CSR

Centerspace
CSR

$73.18

1.36%

Market Cap: $1.12B

About: Centerspace is a real estate investment trust (REIT) that focuses on the ownership, management, acquisitions, redevelopment, and development of apartment communities. The company operates through a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities and they conduct their corporate operations from offices in Minot, North Dakota and Minneapolis, Minnesota.

Employees: 414

Financials Real Estate Investment Trusts

0

Funds holding %

of 6,710 funds

0

Analysts bullish %

of 4 analysts

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

18% more capital invested

Capital invested by funds: $679M [Q1] → $803M (+$124M) [Q2]

0.05% less ownership

Funds ownership: 80.0% [Q1] → 79.95% (-0.05%) [Q2]

3% less funds holding

Funds holding: 172 [Q1] → 166 (-6) [Q2]

20% less repeat investments, than reductions

Existing positions increased: 45 | Existing positions reduced: 56

20% less first-time investments, than exits

New positions opened: 24 | Existing positions closed: 30

53% less call options, than puts

Call options by funds: $223K | Put options by funds: $473K

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Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

Low target

$73

0%

upside

Avg. target

$77

6%

upside

High target

$82

12%

upside

4 analyst ratings

3 positive

75%

1 neutral

25%

0 negative

0%

Raymond James Buck Horne 77% 1-year accuracy 17 / 22 met price target	12%upside $82	Outperform Maintained	29 Aug 2024
BTIG James Sullivan 100% 1-year accuracy 2 / 2 met price target	8%upside $79	Buy Maintained	12 Aug 2024
RBC Capital Brad Heffern 98% 1-year accuracy 39 / 40 met price target	0%downside $73	Outperform Maintained	31 Jul 2024
Piper Sandler Alexander Goldfarb 62% 1-year accuracy 33 / 53 met price target	2%upside $75	Neutral Maintained	31 Jul 2024

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Financial journalist opinion

Based on 4 articles about CSR published over the past 30 days

The September Swoon

U.S. equity markets posted their worst week since March 2023 while benchmark interest rates tumbled to eighteen-month lows after employment data indicated a further cooling in economic momentum. Among several disappointing reports, BLS Nonfarm Payrolls data showed that the U.S. economy added just 142k jobs in August, while prior months were again revised sharply lower. Snapping a four-week winning streak that lifted the major benchmark to the cusp of record highs, the S&P 500 tumbled 4.1% this week. Technology stocks dragged on the downside.

The September Swoon

Centerspace: One Of The Cheapest Multifamily REITs

Centerspace focuses on residential properties in Minnesota and Colorado. Its portfolio should benefit from stable population growth and lower unemployment rates in key markets. With manageable leverage, adequate liquidity, and a well-structured debt maturity profile, Centerspace faces minimal solvency risk and offers an attractive forward AFFO yield.

Centerspace: One Of The Cheapest Multifamily REITs

CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND, REDEMPTION OF SERIES C PREFERRED SHARES AND SHARE ISSUANCE UPDATE

MINNEAPOLIS , Sept. 3, 2024 /PRNewswire/ -- (NYSE: CSR) Centerspace's (the "Company") Board of Trustees announced today that it has declared a regular quarterly distribution of $0.75 per share/unit, payable on October 10, 2024, to common shareholders and unitholders of record at the close of business on September 30, 2024.

CENTERSPACE ANNOUNCES QUARTERLY DIVIDEND, REDEMPTION OF SERIES C PREFERRED SHARES AND SHARE ISSUANCE UPDATE

Centerspace: Increased 2024 Outlook As Occupancy Recovers

Centerspace is a residential REIT focused primarily on Minnesota, Colorado, and North Dakota. The REIT has significantly outperformed the Vanguard Real Estate Index Fund ETF in 2024, delivering a 32% total return. While the stock price rally has reduced the company's sensitivity to Fed rate cuts, it remains attractively valued relative to peers such as Independence Realty Trust.

Centerspace: Increased 2024 Outlook As Occupancy Recovers

CENTERSPACE ANNOUNCES FIFTH ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT

MINNEAPOLIS , Aug. 20, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) published its 2024 Environmental, Social, and Governance (ESG) Report, highlighting the company's commitment to sustainable business practices in the multifamily industry. This is the Company's fifth annual report following its 2019 formation of an Environmental, Social, and Governance Committee established to lead identification, implementation, and tracking the progress of various sustainability initiatives.

CENTERSPACE ANNOUNCES FIFTH ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORT

Behind The Curve

U.S. equity markets tumbled in a volatile week, while benchmark interest rates plunged by the most since December 2008 after employment data showed decisive evidence of weakening labor market conditions. Volatility was amplified by a confluence of central bank policy decisions, a hit-and-miss slate of corporate earnings results, an intensification of geopolitical risks, and a re-pricing of domestic political expectations. Among several weak employment reports, the critical nonfarm payrolls report showed that the unemployment rate jumped to the highest level since 2021 in July, and the report was even weaker under-the-surface.

Behind The Curve

Centerspace (CSR) Q2 2024 Earnings Call Transcript

Centerspace (NYSE:CSR ) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET Company Participants Josh Klaetsch - Investor Relations Anne Olson - President and Chief Executive Officer Bhairav Patel - Executive Vice President and Chief Financial Officer Grant Campbell - Senior Vice President, Investments Conference Call Participants Brad Heffern - RBC Capital Markets Rob Stevenson - Janney Connor Mitchell - Piper Sandler John Kim - BMO Capital Markets Mason Guell - Baird Operator Good morning and welcome to Centerspace Quarter Two 2024 Earnings Call. My name is Kiki and I will be your conference call operator today.

Centerspace (CSR) Q2 2024 Earnings Call Transcript

Zacks Investment Research

Centerspace (CSR) Surpasses Q2 FFO Estimates

Centerspace (CSR) came out with quarterly funds from operations (FFO) of $1.27 per share, beating the Zacks Consensus Estimate of $1.20 per share. This compares to FFO of $1.28 per share a year ago.

Centerspace (CSR) Surpasses Q2 FFO Estimates

Centerspace Reports Second Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance

MINNEAPOLIS , July 29, 2024 /PRNewswire/ -- Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2024. The tables below show Net Income (Loss), Funds from Operations ("FFO")1, and Core FFO1, all on a per diluted share basis, for the three and six months ended June 30, 2024; Same-Store Revenues, Expenses, and Net Operating Income ("NOI")1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended June 30, 2024, March 31, 2024, and June 30, 2023.

Centerspace Reports Second Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance

Apartment Fundamental Outlook Improved As Supply Wanes

Apartment REITs have beaten 1Q24 earnings despite a massive new supply wave hitting the sector in 2024 and early 2025. Demand drivers such as strong employment, low savings rate, high cost of houses, and high cost of construction have kept occupancy high despite the supply. Supply growth is dropping in mid-to-late 2025, making investments in the apartment sector appealing for long-term growth potential.

Apartment Fundamental Outlook Improved As Supply Wanes

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