At a glance
Centerspace is worth $949.9M, about 55 times its fiscal 2025 earnings. Revenue grew 4.9% to $273.7M in fiscal 2025, with 6.2% kept as profit; over 5 years it has grown 9.0% a year. It pays a 5.46% dividend yield, and returned $272.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.8% over the past year with dividends reinvested and −7.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
Centerspace is a real estate investment trust (REIT), a company that owns income-producing property and passes most of its taxable income to shareholders as dividends. It owns, manages, buys, develops and redevelops apartment communities. As of December 31, 2025, it owned 61 communities with 12,262 homes, carried at $1.9 billion after depreciation. It aims to grow in large markets such as Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City. Formerly Investors Real Estate Trust, it is based in Minot, North Dakota.
The model is straightforward: residents pay rent, and rent makes up most of revenue. Leases generally run 12 months or less, so rents reset often. Revenue was $273.7 million in fiscal 2025, up 4.9% from 2024 and about 9% a year on average since 2020. The 10-K gives no revenue split by segment or region; the company describes itself as concentrated in one asset class, apartments.
Centerspace is structured as an umbrella partnership REIT (UPREIT). Through a subsidiary, the listed trust owned 85.6% of Centerspace, LP, the operating partnership that holds nearly all the properties, as of December 31, 2025. Property owners can trade buildings for partnership units and defer taxes. The company aims to pay out 65% to 90% of funds from operations (FFO), a common REIT cash-earnings measure that adds back depreciation.
Price history
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CSR -0.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $59.5M, down 16.6% from a year earlier, and net income was $123.3M (+129.3%).
- For fiscal 2025, revenue was $273.7M (+4.9% year over year; +9.0% a year from FY2020 to FY2025) with a 6.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 23.6% good |
| Free cash flow margin | 23.5% good |
| Return on equity (FY2025) | 2.4% weak |
| Return on assets (FY2025) | 0.9% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $178.0M | $4.4M | $59.6M |
| FY2021 | $201.7M | $-29K | $82.8M |
| FY2022 | $256.7M | $-14.1M | $91.9M |
| FY2023 | $261.3M | $41.3M | $89.5M |
| FY2024 | $261.0M | $-11.3M | $41.6M |
| FY2025 | $273.7M | $17.1M | $64.3M |
Valuation snapshot
| Market value | $949.9M |
|---|---|
| P/E ratio | 55.4 |
| Dividend yield | 5.46% |
Rank among 1514 US companies
Market value at each year end
Centerspace’s market value went from $916.6M at the end of 2020 to $949.9M on Oct 28, 2026, up 4%; since the end of 2025 it is down 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $949.9M | -14.8% |
| 2025 | $1.11B | +1.7% |
| 2024 | $1.10B | +25.1% |
| 2023 | $876.1M | -0.9% |
| 2022 | $884.1M | -44.2% |
| 2021 | $1.58B | +72.8% |
| 2020 | $916.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CSR price data to Oct 28, 2026 | -11.9% | -0.8% | +11.1% | -7.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.9% |
| 2025 | +6.0% |
| 2024 | +19.1% |
| 2023 | +4.3% |
| 2022 | -45.0% |
| 2021 | +62.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.2% over that stretch · deepest drop along the way 38.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (21 read): 2 open-market purchases ($121K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 22, 2026 | Rodney Jones-Tyson Director | buy | $94K |
| Jun 18, 2026 | John A Schissel Director | buy | $27K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.3% | Mar 31, 2025 |
| Vanguard Portfolio Management | 10.02% | Mar 31, 2026 |
| Voss Value Master Fund, LP | 7.7% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.6% | Dec 31, 2024 |
| Vanguard Capital Management | 5.17% | Mar 31, 2026 |
| Silvercrest Asset Management Group LLC | 3.86% | Dec 31, 2025 |
| Wellington Management Group LLP | 2.8% | Jun 30, 2026 |
ETFs with the most weight in CSR
| HAUS Residential REIT ETF | 4.45% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.27% |
| HOMZ Hoya Capital Housing ETF | 1.45% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.07% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.64% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.42% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.39% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.3% |
What could go wrong
- Strategic review may not end in a deal. On November 11, 2025, Centerspace confirmed a board review of options, including a sale or merger. A deal may not happen or lift the share price, and the process is costly and distracting.
- Heavy reliance on a few regional markets. Operations are concentrated in a few US regions; focus markets include Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City. A weak regional economy would hit rents and occupancy directly.
- Apartments only, with short leases. Centerspace owns only apartments, and most leases run 12 months or less. Short leases can help rents keep pace with inflation, but falling market rents also reach revenue quickly.
- Refinancing debt at higher interest rates. Debt totaled $990 million as of June 30, 2026. Much of it was fixed at 2.50% to 3.84%, while the credit line cost 5.12% at the end of 2025; refinancing could raise interest costs.
- Tax agreements limit sales of 21 properties. Centerspace has tax protection agreements on 21 properties, made with owners who contributed buildings for partnership units. These agreements may limit taxable sales of those properties, reducing flexibility in a sale or restructuring.
- New shares can shrink existing owners' stake. Growth depends partly on raising equity. Shares outstanding rose 17.6% from October 2021 to July 2026, and the company could still sell $262.9 million of new shares as of December 31, 2025.
Recent events
- Quarterly results released
- Major agreement signed
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Acquisition or sale of assets completed
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
Centerspace pays a sizable dividend: the yield was 5.46% as of October 28, 2026. Dividends per share rose from $2.80 in fiscal 2020 to $3.08 in fiscal 2025, about 1.9% a year, but the payout was flat in 2023, so the streak of increases ran just two years through fiscal 2025. Dividends equaled about 299% of net income in 2025. That looks alarming but is common for REITs, because depreciation shrinks reported earnings; payouts were about 79% of free cash flow and 65% of funds from operations. The company bought back $48.8 million of shares from fiscal 2021 to 2025, yet the share count rose 17.6% between October 2021 and July 2026.
In the 2022 bear market, the shares fell 38.8% from January 3 to October 7, 2022, and had not regained that peak by October 28, 2026. The deepest drop in about 5.8 years of price history was 53.4%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Centerspace make money?
Mainly by renting apartments. As of December 31, 2025, Centerspace, a real estate investment trust (REIT), owned 61 apartment communities with 12,262 homes, and rent from residents makes up most of its revenue. Leases generally run 12 months or less. Revenue was $273.7 million in fiscal 2025, up 4.9% from 2024. It aims to grow in large markets including Minneapolis/St. Paul, Denver, Boulder/Fort Collins and Salt Lake City.
Does Centerspace raise its dividend every year?
Not every year. Dividends per share went from $2.80 in fiscal 2020 to $2.84 in 2021 and $2.92 in 2022, held at $2.92 in 2023, then rose to $3.00 in 2024 and $3.08 in 2025. That left a two-year streak of increases through fiscal 2025 and average growth of about 1.9% a year over five years. The dividend yield was 5.46% as of October 28, 2026. The 10-K notes that distributions are not guaranteed.
Is Centerspace being sold?
It could be. On November 11, 2025, Centerspace confirmed that its board was reviewing strategic alternatives, including a sale or merger as well as staying independent. The company later filed 8-K reports (filings for major events) of major agreements signed on September 9 and September 23, 2026, the first alongside an investor presentation. Those filings, on the SEC's EDGAR site, give the details. In its 10-K, Centerspace warned the review might not lead to any transaction.
How has Centerspace stock performed?
Unevenly. As of October 28, 2026, the share price was down 31% over five years, about 7.3% a year, but up 37% over three years, about 11.1% a year. Calendar-year returns swung from a 62.2% gain in 2021 to a 45% loss in 2022, followed by gains of 4.3% in 2023, 19.1% in 2024 and 6% in 2025. In 2026 through October 28, the shares were down 11.9%. These are share-price returns.
How much debt does Centerspace have?
About $990 million as of June 30, 2026, against total assets of $1.84 billion and cash and investments of $8.6 million. At the end of 2025, total debt equaled 41.8% of gross real estate investments. Much of it carries low fixed rates: unsecured notes at 2.50% to 3.84% maturing from 2028 to 2034, and a $198.9 million Fannie Mae facility at a blended 2.78%. The $400 million credit line, due July 2028, had $154 million drawn at 5.12% at year-end.