MeritValue

CENTERSPACE

CSRdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

CENTERSPACE earns about 1% on equity, but has diluted owners by 22% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$201.7M1$256.7M2$261.3M3$261M3$273.7M3
Net income−$29,0004−$14.1M5$41.3M6−$11.3M6$17.1M6
Operating cash flow$84M7$92M8$89.5M9$98.2M9$98.5M9
Capital expenditure$1.26M10$122,00010$010$56.7M11$34.2M11
Free cash flow (derived)$82.8M7$91.9M8$89.5M9$41.6M9$64.3M9
Total debt$859.8M12$1.01B13$916M14$955.4M15$1.02B15
Cash & equivalents$31.3M16$10.5M17$8.63M18$12M18$12.8M18
Diluted shares13.8M15.2M17.1M15.5M16.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$428.71
your share of equity
Profit it earned you last year
$10.19
Free cash flow it threw off
$38.33
Debt you’d be carrying
$608.74

10 shares is a claim on $428.71 of net worth that earned you $10.19 and generated $38.33 of cash last year, against $608.74 of debt.

iii. Is this a good business?
Moat signal · return on equity
1% avg · 5y
FY21 -0%FY22 -2%FY23 6%FY24 -2%FY25 2%

It earned an average 1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 19% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$64.3M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$64.3M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$31.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000798359-24-000019 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000798359-25-000011 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000798359-26-000014 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000798359-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000798359-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000798359-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000798359-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000798359-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000798359-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000798359-24-000019 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2024-12-31 · accession 0000798359-26-000014 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2021-12-31 · accession 0000798359-22-000035 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0000798359-23-000013 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0000798359-25-000011 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0000798359-26-000014 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0000798359-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000798359-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000798359-26-000014 (CashAndCashEquivalentsAtCarryingValue)