Centerspace (CSR) Investor presentation summary

Strategic positioning and market focus

• Portfolio concentrated in Midwest and Mountain West, offering geographic diversity and lower volatility compared to coastal and Sunbelt markets.

• Exposure to markets with higher household and employment growth than the national average, supporting long-term demand.

• Limited new supply and high occupancy rates in core markets position the portfolio for continued rent growth.

• Recent acquisitions in Salt Lake City and Fort Collins enhance portfolio quality and cash flow diversification.

• Over half of net operating income comes from markets with favorable supply-demand dynamics.

Operational performance and resident profile

• Leasing trends show normal seasonal patterns, with blended same-store leasing spreads positive in most regions through Q2 2026.

• Resident retention remains strong, with 2026 YTD same-store retention rates above 56%.

• Average applicant household income is high, and rent-to-income ratios remain well below the national median, indicating strong resident financial health.

• Lifetime average reputation scores and ORA scores consistently exceed national property averages.

Financial outlook and capital management

• 2026 guidance projects same-store revenue growth between 0.6% and 2.0%, with NOI growth up to 2.0%.

• Core FFO per share guidance for 2026 ranges from $4.81 to $5.05.

• Balance sheet is flexible, with $2.2 billion total capitalization and well-laddered debt maturities averaging 3.6% interest and 6.7 years maturity.

• No acquisitions or dispositions assumed in 2026 guidance; capital expenditures planned at $1,250–$1,350 per home.