CENTERSPACE
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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, | |||
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $22,964 | $(14,192) | $49,231 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization, including amortization of capitalized loan costs | 114,644 | 107,648 | 103,172 |
| (Gain) loss on sale of real estate and other investments | (79,470) | 577 | (71,240) |
| Loss on extinguishment of debt | 98 | — | — |
| Share-based compensation expense | 3,445 | 3,014 | 3,295 |
| Impairment of real estate investments | 37,719 | — | 5,218 |
| Loss on interest rate swap settlement amortization | 407 | 712 | 936 |
| Provision for bad debt | 1,171 | 945 | 340 |
| Non-cash casualty loss | 1,390 | 2,389 | 1,350 |
| Amortization of premiums and discounts | 1,922 | 1,183 | (231) |
| Other, net | (467) | (572) | 317 |
| Changes in other assets and liabilities: | |||
| Other assets | (5,615) | (4,898) | (760) |
| Accounts payable and accrued expenses | 245 | 1,442 | (2,108) |
| Net cash provided by operating activities | $98,453 | $98,248 | $89,520 |
| 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 | 212,235 | 18,251 | 223,259 |
| Proceeds from insurance | 1,191 | 1,949 | 328 |
| Payments for acquisitions of real estate assets | (206,250) | (1,030) | (42,226) |
| Payments for improvements of real estate assets | (34,161) | (56,654) | (58,825) |
| Other investing activities | 116 | 325 | (748) |
| Net cash provided by (used by) investing activities | $(26,869) | $(50,716) | $120,209 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages payable | — | — | 90,000 |
| Principal payments on mortgages payable | (96,776) | (10,860) | (46,749) |
| Proceeds from revolving lines of credit | 455,194 | 130,537 | 135,104 |
| Principal payments on revolving lines of credit | (347,629) | (113,178) | (218,604) |
| Principal payments on notes payable and other debt | — | — | (100,000) |
| Proceeds from sale of common shares, net of issuance costs | (331) | 112,071 | — |
| Repurchase of common shares | (3,454) | (4,703) | (11,539) |
| Redemption of Series C preferred shares | — | (97,041) | — |
| Redemption of Series D preferred units | (10,620) | — | — |
| Distributions paid to common shareholders | (51,076) | (45,789) | (43,742) |
| Distributions paid to Series C preferred shareholders | — | (4,821) | (6,428) |
| Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (9,089) | (9,111) | (9,530) |
| Distributions paid to noncontrolling interests – consolidated real estate entities | (4,509) | — | — |
| Contribution from noncontrolling interests – consolidated real estate entities | 1,428 | — | — |
| Distributions paid to Series D preferred unitholders | (486) | (640) | (640) |
| Payments related to tax withholding for share-based compensation | (1,173) | — | — |
| Other financing activities | (541) | (137) | (223) |
| Net cash used by financing activities | $(69,062) | $(43,672) | $(212,351) |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 2,522 | 3,860 | (2,622) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 13,129 | 9,269 | 11,891 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $15,651 | $13,129 | $9,269 |
| (in thousands) | |||
|---|---|---|---|
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Accrued capital expenditures | $1,905 | $2,992 | $9,747 |
| Operating partnership units converted to common shares | 2,661 | 3,218 | 5,224 |
| Distributions declared but not paid | 13,613 | 13,178 | 11,552 |
| Retirement of shares withheld for taxes | — | 122 | 190 |
| Loss on litigation settlement | — | — | 1,000 |
| Involuntary conversion of assets | (1,893) | (3,306) | (4,224) |
| Real estate assets acquired through assumption of debt | 76,496 | 39,000 | 52,723 |
| Real estate assets and related notes receivable acquired through issuance of operating partnership units | — | 13,875 | — |
| Fair value adjustment to debt | (23,632) | (7,568) | (3,924) |
| Series E preferred units converted to common shares | 598 | 7,784 | 1,557 |
| Non-cash interest income | 1,742 | 1,354 | — |
| Unrealized gain (loss) on investment | 507 | 551 | 137 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash paid for interest | 40,689 | 33,537 | 34,182 |
| (in thousands) | |||
|---|---|---|---|
| Balance sheet description | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Cash and cash equivalents | $12,833 | $12,030 | $8,630 |
| Restricted cash | 2,818 | 1,099 | 639 |
| Total cash, cash equivalents and restricted cash | $15,651 | $13,129 | $9,269 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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