CSRHIGH SIGNALFINANCIAL10-K

Centerspace achieved a dramatic turnaround from an $11.3M net loss to $17.1M profit while significantly improving operating income, despite reducing portfolio size.

The 251% swing from net loss to profitability, combined with 215% operating income growth, represents a fundamental operational transformation that suggests successful cost management and revenue optimization. However, the company reduced its portfolio from 71 to 61 apartment communities (losing 750 homes), indicating this improvement may partially stem from asset sales rather than purely organic growth.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Centerspace delivered exceptional financial performance with net income swinging 251% from negative $11.3M to positive $17.1M, while operating income surged 215% to $64.5M. The company also reduced share buybacks by 27% to $3.5M, suggesting management is prioritizing capital allocation elsewhere. This dramatic profitability improvement, achieved despite a smaller property portfolio, signals either highly successful operational efficiency gains or benefits from strategic asset dispositions.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+251%
-$11.3M→$17.1M

Net income grew 251% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+215.2%
$20.5M→$64.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-26.6%
$4.7M→$3.5M

Buyback activity reduced 26.6% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
The number of common shares of beneficial interest outstanding as of February 10, 2026, was 16,774,337 .
The following factors, among others, including without limitation the risk factors set forth in Item 1A, Risk Factors, could cause our future results to differ materially from those expressed in the forward-looking statements: inflation and price volatility in the global economy; uncertain global macro-economic and political conditions, the impact of actual or threatened wars or other international conflicts, such as in Ukraine, the Middle East, and South America, including sanctions imposed by the U.S.
Readers should carefully review our financial statements and the notes thereto, as well as the section entitled Risk Factors in Item 1A of this Report and the other documents we file from time to time with the SEC.
Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas.
As of December 31, 2025, we owned 61 apartment communities, containing 12,262 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion.
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REMOVED
The number of common shares of beneficial interest outstanding as of February 11, 2025, was 16,726,594 .
Readers should carefully review our financial statements and the notes thereto, as well as the section entitled Risk Factors in Item 1A of this Report and the other documents we file from time to time with the Securities and Exchange Commission ( SEC ).
As of December 31, 2024, we owned interests in 71 apartment communities, containing 13,012 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion.
STRUCTURE We were organized under the laws of North Dakota on July 31, 1970 and have operated as a REIT under Sections 856-858 of the Internal Revenue Code of 1986, as amended (the Code ), since our formation.
We regularly issue dividends to our shareholders and Unitholders.
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