Centerspace (CSR) Stock Analysis

Why this analysis is different

• A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Centerspace (CSR) Real Estate Portfolio & Strategy

Centerspace (CSR) is a REIT specializing in apartment communities across the Midwest and Mountain regions, differentiating itself through a focus on resident service and integrity. With a portfolio of over 11,500 apartment homes, Centerspace offers investors exposure to the residential real estate market, balanced with a dividend yield of 4.55%.

What Is the Investment Thesis for CSR?

Centerspace presents a notable research candidate within the residential REIT sector. With a market capitalization of $909M and a dividend yield of 4.55%, CSR offers a blend of income and potential capital appreciation. The company's geographic focus on the Midwest and Mountain states provides exposure to markets with stable demand for apartment rentals. Key value drivers include maintaining high occupancy rates across its 11,579 apartment homes and effectively managing operating expenses to maximize net operating income (NOI). Upcoming growth catalysts involve strategic acquisitions of additional apartment communities and ongoing improvements to existing properties to enhance their appeal to renters. However, potential risks include fluctuations in interest rates, which could impact borrowing costs and property valuations, as well as economic downturns that could reduce rental demand.

Based on FMP financials and quantitative analysis

CSR Key Highlights

Market capitalization of $909M, reflecting investor valuation of the company's assets and future growth potential.

• Dividend yield of 4.55%, providing a steady income stream for investors.
• Portfolio of 62 apartment communities with 11,579 apartment homes, indicating a substantial and diversified asset base.
• Presence in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota, offering geographic diversification and exposure to regional economic dynamics.
• Named a Top Workplace for 2021 by the Minneapolis Star Tribune, suggesting a positive work environment and potentially higher employee retention.

Who Are CSR's Competitors?

CSR is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are CSR's Key Strengths?

Strong presence in the Midwest and Mountain states.

• Commitment to integrity and service.
• Diversified portfolio of apartment communities.
• Positive workplace recognition.

What Are CSR's Weaknesses?

Relatively small market capitalization compared to larger REITs.

• Geographic concentration may limit growth opportunities.
• Profit margin of 3.1% is relatively low.
• High P/E ratio of 136.3.

What Could Drive CSR Stock Higher?

Potential acquisitions of new apartment communities to expand the portfolio.

• Property improvements and renovations to increase rental rates.
• Focus on resident satisfaction to improve tenant retention.
• Cost management initiatives to improve profitability.

What Are the Key Risks for CSR?

Financial-distress signal — its Altman Z-Score of 0.29 sits in the distress zone (elevated bankruptcy risk).

• Inconsistent delivery — missed Wall Street EPS estimates in 6 of the last 8 reported quarters.
• Rich valuation — a P/E of 136.3 runs well above the Real Estate sector’s ~21x, leaving little room for a miss.
• Fluctuations in interest rates could impact borrowing costs.
• Economic downturns could reduce rental demand.
• Competition from other REITs and private landlords.
• Rising operating expenses could erode profitability.

What Are the Growth Opportunities for CSR?

• Strategic Acquisitions: Centerspace can expand its portfolio through strategic acquisitions of existing apartment communities. The market for multifamily properties remains active, with opportunities to acquire well-located assets that complement the company's existing portfolio. By carefully evaluating potential acquisitions and integrating them effectively, Centerspace can increase its revenue base and achieve economies of scale in property management. The timeline for acquisitions depends on market conditions and available opportunities, but ongoing efforts to identify and evaluate potential targets are crucial for long-term growth.
• Property Improvements and Renovations: Investing in property improvements and renovations can enhance the appeal of Centerspace's apartment communities and drive rental rate growth. Upgrading amenities, modernizing interiors, and improving common areas can attract higher-quality tenants and justify higher rents. A phased approach to renovations, targeting specific properties or units each year, can minimize disruption and maximize the return on investment. Ongoing monitoring of tenant preferences and market trends is essential to ensure that renovation efforts align with demand and deliver tangible benefits.
• Expansion into New Markets: Centerspace can explore opportunities to expand its geographic footprint into new markets within the Midwest and Mountain regions. Identifying markets with strong population growth, favorable demographics, and limited competition can provide new avenues for growth. A careful market analysis, including assessing rental rates, occupancy levels, and regulatory environments, is essential before entering a new market. A phased approach, starting with a small number of properties, can allow Centerspace to test the market and refine its operating model before making larger investments.
• Enhanced Resident Services: Differentiating itself through enhanced resident services can improve tenant satisfaction and retention, leading to higher occupancy rates and reduced turnover costs. Offering amenities such as online rent payment, package delivery services, and community events can enhance the resident experience and create a sense of community. Gathering feedback from residents through surveys and focus groups can help identify areas for improvement and tailor services to meet their needs. Ongoing investment in resident services is crucial for maintaining a competitive edge and building long-term relationships with tenants.
• Technological Innovation: Embracing technological innovation can improve operational efficiency, reduce costs, and enhance the resident experience. Implementing property management software, online leasing platforms, and smart home technologies can streamline processes and improve communication with tenants. Analyzing data from these systems can provide insights into tenant preferences, occupancy trends, and maintenance needs, allowing Centerspace to make more informed decisions. Ongoing investment in technology is essential for staying competitive and adapting to changing market conditions.

What Are CSR's Competitive Advantages?

• Geographic Focus: Concentration in the Midwest and Mountain states may offer some protection from broader economic downturns.
• Established Reputation: Centerspace's commitment to integrity and service may attract and retain residents.
• Property Portfolio: Ownership of a diverse portfolio of apartment communities provides a stable revenue stream.
• Local Expertise: Deep understanding of the local markets in which it operates.

What Does CSR Do?

Centerspace, founded in 1970, is a real estate investment trust (REIT) that owns and operates apartment communities. The company's mission is centered around providing quality homes while emphasizing integrity and service to its residents. As of June 30, 2021, Centerspace's portfolio included 62 apartment communities, comprising 11,579 apartment homes. These properties are strategically located across several states, including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota, providing geographical diversification within the Midwest and Mountain regions. Centerspace aims to deliver value to its shareholders through consistent operational performance and strategic property management. The company's commitment to its employees was recognized in 2021 when it was named a Top Workplace by the Minneapolis Star Tribune. Centerspace continues to focus on enhancing its portfolio and maintaining high occupancy rates to drive revenue and profitability in the competitive residential REIT sector. The company's website, www.centerspacehomes.com, provides additional information for investors and residents alike.

What Products and Services Does CSR Offer?

• Owns and operates apartment communities.
• Manages residential properties in multiple states.
• Provides housing to individuals and families.
• Focuses on integrity and service in property management.
• Maintains and improves apartment communities.
• Acquires new properties to expand its portfolio.
• Sets rental rates and manages lease agreements.

How Does CSR Make Money?

• Generates revenue primarily from rental income.
• Manages operating expenses to maximize net operating income (NOI).
• Acquires and develops apartment communities to grow its asset base.
• Distributes a portion of its earnings to shareholders through dividends.

What Industry Does CSR Operate In?

Centerspace operates within the REIT - Residential industry, which is influenced by factors such as interest rates, population growth, and housing affordability. The industry has seen steady growth in recent years, driven by increasing demand for rental housing, particularly in urban and suburban areas. Centerspace competes with other REITs and private landlords for tenants. The company's focus on the Midwest and Mountain states positions it in markets with potentially less competition compared to larger metropolitan areas. Centerspace's commitment to integrity and service aims to differentiate it from competitors and attract and retain residents.

Who Are CSR's Key Customers?

• Individuals and families seeking rental housing.
• Residents in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
• Tenants looking for apartment communities with a focus on service and integrity.

Wall Street analysts project Centerspace revenue of about $261.6M for fiscal 2026, with EPS near $-0.66. The estimate reflects 3 contributing analysts.

Centerspace has missed Wall Street's EPS estimate in 6 of its last 8 reported quarters — a mixed record worth weighing. Reported results have landed about 144.7% below estimates on average.

Centerspace's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 0.29 places it in the distress zone, a signal of elevated financial risk.

Return on equity for Centerspace stands at 1.4%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.7%, showing how much profit it generates from its asset base. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.33 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.

Centerspace (CSR) Valuation Context

Valued at $909M, CSR is classified as a small-cap stock. Relative to its peer group, CSR's quantitative score of 61/100 is roughly in line with the peer average of 61/100.

CSR Revenue & Earnings Trend

In Q2 2026, CSR generated $65.8M in top-line revenue, marking a sequential increase of 1.1%. The company recorded a net loss of $962K, with diluted EPS of $-0.06. Quarter-over-quarter revenue has been mixed, typical for a small-cap company operating in Real Estate. Across the four most recent quarters, CSR averaged $0.31 in diluted EPS.

Company Profile

Centerspace operates in the REIT - Residential industry within the Real Estate sector. It is headquartered in Minot, US. The company is led by CEO Anne Olson. CSR has traded publicly since 1997.

CSR Financials

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CSR Analyst Consensus

CSR MoonshotScore

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Common Questions About CSR (Real Estate)

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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