(CSR) Centerspace - Overview
Sector: Real Estate | Industry: REIT - Residential | Exchange: NYSE (USA) | Market Cap: 1.200m USD | Total Return: 12.6% in 12m
Avg Turnover: 5.65M
Qual. Beats: -3
Rev. Trend: 63.0%
Qual. Beats: 0
Warnings
P/E ratio 144.0
High Debt/EBITDA (5.9) with thin interest coverage (1.3)
Altman Z'' -0.96 < 1.0 - financial distress zone
Tailwinds
Idiosyncratic Leader, Confidence
Centerspace (NYSE: CSR) is a real estate investment trust (REIT) focused on the ownership and management of multi-family apartment communities. As of late 2025, the company’s portfolio comprised 61 properties totaling 12,262 homes across seven states, primarily in the Midwest and Mountain West regions. Established in 1970 and headquartered in North Dakota, the firm maintains a regional concentration in markets such as Minnesota and Colorado.
The company operates within the Multi-Family Residential REIT sector, a business model that generates revenue through monthly rental income and capital appreciation of real estate assets. Unlike diversified REITs, multi-family specialists benefit from shorter lease terms-typically 12 months-which allow for more frequent rent adjustments in response to inflation or local market demand. Investors often analyze these entities based on occupancy rates and net operating income (NOI) growth within their specific geographic footprints.
To better understand how these regional demographics impact long-term valuation, you may wish to review the detailed metrics on ValueRay. Further research into local migration patterns and housing supply in the Mountain West can provide additional context regarding Centerspaces future revenue stability.
- Regional economic growth in Mountain and Midwest markets drives rental income
- Portfolio concentration in Minnesota and Colorado increases exposure to local regulations
- Elevated interest rates impact refinancing costs and property acquisition cap rates
- Occupancy levels and net effective rent growth determine core FFO performance
- Strategic disposition of non-core assets influences balance sheet deleveraging and capital allocation
| Net Income: 8.33m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.57 > 1.0 |
| NWC/Revenue: -72.17% < 20% (prev -33.50%; Δ -38.66% < -1%) |
| CFO/TA 0.05 > 3% & CFO 94.4m > Net Income 8.33m |
| Net Debt (1.01b) to EBITDA (171.1m): 5.89 < 3 |
| Current Ratio: 0.05 > 1.5 & < 3 |
| Outstanding Shares: last quarter (16.8m) vs 12m ago 0.29% < -2% |
| Gross Margin: 38.26% > 18% (prev 0.57%; Δ 3.77k% > 0.5%) |
| Asset Turnover: 14.37% > 50% (prev 13.92%; Δ 0.45% > 0%) |
| Interest Coverage Ratio: 1.27 > 6 (EBITDA TTM 171.1m / Interest Expense TTM 45.7m) |
| A: -0.10 (Total Current Assets 10.3m - Total Current Liabilities 206.3m) / Total Assets 1.89b |
| B: -0.36 (Retained Earnings -675.5m / Total Assets 1.89b) |
| C: 0.03 (EBIT TTM 57.9m / Avg Total Assets 1.89b) |
| D: 0.65 (Book Value of Equity 695.0m / Total Liabilities 1.07b) |
| Altman-Z'' = -0.96 = CCC |
| DSRI: 1.07 (Receivables 28.6m/25.9m, Revenue 271.6m/263.6m) |
| GMI: 1.48 (GM 38.26% / 56.70%) |
| AQI: 1.01 (AQ_t 0.99 / AQ_t-1 0.99) |
| SGI: 1.03 (Revenue 271.6m / 263.6m) |
| TATA: -0.05 (NI 8.33m - CFO 94.4m) / TA 1.89b) |
| Beneish M = -2.55 (Cap -4..+1) = A |
As of May 30, 2026, the stock is trading at USD 67.48 with a total of 109,784 shares traded.
Over the past week, the price has changed by +0.12%,
over one month by +0.36%,
over three months by +8.73% and
over the past year by +12.62%.
Centerspace has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold CSR.
- StrongBuy: 2
- Buy: 4
- Hold: 6
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 70.6 | 4.6% |
P/E Trailing = 144.0213
P/E Forward = 55.5556
P/S = 4.4165
P/B = 1.6366
P/EG = 40.8917
Revenue TTM = 271.6m USD
EBIT TTM = 57.9m USD
EBITDA TTM = 171.1m USD
Long Term Debt = 865.2m USD (from longTermDebt, last quarter)
Short Term Debt = 150.4m USD (from shortTermDebt, last quarter)
Debt = 1.02b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.01b USD (calculated: Debt 1.02b - CCE 7.55m)
Enterprise Value = 2.21b USD (1.20b + Debt 1.02b - CCE 7.55m)
Interest Coverage Ratio = 1.27 (Ebit TTM 57.9m / Interest Expense TTM 45.7m)
EV/FCF = 31.52x (Enterprise Value 2.21b / FCF TTM 70.1m)
FCF Yield = 3.17% (FCF TTM 70.1m / Enterprise Value 2.21b)
FCF Margin = 25.79% (FCF TTM 70.1m / Revenue TTM 271.6m)
Net Margin = 3.07% (Net Income TTM 8.33m / Revenue TTM 271.6m)
Gross Margin = 38.26% ((Revenue TTM 271.6m - Cost of Revenue TTM 167.7m) / Revenue TTM)
Gross Margin QoQ = -24.40% (prev 59.53%)
Tobins Q-Ratio = 1.17 (Enterprise Value 2.21b / Total Assets 1.89b)
Interest Expense / Debt = 4.50% (Interest Expense 45.7m / Debt 1.02b)
Taxrate = 21.0% (US default 21%)
NOPAT = 45.7m (EBIT 57.9m * (1 - 21.00%))
Current Ratio = 0.05 (Total Current Assets 10.3m / Total Current Liabilities 206.3m)
Debt / Equity = 1.45 (Debt 1.02b / totalStockholderEquity, last quarter 700.9m)
Debt / EBITDA = 5.89 (Net Debt 1.01b / EBITDA 171.1m)
Debt / FCF = 14.39 (Net Debt 1.01b / FCF TTM 70.1m)
Total Stockholder Equity = 725.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.44% (Net Income 8.33m / Total Assets 1.89b)
RoE = 0.59% (Net Income TTM 8.33m / Total Stockholder Equity 1.40b)
RoCE = 2.55% (EBIT 57.9m / Capital Employed (Equity 1.40b + L.T.Debt 865.2m))
RoIC = 2.51% (NOPAT 45.7m / Invested Capital 1.82b)
WACC = 5.46% (E(1.20b)/V(2.22b) * Re(7.07%) + D(1.02b)/V(2.22b) * Rd(4.50%) * (1-Tc(0.21)))
Discount Rate = 7.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 80.90 | Cagr: 5.06%
[DCF] Terminal Value 77.97% ; FCFF base≈65.8m ; Y1≈75.4m ; Y5≈111.0m
[DCF] Fair Price = 39.41 (EV 1.67b - Net Debt 1.01b = Equity 662.1m / Shares 16.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.89 | # QB: -3
Revenue Correlation: 63.02 | Revenue CAGR: 1.53% | SUE: -0.05 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.17 | Chg30d=+42.83% | Revisions=+33% | Analysts=3
EPS next Quarter (2026-09-30): EPS=-0.13 | Chg30d=+55.37% | Revisions=+33% | Analysts=3
EPS current Year (2026-12-31): EPS=-1.11 | Chg30d=+1.40% | Revisions=+20% | GrowthEPS=+1.1% | GrowthRev=-2.0%
EPS next Year (2027-12-31): EPS=-0.52 | Chg30d=+36.69% | Revisions=+33% | GrowthEPS=+53.2% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: +33%