Centerspace — Third Quarter 2026 Earnings Summary

Centerspace reported third quarter 2026 net income of $7.28 per diluted share, driven primarily by a $150.3 million gain on the sale of real estate and other investments. The company disposed of thirteen apartment communities during the quarter, reducing its portfolio and contributing to a 16.6% decrease in total revenue to $59.5 million compared to the prior year period. Same-store net operating income declined by 2.7% year-over-year as property operating expenses rose 4.2%, partially offset by flat same-store revenues. Additionally, the company fully repaid its line of credit balances and announced a proposed merger agreement with Independence Realty Trust, Inc., under which shareholders will receive 3.8 shares of IRT stock for each Centerspace share.