On capital return, Olson said the company currently needs to complete the strategic review process before it can resume stock buybacks “given the rules” around information availability. She added Centerspace has a current repurchase authorization, but said that at current trading levels it is not the most attractive use of capital, noting 2025 repurchases were executed “more in the $54 range.”Olson said the evaluation is ongoing and that the company does not intend to provide further details during the earn ...

Financial Data and Key Metrics Changes - The company reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in Q4 same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home, despite a 40 basis point decline in occupancy [12] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth was 3.5%, outpacing peers due to steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing the highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Favorable absorption in Minneapolis, the largest market, led to positive blended increases of 1.1%, while North Dakota led the portfolio with blended increases of 4.5% in the quarter [7] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [8] Company Strategy and Development Direction - The company is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength after transforming into a pure-play multifamily REIT [4][5] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings, aimed at improving portfolio diversification and cash flow [9] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be a year of stability and growth, particularly in Minneapolis, while acknowledging ongoing pressures in Denver due to new deliveries and slow job growth [10][11] - The company anticipates Core FFO per diluted share to remain stable year-over-year, with same-store NOI expected to increase by 75 basis points [13] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares, reinforcing confidence in its stock value [10] - The leverage profile improved to 7.5x net debt to EBITDA following a disposition in Minneapolis [15] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way and new lease trade outs improving in most Midwest markets [19] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026, with expectations for improvement as supply dynamics normalize [21][22] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that strategic initiatives executed in 2025 are still in effect, while the strategic review focuses on capital allocation [27] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that overall blends were flat to slightly negative, with renewals remaining strong in the mid-3% range [28] Question: What is driving the lower retention rate forecast for 2026? - Management indicated that the lower retention rate is a conservative estimate based on recent performance and market conditions [52] Question: How has the experience in Denver and Minneapolis affected assessments of other markets? - Management noted that business friendliness and regulatory environments are key considerations for new market assessments, with no significant changes in current markets [38]

Financial Data and Key Metrics Changes - The company reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in Q4 same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home, despite a 40 basis point decline in occupancy [12][13] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth of 3.5% outpaced peers, supported by steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing their highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Favorable absorption in Minneapolis, the largest market, led to positive blended increases of 1.1%, while North Dakota saw blended increases of 4.5% in the quarter [7] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [8] Company Strategy and Development Direction - The company is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength after transforming into a pure-play multifamily REIT [4][5] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings, aimed at diversifying cash flow and improving portfolio metrics [9] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be a year of stability and growth, particularly in Minneapolis, while acknowledging ongoing pressures in Denver due to new deliveries and regulatory changes [10][11] - The company anticipates Core FFO per share to remain stable year-over-year, with guidance for same-store NOI increases of 75 basis points and revenues increasing by 88 basis points [13] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares, indicating confidence in its stock value [10] - The leverage profile improved to 7.5x net debt to EBITDA following a disposition in Minneapolis [15] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way and new lease trade outs improving in most Midwest markets [17][19] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026, but expects improvements as supply dynamics normalize [21][22] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that strategic initiatives executed in 2025 are still in effect, while the strategic review focuses on capital allocation [26][27] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that overall blends were flat to slightly negative, with renewals remaining strong [28] Question: What is driving the lower retention rate forecast for 2026? - Management indicated a conservative approach to retention expectations, reflecting a slight downtick in Q4 [53] Question: How has the experience in Denver and Minneapolis affected assessments of other markets? - Management noted that business friendliness and regulatory environments are key considerations for new market assessments [36][38] Question: Are there concerns about affordability given the current economic conditions? - Management reported strong affordability metrics, with income growth outpacing rent increases across markets [59]

Financial Data and Key Metrics Changes - Centerspace reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home [12] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth was 3.5%, outpacing peers due to steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing their highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Minneapolis, the largest market, experienced positive blended increases of 1.1%, while North Dakota led with blended increases of 4.5% in the quarter [6] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [7] - The company expects Denver fundamentals to normalize as new construction starts have significantly decreased [7] Company Strategy and Development Direction - Centerspace is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength [4] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings [9] - Looking ahead to 2026, the company anticipates momentum in many markets driven by measured supply profiles and strong local economies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health and resilience of their markets, expecting stability and growth in Minneapolis [10] - In Denver, management noted ongoing concessionary pressures but expects improvements as the year progresses [21] - The company highlighted strong resident financial health and affordability, with income growth outpacing rent increases [57] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares [9] - For 2026, the company expects Core FFO per diluted share to remain stable year-over-year, with guidance for same-store NOI increases of 75 basis points [13] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way [18] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026 but expects improvements later in the year [21] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that they feel good about their strategic execution in 2025, but the strategic review is focused on capital allocation [26] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that blends were flat to slightly negative, with renewals remaining strong [28] Question: Are you able to buy back stock while the strategic review is ongoing? - Management stated that they need to complete the strategic review before resuming stock buybacks [35] Question: How has the experience in Denver and Minneapolis affected your assessment of other markets? - Management noted that business friendliness is a key consideration for new markets, and they are happy with their current market status [38] Question: Is there any concern about affordability given the trends in tax refunds? - Management indicated that rent-to-income ratios have held steady, with incomes increasing faster than rent [57] Question: What is driving the lower retention rate forecast for 2026? - Management is being conservative in their retention expectations due to slight downticks observed in Q4 [51] Question: Why is the expected value-add range wider and lower than in 2025? - Management is being selective with projects due to higher capital costs and the ongoing strategic review [52]

分组1 - Centerspace (CSR) reported quarterly funds from operations (FFO) of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.21 per share, and showing an increase from $1.21 per share a year ago, resulting in an FFO surprise of +3.31% [1] - The company posted revenues of $66.62 million for the quarter ended December 2025, which was 4.14% below the Zacks Consensus Estimate, but slightly higher than the year-ago revenues of $66.41 million [2] - Centerspace has surpassed consensus FFO estimates two times over the last four quarters and topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed the market, losing about 4.7% since the beginning of the year, compared to a decline of 0.1% for the S&P 500 [3] - The current consensus FFO estimate for the coming quarter is $1.21 on revenues of $68.8 million, and for the current fiscal year, it is $4.81 on revenues of $276.8 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is in the bottom 38% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - As of December 31, 2025, the company had $154.9 million in variable-rate borrowings under its lines of credit, with a potential $1.5 million reduction in net income for a 100 basis point increase in 30-day SOFR[253] - Mortgage loan indebtedness decreased by $20.3 million as of December 31, 2025, totaling $400.1 million, with a weighted average interest rate of 3.88%[254] - The average interest rate on fixed-rate mortgage debt was 3.43% as of December 31, 2025[256] - The company aims to maintain a low exposure to interest rate risk, with all mortgage debt at fixed rates of interest[254] Team Member Engagement and Diversity - As of December 31, 2025, 79.7% of team members self-identified as white, 7.7% as Hispanic and/or Latino, and 2.9% as Black or African American[48] - The average tenure of team members was 4.7 years as of December 31, 2025[44] - The company conducts annual team member engagement surveys to gather feedback on performance[47] Training and Development - The company completed approximately 14,800 training courses and nearly 6,600 online training events during the year ended December 31, 2025[46] Corporate Social Responsibility - Team members completed over 2,700 volunteer hours during the year ended December 31, 2025, as part of the company's ESG initiatives[45] Compensation and Benefits - The company’s total rewards program includes competitive compensation and a robust benefits program, aligning team members with overall company performance[44]

Exhibit 99.1 Earnings Release Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2025 and Provides 2026 Financial Outlook MINNEAPOLIS, MN, February 17, 2026 – Centerspace (NYSE: CSR) (the "Company") announced today its financial and operating results for the year ended December 31, 2025. The tables below show Net Income (Loss), Funds from Operations ("FFO") , and Core FFO , all on a per diluted share basis, for the year ended December 31, 2025; Same-Store Revenues, Expense ...

Centerspace Announces Financial and Operating Results for the Year Ended December 31, 2025 and Provides 2026 Financial Outlook [Accessibility Statement] Skip NavigationMINNEAPOLIS, Feb. 17, 2026 /PRNewswire/ -- Centerspace (NYSE: CSR) (the "Company") announced today its financial and operating results for the year ended December 31, 2025. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the year ended December 31, 2025; Same-Store ...

Core Insights - Diamond Hill Capital's "Small Cap Strategy" reported a favorable performance in Q4 2025, with the Russell 2000 Index gaining 2.19% and a yearly gain of 12.81% despite geopolitical risks [1] - The Strategy outperformed the Russell 2000 Index with a return of 4.88% (net of fees) in the quarter [1] Company Focus - Centerspace (NYSE:CSR) was added to the portfolio during Q4 2025, identified as a REIT focused on apartment communities [2] - As of February 3, 2026, Centerspace's stock closed at $64.18, with a market capitalization of $1.138 billion [2] - Centerspace delivered a -4.18% return in the past month but has increased by 3.03% over the past twelve months [2] Investment Perspective - The company believes Centerspace is well-positioned for long-term growth due to its quality portfolio in differentiated markets and potential operational upside [3] - Centerspace is not among the 30 most popular stocks among hedge funds, with 14 hedge fund portfolios holding the stock at the end of Q3 2025, a slight decrease from 15 in the previous quarter [5] - While acknowledging Centerspace's potential, the company suggests that certain AI stocks may offer greater upside potential and lower downside risk [5]

Core Viewpoint - The article discusses the risks associated with shorting REITs, particularly in December 2025, when short interest increased as REIT prices were at their lows, suggesting that this strategy may lead to significant losses as the market rebounds in 2026 [1][3][5]. Group 1: Market Trends and Shorting Dynamics - Short interest in REITs surged in December 2025, coinciding with a market low for these assets [1][3]. - The Vanguard REIT ETF (VNQ) saw a substantial price increase in 2026, indicating that many shorts entered positions at an inopportune time [5]. - The average short position is currently underwater by about 5%, which is not unusual in the stock market [5]. Group 2: Risks of Momentum Investing - Shorting based on momentum is deemed particularly risky, as it assumes that price movements reflect underlying fundamentals, which may not always be the case [7][10]. - The average stock historically rises by 8%-9% annually, meaning that short sellers must outperform this benchmark to avoid losses [11][12]. - The asymmetry of risk in shorting is highlighted, as potential losses are theoretically unlimited while gains are capped at the stock price going to zero [17]. Group 3: Specific REITs Under Scrutiny - Centerspace (CSR) is identified as a heavily shorted REIT, with a short interest increase of 270 basis points in December [14][16]. - Other REITs with significant short interest include NETSTREIT (NTST), Acadia Realty (AKR), and Americold (COLD), each facing unique market conditions that challenge the short thesis [26][34][40]. - CSR is projected to remain profitable, with consensus estimates for FFO per share showing steady growth through 2027, making it a risky short position [20][22]. Group 4: Potential for Short Squeezes - The article suggests that CSR, NTST, AKR, and COLD are well-positioned for potential short squeezes due to high short interest and the stability of their underlying fundamentals [49][50]. - The demand for cold storage properties remains strong, indicating that Americold could recover from current oversupply issues, further complicating the short thesis [42][45]. - The overall sentiment is that shorting stable, profitable companies with high dividend yields is a precarious strategy, especially as market conditions improve [47][49].