Earnings Releases·Nov 2, 2026, 4:16 PM ET

Centerspace — Third Quarter 2026 Earnings Summary

Net income per diluted share rose to $7.28 for the quarter (vs. $3.19 prior year) and $6.46 for nine months (vs. $2.12), driven by a $150.3 million gain on real estate sales; however, FFO per diluted share declined to $0.83 for the quarter (vs. $1.19) and $3.10 for nine months (vs. $3.60), while total revenue fell 16.6% to $59.5 million for the quarter.
The company announced a merger agreement with Independence Realty Trust, Inc. (IRT) effective September 8, 2026, under which shareholders will receive 3.8 IRT shares per share, resulting in the discontinuation of all future financial guidance.
Strategic dispositions included 13 apartment communities (1,634 homes) sold for $288.8 million in the quarter, bringing the year-to-date sales total to $318.8 million, while management fully repaid line of credit balances and reduced borrowing capacity to $250.0 million.
Operational metrics showed same-store revenues flat year-over-year, same-store NOI down 1.7% to 2.7%, and weighted average occupancy at 95.0%, with a net debt to Adjusted EBITDA ratio of 6.3x.
Shareholders are scheduled to vote on the merger at a special meeting on November 10, 2026, with quarterly distributions set at $0.77 per share ($3.08 annualized) and a Core FFO payout ratio of 69.4%.