CENTERSPACE
For the period ended Nov 3, 2025. Filed Nov 3, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Nov 3, 2025 · Filed Nov 3, 2025
CSR$57.22-2.1%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Adjusted EBITDA
RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS
TO ADJUSTED EBITDA(1)
| (in thousands) | |||||||
|---|---|---|---|---|---|---|---|
| Three Months Ended · Nine Months Ended | |||||||
| 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | 9/30/2024 | 9/30/2025 | 9/30/2024 | |
| Adjusted EBITDA | |||||||
| Net income (loss) attributable to controlling interests | $53,783 | $(14,515) | $(3,734) | $(5,079) | $(1,048) | $35,534 | $(6,249) |
| Adjustments: | |||||||
| Distributions to Series D preferred unitholders | 109 | 160 | 160 | 160 | 160 | 429 | 480 |
| Noncontrolling interests – Operating Partnership and Series E preferred units | 9,197 | (2,483) | (643) | (900) | (1,095) | 6,071 | (2,735) |
| Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units | $63,089 | $(16,838) | $(4,217) | $(5,819) | $(1,983) | $42,034 | $(8,504) |
| Adjustments: | |||||||
| Interest expense | 12,989 | 10,719 | 9,622 | 9,782 | 8,932 | 33,330 | 27,443 |
| Loss on extinguishment of debt | 3 | — | — | — | — | 3 | — |
| Depreciation and amortization related to real estate investments | 29,056 | 27,076 | 27,632 | 27,616 | 26,059 | 83,764 | 78,736 |
| Impairment of real estate investments | 8,676 | 14,543 | — | — | — | 23,219 | — |
| Non-cash casualty loss (recovery) | (123) | 149 | 282 | 2,171 | (632) | 308 | 261 |
| Interest income | (724) | (729) | (616) | (662) | (558) | (2,069) | (1,300) |
| (Gain) loss on sale of real estate | (77,280) | — | — | — | — | (77,280) | 577 |
| Other miscellaneous items(2) | (455) | 19 | (67) | (455) | (61) | (503) | (35) |
| Adjusted EBITDA | $35,231 | $34,939 | $32,636 | $32,633 | $31,757 | $102,806 | $97,178 |
(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.
(2)Consists of (gain) loss on investments and one-time professional fees.
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