MINNEAPOLIS, Feb. 17, 2026 /PRNewswire/ -- Centerspace (NYSE:CSR) (the "Company") announced today its financial and operating results for the year ended December 31, 2025. The tables below show Net Income (Loss), Funds from Operations ("FFO")¹, and Core FFO¹, all on a per diluted share basis, for the year ended December 31, 2025; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")¹ over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for each of the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, and the twelve months ended December 31, 2025 and 2024.

	Three Months Ended December 31,		Twelve Months Ended December 31,
Per Common Share	2025	2024	2025	2024
Net income (loss) per share - diluted	$ (1.10)	$ (0.31)	$ 1.02	$ (1.27)
FFO - diluted⁽¹⁾	$ 1.14	$ 1.09	$ 4.74	$ 4.49
Core FFO - diluted⁽¹⁾	$ 1.25	$ 1.21	$ 4.93	$ 4.88

	Year-Over-Year Comparison	Sequential Comparison	YTD Comparison
Same-Store Results⁽²⁾	Q4 2025 vs Q4 2024	Q4 2025 vs Q3 2025	CY 2025 vs. CY 2024
Revenues	1.0 %	(0.8) %	2.4 %
Expenses	(5.1) %	(7.4) %	0.6 %
NOI⁽¹⁾	4.8 %	3.3 %	3.5 %

	Three months ended			Twelve months ended
Same-Store Results⁽²⁾	December 31, 2025	September 30, 2025	December 31, 2024	December 31, 2025	December 31, 2024
Weighted Average Occupancy	95.3 %	95.8 %	95.7 %	95.7 %	95.4 %
New Lease Rate Growth	(4.8) %	(1.7) %	(3.7) %	(1.2) %	— %
Renewal Lease Rate Growth	3.9 %	2.9 %	3.0 %	3.1 %	3.2 %
Blended Lease Rate Growth⁽³⁾	0.1 %	1.3 %	0.2 %	1.3 %	1.8 %
Retention Rate	55.2 %	59.9 %	57.1 %	58.2 %	61.8 %


(1)	NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" and "Non-GAAP Financial Measures and Other Terms" in the Supplemental Financial and Operating Data below.
(2)	Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. Refer to "Non-GAAP Financial Measures and Reconciliations" in Supplemental and Financial Operating Data within.
(3)	Blended lease rate growth is weighted by lease count.

Highlights for the Year Ended December 31, 2025

Net Income was $1.02 per diluted share for the year ended December 31, 2025, compared to Net Loss of $1.27 per diluted share for the year ended December 31, 2024;
Core FFO⁽¹⁾ increased to $4.93 per diluted share for the year ended December 31, 2025, compared to $4.88 per diluted share for the year ended December 31, 2024;
Operating income increased to $64.5 million for the year ended December 31, 2025, compared to $20.5 million for the year ended December 31, 2024;
Same-store year-over-year NOI⁽¹⁾ grew 3.5% driven by same-store revenue growth of 2.4%;
The Company acquired two apartment communities during the year, Sugarmont in Salt Lake City, Utah, and Railway Flats in Loveland, Colorado, for an aggregate purchase price of $281.2 million, which includes the assumption of $76.5 million in mortgage debt;
The Company repurchased 62,973 shares at an average price of $54.86 per share, including commissions; and
The Company sold twelve non-core apartment communities throughout Minnesota and one corporate office building for an aggregate sales price of $215.5 million.

Balance Sheet

At December 31, 2025, Centerspace had $267.9 million of total liquidity on its balance sheet, including $255.1 million available on its lines of credit and $12.8 million in cash and cash equivalents.

Dividend Distributions

Centerspace's Board of Trustees announced a quarterly distribution of $0.77 per share/unit, payable on April 14, 2026, to common shareholders and unitholders of record at the close of business on March 30, 2026.

2026 Financial Outlook

Centerspace is providing the following guidance for its 2026 performance.

2026 Financial Outlook
		Range for 2026
	2025 Actual	Low	High
Net income (loss) per Share - diluted	$ 1.02	$ (0.49)	$ (0.19)
FFO per Share - diluted	$ 4.74	$ 4.61	$ 4.89
Core FFO per Share - diluted	$ 4.93	$ 4.81	$ 5.05

Additional assumptions:

Same-store capital expenditures of $1,250 per home to $1,350 per home
Value-add expenditures of $2.5 million to $12.5 million

FFO and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, please refer to "2026 Financial Outlook" in the Supplemental Financial and Operating Data below.

Strategic Review

In November, we announced that our Board has undertaken a proactive process to review strategic alternatives that may be available to Centerspace. Our focus remains on maximizing shareholder value. This review remains ongoing and there is no deadline or definitive timetable and there can be no assurance that this process will result in a transaction or any other strategic outcome. Centerspace will not be making disclosures or commenting relating to this process until it determines disclosure is required or appropriate.

Earnings Call

Live webcast and replay: https://www.ir.centerspacehomes.com

Live Conference Call		Conference Call Replay
Wednesday, February 18, 2026 at 10:00 AM ET		Replay available until February 25, 2026
USA Local Number	1-646-844-6383	USA Local Number	1-929-458-6194
USA Toll Free Number	1-833-470-1428	USA Toll Free Number	1-866-813-9403
Conference Number	250430	Conference Number	894072

Supplemental Information

Supplemental Operating and Financial Data for the year ended December 31, 2025 included herein ("Supplemental Information"), is available in the Investors section on Centerspace's website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of December 31, 2025, Centerspace owned 61 apartment communities consisting of 12,262 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minnesota Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "assumes," "may," "projects," "outlook," "future," and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission ("SEC"), including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in the Company's Annual Report on Form 10-K, in quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor Relations

Josh Klaetsch

Phone: 952-401-6600

E-mail: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Phone: 952-401-6600

E-mail: kweber@centerspacehomes.com

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SOURCE Centerspace

Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2025 and Provides 2026 Financial Outlook