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Centerspace
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Latest analysis
Updated Nov 2, 2026
Centerspace 3Q26: Merger with IRT Dominates; Same-Store NOI -2.7% YoY as Expense Growth Outpaces Flat Revenue
Centerspace's Q3 2026 results are defined by two developments: the pending all-stock merger with Independence Realty Trust announced September 8, 2026, which has caused the company to withdraw all forward guidance, and a continuing same-store NOI compression driven entirely by expense growth of 4.2% against flat revenue. The company has monetized $318.8 million in dispositions year-to-date, exiting 14 communities and dramatically deleveraging to 6.3x net debt to Adjusted EBITDA, which positions it cleanly for the IRT transaction closing expected after the November 10 shareholder vote.
Tone: cautiousRevenue
$273.7M
CSR 10-K · FY 2025
Employees
349
Revenue FY2024
$261M
Founded
1970
Profile
CSR 10-K Item 1 · Feb 17, 2026Centerspace is a North Dakota-organized REIT focused exclusively on the ownership, management, acquisition, development, and redevelopment of apartment communities. As of December 31, 2025, the company owned 61 apartment communities totaling 12,262 homes concentrated in Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City. Its operating strategy centers on providing an exceptional resident experience, making value-add investments, and expanding operating margins through technology and expense controls.
Read filing description ↓ Collapse description ↑
Centerspace is a real estate investment trust organized under the laws of North Dakota that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents' experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas. We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents. As of December 31, 2025, we owned 61 apartment communities, containing 12,262 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion. Our corporate headquarters is located in Minot, North Dakota. We also have a corporate office in Minneapolis, Minnesota. We conduct our daily business operations primarily through our operating partnership, Centerspace, LP. Our business is focused on our mission - to provide a great home - for our residents, our team members and our investors. We fulfill this mission by providing renters well-located options in various price ranges. While fulfilling our mission, we seek consistent earnings growth through exceptional operations, disciplined capital allocation, and market knowledge and efficiencies.
Primary products
- Apartment homes
- Mixed-use commercial space
Business segments
End markets
Geographies
Named competitors
“There are numerous housing alternatives that compete with our apartment communities in attracting residents. Our apartment communities compete directly with other apartment communities, condominiums, and single-family homes in the areas in which our properties are located.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $260.983 million in 2024 to $273.662 million in 2025, driven by same-store revenue growth of 2.4% and contributions from non-same-store communities including the newly acquired Railway Flats and Sugarmont.
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