Financials Centerspace

Stocks

CSR

US15202L1070

Residential REITs

Market Closed - NYSE 16:00:02 2026-08-25 EDT			5-day change	1st Jan Change
53.90 ^USD	-1.28%		+1.07%	-19.21%

08-10	An undisclosed buyer scompleted the acquisition of six communities in Bismarck, North Dakota from Centerspace for $150 million.	CI
08-05	RBC Adjusts Price Target on Centerspace to $64 From $67, Maintains Outperform Rating	MT

Projected Income Statement: Centerspace

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	201.7	256.7	261.3	261	273.7	254.9	253.6
Change	-	27.27%	1.79%	-0.12%	4.86%	-6.84%	-0.54%
EBITDA ¹	96.25	121.3	128.9	129.8	137.7	124.1	115.6
Change	-	26.04%	6.23%	0.73%	6.08%	-9.89%	-6.85%
EBIT ¹	29.89	13.82	17.07	21.05	64.54	13.4	19
Change	-	-53.77%	23.54%	23.31%	206.56%	-79.24%	41.79%
Interest Paid ¹	-29.08	-32.75	-36.43	-37.28	-44.88	-36.73	-28.53
Earnings before Tax (EBT) ¹	-	-17.64	49.23	-14.19	22.96	-20.5	-8.2
Change	-	-	379.07%	-128.83%	261.81%	-189.27%	60%
Net income ¹	-6.457	-20.54	34.9	-19.66	17.1	10.39	-8.064
Change	-	-218.06%	269.92%	-156.34%	186.98%	-39.26%	-177.63%
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 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
Net sales ¹	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	65.78	62.34	61.97	61.53	62.11	62.28	62.82
Change	-	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%	1.1%	-5.23%	-0.58%	-0.71%	0.94%	0.28%	0.86%
EBITDA ¹	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	34.58	29.55	28.74	27.5	29.6	28.75	30.4
Change	-	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%	9.34%	-14.55%	-2.74%	-4.31%	7.64%	-2.87%	5.74%
EBIT ¹	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	8.784	5.4	4.8	3.9	5.1	4.4	5.7
Change	-	-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%	262.88%	-38.52%	-11.11%	-18.75%	30.77%	-13.73%	29.55%
Charge d'intérêts ¹	-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	-	-8.875	-7.319	-7.109	-7.142	-7.142	-7.175
Earnings before Tax (EBT) 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	-1.13	-2.3	-1.9	-2.8	-1.8	-2.4	-1.2
Change	-	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%	92.45%	-103.54%	17.39%	-47.37%	35.71%	-33.33%	50%
Net income ¹	-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	-1.02	-2.075	-	-3.2	-1.75	-2.5	-1.5
Change	-	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%	92.09%	-103.43%	-	-	45.31%	-42.86%	40%
Announcement Date	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	8/3/26	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Centerspace

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	907	943	1,008	739	719
Change	-	-	-	3.97%	6.89%	-26.71%	-2.71%
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	2022	2023	2026	2027
CAPEX ¹	-	-	15.17	15.72
Change	-	-	-	3.63%
Free Cash Flow (FCF) ¹	79.51	73.46	-	-
Change	-	-7.6%	-	-
Announcement Date	2/21/23	2/20/24	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Centerspace

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	47.72%	47.25%	49.31%	49.74%	50.32%	48.67%	45.58%
EBIT Margin (%)	-	14.82%	5.38%	6.53%	8.07%	23.58%	5.26%	7.49%
EBT Margin (%)	-	-	-6.87%	18.84%	-5.44%	8.39%	-8.04%	-3.23%
Net margin (%)	-	-3.2%	-8%	13.35%	-7.53%	6.25%	4.07%	-3.18%
FCF margin (%)	-	-	30.97%	28.11%	-	-	-	-
FCF / Net Income (%)	-	-	-387.15%	210.52%	-	-	-	-
Profitability
ROA	0.44%	0.17%	0.48%	0.77%	0.79%	0.77%	-	-
ROE	0.68%	-0.25%	-1.77%	5.14%	-1.54%	2.63%	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	7.04x	7.27x	7.32x	5.96x	6.22x
Debt / Free cash flow	-	-	-	12.35x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	5.95%	6.2%
CAPEX / EBITDA (%)	-	-	-	-	-	-	12.22%	13.6%
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	2.84	2.92	2.92	3	3.08	5.292	3.114
Change	-	-	2.82%	0%	2.74%	2.67%	71.83%	-41.17%
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	-	-0.47	-1.35	2.32	-1.27	1.02	0.62	-0.36
Change	-	-	-187.23%	271.85%	-154.74%	180.31%	-39.22%	-158.06%
Nbr of stocks (in thousands)	-	14,281	15,069	15,053	16,572	16,703	16,794	16,794
Announcement Date	-	2/28/22	2/21/23	2/20/24	2/18/25	2/17/26	-	-