Centerspace (CSR)
Market Price (10/8/2025): $59.14 | Market Cap: $990.1 Mil
Sector: Real Estate | Industry: Multi-Family Residential REITs
Centerspace (CSR)
Market Price (10/8/2025): $59.14
Market Cap: $990.1 Mil
Sector: Real Estate
Industry: Multi-Family Residential REITs
Investment Highlights
Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% | Weak multi-year price returns 2Y Excs Rtn is -45%, 3Y Excs Rtn is -86% | Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 111% |
Attractive yield Dividend Yield is 5.0%, FCF Yield is 10% | Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 95x | |
Low stock price volatility Vol 12M is 24% |
Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
Attractive yield Dividend Yield is 5.0%, FCF Yield is 10% |
Low stock price volatility Vol 12M is 24% |
Weak multi-year price returns 2Y Excs Rtn is -45%, 3Y Excs Rtn is -86% |
Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 111% |
Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 95x |
Market Valuation & Key Metrics
CSR Stock
Price Returns Compared
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
CSR Return | 2% | 62% | -45% | 4% | 19% | -7% | 5% |
Peers Return | -7% | 63% | -30% | 2% | 12% | -8% | 12% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
CSR Win Rate | 67% | 75% | 25% | 67% | 67% | 44% | |
Peers Win Rate | 48% | 80% | 28% | 45% | 57% | 40% | |
S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
Max Drawdowns [4] | |||||||
CSR Max Drawdown | -38% | -4% | -46% | -15% | -10% | -18% | |
Peers Max Drawdown | -40% | -6% | -34% | -17% | -12% | -12% | |
S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SUI, UDR, CPT, BRT, AVB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/7/2025 (YTD)
Downturns Compared
Event | CSR | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -56.9% | -25.4% |
% Gain to Breakeven | 131.9% | 34.1% |
Time to Breakeven | Not Fully Recovered days | 464 days |
2020 Covid Pandemic | ||
% Loss | -47.6% | -33.9% |
% Gain to Breakeven | 90.9% | 51.3% |
Time to Breakeven | 468 days | 148 days |
2018 Correction | ||
% Loss | -35.4% | -19.8% |
% Gain to Breakeven | 54.8% | 24.7% |
Time to Breakeven | 558 days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -33.6% | -56.8% |
% Gain to Breakeven | 50.6% | 131.3% |
Time to Breakeven | Not Fully Recovered days | 1480 days |
How Low Can It Go?
Centerspace's stock fell -56.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -56.9% loss requires a 131.9% gain to breakeven.
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About Centerspace (CSR)
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 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Latest Trefis Analyses
Trade Ideas
Select past trade ideas related to CSR and Multi-Family Residential REITs.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
04302025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt. | 1.4% | 1.4% | -26.6% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
04302025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt. | 1.4% | 1.4% | -26.6% |
See Trefis Trade Ideas for more.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Centerspace
Financials
Median | |
---|---|
Name | |
Mkt Price | 81.20 |
Mkt Cap | 11.6 |
Rev LTM | 1,620 |
Op Inc LTM | 292 |
FCF LTM | 502 |
FCF 3Y Avg | 475 |
CFO LTM | 800 |
CFO 3Y Avg | 786 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 1.9% |
Rev Chg 3Y Avg | 7.1% |
Rev Chg Q | 2.6% |
QoQ Delta Rev Chg LTM | 0.6% |
Op Mgn LTM | 17.4% |
Op Mgn 3Y Avg | 17.6% |
QoQ Delta Op Mgn LTM | -0.4% |
CFO/Rev LTM | 44.4% |
CFO/Rev 3Y Avg | 44.3% |
FCF/Rev LTM | 32.2% |
FCF/Rev 3Y Avg | 31.2% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 11.6 |
P/S | 6.5 |
P/EBIT | 36.2 |
P/E | 17.6 |
P/CFO | 14.0 |
Total Yield | 5.4% |
Dividend Yield | 4.8% |
FCF Yield 3Y Avg | 4.9% |
D/E | 0.4 |
Net D/E | 0.4 |
Returns
Median | |
---|---|
Name | |
1M Rtn | -2.6% |
3M Rtn | -4.5% |
6M Rtn | 2.8% |
12M Rtn | -10.7% |
3Y Rtn | 6.4% |
1M Excs Rtn | -5.7% |
3M Excs Rtn | -11.4% |
6M Excs Rtn | -31.2% |
12M Excs Rtn | -29.5% |
3Y Excs Rtn | -87.3% |
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Multifamily | 244 | 222 | 173 | 164 | 156 |
All Other | 18 | 35 | 28 | 14 | 30 |
Total | 261 | 257 | 202 | 178 | 186 |
Operating Income by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Multifamily | 146 | 131 | 105 | 98 | 92 |
Loss on sale of real estate and other investments | 71 | 0 | 28 | 26 | |
All Other | 9 | 17 | 15 | 7 | 16 |
Casualty loss | -2 | -2 | -0 | -2 | -1 |
Loss on litigation settlement | -4 | ||||
Impairment of real estate investments | -5 | ||||
Property management expenses | -9 | -10 | -9 | -6 | -6 |
General and administrative expenses | -20 | -18 | -16 | -13 | -14 |
Depreciation and amortization | -102 | -105 | -92 | -76 | -74 |
Total | 84 | 14 | 30 | 34 | 11 |
Assets by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Multifamily | 1,857 | 1,359 | 1,253 | ||
All Other | 32 | 55 | 41 | ||
Other assets | 28 | 19 | 35 | ||
Cash and cash equivalents | 9 | 0 | 27 | ||
Restricted cash | 1 | 7 | 20 | ||
Mortgage loans receivable | 25 | 16 | |||
Unimproved land | 1 | ||||
Total | 1,926 | 1,464 | 1,392 |
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
8/4/2025 | -0.8% | -1.4% | 8.2% |
5/1/2025 | 2.1% | 0.7% | 6.2% |
2/18/2025 | 2.5% | 4.5% | 2.9% |
10/28/2024 | -2.6% | -3.4% | 2.8% |
7/29/2024 | -0.8% | -2.1% | 7.0% |
2/20/2024 | 3.9% | -0.8% | 1.8% |
10/30/2023 | -0.1% | 7.2% | 10.1% |
7/31/2023 | 7.1% | 4.9% | 2.7% |
... | |||
SUMMARY STATS | |||
# Positive | 8 | 12 | 15 |
# Negative | 13 | 9 | 6 |
Median Positive | 2.0% | 3.0% | 4.7% |
Median Negative | -0.8% | -1.5% | -9.7% |
Max Positive | 7.1% | 13.1% | 23.5% |
Max Negative | -9.2% | -11.6% | -19.5% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 8042025 | 10-Q 6/30/2025 |
3312025 | 5012025 | 10-Q 3/31/2025 |
12312024 | 2182025 | 10-K 12/31/2024 |
9302024 | 10282024 | 10-Q 9/30/2024 |
6302024 | 7292024 | 10-Q 6/30/2024 |
3312024 | 4292024 | 10-Q 3/31/2024 |
12312023 | 2202024 | 10-K 12/31/2023 |
9302023 | 10302023 | 10-Q 9/30/2023 |
6302023 | 7312023 | 10-Q 6/30/2023 |
3312023 | 5012023 | 10-Q 3/31/2023 |
12312022 | 2212023 | 10-K 12/31/2022 |
9302022 | 10312022 | 10-Q 9/30/2022 |
6302022 | 8012022 | 10-Q 6/30/2022 |
3312022 | 5022022 | 10-Q 3/31/2022 |
12312021 | 2282022 | 10-K 12/31/2021 |
9302021 | 11012021 | 10-Q 9/30/2021 |
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