CENTERSPACE
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
CSR$57.17-0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $49,231 | $(17,641) | $(2,101) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization, including amortization of capitalized loan costs | 103,172 | 106,208 | 93,110 |
| Gain on sale of real estate, land, and other investments | (71,240) | (41) | (27,518) |
| Share-based compensation expense | 3,295 | 2,615 | 2,689 |
| Impairment of real estate investments | 5,218 | — | — |
| (Gain) loss on interest rate swap termination, amortization, and mark-to-market | 936 | (118) | 4,931 |
| Provision for bad debt | 340 | 1,355 | 2,304 |
| Other, net | 1,436 | (392) | 265 |
| Changes in other assets and liabilities: | |||
| Other assets | (760) | (645) | (5,402) |
| Accounts payable and accrued expenses | (2,108) | 650 | 15,750 |
| Net cash provided by operating activities | $89,520 | $91,991 | $84,028 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Increase in mortgages and real estate related notes receivable | (1,579) | — | (18,614) |
| Net proceeds from sale of real estate and other investments | 223,259 | 41 | 61,334 |
| Payments for acquisitions of real estate assets | (42,226) | (104,666) | (273,566) |
| Payments for improvements of real estate assets | (58,825) | (56,568) | (31,303) |
| Payments for non-real estate assets | — | (122) | (1,264) |
| Other investing activities | (420) | 1,221 | (3,812) |
| Net cash provided by (used by) investing activities | $120,209 | $(160,094) | $(267,225) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages payable | 90,000 | — | 196,725 |
| Principal payments on mortgages payable | (46,749) | (28,960) | (36,282) |
| Proceeds from revolving lines of credit | 135,104 | 191,860 | 258,580 |
| Principal payments on revolving lines of credit | (218,604) | (154,360) | (335,451) |
| Net proceeds from notes payable and other debt | — | 99,529 | 174,544 |
| Principal payments on notes payable and other debt | (100,000) | — | (145,000) |
| Payments for termination of interest rate swaps | — | (3,209) | (3,804) |
| Proceeds from sale of common shares, net of issuance costs | — | 31,439 | 156,038 |
| Repurchase of common shares | (11,539) | (29,059) | — |
| Repurchase of partnership units | (38) | (4,141) | — |
| Distributions paid to common shareholders | (43,742) | (44,461) | (38,487) |
| Distributions paid to preferred shareholders | (6,428) | (6,428) | (6,428) |
| Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (9,530) | (9,797) | (4,916) |
| Distributions paid to preferred unitholders | (640) | (640) | (640) |
| Other financing activities | (185) | (404) | (367) |
| Net cash provided by (used by) financing activities | $(212,351) | $41,369 | $214,512 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (2,622) | (26,734) | 31,315 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 11,891 | 38,625 | 7,310 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $9,269 | $11,891 | $38,625 |
| (in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Accrued capital expenditures | $9,747 | $6,008 | $5,253 |
| Operating partnership units converted to common shares | (1,910) | (1,353) | (4,714) |
| Distributions declared but not paid | 11,552 | 11,625 | 11,411 |
| Retirement of shares withheld for taxes | 190 | 1,284 | 933 |
| Loss on litigation settlement | 1,000 | — | — |
| Involuntary conversion of assets | (4,224) | — | — |
| Real estate assets acquired through assumption of debt | 52,723 | 41,623 | 20,000 |
| Real estate assets acquired through issuance of operating partnership units | — | 22,882 | — |
| Fair value adjustment to debt | (3,924) | 1,224 | 2,367 |
| Series E preferred units converted to common shares | (1,390) | (3,667) | — |
| Change in value of Series D preferred units | — | 8,771 | (8,771) |
| Real estate assets acquired through exchange of note receivable | — | 43,276 | — |
| Note receivable exchanged through real estate acquisition | — | (43,276) | — |
| Real estate acquired through issuance of Series E preferred units | — | — | 217,513 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash paid for interest | 34,182 | 31,272 | 26,528 |
| (in thousands) | |||
|---|---|---|---|
| Balance sheet description | December 31, 2023 | December 31, 2022 | December 31, 2021 |
| Cash and cash equivalents | $8,630 | $10,458 | $31,267 |
| Restricted cash | 639 | 1,433 | 7,358 |
| Total cash, cash equivalents and restricted cash | $9,269 | $11,891 | $38,625 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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