Centerspace (CSR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues met expectations, supported by stable demand and strong leasing execution, despite regulatory headwinds and strategic review costs.

• Owns 61 apartment communities with 12,263 apartment homes as of March 31, 2026, focusing on stable, growing markets in the Midwest and Mountain West regions.

• Revenue for Q1 2026 decreased 3.0% year-over-year to $65.1 million, mainly due to prior year dispositions.

• 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.

• Strategic review initiated in 2025 remains ongoing, with an update expected by or with Q2 results; no assurance on timing or outcome.

Financial highlights

• Q1 core FFO was $1.12 per diluted share, with a 1.1% year-over-year decrease in same-store NOI.

• Total assets at March 31, 2026, were $1.89 billion, down from $1.93 billion at year-end 2025.

• NOI decreased 2.1% year-over-year to $39.5 million.

• FFO applicable to common shares and Units was $21.1 million, down 8.9% from $23.2 million in Q1 2025.

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

Outlook and guidance

• Full-year 2026 guidance reaffirmed: core FFO at $4.81–$5.05 per diluted share, same-store NOI growth of -0.50% to 2.00%, and revenue growth of 0.00% to 1.75%.

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

• Strategic review costs projected at $1–1.5 million for the year, mostly in H1.

• No acquisitions or dispositions included in guidance.

• Recurring capital expenditures forecasted at $1,250–$1,350 per home.