CENTERSPACE (CSR) Form 10-Q — Nov 2, 2026
Centerspace's Q3 2026 10-Q confirms the pending all-stock merger with Independence Realty Trust, under which each Centerspace share will convert into 3.8 IRT shares. The deal may close as early as end of Q4 2026, pending shareholder approvals, with termination fees of $45.0 million (Centerspace) and $60.0 million (IRT). Q3 operations were mixed: revenue fell 16.6% year over year to $59.5 million on heavy dispositions, and Core FFO per diluted share slipped to $1.11 from $1.19, but net income jumped to $7.28 per diluted share on a $150.3 million gain from selling 13 apartment communities.
Key figures
- Eps
- 7.28
- Revenue
- 59515000
- Net Income
- 143647000
- Revenue Yoy
- -16.6%
- Total Assets
- 1794030000
- Cash Position
- 116235000
- Exchange ratio
- 3.8 IRT shares per Centerspace share
- Apartment homes
- 10456
- Credit facility
- $250.0 million undrawn
- Gain on sale q3
- 150308000
- Q3 2025 revenue
- 71399000
- Total liquidity
- $366.2 million
- Communities owned
- 47
- Nine month revenue
- 190366000
- Merger success fees
- $17.5 million
- Q3 core ffo per share
- 1.11
- Distributions per share
- $0.77 quarterly / $2.31 YTD
- Same store occupancy q3
- 95.0%
- Same store noi change q3
- -2.7%
- Termination fee csr pays
- $45.0 million
- Termination fee irt pays
- $60.0 million
- Q3 2025 core ffo per share
- 1.19
- Dispositions ytd sales price
- 318800000
- Q3 net income per share 2025
- 3.19
- Repurchase authorization 2026
- $50.0 million
AI analysis
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