Centerspace: Attractive Valuation Despite The Risks [Seeking Alpha]
D/B/A Centerspace (CSR)
Company Research
Source: Seeking Alpha
Occupancy is at 94.6%, down 0.3% Y/Y, indicating some distress as the company raises rents. NOI was up 7.5% Y/Y in Q1 2024, with a 3.3% increase expected for the full year as the REIT catches up with expense spending. 44% of the enterprise value is funded by debt, which is a key risk along with falling occupancy. The market cap rate of 7.5% is quite attractive, despite elevated administrative expenses. Introduction Centerspace ( NYSE: CSR ) has significantly outperformed the Vanguard Real Estate Index Fund ETF ( VNQ ) so far in 2024, with the REIT's shares delivering a double-digit gain, significantly above the mid-single-digit decline of VNQ: Looking ahead, I think the company will continue to outperform, with a 7.5% market-implied cap rate, rising net operating income and a well-structured debt maturity profile, notwithstanding the somewhat elevated leverage and declining occupancy. I think management overhead appears quite bloated, and as such Centerspace could be an a
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CSR
News
- CENTERSPACE ANNOUNCES QUARTERLY DIVIDENDPR Newswire
- Centerspace (NYSE: CSR) was upgraded by analysts at Raymond James from a "market perform" rating to an "outperform" rating. They now have a $75.00 price target on the stock.MarketBeat
- Centerspace (NYSE: CSR) had its price target raised by analysts at Piper Sandler from $63.00 to $64.00. They now have a "neutral" rating on the stock.MarketBeat
- Centerspace (NYSE: CSR) was downgraded by analysts at Compass Point from a "buy" rating to a "neutral" rating. They now have a $68.00 price target on the stock, up previously from $65.00.MarketBeat
- Centerspace (NYSE: CSR) had its price target raised by analysts at Royal Bank of Canada from $66.00 to $68.00. They now have an "outperform" rating on the stock.MarketBeat
CSR
Earnings
- 4/29/24 - Beat
CSR
Sec Filings
- 5/31/24 - Form 8-K
- 5/22/24 - Form 8-K
- 5/21/24 - Form 4
- CSR's page on the SEC website