Centerspace Reports Strong Q4 2025 Earnings

Multifamily REIT highlights portfolio performance, transaction activity, and 2026 expectations amid ongoing strategic review

Published on Feb. 22, 2026

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Centerspace (NYSE:CSR) executives detailed the company's fourth-quarter 2025 earnings, including robust same-store NOI growth, strong rent growth, and an emphasis on resident experience and revenue optimization. The company also highlighted its $493 million in transaction activity in 2025 and provided 2026 guidance, while reiterating that its board's ongoing evaluation of strategic alternatives remains in progress.

Why it matters

As a pure-play multifamily REIT, Centerspace's performance and strategic direction provide insights into the broader apartment market dynamics, particularly in key markets like Denver where supply and regulatory changes have impacted the sector. The company's focus on operational excellence, financial discipline, and exploring strategic alternatives also signals broader industry trends around consolidation and value maximization.

The details

In the fourth quarter, Centerspace reported a 3.5% increase in same-store NOI for the full year 2025, which the company said outpaced peers. This was driven by steady occupancy and expense discipline, as well as strong rent growth and a focus on resident experience and revenue optimization. The company executed $493 million in transaction activity in 2025, further diversifying its cash flow and improving portfolio metrics. For 2026, Centerspace expects Core FFO per diluted share to remain stable year-over-year, with a full-year midpoint of $4.93. This guidance assumes blended leasing spreads of approximately 2%, mid-95% occupancy, and about 52% retention.

  • Centerspace filed its Form 10-K for the year ended Dec. 31, 2025.
  • Centerspace's board began a 'formal evaluation of strategic alternatives to maximize shareholder value' in 2025.
  • Centerspace repurchased 3.5 million common shares in 2025.
  • Centerspace expects 9,000 new apartment units to be delivered in Denver in 2026, with 2027 deliveries forecast to fall materially as new construction starts decline.

The players

Centerspace

An owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Centerspace was named a Top Workplace for the fourth consecutive year in 2023 by the Minneapolis Star Tribune.

Anne Olson

President and CEO of Centerspace.

Grant Campbell

SVP of Investments and Capital Markets at Centerspace.

Bhairav Patel

CFO of Centerspace.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

Centerspace's strong operational and financial performance, coupled with its strategic review process, highlights the resilience and adaptability of the multifamily REIT sector. As the industry navigates regulatory changes and evolving market dynamics, Centerspace's focus on integrity, resident experience, and value creation positions the company well to navigate the road ahead.