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Centerspace
(NYSE:CSR)
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Rating:60Neutral
Price Target:
$60.00
▲(12.32% Upside)
Action:Reiterated
Date:09/10/26
CSR scores as a middling setup driven primarily by solid cash flow and improving leverage, which support financial resilience. The score is held back by volatile revenue/profitability and a lowered 2026 outlook, while technicals remain mixed and valuation is constrained by a high P/E despite an attractive dividend yield. The pending IRT merger and ongoing deleveraging add incremental support.
Positive Factors
Strong Cash Generation
Strong operating and free cash flow provides internal funding for debt reduction, property investment, and ongoing operations. Because free cash flow closely tracks earnings, the reported profitability appears to have meaningful cash support rather than relying primarily on accounting gains.
Negative Factors
Volatile Revenue and Profitability
Large swings in revenue, margins, and annual earnings reduce confidence in the durability and predictability of near-term results. Volatility makes it harder to plan capital allocation and sustain distributions, while weaker earnings periods could slow deleveraging if property cash flow also declines.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Strong operating and free cash flow provides internal funding for debt reduction, property investment, and ongoing operations. Because free cash flow closely tracks earnings, the reported profitability appears to have meaningful cash support rather than relying primarily on accounting gains.
Read all positive factors
Centerspace Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks revenue into components like base rent, ancillary fees, service income, and other sources, highlighting how dependent results are on core leasing versus more volatile or discretionary streams. Helps assess sustainability and sensitivity to changes in tenant behavior.
Breaks revenue into components like base rent, ancillary fees, service income, and other sources, highlighting how dependent results are on core leasing versus more volatile or discretionary streams. Helps assess sustainability and sensitivity to changes in tenant behavior.
Data provided by:
The Fly
The FlyCenterspace (CSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$987.94M
Dividend Yield5.51%
Average Volume (3M)339.32K
Price to Earnings (P/E)43.3
Beta (1Y)0.62
Revenue Growth30.53%
EPS GrowthN/A
CountryUS
Employees342
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.29
Shares Outstanding16,797,585
10 Day Avg. Volume280,805
30 Day Avg. Volume339,320
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)1.54
Price to Sales (P/S)3.16
P/FCF Ratio17.36
Enterprise Value/Market Cap2.07
Enterprise Value/Revenue7.59
Enterprise Value/Gross Profit19.61
Enterprise Value/Ebitda11.04
Forecast
1Y Price Target
$63.86Price Target Upside19.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.53
Revenue Forecast (FY)$255.56M
Centerspace Business Overview & Revenue Model
Company Description
Centerspace operates as an owner and manager of residential apartment communities, founded in 1970. The organization is dedicated to delivering exceptional homes by upholding principles of integrity and service to its residents. As of the end of J...
How the Company Makes Money
Centerspace primarily makes money by generating rental revenue from leasing apartment units within its multifamily portfolio. The largest revenue stream is monthly rent paid by residents under lease agreements, which varies based on occupancy leve...
Centerspace Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call emphasized successful execution of a strategic portfolio repositioning and significant balance-sheet improvement, with accretive disposition activity, stronger portfolio quality, operating cost control, and encouraging leasing/retention trends in many markets (notably Minneapolis). Offsetting these positives are near-term revenue pressure from Denver (concessions and supply), a reconstituted same-store pool that lowers near-term NOI expectations, a reduced Core FFO midpoint ($4.63), and the potential need for a $50–$60M special distribution. On balance, the company is materially stronger structurally and better positioned long term, though near-term earnings were modestly impacted by the dispositions and localized market softness.Positive Updates
Active Dispositions and Portfolio Repositioning
Sold or under contract to sell 20 communities for approximately $530 million over the last 14 months; 2026 dispositions include 14 communities (1,810 homes) for ~ $320 million, and additional transactions (12 communities / ~$245M) that exit tertiary markets and improve portfolio quality.
Negative Updates
Revenue Impact from Denver Concessions and Supply
Overall revenue was flat year-over-year primarily due to concessions in the Denver market; Denver blends were down 2.6% in Q2 (improved from -4.8% in Q1) and market-level vacancy ~10% while the portfolio average is ~5%.
Read all updates
Q2-2026 Updates
Positive
Negative
Active Dispositions and Portfolio Repositioning
Sold or under contract to sell 20 communities for approximately $530 million over the last 14 months; 2026 dispositions include 14 communities (1,810 homes) for ~ $320 million, and additional transactions (12 communities / ~$245M) that exit tertiary markets and improve portfolio quality.
Read all positive updates
Company Guidance
Management lowered 2026 guidance and provided balance‑sheet targets: Q2 Core FFO was $1.27 per diluted share and full‑year Core FFO midpoint was reduced to $4.63/share; same‑store NOI is now expected to be flat to down 1% year‑over‑year (midpoint revenue growth +50 bps, expense growth +2%) after reconstituting the same‑store pool (Q2 same‑store NOI rose 30 bps YoY while expenses fell 10 bps YoY; the 14 disposed communities were collectively up ~7.5%, while the revised same‑store pool is down ~1.3%). They estimate ~ $300M of 2026 sales will reduce H2 NOI by ~$11.5M, offset by ~$6.5M of proceeds (net H2 impact ≈$5M or ~$0.25/share), expect full‑year net G&A and property management expense of $28.3M at the midpoint with annualized run‑rate savings of ~ $2M (~$0.10/share), and plan to fully repay the credit line; liquidity ended the quarter >$240M, with ~ $100M cash expected after sales (including $50–$60M earmarked for a likely Q4 special distribution), current debt ≈$1.0B at a 3.6% weighted average rate and 6.7‑year WAM, and pro forma total liquidity of ≈$450M with total debt < $850M and net debt/EBITDA moving from 7.3x (Q2) toward the mid‑6x range post‑sales.Centerspace Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 268.87M | 353.13M | 260.98M | 261.31M | 256.72M | 201.71M |
| Gross Profit | 104.12M | 10.76M | 148.61M | 146.14M | 138.18M | 111.10M |
| EBITDA | 184.94M | 182.09M | 130.74M | 188.83M | 121.32M | 123.00M |
| Net Income | 21.72M | 17.59M | -10.69M | 41.97M | -13.47M | 611.00K |
Balance Sheet | ||||||
| Total Assets | 1.84B | 1.93B | 1.91B | 1.93B | 2.03B | 1.94B |
| Cash, Cash Equivalents and Short-Term Investments | 8.56M | 12.83M | 12.03M | 8.63M | 10.46M | 31.27M |
| Total Debt | 989.58M | 1.02B | 955.38M | 916.02M | 1.01B | 856.05M |
| Total Liabilities | 1.04B | 1.08B | 1.01B | 978.78M | 1.07B | 918.45M |
| Stockholders Equity | 686.16M | 725.10M | 670.46M | 726.39M | 746.10M | 797.36M |
Cash Flow | ||||||
| Free Cash Flow | 69.59M | 64.29M | 41.59M | 30.70M | 35.42M | 48.15M |
| Operating Cash Flow | 91.89M | 98.45M | 98.25M | 89.52M | 91.99M | 84.03M |
| Investing Cash Flow | 154.53M | -26.87M | -50.72M | 120.21M | -160.09M | -267.23M |
| Financing Cash Flow | -254.17M | -69.06M | -43.67M | -212.35M | 41.37M | 214.51M |
Centerspace Technical Analysis
Positive
53.42
Price Trends
54.38
Positive
55.87
Positive
58.74
Negative
Market Momentum
0.17
Negative
57.09
Neutral
55.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSR, the sentiment is Positive. The current price of 53.42 is below the 20-day moving average (MA) of 55.22, below the 50-day MA of 54.38, and below the 200-day MA of 58.74, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 57.09 is Neutral, neither overbought nor oversold. The STOCH value of 55.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $3.57B | 80.45 | 1.27% | 4.74% | 3.46% | 51.40% | |
60 Neutral | $987.94M | 43.34 | 3.03% | 5.51% | 30.53% | ― | |
50 Neutral | $252.02M | -19.16 | -7.46% | 7.46% | 1.18% | -39.73% | |
47 Neutral | $257.07M | 0.45 | 105.03% | 281.36% | -16.20% | 99.72% | |
47 Neutral | $496.38M | -14.77 | -11.75% | 10.96% | -0.46% | 32.70% | |
46 Neutral | $156.39M | -1.01 | -40.59% | 937.71% | ― | ― |
* Real Estate Sector Average
CSR
Centerspace
55.88
0.12
0.21%
AIV
Apartment Investment & Management
1.77
-1.11
-38.50%
ELME
Elme Communities
1.76
-0.82
-31.65%
IRT
Independence Realty
14.77
-0.88
-5.65%
BRT
BRT Apartments
13.41
-0.36
-2.61%
NXRT
NexPoint Residential
19.35
-9.33
-32.53%
Centerspace Corporate Events
Business Operations and StrategyExecutive/Board ChangesDividendsM&A TransactionsRegulatory Filings and Compliance
Centerspace to Merge with Independence Realty Trust
Positive
Sep 9, 2026
On September 8, 2026, Centerspace entered into an all‑stock merger agreement to be acquired by Independence Realty Trust, with each Centerspace share to be exchanged for 3.8 IRT shares and Centerspace becoming a wholly owned subsidiary. The ...
Business Operations and StrategyPrivate Placements and Financing
Centerspace Reduces Revolving Credit Capacity to $250 Million
Neutral
Aug 26, 2026
On September 30, 2021, Centerspace, LP entered into a Third Amended and Restated Credit Agreement that provided the operating partnership with a revolving borrowing capacity initially set at $250.0 million to fund its activities. This facility, gu...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Centerspace Completes Major Asset Dispositions and Deleveraging
Positive
Aug 14, 2026
Between June 29 and August 11, 2026, Centerspace completed the sale of 14 multifamily apartment communities and an associated note receivable across Denver, Minneapolis, Rapid City, and Bismarck for aggregate gross proceeds of about $318.8 million...
Business Operations and Strategy
Centerspace Releases 2025 ESG Report Highlighting Sustainability Progress
Positive
Aug 10, 2026
On August 10, 2026, Centerspace announced the publication of its 2025 Environmental, Social, and Governance Report, highlighting its ongoing commitment to sustainable business practices in the multifamily housing industry. The report is the compan...
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.