TakeoverPE & activists

CSRCENTERSPACE

Real Estate Investment Trusts · $981M market cap · 349 employees

2.9×

More likely than average to be taken private

Top 3% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • 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
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $121K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 7, 2026DEFM14AIndependence Realty Trust, Inc.$60.4614.7%
Sep 23, 20268-KIndependence Realty Trust, Inc.——
Sep 9, 20268-KIndependence Realty Trust, Inc.——

Key numbers

Revenue
$274MFY2021: $202MFY2022: $257MFY2023: $261MFY2024: $261MFY2025: $274M
4.9% YoY
Operating margin
23.6%FY2021: 14.8%FY2022: 5.4%FY2023: 32.3%FY2024: 7.8%FY2025: 23.6%
201% YoY
EBITDA
$179MFY2021: $123MFY2022: $120MFY2023: $188MFY2024: $128MFY2025: $179M
40% YoY
Net debt / EBITDA
3.9×
$696M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$202M$257M$261M$261M$274M 4.9% FY2021: $202MFY2022: $257MFY2023: $261MFY2024: $261MFY2025: $274M
Operating income$30M$14M$84M$20M$65M 215% FY2021: $30MFY2022: $14MFY2023: $84MFY2024: $20MFY2025: $65M
Net income−$29K−$14M$41M−$11M$17M 251% FY2021: −$29KFY2022: −$14MFY2023: $41MFY2024: −$11MFY2025: $17M
Operating cash flow$84M$92M$90M$98M$98M 0.2% FY2021: $84MFY2022: $92MFY2023: $90MFY2024: $98MFY2025: $98M
Capex$1M$122K$0——FY2021: $1MFY2022: $122KFY2023: $0
Stock-based comp$3M$3M$3M$3M$3M 14% FY2021: $3MFY2022: $3MFY2023: $3MFY2024: $3MFY2025: $3M
Buybacks$0$29M$12M$5M$3M 27% FY2021: $0FY2022: $29MFY2023: $12MFY2024: $5MFY2025: $3M
Dividends$38M$44M$44M$46M$51M 12% FY2021: $38MFY2022: $44MFY2023: $44MFY2024: $46MFY2025: $51M

13D filers

None on file.

Insider trading

+$121Knet buying by insiders, open market, last 12 months
Bought $121K · 2 tradesSold $0 · 0 trades

Pay vs performance

No pay-versus-performance disclosure yet.