Centerspace filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 2, 2026, reporting third-quarter net income of $143,647 thousand driven in large part by a gain on the sale of real estate and other investments.

Key Highlights

  • Q3 2026 net income: $143,647 thousand, compared with $65,408 thousand in Q3 2025, according to the filing.
  • Gain on sale of real estate: $150,308 thousand recognized in the three months ended September 30, 2026, versus $79,531 thousand in the same prior-year period.
  • Revenue: $59,515 thousand for Q3 2026, down from $71,399 thousand in Q3 2025.
  • Net income per common share (diluted): $7.28 for the three months ended September 30, 2026, compared with $3.19 in the year-ago quarter.
  • Total assets: $1,794,030 thousand as of September 30, 2026, versus $1,926,167 thousand at December 31, 2025.
  • Merger related costs: $5,020 thousand incurred in Q3 2026, with no comparable amount in Q3 2025.
  • Common shares outstanding: 16,823,940.358 as of October 26, 2026, per the filing.

Centerspace Q3 2026 Financial Results: Sales Gains and Merger Costs Shape the Quarter

According to the filing, Centerspace (NYSE:CSR) reported total revenue of $59,515 thousand for the three months ended September 30, 2026, a decline from $71,399 thousand in the same period of 2025. Total expenses for Q3 2026 were $58,350 thousand, compared with $73,720 thousand a year earlier. The company disclosed a gain on sale of real estate and other investments of $150,308 thousand in Q3 2026, which the filing identifies as a primary contributor to operating income of $151,473 thousand for the quarter.

The filing also disclosed merger related costs of $5,020 thousand incurred during the three and nine months ended September 30, 2026, a line item absent from the prior-year periods. Interest expense declined to $8,412 thousand in Q3 2026 from $12,989 thousand in Q3 2025, while a loss on extinguishment of debt of $526 thousand was reported. Net income available to common shareholders was $123,328 thousand for the quarter, compared with $53,783 thousand a year ago. For the nine months ended September 30, 2026, net income available to common shareholders was $109,419 thousand versus $35,534 thousand in the first nine months of 2025.

On the balance sheet, total assets declined to $1,794,030 thousand at September 30, 2026, from $1,926,167 thousand at December 31, 2025. Property owned fell to $2,266,599 thousand from $2,524,020 thousand over the same interval, reflecting asset sales. Cash and cash equivalents increased to $116,235 thousand from $12,833 thousand at year-end 2025. Total liabilities decreased to $866,655 thousand from $1,080,411 thousand, with revolving lines of credit reduced to zero from $154,925 thousand at December 31, 2025. The filing states the company is classified as a large accelerated filer.

What Was Disclosed

Centerspace filed its quarterly report covering the period ended September 30, 2026, disclosing net income of $143,647 thousand for Q3 2026, a $150,308 thousand gain on real estate sales, $5,020 thousand in merger related costs, and a reduced total asset base of $1,794,030 thousand.