Centerspace (CSR) Financials

$56.74 +0.25 (+0.43%)

Closing price 03:59 PM Eastern

Extended Trading

$56.75 +0.01 (+0.01%)

As of 04:10 PM Eastern

Annual Income Statements for Centerspace

This table shows Centerspace's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2018	2019	2020	2021	2022	2023	2024
Period end date	4/30/2014	4/30/2015	4/30/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-25	13	105	72	-1.79	-6.46	-21	35	-20
Consolidated Net Income / (Loss)	-17	29	128	85	4.74	-2.10	-18	49	-14
Net Income / (Loss) Continuing Operations	5.90	17	-37	83	4.74	-2.10	-19	49	-14
Total Pre-Tax Income	5.95	11	-37	83	4.74	-2.10	-19	49	-14
Total Operating Income	38	45	-24	109	34	30	14	84	20
Total Gross Profit	165	179	164	180	172	193	247	252	225
Total Revenue	165	179	170	186	178	202	257	261	261
Operating Revenue	165	179	170	186	178	-	257	261	261
Total Cost of Revenue	0.00	0.00	5.53	6.19	5.80	8.75	9.90	9.35	36
Operating Cost of Revenue	-	-	5.53	6.19	5.80	8.75	9.90	9.35	36
Total Operating Expenses	127	134	188	168	138	163	233	166	204
Selling, General & Admin Expense	13	13	14	14	13	16	18	20	18
Depreciation Expense	40	43	82	74	76	92	105	102	106
Other Operating Expenses / (Income)	69	73	74	79	49	55	110	35	80
Impairment Charge	7.70	4.66	18	-	-	0.00	0.00	5.22	0.00
Total Other Income / (Expense), net	-32	-34	-13	71	-29	-32	-33	-36	-35
Interest Expense	34	34	35	33	28	32	33	36	35
Other Adjustments to Consolidated Net Income / (Loss)	-	-	-	2.09	-	0.00	1.25	-	0.00
Preferred Stock Dividends Declared	12	12	12	7.36	6.87	7.07	7.07	7.07	8.97
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.77	4.60	11	5.62	-0.34	-2.71	-4.17	7.27	-3.50
Basic Earnings per Share	($0.23)	$0.11	$8.71	$6.06	($0.15)	($0.47)	($1.35)	$2.33	($1.27)
Weighted Average Basic Shares Outstanding	109.37M	124.57M	119.41M	11.74M	12.56M	13.80M	15.22M	14.99M	15.50M
Diluted Earnings per Share	($0.23)	$0.11	$8.71	$6.00	($0.15)	($0.47)	($1.35)	$2.32	($1.27)
Weighted Average Diluted Shares Outstanding	109.37M	124.57M	119.41M	13.18M	12.56M	13.80M	15.22M	17.12M	15.50M
Weighted Average Basic & Diluted Shares Outstanding	109.37M	124.57M	119.41M	-	13.05M	15.04M	15.03M	14.91M	16.73M
Cash Dividends to Common per Share	-	-	$2.80	$2.10	$2.80	$2.84	$2.92	$2.92	$3.00

This table shows Centerspace's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-3.61	42	-3.47	6.17	-9.76	-5.51	-2.90	-6.17	-5.08	-3.73	-15
Consolidated Net Income / (Loss)	-2.57	52	-2.38	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17
Net Income / (Loss) Continuing Operations	-3.77	52	-2.68	9.17	-9.59	-4.79	-1.66	-2.60	-4.66	-4.18	-17
Total Pre-Tax Income	-3.77	52	-2.68	9.17	-9.59	-4.79	-2.14	-2.60	-4.66	-4.89	-18
Total Operating Income	6.91	63	5.97	17	-1.51	4.08	7.19	6.35	2.86	4.75	-6.80
Total Gross Profit	65	65	63	55	69	62	65	63	37	67	69
Total Revenue	68	68	65	65	64	65	65	65	66	67	69
Operating Revenue	-	-	65	65	-	65	65	65	-	67	69
Total Cost of Revenue	2.36	2.57	2.25	9.34	-4.80	2.33	0.00	2.24	29	0.00	0.00
Total Operating Expenses	59	2.73	56	38	69	58	58	56	34	62	75
Selling, General & Admin Expense	3.28	7.72	4.16	3.83	4.36	4.62	4.22	4.10	4.86	5.00	4.38
Depreciation Expense	26	26	24	25	27	27	26	26	28	28	27
Other Operating Expenses / (Income)	30	-31	25	9.30	32	26	28	26	1.81	30	29
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	15
Total Other Income / (Expense), net	-11	-10	-8.71	-8.23	-9.23	-8.87	-9.33	-8.95	-7.52	-9.64	-11
Interest Expense	11	10	8.64	8.23	9.29	8.87	9.33	8.95	7.52	9.64	11
Interest & Investment Income	-	-	-0.07	-	-	-	0.00	0.00	-	0.00	0.00
Other Gains / (Losses), net	-	-	-	-	-	-	0.48	-	-	0.71	0.74
Preferred Stock Dividends Declared	1.77	1.77	1.77	1.77	1.77	1.77	1.77	5.28	0.16	0.16	0.16
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.72	8.60	-0.68	1.24	-1.89	-1.05	-0.53	-1.06	-0.87	-0.61	-2.43
Basic Earnings per Share	($0.23)	$2.79	($0.23)	$0.41	($0.64)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)
Weighted Average Basic Shares Outstanding	15.22M	15.03M	14.95M	14.99M	14.99M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M
Diluted Earnings per Share	($0.23)	$2.76	($0.23)	$0.41	($0.62)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)
Weighted Average Diluted Shares Outstanding	15.22M	18.36M	14.95M	18.02M	17.12M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M
Weighted Average Basic & Diluted Shares Outstanding	15.03M	14.96M	14.95M	15.05M	14.91M	14.91M	15.30M	16.57M	16.73M	16.74M	16.76M

This table details how cash moves in and out of Centerspace's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	4/30/2014	4/30/2015	4/30/2016	4/30/2017	4/30/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-47	1.70	11	-15	-41	27	-39	31	-27	-2.62	3.86
Net Cash From Operating Activities	93	114	72	79	55	70	61	84	92	90	98
Net Cash From Continuing Operating Activities	93	114	72	79	55	70	61	84	92	89	98
Net Income / (Loss) Continuing Operations	-17	29	77	31	128	85	4.74	-2.10	-18	49	-14
Consolidated Net Income / (Loss)	-17	29	77	31	128	85	4.74	-2.10	-18	49	-14
Depreciation Expense	74	72	65	57	92	75	77	93	106	103	108
Non-Cash Adjustments To Reconcile Net Income	33	3.13	-58	-10	-156	-94	-16	-17	3.17	-60	8.25
Changes in Operating Assets and Liabilities, net	2.59	10	-12	2.22	-8.50	3.01	-3.76	10	0.01	-2.87	-3.46
Net Cash From Investing Activities	-122	-176	129	224	80	7.01	-165	-267	-160	120	-51
Net Cash From Continuing Investing Activities	-122	-176	129	224	80	7.01	-165	-267	-160	120	-51
Purchase of Property, Plant & Equipment	-64	-60	-149	0.00	-392	-179	-199	-306	-57	-59	-58
Sale and/or Maturity of Investments	3.17	74	40	47	65	199	48	61	0.04	223	18
Other Investing Activities, net	-61	-190	237	177	-19	-5.91	-13	-22	1.10	-2.00	-11
Net Cash From Financing Activities	-18	64	-189	-318	-176	-50	65	215	41	-212	-44
Net Cash From Continuing Financing Activities	-18	64	-189	-318	-176	-50	65	215	41	-212	-44
Repayment of Debt	-119	-157	-391	-555	-530	-431	-86	-343	-84	-366	-124
Repurchase of Preferred Equity	-	0.00	0.00	-29	-115	0.00	-5.63	-	0.00	0.00	-97
Repurchase of Common Equity	0.00	0.00	-35	-5.47	-19	-26	-0.05	0.00	-33	-12	-4.70
Payment of Dividends	-64	-69	-86	-79	-47	-44	-45	-50	-61	-60	-60
Issuance of Debt	126	239	320	349	443	430	155	455	192	225	131
Issuance of Common Equity	42	51	2.61	9.75	0.00	22	59	156	31	0.00	112
Other Financing Activities, net	-2.51	0.00	0.00	-9.21	-7.90	-1.26	-12	-3.80	-3.21	0.00	0.00
Cash Interest Paid	54	51	40	34	36	29	26	27	31	34	35

This table details how cash moves in and out of Centerspace's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-4.48	46	-48	42	-43	4.48	1.66	1.84	-4.12	4.93	0.13
Net Cash From Operating Activities	23	22	24	32	12	24	23	32	19	25	25
Net Cash From Continuing Operating Activities	23	22	24	32	12	24	23	32	19	25	25
Net Income / (Loss) Continuing Operations	-2.57	52	-2.38	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17
Consolidated Net Income / (Loss)	-2.57	52	-2.38	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17
Depreciation Expense	26	27	25	25	27	27	26	26	28	28	27
Amortization Expense	-	-	-	-	-	0.26	-	-	-	0.41	0.41
Non-Cash Adjustments To Reconcile Net Income	0.82	-58	3.51	-10	4.58	1.59	2.12	2.29	1.98	1.61	16
Changes in Operating Assets and Liabilities, net	-1.59	1.14	-2.02	7.25	-9.23	0.04	-3.61	5.06	-4.94	-0.38	-1.91
Net Cash From Investing Activities	-23	131	-14	68	-65	-9.03	-19	-12	-10	-4.89	-160
Net Cash From Continuing Investing Activities	-23	131	-14	68	-65	-9.03	-19	-12	-10	-4.89	-160
Purchase of Property, Plant & Equipment	-23	-11	-14	-14	-19	-22	-14	-12	-10	-5.04	-9.73
Other Investing Activities, net	-0.05	0.83	-0.10	0.79	-3.52	-5.47	-5.61	-0.19	-0.01	0.16	0.22
Net Cash From Financing Activities	-4.55	-107	-57	-58	10	-11	-1.81	-18	-13	-16	134
Net Cash From Continuing Financing Activities	-4.55	-107	-57	-58	10	-11	-1.81	-18	-13	-16	134
Repayment of Debt	-1.90	-127	-153	-57	-29	-32	-12	-61	-19	-46	-38
Payment of Dividends	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15	-15
Issuance of Debt	42	36	116	14	59	41	18	50	22	45	193
Cash Interest Paid	9.42	6.17	5.70	14	7.99	8.30	8.80	7.70	10	8.64	7.79

This table presents Centerspace's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	4/30/2014	4/30/2015	4/30/2016	4/30/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,869	1,998	1,755	1,475	1,336	1,392	1,464	1,940	2,033	1,926	1,914
Total Current Assets	62	54	71	29	14	46	7.31	39	12	9.27	13
Cash & Equivalents	47	49	67	29	14	27	0.39	31	10	8.63	12
Restricted Cash	-	-	-	-	-	20	6.92	7.36	1.43	0.64	1.10
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	1.68	1.03	1.01	1,103	1,274	1,294	1,413	1,828	-535	1,889	1,855
Plant, Property & Equipment, gross	1,996	1,336	1,681	1,359	1,628	1,643	1,813	2,271	-	2,420	2,481
Accumulated Depreciation	424	279	313	256	354	349	399	444	535	531	626
Total Noncurrent Assets	1,805	1,942	1,683	343	48	52	44	74	2,557	28	46
Other Noncurrent Operating Assets	1,771	1,263	1,459	41	33	35	19	31	23	28	46
Total Liabilities & Shareholders' Equity	1,869	1,998	1,755	1,475	1,336	1,392	1,464	1,940	2,033	1,926	1,914
Total Liabilities	1,142	1,251	1,029	831	687	696	775	918	1,066	979	1,015
Total Current Liabilities	82	116	57	36	41	47	56	62	59	63	59
Accounts Payable	59	56	40	36	41	47	56	62	59	63	59
Total Noncurrent Liabilities	1,061	1,134	972	796	646	649	719	856	1,008	916	955
Long-Term Debt	998	597	812	623	646	649	719	856	1,008	916	955
Other Noncurrent Nonoperating Liabilities	-	401	77	131	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	6.20	6.37	7.52	7.18	5.97	17	17	25	17	17	17
Total Equity & Noncontrolling Interests	721	741	718	636	643	680	673	996	950	931	882
Total Preferred & Common Equity	592	652	619	561	569	619	618	772	730	710	752
Total Common Equity	454	513	480	450	469	520	525	679	636	616	752
Common Stock	843	952	922	916	899	917	968	1,157	1,177	1,166	1,368
Retained Earnings	-390	-438	-442	-467	-429	-390	-428	-474	-539	-548	-615
Accumulated Other Comprehensive Income / (Loss)	-	-	-	0.00	-0.86	-7.61	-16	-4.44	-2.06	-1.12	-0.41
Noncontrolling Interest	128	89	100	75	75	61	55	224	221	221	130

This table presents Centerspace's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	1,948	2,039	1,979	1,920	1,878	1,903	1,899	1,887	1,893	2,013
Total Current Assets	15	16	58	10	52	14	15	17	18	156
Cash & Equivalents	13	15	8.94	9.75	30	13	14	14	12	12
Restricted Cash	1.91	1.42	49	0.57	22	1.07	1.08	2.79	6.14	5.82
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	137
Plant, Property, & Equipment, net	1,914	2,002	1,902	-543	-517	-553	-579	1,834	1,832	1,810
Plant, Property & Equipment, gross	2,401	2,513	2,421	-	-	-	-	2,438	2,484	2,422
Accumulated Depreciation	488	511	519	543	517	553	579	604	652	613
Total Noncurrent Assets	19	20	19	2,453	2,343	2,443	2,463	36	43	48
Other Noncurrent Operating Assets	19	20	19	19	16	29	34	36	43	48
Total Liabilities & Shareholders' Equity	1,948	2,039	1,979	1,920	1,878	1,903	1,899	1,887	1,893	2,013
Total Liabilities	918	1,026	975	938	901	980	985	982	1,013	1,168
Total Current Liabilities	48	58	57	57	63	55	53	61	58	56
Accounts Payable	48	58	57	57	63	55	53	61	58	56
Total Noncurrent Liabilities	870	967	918	881	839	925	932	921	955	1,112
Long-Term Debt	870	967	918	881	839	925	932	921	955	1,111
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	1.03
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	19	17	17	17	17	17	17	17	17	11
Total Equity & Noncontrolling Interests	1,011	996	988	965	960	907	898	889	863	834
Total Preferred & Common Equity	787	776	759	738	734	688	681	672	637	710
Total Common Equity	694	683	666	645	640	595	587	672	637	710
Common Stock	1,208	1,210	1,176	1,170	1,169	1,160	1,167	1,271	1,269	1,369
Retained Earnings	-512	-525	-508	-523	-528	-565	-579	-598	-632	-659
Accumulated Other Comprehensive Income / (Loss)	-2.36	-2.16	-1.92	-1.76	-1.43	-0.92	-0.75	-0.58	-0.23	-0.06
Noncontrolling Interest	223	220	229	227	227	219	218	216	227	124

This table displays calculated financial ratios and metrics derived from Centerspace's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	4/30/2014	4/30/2015	4/30/2016	4/30/2017	4/30/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-33.65%	8.95%	5.02%	0.00%	0.00%	9.43%	-4.18%	13.32%	27.27%	1.79%	-0.12%
EBITDA Growth	-25.26%	5.57%	-7.64%	-47.93%	55.83%	116.55%	-42.19%	11.38%	-2.38%	56.26%	-31.71%
EBIT Growth	-53.72%	20.78%	-5.18%	-100.00%	0.00%	3,326.20%	-70.73%	-11.67%	-53.63%	509.29%	-75.76%
NOPAT Growth	-53.71%	19.65%	-12.00%	-100.00%	0.00%	757.16%	-68.96%	-38.17%	-53.63%	770.41%	-83.03%
Net Income Growth	-156.52%	269.33%	167.05%	0.00%	0.00%	-33.54%	-94.41%	-144.30%	-739.65%	379.07%	-128.83%
EPS Growth	-235.29%	147.83%	345.45%	0.00%	0.00%	-31.11%	-102.50%	-213.33%	-187.23%	271.85%	-154.74%
Operating Cash Flow Growth	19.04%	23.42%	-41.76%	11.18%	-30.18%	26.14%	-12.06%	37.24%	9.48%	-2.69%	9.75%
Free Cash Flow Firm Growth	297.52%	936.24%	-133.98%	223.80%	-180.90%	138.67%	-179.80%	-498.48%	680.61%	-196.74%	101.17%
Invested Capital Growth	-1.53%	-36.39%	24.50%	-20.73%	19.60%	1.71%	7.97%	31.24%	-131.08%	424.45%	-0.71%
Revenue Q/Q Growth	-36.95%	51.16%	13.60%	0.00%	0.00%	3.60%	-0.13%	6.58%	3.99%	-1.43%	0.91%
EBITDA Q/Q Growth	-25.12%	21.20%	5.70%	25.43%	19.14%	-30.42%	-31.09%	-13.82%	4.25%	-3.90%	4.41%
EBIT Q/Q Growth	-50.18%	76.82%	23.16%	100.00%	0.00%	17.51%	-60.16%	-49.91%	208.78%	-9.06%	27.08%
NOPAT Q/Q Growth	-50.50%	77.41%	14.57%	100.00%	0.00%	281.78%	-60.16%	-64.93%	208.78%	-9.06%	27.08%
Net Income Q/Q Growth	-157.63%	245.60%	-2.68%	0.00%	0.00%	0.00%	0.00%	-203.40%	26.13%	-12.94%	22.41%
EPS Q/Q Growth	-276.92%	144.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-88.00%	24.58%	-14.39%	19.62%
Operating Cash Flow Q/Q Growth	12.03%	0.88%	-17.24%	-1.76%	-17.04%	9.38%	-6.15%	19.49%	-4.82%	-10.87%	7.16%
Free Cash Flow Firm Q/Q Growth	342.74%	2,367.90%	-165.56%	195.51%	-341.46%	-35.80%	-235.63%	-18.62%	1,587.52%	-189.38%	101.16%
Invested Capital Q/Q Growth	-2.80%	-38.11%	-6.38%	-19.84%	-7.68%	-4.11%	1.03%	2.28%	-129.10%	429.37%	1.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	0.00%	96.74%	96.67%	96.74%	95.66%	96.15%	96.42%	86.19%
EBITDA Margin	67.74%	65.64%	57.73%	0.00%	51.97%	102.84%	62.05%	60.98%	46.77%	71.80%	49.09%
Operating Margin	22.80%	25.04%	20.98%	0.00%	-13.96%	58.70%	19.01%	14.82%	5.40%	32.32%	7.85%
EBIT Margin	22.95%	25.44%	22.97%	0.00%	-2.11%	62.25%	19.01%	14.82%	5.40%	32.32%	7.85%
Profit (Net Income) Margin	-10.29%	16.00%	40.68%	0.00%	75.19%	45.66%	2.66%	-1.04%	-6.87%	18.84%	-5.44%
Tax Burden Percent	-284.75%	255.26%	794.63%	0.00%	-343.14%	102.53%	100.00%	100.00%	93.60%	100.00%	100.00%
Interest Burden Percent	15.75%	24.63%	22.28%	0.00%	1,037.78%	71.55%	14.01%	-7.03%	-135.98%	58.29%	-69.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.19%	3.23%	3.26%	0.00%	-1.42%	8.47%	2.51%	1.29%	1.53%	13.17%	0.78%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.43%	0.75%	11.03%	0.00%	26.05%	4.53%	-1.92%	-1.72%	9.12%	24.32%	-2.31%
Return on Net Nonoperating Assets (RNNOA)	-4.47%	0.66%	7.14%	0.00%	21.16%	4.13%	-1.82%	-1.54%	-3.31%	-8.02%	-2.31%
Return on Equity (ROE)	-2.28%	3.89%	10.40%	0.00%	19.75%	12.60%	0.68%	-0.25%	-1.77%	5.14%	-1.54%
Cash Return on Invested Capital (CROIC)	3.74%	47.71%	-18.57%	23.12%	-19.27%	6.78%	-5.16%	-25.73%	0.00%	-126.27%	1.48%
Operating Return on Assets (OROA)	2.01%	2.36%	2.31%	0.00%	-0.26%	8.48%	2.37%	1.76%	0.70%	4.27%	1.07%
Return on Assets (ROA)	-0.90%	1.48%	4.08%	0.00%	9.08%	6.22%	0.33%	-0.12%	-0.89%	2.49%	-0.74%
Return on Common Equity (ROCE)	-1.42%	2.55%	7.01%	0.00%	14.04%	9.26%	0.52%	-0.17%	-1.17%	3.36%	-1.06%
Return on Equity Simple (ROE_SIMPLE)	-2.86%	4.40%	12.38%	5.44%	22.44%	13.70%	0.77%	-0.27%	-2.42%	6.94%	-2.17%
Net Operating Profit after Tax (NOPAT)	38	45	40	0.00	-17	109	34	21	9.70	84	14
NOPAT Margin	22.80%	25.04%	20.98%	0.00%	-9.78%	58.70%	19.01%	10.37%	3.78%	32.32%	5.49%
Net Nonoperating Expense Percent (NNEP)	5.62%	2.48%	-7.78%	0.00%	-27.46%	3.94%	4.43%	3.01%	-7.59%	-11.15%	3.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	0.50%	4.57%	0.78%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	3.26%	3.33%	3.26%	4.34%	3.85%	3.58%	13.81%
SG&A Expenses to Revenue	7.65%	7.51%	7.17%	0.00%	8.40%	7.78%	7.55%	8.04%	6.82%	7.68%	6.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	77.20%	74.96%	79.02%	0.00%	110.71%	90.52%	77.73%	80.84%	90.76%	63.64%	78.35%
Earnings before Interest and Taxes (EBIT)	38	46	43	0.00	-3.58	116	34	30	14	84	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	118	109	57	88	191	110	123	120	188	128
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.21	1.07	0.00	0.00	1.04	1.34	1.51	2.08	1.26	1.36	1.68
Price to Tangible Book Value (P/TBV)	1.31	1.08	0.00	0.00	1.04	1.34	1.51	2.08	1.26	1.36	1.68
Price to Revenue (P/Rev)	3.33	3.06	0.00	0.00	2.87	3.75	4.44	7.00	3.12	3.20	4.20
Price to Earnings (P/E)	0.00	43.66	0.00	0.00	4.66	9.69	0.00	0.00	0.00	23.96	0.00
Dividend Yield	10.18%	11.61%	0.00%	0.00%	6.90%	4.68%	4.60%	2.87%	5.49%	5.26%	4.54%
Earnings Yield	0.00%	2.29%	0.00%	0.00%	21.47%	10.32%	0.00%	0.00%	0.00%	4.17%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.29	0.00	0.00	1.01	1.14	1.19	1.40	0.00	1.12	1.24
Enterprise Value to Revenue (EV/Rev)	10.90	7.76	0.00	0.00	7.62	7.94	9.37	12.75	0.00	7.94	8.75
Enterprise Value to EBITDA (EV/EBITDA)	16.09	11.82	0.00	0.00	14.66	7.72	15.10	20.91	0.00	11.06	17.82
Enterprise Value to EBIT (EV/EBIT)	47.49	30.49	0.00	0.00	0.00	12.75	49.26	86.05	0.00	24.56	111.53
Enterprise Value to NOPAT (EV/NOPAT)	47.80	30.98	0.00	0.00	0.00	13.52	49.26	122.93	0.00	24.56	159.33
Enterprise Value to Operating Cash Flow (EV/OCF)	19.39	12.18	0.00	0.00	23.44	21.17	27.23	30.61	0.00	23.17	23.24
Enterprise Value to Free Cash Flow (EV/FCFF)	28.03	2.10	0.00	0.00	0.00	16.89	0.00	0.00	0.00	0.00	83.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.40	0.88	1.14	0.97	0.99	0.93	1.04	0.84	1.04	0.97	1.06
Long-Term Debt to Equity	1.37	0.80	1.12	0.97	0.99	0.93	1.04	0.84	1.04	0.97	1.06
Financial Leverage	1.30	0.89	0.65	0.76	0.81	0.91	0.95	0.89	-0.36	-0.33	1.00
Leverage Ratio	2.53	2.62	2.55	2.36	2.17	2.03	2.06	1.99	2.00	2.07	2.08
Compound Leverage Factor	0.40	0.65	0.57	0.00	22.56	1.45	0.29	-0.14	-2.72	1.21	-1.44
Debt to Total Capital	58.40%	46.80%	53.35%	49.20%	49.86%	48.23%	51.06%	45.59%	51.03%	49.15%	51.52%
Short-Term Debt to Total Capital	1.29%	4.31%	1.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.11%	42.50%	52.22%	49.20%	49.86%	48.23%	51.06%	45.59%	51.03%	49.15%	51.52%
Preferred Equity to Total Capital	7.94%	9.87%	8.91%	8.79%	7.68%	7.39%	6.64%	4.98%	4.74%	5.02%	0.00%
Noncontrolling Interests to Total Capital	7.70%	6.78%	6.88%	6.50%	6.23%	5.75%	5.05%	13.29%	12.02%	12.76%	13.22%
Common Equity to Total Capital	25.96%	36.55%	30.86%	35.50%	36.24%	38.62%	37.25%	36.14%	32.21%	33.07%	35.26%
Debt to EBITDA	9.15	5.59	7.63	11.01	7.32	3.40	6.51	6.96	8.39	4.88	7.46
Net Debt to EBITDA	8.72	5.17	7.02	10.17	7.10	3.15	6.45	6.65	-12.81	4.83	7.35
Long-Term Debt to EBITDA	8.95	5.07	7.47	11.01	7.32	3.40	6.51	6.96	8.39	4.88	7.46
Debt to NOPAT	27.18	14.64	21.00	0.00	-38.91	5.95	21.25	40.91	103.85	10.85	66.66
Net Debt to NOPAT	25.92	13.54	19.31	0.00	-37.76	5.51	21.03	39.07	-158.55	10.74	65.74
Long-Term Debt to NOPAT	26.58	13.29	20.56	0.00	-38.91	5.95	21.25	40.91	103.85	10.85	66.66
Altman Z-Score	0.14	0.08	0.00	0.00	0.07	0.61	0.36	0.72	0.20	0.36	0.34
Noncontrolling Interest Sharing Ratio	37.67%	34.40%	32.56%	32.09%	28.92%	26.52%	24.65%	29.68%	33.89%	34.59%	31.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	0.47	1.24	0.81	0.34	0.98	0.13	0.62	0.20	0.15	0.22
Quick Ratio	0.70	0.44	1.19	0.81	0.34	0.56	0.01	0.50	0.18	0.14	0.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	64	663	-225	279	-226	87	-70	-417	2,420	-2,341	27
Operating Cash Flow to CapEx	143.98%	190.20%	0.00%	0.00%	0.00%	38.81%	30.77%	27.45%	162.62%	152.18%	170.32%
Free Cash Flow to Firm to Interest Expense	1.90	19.25	-6.28	0.00	-6.43	2.65	-2.53	-13.03	73.90	-64.27	0.79
Operating Cash Flow to Interest Expense	2.74	3.31	1.85	0.00	1.57	2.12	2.22	2.63	2.81	2.46	2.83
Operating Cash Flow Less CapEx to Interest Expense	0.84	1.57	7.91	0.00	2.54	-3.34	-5.01	-6.94	1.08	0.84	1.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.10	0.00	0.12	0.14	0.12	0.12	0.13	0.13	0.14
Accounts Receivable Turnover	22.33	28.47	96.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	113.43	132.44	184.81	0.00	0.14	0.14	0.13	0.12	0.00	0.00	0.14
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.14	0.14	0.11	0.15	0.16	0.15	0.59
Days Sales Outstanding (DSO)	16.34	12.82	3.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	2,525.08	2,597.57	3,232.97	2,460.83	2,235.65	2,372.05	618.26
Cash Conversion Cycle (CCC)	16.34	12.82	3.79	0.00	-2,525.08	-2,597.57	-3,232.97	-2,460.83	-2,235.65	-2,372.05	-618.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,699	1,081	1,346	1,067	1,276	1,298	1,401	1,839	-572	1,854	1,841
Invested Capital Turnover	0.10	0.13	0.16	0.00	0.14	0.14	0.13	0.12	0.41	0.41	0.14
Increase / (Decrease) in Invested Capital	-26	-618	265	-279	209	22	103	438	-2,411	2,426	-13
Enterprise Value (EV)	1,794	1,391	0.00	0.00	1,294	1,474	1,667	2,572	-405	2,074	2,284
Market Capitalization	548	549	0.00	0.00	487	696	791	1,412	802	836	1,096
Book Value per Share	$4.23	$4.19	$3.96	$0.00	$3.91	$44.70	$40.43	$47.51	$42.21	$40.94	$39.46
Tangible Book Value per Share	$3.91	$4.16	$3.94	$0.00	$3.91	$44.70	$40.43	$47.51	$42.21	$40.94	$39.46
Total Capital	1,747	1,405	1,556	1,266	1,295	1,345	1,409	1,878	1,974	1,864	1,854
Total Debt	1,020	657	830	623	646	649	719	856	1,008	916	955
Total Long-Term Debt	998	597	812	623	646	649	719	856	1,008	916	955
Net Debt	973	608	763	576	627	601	712	817	-1,538	907	942
Capital Expenditures (CapEx)	64	60	-217	-196	-34	179	199	306	57	59	58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	-50	-35	-36	-41	-47	-56	-62	-59	-63	-59
Debt-free Net Working Capital (DFNWC)	3.01	-1.05	31	-6.75	-27	-1.04	-48	-24	-47	-53	-46
Net Working Capital (NWC)	-19	-62	14	-6.75	-27	-1.04	-48	-24	-47	-53	-46
Net Nonoperating Expense (NNE)	54	16	-37	0.00	-144	24	29	23	27	35	29
Net Nonoperating Obligations (NNO)	973	334	620	424	627	601	712	817	-1,538	907	942
Total Depreciation and Amortization (D&A)	74	72	65	57	92	75	77	93	106	103	108
Debt-free, Cash-free Net Working Capital to Revenue	-26.89%	-27.89%	-18.73%	0.00%	-24.09%	-25.39%	-31.24%	-30.94%	-22.91%	-24.02%	-22.73%
Debt-free Net Working Capital to Revenue	1.83%	-0.58%	16.69%	0.00%	-15.97%	-0.56%	-27.14%	-11.79%	-18.28%	-20.47%	-17.70%
Net Working Capital to Revenue	-11.84%	-34.32%	7.40%	0.00%	-15.97%	-0.56%	-27.14%	-11.79%	-18.28%	-20.47%	-17.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.30)	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	($0.47)	($1.35)	$2.33	($1.27)
Adjusted Weighted Average Basic Shares Outstanding	10.94M	12.46M	121.09M	0.00	11.94M	0.00	13.05M	13.80M	15.22M	14.99M	15.50M
Adjusted Diluted Earnings per Share	($2.30)	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	($0.47)	($1.35)	$2.32	($1.27)
Adjusted Weighted Average Diluted Shares Outstanding	10.94M	12.46M	121.09M	0.00	11.94M	0.00	13.05M	15.70M	15.22M	17.12M	15.50M
Adjusted Basic & Diluted Earnings per Share	($2.30)	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.94M	12.46M	121.09M	0.00	11.94M	0.00	13.05M	15.04M	15.03M	14.91M	16.73M
Normalized Net Operating Profit after Tax (NOPAT)	30	35	32	0.00	-3.95	76	24	21	9.70	65	14
Normalized NOPAT Margin	18.30%	19.49%	17.06%	0.00%	-2.33%	41.09%	13.31%	10.37%	3.78%	25.06%	5.49%
Pre Tax Income Margin	3.61%	6.27%	5.12%	0.00%	-21.91%	44.54%	2.66%	-1.04%	-7.34%	18.84%	-5.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.12	1.32	1.21	0.00	-0.10	3.51	1.23	0.93	0.42	2.32	0.59
NOPAT to Interest Expense	1.11	1.30	1.10	0.00	-0.47	3.31	1.23	0.65	0.30	2.32	0.41
EBIT Less CapEx to Interest Expense	-0.79	-0.42	7.26	0.00	0.87	-1.94	-6.00	-8.63	-1.30	0.70	-1.07
NOPAT Less CapEx to Interest Expense	-0.79	-0.44	7.15	0.00	0.50	-2.14	-6.00	-8.91	-1.43	0.70	-1.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-376.92%	241.04%	111.89%	0.00%	36.55%	51.54%	951.15%	-2,402.24%	-347.63%	122.57%	-425.32%
Augmented Payout Ratio	-376.92%	241.04%	157.58%	0.00%	51.21%	82.39%	952.20%	-2,402.24%	-535.83%	146.08%	-458.46%

This table displays calculated financial ratios and metrics derived from Centerspace's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.00%	12.57%	2.63%	-1.33%	-5.57%	-4.99%	0.41%	0.71%	3.65%	4.01%	5.39%
EBITDA Growth	17.40%	228.30%	6.06%	36.61%	-23.05%	-64.84%	8.46%	-22.74%	21.30%	4.70%	-37.04%
EBIT Growth	380.05%	1,700.54%	55.57%	147.40%	-121.79%	-93.49%	20.55%	-63.50%	289.90%	16.47%	-194.49%
NOPAT Growth	380.05%	2,386.48%	55.57%	253.43%	-121.79%	-95.44%	20.55%	-74.45%	289.90%	16.47%	-194.49%
Net Income Growth	70.87%	595.38%	36.41%	1,290.78%	-285.38%	-109.16%	30.13%	-121.28%	41.47%	12.75%	-909.32%
EPS Growth	65.67%	505.88%	23.33%	392.86%	-169.57%	-113.41%	17.39%	-197.56%	50.00%	40.54%	-357.89%
Operating Cash Flow Growth	-16.82%	88.00%	3.77%	-7.61%	-47.43%	11.92%	-3.77%	1.44%	54.26%	4.20%	10.52%
Free Cash Flow Firm Growth	649.58%	122.69%	661.74%	1,681.03%	-200.48%	2,403.59%	-99.14%	-193.06%	100.62%	-197.83%	-11,431.31%
Invested Capital Growth	-131.08%	-1.85%	-130.83%	-128.67%	424.45%	-131.02%	-2.78%	421.34%	-0.71%	414.22%	401.70%
Revenue Q/Q Growth	3.68%	0.07%	-4.60%	-0.32%	-0.77%	0.68%	0.83%	-0.03%	2.13%	1.03%	2.17%
EBITDA Q/Q Growth	6.45%	170.36%	-65.70%	38.40%	-40.04%	23.53%	5.80%	-1.42%	-5.86%	7.51%	-36.41%
EBIT Q/Q Growth	-1.78%	806.41%	-90.47%	191.57%	-108.65%	370.76%	76.49%	-11.71%	-54.99%	66.06%	-243.19%
NOPAT Q/Q Growth	-1.78%	1,194.88%	-93.33%	316.53%	-106.06%	370.76%	76.49%	-11.71%	-54.99%	66.06%	-243.19%
Net Income Q/Q Growth	-233.12%	2,140.04%	-104.55%	485.25%	-207.81%	51.52%	65.30%	-17.32%	-196.57%	27.74%	-301.46%
EPS Q/Q Growth	-64.29%	1,300.00%	-108.33%	278.26%	-251.22%	40.32%	48.65%	-110.53%	22.50%	29.03%	-295.45%
Operating Cash Flow Q/Q Growth	-33.25%	-5.27%	8.96%	34.10%	-62.02%	101.68%	-6.32%	41.37%	-42.25%	36.24%	-0.64%
Free Cash Flow Firm Q/Q Growth	1,600.94%	-95.96%	2,428.15%	3.02%	-195.39%	36,216.55%	-99.13%	-11,262.45%	100.64%	-15,965.46%	-0.46%
Invested Capital Q/Q Growth	-129.10%	426.21%	-131.16%	3.10%	429.37%	-2.22%	-3.25%	402.96%	1.77%	-1.30%	-0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.52%	96.22%	96.53%	85.53%	107.50%	96.39%	96.58%	96.55%	55.97%	100.00%	100.00%
EBITDA Margin	48.65%	131.44%	47.26%	65.61%	39.65%	48.65%	51.04%	50.33%	46.40%	49.37%	30.73%
Operating Margin	10.18%	92.19%	9.21%	26.94%	-2.35%	6.32%	11.06%	9.77%	4.30%	7.07%	-9.91%
EBIT Margin	10.18%	92.19%	9.21%	26.94%	-2.35%	6.32%	11.06%	9.77%	4.30%	7.07%	-9.91%
Profit (Net Income) Margin	-3.78%	77.07%	-3.67%	14.20%	-15.43%	-7.43%	-2.56%	-3.00%	-8.71%	-6.23%	-24.49%
Tax Burden Percent	68.00%	100.00%	88.97%	100.00%	103.08%	100.00%	77.71%	75.15%	124.06%	85.52%	95.80%
Interest Burden Percent	-54.62%	83.59%	-44.84%	52.71%	637.21%	-117.60%	-29.76%	-40.88%	-163.19%	-103.01%	257.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.89%	12.95%	2.63%	10.20%	-0.67%	1.77%	0.00%	2.84%	0.43%	2.11%	-3.08%
ROIC Less NNEP Spread (ROIC-NNEP)	4.94%	11.75%	4.48%	12.99%	2.13%	4.16%	0.00%	4.85%	-0.42%	4.76%	1.25%
Return on Net Nonoperating Assets (RNNOA)	-1.79%	9.79%	-1.58%	-3.84%	-0.70%	-1.38%	0.00%	-1.64%	-0.42%	-1.49%	-0.40%
Return on Equity (ROE)	1.10%	22.74%	1.05%	6.35%	-1.37%	0.39%	-0.76%	1.20%	0.01%	0.62%	-3.47%
Cash Return on Invested Capital (CROIC)	0.00%	6.14%	0.00%	0.00%	-126.27%	0.00%	0.00%	-130.50%	1.48%	-131.01%	-132.87%
Operating Return on Assets (OROA)	1.32%	12.36%	1.27%	3.65%	-0.31%	0.84%	1.49%	1.34%	0.59%	0.98%	-1.35%
Return on Assets (ROA)	-0.49%	10.33%	-0.51%	1.92%	-2.04%	-0.99%	-0.35%	-0.41%	-1.18%	-0.87%	-3.34%
Return on Common Equity (ROCE)	0.72%	15.19%	0.70%	4.22%	-0.90%	0.26%	-0.49%	0.84%	0.01%	0.42%	-2.56%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.96%	6.31%	7.71%	0.00%	-1.15%	-1.05%	-2.72%	0.00%	-2.13%	0.00%
Net Operating Profit after Tax (NOPAT)	4.83	63	4.18	17	-1.05	2.85	5.03	4.45	2.00	3.32	-4.76
NOPAT Margin	7.13%	92.19%	6.45%	26.94%	-1.64%	4.42%	7.74%	6.84%	3.01%	4.95%	-6.94%
Net Nonoperating Expense Percent (NNEP)	-2.05%	1.20%	-1.85%	-2.79%	-2.80%	-2.38%	-0.44%	-2.01%	0.84%	-2.66%	-4.33%
Return On Investment Capital (ROIC_SIMPLE)	0.25%	-	-	-	-0.06%	-	-	-	0.11%	0.18%	-0.24%
Cost of Revenue to Revenue	3.48%	3.78%	3.47%	14.47%	-7.50%	3.61%	3.42%	3.45%	44.03%	0.00%	0.00%
SG&A Expenses to Revenue	4.83%	11.37%	6.43%	5.93%	6.81%	7.17%	6.48%	6.31%	7.32%	7.45%	6.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	86.41%	4.02%	87.22%	58.59%	108.06%	90.07%	85.53%	86.79%	51.67%	92.93%	109.91%
Earnings before Interest and Taxes (EBIT)	6.91	63	5.97	17	-1.51	4.08	7.19	6.35	2.86	4.75	-6.80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	33	89	31	42	25	31	33	33	31	33	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.16	1.35	1.34	1.36	1.43	1.72	1.60	1.68	1.70	1.42
Price to Tangible Book Value (P/TBV)	1.26	1.16	1.35	1.34	1.36	1.43	1.72	1.60	1.68	1.70	1.42
Price to Revenue (P/Rev)	3.12	2.92	3.29	3.24	3.20	3.30	3.91	4.17	4.20	4.11	3.77
Price to Earnings (P/E)	0.00	24.41	26.68	20.93	23.96	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	5.49%	5.68%	5.00%	5.08%	5.26%	5.20%	4.38%	4.23%	4.54%	4.66%	5.05%
Earnings Yield	0.00%	4.10%	3.75%	4.78%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.06	0.00	0.00	1.12	0.00	0.00	1.22	1.24	1.25	1.24
Enterprise Value to Revenue (EV/Rev)	0.00	7.46	0.00	0.00	7.94	0.00	0.00	8.56	8.75	8.59	8.37
Enterprise Value to EBITDA (EV/EBITDA)	0.00	10.82	0.00	0.00	11.06	0.00	0.00	18.05	17.82	17.49	19.12
Enterprise Value to EBIT (EV/EBIT)	0.00	24.52	0.00	0.00	24.56	0.00	0.00	137.47	111.53	107.05	312.26
Enterprise Value to NOPAT (EV/NOPAT)	0.00	24.52	0.00	0.00	24.56	0.00	0.00	196.38	159.33	152.93	446.09
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.28	0.00	0.00	23.17	0.00	0.00	24.16	23.24	22.80	21.98
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	17.07	0.00	0.00	0.00	0.00	0.00	0.00	83.31	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	0.91	0.90	0.86	0.97	1.00	1.02	1.02	1.06	1.09	1.32
Long-Term Debt to Equity	1.04	0.91	0.90	0.86	0.97	1.00	1.02	1.02	1.06	1.09	1.32
Financial Leverage	-0.36	0.83	-0.35	-0.30	-0.33	-0.33	-1.62	-0.34	1.00	-0.31	-0.32
Leverage Ratio	2.00	1.92	1.92	1.97	2.07	2.01	2.01	2.00	2.08	2.10	2.22
Compound Leverage Factor	-1.09	1.61	-0.86	1.04	13.18	-2.37	-0.60	-0.82	-3.39	-2.17	5.73
Debt to Total Capital	51.03%	47.75%	47.30%	46.19%	49.15%	50.04%	50.46%	50.44%	51.52%	52.06%	56.81%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	51.03%	47.75%	47.30%	46.19%	49.15%	50.04%	50.46%	50.44%	51.52%	52.06%	56.81%
Preferred Equity to Total Capital	4.74%	4.87%	5.02%	5.15%	5.02%	5.06%	5.07%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.02%	12.75%	13.07%	13.41%	12.76%	12.74%	12.68%	12.74%	13.22%	13.25%	6.89%
Common Equity to Total Capital	32.21%	34.63%	34.61%	35.25%	33.07%	32.16%	31.80%	36.82%	35.26%	34.69%	36.30%
Debt to EBITDA	8.39	5.04	4.79	4.30	4.88	7.13	7.04	7.51	7.46	7.38	9.50
Net Debt to EBITDA	-12.81	4.72	-8.50	-7.89	4.83	-11.58	-11.42	7.37	7.35	7.24	9.35
Long-Term Debt to EBITDA	8.39	5.04	4.79	4.30	4.88	7.13	7.04	7.51	7.46	7.38	9.50
Debt to NOPAT	103.85	11.42	10.68	9.03	10.85	50.97	49.01	81.68	66.66	64.55	221.78
Net Debt to NOPAT	-158.55	10.70	-18.94	-16.58	10.74	-82.75	-79.54	80.15	65.74	63.33	218.15
Long-Term Debt to NOPAT	103.85	11.42	10.68	9.03	10.85	50.97	49.01	81.68	66.66	64.55	221.78
Altman Z-Score	0.19	0.35	0.30	0.34	0.21	0.22	0.31	0.34	0.31	0.30	0.24
Noncontrolling Interest Sharing Ratio	33.89%	33.20%	33.43%	33.53%	34.59%	34.63%	35.04%	30.26%	31.21%	31.73%	26.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.20	1.02	0.18	0.83	0.15	0.25	0.29	0.28	0.22	0.31	2.77
Quick Ratio	0.18	0.16	0.17	0.47	0.14	0.23	0.27	0.24	0.20	0.21	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,415	98	2,470	2,544	-2,427	2,446	21	-2,368	15	-2,392	-2,404
Operating Cash Flow to CapEx	100.33%	194.04%	171.72%	222.29%	62.30%	111.89%	165.95%	272.73%	182.13%	504.34%	259.69%
Free Cash Flow to Firm to Interest Expense	225.34	9.51	285.80	309.30	-261.18	275.81	2.27	-264.67	2.00	-248.31	-224.13
Operating Cash Flow to Interest Expense	2.15	2.12	2.75	3.87	1.30	2.75	2.45	3.61	2.48	2.64	2.36
Operating Cash Flow Less CapEx to Interest Expense	0.01	1.03	1.15	2.13	-0.79	0.29	0.97	2.29	1.12	2.12	1.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.14	0.14	0.13	0.13	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.14	0.00	0.00
Accounts Payable Turnover	0.16	0.19	0.19	0.27	0.15	0.16	0.17	0.03	0.59	0.60	0.62
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2,235.65	1,912.57	1,964.27	1,337.24	2,372.05	2,227.50	2,200.40	11,330.57	618.26	607.78	589.97
Cash Conversion Cycle (CCC)	-2,235.65	-1,912.57	-1,964.27	-1,337.24	-2,372.05	-2,227.50	-2,200.40	-11,330.57	-618.26	-607.78	-589.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-572	1,864	-581	-563	1,854	-578	-597	1,809	1,841	1,817	1,802
Invested Capital Turnover	0.41	0.14	0.41	0.38	0.41	0.40	-0.44	0.42	0.14	0.43	0.44
Increase / (Decrease) in Invested Capital	-2,411	-35	-2,465	-2,527	2,426	-2,443	-16	2,372	-13	2,396	2,399
Enterprise Value (EV)	-405	1,971	-352	-344	2,074	-322	-176	2,215	2,284	2,264	2,235
Market Capitalization	802	772	874	859	836	851	1,009	1,078	1,096	1,083	1,007
Book Value per Share	$42.21	$44.30	$43.11	$42.81	$40.94	$39.85	$39.38	$43.95	$39.46	$38.07	$42.43
Tangible Book Value per Share	$42.21	$44.30	$43.11	$42.81	$40.94	$39.85	$39.38	$43.95	$39.46	$38.07	$42.43
Total Capital	1,974	1,922	1,863	1,816	1,864	1,849	1,847	1,826	1,854	1,835	1,956
Total Debt	1,008	918	881	839	916	925	932	921	955	955	1,111
Total Long-Term Debt	1,008	918	881	839	916	925	932	921	955	955	1,111
Net Debt	-1,538	860	-1,563	-1,540	907	-1,502	-1,512	904	942	937	1,093
Capital Expenditures (CapEx)	23	11	14	14	19	22	14	12	10	5.04	9.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-59	-57	-57	-63	-63	-55	-53	-61	-59	-58	81
Debt-free Net Working Capital (DFNWC)	-47	1.20	-46	-10	-53	-41	-37	-44	-46	-40	99
Net Working Capital (NWC)	-47	1.20	-46	-10	-53	-41	-37	-44	-46	-40	99
Net Nonoperating Expense (NNE)	7.40	10	6.56	8.23	8.83	7.64	6.70	6.40	7.79	7.50	12
Net Nonoperating Obligations (NNO)	-1,538	860	-1,563	-1,540	907	-1,502	-1,512	904	942	937	957
Total Depreciation and Amortization (D&A)	26	27	25	25	27	27	26	26	28	28	28
Debt-free, Cash-free Net Working Capital to Revenue	-22.91%	-21.43%	-21.32%	-23.64%	-24.02%	-21.17%	-20.48%	-23.58%	-22.73%	-21.87%	30.44%
Debt-free Net Working Capital to Revenue	-18.28%	0.46%	-17.45%	-3.95%	-20.47%	-15.84%	-14.51%	-16.92%	-17.70%	-15.01%	37.25%
Net Working Capital to Revenue	-18.28%	0.46%	-17.45%	-3.95%	-20.47%	-15.84%	-14.51%	-16.92%	-17.70%	-15.01%	37.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.23)	$2.79	($0.23)	$0.41	($0.64)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)
Adjusted Weighted Average Basic Shares Outstanding	15.22M	14.96M	14.95M	15.05M	14.99M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M
Adjusted Diluted Earnings per Share	($0.23)	$2.76	($0.23)	$0.41	($0.62)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)
Adjusted Weighted Average Diluted Shares Outstanding	15.22M	14.96M	14.95M	15.05M	17.12M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.03M	14.96M	14.95M	15.05M	14.91M	14.91M	15.30M	16.57M	16.73M	16.74M	16.76M
Normalized Net Operating Profit after Tax (NOPAT)	4.83	44	6.18	12	-1.05	2.85	5.03	4.45	2.00	3.32	5.42
Normalized NOPAT Margin	7.13%	64.54%	9.54%	18.86%	-1.64%	4.42%	7.74%	6.84%	3.01%	4.95%	7.91%
Pre Tax Income Margin	-5.56%	77.07%	-4.13%	14.20%	-14.97%	-7.43%	-3.29%	-3.99%	-7.02%	-7.29%	-25.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.64	6.10	0.69	2.11	-0.16	0.46	0.77	0.71	0.38	0.49	-0.63
NOPAT to Interest Expense	0.45	6.10	0.48	2.11	-0.11	0.32	0.54	0.50	0.27	0.34	-0.44
EBIT Less CapEx to Interest Expense	-1.50	5.00	-0.91	0.37	-2.25	-2.00	-0.71	-0.61	-0.98	-0.03	-1.54
NOPAT Less CapEx to Interest Expense	-1.69	5.00	-1.12	0.37	-2.20	-2.14	-0.94	-0.83	-1.10	-0.18	-1.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-347.63%	135.89%	131.17%	107.39%	122.57%	-763.60%	-841.42%	-331.33%	-425.32%	-443.56%	-210.21%
Augmented Payout Ratio	-535.83%	205.10%	209.94%	170.55%	146.08%	-957.04%	-974.76%	-383.61%	-458.46%	-443.56%	-210.21%

Key Financial Trends

CenterSpace (NYSE: CSR) shows a mixed financial picture over the last four years, with some fluctuations in key metrics such as revenue, net income, cash flows, and balance sheet strength. Below is a summary of the key trends based on the latest quarterly reports (up to Q2 2025) and historical data.

Steady Revenue Growth: Operating revenue increased from approximately $63 million in Q2 2022 to about $68.5 million in Q2 2025, indicating a modest but consistent growth trend over the years.
Strong Operating Cash Flow: Net cash from operating activities has remained solid, with $25.3 million generated in Q2 2025, supporting operational stability despite income losses.
Capital Investment: Consistent investment in property, plant & equipment is evident, supporting future capacity. For example, $9.7 million was spent in Q2 2025.
Debt Issuance to Finance Growth: The company increased debt financing significantly ($193 million issued in Q2 2025), which may provide funds for growth initiatives.
Increase in Total Assets: Total assets have grown from about $1.9 billion in early 2022 to over $2 billion by mid-2025, reflecting growth in investments and infrastructure.
Persistent Net Losses: The company has experienced net losses for several quarters, including a $16.8 million loss in Q2 2025. This is a potential risk for investors.
High Depreciation & Amortization Expenses: Consistently high non-cash expenses (around $27 million per quarter) reflect heavy investment in fixed assets, impacting reported earnings.
Consistent Dividend Payments: Dividends around $15 million quarterly indicate a commitment to shareholder returns, but may pressure cash flow given losses.
Growing Interest Expense: Interest expenses increased to over $10 million quarterly by 2025, reflecting higher debt levels and impacting profitability.
Rising Total Liabilities: Total liabilities have increased from approximately $938 million in mid-2022 to around $1.17 billion in Q2 2025, highlighting rising leverage and potential financial risk.

Summary: CenterSpace has demonstrated reasonable top-line growth and strong operating cash flows supported by ongoing investments and financing activities. However, persistent net losses, rising debt, and interest expenses raise caution. Investors should closely monitor the company’s path to profitability and debt management while appreciating its asset growth and cash-generating ability.

08/21/25 08:03 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Centerspace's Financials

When does Centerspace's financial year end?

According to the most recent income statement we have on file, Centerspace's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Centerspace's net income changed over the last 8 years?

Centerspace's net income appears to be on a downward trend, with a most recent value of -$14.19 million in 2024, falling from -$16.94 million in 2014. The previous period was $49.23 million in 2023. Find out what analysts predict for Centerspace in the coming months.

What is Centerspace's operating income?

Centerspace's total operating income in 2024 was $20.48 million, based on the following breakdown:

Total Gross Profit: $224.95 million
Total Operating Expenses: $204.47 million

How has Centerspace's revenue changed over the last 8 years?

Over the last 8 years, Centerspace's total revenue changed from $164.59 million in 2014 to $260.98 million in 2024, a change of 58.6%.

How much debt does Centerspace have?

Centerspace's total liabilities were at $1.01 billion at the end of 2024, a 3.7% increase from 2023, and a 11.2% decrease since 2014.

How much cash does Centerspace have?

In the past 10 years, Centerspace's cash and equivalents has ranged from $392 thousand in 2020 to $66.70 million in 2016, and is currently $12.03 million as of their latest financial filing in 2024.

How has Centerspace's book value per share changed over the last 10 years?

Over the last 10 years, Centerspace's book value per share changed from 4.23 in 2014 to 39.46 in 2024, a change of 833.3%.

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This page (NYSE:CSR) was last updated on 8/21/2025 by MarketBeat.com Staff

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Centerspace (CSR) Financials

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