Centerspace
Owns and operates apartment communities across Midwest and Mountain West markets.
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Profile
Owns and operates apartment communities, with rental income as the main revenue source. The portfolio is concentrated in U.S. Midwest and Mountain West markets, while rent resets, local housing competition, REIT rules, and planned asset sales shape the business.
Owns, manages, acquires, develops, and redevelops apartment communities through a multifamily-focused REIT platform. Rental income from apartment homes is the main revenue source, with smaller property fees and mixed-use activity around the edges.
The portfolio is concentrated in the United States, especially selected Midwest and Mountain West markets including Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City. Recent activity has shifted capital toward larger markets while selling non-core communities.
Execution depends on resident experience, community operations, redevelopment, acquisitions, and balance-sheet discipline. Apartment leases usually reset within a year, local alternatives compete for residents, REIT qualification governs distributions, and planned dispositions may close later than expected or not at all.
Company facts
Categories
Key statistics
Year to date −21.6% · Average volume (30d) 129.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Piper Sandler | Target | $60 | $58 | ||
| Aug 5, 2026 | RBC Capital | Reiterate | Outperform | $67 | $64 | |
| Jul 22, 2026 | Wells Fargo | Reiterate | Equal Weight | $74 | $60 | |
| Jul 21, 2026 | Piper Sandler | Reiterate | Neutral | $69 | $60 | |
| Jun 16, 2026 | BTIG | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$0.13 | −$0.07 | +46.3% | $66.3M | $65.8M | −0.7% | −1.59% |
| May 4, 2026Q1 FY26 | −$0.29 | $1.12 | +486.5% | $66.5M | $65.1M | −2.2% | −4.81% |
| Feb 17, 2026Q4 FY25 | −$0.22 | $1.25 | +663.2% | $70.0M | $66.6M | −4.8% | +1.03% |
| Nov 3, 2025Q3 FY25 | $1.22 | $1.19 | −2.5% | $69.6M | $71.4M | +2.6% | +2.32% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $67.1M | $68.5M | $71.4M | $66.6M | $65.1M | $65.8M | |
| Gross profit | $37.9M | $39.6M | $40.5M | $39.7M | −$15.9M | $39.8M | |
| Operating income | $5.3M | −$6.8M | $6.5M | $3.7M | $4.3M | $8.6M | |
| Net income | −$3.6M | −$14.4M | $53.9M | −$18.4M | −$12.8M | −$962.0K | |
| Diluted EPS | −$0.22 | −$0.87 | $3.19 | −$1.10 | −$0.77 | −$0.06 | |
| Gross margin | 56.5% | 57.8% | 56.8% | 59.5% | -24.4% | 60.5% | |
| Operating margin | 7.9% | -9.9% | 9.1% | 5.5% | 6.6% | 13.0% |
Fiscal years (4-quarter sums)FY21 $201.7M · FY22 $256.7M · FY23 $261.3M · FY24 $261.0M · FY25 $273.7M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $8.6M · Total debt $989.6M · Total assets $1.84B · Shareholders' equity $686.2M
Dividends
Raised for 8 straight years — most recently to $0.77 from $0.75 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 29, 2026 | Jun 29 | Jul 14 | $0.77 | |
| Mar 30, 2026 | Mar 30 | Apr 14 | $0.77 | |
| Dec 30, 2025 | Dec 30 | Jan 12 | $0.77 | |
| Sep 29, 2025 | Sep 29 | Oct 10 | $0.77 | |
| Jun 27, 2025 | Jun 27 | Jul 10 | $0.77 | |
| Mar 28, 2025 | Mar 28 | Apr 8 | $0.77 | raised from $0.75 |
| Dec 30, 2024 | Dec 30 | Jan 13 | $0.75 | |
| Sep 30, 2024 | Sep 30 | Oct 10 | $0.75 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 16.80M · Float 15.40M · 91.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.99M | 17.78% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 1.72M | 10.21% | 13F | Aug 13, 2026 |
| Voss Capital, LLC | 1.23M | 7.32% | 13F | Aug 14, 2026 |
| Wellington Investment Advisors Holdings LLP | 1.02M | 6.66% | 13G | Nov 8, 2024 |
| State Street Corp | 953.9K | 5.68% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 22, 2026 | Rodney Jones-Tyson | director | +1,700 | $55.26 |
| Jun 18, 2026 | John A. Schissel | director | +500 | $54.90 |
Peers
- Equity Residential
Large apartment REIT with Denver exposure and national scale
- AvalonBay Communities
Development-led apartment REIT expanding into Denver
- UDR
Colorado-based multifamily REIT with diversified U.S. markets
- Mid-America Apartment Communities
Large apartment owner competing for residents and acquisition capital
- Camden Property Trust
Public multifamily REIT active in ownership, development, and leasing
- Independence Realty Trust
Non-gateway apartment REIT with amenity-rich submarket focus
- NexPoint Residential Trust
Value-add multifamily REIT focused on workforce housing assets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Centerspace | $52.48 | +0.01% | $881.8M | 41.7 | 443.1 | 3.3 | −4.0% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| Independence Realty Trust | $16.31 | +0.03% | $3.84B | 88.9 | 91.7 | 5.8 | +3.0% |
| NexPoint Residential Trust | $23.55 | −0.04% | $598.5M | — | — | 2.3 | +2.3% |
| Median | 31.6 | 53.4 | 6.8 | +1.0% |