Centerspace (CSR)
Market Price (5/4/2026): $68.4 | Market Cap: $1.1 BilSector: Real Estate | Industry: Multi-Family Residential REITs
Centerspace (CSR)
Market Price (5/4/2026): $68.4Market Cap: $1.1 BilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, Dividend Yield is 4.5%, FCF Yield is 8.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, and IoT for Buildings. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -1.8% Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -32% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% Key risksCSR key risks include [1] significant financial distress from high leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, Dividend Yield is 4.5%, FCF Yield is 8.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, and IoT for Buildings. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -1.8% |
| Weak multi-year price returns2Y Excs Rtn is -25%, 3Y Excs Rtn is -32% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88% |
| Key risksCSR key risks include [1] significant financial distress from high leverage, Show more. |
Qualitative Assessment
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Centerspace (CSR) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Favorable Broader REIT Market Performance: The overall Real Estate Investment Trust (REIT) sector demonstrated strong performance during the period, providing a positive macroeconomic backdrop for Centerspace. The FTSE Nareit All Equity REITs Index achieved a 7.5% total return in February 2026, and a 10.5% year-to-date return as of late February 2026, significantly outpacing broader market indices.
2. Analyst Upgrades and Raised Price Targets: Centerspace benefited from several positive analyst actions. Notably, Piper Sandler upgraded Centerspace from a "Neutral" to an "Overweight" rating on April 7, 2026, and increased its price target from $69.00 to $72.00, citing the strength of the company's Upper Midwest portfolio. Additionally, Royal Bank of Canada raised its price target for Centerspace from $68.00 to $72.00 while maintaining an "Outperform" rating on February 19, 2026.
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1. Favorable Broader REIT Market Performance: The overall Real Estate Investment Trust (REIT) sector demonstrated strong performance during the period, providing a positive macroeconomic backdrop for Centerspace. The FTSE Nareit All Equity REITs Index achieved a 7.5% total return in February 2026, and a 10.5% year-to-date return as of late February 2026, significantly outpacing broader market indices.
2. Analyst Upgrades and Raised Price Targets: Centerspace benefited from several positive analyst actions. Notably, Piper Sandler upgraded Centerspace from a "Neutral" to an "Overweight" rating on April 7, 2026, and increased its price target from $69.00 to $72.00, citing the strength of the company's Upper Midwest portfolio. Additionally, Royal Bank of Canada raised its price target for Centerspace from $68.00 to $72.00 while maintaining an "Outperform" rating on February 19, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 7.8% change in CSR stock from 1/31/2026 to 5/3/2026 was primarily driven by a 90.3% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.41 | 68.38 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 273 | 274 | 0.1% |
| Net Income Margin (%) | 11.4% | 6.4% | -43.4% |
| P/E Multiple | 34.2 | 65.0 | 90.3% |
| Shares Outstanding (Mil) | 17 | 17 | 0.0% |
| Cumulative Contribution | 7.8% |
Market Drivers
1/31/2026 to 5/3/2026| Return | Correlation | |
|---|---|---|
| CSR | 7.8% | |
| Market (SPY) | 3.6% | 17.1% |
| Sector (XLRE) | 7.7% | 37.0% |
Fundamental Drivers
The 18.3% change in CSR stock from 10/31/2025 to 5/3/2026 was primarily driven by a 15.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.80 | 68.38 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 267 | 274 | 2.5% |
| P/S Multiple | 3.6 | 4.2 | 15.3% |
| Shares Outstanding (Mil) | 17 | 17 | 0.1% |
| Cumulative Contribution | 18.3% |
Market Drivers
10/31/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| CSR | 18.3% | |
| Market (SPY) | 5.5% | 6.5% |
| Sector (XLRE) | 10.3% | 30.8% |
Fundamental Drivers
The 19.2% change in CSR stock from 4/30/2025 to 5/3/2026 was primarily driven by a 14.6% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.38 | 68.38 | 19.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 261 | 274 | 4.9% |
| P/S Multiple | 3.6 | 4.2 | 14.6% |
| Shares Outstanding (Mil) | 17 | 17 | -0.8% |
| Cumulative Contribution | 19.2% |
Market Drivers
4/30/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| CSR | 19.2% | |
| Market (SPY) | 30.4% | 14.5% |
| Sector (XLRE) | 11.0% | 48.1% |
Fundamental Drivers
The 40.4% change in CSR stock from 4/30/2023 to 5/3/2026 was primarily driven by a 46.5% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.72 | 68.38 | 40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 257 | 274 | 6.6% |
| P/S Multiple | 2.9 | 4.2 | 46.5% |
| Shares Outstanding (Mil) | 15 | 17 | -10.1% |
| Cumulative Contribution | 40.4% |
Market Drivers
4/30/2023 to 5/3/2026| Return | Correlation | |
|---|---|---|
| CSR | 40.4% | |
| Market (SPY) | 78.7% | 31.4% |
| Sector (XLRE) | 30.2% | 60.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CSR Return | 62% | -45% | 4% | 19% | 6% | 4% | 22% |
| Peers Return | 70% | -33% | 3% | 20% | -9% | 0% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| CSR Win Rate | 75% | 25% | 67% | 67% | 58% | 25% | |
| Peers Win Rate | 85% | 27% | 45% | 60% | 37% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CSR Max Drawdown | -4% | -46% | -15% | -10% | -18% | -14% | |
| Peers Max Drawdown | -4% | -36% | -14% | -7% | -16% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MAA, UDR, EQR, CPT, AVB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | CSR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.8% | -18.8% |
| % Gain to Breakeven | 12.1% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.7% | -9.5% |
| % Gain to Breakeven | 29.4% | 10.5% |
| Time to Breakeven | 165 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 126 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.6% | 50.9% |
| Time to Breakeven | 459 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.3% | 23.7% |
| Time to Breakeven | 24 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.8% | -12.2% |
| % Gain to Breakeven | 17.4% | 13.9% |
| Time to Breakeven | 29 days | 62 days |
In The Past
Centerspace's stock fell -10.8% during the 2025 US Tariff Shock. Such a loss loss requires a 12.1% gain to breakeven.
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| Event | CSR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.7% | -9.5% |
| % Gain to Breakeven | 29.4% | 10.5% |
| Time to Breakeven | 165 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.7% | -6.7% |
| % Gain to Breakeven | 32.8% | 7.1% |
| Time to Breakeven | 126 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.7% | -33.7% |
| % Gain to Breakeven | 87.6% | 50.9% |
| Time to Breakeven | 459 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -22.1% | -6.8% |
| % Gain to Breakeven | 28.4% | 7.3% |
| Time to Breakeven | 327 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -20.9% | -53.4% |
| % Gain to Breakeven | 26.4% | 114.4% |
| Time to Breakeven | 6 days | 1085 days |
In The Past
Centerspace's stock fell -10.8% during the 2025 US Tariff Shock. Such a loss loss requires a 12.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Centerspace (CSR)
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2021, Centerspace owned 62 apartment communities consisting of 11,579 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
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- Equity Residential for Midwest apartment communities.
- Marriott, but for apartment communities instead of hotels.
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- Apartment Rentals: Centerspace provides residential living spaces to tenants across its portfolio of apartment communities.
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Centerspace (CSR) is an owner and operator of apartment communities. As such, it sells primarily to individuals who rent apartment homes. The company does not have "major customers" in the traditional sense of selling to other businesses. Instead, its customer base consists of thousands of individual tenants. These individual customers can generally be categorized as:
- Working Professionals and Singles: Individuals and childless couples who seek convenient, amenity-rich living spaces, often near employment hubs or urban centers.
- Families: Households with children who are looking for multi-bedroom units, access to community amenities, and a stable residential environment.
- Individuals Seeking Transitional or Flexible Housing: This category includes people relocating for work or education, those who prefer the flexibility of renting over homeownership, or individuals undergoing various life transitions.
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Anne M. Olson, President and Chief Executive OfficerMs. Olson was appointed President and Chief Executive Officer in March 2023. She joined Centerspace in April 2017 and previously served as the company's Executive Vice President, Chief Operating Officer, and General Counsel. During her tenure at Centerspace, she has overseen more than $800 million in dispositions and led the expansion of the company's market presence in Denver, Colorado. Prior to joining Centerspace, Ms. Olson was a Partner in Dorsey & Whitney LLP's Real Estate Practice Group, where her focus included development and investment real estate for publicly traded and publicly registered REITs, as well as private equity funds and national developers and owners. Before 2011, she served as Director of Investment Operations and in-house counsel for Welsh Companies, LLC, contributing to the growth of its asset portfolio and the development of a successful capital markets strategy.
Bhairav Patel, Executive Vice President and Chief Financial Officer
Mr. Patel joined Centerspace as Executive Vice President in November 2021 and was appointed Chief Financial Officer in January 2022. He is responsible for all aspects of the company's financial strategy and operations, including accounting, financial reporting, financial planning and analysis, treasury, and tax. Prior to Centerspace, Mr. Patel served as Executive Vice President of Finance and Accounting and Interim Chief Financial Officer for New Senior Investment Group Inc. New Senior was acquired by Ventas in September 2021 during his time as Interim CFO. Before his role at New Senior, he was a Managing Director in Fortress Investment Group's private equity group, where he also served as Chief Accounting Officer for New Senior when it was externally managed by Fortress. Mr. Patel joined Fortress in 2007 and held various positions within their corporate accounting and finance divisions.
Grant Campbell, Senior Vice President - Investments and Capital Markets
Mr. Campbell serves as Senior Vice President of Investments and Capital Markets. He oversees Centerspace's new investment initiatives, engages with the investor and equity research communities, and contributes to the firm's strategic direction, including its expansion in the Mountain West. Since joining Centerspace in 2016, he has been instrumental in leading $1.8 billion in new investments across 7,600 apartment units. Prior to Centerspace, Mr. Campbell was a Vice President with The Excelsior Group, where he identified and executed opportunities for the company's investment fund business.
Julie Ellis, Senior Vice President and Chief Accounting Officer
Ms. Ellis has held the position of Chief Accounting Officer since October 2022. She brings over 25 years of experience in financial reporting and accounting, working with both public and private companies, including a significant focus on real estate. Most recently, she was the Vice President, Corporate Controller for Datasite, a privately held SaaS solution provider, and served as CFO at Tapestry Companies, a privately held senior housing and property management provider.
Kelly Weber, Senior Vice President and Chief Administrative Officer
Ms. Weber was appointed Chief Administrative Officer in January 2026. In this role, she oversees marketing, training, centralized services, and information technology. She joined Centerspace in November 2020 and has led numerous projects related to technology and automation, centralization, and reporting. Before joining Centerspace, she served as Vice President of Marketing with BH Management Services and has more than 15 years of experience in the multifamily industry.
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The key risks to Centerspace's business operations primarily stem from its financial health, sensitivity to broader real estate market dynamics, and operational performance challenges.
- High Leverage and Financial Instability: Centerspace exhibits a high debt-to-equity ratio, reported at 1.52 and 1.54. The company's interest coverage ratio is notably low at 0.58, indicating that its earnings may be insufficient to cover interest expenses. Additionally, low current and quick ratios (0.53 and 0.57) suggest potential liquidity issues. The Altman Z-Score, a measure of financial distress, places Centerspace in the "distress zone" with scores of 0.25 and 0.13, implying a risk of financial instability. This elevated leverage is considered a significant vulnerability, particularly given its potential impact on the company's ability to manage debt and fund growth.
- Exposure to Real Estate Market Fluctuations and Macroeconomic Headwinds: As an owner and operator of apartment communities, Centerspace is highly susceptible to fluctuations in real estate market conditions and interest rates, which can significantly impact its profitability and valuation. The company's performance is dependent on the broader economy, and unfavorable supply-demand dynamics or deteriorating macroeconomic conditions could lead to increased volatility. Rising interest rates, in particular, can increase borrowing costs for REITs like Centerspace, which often rely on external capital for expansion. Specific markets, such as Denver, have already shown signs of weakness with declining lease rates due to increased supply.
- Operational Performance Challenges: Centerspace faces operational headwinds, including declining occupancy rates as rent increases may strain its tenant base, especially those in lower-income brackets. Recent financial results and guidance reflect these challenges, with Centerspace reporting a wider net loss for the fourth quarter of 2025 and projecting a net loss for 2026, signaling a potential setback after returning to profitability in 2025. There has also been a reported 4.8% decline in new lease rates and a slip in same-store occupancy to 95.3%, contributing to cautious sentiment around the company's near-term earnings trajectory.
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Centerspace (NYSE: CSR) operates in the apartment community sector, with its primary services revolving around the ownership and operation of residential rental properties. The company's addressable markets are concentrated in several U.S. states. As of 2026, the estimated market sizes for apartment rentals in these regions are as follows:
- Colorado: The apartment rental industry in Colorado is projected to be approximately $5.0 billion in 2026.
- Minnesota: The estimated addressable market for apartment rentals in Minnesota is approximately $11.48 billion. This is calculated based on 618,299 renter households and an average monthly rent of $1,550 in March 2026.
- Montana: The apartment rental market in Montana is estimated at $691.2 million in 2026.
- Nebraska: The addressable market for apartment rentals in Nebraska is approximately $3.49 billion. This estimate is derived from 263,282 renter-occupied households and an average monthly rent of $1,102 in March 2026.
- North Dakota: The apartment rental industry in North Dakota is projected to be $306.6 million in 2026.
- South Dakota: The apartment rental market in South Dakota is estimated at $387.5 million in 2026.
- Utah: The apartment rental industry in Utah is projected to be $2.1 billion in 2026.
The market sizes provided are for the respective U.S. states in which Centerspace operates.
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Here are 3-5 expected drivers of future revenue growth for Centerspace (CSR) over the next 2-3 years:
- Rent Growth and Positive Leasing Spreads: Centerspace anticipates future revenue growth through increases in market rents and positive blended leasing spreads across its portfolio. Management expects blended leasing spreads to be approximately 2% in 2026. Specifically, North Dakota communities are projected to lead in rent growth, followed by Minneapolis and Omaha, which are expected to contribute significantly to revenue growth in the Midwest markets.
- Maintaining High Occupancy Rates: The company's focus on maintaining strong occupancy, targeting the mid-95% range, is a key driver for maximizing rental income from its apartment communities. High and stable occupancy rates ensure consistent revenue generation from its existing portfolio.
- Strategic Portfolio Repositioning: Centerspace is actively enhancing its portfolio quality and average rents by acquiring newer, higher-quality assets in growth markets and disposing of older, lower-margin properties. Recent transactions include entering the Salt Lake City market and expanding in Fort Collins, Colorado, while exiting markets like St. Cloud, Minnesota, and pruning Minneapolis holdings. This strategy aims to improve cash flow diversification, average monthly rent per home, and operating margins.
- Value-Add Investments: The company allocates capital to value-add projects within its existing communities. These investments are designed to upgrade properties, allowing Centerspace to command higher rents and enhance revenue per occupied home.
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```htmlShare Repurchases
- Centerspace announced a share repurchase program on August 4, 2025, authorizing the repurchase of up to $100 million worth of its shares, valid until July 31, 2026.
- In 2025, Centerspace repurchased 62,973 common shares for $3.5 million.
- The company repurchased 432,000 common shares for $29.1 million in 2022 and 216,000 common shares for $11.5 million in 2023, with additional repurchases of 87,722 shares for $4.7 million subsequent to December 31, 2023.
Share Issuance
- Centerspace issued approximately 110,000 common shares for $7.7 million in gross proceeds.
- As of December 31, 2025, the company had $262.9 million of capacity remaining under an at-the-market equity program.
Outbound Investments
- In 2025, Centerspace engaged in $493 million of transaction activity to reshape its portfolio, which included market entries, exits, and property pruning.
- During 2025, Centerspace acquired two communities for $281.2 million, including entering the Salt Lake City, UT market with a 341-home acquisition for $149 million and expanding in Fort Collins.
- In 2025, the company sold twelve non-core apartment communities in Minnesota and one corporate office building for an aggregate sales price of $215.5 million, and also exited the St. Cloud, MN market by selling five communities for $124.0 million.
Capital Expenditures
- For 2026, Centerspace expects same-store capital expenditures to range from $1,250 to $1,350 per home.
- Value-add expenditures for 2026 are projected to be between $2.5 million and $12.5 million.
- The primary focus of capital expenditures is on enhancing property value through upgrades and efficient management, maintaining high occupancy rates, and fortifying tenant satisfaction and retention by modernizing units and facilities.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.41 |
| Mkt Cap | 13.5 |
| Rev LTM | 1,963 |
| Op Inc LTM | 465 |
| FCF LTM | 650 |
| FCF 3Y Avg | 663 |
| CFO LTM | 967 |
| CFO 3Y Avg | 976 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.9% |
| Rev Chg 3Y Avg | 3.0% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | -1.3% |
| Op Inc Chg 3Y Avg | 4.1% |
| Op Mgn LTM | 23.1% |
| Op Mgn 3Y Avg | 24.4% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 52.4% |
| CFO/Rev 3Y Avg | 51.8% |
| FCF/Rev LTM | 35.9% |
| FCF/Rev 3Y Avg | 35.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 13.5 |
| P/S | 7.0 |
| P/Op Inc | 32.6 |
| P/EBIT | 19.8 |
| P/E | 30.0 |
| P/CFO | 13.9 |
| Total Yield | 7.6% |
| Dividend Yield | 4.4% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.2% |
| 3M Rtn | 1.8% |
| 6M Rtn | 9.2% |
| 12M Rtn | -10.1% |
| 3Y Rtn | 11.2% |
| 1M Excs Rtn | -1.4% |
| 3M Excs Rtn | -2.4% |
| 6M Excs Rtn | 5.3% |
| 12M Excs Rtn | -36.5% |
| 3Y Excs Rtn | -62.2% |
Price Behavior
Price Behavior
| Market Price | $68.38 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 10/17/1997 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $61.79 | $60.22 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 10.7% | 13.6% |
| 3M | 1YR | |
| Volatility | 22.1% | 24.9% |
| Downside Capture | -0.01 | 0.11 |
| Upside Capture | 29.87 | 32.76 |
| Correlation (SPY) | 15.6% | 14.5% |
CSR Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.30 | 0.24 | 0.22 | 0.12 | 0.28 | 0.52 |
| Up Beta | -0.34 | -0.16 | -0.10 | -0.34 | 0.17 | 0.46 |
| Down Beta | 7.54 | 0.78 | 0.81 | 0.29 | 0.39 | 0.48 |
| Up Capture | 67% | 44% | 27% | 35% | 25% | 27% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 22 | 30 | 61 | 124 | 378 |
| Down Capture | -396% | 13% | 12% | 6% | 31% | 81% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 21 | 34 | 63 | 127 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSR | |
|---|---|---|---|---|
| CSR | 19.3% | 24.8% | 0.66 | - |
| Sector ETF (XLRE) | 11.1% | 13.7% | 0.53 | 48.1% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 14.5% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | 9.0% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -5.9% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 50.9% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | -3.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSR | |
|---|---|---|---|---|
| CSR | 3.5% | 26.3% | 0.13 | - |
| Sector ETF (XLRE) | 4.3% | 19.1% | 0.13 | 66.2% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 40.2% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 12.3% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 7.8% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 68.1% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 10.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSR | |
|---|---|---|---|---|
| CSR | 4.7% | 29.2% | 0.21 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 62.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 43.5% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 6.3% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 13.9% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 64.8% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 9.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/17/2026 | 1.0% | -1.7% | -5.2% |
| 11/3/2025 | 2.3% | -0.4% | 9.6% |
| 8/4/2025 | -0.8% | -1.4% | 8.2% |
| 5/1/2025 | 2.1% | 0.7% | 6.2% |
| 2/18/2025 | 2.5% | 4.5% | 2.9% |
| 10/28/2024 | -2.6% | -3.4% | 2.8% |
| 7/29/2024 | -0.8% | -2.1% | 7.0% |
| 2/20/2024 | 3.9% | -0.8% | 1.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 15 |
| # Negative | 11 | 10 | 6 |
| Median Positive | 2.0% | 3.6% | 6.2% |
| Median Negative | -0.8% | -1.5% | -6.1% |
| Max Positive | 7.1% | 13.1% | 23.5% |
| Max Negative | -3.2% | -10.8% | -18.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income (loss) per Share - diluted | -0.49 | -0.34 | -0.19 | ||||
| 2026 FFO per Share - diluted | 4.61 | 4.75 | 4.89 | -0.5% | Lowered | Guidance: 4.78 for 2025 | |
| 2026 Core FFO per Share - diluted | 4.81 | 4.93 | 5.05 | 0.2% | Raised | Guidance: 4.92 for 2025 | |
| 2026 Same-store Revenue Growth | 0.0% | 0.88% | 1.75% | -61.1% | -1.4% | Lowered | Guidance: 2.25% for 2025 |
| 2026 Same-store Total Expenses Growth | 1.0% | 1.5% | 2.0% | 100.0% | 0.8% | Raised | Guidance: 0.75% for 2025 |
| 2026 Same-store NOI Growth | -0.5% | 0.75% | 2.0% | -76.9% | -2.5% | Lowered | Guidance: 3.25% for 2025 |
Prior: Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net income per Share – diluted | 1.97 | 2.08 | 2.19 | -20.9% | Lowered | Guidance: 2.63 for 2025 | |
| 2025 Same-Store Revenue | 0.02 | 0.02 | 0.03 | -10.0% | -0.2% | Lowered | Guidance: 0.03 for 2025 |
| 2025 Same-Store Expenses | 0.01 | 0.01 | 0.01 | -57.1% | -1.0% | Lowered | Guidance: 0.02 for 2025 |
| 2025 Same-Store NOI | 0.03 | 0.03 | 0.04 | 8.3% | 0.2% | Raised | Guidance: 0.03 for 2025 |
| 2025 FFO per Share – diluted | 4.73 | 4.78 | 4.82 | 0.2% | Raised | Guidance: 4.76 for 2025 | |
| 2025 Core FFO per Share – diluted | 4.88 | 4.92 | 4.96 | -0.4% | Lowered | Guidance: 4.94 for 2025 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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