Centerspace Trust

CSR · NYSE · Real Estate · Financials, fiscal 2016 to 2025

CSR · Last close · November 6, 2026

$57.22

Centerspace Trust's revenue rose 4.9% to $274 million in fiscal 2025. Its operating margin was 23.6%, up from 7.8% a year earlier. Free cash flow was $64 million, up 54.6%. It paid out $55 million in dividends and buybacks, 85% of free cash flow. The diluted share count rose 8.2%.

CENTERSPACE Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0000798359-26-000014 Updated November 5, 2026

Revenue

$274M

4.9%

Operating margin

23.6%

15.7 pts

Net income

$17M

Free cash flow

$64M

54.6%

Return on capital

2.8%

1.9 pts

Market cap

$967M

Nov 6 close

P/E

10.7x

On $5.34 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Centerspace Trust does

Centerspace is a real estate investment trust (REIT) organized in North Dakota. It owns, manages, buys, develops and redevelops apartment communities. It focuses on the Midwest and Mountain West, with an emphasis on markets such as Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City. At the end of 2025 it owned 61 apartment communities.

It earns money mainly from the rent that residents pay for its apartment homes. It says it is working to improve residents' experience, redevelop some existing communities to match current demand, and buy new communities in large markets. Its headquarters is in Minot, North Dakota, with a corporate office in Minneapolis.

The company says its Board of Trustees is conducting a review of strategic alternatives, which could include a sale, a merger or other business combination, or continuing as an independent company. It says it has no commitments to any transaction.

Its biggest risks, as it describes them

The strategic alternatives review may not lead to a transaction, or to one on acceptable terms.
Having all its holdings in one kind of property, apartments, in a few regions.
Struggling to buy, develop or lease up new projects on schedule and on budget.
Difficulty borrowing or meeting debt covenants when credit markets are tight.
Needing to cut the distributions it pays on its common shares.

From Centerspace Trust's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 35.0% a year and net income 14.8% a year, as new shares raised the share count by 23% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	31	10	9	12	13
Debt incl. finance leases	860	1,012	916	955	1,021
Net debt (negative means net cash)	828	1,001	907	943	1,008
Net debt to EBITDA	6.7x	8.3x	4.8x	7.4x	5.6x
Debt to equity	1.1x	1.4x	1.3x	1.3x	1.4x
Interest coverage	1.0x	0.4x	2.3x	0.6x	1.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Centerspace Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Centerspace Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $121,392 of Centerspace Trust shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 22, 2026	Rodney Jones-TysonDirector	Bought	1,700	$55.26	$93,942	Form 4
Jun 18, 2026	John A SchisselDirector	Bought	500	$54.90	$27,450	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	36.0%	15.8%	28.4%
Altman Z''	—	—	—
Accruals ratio	−2.4%	−5.7%	−4.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Centerspace Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Centerspace Trust	FY25	4.9%	23.6%	23.5%	2.8%	5.6x	—
NexPoint Residential Trust	FY25	−3.2%	11.1%	—	—	12.8x	—	Compare
Independence Realty Trust	FY25	2.8%	—	—	2.3%	6.0x	—	Compare
Camden Property Trust	FY25	1.9%	—	24.5%	6.3%	3.4x	—	Compare
UDR	FY25	2.4%	32.3%	—	6.0%	4.7x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	146	160	170	186	178	202	257	261	261	274
Revenue growth	63.7%	10.0%	6.0%	9.4%	−4.2%	13.3%	27.3%	1.8%	−0.1%	4.9%
Gross profit	—	—	164	180	172	193	247	252	252	264
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	24	−30	−24	109	34	30	14	84	20	64
Net income	72	43	117	79	4	−0	−14	41	−11	17
Diluted EPS (US$)	49.10	2.58	8.71	6.00	−0.15	−0.47	−1.35	2.32	−1.27	1.02
Diluted shares (millions)	14	14	14	13	13	14	15	17	16	17
Cash flow
Cash from operations	72	79	55	70	61	84	92	90	98	98
Capital expenditure	27	41	18	21	2	1	0	0	57	34
Free cash flow	45	38	37	49	60	83	92	90	42	64
Dividends paid	60	56	34	33	35	38	44	44	46	51
Share buybacks	35	4	10	18	0	0	29	12	5	4
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	0	2	2	2	3	3	3	3	3
Balance sheet at fiscal year end
Cash and short-term investments	67	29	12	27	0	31	10	9	12	13
Debt incl. finance leases	812	566	510	—	—	860	1,012	916	955	1,021
Total assets	1,755	1,474	1,427	1,392	1,464	1,940	2,033	1,926	1,914	1,926
Total liabilities	1,029	831	732	696	775	918	1,066	979	1,015	1,080
Shareholders' equity	619	554	606	619	618	772	730	710	752	719
Margins and ratios
Gross margin	—	—	96.7%	96.7%	96.7%	95.7%	96.2%	96.4%	96.5%	96.5%
Operating margin	16.7%	−18.8%	−14.0%	58.7%	19.0%	14.8%	5.4%	32.3%	7.8%	23.6%
Net margin	49.5%	27.1%	68.8%	42.4%	2.5%	−0.0%	−5.5%	15.8%	−4.3%	6.2%
Free cash flow margin	31.2%	23.7%	21.9%	26.2%	33.5%	41.0%	35.8%	34.3%	15.9%	23.5%
Rule of 40 (growth + FCF margin)	94.9%	33.8%	27.9%	35.6%	29.3%	54.4%	63.1%	36.0%	15.8%	28.4%
Return on capital	1.4%	−1.8%	−1.6%	—	—	—	0.6%	3.5%	0.9%	2.8%
Return on equity	11.3%	7.4%	20.1%	12.8%	0.7%	−0.0%	−1.9%	5.7%	−1.6%	2.3%
Return on assets	3.8%	2.7%	8.1%	5.6%	0.3%	−0.0%	−0.7%	2.1%	−0.6%	0.9%
Net debt to EBITDA	11.4x	33.5x	8.4x	—	—	6.7x	8.3x	4.8x	7.4x	5.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Centerspace Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Centerspace Trust.