Tearsheet

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

0 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%
1 Attractive yield
Dividend Yield is 5.0%, FCF Yield is 10%
  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 95x
2 Low stock price volatility
Vol 12M is 24%
  
0 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%
1 Attractive yield
Dividend Yield is 5.0%, FCF Yield is 10%
2 Low stock price volatility
Vol 12M is 24%
3 Weak multi-year price returns
2Y Excs Rtn is -45%, 3Y Excs Rtn is -86%
4 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%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 95x

Market Valuation & Key Metrics

CSR Stock


Price Returns Compared

 202020212022202320242025Total [1]
Returns
CSR Return2%62%-45%4%19%-7%5%
Peers Return-7%63%-30%2%12%-8%12%
S&P 500 Return16%27%-19%24%23%14%108%

Monthly Win Rates [3]
CSR Win Rate67%75%25%67%67%44% 
Peers Win Rate48%80%28%45%57%40% 
S&P 500 Win Rate58%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

Unique KeyEventCSRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-56.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven131.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-47.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven90.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven468 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-35.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven54.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven558 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-33.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven50.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1480 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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.

Better Bets than Centerspace (CSR)

Trade Ideas

Select past trade ideas related to CSR and Multi-Family Residential REITs.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort 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%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_4302025_Short_Squeeze04302025MPWMedical Properties TrustSpecialShort 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.

Recent Active Movers

Recent Active Movers

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Peer Comparisons for Centerspace

Financials

CSRSUIUDRCPTBRTAVBMedian
NameCentersp.Sun Comm.UDR Camden P.BRT Apar.AvalonBa. 
Mkt Price59.02126.1636.13103.3715.20187.5281.20
Mkt Cap1.015.911.911.20.326.711.6
Rev LTM2672,7481,6801,561962,9811,620
Op Inc LTM2548129129310920292
FCF LTM102807589414251,387502
FCF 3Y Avg99785562388221,378475
CFO LTM102807865793251,609800
CFO 3Y Avg99785842788221,581786

Growth & Margins

CSRSUIUDRCPTBRTAVBMedian
NameCentersp.Sun Comm.UDR Camden P.BRT Apar.AvalonBa. 
Rev Chg LTM3.4%0.1%2.3%0.8%1.5%4.9%1.9%
Rev Chg 3Y Avg5.1%3.0%7.8%7.3%37.1%6.9%7.1%
Rev Chg Q5.4%2.7%2.0%2.4%-0.2%4.7%2.6%
QoQ Delta Rev Chg LTM1.3%0.6%0.5%0.6%-0.1%1.2%0.6%
Op Mgn LTM9.2%17.5%17.3%18.8%10.7%30.9%17.4%
Op Mgn 3Y Avg9.7%18.1%17.1%19.6%8.5%31.5%17.6%
QoQ Delta Op Mgn LTM0.0%-0.4%0.4%-0.4%-0.4%-0.7%-0.4%
CFO/Rev LTM38.1%29.4%51.5%50.8%26.4%54.0%44.4%
CFO/Rev 3Y Avg37.4%27.7%51.7%51.1%23.1%55.7%44.3%
FCF/Rev LTM38.1%29.4%35.1%26.5%26.4%46.5%32.2%
FCF/Rev 3Y Avg37.4%27.7%34.6%25.2%23.1%48.5%31.2%

Valuation

CSRSUIUDRCPTBRTAVBMedian
NameCentersp.Sun Comm.UDR Camden P.BRT Apar.AvalonBa. 
Mkt Cap1.015.911.911.20.326.711.6
P/S3.75.87.17.22.98.96.5
P/EBIT95.077.035.137.419.819.036.2
P/E-41.612.397.072.0-29.723.017.6
P/CFO9.719.813.814.210.816.614.0
Total Yield2.6%13.8%5.7%5.5%3.5%5.3%5.4%
Dividend Yield5.0%5.6%4.7%4.1%6.9%0.9%4.8%
FCF Yield 3Y Avg10.1%5.0%4.1%3.2%7.0%4.9%4.9%
D/E1.10.30.50.31.80.30.4
Net D/E1.10.20.50.31.70.30.4

Returns

CSRSUIUDRCPTBRTAVBMedian
NameCentersp.Sun Comm.UDR Camden P.BRT Apar.AvalonBa. 
1M Rtn-1.1%-2.0%-7.6%-6.3%-1.6%-3.2%-2.6%
3M Rtn-0.7%-0.1%-11.8%-7.9%-2.9%-6.1%-4.5%
6M Rtn7.7%15.6%-3.1%-1.1%3.8%1.9%2.8%
12M Rtn-11.1%5.4%-14.8%-10.4%-7.6%-11.0%-10.7%
3Y Rtn6.1%12.1%6.7%2.4%-5.5%21.1%6.4%
1M Excs Rtn-4.6%-5.0%-10.1%-9.3%-5.4%-6.1%-5.7%
3M Excs Rtn-7.3%-7.3%-18.5%-14.8%-9.8%-12.9%-11.4%
6M Excs Rtn-27.6%-21.5%-38.5%-35.1%-30.9%-31.6%-31.2%
12M Excs Rtn-30.0%-15.2%-33.6%-29.0%-25.5%-29.9%-29.5%
3Y Excs Rtn-85.6%-82.0%-89.0%-90.4%-98.6%-74.0%-87.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Multifamily244222173164156
All Other1835281430
Total261257202178186


Operating Income by Segment
$ Mil20242023202220212020
Multifamily1461311059892
Loss on sale of real estate and other investments7102826 
All Other91715716
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
Total8414303411


Assets by Segment
$ Mil20242023202220212020
Multifamily1,857  1,3591,253
All Other32  5541
Other assets28  1935
Cash and cash equivalents9  027
Restricted cash1  720
Mortgage loans receivable   2516
Unimproved land    1
Total1,926  1,4641,392


Price Behavior

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity330,684
Short Interest: % Change Since 831202523.5%
Average Daily Volume103,419
Days-to-Cover Short Interest3.20
Basic Shares Quantity16,741,000
Short % of Basic Shares2.0%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/4/2025-0.8%-1.4%8.2%
5/1/20252.1%0.7%6.2%
2/18/20252.5%4.5%2.9%
10/28/2024-2.6%-3.4%2.8%
7/29/2024-0.8%-2.1%7.0%
2/20/20243.9%-0.8%1.8%
10/30/2023-0.1%7.2%10.1%
7/31/20237.1%4.9%2.7%
...
SUMMARY STATS   
# Positive81215
# Negative1396
Median Positive2.0%3.0%4.7%
Median Negative-0.8%-1.5%-9.7%
Max Positive7.1%13.1%23.5%
Max Negative-9.2%-11.6%-19.5%

SEC Filings

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Report DateFiling DateFiling
6302025804202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024218202510-K 12/31/2024
93020241028202410-Q 9/30/2024
6302024729202410-Q 6/30/2024
3312024429202410-Q 3/31/2024
12312023220202410-K 12/31/2023
93020231030202310-Q 9/30/2023
6302023731202310-Q 6/30/2023
3312023501202310-Q 3/31/2023
12312022221202310-K 12/31/2022
93020221031202210-Q 9/30/2022
6302022801202210-Q 6/30/2022
3312022502202210-Q 3/31/2022
12312021228202210-K 12/31/2021
93020211101202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Patel BhairavEVP and CFO8112025Buy54.0050027,000201,582Form
1Olson AnnePresident, CEO & Secretary8112025Buy55.1075041,3251,074,230Form
2Schissel John A 8112025Buy54.0050027,000777,492Form