CSR
Real EstateCenterspace · REIT - Residential · $1B
What is Centerspace?
Centerspace is a real estate investment trust focused on owning and operating apartment communities across the Upper Midwest and Mountain West regions of the United States. The company centers its identity on providing quality homes through a service-oriented culture.
Centerspace acquires, owns, and manages multifamily apartment communities, generating revenue primarily through residential lease income. Its portfolio spans Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The company focuses on mid-market renters in secondary and tertiary markets, differentiating itself from coastal apartment REITs by targeting regions with lower competition and relatively stable demand.
Founded in 1997 and headquartered in Minot, North Dakota, Centerspace has grown into a regional apartment operator spanning six states.
- Multifamily apartment community ownership
- Residential property management
- Tenant-focused leasing and services
- Regional market apartment operations
Is CSR a Good Stock to Buy?
UQS Score rates CSR as Below Average overall, reflecting meaningful weaknesses across several key pillars.
Valuation stands out as the relative bright spot in Centerspace's profile, rated Good — suggesting the stock may not carry the premium pricing seen in larger apartment REITs. Growth comes in at Neutral, indicating the business is neither contracting sharply nor expanding at a standout pace.
Quality, Moat, and Risk all register as Weak, pointing to concerns around earnings durability, competitive positioning, and balance sheet or operational risk factors.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does CSR pay dividends?
Yes — Centerspace pays a dividend.
Centerspace pays a regular dividend, consistent with its structure as a REIT — which is required by law to distribute the majority of taxable income to shareholders. Income-focused investors often look to apartment REITs for this reason. However, dividend sustainability should be weighed against the company's Weak Quality and Risk pillar ratings.
When does CSR report earnings?
Centerspace reports earnings on a quarterly cadence, typical for US-listed REITs.
As a regional apartment REIT, Centerspace's quarterly results tend to reflect occupancy trends, rental rate changes, and operating cost pressures across its six-state footprint. The company's Neutral Growth rating suggests results have been neither notably strong nor declining sharply in recent periods.
For the most recent quarter's results, visit Centerspace's investor relations page at centerspacehomes.com.
CSR Price History
+15.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Centerspace?
Based on Centerspace's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
CSR Long-term Outlook
Centerspace's fundamental outlook is shaped by its Neutral Growth profile and Weak Risk rating. The regional apartment market in the Upper Midwest offers relative stability but limited upside compared to high-growth coastal markets. Valuation rated Good may provide some downside cushion, but the weak Quality and Moat ratings suggest the path to meaningful improvement requires operational and competitive strengthening.
Growth drivers
- Stable renter demand in secondary Midwest and Mountain West markets
- Potential for portfolio expansion through regional acquisitions
- Favorable valuation entry point relative to larger apartment REITs
Key risks
- Weak competitive moat in a fragmented regional apartment market
- Elevated operational and balance sheet risk reflected in the Weak Risk pillar
- Limited pricing power compared to high-demand urban apartment operators
CSR vs Peers
Centerspace competes with other small and mid-cap residential REITs, each with distinct geographic and strategic profiles.
UMH focuses on manufactured home communities rather than traditional apartments, serving a distinct segment of the affordable housing market.
NexPoint targets value-add apartment communities primarily in the Sun Belt, pursuing a more active renovation and repositioning strategy.
Veris Residential concentrates on Class A multifamily properties in the Northeast, positioning itself at the higher end of the rental market.
Frequently Asked Questions
What does Centerspace do?
Centerspace owns and operates apartment communities across six states — Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The company focuses on providing residential rental homes in secondary and regional markets, generating income primarily through leases.
Does CSR pay dividends?
Yes, Centerspace pays a regular dividend. As a REIT, it is required to distribute most of its taxable income to shareholders. Investors should review the Weak Quality and Risk pillar ratings when evaluating dividend reliability. Check Centerspace's investor relations page for the current dividend schedule.
When does CSR report earnings?
Centerspace reports on a quarterly cadence, standard for US-listed REITs. Specific upcoming earnings dates are not covered by our data source. For confirmed dates, visit Centerspace's investor relations page at centerspacehomes.com.
Is CSR a good stock to buy?
UQS Score rates CSR as Below Average, driven by Weak ratings across Quality, Moat, and Risk. The Valuation pillar is rated Good, which may interest value-oriented investors. A full pillar breakdown is available to Pro members on UQS Score.
Is CSR overvalued?
Based on the UQS Valuation pillar, CSR is rated Good — suggesting it does not appear overpriced relative to its fundamentals or sector peers. This is one of the stronger elements in an otherwise Below Average overall profile.
How does CSR compare to its competitors?
Centerspace operates in regional Midwest and Mountain West markets, setting it apart from peers like Veris Residential, which targets Northeast Class A renters, and NexPoint, which pursues Sun Belt value-add strategies. UMH focuses on manufactured housing, a different product type entirely.
What is CSR's market cap bracket?
Centerspace is classified as a small-cap company. This places it among smaller publicly traded REITs, which typically carry different liquidity and volatility characteristics compared to large-cap apartment operators.
Who founded Centerspace?
Centerspace traces its origins to 1997. Detailed founding history, including founding individuals, is publicly available through the company's official communications and investor relations materials at centerspacehomes.com.
Is CSR a long-term quality investment?
As a long-term quality indicator, CSR's Below Average UQS Score — with Weak ratings in Quality, Moat, and Risk — suggests meaningful hurdles for sustained outperformance. The Good Valuation rating offers some context, but long-term quality typically requires stronger foundational pillar scores. Pro members can view the complete analysis.
What is the main competitive advantage of Centerspace?
Centerspace's Moat pillar is rated Weak, indicating limited durable competitive advantages relative to sector peers. Its regional focus in less-contested Midwest markets provides some differentiation, but the company does not appear to hold a strong structural edge based on the UQS assessment.
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Pro Analysis
CSR — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 32.8 | 27.0 | 25.0 | 50.3 | 11.8 | 53.3 | -0.1 |
| May 21, 2026 | 32.9 | 27.0 | 25.0 | 50.3 | 11.8 | 53.5 | 0.0 |
| May 20, 2026 | 32.9 | 27.0 | 25.0 | 50.3 | 11.8 | 53.6 | +0.1 |
| May 19, 2026 | 32.8 | 27.0 | 25.0 | 50.3 | 11.8 | 53.4 | -0.1 |
| May 16, 2026 | 32.9 | 27.0 | 25.0 | 50.3 | 11.8 | 53.5 | +0.1 |
| May 14, 2026 | 32.8 | 27.0 | 25.0 | 50.3 | 11.8 | 53.2 | 0.0 |
| May 13, 2026 | 32.8 | 27.0 | 25.0 | 50.3 | 11.8 | 53.0 | 0.0 |
| May 11, 2026 | 32.8 | 27.0 | 25.0 | 50.3 | 11.8 | 53.3 | -5.7 |
| May 3, 2026 | 38.5 | 36.2 | 25.0 | 50.3 | 15.2 | 72.5 | +0.3 |
| May 1, 2026 | 38.2 | 36.2 | 25.0 | 50.3 | 15.2 | 70.4 | -0.2 |
CSR — Pillar Breakdown
Quality
— 27.0/100 (25%)Centerspace currently shows below-average quality metrics, suggesting challenges with profitability.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 50.3/100 (20%)Centerspace shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 11.8/100 (15%)Centerspace presents elevated risk with concerns around leverage or financial stability.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 51.8/100 (15%)Centerspace has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 25/100 (25%)Centerspace operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for CSR.
Score Composition
Financial Data
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How is the CSR UQS Score Calculated?
The UQS (Unified Quality Score) for Centerspace is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Centerspace's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Centerspace is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.