Centerspace【CSR】株式ニュース

Centerspace Announces Outcome of Strategic Review; $245 Million of Planned DispositionsJune 1, 2026 4:30 PM
PR Newswire (US) Company plans to dispose of approximately $245 million of assets in 2026, including a full exit from the Bismarck and Rapid City marketsProceeds will be utilized to strengthen the balance sheet by significantly reducing leverageCompany declares a regular quarterly distribution of $0.77 per share/unitMINNEAPOLIS, June 1, 2026 /PRNewswire/ -- Centerspace (NYSE: CSR)(the "Company") announced today that the Company's Board of Trustees has, in connection with its comprehensive evaluation of strategic alternatives, approved a portfolio optimization and deleveraging plan designed to enhance portfolio quality, strengthen the balance sheet, preserve embedded shareholder value, and maximize strategic flexibility. The Board and management engaged in a thorough process with a broad range of potential counterparties and assessed numerous alternatives. The actions announced today, subject to their completion, will strengthen the Company's balance sheet while concentrating the portfolio in higher-quality, more liquid markets. The Company believes that upon their completion the transactions will position the Company for long-term success as multifamily fundamentals continue to recover following the elevated levels of supply delivered during 2023-2025. The plan includes approximately $240-245 million of targeted assets sales in 2026, comprising twelve communities, including a full exit from the Bismarck and Rapid City markets and one community in Denver. Each of these dispositions is under contract with buyers and the Company anticipates closing these sales in the second half of 2026.Upon successful completion of these dispositions, the Company currently expects:Total debt to decrease by $175-190 million, including repayment of the Company's line of credit balance, improving both the cost and duration of debt;Improvement in proforma Annualized Net Debt to EBITDA, decreasing from 8.2x in Q1 2026 to an anticipated sub-7x level in Q4 2026; andThat there may be special distributions of $45-65 million, with a declaration, if any, of exact timing and amount anticipated later in the year."The capital allocation initiative we are announcing today is an outcome of our review process. We expect these actions to enhance shareholder value by capturing the discount between public and private market valuations, while materially strengthening our balance sheet and positively evolving our market exposures," said Centerspace CEO Anne Olson."The Board undertook this process with one objective: determining the best alternatives for maximizing value for our shareholders," said Centerspace Board of Trustees Chair John Schissel. "We believe the approved plan will unlock intrinsic asset value, strengthen the balance sheet, create a more focused portfolio and preserve the flexibility to capture future value creation." The Company's previously released earnings guidance did not contemplate any potential dispositions. While the Company's operational outlook remains materially unchanged, it is still evaluating the impact of these transactions on financial results and plans to provide updated guidance in conjunction with its second quarter 2026 earnings release. Centerspace's Board of Trustees has declared a regular quarterly distribution of $0.77 per share/unit, payable on July 14, 2026, to common shareholders and unitholders of record at the close of business on June 29, 2026. The closing of the transactions described above may not occur on the expected timeline, or at all. The Company cannot assure that the conditions set forth in any purchase agreement and the related transactions will be satisfied (or waived, if permitted) in a timely manner, or at all, or that an effect, event, development, or change will not transpire that could delay or prevent these transactions from closing.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 March 31, 2026, Centerspace owned 61 apartment communities consisting of 12,263 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a Top Workplace in 2026 by USA TODAY and 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 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, including the risk that one or more of the contemplated transactions may not close on expected timelines or at all. 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 for the year ended December?31, 2025, in its subsequent quarterly reports on Form?10-Q, and in other reports the Company files with the SEC from time to time. In addition, such risks, uncertainties, and other factors include, but are not limited to, the ability of the Company to complete the proposed dispositions on a timely basis, or at all; risks that the proposed dispositions disrupt current plans and operations; the impacts of the announcement or consummation of the proposed dispositions and outcome of the Board of Trustees' strategic review on business relationships; the anticipated costs related to the proposed dispositions; and the ability of the Company to realize the anticipated benefits of the proposed dispositions and the outcome of the Board of Trustees' strategic review. 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
(952) 401-6600
IR@centerspacehomes.com Marketing & Media
Kelly Weber
(952) 401-6600
kweber@centerspacehomes.com View original content to download multimedia:https://www.prnewswire.com/news-releases/centerspace-announces-outcome-of-strategic-review-245-million-of-planned-dispositions-302787548.htmlSOURCE Centerspace Original: Centerspace Announces Outcome of Strategic Review; $245 Million of Planned Dispositions

Centerspace Reports First Quarter 2026 Financial & Operating Results and Reaffirms 2026 Core Financial OutlookMay 4, 2026 4:15 PM
PR Newswire (US) MINNEAPOLIS, May 4, 2026 /PRNewswire/ -- Centerspace (NYSE: CSR) (the "Company") announced today its financial and operating results for the three months ended March 31, 2026. The tables below show Net Loss, Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the three months ended March 31, 2026; 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 March 31, 2026, December 31, 2025, and March 31, 2025.

Three Months Ended March 31,Per Common Share
2026
2025Net loss - diluted
$               (0.77)
$               (0.22)FFO - diluted(1)
$                 1.07
$                 1.17Core FFO - diluted(1)
$                 1.12
$                 1.21

Year-Over-YearComparison
SequentialComparisonSame-Store Results(2)
Q1 2026 vs. Q1 2025
Q1 2026 vs. Q4 2025Revenues
— %
(0.3) %Expenses
1.7 %
8.2 %NOI(1)
(1.1) %
(5.1) %

Three months endedSame-Store Results(2)
March 31,
2026
December
31, 2025
March 31,
2025Weighted Average Occupancy
95.4 %
95.3 %
95.8 %Effective New Lease Rate Growth
(2.1) %
(6.1) %
(1.4) %Effective Renewal Lease Rate Growth
3.1 %
3.9 %
3.4 %Effective Blended Lease Rate Growth (3)
0.4 %
(0.4) %
0.5 %Retention Rate
54.1 %
55.5 %
52.2 %(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)Effective blended lease rate growth is weighted by lease count.Overview of the First QuarterRevenue decreased by $2.0 million or 3.0% to $65.1 million, compared to $67.1 million for the same period of the prior year, primarily due to the sale of 12 apartment communities in the prior year;Same-store revenues remained consistent while property operating expenses increased, resulting in a 1.1% decrease in same-store NOI compared to the same period of the prior year;Net loss was $0.77 per diluted share, compared to net loss of $0.22 per diluted share for the same period of the prior year; andCore FFO per diluted share decreased 7.4% to $1.12, compared to $1.21 for the same period of the prior year, primarily due to the sale of 12 apartment communities in the prior year.Balance SheetAt the end of the first quarter, Centerspace had $267.1 million of total liquidity on its balance sheet, consisting of $259.6 million available under lines of credit and cash and cash equivalents of $7.6 million.Updated 2026 Financial OutlookCenterspace updated its 2026 financial outlook. For additional information, see S-15 of the Supplemental Financial and Operating Data for the quarter ended March 31, 2026 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.
Previous Outlook for 2026Updated Outlook for 2026
LowHighLowHighNet loss per Share – diluted$(0.49)$(0.19)$(0.95)$(0.66)Same-Store Revenue0.00 %1.75 %0.00 %1.75 %Same-Store Expenses1.00 %2.00 %1.00 %2.00 %Same-Store NOI(0.50) %2.00 %(0.50) %2.00 %FFO per Share – diluted$4.61$4.89$4.65$4.92Core FFO per Share – diluted$4.81$5.05$4.81$5.05Additional assumptions:Same-store recurring capital expenditures of $1,250 per home to $1,350 per homeValue-add expenditures of $2.5 million to $12.5 millionThe outlook does not include any acquisitions or dispositionsNote: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to "2026 Financial Outlook" in the Supplemental Financial and Operating Data within.Strategic Review UpdateDuring 2025, we announced that our Board has undertaken a proactive process to review strategic alternatives that may be available to Centerspace, engaging both legal and financial advisors.This process remains ongoing, and we are appreciative of the engagement and feedback we have received from our stakeholders. We have been thorough and deliberate, and the Board and its advisors continue to make progress. The board currently expects to be able to provide shareholders with a more substantive update on the status of the review process before or in connection with our second quarter earnings release.There can be no assurance as to the timing or outcome of this process. There can be no assurance that the review process will result in a transaction or other strategic change or outcome. We do not intend to disclose or comment further on developments related to this review unless or until we determine that further disclosure is appropriate or required by law.Earnings CallManagement will host a conference call to discuss those results on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time.Interested parties may access the conference call via the following:Live Webcast: https://events.q4inc.com/attendee/110927308Operator Assisted Dial-In: 1-833-461-5787
Meeting ID: 110927308Replay Details: Following the conclusion of the earnings call, a replay of the webcast will be hosted at ir.centerspacehomes.com and at https://events.q4inc.com/attendee/110927308 for one year.Supplemental InformationSupplemental Operating and Financial Data for the quarter ended March 31, 2026 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 CenterspaceCenterspace 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 March 31, 2026, Centerspace owned 61 apartment communities consisting of 12,263 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a Top Workplace in 2026 by USA Today and for the sixth consecutive year in 2025 by the Minnesota Star Tribune. For more information, please visit www.centerspacehomes.com.Forward-Looking StatementsCertain 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 for the year ended December 31, 2025, in its subsequent 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 InformationInvestor Relations
Josh Klaetsch
Phone: 952-401-6600
Email: IR@centerspacehomes.comMarketing & Media
Kelly Weber
Phone: 952-401-6600
Email: kweber@centerspacehomes.com View original content to download multimedia:https://www.prnewswire.com/news-releases/centerspace-reports-first-quarter-2026-financial--operating-results-and-reaffirms-2026-core-financial-outlook-302761704.htmlSOURCE Centerspace Original: Centerspace Reports First Quarter 2026 Financial & Operating Results and Reaffirms 2026 Core Financial Outlook