# Centerspace (CSR)

> Source: Nexqual · https://nexqual.com/CSR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Centerspace (CSR), nexqual.com/CSR" · informational, not investment advice.

**Price:** USD 57.45 (+2.28% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 56.17 · day 56.5–57.78 · 52w 52–69.61 · market cap $1.02B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $269M, net income $21.4M (8.0% margin), free cash flow -$10.0M (SEC filings).
- Valuation: P/E 47.4x (avg 44.8x at the last 2 fiscal year-ends), EV/EBITDA 11.1x, net debt $981M.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $121K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.44 on a 1–5 scale) (9 analysts), mean target USD 62.86 (range 53–80).
- Total return with dividends: 1Y +1.7% vs S&P 500 +14.9%; 5Y -30.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.1, revenue estimate $63.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $202M | $257M | $261M | $261M | $274M | $269M |
| Gross profit | $193M | $247M | $252M | $252M | $264M | — |
| Operating income | $29.9M | $13.9M | $84.5M | $20.5M | $64.5M | $70.0M |
| Net income | -$29K | -$14.1M | $41.3M | -$11.3M | $17.1M | $21.4M |
| EPS (diluted) | -$0.47 | -$1.35 | $2.32 | -$1.27 | $1.02 | — |
| Free cash flow | $82.8M | $91.9M | $89.5M | $41.6M | $64.3M | -$10.0M |
| Gross margin | 95.7% | 96.1% | 96.4% | 96.5% | 96.5% | — |
| Operating margin | 14.8% | 5.4% | 32.3% | 7.8% | 23.6% | 26.0% |
| Net margin | 0.0% | -5.5% | 15.8% | -4.3% | 6.2% | 8.0% |
| Revenue growth | +13.3% | +27.3% | +1.8% | -0.1% | +4.9% | — |
| Cash + short-term investments | $31.3M | $10.5M | $8.6M | $12.0M | $12.8M | — |
| Total debt | $860M | $1.01B | $916M | $955M | $1.02B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 47.4x · P/S 3.8x · EV/EBITDA 11.1x · EV/Sales 7.4x · P/B 1.5x · FCF yield -0.98% · Earnings yield 2.11% · Dividend yield (paid, TTM) 5.07% · Net debt $981M · EV $2.00B
P/E at fiscal year-ends: Dec 2025 65.4x, Dec 2023 24.1x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $121K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-22 | Jones-Tyson Rodney | Director | 1,700 | $94K | 55.26 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Schissel John A | Director | 500 | $27K | 54.9 | Too little history (no open-market trades in 2023) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.44 on a 1–5 scale), 9 analysts; mean target USD 62.86 (low 53, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $57 → $53 |
| 2026-10-14 | UBS | Target lowered | Neutral | $68 → $65 |
| 2026-10-12 | Piper Sandler | Target lowered | Neutral | $58 → $56 |
| 2026-09-15 | UBS | Target lowered | Neutral | $70 → $68 |
| 2026-09-10 | Compass Point | Upgrade | Neutral → Buy | $64.5 → $80 |
| 2026-09-10 | Cantor Fitzgerald | Reiterated | Neutral | $57 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $60 → $57 |
| 2026-08-27 | Piper Sandler | Target lowered | Neutral | $60 → $58 |
| 2026-08-05 | RBC Capital | Target lowered | Outperform | $67 → $64 |
| 2026-07-22 | Wells Fargo | Target lowered | Equal-Weight | $70 → $60 |
| 2026-07-21 | Piper Sandler | Target lowered | Neutral | $64 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.7% | -30.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.7% | -6.9% |
| Volatility (annualized) | 28.0% | 26.6% |
| Max drawdown | -22.9% (May 2026→Sep 2026) | -53.4% (Dec 2021→Oct 2023) |

## Peers (REIT - Residential)
NXRT (NexPoint Residential Trust, Inc) USD 19.09 +5.53% · UMH (UMH Properties, Inc.) USD 15.45 +2.86% · IRT (Independence Realty Trust, Inc.) USD 15.17 +2.36% · MRP (Millrose Properties, Inc.) USD 23.97 +3.81% · JAN (Janus Living, Inc.) USD 28.64 +1.02% · CPT (Camden Property Trust) USD 102.74 +2.55%

## More
Full page: https://nexqual.com/CSR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.13 | -24.6% | $63.1M | 1 |
| Next quarter (ends 2026-12-31) | $-0.10 | $-0.11 | -12.0% | $61.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.93 | $-1.08 | -14.1% | $255.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.36 | $-0.52 | -30.6% | $249.2M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±6.8%; last 8 reports averaged ±1.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.8% | ±6.8% |
| 2026-12-18 | 56 | 31.8% | ±9.3% |
| 2027-03-19 | 147 | 24.3% | ±12.4% |
| 2027-06-17 | 237 | 24.7% | ±15.8% |