Centerspace (CSR) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 decreased 4.0% year-over-year to $65.8 million, mainly due to prior year dispositions, including the sale of 12 apartment communities.

• Net loss per diluted share improved to $0.07 from $0.87 year-over-year, mainly due to prior-year impairment charges.

• Core FFO per diluted share was $1.27, down slightly from $1.28, reflecting the impact of asset dispositions.

• Disposed of one apartment community in Denver for $30.0 million during Q2 2026 and completed additional post-quarter sales totaling $139.8 million.

• Repurchased 45,310 common shares at an average price of $55.54 per share.

Financial highlights

• Q2 2026 revenue: $65.8 million (down from $68.5 million in Q2 2025); six-month revenue: $130.9 million (down from $135.6 million year-over-year).

• Net loss available to common shareholders: $1.0 million for Q2 2026 (improved from $14.5 million loss in Q2 2025); six-month net loss: $13.9 million (improved from $18.2 million loss year-over-year).

• Core FFO per diluted share: $1.27 for Q2 2026 (vs. $1.28 prior year); FFO per diluted share: $1.20 (vs. $1.24 prior year).

• Weighted average occupancy for same-store communities: 96.0% in Q2 2026 (up from 95.9% prior year).

• Adjusted EBITDA for Q2 2026 was $34.6 million; debt service coverage ratio was 2.86x.

Outlook and guidance

• 2026 Core FFO per diluted share guidance lowered to $4.58–$4.68 from prior $4.92–$5.05, reflecting expected dispositions and deleveraging.

• Net income per diluted share outlook raised to $6.42–$6.82, driven by gains on asset sales.

• Same-store NOI growth expected between 0.0% and 1.5% for 2026.

• Proceeds from recent and planned dispositions expected to be used to pay down line of credit and for general working capital.

• Gross proceeds from dispositions projected at $315–$320 million; special distributions of $50–$60 million possible.