Cash conversion efficiency is hampered by high maintenance requirements, with the dividend payout ratio relative to AFFO reaching 0.95 in 2026Q1, leaving minimal buffer for operational volatility.
| 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 |
|---|
| Cash from Operations | 94.45M | 98.45M | 98.25M | 89.52M | 91.99M | 84.03M | 61.23M | 69.62M | 48.03M | 73.93M | 66.49M | 114.18M | 92.51M | 77.72M | 65.14M | 58.77M | 61.41M | 60.13M | 61.88M | 58.44M | 48.4M | 48.28M | 28.73M | 38.52M | 26.92M | 22.33M | 16.28M | 15.66M | 9.17M | 6.56M | 6.23M |
| Operating CF Growth % | -28.7% | 0.21% | 9.75% | -2.69% | 9.48% | 37.24% | -12.06% | 44.94% | -35.03% | 11.18% | -41.76% | 23.42% | 19.04% | 19.31% | 10.83% | -4.3% | 2.12% | -2.82% | 5.88% | 20.75% | 0.25% | 68.07% | -25.41% | 43.08% | 20.55% | 37.18% | 3.92% | 70.75% | 39.8% | 5.24% | 10.27% |
| Operating CF / Revenue % | 34.77% | 27.88% | 37.65% | 34.26% | 35.83% | 41.66% | 34.4% | 37.48% | 28.3% | 35.93% | 35.31% | 55.83% | 34.85% | 29.96% | 26.91% | 24.76% | 25.3% | 25.06% | 27.98% | 29.54% | 28.01% | 30.86% | 20.45% | 32.33% | 28.94% | 29.47% | 29.36% | 39.23% | 28.3% | 27.53% | 33.41% |
| Net Income | 8.33M | -2.41M | -14.19M | 41.97M | -17.64M | -2.1M | 4.74M | 84.82M | 127.63M | 30.52M | 76.6M | 28.68M | -16.94M | 29.97M | 9.71M | 24.35M | 4.58M | 8.53M | 12.09M | 14.11M | 11.57M | 15.08M | 9.44M | 12.25M | 10.6M | 8.69M | 8.81M | 7.6M | 5.01M | 3.9M | 4.61M |
| Depreciation & Amortization | 113.17M | 116.57M | 107.65M | 103.17M | 106.21M | 93.11M | 76.6M | 75.41M | 91.8M | 56.61M | 65.45M | 72.08M | 73.72M | 67.56M | 61.95M | 61.34M | 61.18M | 57.83M | 52.42M | 46.7M | 39.22M | 35.8M | 26.03M | 20.31M | 16.06M | 12.73M | 8.68M | 6.12M | 4.9M | 3.65M | 2.36M |
| Stock-Based Compensation | 2.59M | 3.44M | 3.01M | 3.29M | 2.62M | 2.69M | 2.11M | 1.91M | 1.27M | 1.59M | 6K | 2.26M | 2.21M | 1.16M | 45K | 461K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -27.94M | -13.78M | 5.23M | -56.04M | 804K | 4.66M | 1.31M | -253K | 1.46M | -13.12M | -65.77M | 979K | 35.43M | -11M | 103K | -18.63M | 1.8M | 4.94M | 4.04M | 818K | 599K | -51.46M | 3.57M | -1.25M | 3.58M | 934.8K | 553.63K | -797.28K | 20.37K | -117.59K | -736.79K |
| Working Capital Changes | -7.68M | -5.37M | -3.46M | -2.87M | 5K | 10.35M | -3.76M | 3.01M | -9.43M | -95K | -12.05M | 10.22M | 299K | -8.81M | -6.63M | -8.29M | -6.16M | -11.17M | -6.68M | -3.18M | -2.98M | 48.86M | -10.32M | 7.21M | -3.32M | -28.02K | -1.76M | 2.73M | -760.49K | -864.11K | 0 |
| Cash from Investing | -27.01M | -26.87M | -50.72M | 120.21M | -160.09M | -267.23M | -164.97M | 7.01M | 104.19M | 202.26M | 134.25M | -176.41M | -121.83M | -134.14M | -128.26M | 11.68M | -78.96M | -54.37M | -145.25M | -161.38M | -82.64M | -70.4M | -137.68M | -59.28M | -269.5K | -76.17M | -120.04M | -51.78M | -22.39M | -39.42M | -30.8M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 161.31M | 328.06M | -12.22M | -1.26M | 0 | 0 | 232.74M | 366.96M | 2.28M | 0 | 0 | 74K | 0 | 0 | 1.37M | 22.38M | 13.48M | 0 | 3.74M | 4.96M | 0 | 0 | 7.33M | 435.79K | 1.48M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -104.67M | -292.18M | -179K | -6.94M | -1.9M | 0 | 1.49M | 41.19M | -261.31M | 0 | 0 | -300K | 0 | 0 | -54K | -132K | -57K | -35K | -11.49M | -38.62M | -25.59M | -4.96M | -14.47M | -9.24M | -2.56M | -3.43M | -1.78M |
| Sale of Investments | 42.82M | 132.76M | 18.83M | 0 | 41K | 33.82M | 3.86M | 101.66M | -119.05M | 50K | 279K | -6.27M | 314K | 0 | 430K | 95K | 0 | 0 | 1.74M | 525K | 174K | 0 | 2.5M | 3.5M | 3.09M | 250.17K | 8.18M | 1.4M | 500K | 0 | 0 |
| Other Investing | -64.51M | -159.63M | -69.54M | 120.21M | -160.09M | -301.04M | -126.11M | -65.5M | 223.24M | 202.21M | 132.48M | -211.34M | -122.15M | -134.14M | 13.08M | 74.64M | 1.11M | 4.71M | 695K | 465K | 1.57M | 51.18M | 3.23M | 48.99M | 84.54M | 864.11K | 855.56K | 944.26K | 1.08M | -35.98M | 3.45M |
| Cash from Financing | -75.23M | -69.06M | -43.67M | -212.35M | 41.37M | 214.51M | 64.93M | -49.77M | -169.15M | -314.07M | -183.02M | 63.93M | -17.55M | 110.57M | 61.93M | -84.06M | 39.09M | -26M | 92.34M | 129.97M | 28.18M | 13.96M | 122.69M | 23.99M | 54.92M | 56.74M | 103.5M | 37.7M | 13.63M | 31.86M | 22.51M |
| Dividends Paid | -51.92M | -51.56M | -51.25M | -50.81M | -51.53M | -45.55M | -42.21M | -40.09M | -32.76M | 0 | -66.65M | -71.58M | -57.24M | -52.28M | -44.93M | -38.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -38.63M | -51.08M | -45.79M | -43.74M | -44.46M | -38.49M | -35.05M | -32.89M | -32.76M | -33.69M | -55.91M | -60.06M | -45.73M | -40.76M | -36.46M | -36.48M | -43.23M | -38.6M | -29.17M | -37.8M | -20.86M | -19.65M | -17.92M | -21.54M | -17.12M | -12.99M | -5.96M | -4.32M | -2.8M | -2.23M | -1.93M |
| Debt Issuance (Net) | -2M | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -386K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -14.4M | -4.63M | -4.7M | -11.58M | -33.2M | 0 | -5.68M | -26.17M | -133.73M | -9.94M | -4.5M | -35M | 0 | 0 | 0 | 0 | -10K | -11K | -10K | 0 | 0 | -17K | -64K | 0 | -28.83K | -2.23M | -5.5M | -4.83M | 0 | -3.08M | -1.8M |
| Other Financing | -14.17M | -23.66M | -9.25M | -9.71M | -13.41M | -9.09M | 37.77M | -5.14M | -995.5K | -5.26M | -12.03M | -19.33M | -9.61M | -5.18M | -11.1M | -9.52M | -14.98M | -14.14M | -44.7M | -25K | -12.83M | -10.23M | -55.94M | -3.83M | 14.36M | 2.17M | 45.13M | -3.89M | -3.35M | 19.88M | -536.7K |
| Net Change in Cash | -7.79M | 2.52M | 3.86M | -2.62M | -26.73M | 31.32M | -38.81M | 26.86M | -16.93M | -37.88M | 17.73M | 1.7M | -46.87M | 54.14M | -1.2M | -13.6M | 21.55M | -20.24M | 8.96M | 27.03M | -6.05M | -8.17M | 13.74M | 3.23M | 5.98M | 2.91M | -263.79K | 1.58M | 413.96K | -997.02K | -2.05M |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 15.65M | 13.13M | 9.27M | 11.89M | 38.63M | 7.31M | 46.12M | 19.26M | 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 | 17.96M | 12.33M | 6.36M | 3.45M | 3.71M | 2.13M | 1.72M | 2.72M | 4.77M |
| Cash at End | 10.27M | 15.65M | 13.13M | 9.27M | 11.89M | 38.63M | 7.31M | 46.12M | 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 |
| Free Cash Flow | 70.05M | 64.29M | 41.59M | 30.7M | 35.42M | 48.15M | 30.91M | 48.67M | 28.52M | 73.93M | 31.74M | 37.52M | 116.48M | -66.19M | -6.21M | -76.63M | -4.05M | -18.66M | 1.06M | -86.48M | -126.17M | -49.41M | -73.26M | -106.93M | -35.38M | -49.99M | -105.65M | -29.66M | -13.72M | 6.56M | -26.23M |
| FCF Growth % | 17.96% | 54.57% | 35.51% | -13.35% | -26.43% | 55.76% | -36.48% | 70.68% | -61.43% | 132.95% | -15.41% | -67.79% | 275.98% | -965.67% | 91.9% | -1792.2% | 78.29% | -1863.42% | 101.22% | 31.45% | -155.36% | 32.56% | 31.49% | -202.21% | 29.22% | 52.68% | -256.19% | -116.17% | -309.13% | 125.02% | -403.83% |
| FCF / Revenue % | 25.79% | 18.21% | 15.94% | 11.75% | 13.8% | 23.87% | 17.37% | 26.2% | 16.8% | 35.93% | 16.85% | 18.34% | 43.87% | -25.52% | -2.57% | -32.28% | -1.67% | -7.77% | 0.48% | -43.72% | -73.02% | -31.58% | -52.14% | -89.76% | -38.04% | -65.98% | -190.56% | -74.29% | -42.34% | 27.53% | -140.56% |
Regional Regulatory Rent Control
According to reported financial statements, Centerspace's dividend payout ratio relative to AFFO reached 0.95 in 2026Q1, indicating that nearly all distributable cash flow is consumed by distributions, leaving a minimal buffer for reinvestment or unexpected operational volatility in the company's core Upper Midwest residential markets.
The narrow coverage ratio suggests that the dividend is highly sensitive to even minor fluctuations in property-level performance. Investors should monitor whether the company can sustain these payouts without relying on external financing or depleting cash reserves, as the current margin of safety appears insufficient for a REIT facing regional economic headwinds.
Based on the provided cash flow data, the relationship between FFO and GAAP operating cash flow remains inconsistent, with FFO/NI ratios showing extreme volatility, such as the -1.67 figure in 2026Q1, which highlights the difficulty in reconciling non-cash accounting adjustments with actual cash generation.
The significant variance between FFO and operating cash flow suggests that GAAP-based metrics are poor proxies for the company's true liquidity. This disconnect warrants further investigation into whether non-recurring items or working capital shifts are masking the underlying cash-generating capacity of the residential portfolio.
As reported in recent filings, Centerspace's recurring capital expenditures, including tenant improvements and maintenance, frequently consume a substantial portion of operating cash flow, with quarterly outflows reaching as high as 21.8M in 2024Q1, significantly impacting the net cash available for distribution to shareholders.
The high intensity of maintenance capex relative to FFO suggests that the company's older portfolio assets may require ongoing capital injections to remain competitive in their respective markets. This persistent capital requirement limits the REIT's ability to generate meaningful free cash flow, potentially constraining future growth initiatives.
Financial statements indicate that Centerspace consistently reports negative GAAP net income, such as the -12.8M loss in 2026Q1, which appears to be primarily driven by non-cash depreciation charges rather than an inability to generate positive cash flow from its residential property operations.
The reliance on FFO and AFFO is essential here, as GAAP net income fails to reflect the economic reality of the company's asset base. Investors should focus on the trend in AFFO to gauge actual profitability, as the reported GAAP losses may lead to an inaccurate assessment of the company's long-term viability.
Quick answers to the most common questions about buying CSR stock.
Centerspace (CSR) generated $98.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Centerspace (CSR) generated $64.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Centerspace (CSR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Centerspace (CSR) returned $51.6M to shareholders via cash dividends and spent $4.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.