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CSR

Centerspace

CSR

Centerspace • NYSE
$66.76 ▲ 0.23% (+0.15)
Market Cap $1.12 B
52w High $72.86
52w Low $52.76
Dividend Yield 3.06%
P/E 36.88
Volume 47.88K
Outstanding Shares 16.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $71.399M ▲ $-12.976M ▼ $-2.319M ▲ -3.248% ▲ $3.22 ▲ $26.737M ▲
Q2-2025 $68.549M ▲ $46.421M ▲ $-14.355M ▼ -20.941% ▼ $-0.87 ▼ $21.393M ▼
Q1-2025 $67.093M ▲ $33.183M ▼ $-36K ▲ -0.054% ▲ $-0.22 ▲ $33.425M ▲
Q4-2024 $66.409M ▲ $34.89M ▲ $-4.919M ▼ -7.407% ▼ $-0.31 ▲ $31.963M ▼
Q3-2024 $65.025M $29.774M $-888K -1.366% $-0.4 $33.375M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.896M ▲ $2.098B ▲ $1.211B ▲ $748.639M ▲
Q2-2025 $12.378M ▲ $2.013B ▲ $1.168B ▲ $721.362M ▲
Q1-2025 $11.916M ▼ $1.893B ▼ $1.013B ▼ $653.361M ▼
Q4-2024 $12.03M ▼ $1.914B ▲ $1.015B ▲ $670.46M ▼
Q3-2024 $14.453M $1.887B $982.266M $689.014M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $65.408M ▲ $35.052M ▲ $57.448M ▲ $-44.854M ▼ $47.646M ▲ $35.052M ▲
Q2-2025 $-16.785M ▼ $25.265M ▼ $-159.583M ▼ $134.451M ▲ $133K ▼ $25.265M ▼
Q1-2025 $-4.181M ▲ $25.429M ▲ $-4.885M ▲ $-15.613M ▼ $4.931M ▲ $25.429M ▲
Q4-2024 $-5.786M ▼ $18.665M ▼ $-10.256M ▲ $-12.527M ▲ $-4.118M ▼ $18.665M ▼
Q3-2024 $-1.951M $32.319M $-12.044M $-18.44M $1.835M $67.905M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Other Property Revenue
Other Property Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Multi Family Residential
Multi Family Residential
 $60.00M ▲$130.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown from earlier years and has held fairly steady more recently, which points to a stable core business rather than a fast‑growing one. Profitability at the property level looks solid, but overall earnings have been choppy, swinging between small profits and modest losses. This pattern suggests non‑operating items, financing costs, and depreciation are weighing on reported net income, which is common for real estate trusts. The key message: the underlying rental engine appears relatively healthy, but reported earnings are volatile and not consistently positive.

Balance Sheet

Balance Sheet The balance sheet shows a sizable, largely stable real estate asset base with only gradual changes over time, which is what you’d expect from a focused apartment REIT. Debt levels are significant relative to equity, reflecting a leveraged but not unusual structure for this sector. Equity has edged down from its peak, hinting at some pressure from recent losses or portfolio changes. Cash on hand is quite small, meaning the company depends heavily on ongoing cash flow, credit lines, and asset recycling rather than large cash reserves. Overall, the financial structure looks typical for a mid‑sized REIT but leaves less room for error if conditions tighten.

Cash Flow

Cash Flow Operating cash flow has trended upward over the last several years, showing that the rental portfolio is steadily throwing off more cash even when accounting earnings jump around. Free cash flow has improved as well, helped recently by lighter spending on new projects and improvements. That supports dividend capacity and debt service, but lower investment can also mean slower future growth if it persists. In short, cash generation from the properties is a clear strength, while the balance between reinvestment and preservation of cash will be important to watch.

Competitive Edge

Competitive Edge Centerspace competes as a regional residential REIT with a deliberate focus on Midwest and Mountain West markets, where competition and new supply are often more manageable than on the coasts. Concentration in these markets allows deep local knowledge and operational efficiency, and occupancy has stayed high, which speaks to steady demand for its apartments. The company leans on disciplined portfolio recycling—selling weaker assets and upgrading into better locations—to keep its portfolio quality improving over time. On the other hand, its smaller size versus national peers can limit scale advantages and bargaining power, and regional focus creates exposure to local economic slowdowns. The ongoing strategic review underscores both the value of the portfolio and uncertainty about the longer‑term corporate direction.

Innovation and R&D

Innovation and R&D Innovation here is less about cutting‑edge technology and more about steadily improving how properties are run. Centerspace is rolling out smart‑home features and a strong digital resident experience, which can support rentability and reduce operating friction. Its centralized staffing model aims to lower costs and improve consistency across properties, a meaningful operational innovation if executed well. The company also differentiates with smoke‑free communities, service‑oriented culture, and visible ESG initiatives, which can help attract residents and capital. Future upside would likely come from deeper tech integration, better data use in operations, and continued refinement of the centralized model, rather than from big “moonshot” R&D efforts.

Summary

Overall, Centerspace looks like a steady, regionally focused apartment owner with a solid property‑level business, dependable cash generation, and a more volatile earnings profile on paper. The balance sheet uses meaningful leverage, as is typical for REITs, but this makes the company sensitive to interest rates and credit conditions. Competitive strengths include disciplined portfolio upgrading, high occupancy, and a clear geographic strategy, while weaknesses center on smaller scale, concentrated markets, and limited balance‑sheet flexibility. The strategic review is the major wildcard: it could lead to a sale, merger, or strategic shift, and until that is resolved, uncertainty around the company’s long‑term path will remain, even as day‑to‑day operations appear reasonably sound.

NEWS

November 11, 2025 · 4:55 PM UTC

CENTERSPACE CONFIRMS THAT BOARD OF TRUSTEES IS REVIEWING STRATEGIC ALTERNATIVES

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November 3, 2025 · 4:30 PM UTC

Centerspace Reports Third Quarter 2025 Financial & Operating Results and Updates 2025 Financial Outlook

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October 7, 2025 · 4:30 PM UTC

CENTERSPACE ANNOUNCES THIRD QUARTER 2025 EARNINGS RELEASE DATE

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September 23, 2025 · 4:30 PM UTC

CENTERSPACE COMPLETES SALE OF FIVE ST. CLOUD COMMUNITIES FOR $124.0 MILLION

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September 2, 2025 · 4:30 PM UTC

CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND

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