Centerspace's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Centerspace reported revenue of $273.7M (+4.9% year on year) and net income of $23.0M (+261.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $273.7M | $261.0M | $261.3M | $256.7M |
| Property operating expenses, excluding real estate taxes | $77.6M | $76.3M | $77.1M | $80.1M |
| Real estate taxes | $28.6M | $26.9M | $28.8M | $28.6M |
| Property management expense | $9.6M | $9.1M | $9.4M | $9.9M |
| Casualty loss | $816.0K | $3.3M | $2.1M | $1.6M |
| Depreciation and amortization | $113.2M | $106.5M | $101.7M | $105.3M |
| Impairment of real estate investments | $37.7M | $0 | $5.2M | — |
| General and administrative expenses | $20.9M | $17.8M | $20.1M | $17.5M |
| TOTAL EXPENSES | $288.6M | $239.9M | $244.2M | $242.9M |
| Gain (loss) on sale of real estate and other investments | $79.5M | ($577.0K) | $71.2M | $41.0K |
| Loss on litigation settlement | $0 | $0 | ($3.9M) | — |
| Operating income | $64.5M | $20.5M | $84.5M | $13.9M |
| Interest expense | ($44.9M) | ($37.3M) | ($36.4M) | ($32.8M) |
| Loss on extinguishment of debt | ($98.0K) | — | — | — |
| Interest and other income | $3.4M | $2.6M | $1.2M | $1.2M |
| NET INCOME (LOSS) | $23.0M | ($14.2M) | $49.2M | ($17.6M) |
| Distributions to Series D preferred unitholders | ($486.0K) | ($640.0K) | ($640.0K) | ($640.0K) |
| Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | ($3.0M) | $3.6M | ($7.1M) | $4.3M |
| Net income attributable to noncontrolling interests – consolidated real estate entities | ($2.4M) | ($131.0K) | ($125.0K) | — |
| Net income (loss) attributable to controlling interests | $17.1M | ($11.3M) | $41.3M | ($14.1M) |
| Distributions to Series C preferred shareholders | $0 | ($4.8M) | ($6.4M) | ($6.4M) |
| Redemption of Series C preferred shares | 0 | -3.5M | — | — |
| NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $17.1M | ($19.7M) | $34.9M | ($20.5M) |
| Loss on derivative instrument reclassified into earnings | $407.0K | — | — | — |
| TOTAL COMPREHENSIVE INCOME (LOSS) | $23.4M | — | — | — |
| Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | ($2.9M) | — | — | — |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS | $18.1M | — | — | — |
| NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $1.02 | -$1.27 | $2.33 | -$1.35 |
| NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $1.02 | -$1.27 | $2.32 | -$1.35 |
| Weighted average shares - basic (in shares) | 16.7M | 15.5M | 15.0M | 15.2M |
| Weighted average shares - diluted (in shares) | 16.8M | 15.5M | 17.1M | 15.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| REVENUE | $65.8M | $65.1M | $71.4M | $68.5M |
| Property operating expenses, excluding real estate taxes | $17.6M | $18.2M | $21.2M | $18.9M |
| Real estate taxes | $7.0M | $7.3M | $7.2M | $7.7M |
| Property management expense | $2.1M | $2.4M | $2.5M | $2.4M |
| Casualty loss, net of recoveries | ($206.0K) | ($21.0K) | $127.0K | $399.0K |
| Depreciation and amortization | $25.1M | $26.5M | $29.1M | $27.1M |
| Impairment of real estate investments | $0 | $9.7M | $8.7M | $14.5M |
| General and administrative expenses | $5.7M | $6.3M | $5.0M | $4.4M |
| TOTAL EXPENSES | $57.3M | $70.5M | $73.7M | $75.3M |
| Gain on sale of real estate and other investments | $271.0K | — | $79.5M | $0 |
| Operating income (loss) | $8.8M | ($5.4M) | $77.2M | ($6.8M) |
| Interest expense | ($10.6M) | ($10.5M) | ($13.0M) | ($10.7M) |
| Interest and other income | $709.0K | $890.0K | $1.2M | $735.0K |
| NET LOSS | ($1.1M) | ($15.0M) | $65.4M | ($16.8M) |
| Distributions to Series D preferred unitholders | ($58.0K) | ($57.0K) | ($109.0K) | ($160.0K) |
| Net loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | $168.0K | $2.1M | ($9.2M) | $2.5M |
| Net income attributable to noncontrolling interests – consolidated real estate entities | $0 | $0 | ($2.3M) | ($53.0K) |
| NET LOSS AVAILABLE TO COMMON SHAREHOLDERS | ($1.0M) | ($12.9M) | $53.8M | ($14.5M) |
| Loss on derivative instrument reclassified into earnings | $0 | $0 | $58.0K | $174.0K |
| TOTAL COMPREHENSIVE LOSS | ($1.1M) | ($15.0M) | $65.5M | ($16.6M) |
| Net comprehensive loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | $168.0K | $0 | ($9.2M) | $2.5M |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO CONTROLLING INTERESTS | ($962.0K) | ($15.0M) | $54.0M | ($14.2M) |
| NET LOSS PER COMMON SHARE – BASIC (in dollars per share) | -$0.07 | -$0.77 | $3.22 | -$0.87 |
| NET LOSS PER COMMON SHARE – DILUTED (in dollars per share) | -$0.07 | -$0.77 | $3.19 | -$0.87 |
| Weighted average shares - basic (in shares) | 16.8M | 16.8M | 16.7M | 16.7M |
| Weighted average shares - diluted (in shares) | 16.8M | 16.8M | 19.8M | 16.7M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Property owned | $2.5B | $2.5B | $2.4B | $2.5B |
| Less accumulated depreciation | ($660.1M) | ($626.0M) | ($530.7M) | ($535.4M) |
| Total real estate investments | $1.9B | $1.9B | $1.9B | $2.0B |
| Cash and cash equivalents | $12.8M | $12.0M | $8.6M | $10.5M |
| Restricted cash | $2.8M | $1.1M | $639.0K | $1.4M |
| Other assets | $46.6M | $45.8M | $27.6M | $22.7M |
| TOTAL ASSETS | $1.9B | $1.9B | $1.9B | $2.0B |
| Accounts payable and accrued expenses | $59.2M | $59.3M | $62.8M | $58.8M |
| Revolving lines of credit | $154.9M | $47.4M | $30.0M | $113.5M |
| Notes payable, net of unamortized loan costs of $421 and $480, respectively | $299.6M | $299.5M | $299.5M | $399.0M |
| Mortgages payable, net of unamortized loan costs of $2,937 and $3,262, respectively | $566.7M | $608.5M | $586.6M | $495.1M |
| TOTAL LIABILITIES | $1.1B | $1.0B | $978.8M | $1.1B |
| 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) | $5.9M | $16.6M | $16.6M | $16.6M |
| 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) | 1.4B | 1.3B | 1.2B | 1.2B |
| Accumulated distributions in excess of net income | ($649.7M) | ($615.2M) | ($548.3M) | ($539.4M) |
| Accumulated other comprehensive loss | $0 | ($407.0K) | ($1.1M) | ($2.1M) |
| Total shareholders’ equity | $719.2M | $653.9M | $709.8M | $729.5M |
| Noncontrolling interests – Operating Partnership and Series E preferred units | $120.7M | $227.9M | $220.5M | $220.1M |
| Noncontrolling interests – consolidated real estate entities | $0 | $673.0K | $649.0K | $627.0K |
| TOTAL EQUITY | $839.8M | $882.4M | $931.0M | $950.3M |
| TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $1.9B | $1.9B | $1.9B | $2.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Property owned | $2.3B | $2.5B | $2.5B | $2.4B |
| Less accumulated depreciation | ($605.4M) | ($685.8M) | ($638.2M) | ($612.8M) |
| Total real estate investments | $1.7B | $1.8B | $1.9B | $1.8B |
| Cash and cash equivalents | $8.6M | $7.6M | $12.9M | $12.4M |
| Restricted cash | $1.9M | $2.7M | $52.9M | $5.8M |
| Other assets | $39.0M | $44.9M | $47.5M | $48.1M |
| Assets held for sale, net | $135.1M | — | $86.3M | $137.4M |
| TOTAL ASSETS | $1.8B | $1.9B | $2.1B | $2.0B |
| Accounts payable and accrued expenses | $51.4M | $55.9M | $66.1M | $56.1M |
| Revolving lines of credit | $176.0M | $150.4M | $222.5M | $216.0M |
| Notes payable, net | $299.6M | $299.6M | $299.6M | $299.6M |
| Mortgages payable, net | $514.0M | $565.6M | $622.1M | $595.7M |
| Liabilities held for sale, net | $1.5M | — | $420.0K | $1.0M |
| TOTAL LIABILITIES | $1.0B | $1.1B | $1.2B | $1.2B |
| SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 59 units issued and outstanding at June 30, 2026 and December 31, 2025, aggregate liquidation preference of $5,940 at June 30, 2026) | $5.9M | $5.9M | $5.9M | $11.3M |
| Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,792 shares issued and outstanding at June 30, 2026 and 16,761 shares issued and outstanding at December 31, 2025) | 1.4B | 1.4B | 1.4B | 1.4B |
| Accumulated distributions in excess of net income | ($689.5M) | ($675.5M) | ($618.3M) | ($659.3M) |
| Total shareholders’ equity | $680.2M | $695.0M | $748.6M | $710.1M |
| Noncontrolling interests – Operating Partnership and Series E preferred units | $111.8M | $115.2M | $128.0M | $121.4M |
| TOTAL EQUITY | $792.0M | $810.1M | $881.0M | $833.6M |
| TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $1.8B | $1.9B | $2.1B | $2.0B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $23.0M | ($14.2M) | $49.2M | ($17.6M) |
| Depreciation and amortization, including amortization of capitalized loan costs | $114.6M | $107.6M | $103.2M | $106.2M |
| (Gain) loss on sale of real estate and other investments | ($79.5M) | $577.0K | ($71.2M) | ($41.0K) |
| Loss on extinguishment of debt | $98.0K | — | — | — |
| Share-based compensation expense | $3.4M | $3.0M | $3.3M | $2.6M |
| Impairment of real estate investments | $37.7M | $0 | $5.2M | — |
| Loss on interest rate swap settlement amortization | $407.0K | — | — | — |
| Provision for bad debt | $1.2M | $945.0K | $340.0K | $1.4M |
| Non-cash casualty loss | $1.4M | $2.4M | — | — |
| Amortization of premiums and discounts | $1.9M | — | — | — |
| Other, net | ($467.0K) | $611.0K | $1.4M | ($392.0K) |
| Other assets | ($5.6M) | ($4.9M) | ($760.0K) | ($645.0K) |
| Accounts payable and accrued expenses | $245.0K | $1.4M | ($2.1M) | $650.0K |
| Net cash provided by operating activities | $98.5M | $98.2M | $89.5M | $92.0M |
| Increase in mortgages and real estate related notes receivable | $0 | ($13.6M) | ($1.6M) | $0 |
| Net proceeds from sale of real estate and other investments | $212.2M | $18.3M | $223.3M | — |
| Proceeds from insurance | $1.2M | $1.9M | — | — |
| Payments for acquisitions of real estate assets | ($206.3M) | ($1.0M) | ($42.2M) | ($104.7M) |
| Payments for improvements of real estate assets | ($34.2M) | ($56.7M) | ($58.8M) | ($56.6M) |
| Other investing activities | $116.0K | $325.0K | ($420.0K) | $1.2M |
| Net cash provided by (used by) investing activities | ($26.9M) | ($50.7M) | $120.2M | ($160.1M) |
| Proceeds from mortgages payable | $0 | $0 | $90.0M | $0 |
| Principal payments on mortgages payable | ($96.8M) | ($10.9M) | ($46.7M) | ($29.0M) |
| Proceeds from revolving lines of credit | $455.2M | $130.5M | $135.1M | $191.9M |
| Principal payments on revolving lines of credit | ($347.6M) | ($113.2M) | ($218.6M) | ($154.4M) |
| Principal payments on notes payable and other debt | $0 | $0 | ($100.0M) | $0 |
| Proceeds from sale of common shares, net of issuance costs | -331.0K | 112.1M | 0 | 31.4M |
| Repurchase of common shares | -3.5M | -4.7M | -11.5M | -29.1M |
| Redemption of Series C preferred shares and Series D preferred units | -10.6M | -97.0M | — | 0 |
| Distributions paid to common shareholders | ($51.1M) | ($45.8M) | ($43.7M) | ($44.5M) |
| Distributions paid to Series C preferred shareholders | $0 | ($4.8M) | ($6.4M) | ($6.4M) |
| Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | ($9.1M) | ($9.1M) | ($9.5M) | ($9.8M) |
| Distributions paid to noncontrolling interests – consolidated real estate entities | ($4.5M) | — | — | — |
| Contribution from noncontrolling interests – consolidated real estate entities | $1.4M | — | — | — |
| Distributions paid to Series D preferred unitholders | ($486.0K) | ($640.0K) | ($640.0K) | ($640.0K) |
| Payments related to tax withholding for share-based compensation | ($1.2M) | — | — | — |
| Other financing activities | ($541.0K) | ($137.0K) | ($185.0K) | ($404.0K) |
| Net cash used by financing activities | ($69.1M) | ($43.7M) | ($212.4M) | $41.4M |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $2.5M | $3.9M | ($2.6M) | ($26.7M) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | $13.1M | $9.3M | $11.9M | $38.6M |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $15.7M | $13.1M | $9.3M | $11.9M |
| Accrued capital expenditures | $1.9M | $3.0M | $9.7M | $6.0M |
| Operating partnership units converted to common shares | 2.7M | -2.7M | -1.9M | -1.4M |
| Distributions declared but not paid | $13.6M | $13.2M | $11.6M | $11.6M |
| Retirement of shares withheld for taxes | 0 | 122.0K | 190.0K | 1.3M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($16.1M) | ($15.0M) | $44.4M | ($21.0M) |
| Depreciation and amortization, including amortization of capitalized loan costs | $52.3M | $26.9M | $84.9M | $55.4M |
| (Gain) loss on sale of real estate and other investments | ($271.0K) | — | ($79.5M) | $0 |
| Share-based compensation expense | $2.2M | $1.1M | $2.6M | $1.7M |
| Impairment of real estate investments | $9.7M | $9.7M | $23.2M | $14.5M |
| Provision for bad debt | $637.0K | $288.0K | — | — |
| Non-cash casualty loss | $939.0K | $990.0K | $645.0K | — |
| Amortization of debt premiums and discounts | $836.0K | $356.0K | $1.3M | $817.0K |
| Other, net | ($162.0K) | ($186.0K) | $410.0K | $1.5M |
| Other assets | $864.0K | $282.0K | $1.2M | $854.0K |
| Accounts payable and accrued expenses | ($6.8M) | ($3.0M) | $6.2M | ($3.1M) |
| Net cash provided by operating activities | $44.1M | $21.4M | $85.7M | $50.7M |
| Net proceeds from sale of real estate and other investments | $29.5M | — | $122.4M | $0 |
| Payments for acquisitions of real estate investments | $0 | — | ($206.2M) | ($150.1M) |
| Payments for improvements of real estate investments | ($13.0M) | ($5.3M) | ($24.1M) | ($14.8M) |
| Other investing activities | $359.0K | ($124.0K) | $121.0K | ($124.0K) |
| Net cash provided by (used by) investing activities | $16.9M | ($5.0M) | ($107.0M) | ($164.5M) |
| Principal payments on mortgages payable | ($53.8M) | ($1.6M) | ($41.0M) | ($14.0M) |
| Proceeds from revolving lines of credit | $107.5M | $25.3M | $351.3M | $237.9M |
| Principal payments on revolving lines of credit | ($86.5M) | ($29.8M) | ($176.1M) | ($69.2M) |
| Repurchase of common shares | -2.5M | — | -3.5M | 0 |
| Redemption of Series D preferred units | $0 | — | ($10.6M) | ($5.3M) |
| Distributions paid to common shareholders | ($25.8M) | ($12.9M) | ($38.2M) | ($25.3M) |
| Distributions paid to Series D preferred unitholders | ($115.0K) | ($57.0K) | ($429.0K) | ($320.0K) |
| Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | ($4.4M) | ($2.2M) | ($6.8M) | ($4.6M) |
| Payments related to tax withholding for share-based compensation | ($423.0K) | ($423.0K) | — | — |
| Other financing activities | ($181.0K) | ($110.0K) | ($634.0K) | ($386.0K) |
| Net cash provided by (used by) financing activities | ($66.3M) | ($21.8M) | $74.0M | $118.8M |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($5.2M) | ($5.4M) | $52.7M | $5.1M |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | $15.7M | $15.7M | $13.1M | $13.1M |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $10.4M | $10.3M | $65.8M | $18.2M |
| Accrued capital expenditures | $1.9M | $1.4M | $3.2M | $3.1M |
| Operating partnership/ Series E preferred units converted to common shares | 2.2M | 1.2M | — | — |
| Distributions declared but not paid to common shareholders | $13.6M | $13.6M | $13.6M | $13.6M |
| Retirement of shares withheld for taxes | 0 | 0 | 296.0K | 296.0K |
| Involuntary conversion of assets | ($1.4M) | ($1.0M) | ($935.0K) | ($628.0K) |
| Non-cash interest income | $931.0K | $457.0K | $1.3M | $842.0K |
| Unrealized gain on investment | ($209.0K) | $209.0K | $503.0K | ($48.0K) |
| Contribution to noncontrolling interests - consolidated real estate entities through issuance of note receivable | $0 | — | $1.4M | $1.4M |
| Cash paid for interest | $19.3M | $9.5M | $30.2M | $16.4M |
| Cash and cash equivalents | $8.6M | $7.6M | $12.9M | $12.4M |
| Restricted cash | $1.9M | $2.7M | $52.9M | $5.8M |
| Total cash, cash equivalents, and restricted cash | $10.4M | $10.3M | $65.8M | $18.2M |
Centerspace score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.