A Business at a Glance
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CENTERSPACE
CSR
$934M
Mkt Cap
$55.73
+0.05%
CENTERSPACE (CSR) has a current P/E ratio of 54.6, compared to its historical median P/E of 12.4. The stock is currently considered Expensive based on its historical valuation range.
CENTERSPACE (CSR) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
CENTERSPACE (CSR) has a market capitalization of $936M. It is classified as a small-cap stock.
Yes, CENTERSPACE (CSR) pays a dividend with a trailing twelve-month yield of 5.50%. The company also returns capital through share buybacks, with a buyback yield of 0.37%.
Based on historical P/E analysis, CENTERSPACE (CSR) appears expensive. The current P/E of 54.6 is 342% above its historical median of 12.4. The estimated fair value CAGR (P/E method) is -20.2%.
CENTERSPACE (CSR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
CENTERSPACE (CSR) reported annual revenue of $274 million in its most recent fiscal year, based on SEC EDGAR filings.
Centerspace (“we,” “us,” “our,” “Centerspace,” or the “Company”) is a real estate investment trust (“REIT”) organized under the laws of North Dakota that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents’ experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas. We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 272M | 274M | 261M | 261M | 257M | 202M |
| Net Income | 7.9M | 17M | -20M | 35M | -21M | -6.5M |
| EPS | $0.49 | $1.02 | $-1.27 | $2.32 | $-1.35 | $-0.47 |
| Free Cash Flow | 60M | 64M | 42M | 90M | 92M | 83M |
| ROIC | 2.7% | 3.6% | 1.2% | 4.8% | 0.8% | 2.4% |
| Gross Margin | - | 18.6% | 29.2% | 28.2% | 25.0% | 23.6% |
| Debt/Equity | 1.68 | 1.64 | 1.33 | 1.33 | 1.54 | 1.21 |
| Dividends/Share | $3.07 | $3.08 | $3.00 | $2.92 | $2.92 | $2.84 |
| Operating Income | 54M | 65M | 20M | 84M | 14M | 30M |
| Operating Margin | 20.0% | 23.6% | 7.8% | 32.3% | 5.4% | 14.8% |
| ROE | 1.1% | 2.3% | -2.7% | 4.8% | -2.7% | -0.9% |
| Shares Outstanding | 17M | 17M | 15M | 15M | 15M | 14M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 165M | 179M | 146M | 160M | 122M | 186M | 178M | 202M | 257M | 261M | 261M | 274M | 272M |
| Gross Margin | 32.4% | 34.8% | 17.4% | 16.0% | 49.3% | 30.4% | 27.7% | 23.6% | 25.0% | 28.2% | 29.2% | 18.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11M | 12M | 13M | 16M | 14M | 14M | 13M | 16M | 18M | 20M | 18M | 21M | 22M |
| EBIT | 38M | 45M | 24M | -30M | -24M | 109M | 34M | 30M | 14M | 84M | 20M | 65M | 54M |
| Op. Margin | 22.8% | 25.0% | 16.7% | -18.8% | -19.5% | 58.7% | 19.0% | 14.8% | 5.4% | 32.3% | 7.8% | 23.6% | 20.0% |
| Net Income | -25M | 13M | 60M | 31M | 117M | 72M | -1.8M | -6.5M | -21M | 35M | -20M | 17M | 7.9M |
| Net Margin | -15.0% | 7.0% | 41.6% | 19.6% | 95.8% | 38.7% | -1.0% | -3.2% | -8.0% | 13.4% | -7.5% | 6.2% | 2.9% |
| Non-Recurring | 7.0M | 11M | 70M | 0 | 18M | 98M | 26M | 28M | 41K | 75M | 2.7M | 81M | 81M |
| Returns on Capital | |||||||||||||
| ROIC | 2.4% | 3.2% | 1.9% | 2.5% | 10.6% | 12.0% | 4.6% | 2.4% | 0.8% | 4.8% | 1.2% | 3.6% | 2.7% |
| ROE | -4.1% | 2.0% | 9.5% | 5.3% | 20.7% | 12.1% | -0.3% | -0.9% | -2.7% | 4.8% | -2.7% | 2.3% | 1.1% |
| ROA | -1.3% | 0.7% | 3.2% | 1.9% | 8.3% | 5.3% | -0.1% | -0.4% | -1.0% | 1.8% | -1.0% | 0.9% | 0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 93M | 114M | 66M | 79M | 55M | 70M | 61M | 84M | 92M | 90M | 98M | 98M | 94M |
| Free Cash Flow | 67M | 93M | 40M | 38M | 37M | 49M | 60M | 83M | 92M | 90M | 42M | 64M | 60M |
| Owner Earnings | 51M | 68M | 23M | 33M | -30M | -7.7M | -17M | -12M | -17M | -17M | -12M | -20M | -23M |
| CapEx | 26M | 21M | 27M | 41M | 18M | 21M | 1.7M | 1.3M | 122K | 0 | 57M | 34M | 34M |
| Maint. CapEx | 42M | 44M | 41M | 46M | 83M | 75M | 77M | 93M | 106M | 103M | 108M | 115M | 114M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | 0 | 0 | 0 |
| D&A | 42M | 44M | 41M | 46M | 83M | 75M | 77M | 93M | 106M | 103M | 108M | 115M | 114M |
| CapEx/OCF | 37.8% | 18.7% | 43.6% | 55.6% | 677.7% | 30.1% | 2.3% | 1.5% | 0.1% | 10.9% | 3.0% | 1.9% | 36.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 41M | 46M | 60M | 56M | 34M | 33M | 35M | 38M | 44M | 44M | 46M | 51M | 52M |
| Dividend Yield | 8.1% | 9.0% | 11.9% | 110.2% | 65.4% | 5.6% | 5.4% | 4.0% | 4.2% | 5.6% | 4.8% | 5.1% | 5.5% |
| Share Buybacks | 0 | 0 | 35M | 4.5M | 9.9M | 18M | 0 | 0 | 29M | 12M | 4.7M | 3.5M | 3.5M |
| Buyback Yield | N/A | N/A | 6.1% | 0.9% | 2.2% | 2.7% | N/A | N/A | 3.8% | 1.4% | 0.5% | 0.3% | 0.4% |
| Stock-Based Comp | 0 | 2.2M | 2.3M | 6K | 1.6M | 1.9M | 2.1M | 2.7M | 2.6M | 3.3M | 3.0M | 3.4M | 3.7M |
| Debt Repayment | 102M | 128M | 235M | 299M | 205M | 178M | 33M | 36M | 29M | 47M | 11M | 97M | 97M |
| Balance Sheet | |||||||||||||
| Net Debt | 973M | 548M | 746M | 594M | 554M | 76M | 152M | 905M | 1.1B | 937M | 991M | 1.2B | 1.2B |
| Cash & Equiv. | 47M | 49M | 67M | 29M | 14M | 27M | 392K | 31M | 10M | 8.6M | 12M | 13M | 7.6M |
| Long-Term Debt | 998M | 597M | 812M | 566M | 510M | 60M | 0 | 860M | 1.0B | 916M | 955M | 1.0B | 1.0B |
| Debt/Equity | 1.72 | 0.92 | 1.31 | 1.11 | 1.00 | 0.18 | 0.25 | 1.21 | 1.54 | 1.33 | 1.33 | 1.64 | 1.68 |
| Interest Coverage | 1.1 | 1.3 | 0.9 | -0.9 | -0.7 | 3.6 | 1.2 | 1.0 | 0.4 | 2.3 | 0.5 | 1.4 | 1.2 |
| Equity | 592M | 652M | 619M | 561M | 569M | 619M | 618M | 772M | 730M | 710M | 752M | 719M | 695M |
| Total Assets | 1.9B | 2.0B | 1.8B | 1.5B | 1.3B | 1.4B | 1.5B | 1.9B | 2.0B | 1.9B | 1.9B | 1.9B | 1.9B |
| Total Liabilities | 1.1B | 1.3B | 1.0B | 831M | 687M | 696M | 775M | 918M | 1.1B | 979M | 1.0B | 1.1B | 1.1B |
| Intangibles | 33M | 1.4M | 1.9M | 202K | 498K | 1.2M | 1.1M | 7.4M | 2.1M | 2.7M | 2.0M | 2.0M | 2.0M |
| Retained Earnings | -390M | -438M | -442M | -467M | -429M | -390M | -428M | -474M | -539M | -548M | -615M | -650M | -675M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 41M | 47M | 56M | 62M | 59M | 63M | 59M | 59M | 56M |
| Per Share Data | |||||||||||||
| EPS | -2.30 | 1.10 | 4.90 | 25.80 | 87.10 | 6.00 | -0.15 | -0.47 | -1.35 | 2.32 | -1.27 | 1.02 | 0.49 |
| Owner EPS | 4.71 | 5.97 | 1.87 | 27.07 | -22.13 | -0.64 | -1.46 | -0.86 | -1.11 | -1.13 | -0.80 | -1.17 | -1.35 |
| Book Value | 55.17 | 57.05 | 50.12 | 461.40 | 424.20 | 51.70 | 51.81 | 56.20 | 47.96 | 47.19 | 48.58 | 42.89 | 41.36 |
| Cash Flow/Share | 8.62 | 9.99 | 5.39 | 65.02 | 41.16 | 5.81 | 5.13 | 6.12 | 6.05 | 5.95 | 6.35 | 5.87 | 7.23 |
| Dividends/Share | 3.80 | 4.00 | 4.87 | 46.00 | 28.00 | 2.80 | 2.80 | 2.84 | 2.92 | 2.92 | 3.00 | 3.08 | 3.07 |
| Shares Out. | 10.7M | 11.4M | 12.3M | 1.2M | 1.3M | 12.0M | 11.9M | 13.7M | 15.2M | 15.0M | 15.5M | 16.8M | 16.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 38.9 | 9.4 | 15.3 | 4.2 | 9.2 | N/A | N/A | N/A | 23.2 | N/A | 65.1 | 114.5 |
| P/FCF | 7.7 | 5.3 | 14.4 | 1.3 | 1.3 | 13.6 | 11.5 | 15.0 | 8.3 | 9.1 | 23.1 | 17.3 | 15.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.3 | 62.6 | 23.9 | 38.5 |
| Price/Book | 0.9 | 0.8 | 0.9 | 0.9 | 0.8 | 1.1 | 1.1 | 1.6 | 1.0 | 1.1 | 1.3 | 1.5 | 1.3 |
| Price/Sales | 1.9 | 2.8 | 2.7 | 3.1 | 2.7 | 3.1 | 3.6 | 4.7 | 4.1 | 3.0 | 3.6 | 3.6 | 3.4 |
| FCF Yield | 13.0% | 19.0% | 6.9% | 7.9% | 8.4% | 7.3% | 8.7% | 6.7% | 12.1% | 11.0% | 4.3% | 5.8% | 6.4% |
| Market Cap | 510M | 489M | 572M | 479M | 443M | 664M | 685M | 1.2B | 759M | 811M | 960M | 1.1B | 936M |
| Avg. Price | 46.82 | 44.31 | 40.95 | 41.71 | 38.43 | 48.63 | 53.99 | 69.23 | 69.46 | 52.25 | 61.20 | 59.36 | 55.73 |
| Year-End Price | 47.56 | 42.82 | 46.30 | 39.67 | 36.91 | 55.46 | 57.42 | 90.31 | 49.89 | 53.91 | 62.00 | 66.45 | 55.73 |
CENTERSPACE passes 1 of 9 quality checks, indicating weak fundamentals.
CENTERSPACE trades at 54.6x trailing earnings, compared to its 15-year median P/E of 12.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.7x vs a median of 12.6x. The company's 5-year average ROIC is 2.6% with a gross margin of 24.9%. Total shareholder yield (dividends + buybacks) is 5.9%. At current prices, the estimated annualized return to fair value is +7.4%.
CENTERSPACE (CSR) has a net profit margin of 6.2%. This is a modest margin.
CENTERSPACE (CSR) generated $64 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CENTERSPACE (CSR) has a debt-to-equity ratio of 1.64. This indicates higher leverage, which may increase financial risk.
CENTERSPACE (CSR) reported earnings per share (EPS) of $1.02 in its most recent fiscal year.
CENTERSPACE (CSR) has a return on equity (ROE) of 2.3%. This indicates moderate shareholder returns.
CENTERSPACE (CSR) has a 5-year average gross margin of 24.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for CENTERSPACE (CSR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CENTERSPACE (CSR) has a book value per share of $42.89, based on its most recent annual SEC filing.