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Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. As of December 31, 2025, Centerspace owned 61 apartment communities consisting of 12,262 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minnesota Star Tribune. Centerspace was established on July 31, 1970 and incorporated in North Dakota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $274M | $182M | $18M | $98M | 2.4% | 4.9% | -264.5% |
| 2024 | $261M | $131M | $-11M | $98M | -1.4% | -0.1% | -125.5% |
| 2023 | $261M | $189M | $42M | $90M | 6.8% | 1.8% | -411.6% |
| 2022 | $257M | $121M | $-13M | $92M | -2.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 256.72 | 261.31 | 260.98 | 273.66 |
| Cost Of Revenue | - | 118.53 | 115.16 | 112.37 | 115.91 |
| Gross Profit | - | 138.18 | 146.14 | 148.61 | 157.75 |
| Operating Expense | - | 122.77 | 121.76 | 124.25 | 134.15 |
| Operating Income | - | 15.41 | 24.39 | 24.36 | 23.60 |
| EBITDA | - | 121.32 | 188.83 | 130.74 | 182.49 |
| EBIT | - | 15.11 | 85.66 | 23.09 | 67.85 |
| Pretax Income | - | -17.64 | 49.23 | -14.19 | 22.96 |
| Net Income | - | -13.47 | 41.96 | -10.69 | 17.59 |
| Net Income Common Stockholders | - | -20.54 | 34.90 | -19.66 | 17.10 |
| Total Expenses | - | 241.30 | 236.92 | 236.62 | 250.06 |
| Interest Expense | - | 32.75 | 36.43 | 37.28 | 44.88 |
| Interest Income | - | 1.25 | 1.21 | 2.61 | 3.41 |
| Selling General And Administration | - | 17.52 | 20.08 | 17.80 | 20.92 |
| Normalized EBITDA | - | 122.87 | 128.76 | 134.62 | 141.66 |
| Normalized Income | - | -11.92 | -5.49 | -6.80 | -14.67 |
| Market Cap | 1,116.09 | 1,116.09 | 1,116.09 | 1,116.09 | 1,116.09 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Centerspacethis co. | CSR | $1.1B | 63.46↑ premium | 1.55 | 2.4% | 11.64 |
| Saul Centers, Inc. | BFS | $1.2B | 22.55 | 6.89 | 30.5% | 13.88 |
| Franklin BSP Realty Trust, Inc. | FBRT | $1.2B | 8.55 | 0.59 | 7.0% | 50.59 |
| Safehold Inc. | SAFE | $1.1B | 10.03 | 0.48 | 4.8% | 16.77 |
| Easterly Government Properties, Inc. | DEA | $1.1B | 83.84 |
| - |
| - |
| - |
| - |
| 0.82 |
| 1.0% |
| 13.54 |
| Chimera Investment Corporation | CIM | $1.1B | 7.88 | 0.44 | 9.0% | - |
| Adamas Trust, Inc. | ADAM | $1.1B | 4.83 | 0.81 | 16.8% | - |
| MFA Financial, Inc. | MFA | $1.0B | 7.82 | 0.57 | 9.7% | - |
| Piedmont Realty Trust, Inc. | PDM | $1.0B | - | 0.68 | -5.6% | 12.43 |
| Peer Median | - | 8.55 | 0.64 | 8.0% | 13.88 | |