Centerspace (CSR) Q4 2025 earnings summary

Executive summary

• Completed a strategic review process to maximize shareholder value, with ongoing evaluation and no assurance of a transaction outcome.

• Achieved strong operational results in 2025, with same-store NOI growth of 3.5% and steady occupancy.

• Net income per diluted share was $1.02 for 2025, a turnaround from a net loss of $1.27 per diluted share in 2024.

• Core FFO per diluted share increased to $4.93 in 2025 from $4.88 in 2024.

• Portfolio transformation continued, focusing on Midwest and Mountain West markets, with acquisitions of two communities for $281.2 million and exits from less strategic locations.

Financial highlights

• Reported Q4 Core FFO of $1.25 per diluted share, up 4.8% year-over-year in same-store NOI.

• Total revenue for 2025 was $273.7 million, up from $261.0 million in 2024.

• Net operating income (NOI) for 2025 was $167.4 million, a 6.1% increase year-over-year.

• Same-store revenues increased 1% year-over-year, driven by a 1.5% rise in average monthly revenue per occupied home, offset by a 40 bps occupancy decline.

• Same-store expenses decreased 5.1% year-over-year, with reductions in repairs, maintenance, admin, and marketing costs.

Outlook and guidance

• 2026 Core FFO per share expected to remain stable at $4.93 midpoint, with guidance range of $4.81 to $5.05.

• 2026 FFO per diluted share guidance: $4.61 to $4.89.

• 2026 net income per diluted share guidance: $(0.49) to $(0.19).

• Guidance assumes same-store NOI up 75 bps, revenues up 88 bps, and expenses up 150 bps.

• Blended leasing spreads projected in the mid-1% range, with highest growth in North Dakota, Minneapolis, and Omaha.