Centerspace Reports Third Quarter 2026 Financial Results

Real estate firm Centerspace reported earnings of $7.28 per diluted share for the third quarter of 2026, up from $3.19 in the same period last year. This increase is primarily attributed to a $150.3 million gain realized from the sale of real estate investments during the period.

The company disposed of 13 apartment communities during the quarter for a total of $288.8 million, continuing a trend of divestment that saw 14 properties sold in the first nine months of the year. These sales were used to pay down credit line balances, helping to reduce interest expenses by $4.6 million compared to the prior year. Despite these efforts, Core FFO per diluted share fell 6.7% to $1.11, largely due to the impact of the divestitures.

Same-store performance saw flat revenue growth, while property operating expenses rose 4.2%, driven in part by a $200,000 non-recurring utility expense. This resulted in a 2.7% decrease in same-store net operating income.

At the end of the quarter, Centerspace maintained $366.2 million in liquidity. The firm previously announced an agreement to combine operations with Independence Realty Trust (IRT) in September.