D/B/A Centerspace Common Stock (CSR)

FairStock Score: 21/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Centerspace as a small residential REIT with a real portfolio of 47 apartment communities and 10,456 homes, but a mixed record. The filed figures show fiscal 2025, the year ended 2025-12-31, revenue of $273.7 million and net income of $17.1 million, a turnaround from fiscal 2024, the year ended 2024-12-31, when revenue was $261.0 million and net loss was $11.3 million. That fits FairStock's Lynch category of TURNAROUND: returned to profit after a loss within the last three years. Yet the latest filings are sobering: in fiscal Q1 2026, the quarter ended 2026-03-31, net loss was $12.9 million, and in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $65.8 million and net loss was $1.0 million. Prior-year fiscal Q2 2025, the quarter ended 2025-06-30, had revenue of $68.5 million, so the top line has weakened. For a REIT, I would not lean on P/E, because depreciation distorts it. FFO/AFFO, the right measures, are not in the data. Instead I lean on dividend yield, leverage, revenue trend, and price-to-book. At the 2026-10-13 close of $56.01, FairStock shows a P/B of 1.38 and dividend yield of 5.50%. Trailing free cash flow is $91.9 million, a 9.8% FCF yield. The Piotroski F-score of 8/9 is encouraging, but D/E of 1.24 and Altman Z of 0.01 signal balance-sheet caution. ROE of 3.39% and ROCE of 0.74% are thin. FairStock's overall score is 21/100. The equity is not obviously expensive, but recent losses, soft revenue, and leverage mean I would want proof of durable FFO/AFFO and dividend coverage before calling it a bargain.

In plain English: Centerspace owns and operates apartment communities in several Western and Midwestern states. The business has been uneven: it returned to a full-year profit in fiscal 2025 after a loss in fiscal 2024, but it has reported net losses in the first two quarters of fiscal 2026 and revenue slipped in the most recent quarter. At $56.01 on 2026-10-13, the shares offer a high dividend, but weak recent earnings and meaningful debt make the price look more fair than clearly cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer