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REITs · Real Estate · Fiscal year ends Dec 31
Centerspace reported revenue of $274M in the fiscal year ended Dec 2025, up 4.9% from the year before. Operating income was $65M, an operating margin of 23.6%, and net income was $17M. Operating cash flow of $98M less capital expenditure of $34M left free cash flow of $64M. Net debt was $1B.
Ranks among the 78 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 202 | 257 | 261 | 261 | 274 |
| Cost of revenue | 8.8 | 9.9 | 9.4 | 9.1 | 9.6 |
| Gross profit | 193 | 247 | 252 | 252 | 264 |
| Operating income | 29.9 | 13.9 | 84.5 | 20.5 | 64.5 |
| Interest expense | 29.1 | 32.8 | 36.4 | 37.3 | 44.9 |
| Net income | −0.0 | −14.1 | 41.3 | −11.3 | 17.1 |
| Diluted EPS | −0.47 | −1.35 | 2.32 | −1.27 | 1.02 |
| Diluted shares | 13.8 | 15.2 | 17.1 | 15.5 | 16.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 31.3 | 10.5 | 8.6 | 12.0 | 12.8 |
| Net PP&E | 3.4 | 3.1 | 2.8 | 2.5 | 0.5 |
| Goodwill | 0.9 | 0.9 | 0.5 | 0.5 | 0.3 |
| Total assets | 1,940 | 2,033 | 1,926 | 1,914 | 1,926 |
| Long-term debt | 860 | 1,012 | 916 | 955 | 1,021 |
| Total liabilities | 918 | 1,066 | 979 | 1,015 | 1,080 |
| Shareholders' equity | 772 | 730 | 710 | 752 | 719 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 84.0 | 92.0 | 89.5 | 98.2 | 98.5 |
| Capital expenditure | 1.3 | 0.1 | 0.0 | 56.7 | 34.2 |
| Free cash flow | 82.8 | 91.9 | 89.5 | 41.6 | 64.3 |
| Depreciation & amortisation | 93.1 | 106 | 103 | 108 | 115 |
| Stock-based compensation | 2.7 | 2.6 | 3.3 | 3.0 | 3.4 |
| Share buybacks | 0.0 | 29.1 | 11.5 | 4.7 | 3.5 |
| Dividends paid | 38.5 | 44.5 | 43.7 | 45.8 | 51.1 |
| Dividend per share | 2.84 | 2.92 | 2.92 | 3.00 | 3.08 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.3% | 1.8% | −0.1% | 4.9% |
| Operating income growth (YoY) | – | −53.6% | 509.3% | −75.8% | 215.2% |
| EPS growth (YoY) | – | – | – | −154.7% | – |
| Gross margin | 95.7% | 96.1% | 96.4% | 96.5% | 96.5% |
| Operating margin | 14.8% | 5.4% | 32.3% | 7.8% | 23.6% |
| Net margin | −0.0% | −5.5% | 15.8% | −4.3% | 6.2% |
| Return on equityBlank when equity is negative | −0.0% | −1.9% | 5.8% | −1.5% | 2.4% |
| Free cash flow margin | 41.0% | 35.8% | 34.3% | 15.9% | 23.5% |
| Cash conversion (CFO ÷ net income) | −2898x | −6.52x | 2.17x | −8.67x | 5.76x |
| Interest cover | 1.03x | 0.42x | 2.32x | 0.55x | 1.44x |
| Debt ÷ equity | 1.11x | 1.39x | 1.29x | 1.27x | 1.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 829 | 1,001 | 907 | 943 | 1,008 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.