Financials Centerspace

Stocks

CSR

US15202L1070

Residential REITs

Market Closed - NYSE Other stock markets 16:00:02 2026-07-31 EDT			5-day change	1st Jan Change
54.84 ^USD	-2.09%		-1.60%	-17.81%

06-16	BTIG Research Downgrades Centerspace to Neutral From Buy	MT
06-08	Centerspace Shares Lower After Piper Sandler Downgrade	MT

Projected Income Statement: Centerspace

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	201.7	256.7	261.3	261	273.7	262.6	259.2	253.9
Change	-	27.27%	1.79%	-0.12%	4.86%	-4.05%	-1.29%	-2.05%
EBITDA ¹	96.25	121.3	128.9	129.8	137.7	130.8	132	142.7
Change	-	26.04%	6.23%	0.73%	6.08%	-5.04%	0.92%	8.15%
EBIT ¹	29.89	13.82	17.07	21.05	64.54	12.64	28.25	44.75
Change	-	-53.77%	23.54%	23.31%	206.56%	-80.42%	123.56%	58.37%
Interest Paid ¹	-29.08	-32.75	-36.43	-37.28	-44.88	-40.72	-37.7	-36.77
Earnings before Tax (EBT) ¹	-	-17.64	49.23	-14.19	22.96	-27.15	-11.98	2.985
Change	-	-	379.07%	-128.83%	261.81%	-218.23%	55.88%	124.92%
Net income ¹	-6.457	-20.54	34.9	-19.66	17.1	-19.46	-8.213	2.33
Change	-	-218.06%	269.92%	-156.34%	186.98%	-213.82%	57.81%	128.37%
Announcement Date	2/28/22	2/21/23	2/20/24	2/18/25	2/17/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	46.66	50.41	57.99	60.31	63.12	65.44	67.85	67.9	64.78	64.57	64.07	64.51	65.04	65.02	64.51	67.09	68.55	71.4	66.62	65.07	66.29	66.41	64.82	63.44	63.98	64.46	65.12	-
Change	-	8.05%	15.03%	4.01%	4.65%	3.68%	3.68%	0.07%	-4.6%	-0.32%	-0.77%	0.68%	0.83%	-0.03%	-0.8%	4.01%	2.17%	4.16%	-6.69%	-2.33%	1.88%	0.18%	-2.4%	-2.12%	0.84%	0.75%	1.03%	-
EBITDA ¹	22.01	23.58	27.88	27.17	30.28	31.01	32.85	31.59	33.49	31.69	32.09	32.35	33.07	31.76	32.63	32.64	34.94	35.23	34.89	31.63	33.74	33.72	33.29	31.03	32.52	32.49	33.57	31.99
Change	-	7.12%	18.23%	-2.54%	11.45%	2.38%	5.94%	-3.84%	6.03%	-5.38%	1.26%	0.81%	2.22%	-3.97%	2.76%	0.01%	7.06%	0.84%	-0.96%	-9.37%	6.7%	-0.06%	-1.29%	-6.8%	4.82%	-0.1%	3.33%	-4.71%
EBIT ¹	2.733	1.144	-2.466	-3.911	3.808	7.031	6.892	2.438	5.966	17.4	-0.422	4.652	7.192	6.35	4.652	4.746	-6.796	77.21	-10.62	-5.393	5.784	5.825	6.128	5.076	7.291	7.284	8.603	7.147
Change	-	-58.14%	-315.56%	-58.6%	197.37%	84.64%	-1.98%	-64.63%	144.71%	191.57%	-102.43%	1,202.37%	54.6%	-11.71%	-26.74%	2.02%	-243.19%	1,236.11%	-113.76%	49.23%	207.25%	0.7%	5.21%	-17.16%	43.63%	-0.1%	18.12%	-16.93%
Charge d'intérêts ¹	-7.089	-7.302	-7.456	-7.715	-7.561	-7.871	-9.603	-10.32	-8.641	-8.556	-8.913	-9.207	-8.913	-8.946	-9.795	-9.635	-10.72	-12.99	-11.54	-10.47	-10.6	-10.19	-9.511	-9.079	-9.127	-9.233	-9.25	-
Earnings before Tax (EBT) ¹	23.1	-11.24	-8.805	-10.56	-3.743	-0.77	-2.565	-	-2.38	9.169	-9.885	-4.792	-1.663	-1.951	-4.792	-4.181	-16.78	65.41	-21.48	-14.97	-4.157	-4.23	-3.783	-4.539	-2.659	-2.872	-1.875	-3.211
Change	-	-148.65%	21.66%	-19.97%	64.56%	79.43%	-233.12%	-	-	485.25%	-207.81%	51.52%	65.3%	-17.32%	-145.62%	12.75%	-301.46%	489.68%	-132.84%	30.29%	72.24%	-1.76%	10.56%	-19.98%	41.41%	-7.98%	34.7%	-71.22%
Net income ¹	19.93	-11.1	-8.815	-10.2	-4.598	-2.13	-3.613	41.96	-3.47	6.167	-9.764	-5.512	-2.903	-6.166	-5.512	-3.734	-14.52	53.78	-18.43	-12.89	-2.418	-2.342	-1.798	-2.698	-1.403	-1.909	-0.9433	-2.809
Change	-	-155.69%	20.58%	-15.67%	54.9%	53.68%	-69.62%	1,261.47%	-108.27%	277.72%	-258.33%	43.55%	47.33%	-112.4%	10.61%	32.26%	-288.73%	470.53%	-134.27%	30.08%	81.24%	3.15%	23.25%	-50.1%	48.01%	-36.05%	50.58%	-197.75%
Announcement Date	8/2/21	11/1/21	2/28/22	5/2/22	8/1/22	10/31/22	2/21/23	5/1/23	7/31/23	10/30/23	2/20/24	4/29/24	7/29/24	10/28/24	2/18/25	5/1/25	8/4/25	11/3/25	2/17/26	5/4/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Centerspace

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	907	943	1,008	901	888	981
Change	-	-	-	3.97%	6.89%	-10.64%	-1.44%	10.47%
Announcement Date	2/28/22	2/21/23	2/20/24	2/18/25	2/17/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Centerspace

Fiscal Period: December	2020	2021	2022	2023	2024	2025
CAPEX ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Free Cash Flow (FCF) ¹	90	93.11	107.8	101.4	80.04	101.4
Change	-	3.46%	15.79%	-5.99%	-21.03%	26.71%
Announcement Date	2/22/21	2/28/22	2/21/23	2/20/24	2/18/25	2/17/26

¹USD in Million

Estimates

Forecast Financial Ratios: Centerspace

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	47.72%	47.25%	49.31%	49.74%	50.32%	49.8%	50.91%	56.21%
EBIT Margin (%)	14.82%	5.38%	6.53%	8.07%	23.58%	4.81%	10.9%	17.62%
EBT Margin (%)	-	-6.87%	18.84%	-5.44%	8.39%	-10.34%	-4.62%	1.18%
Net margin (%)	-3.2%	-8%	13.35%	-7.53%	6.25%	-7.41%	-3.17%	0.92%
FCF margin (%)	-	30.97%	28.11%	-	-	-	-	-
FCF / Net Income (%)	-	-387.15%	210.52%	-	-	-	-	-
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	-	-	-	-	-	-2.58%	-0.49%	0.4%
Financial Health
Leverage (Debt/EBITDA)	-	-	7.04x	7.27x	7.32x	6.89x	6.73x	6.87x
Debt / Free cash flow	-	-	12.35x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	2.84	2.92	2.92	3	3.08	5.947	3.128	3.27
Change	-	2.82%	0%	2.74%	2.67%	93.07%	-47.4%	4.55%
Book Value Per Share ¹	-	-	-	-	-	33.32	30.51	27.86
Change	-	-	-	-	-	-	-8.42%	-8.68%
EPS ¹	-0.47	-1.35	2.32	-1.27	1.02	-1.042	-0.43	-0.06
Change	-	-187.23%	271.85%	-154.74%	180.31%	-202.21%	58.75%	86.05%
Nbr of stocks (in thousands)	14,281	15,069	15,053	16,572	16,703	16,803	16,803	16,803
Announcement Date	2/28/22	2/21/23	2/20/24	2/18/25	2/17/26	-	-	-