The company's profitability is currently strained, highlighted by a negative NOI margin of -24.4% in 2026Q1 compared to the 59.5% margin achieved in 2025Q4.
| 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 |
|---|
| Revenue | 271.64M | 353.13M | 260.98M | 261.31M | 256.72M | 201.71M | 177.99M | 185.75M | 169.75M | 205.74M | 188.32M | 204.51M | 265.48M | 259.41M | 242.06M | 237.41M | 242.78M | 240M | 221.17M | 197.82M | 172.8M | 156.45M | 140.5M | 119.14M | 93.02M | 75.77M | 55.45M | 39.93M | 32.41M | 23.83M | 18.66M |
| Revenue Growth % | 3.06% | 35.31% | -0.12% | 1.79% | 27.27% | 13.32% | -4.18% | 9.43% | -17.49% | 9.25% | -7.92% | -22.96% | 2.34% | 7.17% | 1.96% | -2.21% | 1.15% | 8.52% | 11.81% | 14.48% | 10.45% | 11.35% | 17.94% | 28.08% | 22.77% | 36.65% | 38.87% | 23.2% | 35.97% | 27.73% | 32.17% |
| Property Operating Expenses | 167.7M | 342.37M | 112.37M | 115.17M | 118.53M | 90.61M | 78.96M | 84.5M | 78.56M | 88.36M | 79.1M | 107.65M | 108.49M | 103.13M | 98.28M | 101.92M | 66.11M | 64.66M | 57.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 103.94M | 10.76M | 148.61M | 146.14M | 138.18M | 111.1M | 99.03M | 101.25M | 91.19M | 117.38M | 109.22M | 96.86M | 157M | 156.27M | 143.78M | 135.48M | 176.67M | 175.35M | 163.52M | 197.82M | 172.8M | 156.45M | 140.5M | 119.14M | 93.02M | 75.77M | 55.45M | 39.93M | 32.41M | 23.83M | 18.66M |
| NOI Margin % | 38.26% | 3.05% | 56.94% | 55.93% | 53.83% | 55.08% | 55.64% | 54.51% | 53.72% | 57.05% | 58% | 47.36% | 59.14% | 60.24% | 59.4% | 57.07% | 72.77% | 73.06% | 73.94% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 96.27M | -92.31M | 128.14M | 61.69M | 124.32M | 81.2M | 65.19M | 88.72M | 96.27M | 70.88M | 63.33M | 33.9M | 83.79M | 75.94M | 69.54M | 67.52M | 103.93M | 96.53M | 87.82M | 186.18M | 162.64M | 146.72M | 171.74M | 141.18M | 48.55M | 40.35M | 28.56M | 45.63M | 38.2M | 12.7M | 15.04M |
| G&A Expenses | 15.92M | 20.92M | 17.8M | 20.08M | 17.52M | 16.21M | 13.44M | 14.45M | 14.2M | 12.07M | 11.27M | 11.82M | 10.74M | 8.49M | 7.38M | 7.38M | 10.12M | 7.93M | 7.83M | 4.16M | 3.67M | 3.85M | 2.75M | 2.05M | 1.57M | 1.06M | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 120.84M | 216.3M | 128.12M | 187.63M | 120.07M | 123M | 110.44M | 184.64M | 148.27M | 41.21M | 198.75M | 129.49M | 104.03M | 150.39M | 134.5M | 126.21M | 133.59M | 67.57M | 67.44M | 58.33M | 48.97M | 45.53M | 38.29M | 36.17M | 60.54M | 22.92M | 18.54M | 12.52M | 9.59M | 7.14M | 5.98M |
| EBITDA Margin % | 44.49% | 61.25% | 49.09% | 71.8% | 46.77% | 60.98% | 62.05% | 99.4% | 87.35% | 20.03% | 105.54% | 63.32% | 39.19% | 57.97% | 55.57% | 53.16% | 55.03% | 28.15% | 30.49% | 29.49% | 28.34% | 29.1% | 27.25% | 30.36% | 65.08% | 30.24% | 33.45% | 31.37% | 29.59% | 29.98% | 32.03% |
| Depreciation & Amortization | 113.17M | 113.23M | 107.65M | 103.17M | 106.21M | 93.11M | 76.6M | 173.22M | 171.97M | 55.01M | 159.24M | 72.08M | 70.92M | 65.27M | 60.26M | 58.53M | 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 |
| D&A / Revenue % | 41.66% | 32.06% | 41.25% | 39.48% | 41.37% | 46.16% | 43.03% | 93.25% | 101.31% | 26.74% | 84.56% | 35.24% | 26.71% | 25.16% | 24.9% | 24.65% | 25.2% | 24.1% | 23.7% | 23.61% | 22.7% | 22.89% | 18.53% | 17.05% | 17.27% | 16.8% | 15.65% | 15.33% | 15.11% | 15.29% | 12.65% |
| Operating Income | 7.67M | 103.07M | 20.48M | 84.45M | 13.86M | 29.89M | 33.84M | 11.42M | -23.7M | -13.8M | 39.52M | 57.41M | 33.12M | 85.12M | 74.24M | 67.68M | 72.4M | 9.74M | 15.02M | 11.63M | 9.75M | 9.72M | 12.25M | 15.86M | 44.47M | 10.19M | 9.87M | 6.4M | 4.69M | 3.5M | 3.62M |
| Operating Margin % | 2.82% | 29.19% | 7.85% | 32.32% | 5.4% | 14.82% | 19.01% | 6.15% | -13.96% | -6.71% | 20.98% | 28.07% | 12.47% | 32.81% | 30.67% | 28.51% | 29.82% | 4.06% | 6.79% | 5.88% | 5.64% | 6.21% | 8.72% | 13.31% | 47.81% | 13.45% | 17.8% | 16.03% | 14.48% | 14.68% | 19.39% |
| Interest Expense | 4M | 44.48M | 37.28M | 36.43M | 32.75M | 31.99M | 29.08M | 30.54M | 34.18M | 41.13M | 34.31M | 28.42M | 34.45M | 33.73M | 61.15M | 61.8M | 69.11M | 68.74M | 63.44M | 63.44M | 58.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.52x | 0.62x | 2.35x | 0.46x | 0.93x | 1.16x | 3.78x | 0.32x | -0.07x | -0.35x | 1.32x | 1.50x | 1.17x | 1.34x | 1.14x | 0.97x | 1.00x | 1.24x | 1.19x | 1.20x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -50.22M | 35.63M | -2.61M | -1.21M | -1.25M | 0 | 23K | -6.32M | -34.54M | -20.69M | -1.89M | 1.92M | -6.87M | -2.1M | -748K | 1.91M | -541K | 0 | -63.8M | -64.06M | -55.76M | -409K | 0 | 2.04M | -126.8M | -85.62M | -97.63M | 0 | -12.1M | 10.48M | -7.52M |
| Pretax Income | 12.17M | 22.96M | -14.19M | 49.23M | -17.64M | -2.1M | 4.74M | 84.82M | -37.19M | -38.15M | 19.28M | 26.39M | -23.39M | 22.96M | 9.91M | 4.48M | 72.74M | 78.82M | 75.7M | 12.36M | 10.59M | 10.71M | 12.63M | 16.69M | 45.56M | 35.42M | 26.88M | 10.25M | 5.66M | 0 | 0 |
| Pretax Margin % | 4.48% | 6.5% | -5.44% | 18.84% | -6.87% | -1.04% | 2.66% | 45.66% | -21.91% | -18.54% | 10.24% | 12.9% | -8.81% | 8.85% | 4.1% | 1.89% | 29.96% | 32.84% | 34.23% | 6.25% | 6.13% | 6.85% | 8.99% | 14.01% | 48.99% | 46.75% | 48.48% | 25.67% | 17.45% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -154.55M | -36.8M | -59.31M | 4.61M | 29.92M | -7.34M | -270K | -16.43M | -704K | 1.52M | 131K | -3.2M | -2.24M | -6.34M | -41.05M | -35.12M | 32.78M | 25.52M | 14.57M | -17.15M | -11.77M | 7.24M | -994.16K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 415.51% | 96.45% | -307.63% | 17.46% | -127.92% | -31.98% | -2.72% | -366.63% | -0.97% | 1.93% | 0.17% | -25.87% | -21.12% | -59.19% | -325.12% | -210.44% | 71.93% | 72.06% | 54.18% | -167.35% | -208.04% | - | - |
| Net Income | 8.33M | 17.59M | -10.69M | 41.97M | -13.47M | 611K | 5.08M | 48.67M | 116.79M | 43.35M | 72.01M | 24.09M | -13.17M | 25.53M | 8.21M | 20.08M | 4M | 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 |
| Net Margin % | 3.07% | 4.98% | -4.1% | 16.06% | -5.25% | 0.3% | 2.85% | 26.2% | 68.8% | 21.07% | 38.24% | 11.78% | -4.96% | 9.84% | 3.39% | 8.46% | 1.65% | 3.55% | 5.47% | 7.13% | 6.69% | 9.64% | 6.72% | 10.28% | 11.4% | 11.47% | 15.89% | 19.04% | 15.47% | 16.35% | 24.72% |
| Net Income Growth % | 219.34% | 264.55% | -125.47% | 411.57% | -2304.42% | -87.97% | -89.56% | -58.33% | 169.43% | -39.8% | 198.94% | 282.84% | -151.6% | 210.89% | -59.11% | 401.92% | -53.07% | -29.47% | -14.33% | 21.98% | -23.28% | 59.7% | -22.93% | 15.55% | 21.92% | -1.29% | 15.83% | 51.63% | 28.66% | -15.48% | 16.14% |
| Funds From Operations (FFO) | 121.5M | 130.82M | 96.96M | 145.14M | 92.74M | 93.72M | 81.68M | 221.89M | 288.76M | 98.36M | 231.24M | 96.17M | 57.74M | 90.8M | 68.48M | 78.61M | 65.19M | 66.36M | 64.51M | 60.8M | 50.79M | 50.88M | 35.47M | 32.55M | 26.66M | 21.42M | 17.48M | 13.73M | 9.91M | 7.54M | 6.97M |
| FFO Margin % | 44.73% | 37.05% | 37.15% | 55.54% | 36.13% | 46.46% | 45.89% | 119.45% | 170.12% | 47.81% | 122.79% | 47.02% | 21.75% | 35% | 28.29% | 33.11% | 26.85% | 27.65% | 29.17% | 30.74% | 29.39% | 32.52% | 25.25% | 27.33% | 28.67% | 28.27% | 31.53% | 34.38% | 30.59% | 31.65% | 37.36% |
| FFO Growth % | 77.98% | 34.92% | -33.19% | 56.5% | -1.05% | 14.75% | -63.19% | -23.16% | 193.59% | -57.47% | 140.46% | 66.54% | -36.41% | 32.6% | -12.89% | 20.6% | -1.77% | 2.86% | 6.09% | 19.73% | -0.18% | 43.43% | 8.97% | 22.09% | 24.47% | 22.52% | 27.38% | 38.46% | 31.42% | 8.2% | 19.43% |
| FFO per Share | 7.24 | 7.80 | 6.25 | 8.48 | 6.09 | 5.97 | 6.50 | 16.83 | 21.45 | 8.12 | 17.04 | 7.14 | 4.55 | 7.93 | 6.62 | 7.96 | 7.25 | 8.31 | 8.78 | 9.40 | 9.41 | 12.01 | 9.05 | 10.10 | 10.57 | 9.36 | 8.34 | 7.94 | 6.33 | 5.42 | 5.74 |
| FFO Payout Ratio % | 31.8% | 39.04% | 47.22% | 30.14% | 47.94% | 41.07% | 42.91% | 14.82% | 11.34% | 34.25% | 24.18% | 62.46% | 79.19% | 44.89% | 53.25% | 46.4% | 66.33% | 58.16% | 45.22% | 62.16% | 41.08% | 38.62% | 50.52% | 66.15% | 64.22% | 60.64% | 34.11% | 31.44% | 28.29% | 29.54% | 27.69% |
| EPS (Diluted) | 0.50 | 1.02 | -1.27 | 2.32 | -0.99 | -2.00 | -1.91 | 3.69 | 8.68 | 3.58 | 5.30 | 1.79 | -1.04 | 2.23 | 0.79 | 2.03 | 0.44 | 1.07 | 1.65 | 2.18 | 2.14 | 3.56 | 2.41 | 3.80 | 4.20 | 3.80 | 4.20 | 4.40 | 3.20 | 2.80 | 3.80 |
| EPS Growth % | 144.74% | 180.31% | -154.74% | 334.34% | 50.5% | -4.71% | -151.76% | -57.49% | 142.46% | -32.45% | 196.09% | 272.12% | -146.64% | 182.28% | -61.08% | 361.36% | -58.88% | -35.15% | -24.31% | 1.87% | -39.89% | 47.72% | -36.58% | -9.52% | 10.53% | -9.52% | -4.55% | 37.5% | 14.29% | -26.32% | 0% |
| EPS (Basic) | - | 1.02 | -1.27 | 2.65 | -0.99 | -2.27 | -1.91 | 4.14 | 9.73 | 3.58 | 5.30 | 2.04 | -1.25 | 2.23 | 0.79 | 2.03 | 0.44 | 1.45 | 2.28 | 2.96 | 2.52 | 3.56 | 2.41 | 3.80 | 4.20 | 3.80 | 4.20 | 4.40 | 3.20 | 2.80 | 3.80 |
| Diluted Shares Outstanding | 16.77M | 16.77M | 15.5M | 17.12M | 15.22M | 15.7M | 12.56M | 13.18M | 13.46M | 12.12M | 13.57M | 13.46M | 12.7M | 11.45M | 10.34M | 9.88M | 8.99M | 7.98M | 7.35M | 6.47M | 5.39M | 4.23M | 3.92M | 3.22M | 2.52M | 2.29M | 2.1M | 1.73M | 1.57M | 1.39M | 1.21M |
Regional Regulatory Rent Control
As reported in recent quarterly filings, Centerspace experienced a notable revenue contraction of 3.0% in 2026Q1, marking a sharp reversal from the 9.8% growth observed in 2025Q3 and suggesting that the company's organic expansion efforts are currently struggling to maintain momentum against regional economic pressures.
The volatility in revenue growth suggests that the company's reliance on specific Upper Midwest markets may be reaching a saturation point. Investors should monitor whether the recent decline reflects a broader softening in rental demand or if it is a temporary anomaly driven by seasonal leasing cycles.
Based on the company's financial statements, FFO per share plummeted to 0.81 in 2026Q1 from a peak of 4.21 in 2025Q3, indicating significant earnings instability that warrants further investigation into the sustainability of current payout levels for income-focused shareholders.
The extreme variance in FFO suggests that non-recurring items or aggressive capital allocation strategies may be distorting core operational performance. The sharp decline in FFO growth, which hit -51.1% in the most recent quarter, implies that the company's earnings quality is currently under significant pressure.
According to the provided income statement data, Centerspace consistently reports negative GAAP net income, such as the -12.8M loss in 2026Q1, which appears to be heavily influenced by non-cash depreciation charges inherent to the residential REIT business model rather than actual operational failure.
The persistent gap between negative GAAP earnings and positive FFO highlights the necessity of focusing on cash-based metrics to evaluate the company's true economic health. Analysts should remain cautious, as the magnitude of these depreciation charges may obscure the underlying maintenance CAPEX requirements needed to keep the portfolio competitive.
As indicated by the 2026Q1 data, the company reported a negative NOI of -15.9M and a margin of -24.4%, a stark departure from the 59.5% margin achieved in 2025Q4, which suggests that property-level operating expenses may be outpacing the company's ability to generate rental income.
This sudden shift into negative territory for NOI is highly concerning and may indicate either a significant accounting adjustment or a failure to control rising utility and maintenance costs. Investors should investigate whether this margin compression is a structural issue or a one-time event related to portfolio repositioning.
Quick answers to the most common questions about buying CSR stock.
For fiscal year 2025, Centerspace (CSR) reported total revenue of $353.1M. This represents a 1792.5% increase compared to $18.7M in 1996.
Centerspace (CSR) is profitable, generating $17.6M in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Centerspace (CSR) reported an operating income of $103.1M, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Centerspace (CSR) generated $10.8M in gross profit for the year, representing a gross profit margin of 3.0%. This demonstrates the company's core pricing power and production efficiency.