Centerspace (CSR)
NYSE:CSR
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Centerspace
(NYSE:CSR)
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Rating:58Neutral
Price Target:
$62.00
▼(-4.76% Downside)
Action:Reiterated
Date:06/03/26
The score is anchored by solid cash generation and improving balance-sheet positioning, plus reiterated guidance and constructive leasing commentary. It is pulled down by weak technical positioning (trading below major moving averages) and an expensive P/E despite an attractive dividend yield, alongside near-term operational/regulatory headwinds impacting NOI and occupancy.
Positive Factors
Consistent cash generation
Centerspace’s consistent operating cash flow and improving free cash flow through the TTM provide durable internal funding for capex, dividends and debt paydown. Strong cash conversion from rents supports reinvestment and reduces reliance on volatile capital markets over the medium term.
Negative Factors
Same-store NOI deterioration
A recurring decline in same-store NOI and flat revenues despite rental rate gains signals structural operating pressure. Persistent occupancy weakness erodes recurring cash flows and FFO, making it harder to sustain distributions and fund value-add programs until occupancy stabilizes.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Centerspace’s consistent operating cash flow and improving free cash flow through the TTM provide durable internal funding for capex, dividends and debt paydown. Strong cash conversion from rents supports reinvestment and reduces reliance on volatile capital markets over the medium term.
Read all positive factors
Centerspace Key Performance Indicators (KPIs)
Any
Weighted Average Occupancy
Share of leasable space that is occupied, weighted by area or revenue; higher occupancy means more consistent rent collection and better utilization of assets, while drops highlight rising vacancy risk and pressure on revenues.
Share of leasable space that is occupied, weighted by area or revenue; higher occupancy means more consistent rent collection and better utilization of assets, while drops highlight rising vacancy risk and pressure on revenues.
Data provided by:
The Fly
The FlyCenterspace (CSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.05B
Dividend Yield4.58%
Average Volume (3M)225.99K
Price to Earnings (P/E)119.4
Beta (1Y)0.63
Revenue Growth33.21%
EPS GrowthN/A
CountryUS
Employees374
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.48
Shares Outstanding16,803,148
10 Day Avg. Volume266,135
30 Day Avg. Volume225,989
Financial Highlights & Ratios
PEG Ratio-0.35
Price to Book (P/B)1.54
Price to Sales (P/S)3.16
P/FCF Ratio17.36
Enterprise Value/Market Cap2.04
Enterprise Value/Revenue7.89
Enterprise Value/Gross Profit20.61
Enterprise Value/Ebitda12.52
Forecast
1Y Price Target
$70.00Price Target Upside7.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.05
Revenue Forecast (FY)$267.25M
Centerspace Business Overview & Revenue Model
Company Description
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2021, Centerspace owned 62 apartment communities consisting of 11,579 apa...
How the Company Makes Money
Centerspace primarily makes money by earning rental income from leasing apartment units in its multifamily properties. Residents pay recurring monthly rent and may also pay other property-related charges (e.g., fees tied to occupancy and services)...
Centerspace Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call presented a mix of constructive operational trends and clear near-term headwinds. Positive elements include reiterated full-year guidance, strong April leasing momentum, above-market performance in the Midwest (notably Minneapolis), record absorption and a conservative, well-positioned balance sheet (low rates, long maturities and $267M liquidity). Offsetting these are declines in same-store NOI, flat revenues driven by occupancy declines and RUBS losses in Colorado, elevated near-term expenses (including strategic review costs), a Q1 impairment tied to the review, and a marked slowdown in Denver transaction activity. Management provided detailed explanations for temporary items (timing, true-ups, review-related costs) and expects normalization, supporting confidence in meeting guidance. Overall, the positive operational traction and strong balance sheet slightly outweigh the regional and timing-related negatives.Positive Updates
Reaffirmed Full-Year Guidance and Core FFO Outlook
Company reiterated 2026 guidance: core FFO of $4.93 per share (midpoint) and same-store NOI growth of ~75 bps, same-store revenue growth of ~88 bps, and same-store expense growth of ~1.5% at midpoints; Q1 core FFO was $1.12 per diluted share. Management expects to deliver performance within initial guidance ranges.
Negative Updates
Same-Store NOI Decline
Q1 same-store NOI decreased 1.1% year-over-year, driving Q1 core FFO of $1.12 and signaling near-term pressure on operating income.
Read all updates
Q1-2026 Updates
Positive
Negative
Reaffirmed Full-Year Guidance and Core FFO Outlook
Company reiterated 2026 guidance: core FFO of $4.93 per share (midpoint) and same-store NOI growth of ~75 bps, same-store revenue growth of ~88 bps, and same-store expense growth of ~1.5% at midpoints; Q1 core FFO was $1.12 per diluted share. Management expects to deliver performance within initial guidance ranges.
Read all positive updates
Company Guidance
Centerspace reiterated full-year 2026 guidance with core FFO of $4.93 per diluted share (Q1 core FFO was $1.12) and a NAREIT FFO midpoint of $4.78 (up $0.03), targeting same‑store NOI growth of 75 bps, same‑store revenue growth of 88 bps and same‑store expense growth of 1.5% at the midpoints. Guidance assumes blended gross leasing spreads of ~2%, occupancy in the mid‑95% range and retention of about 52%; management also expects RUBS revenue in Colorado to be down nearly $1.0 million. Modeling assists include strategic‑review costs of $1.0–$1.5 million (primarily in H1), amortization of assumed debt of $1.3 million for the year ($490k in Q2, then ~$215k Q3 and Q4), and an unchanged balance‑sheet profile with a weighted average debt rate of 3.6%, WAM of 6.7 years, $267 million of cash/LOC liquidity versus $98 million of debt maturing through 2027 and an anticipated return of annualized debt/EBITDA to the historical mid‑7x range as quarter timing and one‑time items normalize.Centerspace Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 271.64M | 353.13M | 260.98M | 261.31M | 256.72M | 201.71M |
| Gross Profit | 103.94M | 10.76M | 148.61M | 146.14M | 138.18M | 111.10M |
| EBITDA | 171.06M | 180.67M | 130.74M | 188.83M | 121.32M | 123.00M |
| Net Income | 8.33M | 17.59M | -10.69M | 41.97M | -13.47M | 611.00K |
Balance Sheet | ||||||
| Total Assets | 1.89B | 1.93B | 1.91B | 1.93B | 2.03B | 1.94B |
| Cash, Cash Equivalents and Short-Term Investments | 7.55M | 12.83M | 12.03M | 8.63M | 10.46M | 31.27M |
| Total Debt | 1.02B | 1.02B | 955.38M | 916.02M | 1.01B | 856.05M |
| Total Liabilities | 1.07B | 1.08B | 1.01B | 978.78M | 1.07B | 918.45M |
| Stockholders Equity | 700.91M | 725.10M | 670.46M | 726.39M | 746.10M | 797.36M |
Cash Flow | ||||||
| Free Cash Flow | 70.05M | 64.29M | 41.59M | 30.70M | 35.42M | 48.15M |
| Operating Cash Flow | 94.45M | 98.45M | 98.25M | 89.52M | 91.99M | 84.03M |
| Investing Cash Flow | -27.01M | -26.87M | -50.72M | 120.21M | -160.09M | -267.23M |
| Financing Cash Flow | -75.23M | -69.06M | -43.67M | -212.35M | 41.37M | 214.51M |
Centerspace Technical Analysis
Negative
65.10
Price Trends
64.58
Negative
63.27
Negative
61.70
Negative
Market Momentum
-1.28
Positive
27.48
Positive
18.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSR, the sentiment is Negative. The current price of 65.1 is below the 20-day moving average (MA) of 66.08, above the 50-day MA of 64.58, and above the 200-day MA of 61.70, indicating a bearish trend. The MACD of -1.28 indicates Positive momentum. The RSI at 27.48 is Positive, neither overbought nor oversold. The STOCH value of 18.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CSR.
Centerspace Risk Analysis
Centerspace disclosed 55 risk factors in its most recent earnings report. Centerspace reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Centerspace Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.30B | 44.13 | 3.22% | 5.66% | 9.12% | -7.55% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $1.05B | 119.35 | 1.15% | 4.58% | 33.21% | ― | |
54 Neutral | $275.56M | -21.54 | -6.77% | 6.98% | 1.24% | -34.65% | |
54 Neutral | $742.49M | -23.11 | -10.30% | 7.06% | -1.46% | 0.65% | |
46 Neutral | $435.88M | 0.75 | 176.90% | 7.42% | -16.20% | 99.72% |
* Real Estate Sector Average
CSR
Centerspace
59.26
-2.52
-4.08%
AIV
Apartment Investment & Management
3.03
-0.11
-3.38%
UMH
Umh
15.26
-0.82
-5.10%
BRT
BRT Apartments
14.64
-0.50
-3.28%
NXRT
NexPoint Residential
29.01
-3.27
-10.14%
Centerspace Corporate Events
Business Operations and StrategyDividendsM&A Transactions
Centerspace Unveils 2026 Asset Sales and Deleveraging Plan
Positive
Jun 1, 2026
On June 1, 2026, Centerspace announced that its Board of Trustees had completed a strategic review and approved a portfolio optimization and deleveraging plan anchored by approximately $240 million to $245 million of asset sales in 2026. The plann...
Business Operations and StrategyFinancial Disclosures
Centerspace Reaffirms 2026 Outlook and Highlights Portfolio Strength
Positive
May 8, 2026
On May 8, 2026, Centerspace released an investor presentation outlining financial and operational results for the quarter ended March 31, 2026 and year-to-date trends, showing leasing spreads returning to typical seasonal patterns and strong resid...
Executive/Board ChangesShareholder Meetings
Centerspace Announces Upcoming Board Trustee Retirement Plans
Neutral
Mar 12, 2026
On March 11, 2026, Centerspace announced that trustee Emily Nagle Green will retire from the Board of Trustees at the conclusion of her term following the company’s 2026 Annual Meeting of Shareholders on May 13, 2026. Green, who has served o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.