CENTERSPACECSR
CENTERSPACE Segments Disclosure
SEGMENTS
Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information.
The chief executive officer and chief financial officer are the chief operating decision-makers (“CODM”). The CODMs evaluate each property’s operating results using net operating income (“NOI”) to make decisions about resources to be allocated and to assess property performance, and do not group the properties based on geography, size, or type for this purpose. The Company defines NOI as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other investments, impairment, depreciation, amortization, financing costs, including interest and other income, losses on extinguishment of debt, interest expense, property management expenses, loss on litigation settlement, casualty gains (losses), and general and administrative expense.
The apartment communities have similar long-term economic characteristics and similar operating characteristics, such as type and length of lease, services offered to residents, and property management practices. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment, Multifamily. “All other” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale, which did not meet the aggregation criteria. During the years ended December 31, 2025 and 2024, the Company disposed of twelve and two apartment communities, respectively. For the years ended December 31, 2025 and 2024, the disposed properties were included in “all other”.
The following tables present NOI for the years ended December 31, 2025, 2024, and 2023, respectively, along with reconciliations to net income (loss) as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements.
| (in thousands) | ||||||||||||||
| Year ended December 31, 2025 | Multifamily | All Other | Total | |||||||||||
| Revenue | $ | 248,177 | $ | 25,485 | $ | 273,662 | ||||||||
Property operating expenses | ||||||||||||||
On-site compensation(1) | 25,105 | 2,942 | 28,047 | |||||||||||
Repairs and maintenance(2) | 13,547 | 1,750 | 15,297 | |||||||||||
| Utilities | 14,836 | 1,967 | 16,803 | |||||||||||
| Administrative and marketing | 6,224 | 727 | 6,951 | |||||||||||
| Insurance | 9,364 | 1,165 | 10,529 | |||||||||||
| Real estate taxes | 25,652 | 2,994 | 28,646 | |||||||||||
| Net operating income | $ | 153,449 | $ | 13,940 | $ | 167,389 | ||||||||
| Property management expenses | (9,638) | |||||||||||||
| Casualty loss | (816) | |||||||||||||
| Depreciation and amortization | (113,231) | |||||||||||||
| Impairment of real estate investments | (37,719) | |||||||||||||
| General and administrative expenses | (20,918) | |||||||||||||
Gain on sale of real estate and other investments | 79,470 | |||||||||||||
| Interest expense | (44,884) | |||||||||||||
| Loss on debt extinguishment | (98) | |||||||||||||
| Interest and other income | 3,409 | |||||||||||||
Net income | $ | 22,964 | ||||||||||||
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
| (in thousands) | ||||||||||||||
| Year ended December 31, 2024 | Multifamily | All Other | Total | |||||||||||
| Revenue | $ | 231,359 | $ | 29,624 | $ | 260,983 | ||||||||
Property operating expenses | ||||||||||||||
On-site compensation(1) | 23,690 | 3,456 | 27,146 | |||||||||||
Repairs and maintenance(2) | 13,197 | 2,204 | 15,401 | |||||||||||
| Utilities | 13,275 | 2,249 | 15,524 | |||||||||||
| Administrative and marketing | 6,076 | 1,107 | 7,183 | |||||||||||
| Insurance | 9,616 | 1,468 | 11,084 | |||||||||||
| Real estate taxes | 23,619 | 3,287 | 26,906 | |||||||||||
| Net operating income | $ | 141,886 | $ | 15,853 | $ | 157,739 | ||||||||
| Property management expenses | (9,128) | |||||||||||||
| Casualty loss | (3,307) | |||||||||||||
| Depreciation and amortization | (106,450) | |||||||||||||
| General and administrative expenses | (17,802) | |||||||||||||
Loss on sale of real estate and other investments | (577) | |||||||||||||
| Interest expense | (37,280) | |||||||||||||
| Interest and other income | 2,613 | |||||||||||||
Net loss | $ | (14,192) | ||||||||||||
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
| (in thousands) | ||||||||||||||
| Year ended December 31, 2023 | Multifamily | All Other | Total | |||||||||||
| Revenue | $ | 218,119 | $ | 43,190 | $ | 261,309 | ||||||||
| Property operating expenses | ||||||||||||||
On-site compensation(1) | 22,682 | 5,221 | 27,903 | |||||||||||
Repairs and maintenance(2) | 11,910 | 3,770 | 15,680 | |||||||||||
| Utilities | 13,092 | 3,927 | 17,019 | |||||||||||
| Administrative and marketing | 5,009 | 1,220 | 6,229 | |||||||||||
| Insurance | 8,223 | 1,999 | 10,222 | |||||||||||
| Real estate taxes | 24,117 | 4,642 | 28,759 | |||||||||||
| Net operating income | $ | 133,086 | $ | 22,411 | $ | 155,497 | ||||||||
| Property management expenses | (9,353) | |||||||||||||
| Casualty loss | (2,095) | |||||||||||||
| Depreciation and amortization | (101,678) | |||||||||||||
| Impairment of real estate investments | (5,218) | |||||||||||||
| General and administrative expenses | (20,080) | |||||||||||||
Gain on sale of real estate and other investments | 71,244 | |||||||||||||
| Interest expense | (36,429) | |||||||||||||
| Interest income and other loss | 1,207 | |||||||||||||
| Loss on litigation settlement | (3,864) | |||||||||||||
Net income | $ | 49,231 | ||||||||||||
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of December 31, 2025 and 2024, respectively, along with reconciliations to the Consolidated Financial Statements:
| (in thousands) | ||||||||||||||
| As of December 31, 2025 | Multifamily | All Other | Total | |||||||||||
| Segment assets | ||||||||||||||
| Property owned | $ | 2,507,740 | $ | 16,280 | $ | 2,524,020 | ||||||||
| Less accumulated depreciation | (655,418) | (4,706) | (660,124) | |||||||||||
| Total real estate investments | $ | 1,852,322 | $ | 11,574 | $ | 1,863,896 | ||||||||
| Cash and cash equivalents | 12,833 | |||||||||||||
| Restricted cash | 2,818 | |||||||||||||
| Other assets | 46,620 | |||||||||||||
| Total Assets | $ | 1,926,167 | ||||||||||||
| (in thousands) | ||||||||||||||
| As of December 31, 2024 | Multifamily | All Other | Total | |||||||||||
| Segment assets | ||||||||||||||
| Property owned | $ | 2,245,097 | $ | 235,644 | $ | 2,480,741 | ||||||||
| Less accumulated depreciation | (561,001) | (64,979) | (625,980) | |||||||||||
| Total real estate investments | $ | 1,684,096 | $ | 170,665 | $ | 1,854,761 | ||||||||
| Cash and cash equivalents | 12,030 | |||||||||||||
| Restricted cash | 1,099 | |||||||||||||
| Other assets | 45,817 | |||||||||||||
| Total Assets | $ | 1,913,707 | ||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Jun 28, 2018 | |
| 2017 | Jun 28, 2017 | |
| 2016 | Jun 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.