CENTERSPACE
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 18, 2025
CSR$57.17-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| (in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $(14,192) | $49,231 | $(17,641) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization, including amortization of capitalized loan costs | 107,648 | 103,172 | 106,208 |
| (Gain) loss on sale of real estate and other investments | 577 | (71,240) | (41) |
| Share-based compensation expense | 3,014 | 3,295 | 2,615 |
| Impairment of real estate investments | — | 5,218 | — |
| (Gain) loss on interest rate swap termination, mark-to-market, and amortization | 712 | 936 | (118) |
| Provision for bad debt | 945 | 340 | 1,355 |
| Non-cash casualty loss | 2,389 | 1,350 | 254 |
| Other, net | 611 | 86 | (646) |
| Changes in other assets and liabilities: | |||
| Other assets | (4,898) | (760) | (645) |
| Accounts payable and accrued expenses | 1,442 | (2,108) | 650 |
| Net cash provided by operating activities | $98,248 | $89,520 | $91,991 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Increase in mortgages and real estate related notes receivable | (13,557) | (1,579) | — |
| Net proceeds from sale of real estate and other investments | 18,251 | 223,259 | 41 |
| Proceeds from insurance | 1,949 | 328 | 1,668 |
| Payments for acquisitions of real estate assets | (1,030) | (42,226) | (104,666) |
| Payments for improvements of real estate assets | (56,654) | (58,825) | (56,568) |
| Other investing activities | 325 | (748) | (569) |
| Net cash provided by (used by) investing activities | $(50,716) | $120,209 | $(160,094) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages payable | — | 90,000 | — |
| Principal payments on mortgages payable | (10,860) | (46,749) | (28,960) |
| Proceeds from revolving lines of credit | 130,537 | 135,104 | 191,860 |
| Principal payments on revolving lines of credit | (113,178) | (218,604) | (154,360) |
| Net proceeds from notes payable and other debt | — | — | 99,529 |
| Principal payments on notes payable and other debt | — | (100,000) | — |
| Payments for termination of interest rate swaps | — | — | (3,209) |
| Proceeds from sale of common shares, net of issuance costs | 112,071 | — | 31,439 |
| Repurchase of common shares | (4,703) | (11,539) | (29,059) |
| Redemption of Series C preferred shares | (97,041) | — | — |
| Repurchase of partnership units | — | (38) | (4,141) |
| Distributions paid to common shareholders | (45,789) | (43,742) | (44,461) |
| Distributions paid to preferred shareholders | (4,821) | (6,428) | (6,428) |
| Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (9,111) | (9,530) | (9,797) |
| Distributions paid to Series D preferred unitholders | (640) | (640) | (640) |
| Other financing activities | (137) | (185) | (404) |
| Net cash provided by (used by) financing activities | $(43,672) | $(212,351) | $41,369 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 3,860 | (2,622) | (26,734) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 9,269 | 11,891 | 38,625 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $13,129 | $9,269 | $11,891 |
| (in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2024 | 2023 | 2022 | |
| SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Accrued capital expenditures | $2,992 | $9,747 | $6,008 |
| Operating partnership units converted to common shares | (2,663) | (1,910) | (1,353) |
| Distributions declared but not paid | 13,178 | 11,552 | 11,625 |
| Retirement of shares withheld for taxes | 122 | 190 | 1,284 |
| Loss on litigation settlement | — | 1,000 | — |
| Involuntary conversion of assets | (3,306) | (4,224) | — |
| Real estate assets acquired through assumption of debt | 39,000 | 52,723 | 41,623 |
| Real estate assets and related notes receivable acquired through issuance of operating partnership units | 13,875 | — | 22,882 |
| Fair value adjustment to debt | (7,568) | (3,924) | 1,224 |
| Series E preferred units converted to common shares | (8,938) | (1,390) | (3,667) |
| Non-cash interest income | 1,354 | — | — |
| Change in value of Series D preferred units | — | — | 8,771 |
| Real estate assets acquired through exchange of note receivable | — | — | 43,276 |
| Note receivable exchanged through real estate acquisition | — | — | (43,276) |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash paid for interest | 33,537 | 34,182 | 31,272 |
| (in thousands) | |||
|---|---|---|---|
| Balance sheet description | December 31, 2024 | December 31, 2023 | December 31, 2022 |
| Cash and cash equivalents | $12,030 | $8,630 | $10,458 |
| Restricted cash | 1,099 | 639 | 1,433 |
| Total cash, cash equivalents and restricted cash | $13,129 | $9,269 | $11,891 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.