CSRCENTERSPACE

Real Estate Investment Trusts

Revenue: $274M; 4.9% YoY
Operating margin: 23.6%; 201% YoY
EBITDA: $179M; 40% YoY
Market cap: $981M
Employees: 349; $784K revenue each
Net debt / EBITDA: 3.9×; $696M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
576% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$784K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 47th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$981M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$121K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$202M	$257M	$261M	$261M	$274M	4.9%
Operating income	$30M	$14M	$84M	$20M	$65M	215%
Net income	−$29K	−$14M	$41M	−$11M	$17M	251%
Operating cash flow	$84M	$92M	$90M	$98M	$98M	0.2%
Capex	$1M	$122K	$0	—	—
Stock-based comp	$3M	$3M	$3M	$3M	$3M	14%
Buybacks	$0	$29M	$12M	$5M	$3M	27%
Dividends	$38M	$44M	$44M	$46M	$51M	12%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 7, 2026	DEFM14A	Independence Realty Trust, Inc.	$60.46	14.7%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $121K · 2
Open-market sells, 12 mo: $0 · 0
Net: $121K

Pay vs performance

No pay-versus-performance disclosure yet.