CENTERSPACE CSR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -1.27 | 2.33 | -1.35 | -0.47 | -0.15 | 6.06 | — | 8.71 | 2.58 |
| EPS, diluted | 1.02 | -1.27 | 2.32 | -1.35 | -0.47 | -0.15 | 6.00 | — | 8.71 | 2.58 |
| Shares, diluted (wtd. avg.) | $16.8M | $15.5M | $17.1M | $15.2M | $13.8M | $12.6M | $13.2M | — | $13.5M | $13.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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