Centerspace Q2 revenue misses estimates
Centerspace Q2 revenue misses estimates
Overview
U.S. apartment operator's Q2 revenue fell 4% yr/yr and missed analyst expectations
Net loss per share narrowed sharply from prior yr, mainly due to prior yr impairment
Core FFO per share declined 0.8% yr/yr, reflecting impact of prior apartment sales
Outlook
Centerspace lowers 2026 FFO per share outlook to $4.37-$4.50 from $4.65-$4.92
Company expects 2026 Core FFO per share of $4.58-$4.68, down from prior $4.81-$5.05
Centerspace sees 2026 same-store NOI growth between -1.0% and 0.0%
Company expects 2026 same-store revenue growth of 0.0% to 1.0%
Result Drivers
PROPERTY SALES - Co said Q2 revenue and Core FFO per share declined mainly due to sale of apartment communities in prior yr
PORTFOLIO CHANGES - Modest increase in same-store NOI driven by largely unchanged same-store revenues and expenses after annual composition updates
CASUALTY LOSS - Decreased casualty loss partially offset decline in Core FFO per share
Company press release: ID:nPn53rZtSa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $65.80 mln | $66.64 mln (8 Analysts) |
Q2 Loss Per Share |
| $0.07 |
|
Q2 Core FFO Per Share |
| $1.27 |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy."
Wall Street's median 12-month price target for Centerspace is $65.00, about 18.5% above its July 31 closing price of $54.84
Reuters Recommended Reads
Aug 3 - SITE Centers posts Q2 net loss as property sales weigh on results
Aug 3 - Easterly Government Properties Q2 Core FFO beats estimates; raises 2026 outlook
Aug 3 - Sabra Health Care REIT reiterates 2026 guidance as senior housing NOI rises
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)