Centerspace Trust (CSR)

NYSEReal EstateReit - ResidentialSnapshot 2026-10-23

$56.97-0.84%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Centerspace Trust’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	61.9M
EPS	—	0.12
FY 2026 · Annual
Revenue	—	255.36M
EPS	$6.42–$6.82	-0.379
Revenue growth	0%–1%	—
FY 2027 · Annual
Revenue	—	252.35M
EPS	—	-0.261

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Improve cash from operating activities to at least $21 million	Cash from operations was $21 million in the last quarter.	Intact	cash from operations falls below $18 million	Cash from operations: $22.705M FY2026-Q2; GAAP. Published target: >= $21 million in cash from operations. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 3, 202622,705,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 6 quarters. Cash from operating activities was $25.4 million in 2025-Q1 and $21.4 million in 2026-Q1, showing a decline. While management emphasizes improving cash flow, the financial data shows limited progress in this area recently. Delivery assessment Oct 24, 2026
Maintain dividend per share at $0.77	The company keeps paying a $0.77 dividend per share.	Intact	dividend per share falls below $0.70	Dividend per share: $0.77 per share FY2026-Q2; GAAP. Published target: $0.77 per share dividend. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 3, 20260.77 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: e8646dc6-35e6-4404-8151-cd07f7a78560. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. The company has consistently declared and paid a quarterly dividend of $0.77 per share/unit from 2025-Q3 through 2026-Q2, demonstrating stable capital return to shareholders. This priority is being delivered as evidenced by consistent dividend payments. Delivery assessment Oct 24, 2026
EPS improves from -$0.91 to better than -$0.66 in 2026	A primary condition in Centerspace Trust's published investment case. The stated target is EPS > -$0.66 per share.	Broken	EPS falls below -$0.95 per share in 2026	Diluted EPS: $-0.07 per share FY2026-Q2; GAAP. Published target: EPS > -$0.66 per share. Target period is not explicitly aligned with this observation. Source published Aug 3, 2026-0.07 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: e8646dc6-35e6-4404-8151-cd07f7a78560. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 6 quarters. Cash from operating activities was $25.4 million in 2025-Q1 and $21.4 million in 2026-Q1, showing a decline. While management emphasizes improving cash flow, the financial data shows limited progress in this area recently. Delivery assessment Oct 24, 2026
Complete $240 million in asset sales in 2026	A primary condition in Centerspace Trust's published investment case. The stated target is about $240 million in asset sales.	Recovered	asset sales fall below $200 million by 2026-Q2	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Management announced a portfolio optimization and deleveraging plan including $240-245 million of targeted asset sales in 2026, aiming to reduce total debt by $175-190 million and improve net debt to EBITDA from 8.2x to below 7x. The plan is actively progressing with multiple dispositions closed or under contract, indicating delivering trajectory. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

$0.26B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$259,215,430	3 / 7
2026-07-25	Unavailable	$259,215,430	3 / 7
2026-07-26	Unavailable	$259,219,914	3 / 5
2026-07-27	Unavailable	$259,215,430	3 / 7
2026-07-28	Unavailable	$259,215,430	3 / 7
2026-07-29	Unavailable	$259,219,914	3 / 5
2026-07-30	Unavailable	$259,219,914	3 / 5
2026-07-31	Unavailable	$259,219,914	3 / 5
2026-08-01	Unavailable	$259,219,914	3 / 5
2026-08-02	Unavailable	$259,215,430	3 / 7
2026-08-03	Unavailable	$259,219,914	3 / 5
2026-08-04	Unavailable	$258,169,057	3 / 5
2026-08-05	Unavailable	$258,169,057	3 / 5
2026-08-06	Unavailable	$258,171,140	3 / 7
2026-08-07	Unavailable	$257,927,200	3 / 5
2026-08-08	Unavailable	$257,929,290	3 / 7
2026-08-09	Unavailable	$257,929,290	3 / 7
2026-08-10	Unavailable	$257,927,200	3 / 5
2026-08-11	Unavailable	$257,927,200	3 / 5
2026-08-12	Unavailable	$257,927,200	3 / 5
2026-08-13	Unavailable	$257,927,200	3 / 5
2026-08-14	Unavailable	$257,927,200	3 / 5
2026-08-15	Unavailable	$257,927,200	3 / 5
2026-08-16	Unavailable	$257,927,200	3 / 5
2026-08-17	Unavailable	$257,927,200	3 / 5
2026-08-18	Unavailable	$257,927,200	3 / 5
2026-08-19	Unavailable	$257,927,200	3 / 5
2026-08-20	Unavailable	$253,574,750	3 / 6
2026-08-21	Unavailable	$253,574,750	3 / 6
2026-08-22	Unavailable	Unavailable	2 / 4
2026-08-23	Unavailable	Unavailable	2 / 3
2026-08-24	Unavailable	Unavailable	2 / 3
2026-08-25	Unavailable	Unavailable	2 / 3
2026-08-26	Unavailable	Unavailable	2 / 3
2026-08-27	Unavailable	Unavailable	2 / 3
2026-08-28	Unavailable	Unavailable	2 / 3
2026-08-29	Unavailable	Unavailable	2 / 3
2026-08-30	Unavailable	Unavailable	2 / 3
2026-08-31	Unavailable	Unavailable	2 / 4
2026-09-01	Unavailable	Unavailable	2 / 4
2026-09-02	Unavailable	Unavailable	2 / 4
2026-09-03	Unavailable	Unavailable	2 / 4
2026-09-04	Unavailable	Unavailable	2 / 4
2026-09-05	Unavailable	Unavailable	2 / 4
2026-09-06	Unavailable	Unavailable	2 / 4
2026-09-07	Unavailable	Unavailable	2 / 4
2026-09-08	Unavailable	Unavailable	2 / 4
2026-09-09	Unavailable	Unavailable	2 / 4
2026-09-10	Unavailable	Unavailable	2 / 4
2026-09-11	Unavailable	Unavailable	2 / 4
2026-09-12	Unavailable	Unavailable	2 / 4
2026-09-13	Unavailable	Unavailable	2 / 4
2026-09-14	Unavailable	Unavailable	2 / 4
2026-09-15	Unavailable	Unavailable	2 / 4
2026-09-16	Unavailable	Unavailable	2 / 4
2026-09-17	Unavailable	Unavailable	2 / 4
2026-09-18	Unavailable	Unavailable	2 / 4
2026-09-19	Unavailable	Unavailable	2 / 4
2026-09-20	Unavailable	Unavailable	2 / 4
2026-09-21	Unavailable	Unavailable	2 / 4
2026-09-22	Unavailable	Unavailable	2 / 4
2026-09-23	Unavailable	Unavailable	2 / 4
2026-09-24	Unavailable	Unavailable	2 / 4
2026-09-25	Unavailable	Unavailable	2 / 4
2026-09-26	Unavailable	Unavailable	2 / 4
2026-09-27	Unavailable	Unavailable	2 / 4
2026-09-28	Unavailable	Unavailable	2 / 4
2026-09-29	Unavailable	Unavailable	2 / 4
2026-09-30	Unavailable	Unavailable	2 / 4
2026-10-01	Unavailable	Unavailable	2 / 4
2026-10-02	Unavailable	Unavailable	2 / 4
2026-10-03	Unavailable	Unavailable	2 / 4
2026-10-04	Unavailable	Unavailable	2 / 4
2026-10-05	Unavailable	Unavailable	2 / 4
2026-10-06	Unavailable	Unavailable	2 / 4
2026-10-07	Unavailable	Unavailable	2 / 4
2026-10-08	Unavailable	Unavailable	2 / 4
2026-10-09	Unavailable	Unavailable	2 / 4
2026-10-10	Unavailable	Unavailable	2 / 4
2026-10-11	Unavailable	Unavailable	2 / 4
2026-10-12	Unavailable	Unavailable	2 / 4
2026-10-13	Unavailable	Unavailable	2 / 4
2026-10-14	Unavailable	Unavailable	2 / 4
2026-10-15	Unavailable	Unavailable	2 / 4
2026-10-16	Unavailable	Unavailable	2 / 4
2026-10-17	Unavailable	Unavailable	2 / 4
2026-10-18	Unavailable	Unavailable	2 / 4
2026-10-19	Unavailable	Unavailable	2 / 4
2026-10-20	Unavailable	Unavailable	2 / 4
2026-10-21	Unavailable	Unavailable	2 / 4
2026-10-22	Unavailable	Unavailable	2 / 4
2026-10-23	Unavailable	Unavailable	2 / 4
2026-10-24	Unavailable	Unavailable	2 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	4	6
2026-06-01	4	8
2026-07-01	2	8
2026-08-01	2	7
2026-09-01	3	7
2026-10-01	3	6

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 6 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades3 maintains

Recent actions · Sep 25–Oct 24 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

UBSOct 14 · prior Sep 15

$68.00 → $65.00-4.4%

$0$37.40$74.80

0 raises · 1 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Improve cash from operating activities to at least $21 millionCash from operations: $22.705M
Maintain dividend per share at $0.77Dividend per share: $0.77 per share
EPS improves from -$0.91 to better than -$0.66 in 2026Published status: Broken
Complete $240 million in asset sales in 2026Direct metric needs a verified mapping

Next proof point

Nov 2, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.9%Typical daily move · historical

Downside history

-23.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Centerspace Trust outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

CSR is a real estate company with a turnaround-like thesis centered on portfolio optimization and deleveraging. The thesis state is watch: company momentum improved recently, but performance remains below its industry cohort and earnings quality is loss-making.

What's priced into Centerspace Trust

The valuation evidence is mixed: CSR is described as cheap versus peers, yet its premium versus peers is also elevated, and the expectations gap is small. The priced-in assessment is justified, with low fragility, but the evidence does not show that valuation removes the risks from losses and execution.

What the fundamentals likely do

Near term, earnings-miss risk is elevated, and cash from operating activities declined between the cited quarters. Management has made progress on asset dispositions under its plan to reduce debt, while the stated dividend has been paid consistently; both priorities are marked mixed. The broader sector backdrop is a headwind, though recent momentum improved and recent events included an acquisition and a material agreement.

What Centerspace Trust hinges on

Over the next few quarters, the thesis hinges on whether planned asset sales translate into lower debt and improved leverage, and whether operating cash flow stabilizes. Fed rate cuts and continued strong results from sector bellwethers would be favorable conditions; a guidance cut or further earnings misses would weaken the setup.