CSR 8-K SEC Filing Analysis

Latest settled — T+20d

CSR ▼ -8.91% at T+20d

SHORT call ✓ call won +8.91% · α vs SPY +13.86% · entry $65.46 → $59.63

Next anchor: T+60d in 6w

Last close $58.39 (close Jun 12) · +10.80% from $65.46 entry (call sign-flipped)

Entry anchored
May 4, 2026
via day open

T+1d

+2.66%

call -2.66% · α -1.27%

$67.20

settled 6w ago

T+5d

+5.24%

call -5.24% · α -3.26%

$68.89

settled 5w ago

T+20d

-8.91%

call +8.91% · α +13.86%

$59.63

settled 13d ago

T+60d

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call — · α —

—

in 6w

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Executive Summary

Centerspace reported Q1 2026 Core FFO of $1.12 per share, missing the $1.17 consensus by ~4.3%, while total revenue fell 3.0% YoY to $65.1M and net loss widened to -$0.77 per diluted share. Same-store NOI declined 1.1% as expense growth outpaced flat revenues. The company reaffirmed its 2026 Core FFO guidance range of $4.81-$5.05 but widened its net loss outlook, reflecting a weaker-than-expected start to the year.

Key Financial Metrics

Guidance

0.00% to 1.75% (same-store revenue growth)

maintained

Actionable Insight

The Core FFO miss and weak same-store NOI suggest underlying operational softness. The maintained 2026 Core FFO guidance implies management expects improvement, but the widened net loss forecast adds uncertainty. Watch for the strategic review update expected by Q2 earnings, which could be a catalyst. The dividend is safe at the current payout ratio of 68.8%.

Key Facts

Core FFO per diluted share of $1.12 vs consensus $1.17 (miss of -4.3%)
Total revenue $65.1M, down 3.0% YoY from $67.1M
Net loss per share -$0.77 vs -$0.22 in Q1 2025
Same-store NOI declined 1.1% YoY
2026 Core FFO guidance reaffirmed at $4.81-$5.05 per share
2026 net loss guidance widened to $(0.95)-$(0.66) from $(0.49)-$(0.19)
Quarterly distribution maintained at $0.77 per share/unit
Strategic review ongoing; substantive update expected by Q2 earnings

Financial Impact

Core FFO miss of ~$0.05 vs consensus; revenue decline of $2.0M YoY; net loss increased by $0.55 per share

revenuecore FFOnet incomesame-store NOI

Risk Factors

Ongoing strategic review may not result in a transaction, creating uncertainty
Same-store expense growth (1.7% YoY) continues to pressure NOI
Impairment charge of $9.7M and legal costs of $1.0M weigh on reported earnings
Net debt/Adjusted EBITDA ratio rose to 8.22x from 7.46x sequentially

Market Snapshot

Exchange

NYSE

Sector

Real Estate Investment Trusts

Analyst Consensus

43% bullish (14 analysts)

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0000798359-26-000039
Document: iret-20260504.htm	0000798359-26-000039
Document: 0000798359-26-000039-index-headers.html	0000798359-26-000039
Document: 0000798359-26-000039-index.html	0000798359-26-000039
Document: 0000798359-26-000039.txt	0000798359-26-000039
8-K Data (Synthetic)	0000798359-26-000039

4 reports for CSR

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for CSR — sortable, filterable
	Type				Now
Jun 1, 2026 13d ago	8-K BULLISH ★ 6/10	$59.63 $60.21	▲ +0.97%	▲ +1.69%	$58.39 (−2.08%)
May 8, 2026 5w ago	8-K BEARISH ★ 6/10	$67.92 $68.89	▼ −1.43%	▼ −1.56%	$58.39 (+14.03%)
May 4, 2026 5w ago	8-K BEARISH ★ 6/10	$65.46 $67.20	▼ −2.66%	▼ −1.27%	$58.39 (+10.80%)
Mar 11, 2026 13w ago	8-K NEUTRAL ★ 4/10	$62.25 $61.19	▼ −1.70%	▼ −1.10%	$58.39 (−6.20%)

US Market Status

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