Centerspace (CSR) Financials

$66.26 -1.33 (-1.97%)

Closing price 03:59 PM Eastern

Extended Trading

$66.54 +0.29 (+0.43%)

As of 05:30 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-25	13	105	72	-1.79	-6.46	-21	35	-20	17
Consolidated Net Income / (Loss)	-17	29	128	85	4.74	-2.10	-18	49	-14	23
Net Income / (Loss) Continuing Operations	5.90	17	-37	83	4.74	-2.10	-19	49	-14	23
Total Pre-Tax Income	5.95	11	-37	83	4.74	-2.10	-19	49	-14	23
Total Operating Income	38	45	-24	109	34	30	14	84	20	65
Total Gross Profit	165	179	164	180	172	193	247	252	252	264
Total Revenue	165	179	170	186	178	202	257	261	261	274
Operating Revenue	165	179	170	186	178	-	257	261	261	274
Total Cost of Revenue	0.00	0.00	5.53	6.19	5.80	8.75	9.90	9.35	9.13	9.64
Operating Cost of Revenue	-	-	5.53	6.19	5.80	8.75	9.90	9.35	9.13	9.64
Total Operating Expenses	127	134	188	168	138	163	233	166	231	199
Selling, General & Admin Expense	13	13	14	14	13	16	18	20	18	21
Depreciation Expense	40	43	82	74	76	92	105	102	106	113
Other Operating Expenses / (Income)	69	73	74	79	49	55	110	35	107	28
Impairment Charge	7.70	4.66	18	-	-	0.00	0.00	5.22	0.00	38
Total Other Income / (Expense), net	-32	-34	-13	71	-29	-32	-33	-36	-35	-42
Interest Expense	34	34	35	33	28	32	33	36	35	42
Other Adjustments to Consolidated Net Income / (Loss)	-	-	-	2.09	-	0.00	1.25	-	0.00	0.00
Preferred Stock Dividends Declared	12	12	12	7.36	6.87	7.07	7.07	7.07	8.97	0.49
Net Income / (Loss) Attributable to Noncontrolling Interest	-3.77	4.60	11	5.62	-0.34	-2.71	-4.17	7.27	-3.50	5.38
Basic Earnings per Share	($0.23)	$0.11	$8.71	$6.06	($0.15)	($0.47)	($1.35)	$2.33	($1.27)	$1.02
Weighted Average Basic Shares Outstanding	109.37M	124.57M	119.41M	11.74M	12.56M	13.80M	15.22M	14.99M	15.50M	16.73M
Diluted Earnings per Share	($0.23)	$0.11	$8.71	$6.00	($0.15)	($0.47)	($1.35)	$2.32	($1.27)	$1.02
Weighted Average Diluted Shares Outstanding	109.37M	124.57M	119.41M	13.18M	12.56M	13.80M	15.22M	17.12M	15.50M	16.78M
Weighted Average Basic & Diluted Shares Outstanding	109.37M	124.57M	119.41M	-	13.05M	15.04M	15.03M	14.91M	16.73M	16.77M
Cash Dividends to Common per Share	-	-	$2.80	$2.10	$2.80	$2.84	$2.92	$2.92	$3.00	$3.08

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.17	-9.76	-5.51	-2.90	-6.17	-5.08	-3.73	-15	54	-18	-13
Consolidated Net Income / (Loss)	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17	65	-21	-15
Net Income / (Loss) Continuing Operations	9.17	-9.59	-4.79	-1.66	-1.95	-4.66	-4.18	-17	65	-21	-15
Total Pre-Tax Income	9.17	-9.59	-4.79	-2.14	-2.60	-4.66	-4.18	-18	64	-19	-15
Total Operating Income	17	-1.51	4.08	7.19	6.35	2.86	4.75	-6.80	77	-11	-5.39
Total Gross Profit	55	69	62	65	65	37	65	69	71	57	63
Total Revenue	65	64	65	65	65	66	67	69	71	67	65
Operating Revenue	65	-	65	65	65	-	67	69	71	67	65
Total Cost of Revenue	9.34	-4.80	2.33	0.00	0.00	29	2.43	0.00	0.00	9.64	2.38
Operating Cost of Revenue	9.34	-4.80	2.33	-	-	29	2.43	-	-	-	2.38
Total Operating Expenses	38	69	58	58	59	34	60	75	74	-12	68
Selling, General & Admin Expense	3.83	4.36	4.62	4.22	4.10	4.86	5.00	4.38	5.00	6.54	6.33
Depreciation Expense	25	27	27	26	26	28	28	27	29	29	26
Other Operating Expenses / (Income)	9.30	32	26	28	28	1.81	27	29	31	-62	26
Impairment Charge	-	-	-	0.00	0.00	-	0.00	15	8.68	-	9.70
Other Special Charges / (Income)	-	-	-	-	-	-	0.53	-	-	-	-0.02
Total Other Income / (Expense), net	-8.23	-9.23	-8.87	-9.33	-8.95	-7.52	-8.93	-11	67	-88	-9.58
Interest Expense	8.23	9.29	8.87	9.33	8.95	7.52	8.93	11	13	8.23	9.58
Interest & Investment Income	-	-	-	0.00	0.00	-	-	0.00	80	-	0.00
Preferred Stock Dividends Declared	1.77	1.77	1.77	1.77	5.28	0.16	0.16	0.16	0.11	0.06	0.06
Net Income / (Loss) Attributable to Noncontrolling Interest	1.24	-1.89	-1.05	-0.53	-1.06	-0.87	-0.61	-2.43	12	-3.10	-2.14
Basic Earnings per Share	$0.41	($0.64)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)	$3.22	($1.11)	($0.77)
Weighted Average Basic Shares Outstanding	14.99M	14.99M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M	16.73M	16.73M	16.78M
Diluted Earnings per Share	$0.41	($0.62)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)	$3.19	($1.08)	($0.77)
Weighted Average Diluted Shares Outstanding	18.02M	17.12M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M	19.77M	16.78M	16.78M
Weighted Average Basic & Diluted Shares Outstanding	15.05M	14.91M	14.91M	15.30M	16.57M	16.73M	16.74M	16.76M	16.70M	16.77M	16.80M
Cash Dividends to Common per Share	$0.73	-	$0.75	-	$0.75	-	$0.77	-	$0.77	-	$0.77

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	1.70	11	-15	-41	27	-39	31	-27	-2.62	3.86	2.52
Net Cash From Operating Activities	114	72	79	55	70	61	84	92	90	98	98
Net Cash From Continuing Operating Activities	114	72	79	55	70	61	84	92	90	98	98
Net Income / (Loss) Continuing Operations	29	77	31	128	85	4.74	-2.10	-18	49	-14	23
Consolidated Net Income / (Loss)	29	77	31	128	85	4.74	-2.10	-18	49	-14	23
Depreciation Expense	72	65	57	92	75	77	93	106	103	108	115
Amortization Expense	-	-	-	-	-	-	-	-	-0.23	1.18	1.92
Non-Cash Adjustments To Reconcile Net Income	3.13	-58	-10	-156	-94	-16	-17	3.17	-60	6.35	-36
Changes in Operating Assets and Liabilities, net	10	-12	2.22	-8.50	3.01	-3.76	10	0.01	-2.87	-3.46	-5.37
Net Cash From Investing Activities	-176	129	224	80	7.01	-165	-267	-160	120	-51	-27
Net Cash From Continuing Investing Activities	-176	129	224	80	7.01	-165	-267	-160	120	-51	-27
Purchase of Property, Plant & Equipment	-60	-149	0.00	-392	-179	-199	-306	-57	-59	-57	-34
Purchase of Investments	-	-	0.00	0.00	-6.94	-	-	-105	-42	-1.03	-206
Sale and/or Maturity of Investments	74	40	47	65	199	48	61	0.04	223	18	212
Other Investing Activities, net	-190	237	177	-19	-5.91	-13	-22	1.10	-2.00	-11	1.31
Net Cash From Financing Activities	64	-189	-318	-176	-50	65	215	41	-212	-44	-69
Net Cash From Continuing Financing Activities	64	-189	-318	-176	-50	65	215	41	-212	-44	-69
Repayment of Debt	-157	-391	-555	-530	-431	-86	-343	-84	-366	-124	-445
Repurchase of Preferred Equity	0.00	0.00	-29	-115	0.00	-5.63	-	0.00	0.00	-97	-11
Repurchase of Common Equity	0.00	-35	-5.47	-19	-26	-0.05	0.00	-33	-12	-4.70	-3.45
Payment of Dividends	-69	-86	-79	-47	-44	-45	-50	-61	-60	-60	-65
Issuance of Debt	239	320	349	443	430	155	455	192	225	131	455
Issuance of Common Equity	51	2.61	9.75	0.00	22	59	156	31	0.00	112	1.10
Other Financing Activities, net	0.00	0.00	-9.21	-7.90	-1.26	-12	-3.80	-3.21	0.00	0.00	-1.17
Cash Interest Paid	51	40	34	36	29	26	27	31	34	34	41

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	42	-43	4.48	1.66	1.84	-4.12	4.93	0.13	48	-50	-5.39
Net Cash From Operating Activities	32	12	24	23	32	19	25	25	35	13	21
Net Cash From Continuing Operating Activities	32	12	24	23	32	19	25	25	35	13	21
Net Income / (Loss) Continuing Operations	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17	65	-21	-15
Consolidated Net Income / (Loss)	9.17	-9.89	-4.79	-1.66	-1.95	-5.79	-4.18	-17	65	-21	-15
Depreciation Expense	25	27	27	26	26	28	28	27	29	30	27
Amortization Expense	-	-	0.26	-	-	-	0.41	0.41	0.52	0.58	0.36
Non-Cash Adjustments To Reconcile Net Income	-10	4.58	1.59	2.12	2.29	1.98	1.61	16	-70	17	12
Changes in Operating Assets and Liabilities, net	7.25	-9.23	0.04	-3.61	5.06	-4.94	-0.38	-1.91	9.68	-13	-2.69
Net Cash From Investing Activities	68	-65	-9.03	-19	-12	-10	-4.89	-160	57	80	-5.02
Net Cash From Continuing Investing Activities	68	-65	-9.03	-19	-12	-10	-4.89	-160	57	80	-5.02
Purchase of Property, Plant & Equipment	-14	-19	-22	-14	-12	-10	-5.04	-9.73	-9.35	-10	-5.32
Other Investing Activities, net	0.79	-3.52	-5.47	-5.61	-0.19	-0.01	0.16	0.22	0.59	0.34	0.29
Net Cash From Financing Activities	-58	10	-11	-1.81	-18	-13	-16	134	-45	-143	-22
Net Cash From Continuing Financing Activities	-58	10	-11	-1.81	-18	-13	-16	134	-45	-143	-22
Repayment of Debt	-57	-29	-32	-12	-61	-19	-46	-38	-134	-227	-31
Payment of Dividends	-15	-15	-15	-15	-15	-15	-15	-15	-15	-20	-15
Issuance of Debt	14	59	41	18	50	22	45	193	113	104	25
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-0.42
Cash Interest Paid	14	7.99	8.30	8.80	7.70	10	8.64	7.79	14	11	9.53

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	1,998	1,755	1,475	1,336	1,392	1,464	1,940	2,033	1,926	1,914	1,926
Total Current Assets	54	71	29	14	46	7.31	39	12	9.27	13	16
Cash & Equivalents	49	67	29	14	27	0.39	31	10	8.63	12	13
Restricted Cash	-	-	-	-	20	6.92	7.36	1.43	0.64	1.10	2.82
Plant, Property, & Equipment, net	1.03	1.01	1,103	1,274	1,294	1,413	1,828	-535	1,889	1,855	1,864
Plant, Property & Equipment, gross	1,336	1,681	1,359	1,628	1,643	1,813	2,271	-	2,420	2,481	2,524
Accumulated Depreciation	279	313	256	354	349	399	444	535	531	626	660
Total Noncurrent Assets	1,942	1,683	343	48	52	44	74	2,557	28	46	47
Other Noncurrent Operating Assets	1,263	1,459	41	33	35	19	31	23	28	46	47
Total Liabilities & Shareholders' Equity	1,998	1,755	1,475	1,336	1,392	1,464	1,940	2,033	1,926	1,914	1,926
Total Liabilities	1,251	1,029	831	687	696	775	918	1,066	979	1,015	1,080
Total Current Liabilities	116	57	36	41	47	56	62	59	63	59	59
Accounts Payable	56	40	36	41	47	56	62	59	63	59	59
Total Noncurrent Liabilities	1,134	972	796	646	649	719	856	1,008	916	955	1,021
Long-Term Debt	597	812	623	646	649	719	856	1,008	916	955	1,021
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	6.37	7.52	7.18	5.97	17	17	25	17	17	17	5.94
Total Equity & Noncontrolling Interests	741	718	636	643	680	673	996	950	931	882	840
Total Preferred & Common Equity	652	619	561	569	619	618	772	730	710	752	719
Total Common Equity	513	480	450	469	520	525	679	636	616	752	719
Common Stock	952	922	916	899	917	968	1,157	1,177	1,166	1,368	1,369
Retained Earnings	-438	-442	-467	-429	-390	-428	-474	-539	-548	-615	-650
Noncontrolling Interest	89	100	75	75	61	55	224	221	221	130	121

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	2,039	1,979	1,920	1,878	1,903	1,899	1,887	1,893	2,013	2,098	1,888
Total Current Assets	16	58	10	52	14	15	17	18	156	152	10
Cash & Equivalents	15	8.94	9.75	30	13	14	14	12	12	13	7.56
Restricted Cash	1.42	49	0.57	22	1.07	1.08	2.79	6.14	5.82	53	2.71
Plant, Property, & Equipment, net	2,002	1,902	-543	-517	-553	-579	1,834	1,832	1,810	1,898	1,832
Plant, Property & Equipment, gross	2,513	2,421	-	-	-	-	2,438	2,484	2,422	2,536	2,518
Accumulated Depreciation	511	519	543	517	553	579	604	652	613	638	686
Total Noncurrent Assets	20	19	2,453	2,343	2,443	2,463	36	43	48	48	45
Other Noncurrent Operating Assets	20	19	19	16	29	34	36	43	48	48	45
Total Liabilities & Shareholders' Equity	2,039	1,979	1,920	1,878	1,903	1,899	1,887	1,893	2,013	2,098	1,888
Total Liabilities	1,026	975	938	901	980	985	982	1,013	1,168	1,211	1,072
Total Current Liabilities	58	57	57	63	55	53	61	58	56	66	56
Accounts Payable	58	57	57	63	55	53	61	58	56	66	56
Total Noncurrent Liabilities	967	918	881	839	925	932	921	955	1,112	1,145	1,016
Long-Term Debt	967	918	881	839	925	932	921	955	1,111	1,144	1,016
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	17	17	17	17	17	17	17	17	11	5.94	5.94
Total Equity & Noncontrolling Interests	996	988	965	960	907	898	889	863	834	881	810
Total Preferred & Common Equity	776	759	738	734	688	681	672	637	710	749	695
Total Common Equity	683	666	645	640	595	587	672	637	710	749	695
Common Stock	1,210	1,176	1,170	1,169	1,160	1,167	1,271	1,269	1,369	1,367	1,370
Retained Earnings	-525	-508	-523	-528	-565	-579	-598	-632	-659	-618	-675
Noncontrolling Interest	220	229	227	227	219	218	216	227	124	132	115

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.95%	5.02%	0.00%	0.00%	9.43%	-4.18%	13.32%	27.27%	1.79%	-0.12%	4.86%
EBITDA Growth	5.57%	-7.64%	-47.93%	55.83%	116.55%	-42.19%	11.38%	-2.38%	56.26%	-31.71%	40.06%
EBIT Growth	20.78%	-5.18%	-100.00%	0.00%	3,326.20%	-70.73%	-11.67%	-53.63%	509.29%	-75.76%	215.20%
NOPAT Growth	19.65%	-12.00%	-100.00%	0.00%	757.16%	-68.96%	-38.17%	-53.63%	770.41%	-83.03%	350.28%
Net Income Growth	269.33%	167.05%	0.00%	0.00%	-33.54%	-94.41%	-144.30%	-739.65%	379.07%	-128.83%	261.81%
EPS Growth	147.83%	345.45%	0.00%	0.00%	-31.11%	-102.50%	-213.33%	-187.23%	271.85%	-154.74%	180.32%
Operating Cash Flow Growth	23.42%	-41.76%	11.18%	-30.18%	26.14%	-12.06%	37.24%	9.48%	-2.69%	9.75%	0.21%
Free Cash Flow Firm Growth	936.24%	-133.98%	223.80%	-180.90%	138.67%	-179.80%	-498.48%	680.61%	-196.74%	101.17%	98.92%
Invested Capital Growth	-36.39%	24.50%	-20.73%	19.60%	1.71%	7.97%	31.24%	-131.08%	424.45%	-0.71%	0.54%
Revenue Q/Q Growth	51.16%	13.60%	0.00%	0.00%	3.60%	-0.13%	6.58%	3.99%	-1.43%	0.91%	0.08%
EBITDA Q/Q Growth	21.20%	5.70%	25.43%	19.14%	-30.42%	-31.09%	-13.82%	4.25%	-3.90%	4.41%	-5.10%
EBIT Q/Q Growth	76.82%	23.16%	100.00%	0.00%	17.51%	-60.16%	-49.91%	208.78%	-9.06%	27.08%	-17.28%
NOPAT Q/Q Growth	77.41%	14.57%	100.00%	0.00%	281.78%	-60.16%	-64.93%	208.78%	-9.06%	27.08%	-17.28%
Net Income Q/Q Growth	245.60%	-2.68%	0.00%	0.00%	0.00%	0.00%	-203.40%	26.13%	-12.94%	22.41%	-40.59%
EPS Q/Q Growth	144.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-88.00%	24.58%	-14.39%	19.62%	-43.02%
Operating Cash Flow Q/Q Growth	0.88%	-17.24%	-1.76%	-17.04%	9.38%	-6.15%	19.49%	-4.82%	-10.87%	7.16%	-5.71%
Free Cash Flow Firm Q/Q Growth	2,367.90%	-165.56%	195.51%	-341.46%	-35.80%	-235.63%	-18.62%	1,587.52%	-189.38%	101.16%	595.94%
Invested Capital Q/Q Growth	-38.11%	-6.38%	-19.84%	-7.68%	-4.11%	1.03%	2.28%	-129.10%	429.37%	1.77%	-1.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	0.00%	96.74%	96.67%	96.74%	95.66%	96.15%	96.42%	86.19%	96.48%
EBITDA Margin	65.64%	57.73%	0.00%	51.97%	102.84%	62.05%	60.98%	46.77%	71.80%	49.09%	66.18%
Operating Margin	25.04%	20.98%	0.00%	-13.96%	58.70%	19.01%	14.82%	5.40%	32.32%	7.85%	23.58%
EBIT Margin	25.44%	22.97%	0.00%	-2.11%	62.25%	19.01%	14.82%	5.40%	32.32%	7.85%	23.58%
Profit (Net Income) Margin	16.00%	40.68%	0.00%	75.19%	45.66%	2.66%	-1.04%	-6.87%	18.84%	-5.44%	8.39%
Tax Burden Percent	255.26%	794.63%	0.00%	-343.14%	102.53%	100.00%	100.00%	93.60%	100.00%	100.00%	100.00%
Interest Burden Percent	24.63%	22.28%	0.00%	1,037.78%	71.55%	14.01%	-7.03%	-135.98%	58.29%	-69.31%	35.58%
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)	3.23%	3.26%	0.00%	-1.42%	8.47%	2.51%	1.29%	1.53%	13.17%	0.78%	3.50%
ROIC Less NNEP Spread (ROIC-NNEP)	0.75%	11.03%	0.00%	26.05%	4.53%	-1.92%	-1.72%	9.12%	24.32%	-2.31%	-0.77%
Return on Net Nonoperating Assets (RNNOA)	0.66%	7.14%	0.00%	21.16%	4.13%	-1.82%	-1.54%	-3.31%	-8.02%	-2.31%	-0.86%
Return on Equity (ROE)	3.89%	10.40%	0.00%	19.75%	12.60%	0.68%	-0.25%	-1.77%	5.14%	-1.54%	2.63%
Cash Return on Invested Capital (CROIC)	47.71%	-18.57%	23.12%	-19.27%	6.78%	-5.16%	-25.73%	0.00%	-126.27%	1.48%	2.95%
Operating Return on Assets (OROA)	2.36%	2.31%	0.00%	-0.26%	8.48%	2.37%	1.76%	0.70%	4.27%	1.07%	3.36%
Return on Assets (ROA)	1.48%	4.08%	0.00%	9.08%	6.22%	0.33%	-0.12%	-0.89%	2.49%	-0.74%	1.20%
Return on Common Equity (ROCE)	2.55%	7.01%	0.00%	14.04%	9.26%	0.52%	-0.17%	-1.17%	3.36%	-1.06%	2.22%
Return on Equity Simple (ROE_SIMPLE)	4.40%	12.38%	5.44%	22.44%	13.70%	0.77%	-0.27%	-2.42%	6.94%	-2.17%	0.00%
Net Operating Profit after Tax (NOPAT)	45	40	0.00	-17	109	34	21	9.70	84	14	65
NOPAT Margin	25.04%	20.98%	0.00%	-9.78%	58.70%	19.01%	10.37%	3.78%	32.32%	5.49%	23.58%
Net Nonoperating Expense Percent (NNEP)	2.48%	-7.78%	0.00%	-27.46%	3.94%	4.43%	3.01%	-7.59%	-11.15%	3.09%	4.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.50%	4.57%	0.78%	3.47%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	3.26%	3.33%	3.26%	4.34%	3.85%	3.58%	13.81%	3.52%
SG&A Expenses to Revenue	7.51%	7.17%	0.00%	8.40%	7.78%	7.55%	8.04%	6.82%	7.68%	6.82%	7.64%
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	74.96%	79.02%	0.00%	110.71%	90.52%	77.73%	80.84%	90.76%	63.64%	78.35%	72.90%
Earnings before Interest and Taxes (EBIT)	46	43	0.00	-3.58	116	34	30	14	84	20	65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	118	109	57	88	191	110	123	120	188	128	181
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	0.00	0.00	1.04	1.34	1.51	2.08	1.26	1.36	1.68	1.55
Price to Tangible Book Value (P/TBV)	1.08	0.00	0.00	1.04	1.34	1.51	2.08	1.26	1.36	1.68	1.55
Price to Revenue (P/Rev)	3.06	0.00	0.00	2.87	3.75	4.44	7.00	3.12	3.20	4.20	4.07
Price to Earnings (P/E)	43.66	0.00	0.00	4.66	9.69	0.00	0.00	0.00	23.96	0.00	65.17
Dividend Yield	11.61%	0.00%	0.00%	6.90%	4.68%	4.60%	2.87%	5.49%	5.26%	4.54%	4.62%
Earnings Yield	2.29%	0.00%	0.00%	21.47%	10.32%	0.00%	0.00%	0.00%	4.17%	0.00%	1.53%
Enterprise Value to Invested Capital (EV/IC)	1.29	0.00	0.00	1.01	1.14	1.19	1.40	0.00	1.12	1.24	1.21
Enterprise Value to Revenue (EV/Rev)	7.76	0.00	0.00	7.62	7.94	9.37	12.75	0.00	7.94	8.75	8.21
Enterprise Value to EBITDA (EV/EBITDA)	11.82	0.00	0.00	14.66	7.72	15.10	20.91	0.00	11.06	17.82	12.40
Enterprise Value to EBIT (EV/EBIT)	30.49	0.00	0.00	0.00	12.75	49.26	86.05	0.00	24.56	111.53	34.81
Enterprise Value to NOPAT (EV/NOPAT)	30.98	0.00	0.00	0.00	13.52	49.26	122.93	0.00	24.56	159.33	34.81
Enterprise Value to Operating Cash Flow (EV/OCF)	12.18	0.00	0.00	23.44	21.17	27.23	30.61	0.00	23.17	23.24	22.82
Enterprise Value to Free Cash Flow (EV/FCFF)	2.10	0.00	0.00	0.00	16.89	0.00	0.00	0.00	0.00	83.31	41.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	1.14	0.97	0.99	0.93	1.04	0.84	1.04	0.97	1.06	1.21
Long-Term Debt to Equity	0.80	1.12	0.97	0.99	0.93	1.04	0.84	1.04	0.97	1.06	1.21
Financial Leverage	0.89	0.65	0.76	0.81	0.91	0.95	0.89	-0.36	-0.33	1.00	1.12
Leverage Ratio	2.62	2.55	2.36	2.17	2.03	2.06	1.99	2.00	2.07	2.08	2.20
Compound Leverage Factor	0.65	0.57	0.00	22.56	1.45	0.29	-0.14	-2.72	1.21	-1.44	0.78
Debt to Total Capital	46.80%	53.35%	49.20%	49.86%	48.23%	51.06%	45.59%	51.03%	49.15%	51.52%	54.70%
Short-Term Debt to Total Capital	4.31%	1.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	42.50%	52.22%	49.20%	49.86%	48.23%	51.06%	45.59%	51.03%	49.15%	51.52%	54.70%
Preferred Equity to Total Capital	9.87%	8.91%	8.79%	7.68%	7.39%	6.64%	4.98%	4.74%	5.02%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.78%	6.88%	6.50%	6.23%	5.75%	5.05%	13.29%	12.02%	12.76%	13.22%	6.78%
Common Equity to Total Capital	36.55%	30.86%	35.50%	36.24%	38.62%	37.25%	36.14%	32.21%	33.07%	35.26%	38.52%
Debt to EBITDA	5.59	7.63	11.01	7.32	3.40	6.51	6.96	8.39	4.88	7.46	5.64
Net Debt to EBITDA	5.17	7.02	10.17	7.10	3.15	6.45	6.65	-12.81	4.83	7.35	5.55
Long-Term Debt to EBITDA	5.07	7.47	11.01	7.32	3.40	6.51	6.96	8.39	4.88	7.46	5.64
Debt to NOPAT	14.64	21.00	0.00	-38.91	5.95	21.25	40.91	103.85	10.85	66.66	15.82
Net Debt to NOPAT	13.54	19.31	0.00	-37.76	5.51	21.03	39.07	-158.55	10.74	65.74	15.58
Long-Term Debt to NOPAT	13.29	20.56	0.00	-38.91	5.95	21.25	40.91	103.85	10.85	66.66	15.82
Altman Z-Score	0.08	0.00	0.00	0.07	0.61	0.36	0.72	0.20	0.36	0.34	0.37
Noncontrolling Interest Sharing Ratio	34.40%	32.56%	32.09%	28.92%	26.52%	24.65%	29.68%	33.89%	34.59%	31.21%	15.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	1.24	0.81	0.34	0.98	0.13	0.62	0.20	0.15	0.22	0.26
Quick Ratio	0.44	1.19	0.81	0.34	0.56	0.01	0.50	0.18	0.14	0.20	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	663	-225	279	-226	87	-70	-417	2,420	-2,341	27	55
Operating Cash Flow to CapEx	190.20%	0.00%	0.00%	0.00%	38.81%	30.77%	27.45%	162.62%	152.18%	170.32%	288.20%
Free Cash Flow to Firm to Interest Expense	19.25	-6.28	0.00	-6.43	2.65	-2.53	-13.03	73.90	-64.27	0.79	1.31
Operating Cash Flow to Interest Expense	3.31	1.85	0.00	1.57	2.12	2.22	2.63	2.81	2.46	2.83	2.37
Operating Cash Flow Less CapEx to Interest Expense	1.57	7.91	0.00	2.54	-3.34	-5.01	-6.94	1.08	0.84	1.17	1.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.10	0.00	0.12	0.14	0.12	0.12	0.13	0.13	0.14	0.14
Accounts Receivable Turnover	28.47	96.23	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	132.44	184.81	0.00	0.14	0.14	0.13	0.12	0.00	0.00	0.14	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.14	0.14	0.11	0.15	0.16	0.15	0.59	0.16
Days Sales Outstanding (DSO)	12.82	3.79	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)	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	2,245.10
Cash Conversion Cycle (CCC)	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	-2,245.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,081	1,346	1,067	1,276	1,298	1,401	1,839	-572	1,854	1,841	1,851
Invested Capital Turnover	0.13	0.16	0.00	0.14	0.14	0.13	0.12	0.41	0.41	0.14	0.15
Increase / (Decrease) in Invested Capital	-618	265	-279	209	22	103	438	-2,411	2,426	-13	10
Enterprise Value (EV)	1,391	0.00	0.00	1,294	1,474	1,667	2,572	-405	2,074	2,284	2,247
Market Capitalization	549	0.00	0.00	487	696	791	1,412	802	836	1,096	1,114
Book Value per Share	$4.19	$3.96	$0.00	$3.91	$44.70	$40.43	$47.51	$42.21	$40.94	$39.46	$43.05
Tangible Book Value per Share	$4.16	$3.94	$0.00	$3.91	$44.70	$40.43	$47.51	$42.21	$40.94	$39.46	$43.05
Total Capital	1,405	1,556	1,266	1,295	1,345	1,409	1,878	1,974	1,864	1,854	1,867
Total Debt	657	830	623	646	649	719	856	1,008	916	955	1,021
Total Long-Term Debt	597	812	623	646	649	719	856	1,008	916	955	1,021
Net Debt	608	763	576	627	601	712	817	-1,538	907	942	1,006
Capital Expenditures (CapEx)	60	-217	-196	-34	179	199	306	57	59	58	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-50	-35	-36	-41	-47	-56	-62	-59	-63	-59	-59
Debt-free Net Working Capital (DFNWC)	-1.05	31	-6.75	-27	-1.04	-48	-24	-47	-53	-46	-44
Net Working Capital (NWC)	-62	14	-6.75	-27	-1.04	-48	-24	-47	-53	-46	-44
Net Nonoperating Expense (NNE)	16	-37	0.00	-144	24	29	23	27	35	29	42
Net Nonoperating Obligations (NNO)	334	620	424	627	601	712	817	-1,538	907	942	1,006
Total Depreciation and Amortization (D&A)	72	65	57	92	75	77	93	106	103	108	117
Debt-free, Cash-free Net Working Capital to Revenue	-27.89%	-18.73%	0.00%	-24.09%	-25.39%	-31.24%	-30.94%	-22.91%	-24.02%	-22.73%	-21.65%
Debt-free Net Working Capital to Revenue	-0.58%	16.69%	0.00%	-15.97%	-0.56%	-27.14%	-11.79%	-18.28%	-20.47%	-17.70%	-15.93%
Net Working Capital to Revenue	-34.32%	7.40%	0.00%	-15.97%	-0.56%	-27.14%	-11.79%	-18.28%	-20.47%	-17.70%	-15.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	($0.47)	($1.35)	$2.33	($1.27)	$1.02
Adjusted Weighted Average Basic Shares Outstanding	12.46M	121.09M	0.00	11.94M	0.00	13.05M	13.80M	15.22M	14.99M	15.50M	16.73M
Adjusted Diluted Earnings per Share	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	($0.47)	($1.35)	$2.32	($1.27)	$1.02
Adjusted Weighted Average Diluted Shares Outstanding	12.46M	121.09M	0.00	11.94M	0.00	13.05M	15.70M	15.22M	17.12M	15.50M	16.78M
Adjusted Basic & Diluted Earnings per Share	$1.10	$0.49	$0.00	$8.70	$0.00	($0.15)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.46M	121.09M	0.00	11.94M	0.00	13.05M	15.04M	15.03M	14.91M	16.73M	16.77M
Normalized Net Operating Profit after Tax (NOPAT)	35	32	0.00	-3.95	76	24	21	9.70	65	14	72
Normalized NOPAT Margin	19.49%	17.06%	0.00%	-2.33%	41.09%	13.31%	10.37%	3.78%	25.06%	5.49%	26.16%
Pre Tax Income Margin	6.27%	5.12%	0.00%	-21.91%	44.54%	2.66%	-1.04%	-7.34%	18.84%	-5.44%	8.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.32	1.21	0.00	-0.10	3.51	1.23	0.93	0.42	2.32	0.59	1.55
NOPAT to Interest Expense	1.30	1.10	0.00	-0.47	3.31	1.23	0.65	0.30	2.32	0.41	1.55
EBIT Less CapEx to Interest Expense	-0.42	7.26	0.00	0.87	-1.94	-6.00	-8.63	-1.30	0.70	-1.07	0.73
NOPAT Less CapEx to Interest Expense	-0.44	7.15	0.00	0.50	-2.14	-6.00	-8.91	-1.43	0.70	-1.25	0.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	241.04%	111.89%	0.00%	36.55%	51.54%	951.15%	-2,402.24%	-347.63%	122.57%	-425.32%	283.75%
Augmented Payout Ratio	241.04%	157.58%	0.00%	51.21%	82.39%	952.20%	-2,402.24%	-535.83%	146.08%	-458.46%	298.79%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	16,774,337.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	16,774,337.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.33%	-5.57%	-4.99%	0.41%	0.71%	3.65%	4.01%	5.39%	9.80%	0.32%	-3.02%
EBITDA Growth	36.61%	-23.05%	-64.84%	8.46%	-22.74%	21.30%	4.70%	-37.04%	224.85%	-36.76%	-34.14%
EBIT Growth	147.40%	-121.79%	-93.49%	20.55%	-63.50%	289.90%	16.47%	-194.49%	1,115.91%	-471.69%	-213.63%
NOPAT Growth	253.43%	-121.79%	-95.44%	20.55%	-74.45%	289.90%	16.47%	-194.49%	1,637.01%	-471.69%	-213.63%
Net Income Growth	1,290.78%	-285.38%	-109.16%	30.13%	-121.28%	41.47%	12.75%	-909.32%	3,452.54%	-271.21%	-258.12%
EPS Growth	392.86%	-169.57%	-113.41%	17.39%	-197.56%	50.00%	40.54%	-357.89%	897.50%	-248.39%	-250.00%
Operating Cash Flow Growth	-7.61%	-47.43%	11.92%	-3.77%	1.44%	54.26%	4.20%	10.52%	8.46%	-31.92%	-15.75%
Free Cash Flow Firm Growth	1,681.03%	-200.48%	2,403.59%	-99.14%	-193.06%	100.62%	-197.83%	-11,431.31%	100.30%	-215.69%	99.67%
Invested Capital Growth	-128.67%	424.45%	-131.02%	-2.78%	421.34%	-0.71%	414.22%	401.70%	3.88%	0.54%	0.22%
Revenue Q/Q Growth	-0.32%	-0.77%	0.68%	0.83%	-0.03%	2.13%	1.03%	2.17%	4.16%	-6.69%	-2.33%
EBITDA Q/Q Growth	38.40%	-40.04%	23.53%	5.80%	-1.42%	-5.86%	7.51%	-36.41%	408.72%	-81.58%	10.49%
EBIT Q/Q Growth	191.57%	-108.65%	370.76%	76.49%	-11.71%	-54.99%	66.06%	-243.19%	1,236.11%	-113.76%	49.23%
NOPAT Q/Q Growth	316.53%	-106.06%	370.76%	76.49%	-11.71%	-54.99%	66.06%	-243.19%	1,723.01%	-109.63%	49.23%
Net Income Q/Q Growth	485.25%	-207.81%	51.52%	65.30%	-17.32%	-196.57%	27.74%	-301.46%	489.68%	-132.84%	30.29%
EPS Q/Q Growth	278.26%	-251.22%	40.32%	48.65%	-110.53%	22.50%	29.03%	-295.45%	466.67%	-133.86%	28.70%
Operating Cash Flow Q/Q Growth	34.10%	-62.02%	101.68%	-6.32%	41.37%	-42.25%	36.24%	-0.64%	38.74%	-63.75%	68.59%
Free Cash Flow Firm Q/Q Growth	3.02%	-195.39%	36,216.55%	-99.13%	-11,262.45%	100.64%	-15,965.46%	-0.46%	100.29%	-348.27%	55.11%
Invested Capital Q/Q Growth	3.10%	429.37%	-2.22%	-3.25%	402.96%	1.77%	-1.30%	-0.87%	4.31%	-1.49%	-1.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.53%	107.50%	96.39%	96.58%	96.55%	55.97%	100.00%	100.00%	100.00%	85.53%	96.34%
EBITDA Margin	65.61%	39.65%	48.65%	51.04%	50.33%	46.40%	49.37%	30.73%	150.09%	29.64%	33.53%
Operating Margin	26.94%	-2.35%	6.32%	11.06%	9.77%	4.30%	7.07%	-9.91%	108.14%	-15.95%	-8.29%
EBIT Margin	26.94%	-2.35%	6.32%	11.06%	9.77%	4.30%	7.07%	-9.91%	108.14%	-15.95%	-8.29%
Profit (Net Income) Margin	14.20%	-15.43%	-7.43%	-2.56%	-3.00%	-8.71%	-6.23%	-24.49%	91.61%	-32.24%	-23.01%
Tax Burden Percent	100.00%	103.08%	100.00%	77.71%	75.15%	124.06%	85.52%	95.80%	101.85%	113.95%	100.00%
Interest Burden Percent	52.71%	637.21%	-117.60%	-29.76%	-40.88%	-163.19%	-103.01%	257.80%	83.18%	177.43%	277.64%
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)	10.20%	-0.67%	1.77%	0.00%	2.84%	0.43%	2.11%	-3.08%	16.03%	-1.65%	-0.87%
ROIC Less NNEP Spread (ROIC-NNEP)	12.99%	2.13%	4.16%	0.00%	4.85%	-0.42%	4.76%	1.25%	14.79%	-3.10%	-2.02%
Return on Net Nonoperating Assets (RNNOA)	-3.84%	-0.70%	-1.38%	0.00%	-1.64%	-0.42%	-1.49%	-0.40%	15.65%	-3.46%	-2.31%
Return on Equity (ROE)	6.35%	-1.37%	0.39%	-0.76%	1.20%	0.01%	0.62%	-3.47%	31.68%	-5.11%	-3.18%
Cash Return on Invested Capital (CROIC)	0.00%	-126.27%	0.00%	0.00%	-130.50%	1.48%	-131.01%	-132.87%	0.42%	2.95%	2.77%
Operating Return on Assets (OROA)	3.65%	-0.31%	0.84%	1.49%	1.34%	0.59%	0.98%	-1.35%	14.84%	-2.27%	-1.19%
Return on Assets (ROA)	1.92%	-2.04%	-0.99%	-0.35%	-0.41%	-1.18%	-0.87%	-3.34%	12.57%	-4.60%	-3.31%
Return on Common Equity (ROCE)	4.22%	-0.90%	0.26%	-0.49%	0.84%	0.01%	0.42%	-2.56%	25.13%	-4.31%	-2.50%
Return on Equity Simple (ROE_SIMPLE)	7.71%	0.00%	-1.15%	-1.05%	-2.72%	0.00%	-2.13%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	17	-1.05	2.85	5.03	4.45	2.00	3.32	-4.76	77	-7.44	-3.78
NOPAT Margin	26.94%	-1.64%	4.42%	7.74%	6.84%	3.01%	4.95%	-6.94%	108.14%	-11.16%	-5.80%
Net Nonoperating Expense Percent (NNEP)	-2.79%	-2.80%	-2.38%	-0.44%	-2.01%	0.84%	-2.66%	-4.33%	1.24%	1.44%	1.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.06%	-	-	-	0.11%	0.18%	-0.24%	3.81%	-0.40%	-0.21%
Cost of Revenue to Revenue	14.47%	-7.50%	3.61%	3.42%	3.45%	44.03%	0.00%	0.00%	0.00%	14.47%	3.66%
SG&A Expenses to Revenue	5.93%	6.81%	7.17%	6.48%	6.31%	7.32%	7.45%	6.39%	7.00%	9.82%	9.73%
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	58.59%	108.06%	90.07%	85.53%	86.79%	51.67%	92.93%	109.91%	103.25%	-17.90%	104.63%
Earnings before Interest and Taxes (EBIT)	17	-1.51	4.08	7.19	6.35	2.86	4.75	-6.80	77	-11	-5.39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42	25	31	33	33	31	33	21	107	20	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	1.36	1.43	1.72	1.60	1.68	1.70	1.42	1.32	1.55	1.39
Price to Tangible Book Value (P/TBV)	1.34	1.36	1.43	1.72	1.60	1.68	1.70	1.42	1.32	1.55	1.39
Price to Revenue (P/Rev)	3.24	3.20	3.30	3.91	4.17	4.20	4.11	3.77	3.61	4.07	3.55
Price to Earnings (P/E)	20.93	23.96	0.00	0.00	0.00	0.00	0.00	0.00	32.41	65.17	121.28
Dividend Yield	5.08%	5.26%	5.20%	4.38%	4.23%	4.54%	4.66%	5.05%	5.20%	4.62%	5.36%
Earnings Yield	4.78%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.09%	1.53%	0.82%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.12	0.00	0.00	1.22	1.24	1.25	1.24	1.17	1.21	1.15
Enterprise Value to Revenue (EV/Rev)	0.00	7.94	0.00	0.00	8.56	8.75	8.59	8.37	8.06	8.21	7.69
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.06	0.00	0.00	18.05	17.82	17.49	19.12	11.55	12.40	12.31
Enterprise Value to EBIT (EV/EBIT)	0.00	24.56	0.00	0.00	137.47	111.53	107.05	312.26	28.24	34.81	38.42
Enterprise Value to NOPAT (EV/NOPAT)	0.00	24.56	0.00	0.00	196.38	159.33	152.93	446.09	28.24	34.81	38.42
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	23.17	0.00	0.00	24.16	23.24	22.80	21.98	21.10	22.82	22.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	83.31	0.00	0.00	281.24	41.20	41.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.86	0.97	1.00	1.02	1.02	1.06	1.09	1.32	1.29	1.21	1.24
Long-Term Debt to Equity	0.86	0.97	1.00	1.02	1.02	1.06	1.09	1.32	1.29	1.21	1.24
Financial Leverage	-0.30	-0.33	-0.33	-1.62	-0.34	1.00	-0.31	-0.32	1.06	1.12	1.15
Leverage Ratio	1.97	2.07	2.01	2.01	2.00	2.08	2.10	2.22	2.22	2.20	2.23
Compound Leverage Factor	1.04	13.18	-2.37	-0.60	-0.82	-3.39	-2.17	5.73	1.85	3.90	6.19
Debt to Total Capital	46.19%	49.15%	50.04%	50.46%	50.44%	51.52%	52.06%	56.81%	56.33%	54.70%	55.45%
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	46.19%	49.15%	50.04%	50.46%	50.44%	51.52%	52.06%	56.81%	56.33%	54.70%	55.45%
Preferred Equity to Total Capital	5.15%	5.02%	5.06%	5.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.41%	12.76%	12.74%	12.68%	12.74%	13.22%	13.25%	6.89%	6.81%	6.78%	6.61%
Common Equity to Total Capital	35.25%	33.07%	32.16%	31.80%	36.82%	35.26%	34.69%	36.30%	36.86%	38.52%	37.94%
Debt to EBITDA	4.30	4.88	7.13	7.04	7.51	7.46	7.38	9.50	6.00	5.64	5.98
Net Debt to EBITDA	-7.89	4.83	-11.58	-11.42	7.37	7.35	7.24	9.35	5.65	5.55	5.92
Long-Term Debt to EBITDA	4.30	4.88	7.13	7.04	7.51	7.46	7.38	9.50	6.00	5.64	5.98
Debt to NOPAT	9.03	10.85	50.97	49.01	81.68	66.66	64.55	221.78	14.67	15.82	18.67
Net Debt to NOPAT	-16.58	10.74	-82.75	-79.54	80.15	65.74	63.33	218.15	13.82	15.58	18.48
Long-Term Debt to NOPAT	9.03	10.85	50.97	49.01	81.68	66.66	64.55	221.78	14.67	15.82	18.67
Altman Z-Score	0.34	0.21	0.22	0.31	0.34	0.31	0.30	0.24	0.38	0.24	0.14
Noncontrolling Interest Sharing Ratio	33.53%	34.59%	34.63%	35.04%	30.26%	31.21%	31.73%	26.28%	20.70%	15.68%	21.48%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.15	0.25	0.29	0.28	0.22	0.31	2.77	2.30	0.26	0.18
Quick Ratio	0.47	0.14	0.23	0.27	0.24	0.20	0.21	0.22	0.20	0.22	0.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,544	-2,427	2,446	21	-2,368	15	-2,392	-2,404	7.03	-17	-7.83
Operating Cash Flow to CapEx	222.29%	62.30%	111.89%	165.95%	272.73%	182.13%	504.34%	259.69%	374.93%	126.55%	402.99%
Free Cash Flow to Firm to Interest Expense	309.30	-261.18	275.81	2.27	-264.67	2.00	-248.31	-224.13	0.54	-2.12	-0.82
Operating Cash Flow to Interest Expense	3.87	1.30	2.75	2.45	3.61	2.48	2.64	2.36	2.70	1.54	2.24
Operating Cash Flow Less CapEx to Interest Expense	2.13	-0.79	0.29	0.97	2.29	1.12	2.12	1.45	1.98	0.32	1.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.13	0.14	0.14	0.14	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	0.00	0.00	0.00	0.00	0.14	0.00	0.00	0.15	0.15	0.15
Accounts Payable Turnover	0.27	0.15	0.16	0.17	0.03	0.59	0.60	0.62	0.53	0.16	0.17
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)	1,337.24	2,372.05	2,227.50	2,200.40	11,330.57	618.26	607.78	589.97	688.35	2,245.10	2,161.34
Cash Conversion Cycle (CCC)	-1,337.24	-2,372.05	-2,227.50	-2,200.40	-11,330.57	-618.26	-607.78	-589.97	-688.35	-2,245.10	-2,161.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-563	1,854	-578	-597	1,809	1,841	1,817	1,802	1,879	1,851	1,821
Invested Capital Turnover	0.38	0.41	0.40	-0.44	0.42	0.14	0.43	0.44	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	-2,527	2,426	-2,443	-16	2,372	-13	2,396	2,399	70	10	4.06
Enterprise Value (EV)	-344	2,074	-322	-176	2,215	2,284	2,264	2,235	2,204	2,247	2,090
Market Capitalization	859	836	851	1,009	1,078	1,096	1,083	1,007	987	1,114	964
Book Value per Share	$42.81	$40.94	$39.85	$39.38	$43.95	$39.46	$38.07	$42.43	$44.68	$43.05	$41.43
Tangible Book Value per Share	$42.81	$40.94	$39.85	$39.38	$43.95	$39.46	$38.07	$42.43	$44.68	$43.05	$41.43
Total Capital	1,816	1,864	1,849	1,847	1,826	1,854	1,835	1,956	2,031	1,867	1,832
Total Debt	839	916	925	932	921	955	955	1,111	1,144	1,021	1,016
Total Long-Term Debt	839	916	925	932	921	955	955	1,111	1,144	1,021	1,016
Net Debt	-1,540	907	-1,502	-1,512	904	942	937	1,093	1,078	1,006	1,005
Capital Expenditures (CapEx)	14	19	22	14	12	10	5.04	9.73	9.35	10	5.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-63	-63	-55	-53	-61	-59	-58	81	20	-59	-56
Debt-free Net Working Capital (DFNWC)	-10	-53	-41	-37	-44	-46	-40	99	86	-44	-46
Net Working Capital (NWC)	-10	-53	-41	-37	-44	-46	-40	99	86	-44	-46
Net Nonoperating Expense (NNE)	8.23	8.83	7.64	6.70	6.40	7.79	7.50	12	12	14	11
Net Nonoperating Obligations (NNO)	-1,540	907	-1,502	-1,512	904	942	937	957	992	1,006	1,005
Total Depreciation and Amortization (D&A)	25	27	27	26	26	28	28	28	30	30	27
Debt-free, Cash-free Net Working Capital to Revenue	-23.64%	-24.02%	-21.17%	-20.48%	-23.58%	-22.73%	-21.87%	30.44%	7.38%	-21.65%	-20.57%
Debt-free Net Working Capital to Revenue	-3.95%	-20.47%	-15.84%	-14.51%	-16.92%	-17.70%	-15.01%	37.25%	31.46%	-15.93%	-16.79%
Net Working Capital to Revenue	-3.95%	-20.47%	-15.84%	-14.51%	-16.92%	-17.70%	-15.01%	37.25%	31.46%	-15.93%	-16.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.41	($0.64)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)	$3.22	($1.11)	($0.77)
Adjusted Weighted Average Basic Shares Outstanding	15.05M	14.99M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M	16.73M	16.73M	16.78M
Adjusted Diluted Earnings per Share	$0.41	($0.62)	($0.37)	($0.19)	($0.40)	($0.31)	($0.22)	($0.87)	$3.19	($1.08)	($0.77)
Adjusted Weighted Average Diluted Shares Outstanding	15.05M	17.12M	14.92M	14.97M	15.53M	15.50M	16.73M	16.74M	19.77M	16.78M	16.78M
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	15.05M	14.91M	14.91M	15.30M	16.57M	16.73M	16.74M	16.76M	16.70M	16.77M	16.80M
Normalized Net Operating Profit after Tax (NOPAT)	12	-1.05	2.85	5.03	4.45	2.00	3.32	5.42	60	-7.44	3.00
Normalized NOPAT Margin	18.86%	-1.64%	4.42%	7.74%	6.84%	3.01%	4.95%	7.91%	84.20%	-11.16%	4.61%
Pre Tax Income Margin	14.20%	-14.97%	-7.43%	-3.29%	-3.99%	-7.02%	-7.29%	-25.56%	89.95%	-28.29%	-23.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.11	-0.16	0.46	0.77	0.71	0.38	0.49	-0.63	5.94	-1.29	-0.56
NOPAT to Interest Expense	2.11	-0.11	0.32	0.54	0.50	0.27	0.34	-0.44	5.94	-0.90	-0.39
EBIT Less CapEx to Interest Expense	0.37	-2.25	-2.00	-0.71	-0.61	-0.98	-0.03	-1.54	5.22	-2.51	-1.12
NOPAT Less CapEx to Interest Expense	0.37	-2.20	-2.14	-0.94	-0.83	-1.10	-0.18	-1.35	5.22	-2.12	-0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	107.39%	122.57%	-763.60%	-841.42%	-331.33%	-425.32%	-443.56%	-210.21%	155.96%	283.75%	537.97%
Augmented Payout Ratio	170.55%	146.08%	-957.04%	-974.76%	-383.61%	-458.46%	-443.56%	-210.21%	164.90%	298.79%	537.97%

Financials Breakdown Chart

Key Financial Trends

Note: The JSON data provided appears to be for CenterSpace (CSR), not Investors Real Estate Trust (IRET). MarketBeat will summarize the available CSR data and highlight trends from the last four years. If you have IRET data, share it and I can tailor the analysis directly to IRET.

Here are the top takeaways from the most recent CSR quarterly results, focusing on the last four years of data and highlighting what may matter most to retail investors.

Positive net income in Q3 2025: Net income attributable to common shareholders was +$53.78 million, with Basic EPS of $3.22 and Diluted EPS of $3.19, signaling a strong quarterly profit despite prior variability.
Consistent operating cash flow across 2025 quarters: Net cash from continuing operating activities was +$34.65 million (Q3 2025) and remained positive in other recent quarters (e.g., +$25.43M in Q1 2025, +$25.27M in Q2 2025, +$12.71M in Q4 2025), indicating ongoing cash generation from core operations.
Significant investing cash inflow in Q3 2025: Sale and/or maturity of investments produced a substantial inflow of +$122.35 million, improving near-term liquidity.
Strong quarterly earnings metrics in Q3 2025: Diluted EPS of $3.19 and Basic EPS of $3.22 in Q3 2025 reflect solid profitability on a per-share basis for that quarter.
Revenue relatively flat recently: Operating revenue has hovered in a narrow range (roughly $66M–$72M) across the latest quarters, suggesting limited near-term topline growth but stable cash generation.
High leverage remains a consideration: Long-term debt is substantial (around $1.14B mid-2025), contributing to interest costs and leverage risk even as profits improve.
Q4 2025 hit by large non-operating charges: Net income to common shareholders dropped to -$18.43 million in Q4 2025, driven by a large negative Total Other Income / (Expense), net of -$87.76 million and sizable Other Operating Expenses / (Income) of -$62.39 million.
Liquidity pressure from the quarter’s cash outlays: Net change in cash and equivalents for Q4 2025 was -$50.19 million, even though operating cash flow remained positive in earlier quarters.
Financing activities weighed on cash in Q4 2025: Net cash from financing activities was -$143.05 million in Q4 2025, indicating heavy financing outflows (including debt issuance and repayments), which increases near-term leverage.

05/19/26 11:57 PM ETAI Generated. May Contain Errors.

Centerspace Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Centerspace's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Centerspace's net income appears to be on a downward trend, with a most recent value of $22.96 million in 2025, falling from -$16.94 million in 2014. The previous period was -$14.19 million in 2024. Check out Centerspace's forecast to explore projected trends and price targets.

Centerspace's total operating income in 2025 was $64.54 million, based on the following breakdown:

Total Gross Profit: $264.02 million
Total Operating Expenses: $199.49 million

Over the last 9 years, Centerspace's total revenue changed from $164.59 million in 2014 to $273.66 million in 2025, a change of 66.3%.

Centerspace's total liabilities were at $1.08 billion at the end of 2025, a 6.5% increase from 2024, and a 13.6% decrease since 2015.

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 $12.83 million as of their latest financial filing in 2025.

Over the last 10 years, Centerspace's book value per share changed from 4.19 in 2015 to 43.05 in 2025, a change of 928.1%.

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Financial statements for NYSE:CSR last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Centerspace (CSR) Financials

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Centerspace (CSR) Financials

Annual Income Statements for Centerspace

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Quarterly Cash Flow Statements for Centerspace

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Centerspace Financials - Frequently Asked Questions

When does Centerspace's financial year end?

How has Centerspace's net income changed over the last 9 years?

What is Centerspace's operating income?

How has Centerspace's revenue changed over the last 9 years?

How much debt does Centerspace have?

How much cash does Centerspace have?

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

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