- Centerspace (CSR, Financial) Q1 2025 revenue increased by 4.0% year-over-year to $67.1 million.
- The company experienced a net loss of $0.22 per diluted share, improving from a $0.37 loss in Q1 2024.
- Centerspace reaffirmed its 2025 guidance, projecting Core FFO per share of $4.86-$5.10.
Centerspace (CSR) has announced its financial and operating results for the first quarter of 2025, reporting a mixed performance. The real estate investment trust saw a 4.0% year-over-year revenue increase, reaching $67.1 million, with same-store revenue growth at 3.5%. Despite these gains, the company posted a net loss of $0.22 per diluted share, an improvement from the $0.37 loss reported in the same period in 2024.
The Core Funds from Operations (FFO) slightly decreased by 1.6% to $1.21 per diluted share, attributed mainly to an increase in property taxes. Despite this decrease, the company's liquidity remains strong, with $223.2 million in cash and credit facilities.
Operationally, Centerspace's weighted average occupancy improved to 95.8% from 94.6% a year ago, reflecting steady demand for its properties. However, new lease rates fell by 1.1%, while renewal rates saw an uptick of 3.5%, contributing to a blended lease rate growth of 0.7%, which was lower compared to 1.4% in Q1 2024.
Looking forward, Centerspace is optimistic about its financial trajectory, reaffirming its 2025 guidance with Core FFO per share projected between $4.86 and $5.10. The outlook also anticipates same-store revenue growth in the range of 1.50% to 3.50%, with NOI growth projected between 1.25% and 3.25%.
