회사 개요
Centerspace operates as a specialized owner and operator of apartment communities, with a core mission focused on delivering quality residential housing through a commitment to integrity and service to others. This business model places the company firmly within the Real Estate sector, specifically classifying it under the REIT - Residential industry, which defines its regulatory structure and investment characteristics for institutional and retail participants. As of December 31, 2025, the enterprise holds a market capitalization of $1.10 billion and generated total revenue of $273.66 million, supported by an operational workforce of 334 employees. The combination of a $1.10 billion market cap and $273.66 million in annual revenue indicates a mid-cap real estate investment trust with a tangible physical asset base comprising 61 apartment communities and 12,262 residential units located in Colorado, Minnesota, Montana, Nebraska, and North Dakota.
재무 건전성
Centerspace reported a trailing twelve-month revenue of $273.66 million, accompanied by a net income of $17.10 million and an EBITDA of $136.83 million. The significant disparity between the $273.66 million revenue and the $17.10 million net income highlights a cost structure where operating expenses, including property management and maintenance, consume a substantial portion of gross receipts before reaching the bottom line. The company demonstrated strong cash generation capabilities with a free cash flow of $101.42 million, providing the necessary liquidity to fund capital expenditures, debt servicing, and potential acquisitions without relying heavily on external financing. Profitability analysis reveals a gross margin of 58.7%, reflecting the high revenue retention before operating costs, while the operating margin stands at 5.5% and the profit margin is 6.4%, indicating the efficiency of converting revenue into operating profit and final earnings respectively. Regarding balance sheet leverage, the company holds $12.83 million in cash against a total debt load of $1.02 billion, resulting in a debt-to-equity ratio of 120.74% which suggests a highly leveraged capital structure typical for asset-heavy REITs. Liquidity constraints are evident in a current ratio of 0.44, suggesting that short-term current assets are insufficient to cover immediate current liabilities without generating new cash flow. Finally, the return on equity is recorded at 2.6% and the return on assets is 0.8%, metrics that indicate the current level of capital efficiency and the effectiveness of management in generating returns on the deployed equity and asset base.
밸류에이션 평가
The valuation metrics present a complex picture with a trailing twelve-month P/E ratio of 60.82 and a forward P/E ratio of -74.01, implying that market expectations for future earnings are significantly different from current profitability, likely driven by the high payout ratio or specific accounting adjustments affecting forward estimates. The price-to-book ratio is valued at 1.45, indicating that the market prices the stock at a 45% premium over its book value, reflecting confidence in the underlying real estate assets or expectations of future value appreciation. Alternative valuation measures show a price-to-sales ratio of 4.01 and an EV/EBITDA of 15.90, suggesting that the stock is priced relative to its sales volume and enterprise value-adjusted earnings power rather than just net income. In terms of price momentum, the stock traded with a 52-week high of $69.15 and a 52-week low of $52.76, placing the current trading range within a volatility band that has fluctuated by approximately 23.6% over the last year. The beta coefficient of 0.83 indicates that the stock exhibits lower price volatility relative to the broader market, moving with less intensity than the overall equity index during periods of market stress or rally.
Growth & Income
Revenue growth over the last year stands at 0.3%, while earnings growth is listed as N/A, preventing a direct comparison of earnings expansion relative to top-line growth but highlighting a period of stability rather than rapid expansion. The company maintains a dividend yield of 5.0% with a payout ratio of 302.0%, a figure that exceeds the reported net income and suggests the dividend is partially funded by cash flow or other non-income sources rather than current earnings retention. Given the payout ratio exceeding 100%, the company is utilizing free cash flow and other reserves to sustain the dividend rather than reinvesting earnings into organic growth initiatives to the exclusion of shareholder returns. The overall profile presents a high-income, low-growth asset class where the primary value proposition lies in the substantial dividend yield and the stability of the residential rental portfolio in the Upper Midwest region.