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Dec 31, 2025
Centerspace Q4 2025 Earnings Report
Centerspace reported its financial and operating results for the fourth quarter and full year ended December 31, 2025.
Key Takeaways
Centerspace announced a mixed financial performance for Q4 2025, with a net loss per diluted share of $1.10, but an increase in Core FFO per diluted share to $1.25. The company also provided its financial outlook for 2026.
Net income (loss) per share - diluted for Q4 2025 was -$1.10, compared to -$0.31 in Q4 2024.
Core FFO - diluted for Q4 2025 increased to $1.25, up from $1.21 in Q4 2024.
Same-Store Revenues for Q4 2025 showed a 1.0% year-over-year increase, while Same-Store Expenses decreased by 5.1%.
The company repurchased 62,973 shares at an average price of $54.86 per share during the year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Centerspace anticipates a mixed financial performance for 2026, with a projected net loss per diluted share but continued positive Core FFO per diluted share.
Positive Outlook
- Core FFO per diluted share is projected to be between $4.81 and $5.05, indicating continued profitability in core operations.
- Same-store revenue growth is expected to be positive, ranging from 0.00% to 1.75%.
- Same-store expenses are projected to increase at a lower rate (1.00% to 2.00%) than revenue, contributing to NOI.
- Same-store NOI is expected to range from -0.50% to 2.00%, suggesting potential for growth.
- Value-add expenditures are projected to be between $2.5 million and $12.5 million, indicating continued investment in property improvements.
Challenges Ahead
- Net income (loss) per share - diluted is projected to be negative, ranging from -$0.49 to -$0.19.
- Interest expense is projected to remain high, between $41.15 million and $41.75 million.
- General and administrative and property management expenses are expected to be between $29.55 million and $30.40 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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