Centerspace(NYSE) IRET

Centerspace provides apartment homes for people living in the Midwest. The company manages and rents living spaces in six states. It provides rental homes and focuses on managing apartment communities.

How Centerspace Serves Its Residents

• Same-Store Communities: Housing units owned or stabilized for at least one year; generated $50.0 million in revenue for the three-month period ended June 30, 2026.
• Nonsame-Store and Held for Sale: Properties newly acquired, repositioned, or intended for sale; contributed $14.2 million in revenue for the three-month period ended June 30, 2026.
• Other Properties: Commercial and nonmultifamily spaces within mixed-use developments; accounted for $917,000 in revenue for the three months ended June 30, 2026.

Moving the Portfolio Forward

• Disposed of one apartment community with 176 homes in Denver for $30.0 million in the three months ended June 30, 2026.
• Sold 12 apartment communities containing 1,511 homes during the year ended Dec. 31, 2025.
• Authorized a $100.0 million Share Repurchase Program in July 2025 to buy back company shares.
• Expanded the Unsecured Credit Facility borrowing capacity to $400.0 million in May 2025.
• Acquired two apartment communities during the second and third quarters of 2025.

Why the Midwest Matters

Centerspace operates as a real estate investment trust, or REIT, which is a company that owns and manages income-producing properties. The company focuses its portfolio on the Midwest and Mountain West regions while maintaining continuous quarterly distributions since 1971.

The Financial Facts for 2026

• Total revenue was $65.8 million for the three-month period ended June 30, 2026, down 4.0% year over year.
• Net loss available to common shareholders was $1.0 million for the quarter ended June 30, 2026, compared to a loss of $14.5 million in the prior year.
• Non-GAAP Core Funds from Operations, or Core FFO, reached $1.27 per diluted share for the three-month period ended June 30, 2026.
• Weighted average occupancy for same-store properties was 96.0% for the three months ended June 30, 2026.
• Total liquidity was $242.6 million as of June 30, 2026, including available credit and cash on hand.

A Midwestern Housing Specialist

Centerspace has evolved from its 1970 founding into a regional specialist managing over 12,000 homes across the Midwest and Mountain West. The company maintains its focus on resident-centered operations while optimizing its portfolio through strategic property sales and acquisitions.