue declined 3.0% year-over-year to $65.1 million, mainly due to prior year dispositions, with stable demand and strong leasing execution in core markets.

• Net loss per diluted share was $0.77, compared to $0.22 in Q1 2025; Core FFO per diluted share fell to $1.12 from $1.21.

• Same-store revenues were flat, but property operating expenses rose, leading to a 1.1% decrease in same-store NOI.

• Strategic review initiated in 2025 remains ongoing, with an update expected by or with Q2 results; outcome and timing are uncertain.

• Operational momentum seen in leasing spreads, with sequential improvement through the quarter and into April.

Financial highlights

• NOI for Q1 2026 was $39.5 million, down 2.1% year-over-year; adjusted EBITDA was $31.6 million.

• FFO applicable to common shares and Units was $21.1 million, down 8.9% from Q1 2025.

• Cash and cash equivalents were $7.6 million at quarter-end, with $259.6 million available on lines of credit; total liquidity was $267.1 million.

• Debt service coverage ratio stood at 2.63x, and net debt/Adjusted EBITDA was 8.22x.

• Distributions of $0.77 per common share and Unit declared for the quarter; annualized dividend yield at quarter-end was 5.4%.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: core FFO at $4.93 per share, same-store NOI growth of 75 bps, revenue growth of 88 bps, and expense growth of 1.5% at midpoints.

• 2026 Core FFO per diluted share guidance reaffirmed at $4.81–$5.05; same-store revenue growth expected between 0.00% and 1.75%.

• Blended gross leasing spreads expected at ~2%, occupancy in mid-95% range, and retention around 52%.

• Regulatory changes in Colorado expected to reduce RUBS revenue by nearly $1 million, already factored into guidance.

• No acquisitions or dispositions included in guidance or outlook.