CSR - Centerspace: A Value Buy In The Multifamily Space

2024-01-27 09:00:00 ET

Summary

• Centerspace has underperformed the S&P 500 and Vanguard Real Estate ETF over the past year but deserves more credit.
• CSR has made progress in portfolio transformation and optimizing its properties for better operating efficiencies.
• The company has shown steady growth in rent and same-store NOI and offers an appealing and well-covered dividend, leaving plenty of room for further deleveraging.

It's been a while since I last visited Centerspace (CSR) here in December of 2020 with a 'Hold' rating, back when it was called Investors Real Estate Trust. At that time, it seemed like this multifamily REIT was fully valued by the market due to the essential nature of its properties and very low interest rates at the time....

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