Centerspace (CSR) FY2025 results: revenue $274 million, up 4.9% on the year
Centerspace (CSR) reported revenue of $274 million for fiscal 2025, the year ended 31 December 2025, up 4.9% on the year before. Net income was $17 million, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
Revenue
$274 million
+4.9% on the year
FY2018FY2025
Operating margin
23.6%
7.8% a year earlier
FY2018FY2025
Net income
$17 million
FY2018FY2025
Diluted EPS
$1.02
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
Net income turned positive for 2025: Full-year net income was $1.02 per diluted share, against a net loss of $1.27 per diluted share in 2024.
Full-year same-store NOI up 3.5%: Same-store NOI grew 3.5% for 2025 on same-store revenue growth of 2.4%, with same-store expenses up 0.6%.
Fourth-quarter same-store NOI rose 4.8%: Q4 same-store revenue rose 1.0% year over year and expenses fell 5.1%; sequentially, Q4 NOI rose 3.3% while revenue fell 0.8%.
Denver revenue and NOI declined: Denver same-store revenue fell 5.4% and NOI fell 4.0% in Q4 2025 year over year, while expenses fell 7.8%.
Twelve communities and office sold: The company sold twelve non-core apartment communities in Minnesota and one corporate office building for $215.5 million in aggregate sales price.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
98.5
98.2
89.5
+0.2%
Capital expenditure
34.2
56.7
0.0
-39.7%
Free cash flow
64.3
41.6
89.5
+54.6%
Free cash flow margin
23.5%
15.9%
34.3%
Cash from investing
-26.9
-50.7
120
Cash from financing
-69.1
-43.7
-212
Depreciation and amortisation
115
108
103
+6.5%
Share-based compensation
3.4
3.0
3.3
+14.3%
Buybacks
3.5
4.7
11.5
-26.6%
Dividends paid
51.1
45.8
43.7
+11.5%
Dividend per share
$3.08
$3.00
$2.92
+2.7%
Diluted shares, weighted
17m
16m
17m
+8.2%
Shares outstanding at period end
17m
17m
15m
+0.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
719
752
710
-4.4%
Non-controlling interest
121
130
221
-7.5%
Redeemable equity
5.9
16.6
16.6
-64.1%
Debt
1,021
955
916
+6.9%
Other liabilities
59.2
59.3
62.8
-0.1%
Total liabilities and equity
1,926
1,914
1,926
+0.7%
Fixed assets
0.5
2.5
2.8
-79.3%
Goodwill
0.3
0.5
0.5
-35.6%
Intangible assets
2.0
2.0
2.7
+1.9%
Cash and equivalents
12.8
12.0
8.6
+6.7%
Other assets
1,910
1,897
1,912
+0.7%
Total assets
1,926
1,914
1,926
+0.7%
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.