Financial stability remains a concern as the debt-to-equity ratio fluctuated significantly, reaching 1.21 in 2025Q4, while cash reserves remain thin at only 7.6M as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Total Assets | 1.89B | 1.93B | 1.91B | 1.93B | 2.03B | 1.94B | 1.46B | 1.39B | 1.43B | 1.47B | 1.76B | 2B | 1.87B | 1.89B | 1.71B | 1.62B | 1.66B | 1.61B | 1.62B | 1.44B | 1.21B | 1.15B | 1.08B | 885.68M | 730.21M | 570.32M | 432.98M | 291.49M | 224.72M | 186.99M | 131.36M |
| Asset Growth % | 17.49% | 0.65% | -0.66% | -5.26% | 4.81% | 32.5% | 5.15% | -2.4% | -3.25% | -16.23% | -11.9% | 6.88% | -1.08% | 10.22% | 6.13% | -2.74% | 3.48% | -0.8% | 12.72% | 18.89% | 4.88% | 6.95% | 21.52% | 21.29% | 28.03% | 31.72% | 48.54% | 29.71% | 20.17% | 42.36% | 38.43% |
| Real Estate & Other Assets | 0 | 1.87B | 1.86B | 1.89B | 2B | 1.83B | 1.41B | 1.3B | 1.4B | 1.39B | -23.48M | 1.85B | 1.72B | 1.7B | 11.67M | 15.27M | 27.41M | 24.54M | 23.43M | -1.35B | -1.16B | -1.07B | -1.01B | -851.93M | -687M | -553.33M | -1.55M | -281.05M | -213.22M | -177.97M | -122.46M |
| PP&E (Net) | 0 | 526K | 2.54M | 2.8M | 3.12M | 3.37M | 2.67M | 1.28M | 820K | 901K | 1.01M | 1.54M | 1.68M | 1.22M | 1.52B | 1.46B | 1.5B | 1.47B | 1.46B | 1.32B | 1.13B | 1.07B | 1.01B | 847.41M | 685.56M | 548.77M | 418.22M | 280.31M | 213.21M | 177.89M | 122.38M |
| Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 818K | 0 | 50K | 329K | 329K | 639K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 | 1000K | 0 | 734.75K | 6.71K | 78.47K | 85.58K |
| Total Current Assets | 7.55M | 57.09M | 51.91M | 30.04M | 27.01M | 98.81M | 44.86M | 84.62M | 26.45M | 85.13M | 304.55M | 543.8M | 113.04M | 142.71M | 76.98M | 69.08M | 79.15M | 53.55M | 73.91M | 62.29M | 31.73M | 34.6M | 42.17M | 23.25M | 26.07M | 11.29M | 8.15M | 6.75M | 6.44M | 6.79M | 7.16M |
| Cash & Equivalents | 7.55M | 12.83M | 12.03M | 8.63M | 10.46M | 31.27M | 392K | 26.58M | 11.89M | 28.82M | 66.7M | 48.97M | 47.27M | 94.13M | 39.99M | 41.19M | 54.79M | 33.24M | 53.48M | 44.52M | 17.48M | 23.54M | 31.7M | 15.56M | 12.33M | 6.36M | 3.45M | 3.71M | 2.13M | 1.72M | 2.72M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 77.44K | 332.81K | 30.27K |
| Other Current Assets | 0 | 8.53M | 5.72M | 13.76M | 9.91M | 7.36M | 6.92M | 19.54M | 2.83M | 4.22M | 315.89M | 225.99M | 685.26M | 23.83M | 12.57M | 13.74M | 329K | 516K | 88K | 1.38M | 735K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.02M | 1.98M | 2.72M | 2.11M | 7.37M | 1.15M | 1.21M | 1.47M | 658K | 1.86M | 26.21M | 32.64M | 40.46M | 44.59M | 49.83M | 50.7M | 52.17M | 61.65M | 33.24M | 26.45M | 26.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.07B | 1.08B | 1.01B | 978.78M | 1.07B | 918.45M | 774.8M | 695.96M | 739.16M | 838.42M | 1.04B | 1.26B | 1.15B | 1.13B | 1.15B | 1.07B | 1.11B | 1.11B | 1.1B | 981.03M | 797.14M | 736.96M | 688.68M | 576.32M | 495.35M | 389.09M | 287.94M | 191.23M | 148.28M | 127M | 80.64M |
| Total Debt | 450.02M | 1.02B | 955.38M | 916.02M | 1.01B | 856.05M | 719.19M | 648.8M | 703.43M | 760.83M | 916.95M | 872.72M | 1.02B | 1.06B | 1.09B | 1.02B | 1.06B | 1.08B | 1.06B | 951.15M | 771.84M | 728.57M | 658.71M | 550.64M | 459.57M | 0 | 12.9M | 175.07M | 135.06M | 115.73M | 71.7M |
| Net Debt | 442.47M | 1.01B | 943.36M | 907.39M | 997.17M | 824.78M | 718.8M | 622.22M | 691.54M | 732.01M | 850.26M | 823.75M | 972.92M | 965.07M | 1.05B | 982.61M | 1.01B | 1.04B | 1.01B | 906.63M | 754.36M | 705.03M | 627.01M | 535.08M | 447.24M | -6.36M | 9.46M | 171.36M | 132.93M | 114.02M | 68.98M |
| Long-Term Debt | 0 | 866.24M | 908.03M | 886.02M | 894.13M | 780.05M | 566.32M | 598.72M | 579.43M | 703.78M | 664.77M | 812.22M | 997.69M | 1.05B | 1.05B | 997.53M | 965.06M | 950.3M | 929.7M | 951.14M | 920.32M | 0 | 709.4M | 25.59M | 539.4M | 0 | 0 | 265.06M | 175.07M | 135.06M | 0 |
| Short-Term Borrowings | 450.02M | 154.93M | 47.36M | 30M | 113.5M | 76M | 152.87M | 50.08M | 124M | 57.05M | 17.5M | 17.5M | 60.5M | 22.5M | 10M | 90.16M | 58.74M | 113.86M | 145.96M | 44.32M | 30.83M | 2.45M | 19.17M | 633.12M | 0 | 0 | 0 | 6.45M | 0 | 0 | 71.7M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 450.02M | 214.17M | 106.68M | 92.75M | 172.31M | 138.4M | 208.48M | 97.23M | 153.02M | 127.46M | 134.94M | 438.29M | 81.61M | 60.8M | 86.4M | 37.88M | 45.06M | 38.27M | 33.76M | 11K | 2.45M | 19.17M | 633.12M | 539.4M | 39M | 39M | 39M | 39M | 39M | 39M | 39M |
| Accounts Payable | 0 | 0 | 0 | 62.75M | 0 | 0 | 0 | 0 | 39.22M | 0 | 35.57M | 39.73M | 55.54M | 59.1M | 50.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.22M | 0 | -35.57M | -39.73M | -55.54M | -59.1M | -50.8M | -47.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 621.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.71M | 7.18M | 242.21M | 6.37M | 69.38M | 18.17M | 14.01M | 112.58M | 75.02M | 121.37M | 135.13M | -951.13M | -917.87M | 0 | -709.4M | -25.59M | -539.4M | 0 | 0 | -265.06M | -175.07M | -135.06M | 0 |
| Total Equity | 810.14M | 845.76M | 899M | 947.59M | 966.86M | 1.02B | 689.38M | 696.46M | 687.5M | 636.09M | 718.26M | 740.95M | 720.55M | 761.38M | 565.26M | 545.28M | 555.12M | 495.14M | 519.43M | 454.36M | 410.18M | 414.2M | 387.64M | 309.36M | 234.86M | 181.24M | 145.04M | 100.26M | 76.44M | 60M | 50.71M |
| Equity Growth % | -23.52% | -5.92% | -5.13% | -1.99% | -5.36% | 48.19% | -1.02% | 1.3% | 8.08% | -11.44% | -3.06% | 2.83% | -5.36% | 34.7% | 3.67% | -1.77% | 12.11% | -4.68% | 14.32% | 10.77% | -0.97% | 6.85% | 25.3% | 31.72% | 29.59% | 24.96% | 44.66% | 31.16% | 27.41% | 18.31% | 33.12% |
| Shareholders Equity | 694.97M | 725.1M | 670.46M | 726.39M | 746.1M | 797.36M | 634.77M | 635.61M | 613.41M | 560.94M | 618.76M | 652.11M | 592.18M | 612.79M | 432.99M | 411.69M | 409.52M | 333.94M | 345.01M | 284.97M | 289.56M | 295.17M | 278.63M | 214.76M | 145.58M | 118.95M | 109.92M | 85.78M | 68.15M | 60M | 50.71M |
| Minority Interest | 115.17M | 120.66M | 228.54M | 221.19M | 220.76M | 224.25M | 54.62M | 60.85M | 74.09M | 75.16M | 99.5M | 88.84M | 128.36M | 148.59M | 132.27M | 133.59M | 145.59M | 161.21M | 174.43M | 169.39M | 120.62M | 119.03M | 109.01M | 94.6M | 89.28M | 62.29M | 35.12M | 14.48M | 8.29M | 1K | 0 |
| Common Stock | 1.37B | 1.37B | 1.27B | 1.17B | 1.18B | 1.16B | 968.26M | 917.4M | 907.84M | 916.12M | 922.08M | 951.87M | 843.27M | 784.45M | 684.05M | 621.94M | 583.62M | 583.62M | 0 | 354.5M | 339.38M | 324.18M | 292.4M | 240.65M | 163.38M | 132.15M | 119.23M | 93.1M | 74.71M | 65.07M | 54.26M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900.1M | 0 | 0 | 0 | 0 | 0 | 684.05M | 621.94M | 583.62M | 461.65M | 440.19M | 354.5M | 0 | 0 | -1.41M | 0 | 0 | 0 | -9.09M | 0 | 0 | 0 |
| Retained Earnings | -675.49M | -649.68M | -615.24M | -548.27M | -539.42M | -474.32M | -427.68M | -390.2M | -395.67M | -466.54M | -442M | -438.43M | -389.76M | -310.34M | -278.38M | -237.56M | -201.41M | -155.96M | -122.5M | -96.83M | -77.09M | -56.3M | -41.08M | -25.88M | -17.8M | -13.07M | -9.09M | -7.26M | -6.67M | -5.16M | -3.55M |
| Preferred Stock | 0 | 5.94M | 16.56M | 110.09M | 110.09M | 118.86M | 110.09M | 116.02M | 99.46M | 111.36M | 138.67M | 138.67M | 138.67M | 138.67M | 27.32M | 27.32M | 27.32M | 27.32M | 27.32M | 27.32M | 27.32M | 27.32M | 27.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.42% | 0.92% | -0.56% | 2.12% | -0.68% | 0.04% | 0.36% | 3.45% | 8.05% | 2.68% | 3.83% | 1.25% | -0.7% | 1.42% | 0.49% | 1.23% | 0.24% | 0.53% | 0.79% | 1.07% | 0.98% | 1.35% | 0.96% | 1.52% | 1.63% | 1.73% | 2.43% | 2.95% | 2.44% | 2.45% | 4.08% |
| Return on Equity (ROE) | 0.98% | 2.02% | -1.16% | 4.38% | -1.35% | 0.07% | 0.73% | 7.03% | 17.65% | 6.4% | 9.87% | 3.3% | -1.78% | 3.85% | 1.48% | 3.65% | 0.76% | 1.68% | 2.48% | 3.26% | 2.81% | 3.76% | 2.71% | 4.5% | 5.1% | 5.33% | 7.18% | 8.61% | 7.35% | 7.04% | 10.39% |
| Debt / Assets | 23.84% | 53.02% | 49.92% | 47.55% | 49.56% | 44.12% | 49.12% | 46.6% | 49.31% | 51.6% | 52.09% | 43.68% | 54.58% | 56.06% | 63.45% | 63.38% | 64.07% | 67.02% | 65.75% | 66.26% | 63.93% | 63.29% | 61.2% | 62.17% | 62.94% | - | 2.98% | 60.06% | 60.1% | 61.89% | 54.58% |
| Debt / Equity | 0.56x | 1.21x | 1.06x | 0.97x | 1.04x | 0.84x | 1.04x | 0.93x | 1.02x | 1.20x | 1.28x | 1.18x | 1.42x | 1.39x | 1.92x | 1.88x | 1.92x | 2.17x | 2.05x | 2.09x | 1.88x | 1.76x | 1.70x | 1.78x | 1.96x | - | 0.09x | 1.75x | 1.77x | 1.93x | 1.41x |
| Net Debt / EBITDA | 3.66x | 4.66x | 7.36x | 4.84x | 8.31x | 6.71x | 6.51x | 3.37x | 4.66x | 17.76x | 4.28x | 6.36x | 9.35x | 6.42x | 7.79x | 7.79x | 7.56x | 15.43x | 14.98x | 15.54x | 15.40x | 15.49x | 16.38x | 14.80x | 7.39x | -0.28x | 0.51x | 13.68x | 13.86x | 15.96x | 11.54x |
| Book Value per Share | 48.29 | 50.42 | 57.99 | 55.36 | 63.54 | 65.05 | 54.87 | 52.83 | 51.08 | 52.50 | 52.91 | 55.05 | 56.72 | 66.48 | 54.65 | 55.20 | 61.74 | 62.03 | 70.69 | 70.24 | 76.03 | 97.81 | 98.90 | 95.98 | 93.06 | 79.22 | 69.16 | 58.02 | 48.78 | 43.10 | 41.78 |
Elevated Debt-to-Equity Volatility
According to the company's reported financial statements, Centerspace's debt-to-equity ratio spiked to 1.21 in 2025Q4 from 0.56 in 2026Q1, reflecting significant fluctuations in capital structure that suggest potential challenges in maintaining a consistent leverage profile amidst ongoing property-level operational volatility and shifting asset valuations.
The rapid oscillation in the D/E ratio suggests that the company may be struggling to balance its debt obligations with a shrinking equity base. Investors should monitor whether this volatility stems from aggressive debt-funded acquisitions or a contraction in book value due to asset impairment charges.
Based on recent quarterly filings, Centerspace maintained a cash balance of only 7.6M as of 2026Q1, a figure that appears insufficient given the company's substantial debt load of 450.0M and the ongoing requirement for capital-intensive maintenance across its Upper Midwest residential portfolio.
The low cash position leaves the REIT with little margin for error should property-level NOI continue to face the negative pressures observed in recent quarters. This lack of liquidity may force management to rely on external financing or asset sales to fund necessary capital improvements.
As indicated by the company's balance sheet data, total assets remained stagnant at 1.9B in 2026Q1, following a period of decline from 2.1B in 2025Q3, which suggests that the company's growth trajectory has stalled as it navigates a challenging regional economic environment.
The inability to grow the asset base while debt levels remain elevated suggests that the company's capital allocation strategy is currently failing to generate accretive returns. This stagnation warrants further investigation into whether the portfolio is being adequately maintained or if deferred maintenance is masking deeper structural issues.
Financial statements reveal that equity declined from 754.6M in 2025Q3 to 695.0M in 2026Q1, a trend that, when viewed alongside negative ROE figures, suggests that the company is effectively destroying shareholder value rather than building it through its current residential property operations.
The persistent negative ROE indicates that the capital invested in the portfolio is not yielding sufficient returns to cover the cost of equity. This erosion of the balance sheet's foundation may limit the company's future ability to access capital markets on favorable terms.
Quick answers to the most common questions about buying CSR stock.
As of 2025, Centerspace (CSR) had total assets of $1.93B including $57.1M in current assets.
Centerspace (CSR) carries total debt of $1.02B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Centerspace (CSR) has total shareholders' equity (book value) of $725.1M ($50.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Centerspace (CSR) reported a current ratio of 0.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.