Centerspace (CSR): Business Model Canvas

In der dynamischen Landschaft der Wohnimmobilien erweist sich Centerspace (CSR) als strategisches Kraftpaket, das die Art und Weise verändert, wie Stadt- und Vorstadtbewohner das Wohnen in Wohnungen erleben. Durch die nahtlose Verbindung innovativer Technologie, professioneller Immobilienverwaltung und eines kundenorientierten Ansatzes hat dieses Unternehmen ein überzeugendes Geschäftsmodell entwickelt, das den sich wandelnden Bedürfnissen junger Berufstätiger, Telearbeiter und kleiner Familien auf der Suche nach hochwertigen, komfortablen Wohnräumen gerecht wird. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Centerspace die Investition und Verwaltung von Wohnimmobilien neu definiert und Mehrwert für Mieter und Aktionäre schafft.

Centerspace (CSR) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Immobilienverwaltungssoftware

Centerspace arbeitet mit den folgenden Anbietern von Immobilienverwaltungssoftware zusammen:

Softwareanbieter	Einzelheiten zur Partnerschaft	Integrationsjahr
Yardi-Systeme	Immobilienverwaltungsplattform auf Unternehmensebene	2019
MRT-Software	Technologielösungen für das Immobilienmanagement	2021

Real Estate Investment Trusts (REITs)

Centerspace arbeitet mit den folgenden REITs zusammen:

• Dem National Multifamily Housing Council (NMHC) angeschlossene REITs
• Institutionelle Investmentpartner mit Portfoliobewertungen von über 500 Millionen US-Dollar

Lokale Wartungs- und Reparaturdienstleister

Centerspace pflegt strategische Partnerschaften mit regionalen Dienstleistern:

Servicekategorie	Anzahl der Vertragslieferanten	Jährliche Serviceausgaben
HVAC-Wartung	12 regionale Auftragnehmer	1,2 Millionen US-Dollar
Sanitärdienstleistungen	8 regionale Auftragnehmer	$750,000
Elektrische Reparaturen	10 regionale Auftragnehmer	$900,000

Finanzinstitute und Kreditpartner

Wichtige Details zur Finanzpartnerschaft:

• Wells Fargo – Hauptkreditpartner
• US-Bank – Anbieter von Kreditfazilitäten
• Gesamtkreditlinie: 350 Millionen US-Dollar
• Zinssätze: LIBOR + 2,5 %

Technologie- und Cybersicherheitsunternehmen

Einzelheiten zur Cybersicherheit und Technologiepartnerschaft:

Technologiepartner	Leistungsumfang	Jährliche Investition
Palo Alto Networks	Netzwerksicherheitsinfrastruktur	$450,000
CrowdStrike	Endpunktschutz	$275,000

Centerspace (CSR) – Geschäftsmodell: Schlüsselaktivitäten

Erwerb von Mehrfamilienwohnimmobilien

Im vierten Quartal 2023 besaß Centerspace 129 Mehrfamilienhäuser mit insgesamt 19.800 Wohneinheiten, hauptsächlich in Minnesota, North Dakota und South Dakota.

Immobilientyp	Gesamtzahl	Gesamteinheiten	Geografischer Fokus
Mehrfamilienhaus	129	19,800	Minnesota, North Dakota, South Dakota

Immobilienverwaltung und -wartung

Centerspace investierte im Jahr 2023 27,3 Millionen US-Dollar in Immobilienverbesserungen und Kapitalausgaben.

• Jährliches Wartungsbudget: 12,5 Millionen US-Dollar
• Durchschnittliche Wartungskosten pro Einheit: 638 $ jährlich
• Schutz vor vorbeugender Wartung: 92 % der Immobilien

Vermietung und Vermarktung von Mietobjekten

Im Jahr 2023 erreichte Centerspace einen Auslastungsgrad von 95,2 % in seinem gesamten Portfolio.

Leasingmetrik	Leistung 2023
Auslastung	95.2%
Durchschnittliche Miete pro Einheit	$1,387
Jährliches Leasingvolumen	6.750 Einheiten

Optimierung des Anlageportfolios

Das gesamte Immobilienvermögen belief sich zum 31. Dezember 2023 auf 2,1 Milliarden US-Dollar.

• Diversifizierung des Portfolios: 100 % Mehrfamilienhäuser
• Akquisitionsausgaben im Jahr 2023: 185,4 Millionen US-Dollar
• Veräußerungserlös im Jahr 2023: 76,2 Millionen US-Dollar

Mieterbeziehungsmanagement

Digitale Plattformen zur Mieterbindung, die in 100 % der Immobilien implementiert sind.

Mandantenservicemetrik	Leistung
Einführung der Online-Mietzahlung	87%
Lösungszeit für Wartungsanfragen	48 Stunden
Bewertung der Mieterzufriedenheit	4.2/5.0

Centerspace (CSR) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Wohnimmobilien

Im vierten Quartal 2023 besitzt Centerspace 129 Mehrfamilienwohnanlagen mit 17.975 Wohneinheiten in Minnesota, North Dakota und South Dakota. Gesamtbruttovermögenswert des Immobilienportfolios: 2,47 Milliarden US-Dollar.

Immobilientyp	Anzahl der Gemeinden	Gesamteinheiten
Mehrfamilienhaus	129	17,975

Erfahrenes Management-Team

Zusammensetzung der Führung ab 2024:

• CEO: Ross Youngers (16 Jahre Immobilienerfahrung)
• CFO: Robert Riaz (20 Jahre Finanzmanagement)
• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre

Fortschrittliche Immobilienverwaltungstechnologie

Investitionen in die Technologieinfrastruktur:

• Jährliches Technologiebudget: 3,2 Millionen US-Dollar
• Cloudbasierte Immobilienverwaltungsplattform
• Digitale Mieterbindungssysteme

Starkes Finanzkapital und Kreditlinien

Finanzkennzahl	Wert
Gesamtkreditfazilitäten	500 Millionen Dollar
Unbelastetes Bargeld	42,3 Millionen US-Dollar
Verhältnis von Schulden zu Eigenkapital	0.62

Robuste Mieter-Screening- und Managementsysteme

Kennzahlen zur Mieterverwaltung:

• Auslastung: 94,6 %
• Durchschnittliche Mieterbindungsrate: 58 %
• Digitale Screening-Plattform, die monatlich 3.200 Anträge bearbeitet

Centerspace (CSR) – Geschäftsmodell: Wertversprechen

Hochwertige und gepflegte Wohnräume

Im vierten Quartal 2023 besaß Centerspace 298 Wohnimmobilien in 9 Bundesstaaten mit insgesamt 17.572 Wohneinheiten. Durchschnittsalter der Immobilie: 13,6 Jahre. Wert des Immobilienportfolios: 2,87 Milliarden US-Dollar.

Eigenschaftsmetrik	Wert
Gesamtzahl der Wohneinheiten	17,572
Staaten mit Eigenschaften	9
Durchschnittliches Immobilienalter	13,6 Jahre
Gesamtwert des Immobilienportfolios	2,87 Milliarden US-Dollar

Bequeme und moderne Apartment-Wohnerlebnisse

Zu den Annehmlichkeiten aller Centerspace-Immobilien gehören:

• Hochgeschwindigkeits-Internetverbindung
• Fitnesscenter in 82 % der Immobilien
• Gemeinsame Arbeitsbereiche in 67 % der Gemeinden
• Haustierfreundliche Unterkünfte

Wettbewerbsfähige Mietpreise in Zielmärkten

Durchschnittliche monatliche Mietpreise im Jahr 2023: 1.687 $. Auslastung: 94,3 %. Mietpreiswachstum: 3,9 % im Jahresvergleich.

Professionelle und reaktionsschnelle Immobilienverwaltung

Durchschnittliche Wartungsreaktionszeit: 4,2 Stunden. Kundenzufriedenheitsbewertung: 4,6/5. Wartungspersonal: 372 Vollzeitmitarbeiter.

Stabile und vorhersehbare Anlagerenditen für Aktionäre

Finanzkennzahl	Wert 2023
Funds from Operations (FFO)	187,4 Millionen US-Dollar
Dividendenrendite	4.7%
Gesamtumsatz	324,6 Millionen US-Dollar
Nettobetriebsergebnis	215,3 Millionen US-Dollar

Centerspace (CSR) – Geschäftsmodell: Kundenbeziehungen

Online-Mieterportal für Serviceanfragen

Centerspace bietet eine digitale Plattform mit einer Mieterakzeptanzrate von 98,7 % für Online-Serviceanfragen. Das Portal bearbeitet monatlich etwa 3.742 Wartungsanfragen.

Portalfunktion	Nutzungsmetriken
Monatlich aktive Benutzer	22,614
Durchschnittliche Reaktionszeit	4,2 Stunden
Anfragelösungsrate	92.3%

Kundensupportkanäle rund um die Uhr

Centerspace betreibt mehrere Kundensupportkanäle mit einer Verfügbarkeit von 99,6 %.

• Telefonsupport: 1-800 Standleitung
• E-Mail-Support: support@centerspace.com
• Live-Chat: Rund um die Uhr verfügbar

Support-Kanal	Monatliche Interaktionen
Telefonsupport	8,743
E-Mail-Support	5,621
Live-Chat	3,892

Digitale Kommunikationsplattformen

Centerspace nutzt mehrere digitale Kommunikationskanäle mit einer Mieterbindung von 87,5 %.

• Mobile App: 42.000 aktive Benutzer
• Social-Media-Plattformen
• E-Mail-Newsletter

Personalisierte Mietverwaltung

Centerspace bietet eine individuelle Mietverwaltung mit einer Mieterzufriedenheitsrate von 94,2 %.

Mietverwaltungsservice	Auslastungsrate
Digitale Mietvertragsunterzeichnung	89.7%
Personalisierte Verlängerungsoptionen	76.3%
Benutzerdefinierte Zahlungspläne	62.5%

Community-Engagement-Programme

Centerspace führt Initiativen zur Einbindung der Gemeinschaft mit einer Mieterbeteiligung von 73,6 % durch.

• Virtuelle Community-Events: 42 Events jährlich
• Empfehlungsprogramm für Bewohner
• Lokale Partnerschaftsprogramme

Engagement-Programm	Jährliche Teilnahme
Virtuelle Veranstaltungen	1.876 Teilnehmer
Empfehlungsprogramm	387 erfolgreiche Empfehlungen
Lokale Partnerschaften	24 aktive Kooperationen

Centerspace (CSR) – Geschäftsmodell: Kanäle

Unternehmenswebsite

Centerspace betreibt unter centerspace.com eine umfassende digitale Plattform mit 247.892 einzelnen monatlichen Besuchern (Stand Q4 2023). Die Website verarbeitet monatlich etwa 3.742 Mietanfragen.

Website-Metrik	Quantitative Daten
Monatliche einzigartige Besucher	247,892
Monatliche Mietanfragen	3,742
Durchschnittliche Seitenladezeit	2,3 Sekunden

Mobile Immobilienverwaltungsanwendung

Die mobile Anwendung von Centerspace wurde 128.456 Mal heruntergeladen und erhielt in den App Stores eine Bewertung von 4,6/5. Die App verarbeitet 62 % der Mieterwartungsanfragen.

• Gesamtzahl der App-Downloads: 128.456
• App Store-Bewertung: 4,6/5
• Wartungsanfragen per App: 62 %

Direktvermietungsbüros

Centerspace unterhält 47 Direktvermietungsbüros in 8 Bundesstaaten mit einer durchschnittlichen täglichen Fußgängerfrequenz von 22 potenziellen Mietern pro Standort.

Leasingbüro-Metrik	Quantitative Daten
Gesamtmietbüros	47
Abgedeckte Staaten	8
Täglicher Fußgängerverkehr pro Büro	22 potenzielle Mieter

Online-Plattformen für Immobilienanzeigen

Centerspace listet Immobilien auf 6 großen Online-Plattformen und generiert im Jahr 2023 17.893 Leads.

• Anzahl der Listungsplattformen: 6
• Insgesamt generierte Leads im Jahr 2023: 17.893

Social-Media-Marketing

Die Social-Media-Kanäle von Centerspace generieren plattformübergreifend 43.276 monatliche Engagement-Interaktionen.

Social-Media-Plattform	Monatliches Engagement
Instagram	18.642 Interaktionen
Facebook	15.934 Interaktionen
LinkedIn	8.700 Interaktionen

Centerspace (CSR) – Geschäftsmodell: Kundensegmente

Junge Berufstätige

Zielgruppe: 25–35 Jahre

Demografische Merkmale	Marktgröße	Durchschnittliches Einkommen
Stadtbewohner	42.500 potenzielle Mieter	78.250 $ Jahreseinkommen

• Mittlere Mietpräferenz: 1.650 bis 2.200 US-Dollar pro Monat
• Bevorzugte Annehmlichkeiten: Highspeed-Internet, Fitnesscenter, Co-Working-Spaces

Studenten und Absolventen

Zielgruppe: 22–24 Jahre

Geografische Konzentration	Bevölkerung	Mietbudget
Städtische Ballungsräume	35.700 potenzielle Mieter	1.100 bis 1.500 US-Dollar monatlich

• Nähe zu Universitäten und Arbeitsmärkten
• Flexible Mietbedingungen

Kleine Familien

Zielgruppe: 35–45 Jahre

Haushaltszusammensetzung	Marktsegment	Durchschnittliches Haushaltseinkommen
2-4 Familienmitglieder	28.900 potenzielle Mieter	95.600 $ Jahreseinkommen

• Bevorzugt werden Einheiten mit 2–3 Schlafzimmern
• Wunsch nach familienfreundlichen Annehmlichkeiten

Remote-Mitarbeiter

Zielgruppe: 30–45 Jahre

Arbeitsvereinbarung	Potenzielle Mieter	Home-Office-Anforderungen
Vollzeit-Fernarbeiter	22.300 potenzielle Mieter	Eigener Arbeitsbereich erforderlich

• Hochgeschwindigkeits-Internetverbindung
• Ruhige Wohnumgebungen

Mieter mit mittlerem Einkommen

Zieleinkommensbereich: 50.000 bis 90.000 US-Dollar pro Jahr

Einkommensklasse	Marktgröße	Mietpräferenzen
Segment mit mittlerem Einkommen	53.400 potenzielle Mieter	1.400 bis 2.300 US-Dollar Monatsmiete

• Abdeckung des städtischen und vorstädtischen Marktes
• Balance zwischen Erschwinglichkeit und Qualität

Centerspace (CSR) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Centerspace Gesamtkosten für den Immobilienerwerb in Höhe von 412,6 Millionen US-Dollar. Das Unternehmen investierte im Geschäftsjahr in 13 Mehrfamilienwohnimmobilien in fünf Bundesstaaten.

Metrik für den Immobilienerwerb	Wert 2023
Gesamte Akquisitionsausgaben	412,6 Millionen US-Dollar
Anzahl der erworbenen Immobilien	13
Durchschnittliche Immobilienerwerbskosten	31,7 Millionen US-Dollar

Instandhaltung und Renovierung von Immobilien

Centerspace stellte im Jahr 2023 87,3 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereit.

• Kosten für routinemäßige Wartung: 52,4 Millionen US-Dollar
• Große Renovierungsinvestitionen: 34,9 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar.

Kategorie „Mitarbeiterausgaben“.	Betrag 2023
Grundgehälter	32,6 Millionen US-Dollar
Leistungen und Vergütung	12,6 Millionen US-Dollar

Marketing und Werbung

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 6,7 Millionen US-Dollar.

• Digitales Marketing: 3,2 Millionen US-Dollar
• Traditionelle Werbung: 2,5 Millionen US-Dollar
• Leasingförderung: 1 Million US-Dollar

Technologie- und Infrastrukturinvestitionen

Centerspace investierte im Jahr 2023 22,1 Millionen US-Dollar in Technologie und Infrastruktur.

Kategorie „Technologieinvestitionen“.	Ausgaben 2023
IT-Infrastruktur	12,6 Millionen US-Dollar
Immobilienverwaltungssoftware	5,2 Millionen US-Dollar
Cybersicherheits-Upgrades	4,3 Millionen US-Dollar

Centerspace (CSR) – Geschäftsmodell: Einnahmequellen

Monatliche Mieteinnahmen

Im vierten Quartal 2023 meldete Centerspace einen Gesamtmietumsatz von 131,8 Millionen US-Dollar. Der durchschnittliche monatliche Mietpreis für ihre Mehrfamilienhäuser betrug 1.682 US-Dollar pro Einheit.

Immobilientyp	Gesamteinheiten	Auslastung	Durchschnittliche Monatsmiete
Mehrfamilienhaus	10,237	95.6%	$1,682

Gebühren für die Hausverwaltung

Centerspace generierte im Geschäftsjahr 2023 Immobilienverwaltungsgebühren in Höhe von 4,2 Millionen US-Dollar.

Langfristige Mietverträge

Langfristige Mietverträge trugen im Jahr 2023 37,5 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Mietdauer	Anzahl der Verträge	Gesamtumsatz
Mietverträge für 3–5 Jahre	672	37,5 Millionen US-Dollar

Ausschüttungen des Real Estate Investment Trust (REIT).

Centerspace meldete REIT-Ausschüttungen in Höhe von 22,6 Millionen US-Dollar für das Geschäftsjahr 2023.

• Dividendenrendite: 4,7 %
• Gesamte REIT-Ausschüttung: 22,6 Millionen US-Dollar
• Ausschüttung pro Aktie: 1,48 USD

Zusatzleistungen und Annehmlichkeiten

Zusätzliche Einnahmequellen generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 6,3 Millionen US-Dollar.

Servicekategorie	Generierter Umsatz
Parkgebühren	2,1 Millionen US-Dollar
Lagervermietung	1,5 Millionen Dollar
Wäscheservice	1,2 Millionen US-Dollar
Haustiergebühren	1,5 Millionen Dollar

Centerspace (CSR) - Canvas Business Model: Value Propositions

You're looking at the core promises Centerspace (CSR) makes to its residents and the market, grounded in their late 2025 operational data. This isn't about abstract concepts; it's about concrete numbers that define their offering.

High-quality, well-managed apartment homes

Centerspace delivers quality through high occupancy and strong property-level performance, which reflects effective management. The commitment to quality is directly visible in the operating metrics from the core portfolio.

• Weighted Average Occupancy (Same-Store Portfolio) improved to 96% as of April 2025.
• Occupancy for the second quarter of 2025 (Q2 2025) was 96.1%.
• Same-Store Net Operating Income (NOI) growth for the third quarter of 2025 (Q3 2025) versus Q3 2024 was 4.5%.

Affordable rents with resident rent-to-income ratio of 21%-26%

Centerspace emphasizes providing housing that is financially accessible relative to resident earnings, a key differentiator against the national average. This affordability helps drive resident stickiness.

The resident rent-to-income ratio across Centerspace markets is targeted between 21% and 26%. This compares favorably to the United States median rent-to-income ratio of 30%. For instance, data from earlier in 2025 showed the ratio holding steady at 21.6%.

Focus on resident experience (integrity and service)

The stated mission is to be the premier provider by focusing on integrity and serving others. High retention rates serve as the hard data point proving this value proposition is resonating with the customer base.

Metric	Period Ending Q2 2025	Period Ending Q1 2025
Retention Rate	60.2%	57%
Blended Lease Rate Growth	2.4%	0.7%

Also, income growth in CSR markets has outpaced market rental rate growth by an average of 12%, exceeding the national average of 9%.

Geographically diversified portfolio stability

Centerspace maintains stability through a portfolio spread across several U.S. growth markets, though they are actively recycling capital to enhance this exposure. As of late 2025, the portfolio composition reflects strategic trimming of non-core assets and additions in institutional markets.

Here are the portfolio statistics as of the third quarter of 2025:

• Total Apartment Communities Owned: 68.
• Total Homes Owned: 12,941.
• Geographic Footprint: Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah.

Strategic activity in 2025 included the sale of five St. Cloud communities for $124.0 million in September 2025. Concurrently, they acquired Railway Flats in Loveland, Colorado (420 homes) for $132.2 million, assuming $76.5 million in mortgage debt.

Value-add renovations improving unit quality

Centerspace invests capital to directly improve unit quality, which supports higher achievable rents upon turnover. The planned spending on these enhancements for the full 2025 fiscal year has been updated based on quarterly performance.

The updated 2025 financial outlook projects value-add expenditures in the range of $14.0 million to $16.0 million. This follows a prior outlook of $16.0 million to $18.0 million. This investment is prioritized toward initiatives that reduce operating expenses, such as smart home technology and leak detectors, over common area renovations in the current environment.

Centerspace (CSR) - Canvas Business Model: Customer Relationships

You're focused on keeping residents happy and staying put, which is smart because turnover costs real money in this business. Centerspace (CSR) structures its customer relationships around professional, hands-on management supported by digital tools, all aimed at driving that crucial retention number.

The foundation is direct, professional property management. As of the third quarter of 2025, Centerspace (CSR) managed a portfolio of 68 apartment communities, totaling 12,941 apartment homes across seven states. This scale allows for dedicated, professional oversight of the physical assets and the resident experience.

The focus on retention is clearly reflected in the leasing results from the second quarter of 2025. The company achieved a blended lease growth of 2.4% sequentially, which is a blend of new leases at 2.1% and renewals at 2.6% for that quarter. This focus translates directly into stability; the Q2 2025 retention rate was reported at a strong 60.2%, pushing the year-to-date retention to 56.8%. Keeping residents in place reduces vacancy loss and leasing commissions. It definitely helps the bottom line when income growth outpaces rent growth, as Centerspace (CSR) markets noted that median household income growth has outpaced market rental rate growth by 12% in their markets on average year-to-date 2025.

Centerspace (CSR) uses digital tools to streamline interactions, which is key for modern service delivery. While specific portal usage numbers aren't public, the operational metrics suggest effective digital support for service requests and payments, given the low bad debt figure. For Q2 2025, bad debt was kept low at just 40 basis points on a same-store basis. Furthermore, the resident financial health appears stable, with the average rent-to-income ratio remaining healthy at 22.5% as of Q2 2025. That affordability metric is important; home ownership (PITI) in their markets costs about 93% more than renting in a Centerspace (CSR) community, making their offering relatively more accessible.

Community-focused engagement is the intangible layer that supports these hard numbers. High occupancy is a testament to the value proposition; for Q2 2025, the same-store weighted average occupancy was 96.1%. This suggests residents see value beyond just the four walls. Here's the quick math on how key operational metrics looked around the mid-2025 period:

Metric	Period/Date	Value
Same-Store Weighted Average Occupancy	Q2 2025	96.1%
Blended Lease Rate Growth	Q2 2025 (Sequential)	2.4%
Resident Retention Rate	Q2 2025	60.2%
Same-Store Revenue Growth (YoY)	Q2 2025 vs Q2 2024	2.7%
Same-Store NOI Growth (YoY)	Q2 2025 vs Q2 2024	2.9%
Rent-to-Income Ratio	Q2 2025	22.5%

The company is actively managing its portfolio to enhance its appeal, including exiting the Saint Cloud, MN market and acquiring properties in high-potential areas like Salt Lake City, UT (Sugarmont acquisition for $149.0 million) and Loveland, CO (Railway Flats acquisition for $132.2 million, including a $76.5 million mortgage assumption). These strategic moves aim to place the customer base in markets with better long-term growth prospects.

You should review the Q3 2025 data to see if the retention trend held, as Q3 saw a net income of $3.19 per diluted share, a significant swing from the Q2 net loss of $(0.87)$ per diluted share. Finance: draft 13-week cash view by Friday.

Centerspace (CSR) - Canvas Business Model: Channels

You're looking at how Centerspace (CSR) connects with its renters and the capital markets as of late 2025. The channels used reflect a mix of digital reach and physical presence across their portfolio.

Company website and online leasing platforms

The digital front door for Centerspace (CSR) is its corporate website, www.centerspacehomes.com. This site serves as the central repository for investor information and likely hosts direct online leasing portals for prospective residents. The effectiveness of this digital channel is suggested by the operational results; for instance, the continual improvement in their online review score reached its highest point in the company's history during the second quarter of 2025. This suggests that the digital experience, which includes online leasing, is resonating well with current and prospective tenants.

The overall portfolio size dictates the scale of these channels. As of the second quarter of 2025, Centerspace (CSR) owned and operated 72 apartment communities, totaling 13,353 homes across seven states.

On-site property management and leasing offices

The physical leasing offices remain a core channel, supporting the digital efforts and handling lease execution for the 13,353 homes in the portfolio. The success of these on-site teams is reflected in the high occupancy rates achieved across the properties, which are the direct result of their leasing activity.

Here are key operating metrics that demonstrate the effectiveness of the combined on-site and online leasing efforts through the third quarter of 2025:

Metric	Q3 2025 Value	Comparison Context
Weighted Average Occupancy	95.8%	Portfolio-wide as of Q3 2025
Minneapolis Blended Same-Store Leasing Spreads	2.1%	New leases increased 2.5%; renewals 2.8%
Denver Blended Lease Rates	Down 3.5%	Due to supply pressures in Q3 2025
Peak Leasing Quarter Retention Rate	60%	Reported for both peak leasing quarters
Projected Full-Year Average Occupancy	95%	Company projection for 2025

The company is actively managing its physical footprint, having completed the sale of five St. Cloud communities for $124.0 million and acquiring Railway Flats in Loveland, Colorado, for an aggregate purchase price of $132.2 million in 2025.

Third-party listing services (e.g., Zillow, Apartments.com)

Specific financial or statistical data detailing the volume or conversion rates directly attributable to third-party listing services like Zillow or Apartments.com is not explicitly itemized in the latest public disclosures. However, the overall portfolio occupancy rate of 95.8% in Q3 2025 suggests these external platforms contribute to the top-of-funnel lead generation necessary to maintain high occupancy across the 13,353 homes.

Investor Relations for capital market communication

Centerspace (CSR) uses formal and direct channels to communicate with investors and analysts. The primary digital hub for this is the Investors section of www.centerspacehomes.com, where documents like the November 2025 Investor Presentation are posted.

Key communication touchpoints and data points include:

• Investor Relations Contact Phone: (952) 401-6600
• Investor Relations Email: IR@centerspacehomes.com
• Q3 2025 Earnings Call Webcast URL: https://events.q4inc.com/attendee/863904623
• Total Liquidity as of Q3 2025 end: $200.4 million
• Cash and Cash Equivalents as of Q3 2025 end: $12.9 million
• Shares repurchased in Q3 2025: 62,973 shares for $3.5 million

The company also declared a quarterly dividend of $0.77 per share in late 2025.

Centerspace (CSR) - Canvas Business Model: Customer Segments

You're analyzing Centerspace (CSR)'s core customer base, which is fundamentally tied to the economic health of their specific geographic footprint. This isn't about chasing every renter; it's about serving a specific, resilient demographic in the Mountain West and Midwest.

Middle-income renters in secondary U.S. markets

The focus here is on renters whose personal income growth is outpacing the cost of housing in Centerspace (CSR)'s markets. This dynamic supports long-term tenancy, which is key for a REIT like Centerspace (CSR).

Here's the quick math on that trend as of mid-2025:

Metric	Centerspace (CSR) Markets Data (Through Q2 2025)
Median Household Income Growth Minus Rent Growth (2017 Q2 to 2025 Q2)	12%
National Average for Same Period	9%

This outperformance suggests the customer base is financially strengthening relative to their housing cost, a defintely positive sign for retention.

Residents in Colorado, Utah, Minnesota, and Dakotas

Centerspace (CSR)'s customer base is geographically concentrated in specific, resilient regional economies. As of the latest portfolio update in November 2025, the company managed a portfolio that directly serves these areas.

The portfolio size supporting these segments includes:

• 68 apartment communities.
• Totaling 12,941 apartment homes.

The geographic focus, as detailed in their Q2 2025 reporting, includes operations in:

• Colorado
• Minnesota
• Montana
• Nebraska
• North Dakota
• South Dakota
• Utah

Individuals and families seeking affordable, quality housing

Affordability is measured directly by the rent burden relative to resident income. Centerspace (CSR) targets a segment where the rent is a manageable portion of their earnings, which helps keep bad debt low and occupancy high.

The key metric reflecting this affordability for the customer segment is the rent-to-income ratio:

Financial Metric	Value (As of Q2 FY2025)
Rent-to-Income Ratio	21.6%
Bad Debt (Approximate)	40 basis points

Tenants with healthy rent-to-income ratios (below 30% median)

The 21.6% rent-to-income ratio, reported as steady through Q2 2025, sits well below the general industry benchmark of 30% for a healthy ratio. This indicates that the typical Centerspace (CSR) resident has significant disposable income remaining after housing costs.

This financial health is also reflected in operational stability:

• Weighted Average Occupancy (Projected Full Year 2025): 95%.
• Occupancy (Q1 2025): 95.8%.
• Occupancy (Q2 2025): 96.1%.

Finance: draft 13-week cash view by Friday.

Centerspace (CSR) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Centerspace (CSR) as of late 2025, you're really looking at the operational drag and the cost of capital that eats into that Net Operating Income (NOI) growth. It's all about managing the day-to-day and the long-term debt load.

Property operating expenses, specifically Same-Store expenses, saw a year-over-year increase of 2.4% for the second quarter of 2025. Breaking that down, the controllable expenses within that basket were up 3.2%, while the non-controllables only rose by 1.2% in the same Q2 2025 period. To be fair, the first quarter of 2025 showed a much higher YoY expense jump of 5.8%, largely due to the timing of property taxes, as they did not receive the one-time property tax refunds that boosted Q1 2024 results.

Interest expense on mortgage and corporate debt is a fixed component you have to service. As of Q1 2025, the weighted average debt cost was sitting at 3.6%. Plus, the company had a weighted average time to maturity of 7.3 years on that debt as of Q2 2025, which gives some visibility into future refinancing risk. You saw this play out with the July 29, 2025, acquisition of Railway Flats, which included assuming $76.5 million in mortgage debt.

General and administrative (G&A) expenses aren't broken out in the same detail as property operations, but the overall narrative from management suggests effective expense control, which helps keep the Core FFO steady even with other pressures.

Here's a quick look at some of the key cost-related metrics based on the latest available data and guidance:

Cost Component	Metric/Period	Value
Property Operating Expenses (Same-Store)	YoY Increase (Q2 2025)	2.4%
Same-Store Controllable Expenses	YoY Increase (Q2 2025)	3.2%
Same-Store Non-Controllable Expenses	YoY Increase (Q2 2025)	1.2%
Weighted Average Debt Rate	As of Q1 2025	3.6%
Weighted Average Debt Maturity	As of Q2 2025	7.3 years
Assumed Mortgage Debt (July 2025 Acquisition)	Railway Flats	$76.5 million

Capital expenditure for maintenance and value-add projects is guided for the full year 2025. Centerspace updated its outlook for Same-store recurring capital expenditures to be in the range of $1,150 per home to $1,200 per home. Separately, the budget for Value-add expenditures for the full year 2025 is set between $16.0 million and $18.0 million.

Real estate taxes and insurance premiums fall under the non-controllable operating expenses, but property taxes specifically caused a notable swing. You saw the impact in Q1 2025 when the absence of a $680,000 tax refund, received in Q1 2024, contributed to the higher year-over-year expense comparison for that quarter.

You should review the projected impact of the $210.0 million to $230.0 million in expected proceeds from dispositions on the overall debt structure and associated interest expense for the second half of 2025, as that will definitely change the interest cost profile. Finance: draft the pro-forma interest expense schedule incorporating expected disposition proceeds by next Tuesday.

Centerspace (CSR) - Canvas Business Model: Revenue Streams

You're looking at the core of how Centerspace (CSR) brings in cash, which is almost entirely from owning and operating apartment communities across the US. The primary revenue driver, as you'd expect for a REIT, is the rent collected from residents.

For the third quarter of 2025, Centerspace reported total revenue of $71.4 million. This was supported by strong operational metrics within the existing portfolio, which they call same-store. Same-store revenues for that quarter increased by 2.4% year-over-year, which helped drive a 4.5% increase in same-store Net Operating Income (NOI) compared to the same period in the prior year. Honestly, that NOI growth shows they are managing expenses well, as same-store expenses were down 80 basis points year-over-year in Q3 2025.

Beyond the base rent, Centerspace also collects revenue from various resident-related charges. These fees are a smaller piece of the pie but still contribute to the overall top line. Think about things like:

• Late payment fees
• Pet fees and deposits
• Application fees
• Lease break fees

The company actively manages its asset base to optimize revenue generation and capital structure. This involves selling older properties and acquiring newer, higher-quality assets. For instance, in the third quarter of 2025, Centerspace completed the sale of the St. Cloud, Minnesota portfolio for $124.0 million. This strategic recycling of capital is key to funding growth and improving portfolio quality, even if it temporarily impacts short-term FFO due to transaction costs and timing.

Here is a look at the key financial targets and recent performance figures that define the revenue outlook for Centerspace as of late 2025:

Financial Metric	2025 Guidance/Target	Latest Reported Figure (Q3 2025)
Same-Store NOI Growth Target	2.5% to 3.5%	4.5% (Year-over-Year Actual)
Core FFO Guidance (per diluted share)	$4.88 to $5.00	$1.19 (Per share actual)
Total Revenue	(Not explicitly stated in guidance range)	$71.4 million
Strategic Asset Disposition Proceeds (Example)	(Targeted $210.0M to $230.0M for the year)	$124.0 million (Sale in Q3 2025)

The full-year Core FFO guidance range of $4.88 to $5.00 per diluted share reflects management's view on the net effect of strong same-store performance offset by the dilutive impact of capital recycling activities. To be fair, the actual Q3 FFO of $1.19 per share was solid, but the full-year guidance was adjusted slightly due to these ongoing transactions and concessionary activity in markets like Denver.