Every material Form 8-K Centerspace Trust filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Centerspace reported third-quarter 2026 results, with diluted net income of $7.28 per share versus $3.19 a year earlier, driven mainly by a $150.3 million gain on property sales. Core FFO per diluted share fell 6.7% to $1.11, and revenue declined 16.6% to $59.5 million, mainly due to apartment dispositions. The company will no longer provide guidance because of its pending merger with Independence Realty Trust, under which each Centerspace share would convert into 3.8 IRT shares.
Diluted net income was $7.28 per share for Q3 2026, compared with $3.19 in Q3 2025, primarily due to a higher gain on sale of real estate.
Core FFO per diluted share was $1.11, down from $1.19 a year earlier; FFO per diluted share was $0.83 versus $1.19.
Same-store NOI fell 2.7% year over year, and revenue fell 16.6% to $59.5 million on property sales.
Centerspace will no longer provide 2026 guidance; a special shareholder meeting on the IRT merger is set for November 10, 2026.
On September 22, 2026, Independence Realty Trust (IRT) and related parties signed an amendment to the merger agreement with Centerspace first signed on September 8, 2026. IRT elected an alternative structure for the Company Merger, under which Centerspace would merge into an IRT subsidiary that survives the merger. The filing does not state a deal value or change in consideration, so the amendment's effect on shareholder payments cannot be determined from this document.
Original Merger Agreement with Independence Realty Trust was entered into on September 8, 2026.
On September 22, 2026, IRT Merger Sub joined the agreement by joinder and IRT elected the Alternative Structure for the Company Merger only.
Under the Alternative Structure, IRT Merger Sub survives the Company Merger rather than merging into Centerspace.
The amendment includes a waiver of any representation inaccuracy caused solely by the Alternative Structure and is filed as Exhibit 2.1.
On September 8, 2026, Centerspace entered a merger agreement under which Independence Realty Trust (IRT) will acquire it in an all-stock transaction, with each Centerspace common share converted into 3.8 IRT common shares. Closing requires Centerspace and IRT shareholder approvals, an effective Form S-4 registration statement, lender consents, and other conditions, and the agreement can be terminated if the merger is not completed by June 30, 2027. For shareholders, the deal would replace their Centerspace shares with IRT shares, so the value they receive will move with IRT's share price.
Exchange ratio of 3.8 IRT common shares for each Centerspace common share, with cash paid in lieu of fractional shares
Termination fees of $45 million payable by Centerspace and $60 million payable by IRT under specified circumstances
Merger can be terminated if not completed by June 30, 2027; presentation says closing could occur as soon as the end of Q4 2026
Until closing, Centerspace may pay regular quarterly dividends of up to $0.77 per share, then a stub dividend of up to $0.09 per share in the closing quarter
Centerspace completed the sale of 14 multifamily apartment communities and a note receivable, with aggregate gross proceeds of approximately $318.8 million, under a portfolio optimization and deleveraging plan. The company says it expects to use the proceeds to reduce debt and may pay a special distribution of about $50.0 million to $60.0 million to shareholders, though the distribution has not been declared.
Four purchase agreements with three unaffiliated buyers covered 14 communities in Denver, Minnesota, Rapid City, South Dakota, and Bismarck, North Dakota, plus a note receivable.
The Denver, Minnesota, and Rapid City transactions closed in staggered closings in June and July 2026; the Bismarck transaction closed on August 11, 2026.
The company paid $25 million on its unsecured credit facility after the Denver closing and expects to use net proceeds to repay the remaining balance.
The company determined the transactions together constituted a significant disposition of assets; a potential special distribution of $50.0 million to $60.0 million is under evaluation.
Centerspace reported second-quarter 2026 net loss of $0.07 per diluted share, narrowing from $0.87 a year earlier, which the company attributed mainly to a prior-year impairment. Revenue fell 4.0% to $65.8 million and Core FFO per diluted share slipped to $1.27 from $1.28, and the company lowered its 2026 FFO and Core FFO ranges, citing expected dispositions and a deleveraging plan. Shareholders face a smaller expected earnings base after the sales, though the company also outlined potential special distributions of $50.0 million to $60.0 million.
Q2 2026 net loss was $0.07 per diluted share vs. $0.87 a year earlier; FFO was $1.20 vs. $1.24 and Core FFO was $1.27 vs. $1.28
Updated 2026 FFO outlook is $4.37 to $4.50 per diluted share, down from $4.65 to $4.92; Core FFO outlook is $4.58 to $4.68, down from $4.81 to $5.05
July 2026 dispositions: $66.0 million (Rapid City, July 9) and $73.8 million (Minneapolis, July 14); 2026 gross disposition proceeds assumed at $315.0 million to $320.0 million
Second-quarter share repurchase of 45,310 shares at an average of $55.54; total liquidity was $242.6 million at June 30, 2026
Centerspace reported a first-quarter 2026 net loss of $0.77 per diluted share, against a $0.22 loss a year earlier, and Core FFO of $1.12 per diluted share, down 7.4%, as revenue fell 3.0% after the sale of 12 apartment communities in 2025. The company widened its 2026 net loss outlook to $(0.95) to $(0.66) per share from $(0.49) to $(0.19), kept its Core FFO outlook at $4.81 to $5.05, and said its strategic review is ongoing with no assurance of a transaction.
Q1 2026 net loss of $0.77 per diluted share vs. $0.22 in Q1 2025; FFO of $1.07 vs. $1.17; Core FFO of $1.12 vs. $1.21
Revenue of $65.1 million, down 3.0% from $67.1 million; same-store NOI down 1.1% year over year
2026 net loss per diluted share outlook changed to $(0.95) to $(0.66) from $(0.49) to $(0.19); Core FFO outlook unchanged at $4.81 to $5.05
Board expects to give a more substantive strategic review update before or with the Q2 2026 earnings release; earnings call is May 5, 2026 at 10:00 a.m. Eastern
Trustee Emily Nagle Green told Centerspace on March 9, 2026 that she will not stand for re-election at the 2026 Annual Meeting on May 13, 2026, and will retire when her term expires after that meeting. She also chairs the Nominating and Governance Committee and sits on the Audit Committee, which the company says it will address through the board change; the filing does not name successors. The departure is a board change with no financial figures disclosed, so its direct effect on shareholders appears limited.
Emily Nagle Green, a trustee since 2018, will retire upon the expiration of her term after the May 13, 2026 Annual Meeting.
She chairs the Nominating and Governance Committee and is a member of the Audit Committee.
Board Chair John Schissel and CEO Anne Olson praised her governance and technology and cybersecurity contributions.
Centerspace reported full-year 2025 net income of $1.02 per diluted share, up from a net loss of $1.27 in 2024, and Core FFO of $4.93 per share, up from $4.88. For 2026 it guided to a net loss of $(0.49) to $(0.19) per diluted share and Core FFO of $4.81 to $5.05, while its strategic review of alternatives continues with no set timetable.
Q4 2025 net loss was $1.10 per diluted share, versus a $0.31 loss in Q4 2024; Q4 included a $14.5 million impairment of real estate investments.
Full-year 2025 revenue was $273.7 million, up 4.9%; same-store NOI grew 3.5%.
2026 guidance: net income (loss) per diluted share of $(0.49) to $(0.19); Core FFO per diluted share of $4.81 to $5.05, versus $4.93 in 2025.
Quarterly distribution of $0.77 per share, payable April 14, 2026, to holders of record on March 30, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Centerspace Trust filing is on SEC EDGAR ↗. 8-K briefs of other companies →