Centerspace announced its second-quarter 2025 financial results, reporting Core FFO of $1.28 per diluted share, surpassing analyst expectations. This represents a slight increase from $1.27 per diluted share in the second quarter of 2024. The company's net loss per diluted share for the quarter was $(0.87), compared to $(0.19) in the prior year period.
Operational performance for the same-store portfolio showed a 2.7% increase in revenues and a 2.9% increase in Net Operating Income (NOI) year-over-year. Same-store weighted-average occupancy reached 96.1%, an improvement from 95.5% in Q2 2024. Blended lease rate growth was 2.4% for the quarter.
Centerspace updated its full-year 2025 financial outlook, adjusting its Core FFO per diluted share guidance to a range of $4.88 to $5.00, with the midpoint lowered by $0.04 due to capital recycling activities. Despite this, the midpoint still represents a 1.2% increase over the prior year. The company raised its same-store NOI growth projection to between 2.50% and 3.50%, a 70 basis point increase from previous expectations. Additionally, Centerspace closed on the acquisition of Railway Flats in Loveland, CO, for $132.2 million on July 29, 2025, including assumed mortgage debt.
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