CENTERSPACE CSR

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Centerspace ("we," "us," "our," "Centerspace," or the "Company") is a real estate investment trust ("REIT") organized under the laws of North Dakota that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents' experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas.

We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents. As of December 31, 2025, we owned 61 apartment communities, containing 12,262 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion. Our corporate headquarters is located in Minot, North Dakota. We also have a corporate office in Minneapolis, Minnesota.

Last close 56.97 2026-10-23
Market cap $956.8M 2026-06-30 share count
52-week range 52.00 - 69.61

Valuation FY2025 figures against the last close

P/S3.5x
P/E55.9x
P/FCF14.9x
EV/EBITDA11.0x
Dividend yield5.3%
Diluted EPS1.02

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $273.7M$261.0M$261.3M$256.7M$201.7M$178.0M$185.8M$121.9M$169.7M$160.1M
Cost of revenue $9.6M$9.1M$9.4M$9.9M$8.8M$5.8M$6.2M—$5.5M—
Gross profit $264.0M$251.9M$252.0M$246.8M$193.0M$172.2M$179.6M—$164.2M—
SG&A $20.9M$17.8M$20.1M$17.5M$16.2M$13.4M$14.4M—$14.3M$15.9M
Total operating expenses $288.6M$239.9M$244.2M$242.9M$199.3M$169.7M$174.3M—$193.4M$190.2M
Operating income $64.5M$20.5M$84.5M$13.9M$29.9M$33.8M$109.0M—-$23.7M-$30.1M
Interest expense $44.9M$37.3M$36.4M$32.8M$29.1M$27.5M$30.5M—$34.2M$34.3M
Net income $17.1M-$11.3M$41.3M-$14.1M-$29.0K$4.4M$78.7M—$116.8M$43.3M
EPS, basic 1.02-1.272.33-1.35-0.47-0.156.06—8.712.58
EPS, diluted 1.02-1.272.32-1.35-0.47-0.156.00—8.712.58
Shares, diluted (wtd. avg.) 16.8M15.5M17.1M15.2M13.8M12.6M13.2M—13.5M13.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $12.8M$12.0M$8.6M$11.9M$38.6M$7.3M$46.1M$19.3M$11.9M$56.8M
Property, plant and equipment $526.0K$2.5M$2.8M$3.1M$3.4M$2.7M$1.3M$686.0K$820.0K$901.0K
Goodwill $316.0K$491.0K$491.0K$866.0K$866.0K$986.0K$1.1M$1.5M$1.6M$1.6M
Other intangibles $2.0M$2.0M$2.7M$2.1M$7.4M$1.1M$1.2M$498.0K$1.5M$202.0K
Total assets $1.93B$1.91B$1.93B$2.03B$1.94B$1.46B$1.39B$1.34B$1.43B$1.47B
Long-term debt $1.02B$955.4M$916.0M$1.01B$859.8M——$444.2M$509.9M$566.0M
Total liabilities $1.08B$1.01B$978.8M$1.07B$918.5M$774.8M$696.0M$686.6M$732.5M$831.2M
Retained earnings -$649.7M-$615.2M-$548.3M-$539.4M-$474.3M-$427.7M-$390.2M-$429.0M-$395.7M-$466.5M
Total equity $719.2M$752.0M$931.0M$950.3M$996.3M$672.8M$679.9M$643.4M$687.6M$636.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $98.5M$98.2M$89.5M$92.0M$84.0M$61.2M$69.6M—$55.2M$79.1M
Depreciation and amortisation $114.6M$107.6M$103.2M$106.2M$93.1M$76.6M$75.4M—$83.3M$46.1M
Stock-based compensation $3.4M$3.0M$3.3M$2.6M$2.7M$2.1M$1.9M—$1.6M$6.0K
Capital expenditure $34.2M$56.7M$58.8M$56.6M$1.3M$1.7M$21.0M—$18.0M$41.1M
Investing cash flow -$26.9M-$50.7M$120.2M-$160.1M-$267.2M-$165.0M$7.0M—$80.1M$224.2M
Financing cash flow -$69.1M-$43.7M-$212.4M$41.4M$214.5M$64.9M-$49.8M—-$176.0M-$317.9M
Dividends paid $51.1M$45.8M$43.7M$44.5M$38.5M$35.0M$32.9M—$33.7M$55.9M
Buybacks $3.5M$4.7M$11.5M$29.1M$0$0$18.0M—$9.9M$4.5M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000798359-26-000014.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 160.1M Net income, FY2016: 43.3M Revenue, FY2017: 169.7M Gross profit, FY2017: 164.2M Net income, FY2017: 116.8M Revenue, FY2018: 121.9M Revenue, FY2019: 185.8M Gross profit, FY2019: 179.6M Net income, FY2019: 78.7M Revenue, FY2020: 178M Gross profit, FY2020: 172.2M Net income, FY2020: 4.4M Revenue, FY2021: 201.7M Gross profit, FY2021: 193M Net income, FY2021: -29K Revenue, FY2022: 256.7M Gross profit, FY2022: 246.8M Net income, FY2022: -14.1M Revenue, FY2023: 261.3M Gross profit, FY2023: 252M Net income, FY2023: 41.3M Revenue, FY2024: 261M Gross profit, FY2024: 251.9M Net income, FY2024: -11.3M Revenue, FY2025: 273.7M Gross profit, FY2025: 264M Net income, FY2025: 17.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $160.1M $169.7M $121.9M $185.8M $178.0M $201.7M $256.7M $261.3M $261.0M $273.7M
Gross profit — $164.2M — $179.6M $172.2M $193.0M $246.8M $252.0M $251.9M $264.0M
Net income $43.3M $116.8M — $78.7M $4.4M -$29.0K -$14.1M $41.3M -$11.3M $17.1M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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