olivLaw · US equity research
Centerspace CSR
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Centerspace (NYSE: CSR) is a North Dakota REIT that owns, manages and develops apartment communities in the Midwest and Mountain West, focusing on Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City. It is now reviewing strategic alternatives and selling assets, with its portfolio falling from 61 communities at year-end 2025 to 60 by June 30, 2026. If the announced sales close at the estimated prices, they could reduce debt and change the revenue mix.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Centerspace (CSR) stock was 59.57 USD (+4.03% on the day), with market capitalisation 1.0 bn USD, P/E 14.7 on diluted EPS of 4.04 USD over the last 12 months, dividend yield 5.17%, beta 0.34, 52-week range 52.39–68.89 USD. Latest reported quarter (Q3 2026): revenue of 59.5 m USD (−16.6% YoY), net income of 123.3 m USD (+129.3% YoY), diluted EPS 7.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.0
- strong (55–70)
- Bollinger (20, 2)
- 54.16 – 59.35
- above the upper band · %B 1.04 · band width 9.1%
- SMA 50 / 200
- 55.69 / 59.52
- mixed trend
- MACD (12, 26, 9)
- 0.84 / 0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.0% | −2.0% | +9.9 pp | — |
| 3 months | +4.7% | −2.2% | +6.9 pp | — |
| 6 months | −11.4% | +4.3% | −15.6 pp | — |
| Year to date | −10.7% | +10.6% | −21.3 pp | — |
| 1 year | −1.3% | +10.5% | −11.8 pp | +0.5% |
| 3 years | +17.2% | +73.7% | −56.5 pp | +11.9% |
| 5 years | −41.0% | +61.7% | −102.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66.4 m | 67.1 m | 68.5 m | 71.4 m | 66.6 m | 65.1 m | 65.8 m | 59.5 m |
| Cost of revenue | 2.3 m | 2.4 m | 2.4 m | 2.5 m | 2.3 m | 2.4 m | 2.1 m | 2.0 m |
| Operating income | 2.9 m | 4.7 m | -6.8 m | 77.2 m | -10.6 m | -5.4 m | 8.8 m | 151.5 m |
| Depreciation & amortisation | 28.0 m | 28.0 m | 27.1 m | 29.1 m | 29.8 m | 26.9 m | 25.1 m | 23.1 m |
| Interest expense | 9.8 m | 9.6 m | 10.7 m | 13.0 m | 11.5 m | 10.5 m | 10.6 m | 8.4 m |
| Net income | -5.1 m | -3.7 m | -14.5 m | 53.8 m | -18.4 m | -12.9 m | -1.0 m | 123.3 m |
| Diluted EPS | -0.31 ≈ | -0.22 | -0.87 | 3.19 | -2.40 ≈ | -0.77 | -0.07 | 7.28 |
| Operating cash flow | 18.7 m | 25.4 m | 25.3 m ≈ | 35.1 m ≈ | 12.7 m | 21.4 m | 22.7 m ≈ | 20.7 m ≈ |
| Capex | — | — | 149.0 m | 55.7 m ≈ | — | — | — | — |
| Dividends paid | 12.4 m | 12.4 m | 12.9 m ≈ | 12.9 m ≈ | 12.9 m | 12.9 m | 12.9 m ≈ | 12.9 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 3.5 m ≈ | 0 | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 11-quarter history (min 9.4, median 21.5, max 41.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121.9 m | 185.8 m | 178.0 m | 201.7 m | 256.7 m | 261.3 m | 261.0 m | 273.7 m |
| Revenue YoY | −23.9% | +52.4% | −4.2% | +13.3% | +27.3% | +1.8% | −0.1% | +4.9% |
| Net income | 116.8 m | 78.7 m | 4.4 m | -29.0 k | -14.1 m | 41.3 m | -11.3 m | 17.1 m |
| Net income YoY | +169.4% | −32.6% | −94.4% | −100.7% | unavailable | unavailable | −127.4% | unavailable |
| Diluted EPS | 8.71 | 6.00 | -0.15 | -0.47 | -1.35 | 2.32 | -1.27 | 1.02 |
| Diluted EPS YoY | +237.6% | −31.1% | −102.5% | unavailable | unavailable | unavailable | −154.7% | unavailable |
| net % | 95.8% | 42.4% | 2.5% | -0.0% | -5.5% | 15.8% | -4.3% | 6.2% |
| Free cash flow | unavailable | unavailable | 59.6 m | 82.8 m | 91.9 m | 89.5 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.8 m USD
- Financial debt
- 1.0 bn USD
- Net debt
- 1.0 bn USD
- Equity
- 839.8 m USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 1.22x
- Current ratio
- unavailable
- ROE
- 2.0%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 178.0 m | 201.7 m | 256.7 m | 261.3 m | 261.0 m | 273.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 5.8 m | 8.8 m | 9.9 m | 9.4 m | 9.1 m | 9.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 172.2 m ≈ | 193.0 m ≈ | 246.8 m ≈ | 252.0 m ≈ | 251.9 m ≈ | 264.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Operating income | 33.8 m | 29.9 m | 13.9 m | 84.5 m | 20.5 m | 64.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 76.6 m | 93.1 m | 106.2 m | 103.2 m | 107.6 m | 114.6 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 110.4 m ≈ | 123.0 m ≈ | 120.1 m ≈ | 187.6 m ≈ | 128.1 m ≈ | 179.2 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 27.5 m | 29.1 m | 32.8 m | 36.4 m | 37.3 m | 44.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 4.4 m | -29.0 k | -14.1 m | 41.3 m | -11.3 m | 17.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -0.15 | -0.47 | -1.35 | 2.32 | -1.27 | 1.02 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 12.6 m | 13.8 m | 15.2 m | 17.1 m | 15.5 m | 16.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 2.80 | 2.84 | 2.92 | 2.92 | 3.00 | 3.08 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 392.0 k | 31.3 m | 10.5 m | 8.6 m | 12.0 m | 12.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 2.7 m | 3.4 m | 3.1 m | 2.8 m | 2.5 m | 526.0 k | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 986.0 k | 866.0 k | 866.0 k | 491.0 k | 491.0 k | 316.0 k | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.2 m | 7.4 m | 2.1 m | 2.7 m | 2.0 m | 2.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 1.5 bn | 1.9 bn | 2.0 bn | 1.9 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | — | 859.8 m | 1.0 bn | 916.0 m | 955.4 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 774.8 m | 918.5 m | 1.1 bn | 978.8 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 672.8 m | 996.3 m | 950.3 m | 931.0 m | 882.4 m | 839.8 m | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 61.2 m | 84.0 m | 92.0 m | 89.5 m | 98.2 m | 98.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 1.7 m | 1.3 m | 122.0 k | 0 | — | — | SEC (XBRL)· 20 Feb 2024verified |
| Free cash flow | 59.6 m ≈ | 82.8 m ≈ | 91.9 m ≈ | 89.5 m ≈ | — | — | SEC (XBRL)· 20 Feb 2024derived |
| Investing cash flow | -165.0 m | -267.2 m | -160.1 m | 120.2 m | -50.7 m | -26.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 64.9 m | 214.5 m | 41.4 m | -212.4 m | -43.7 m | -69.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 35.0 m | 38.5 m | 44.5 m | 43.7 m | 45.8 m | 51.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 0 | 0 | 29.1 m | 11.5 m | 4.7 m | 3.5 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet85
- Growth22
- Quality90
- Returns63
- Valuation70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 40.47 – 114.90 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)40.47 – 54.43 (Mid 46.43)
- Peers: P/B46.91 – 114.90 (Mid 85.15)31 companies used · median multiple 1.8x · quartiles 1.0x – 2.4xAKR, ARI, BRSP, CTO, DLR, DRH, ESS, EXR, FCPT, FVR, GLPI, HST, KIM, LOAN, NXRT, O, PEB, PLD, PSA, PSTL, REG, SAFE, SITC, SQFT, STAG, TCI, UDR, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 11.8% | 78 (vs peers) | 7% |
| EBITDA margin · Quality | 96.9% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 2.2% | 22 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.8x | 88 (vs peers) | 15% |
| Interest coverage · Balance sheet | 3.5x | 81 (on a fixed band) | 13% |
| P/B · Valuation | 1.3x | 66 (vs peers) | 20% |
| P/E (TTM) · Valuation | 14.7x | 80 (vs peers) | 9% |
| Dividend yield · Returns | 5.2% | 63 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 76.2% | 63 (on a fixed band) | 4% |
Score groups
- Balance sheet85/100 · 2/2 factors with a value
- Growth22/100 · 1/1 factors with a value
- Quality90/100 · 2/2 factors with a value
- Returns63/100 · 2/2 factors with a value
- Valuation70/100 · 2/2 factors with a value
Memo
CENTERSPACE (CSR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 273.7 m USD in 2025; YoY growth 4.9%; net margin 35.4%; ROE 11.8%; net debt/EBITDA 2.8x.
The estimated value range is 43.69–84.67 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 65.79 USD, the price of 59.57 USD leaves a potential of 10.4% (value / price − 1) and a margin of safety of 9.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 11.8%
- EBITDA margin: 96.9%
- Net debt / EBITDA: 2.8x
- Interest coverage: 3.5x
- P/E (TTM): 14.7x
What contradicts it
- Revenue CAGR 3Y: 2.2%
- The valuation methods diverge
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| REGRegency Centers Corporation | 14.1 bn | 25.7 | 8.0% | 34.5% | +6.9% | +8% / +22% |
| ELSEquity Lifestyle Properties, Inc. | 12.2 bn | 30.8 | 23.1% | 25.6% | +0.3% | −1% / −12% |
| UDRUDR, Inc. | 11.8 bn | 17.5 | 21.8% | 40.8% | +2.4% | +2% / +11% |
| GLPIGaming and Leisure Properties, Inc. | 11.6 bn | 12.2 | 19.6% | 55.2% | +4.1% | −8% / −15% |
| STAGSTAG Industrial, Inc. | 7.3 bn | 27.1 | 7.6% | 29.9% | +10.1% | −4% / +6% |
| DRHDiamondrock Hospitality Co | 3.0 bn | 18.4 | 10.6% | 14.3% | −0.8% | +61% / +76% |
| AKRAcadia Realty Trust | 2.7 bn | 28.4 | 9.5% | 54.4% | +14.2% | −3% / +31% |
| FCPTFour Corners Property Trust, Inc. | 2.6 bn | 21.8 | 7.5% | 37.5% | +9.7% | −1% / +3% |
1- and 3-year price returns: for CSR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 45.97 Total return -18% · Per year -18% | 81.37 Total return 44% · Per year 44% | 122.69 Total return 114% · Per year 114% |
| 3 years | 42.54 Total return -13% · Per year -5% | 84.91 Total return 64% · Per year 18% | 140.88 Total return 164% · Per year 38% |
| 5 years | 39.36 Total return -9% · Per year -2% | 88.61 Total return 86% · Per year 13% | 161.75 Total return 221% · Per year 26% |
- Exit P/E± 21.23
- Net margin± 14.86
- Annual revenue growth± 12.48
- Annual dilution± 1.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Centerspace (NYSE: CSR) is a North Dakota REIT that owns, manages and develops apartment communities in the Midwest and Mountain West, focusing on Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City. It is now reviewing strategic alternatives and selling assets, with its portfolio falling from 61 communities at year-end 2025 to 60 by June 30, 2026 123. If the announced sales close at the estimated prices, they could reduce debt and change the revenue mix 3.
SWOT
Strengths
- A portfolio concentrated in growing markets, high occupancy and an actively managed balance sheet that provides flexibility 13.
- A long history of continuous quarterly distributions and an unsecured credit line that can support growth 1.
- Revenue mostly from short-term leases that allow rents to be adjusted at renewal 1.
- Same-store occupancy reached 96.0% in the second quarter of 2026, a high level for its portfolio 3.
Weaknesses
Opportunities
Risks
- Uncertainty of the strategic reviewmedium
There are no commitments to any transaction, and the process can be costly, distract management and lead to litigation 1.
- Concentration in one asset classhigh
Investments are concentrated in multifamily housing in a few regions, which amplifies the effect of a regional slowdown 1.
- Vacancy and falling rents riskmedium
Short leases let residents leave without penalty, and rents can fall quickly if the market weakens 1.
- Refinancing and capital access riskmedium
Debt remains significant, and access to financing on favorable terms may be limited if credit markets deteriorate 12.
- Disposition riskmedium
The announced sales could face delays or lower prices, and the expected special distributions depend on their outcome 3.
Investment thesis
What would need to be true (bull case)
- Occupancy and same-store results have stayed stable, and the dispositions could reduce debt and fund special distributions if they close at the estimated prices 23.
- The strategic review could produce a transaction favorable to shareholders, especially if apartment demand in the Midwest and Mountain West holds up 1.
- Holdings in growing cities and distributions paid since 1971 provide a recurring income base, if occupancy stays high 1.
What would break the thesis
- The net result stayed negative in the second quarter of 2026, and the full-year FFO outlook was lowered from the previous one 3.
- New-lease rents fell and same-store expenses rose, which could limit margins if the trend continues 23.
- If the strategic review does not lead to a transaction, its costs and uncertainty could weigh on the company without a clear benefit for shareholders 1.
What to watch
- Closing of the announced sales and use of proceeds to pay down the credit lineQ3 2026
- Outcome of the strategic alternatives review and any resulting transaction2026
- Revised FFO and core FFO per share outlook for 2026Q3 2026
- Trend in same-store occupancy and new-lease rate growthnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Rental income is the main source of revenue; total revenue in fiscal 2025 was 273.7 million USD, up 4.9% from 2024 1. The operating strategy focuses on resident experience, retention and efficiency, while the investment strategy aims to grow distributable cash flow and manage the balance sheet 1. The company has paid quarterly distributions continuously since 1971 1.
Funding combines common shares, preferred shares, operating partnership units issued for property and borrowed funds. The unsecured revolving credit facility matures in July 2028, and total indebtedness was 41.8% of gross real estate investments at December 31, 2025 1. Distributions to common shareholders and unitholders were about 65% of funds from operations in fiscal 2025 1.
Segments
Trends
- Strategic alternatives reviewmixed
The board began a review in November 2025 that includes a sale, merger or other combinations, with financial and legal advisers involved 1. If a transaction is completed, it could change the share structure and value, but the outcome is uncertain 1.
- Dispositions and debt reductionmixed
The 2026 sales are expected to pay down the credit line, but they can reduce rental income and core FFO per share 23.
- Stable same-store occupancy and NOItailwind
Same-store occupancy rose in 2026 and same-store NOI stayed roughly flat, suggesting a resilient operating base 23.
- Pressure on new-lease rents and costsheadwind
New-lease rents fell and same-store expenses rose in the first half, which could limit margins 23.
Competitive position
The company competes with other apartment communities, condominiums and single-family homes in its markets, and demand could fall if new alternatives emerge 1. Competition with other real estate investors, including REITs, for acquisitions can raise purchase prices and limit growth 1.
- Other apartment REITs and real estate investors
The sources do not name competitors; competition is described in general terms for acquisitions and rentals 1.
- Other apartment communities and single-family rentals
Direct competition comes from other apartment complexes, condominiums and houses in the areas where the company operates 1.
- Home purchase as an alternative to renting
Interest rates and financing availability can make buying a home more attractive to renters 1.
- Other real estate companies buying in the same markets
Competition for properties can raise acquisition prices or prevent purchases 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report23 Sept 2026Material agreement · Financial statements and exhibits
- Current report (amendment)23 Sept 2026Financial statements and exhibits
- Current report09 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Aug 2026Other events
- Current report14 Aug 2026Acquisition or disposition of assets · Financial statements and exhibits
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Centerspace · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Centerspace · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Centerspace · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.