Strong Same-Store Portfolio Performance
Centerspace reported a 2.7% year-over-year increase in revenues, driving a 2.9% year-over-year growth in NOI.
High Occupancy and Retention Rates
Occupancy reached 96.1% with a high retention rate of 60.2%, setting up favorable conditions for the remainder of the year.
Strategic Market Repositioning
Centerspace executed acquisitions in Colorado and Utah and reduced exposure in Minnesota, improving portfolio metrics and enhancing growth profile.
Financial Flexibility
Centerspace expanded its line of credit by $150 million, which was used to fund recent acquisitions, expecting net debt to EBITDA to trend back down by year-end.