Centerspace (CSR)
NYSE:CSR
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Centerspace
(NYSE:CSR)
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Rating:55Neutral
Price Target:
$65.00
▲(4.77% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by mid-range financial performance (steady cash generation and improved leverage offset by volatile net income and weaker 2025 FCF growth). Technicals add downside pressure due to negative momentum signals, while valuation is held back by a high P/E despite a supportive dividend. Earnings-call guidance points to limited near-term upside with market and regulatory headwinds, partially offset by improved liquidity and disciplined execution.
Positive Factors
Improved Leverage & Balance Sheet
A materially lower debt load and debt-to-equity reduction to ~0.63 meaningfully improves financial flexibility. This reduces refinancing risk, supports covenant headroom, and gives management durable optionality for capex, dividends, and selective transactions over the next several quarters.
Negative Factors
Earnings & FCF Volatility
Volatile reported earnings and a sharp deceleration in FCF growth undermine predictability of distributable cash and capital allocation. Persistent bottom-line swings can impair dividend coverage, limit buyback or acquisition capacity, and raise scrutiny from lenders across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Leverage & Balance Sheet
A materially lower debt load and debt-to-equity reduction to ~0.63 meaningfully improves financial flexibility. This reduces refinancing risk, supports covenant headroom, and gives management durable optionality for capex, dividends, and selective transactions over the next several quarters.
Read all positive factors
Centerspace (CSR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.10B
Dividend Yield4.58%
Average Volume (3M)225.99K
Price to Earnings (P/E)63.5
Beta (1Y)0.43
Revenue Growth36.82%
EPS GrowthN/A
CountryUS
Employees374
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)-1.10
Shares Outstanding16,774,338
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 Cap1.87
Enterprise Value/Revenue5.80
Enterprise Value/Gross Profit190.45
Enterprise Value/Ebitda20.28
Forecast
1Y Price Target
$71.17Price Target Upside14.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-1.37
Revenue Forecast (FY)$274.05M
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 generates revenue primarily through rental income from its multifamily properties. The company leases residential units to tenants, which provides a steady stream of monthly rental payments. Additionally, Centerspace benefits from leas...
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 Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call emphasized operational resilience, solid same-store NOI performance, disciplined transactions, and stronger liquidity — offset by market-specific pressures (notably Denver), a decline in new-lease spreads and occupancy, regulatory headwinds in Colorado, and cautious near-term capital deployment during an ongoing strategic review. Management expects modest revenue growth in 2026 but higher expense assumptions and flat core FFO guidance at midpoint, reflecting a measured stance into the year.Positive Updates
Strong Same-Store NOI and Q4 Performance
Q4 same-store NOI increased 4.8% year-over-year (Bhairav), and full-year same-store NOI grew 3.5% (Anne), reflecting steady occupancy and expense discipline driving outperformance versus peers.
Negative Updates
Denver Market Pressure and Concessions
Denver blended rent trade-outs were down 4.3% in Q4; management is seeing 2–4 weeks of concessions per move-in on average in H1 2026 and expects continued concessionary pressure as the market works through recent deliveries (16,000 units in 2025 and ~9,000 expected in 2026).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Same-Store NOI and Q4 Performance
Q4 same-store NOI increased 4.8% year-over-year (Bhairav), and full-year same-store NOI grew 3.5% (Anne), reflecting steady occupancy and expense discipline driving outperformance versus peers.
Read all positive updates
Company Guidance
Centerspace guided 2026 core FFO per diluted share to be roughly stable year-over-year with full‑year core FFO of $4.93 at the midpoint; that guidance assumes same‑store NOI up ~75 bps, same‑store revenue up ~88 bps and same‑store expenses up ~150 bps at midpoints. Revenue build includes an ~80 bps earn‑in, blended rent growth in the mid‑1% range (the prepared remarks also referenced ~2%), roughly half of which shows up in revenue, a ~40 bp headwind (~$1.0M) from RUBS/regulatory changes in Colorado and a ~30 bp occupancy drag (totaling ~90 bps), with portfolio occupancy expected in the mid‑95% range and retention ~52% (renewal trade‑outs in the high‑2% range; blended spreads strongest in North Dakota, then Minneapolis and Omaha; Denver spreads expected negative but to improve, with ~2–4 weeks of concessions in H1). Expense guidance assumes controllables +1% and noncontrollables +2% at midpoints (expense recoveries down nearly $1M in Colorado); amortization of assumed debt ~$1.5M (front‑loaded into H1), value‑add CapEx $2.5M–$12.5M, recurring CapEx per home $1,300 at midpoint, guidance excludes acquisitions/dispositions; balance sheet targets reflect net debt/EBITDA 7.5x, weighted average debt rate 3.6%, weighted average maturity 6.9 years and liquidity ~ $268M vs. $99.2M of debt maturing over the next 2 years.Centerspace Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 353.13M | 260.98M | 261.31M | 256.72M | 201.71M |
| Gross Profit | 10.76M | 148.61M | 146.14M | 138.18M | 111.10M |
| EBITDA | 180.67M | 130.74M | 188.83M | 121.32M | 123.00M |
| Net Income | 17.59M | -10.69M | 41.97M | -13.47M | 611.00K |
Balance Sheet | |||||
| Total Assets | 1.93B | 1.91B | 1.93B | 2.03B | 1.94B |
| Cash, Cash Equivalents and Short-Term Investments | 12.83M | 12.03M | 8.63M | 10.46M | 31.27M |
| Total Debt | 1.02B | 955.38M | 916.02M | 1.01B | 856.05M |
| Total Liabilities | 1.08B | 1.01B | 978.78M | 1.07B | 918.45M |
| Stockholders Equity | 725.10M | 670.46M | 726.39M | 746.10M | 797.36M |
Cash Flow | |||||
| Free Cash Flow | 64.29M | 41.59M | 30.70M | 35.42M | 48.15M |
| Operating Cash Flow | 98.45M | 98.25M | 89.52M | 91.99M | 84.03M |
| Investing Cash Flow | -26.87M | -50.72M | 120.21M | -160.09M | -267.23M |
| Financing Cash Flow | -69.06M | -43.67M | -212.35M | 41.37M | 214.51M |
Centerspace Technical Analysis
Positive
62.04
Price Trends
61.02
Negative
62.64
Negative
59.61
Positive
Market Momentum
-0.44
Negative
57.92
Neutral
77.41
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 62.04 is above the 20-day moving average (MA) of 58.87, above the 50-day MA of 61.02, and above the 200-day MA of 59.61, indicating a neutral trend. The MACD of -0.44 indicates Negative momentum. The RSI at 57.92 is Neutral, neither overbought nor oversold. The STOCH value of 77.41 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% | |
63 Neutral | $1.77B | 18.46 | 6.73% | 2.17% | 3.37% | ― | |
63 Neutral | $1.30B | 51.05 | 2.88% | 5.66% | 8.91% | -39.58% | |
55 Neutral | $1.10B | 63.46 | -4.93% | 4.58% | 36.82% | ― | |
52 Neutral | $268.04M | -22.16 | -6.33% | 6.98% | 1.62% | 11.38% | |
47 Neutral | $641.42M | -23.86 | -12.63% | 7.06% | -4.46% | -206.19% | |
45 Neutral | $585.55M | 1.50 | 299.94% | 7.42% | -4.63% | 42.39% |
* Real Estate Sector Average
CSR
Centerspace
62.04
7.93
14.66%
AIV
Apartment Investment & Management
4.07
0.04
1.07%
VRE
Veris Residential
18.91
4.11
27.80%
UMH
Umh
15.35
-0.44
-2.81%
BRT
BRT Apartments
14.12
-0.16
-1.10%
NXRT
NexPoint Residential
25.14
-7.17
-22.20%
Centerspace Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Centerspace Outlines 2026 Outlook and Portfolio Strategy
Positive
Feb 27, 2026
On February 27, 2026, Centerspace released an investor presentation outlining 2025 performance and its 2026 financial outlook, showing modest same-store revenue growth guidance centered around 0.9% and NOI growth around 0.8%, alongside Core FFO pe...
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.