Centerspace (CSR) investor relations material

Executive summary

• Revenue rose 5.4% year-over-year to $68.5 million in Q2 2025, driven by same-store growth and acquisitions, with Core FFO per diluted share up to $1.28.

• Net loss per diluted share widened to $0.87, impacted by a $14.5 million impairment on held-for-sale properties.

• Acquired Sugarmont in Salt Lake City for $149 million and Railway Flats in Colorado for $132.2 million, expanding into new markets.

• Portfolio repositioning includes planned dispositions of 12 Minnesota communities (1,511 units), with anticipated sale price $210–$230 million.

• Focus remains on stable, growing markets to drive demand, retention, and long-term value.

Financial highlights

• Same-store revenues up 2.7% and same-store NOI up 2.9% year-over-year in Q2 2025.

• Weighted average occupancy for Q2 2025 was 96.1%, up from 95.5% a year ago.

• Core FFO per diluted share was $1.28 in Q2 2025; FFO for Q2 2025 was $24.5 million, up 10.8% year-over-year.

• Net loss available to common shareholders was $14.5 million for Q2 2025, compared to $2.9 million loss in Q2 2024.

• Adjusted EBITDA for Q2 2025 was $34.9 million, up from $33.1 million in Q2 2024.

Outlook and guidance

• 2025 Core FFO per diluted share guidance is $4.88–$5.00, with same-store NOI growth of 2.5–3.5%.

• Net loss per share guidance revised to $2.50–$2.76, reflecting anticipated gains on asset sales.

• Revenue growth midpoint maintained at 2.5% for 2025; expense growth expected at 1–2.5%.

• Value-add capital expenditures projected at $16–18 million; disposition proceeds at $210–230 million.

• Net debt to EBITDA expected to return to low to mid-7x by year-end.