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 peers.

• Exposure to high-growth markets like Denver, Minneapolis, and Salt Lake City, with recent acquisitions enhancing regional scale and diversification.

• Market selection has led to higher average NOI growth (5.3%) and lower volatility (3.7%) than peers.

• Portfolio upgrades since 2017 have increased average monthly rent, NOI concentration in top MSAs, and asset quality.

Operational performance and resident profile

• Same-store leasing spreads show stable blended rent growth, with regional variations reflecting local market dynamics.

• Resident retention remains strong, with 2026 YTD same-store retention at 50–55% and high reputation scores (ORA 74.77 vs. national average 63.42).

• Average applicant household income is robust, and rent-to-income ratios remain favorable (19–26% by market).

Financial results and outlook

• 2026 guidance projects same-store revenue growth of 0.88% at midpoint, expense growth of 1.0%, and NOI growth of 0.75%.

• Core FFO per share guidance for 2026 is $4.81–$5.05, with capital expenditures of $1,250–$1,350 per home.

• Balance sheet remains flexible with $2.4B total capitalization, well-laddered debt maturities, and net debt/EBITDA of 7.6x.