The business behind the dividend
| Measure | CSR | Median | Formula |
|---|---|---|---|
| Return on equity | 2.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.7% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $97.58m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $64.29m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 23.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.42x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.44x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 5.76x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.4% | -1.5% | 5.8% | -1.9% | -0.0% | 0.7% | 12.7% | 19.3% | 7.7% | 11.6% | 2.4% |
| Return on capital employed | 3.7% | 1.2% | 5.2% | 0.8% | 1.8% | 3.7% | 11.5% | -2.1% | -2.7% | 1.7% | 1.7% |
| Operating margin | 23.6% | 7.8% | 32.3% | 5.4% | 14.8% | 19.0% | 58.7% | -14.0% | -18.8% | 16.7% | 14.8% |
| Net margin | 6.2% | -4.3% | 15.8% | -5.5% | -0.0% | 2.5% | 42.4% | 68.8% | 27.1% | 49.5% | 6.2% |
| Debt to equity | 1.42x | 1.27x | 1.29x | 1.39x | 1.11x | 0.48x | 0.53x | 0.84x | 1.01x | 1.31x | 1.11x |
| Cash conversion | 5.76x | — | 2.17x | — | — | 13.79x | 0.89x | 0.47x | 1.82x | 0.92x | 1.82x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Centerspace pays out less than 9 of them. The median for that group is 67.5%, against this company’s 98.8%.
Closest on funds from operations
- W. P. Carey (WPC) 100.3%
- Apollo Commercial Real Estate Finance (ARI) 100.7%
- CTO Realty Growth (CTO) 100.8%
- Macerich (MAC) 101.1%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →