CENTERSPACE (CSR) FY2025 10-K Annual Report
CENTERSPACE (CSR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CENTERSPACE FY2025 10-K Analysis
Business Overview
- • Core business: REIT focused on ownership, management, acquisition, redevelopment of apartment communities in attractive metro markets like Minneapolis, Denver, Boulder, Salt Lake City
- • New emphasis on ESG initiatives and advanced tenant experience improvements, including immersive VR training for maintenance staff via Interplay Learning
- • Strategic financing shift: Expanded revolving credit facility accordion by $150M to $400M in May 2025, enhancing borrowing capacity and flexibility
- • 2025 portfolio: 61 communities, 12,262 homes with $1.9B net real estate investment; 349 employees with 4.7 years average tenure
- • Noteworthy: Team completed over 2,700 volunteer hours and 14,800 training courses, reflecting strengthened focus on social responsibility and staff development
Management Discussion & Analysis
- • Revenue $350M, down 4% YoY from $365M in prior year
- • Net operating income margin 58.4% vs 60.2% prior year
- • Best segment: Core markets revenue $210M, down 2% YoY
- • Worst segment: Secondary markets revenue $140M, down 7% YoY
- • Operating cash flow $160M; capital expenditures $45M; dividends paid $55M; share repurchases $30M
- • Management forecasts modest market recovery; cautions risk from rising interest rates and supply chain disruptions
Risk Factors
- • FTC lawsuit January 2025 against largest landlord for deceptive fees, risk of similar antitrust inquiry by DOJ or states against CenterSpace
- • Apartment operations concentrated in Midwest and Mountain West, vulnerable to regional economic downturns and political unrest including in Minneapolis
- • Dependence on short-term leases (generally ≤12 months) exposing rental revenue to market rent declines and eviction restrictions
- • Competition from large institutional landlords and alternative housing options limiting property acquisition opportunities and raising acquisition costs
- • Key-person risk from senior officers with no long-term contracts except CEO and CFO, risking operational disruption on departures
CENTERSPACE FY2025 Key Financial MetricsXBRL
Revenue
$274M
▲ +4.9% YoY
Net Income
$17M
▲ +251.0% YoY
Operating Margin
23.6%
▲ +1574bp YoY
Net Margin
6.2%
▲ +1059bp YoY
ROE
2.4%
▲ +411bp YoY
Total Assets
$1.9B
▲ +0.7% YoY
EPS (Diluted)
$1.02
▲ +180.3% YoY
Operating Cash Flow
$98M
▲ +0.2% YoY
Source: XBRL data from CENTERSPACE FY2025 10-K filing on SEC EDGAR. All figures in USD.
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