Raymond James downgrades Centerspace (CSR) to a HoldWe are downgrading our rating on Centerspace shares (CSR/$65.99) to Market Perform (from Strong Buy) following news that CSR’s board has formally engaged financial and legal advisors to perform a strategic alternatives review. Initially reported by Bloomberg News midday, CSR shares finished Tuesday’s trading up +12%, having already materially outperformed peers through 3Q25 earnings (+300 bp). At this time, we are not aware of any specific offers or overtures that may have been made toward CSR from a third party. Moreover, CSR appears to have just begun its review process with “no established timetable” for a final decision. All potential options remain open, including a sale, merger, or continuing as an independent company.