Centerspace reported fourth-quarter Core FFO of $1.25 per diluted share, driven by a 4.8% year-over-year increase in same-store NOI. Same-store revenue rose 1% while expenses declined 5.1%, supported by lower maintenance, administrative costs and favorable tax assessments.

In 2025, Centerspace executed roughly $493 million of acquisitions and dispositions, entering Salt Lake City, expanding in Fort Collins and exiting St. Cloud. The company repurchased 3.5 million shares, expanded its unsecured credit facility by $150 million and assumed $76 million of long-term debt.

The board has launched a formal evaluation of strategic alternatives aimed at maximizing shareholder value, which has led to a suspension of share repurchases despite an existing authorization. Management clarified there is no guarantee the review will result in a transaction or other strategic outcome.

For full-year 2026, Centerspace forecasts Core FFO of $4.93 per share, assuming same-store NOI up 0.75%, revenues up 0.88% and expenses up 1.5%. Guidance assumes mid-90s occupancy, blended leasing spreads near 2% and stronger renewal spreads offsetting negative trade-outs in select markets.