CSR
CENTERSPACE
Next earnings Aug 3, 2026 (after close) · consensus $-0.24 EPS, $68.5M rev
Last earnings +0.6% on 2026-05-04
$57.00
▲ +0.44%$57.00▼ -3.77%
over 1Y
L $51.19EODHDH $68.89
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.4%
1W+3.0%
1M-15.8%
3M+0.0%
YTD-13.7%
1Y-3.8%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Quality apartment REIT with improving NOI and a 1971-uninterrupted dividend, but 56x P/E and 2.4% ROE leave little margin for error.
The read
Middling fundamentals and a rich price (~33% above fair value) leave little margin of safety — a wait-and-see.
Centerspace is a focused multifamily REIT (61 communities, 12,262 homes as of 12/31/2025) repositioning toward higher-growth Mountain West / Sun Belt-adjacent markets — the MD&A details the FY2025 disposal of twelve non-core Minnesota communities for $215.5M and entries into Loveland, CO (Railway Flats, 420 homes, $132.2M) and Salt Lake City (Sugarmont, 341 homes, $149.0M). The operating story is genuinely improving: same-store NOI grew 3.5% on 2.4% same-store revenue, operating income tripled from $20.5M to $64.5M, and CFFO/share inched up 1.0% to $4.93 — the cash-flow metric that actually matters for a REIT. Apartments-only, owner-operator scale (2.5%–5.0% third-party fee benchmark cited), and an unbroken quarterly dividend since 1971 mark this as a quality operator.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $202M | $257M | $261M | $261M | $274M |
| Gross profit | — | — | — | — | — |
| Operating income | $29.9M | $13.9M | $84.5M | $20.5M | $64.5M |
| Net income | -$29.0K | -$14.1M | $41.3M | -$11.3M | $17.1M |
| Diluted EPS | -$0.47 | -$1.35 | $2.32 | -$1.27 | $1.02 |
| Net margin | -0.0% | -5.5% | 15.8% | -4.3% | 6.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF9.7
PEG (trailing)0.22
Earnings yield1.8%
FCF yield10.3%
Quality & risk
ROIC (est.)2.9%
Free cash flow$98.5M
Total debt$1.02B
Net cash-$1.01B
Piotroski F-Score5/7
Capital returns
Buyback yield0.4%
Dividend yield (est.)5.3%
Shareholder yield5.7%
Shares Δ YoY+0.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Reg FD disclosure2026-06-01
Reg FD/Other Events disclosure with exhibits; routine investor communication update.
- 8-K Shareholder vote2026-05-15
Annual meeting vote results disclosed; routine governance outcome.
- 8-K Reg FD disclosure2026-05-08
Reg FD investor materials posted; likely conference/presentation update.
- 8-K Earnings results2026-05-04
Q1 2026 results filed; continues 2025 same-store NOI/CFFO momentum.
- 10-Q Quarterly report2026-05-04
Q1 2026 results filed; continues 2025 same-store NOI/CFFO momentum.
- DEF 14A Proxy statement2026-04-03
Proxy statement for 2026 annual meeting; routine governance filing.
- 8-K Officer / director change2026-03-11
Officer/director change disclosed with related Reg FD update.
- 8-K Reg FD disclosure2026-02-27
Reg FD investor disclosure with exhibit; routine communication.
- 10-K Annual report2026-02-17
FY25 swung to $1.02 EPS vs -$1.27; CFFO +1%, same-store NOI +3.5%, SLC entry.
Recent filings
all on EDGAR ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-182026-06-23open ↗4Period ending 2026-06-012026-06-02open ↗4Period ending 2026-06-012026-06-02open ↗4Period ending 2026-06-012026-06-02open ↗4Period ending 2026-06-012026-06-02open ↗4Period ending 2026-06-012026-06-02open ↗4Period ending 2026-06-012026-06-02open ↗8-KPeriod ending 2026-06-012026-06-01open ↗8-KPeriod ending 2026-05-132026-05-15open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-132026-05-14open ↗
Frequently asked
- Is CENTERSPACE (CSR) a buy?
- CSR currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality apartment REIT with improving NOI and a 1971-uninterrupted dividend, but 56x P/E and 2.4% ROE leave little margin for error.
- What is CSR's fair value?
- A Modified-Graham model based on CSR's SEC fundamentals estimates a fair value of about $38.10. It is an estimate from reported earnings, not a price target.
- Is CSR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, CSR currently appears overvalued relative to its SEC-grounded earnings power.
- What is CENTERSPACE's quality score?
- CSR scores 67.80392156862744/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000798359, latest 10-Q filed 2026-05-04) · EODHD · analysis by claude-code · as of 6/25/2026, 2:24:11 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.