CENTERSPACE

Listed Company

CSRCIK 0000798359NYSELarge AcceleratedReal Estate Investment TrustsNorth DakotaFY ends Dec 31

Period

FY 2025

Revenue

$273.66M

Net Income

$17.10M

Total Assets

$1.93B

Equity

$719.16M

Shares Out

16.77M

Op. Cash Flow

$98.45M

Business

CENTERSPACE is a real estate investment trust that owns, manages, acquires, develops, and redevelops multifamily apartment communities. It offers apartment homes and related residential services, including property management, resident experience enhancements, community renovations, and redevelopment projects. The company operates through its operating partnership and organizes activities around operations (property and resident services), investment (acquisitions and capital allocation), and financing (equity and debt capital programs and preferred/unit issuances). It focuses on large, attractive U.S. metropolitan markets, notably Minneapolis/St. Paul and Denver, leasing directly to residents through its communities and corporate channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	274	261	261	257	202
Property operating expenses, excluding real estate taxes	78	76	77	80	58
Real estate taxes	29	27	29	29	24
Property management expense	10	9	9	10	9
Casualty loss	816,000	3	2	2	344,000
Depreciation and amortization	113	106	102	105	92
Impairment of real estate investments	38	0	5	0	0
General and administrative expenses	21	18	20	18	16
TOTAL EXPENSES	289	240	244	243	199
Gain (loss) on sale of real estate and other investments	80	−577,000	71	41,000	28
Loss on litigation settlement	0	0	−4	0	0
Operating income	65	20	84	14	30
Interest expense	−45	−37	−36	−33	—
Loss on extinguishment of debt	−98,000	0	0	—	−535,000
Interest and other income	3	3	1	1	−3
NET INCOME (LOSS)	23	−14	49	−18	−2
Distributions to Series D preferred unitholders	−486,000	−640,000	−640,000	−640,000	−640,000
Net (income) loss attributable to noncontrolling interests Operating Partnership and Series E preferred units	−3	4	−7	4	3
Net income attributable to noncontrolling interests consolidated real estate entities	−2	−131,000	−125,000	−127,000	−94,000
Net income (loss) attributable to controlling interests	17	−11	41	−14	−29,000
Distributions to Series C preferred shareholders	0	−5	−6	−6	−6
Redemption of Series C preferred shares	0	−4	0	0	—
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	17	−20	35	−21	−6
Loss on derivative instrument reclassified into earnings	407,000	712,000	936,000	—	—
TOTAL COMPREHENSIVE INCOME (LOSS)	23	−13	50	—	—
Net comprehensive (income) loss attributable to noncontrolling interests Operating Partnership and Series E preferred units	−3	4	−7	—	—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS	18	−10	43	—	—
NET INCOME (LOSS) PER COMMON SHARE BASIC (in dollars per share)	1.02	−1.27	2.33	−1.35	−0.47
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	1.02	−1.27	2.32	−1.35	−0.47
Weighted average shares - basic (in shares)	17	16	15	15	14
Weighted average shares - diluted (in shares)	17	16	17	15	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property owned	2,524	2,481	2,420	2,534	2,271
Less accumulated depreciation	−660	−626	−531	−535	−444
Total real estate investments	1,900	1,900	1,900	2,000	1,800
Cash and cash equivalents	13	12	9	10	31
Restricted cash	3	1	639,000	1	7
Other assets	47	46	28	23	31
TOTAL ASSETS	1,926	1,914	1,926	2,033	1,940
Accounts payable and accrued expenses	59	59	63	59	62
Revolving lines of credit	155	47	30	114	76
Notes payable, net of unamortized loan costs of $421 and $480, respectively	300	300	299	399	299
Mortgages payable, net of unamortized loan costs of $2,937 and $3,262, respectively	567	609	587	495	481
TOTAL LIABILITIES	1,080	1,015	979	1,066	918
COMMITMENTS AND CONTINGENCIES (NOTE 12)	—	—	—	—	—
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at December 31, 2025 and 166 issued and outstanding at December 31, 2024, aggregate liquidation preference of $5,940 at December 31, 2025)	6	17	17	17	25
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,761 shares issued and outstanding at December 31, 2025 and 16,719 shares issued and outstanding at December 31, 2024)	1,369	1,368	1,166	1,177	1,157
Accumulated distributions in excess of net income	−650	−615	−548	−539	−474
Accumulated other comprehensive loss	0	−407,000	−1	−2	−4
Total shareholders equity	719	752	710	730	772
Noncontrolling interests Operating Partnership and Series E preferred units	121	130	221	220	224
Noncontrolling interests consolidated real estate entities	0	673,000	649,000	627,000	648,000
TOTAL EQUITY	840	882	931	950	996
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,926	1,914	1,926	2,033	1,940

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including amortization of capitalized loan costs	115	108	103	106	93
(Gain) loss on sale of real estate and other investments	−79	577,000	−71	−41,000	−28
Share-based compensation expense	3	3	3	3	3
Impairment of real estate investments	38	0	5	0	0
Loss on interest rate swap settlement amortization	407,000	712,000	936,000	—	—
Provision for bad debt	1	945,000	340,000	1	2
Non-cash casualty loss	1	2	1	254,000	—
Amortization of premiums and discounts	2	1	−231,000	—	—
Other, net	−467,000	−572,000	317,000	−646,000	265,000
Other assets	−6	−5	−760,000	−645,000	−5
Accounts payable and accrued expenses	245,000	1	−2	650,000	16
Net cash provided by operating activities	98	98	90	92	84
Increase in mortgages and real estate related notes receivable	0	−14	−2	0	−19
Net proceeds from sale of real estate and other investments	212	18	223	41,000	61
Proceeds from insurance	1	2	328,000	2	—
Payments for acquisitions of real estate assets	−206	−1	−42	−105	−274
Payments for improvements of real estate assets	−34	−57	−59	−57	−31
Other investing activities	116,000	325,000	−748,000	−569,000	−4
Net cash provided by (used by) investing activities	−27	−51	120	−160	−267
Proceeds from mortgages payable	0	0	90	0	—
Principal payments on mortgages payable	−97	−11	−47	−29	−36
Proceeds from revolving lines of credit	455	131	135	192	259
Principal payments on revolving lines of credit	−348	−113	−219	−154	−335
Principal payments on notes payable and other debt	0	0	−100	0	−145
Proceeds from sale of common shares, net of issuance costs	−331,000	112	0	—	—
Repurchase of common shares	−3	−5	−12	−29	0
Distributions paid to common shareholders	−51	−46	−44	−44	−38
Distributions paid to Series C preferred shareholders	0	−5	−6	−6	−6
Distributions paid to noncontrolling interests Operating Partnership and Series E preferred units	−9	−9	−10	−10	−5
Distributions paid to noncontrolling interests consolidated real estate entities	−5	0	0	—	—
Contribution from noncontrolling interests consolidated real estate entities	1	0	0	—	—
Distributions paid to Series D preferred unitholders	−486,000	−640,000	−640,000	−640,000	−640,000
Payments related to tax withholding for share-based compensation	−1	0	0	—	—
Other financing activities	−541,000	−137,000	−223,000	−404,000	−367,000
Net cash used by financing activities	−69	−44	−212	41	215
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	3	4	−3	−27	31
Accrued capital expenditures	2	3	10	6	5
Operating partnership units converted to common shares	3	3	5	−1	−5
Retirement of shares withheld for taxes	0	122,000	190,000	1	933,000
Loss on litigation settlement	0	0	1	0	0
Involuntary conversion of assets	−2	−3	−4	0	0
Real estate assets acquired through assumption of debt	76	39	53	42	20
Real estate assets and related notes receivable acquired through issuance of operating partnership units	0	14	0	23	0
Fair value adjustment to debt	−24	−8	−4	1	2
Series E preferred units converted to common shares	598,000	8	2	−4	0
Non-cash interest income	2	1	0	0	—
Unrealized gain (loss) on investment	507,000	551,000	137,000	—	—
Cash paid for interest	41	34	34	31	27

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