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Jun 30, 2025
Centerspace Q2 2025 Earnings Report
Centerspace delivered higher core FFO in Q2 2025 and achieved stronger same-store NOI and occupancy metrics compared to the prior year.
Key Takeaways
Centerspace reported a Q2 2025 net loss of $0.87 per share but improved Core FFO to $1.28 per share. Same-store NOI rose by 2.9% and weighted average occupancy improved to 96.1%. The company also expanded its portfolio with new acquisitions.
Core FFO per share increased to $1.28, up from $1.27 in Q2 2024.
Same-store NOI rose 2.9% YoY, driven by 2.7% revenue growth.
Weighted average occupancy reached 96.1%, up from 95.5% in Q2 2024.
Acquired Sugarmont in Salt Lake City for $149M and Railway Flats in Loveland, CO for $132.2M.
Revenue by Segment
Forward Guidance
Centerspace raised its 2025 financial outlook with stronger expectations for revenue and NOI, supported by disciplined expense control and strategic acquisitions.
Positive Outlook
- Same-store NOI guidance raised to 2.5%–3.5%.
- Core FFO outlook revised upward to $4.88–$5.00 per share.
- Expense guidance lowered to 1.0%–2.5%, improving margins.
- Expecting $210M–$230M from property dispositions.
- Acquisitions support growth in high-demand Western markets.
Challenges Ahead
- Net loss guidance revised significantly upward to $2.50–$2.76 per share.
- Blended lease rate growth declined YoY to 2.4% from 3.4%.
- Renewal lease growth slowed to 2.6% vs 3.5% last year.
- Retention rate fell to 60.2% vs 59.1% despite higher occupancy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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