Centerspace Q3 revenue falls 16.6%, misses estimates; halts guidance due to pending merger
IRT•Centerspace reported Q3 revenue of $59.50 million, down 16.6% and below the $63.33 million estimate. Core FFO per share fell 6.7% year over year, and the company will no longer provide guidance due to its proposed merger with Independence Realty Trust.
1. Quarterly results
Centerspace reported Q3 revenue of $59.50 million, missing the $63.33 million analyst estimate. Core FFO per share declined 6.7% year over year to $1.11.
2. Revenue and expenses
The company said the revenue decline primarily reflected the sale of 14 apartment communities during the nine months ended Sept. 30, 2026. Same-store property operating expenses rose 4.2% year over year, partly due to a one-time utility expense, while interest expense fell by $4.6 million after the company repaid line of credit balances.
3. Guidance paused
Centerspace said it will no longer provide guidance due to its proposed merger with Independence Realty Trust.
