0000798359-26-000014
SEC filingCenterspace reported FY 2025 revenue of $273.7M and net income attributable to controlling interests of $17.1M, with net income available to common shareholders also at $17.1M. The company generated operating income of $64.5M, supported by a $79.5M gain on sale of real estate and other investments, which offset significant expenses including $113.2M in depreciation and amortization and $37.7M in impairment of real estate investments. Cash flow from operations was strong at $98.5M, while investing activities used $26.9M primarily for acquisitions and improvements of real estate assets. The balance sheet shows total assets of $1.93B with total liabilities of $1.08B and total equity of $839.8M. The company maintained a solid liquidity position with $12.8M in cash and equivalents and $154.9M available on revolving lines of credit.
Centerspace reported FY 2025 financial results with revenue of $273.7M and net income of $23.0M. The company generated operating income of $64.5M, which was significantly impacted by a $79.5M gain on sale of real estate and other investments. Major expenses included property operating expenses of $77.6M (excluding real estate taxes), real estate taxes of $28.6M, depreciation and amortization of $113.2M, impairment of real estate investments of $37.7M, and general and administrative expenses of $20.9M. Net income attributable to controlling interests was $17.1M, with the same amount available to common shareholders. The company reported comprehensive income attributable to controlling interests of $18.1M.
The company reported total revenue of $273.7M for FY 2025. No segment breakdown or geographic mix was provided in the available data. The revenue figure represents the company's total operating revenue for the fiscal year. The document does not disclose specific revenue drivers, growth rates by segment, or comparative prior period revenue figures that would allow for year-over-year analysis.
Operating margin calculated from the provided figures is approximately 23.6% ($64.5M operating income / $273.7M revenue). The company's profitability was significantly impacted by the $79.5M gain on sale of real estate and other investments, which contributed substantially to the operating income figure. Major cost components included property operating expenses (28.4% of revenue), real estate taxes (10.4% of revenue), and depreciation and amortization (41.4% of revenue). The impairment of real estate investments represented 13.8% of revenue. No gross profit or gross margin figures were disclosed in the available data.
The company generated strong operating cash flow of $98.5M, with net income of $23.0M adjusted primarily for $114.6M in depreciation and amortization and $79.5M in gain on sale of real estate. Investing activities used $26.9M, with $206.2M spent on acquisitions of real estate assets and $34.2M on improvements, partially offset by $212.2M in net proceeds from sales. Financing activities used $69.1M, primarily for debt repayments ($96.8M on mortgages payable), distributions ($51.1M to common shareholders), and share repurchases ($3.5M). The balance sheet shows total assets of $1.93B, including real estate investments of $1.86B (net of $660.1M accumulated depreciation). Total liabilities were $1.08B, consisting of mortgages payable ($566.7M), notes payable ($299.6M), revolving lines of credit ($154.9M), and accounts payable ($59.2M). Total equity was $839.8M, with shareholders' equity of $719.2M and noncontrolling interests of $120.7M.
The available data does not include management guidance, strategic priorities, or specific risk factors from the filing. No forward-looking statements, outlook commentary, or future projections were provided in the extracted financial data. The document content focuses exclusively on historical financial results for FY 2025 without discussion of future expectations, market conditions, or strategic initiatives that would typically appear in the Management's Discussion and Analysis section of a 10-K filing.