Centerspace

centerspacehomes.com

What Do They Do?

Owns and manages apartment communities, renting homes to residents in several metropolitan markets.

How Do They Make Money?

Residents pay rent for apartment homes under leases generally lasting 12 months or less; Centerspace also earns application fees and other miscellaneous property revenue as those items are earned.

FY2025 revenue

Who Are Their Customers?

Its customers are residents who rent apartment homes in its communities.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

24% of revenue

▲ +215% vs FY2024 ($20.5M, 8%)

Net income, FY2025

6% of revenue

▲ Now profitable vs FY2024 (−$11.3M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $68.5M in Q2 FY2025
Net income: ▼ −93% (Loss); vs −$14.5M in Q2 FY2025

Sep 22, 2026 Merger agreement with IRT amended The amendment changes the planned merger structure, with Centerspace merging into an IRT subsidiary.
Sep 8, 2026 IRT agreed to acquire Centerspace in an all-stock merger Each Centerspace share would convert into the right to receive IRT shares if the merger closes.
Aug 14, 2026 Centerspace completed sales of 14 apartment communities and a note receivable The sales brought aggregate gross proceeds of approximately $318.8 million; the company plans to use net proceeds partly to reduce debt.

Growing. Revenue grew 36% in 4 years, from $201.7M in FY2021 to $273.7M in FY2025, about 8% a year.

Geographic acquisition focus The latest report names Boulder/Fort Collins and Salt Lake City as markets for new apartment communities, alongside Minneapolis/St. Paul and Denver; the older report named Minneapolis/St. Paul and Denver.

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