Short answer
CENTERSPACE (CSR) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $274M (+4.9% year over year) and net income of $17M.
- Top risk flagged: FTC lawsuit January 2025 against largest landlord for deceptive fees, risk of similar antitrust inquiry by DOJ or states against CenterSpace
FY2025 key financial metrics · XBRL
- Revenue
- $274M
- +4.9% YoY
- Net income
- $17M
- +251.0% YoY
- Operating margin
- 23.6%
- +15.7 pp YoY
- EPS (diluted)
- $1.02
- +180.3% YoY
- ROE
- 2.4%
- +4.1 pp YoY
- Operating cash flow
- $98M
- +0.2% YoY
Source: XBRL data from the CENTERSPACE (CSR) FY2025 10-K on SEC EDGAR. USD.
CENTERSPACE FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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