Centerspace Financial Ratios — CSR-PC Stock

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	2.88	3.71	-5.32	2.6	12.18	7.11	22.86	13.93	-0.39	-1.06	-3.11	5.56
Return on Assets (%)	0.53	0.25	1.23	0.49	1.42	-0.7	1.25	3.84	2.68	8.05	5.62	0.36	0.04	-0.68	2.12
Return on Capital (%)	- -	- -	6.48	4.83	4.74	1.34	3.23	6.06	- -	- -	7.59	2.48	- -	- -	3.7
Return on Invested Capital (%)	- -	- -	4.34	4.49	4.56	2.38	2.99	1.95	- -	- -	0.92	0.73	- -	- -	1.27
Gross Margin (%)	73.06	73.02	45.76	46.86	47.58	57.92	59.21	57.48	56.67	53.72	54.51	55.64	55.08	53.83	55.93
EBITDA Margin (%)	56.94	56.25	55.77	58.73	59.09	70.94	68.04	66.2	54.48	51.05	47.34	48.65	47.51	47.37	48.82
Operating Margin (%)	32.84	29.82	29.57	31.64	31.86	26.14	27.84	21.21	19.12	-3.03	6.75	5.62	1.35	6	9.33
Incremental Operating Margin (%)	16.55	115.19	7.95	-56.42	34.43	43.13	46.84	56.36	-1.77	- -	110.38	32.61	-30.72	23.07	195.41
Pretax Margin (%)	- -	- -	1.87	3.78	8.34	3.58	9.66	6.31	-28.87	-21.91	45.66	2.66	-1.04	-6.87	18.84
Profit Margin (%)	3.55	1.73	8.58	3.59	10.29	-8	13.43	49.49	27.07	68.8	42.64	2.85	0.3	-5.25	16.06
Net Income to Common Margin (%)	2.56	0.7	7.56	2.55	6.57	-15	7.01	41.58	20.49	63.75	38.68	-1.17	-3.2	-8	13.35
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	277.11	1,126.23	689.54	469.7	224.68	-434.49	439.14	2,652.96	-80.62	-97.02	39.4	-1,268.37	-323.94	-153.95	88.49
Sustainable Growth Rate (%)	- -	- -	- -	-10.64	-4.62	-28.45	-8.82	-310.88	12.84	45.04	8.44	-5.35	-4.47	-7.9	0.64

Credit (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,076	1,064	1,024	1,088	1,059	1,083	794	912	665	703	649	719	856	1,008	916
ST Debt	6	7	30	39	10	22	60	18	57	124	50	153	76	114	30
LT Debt	1,070	1,058	994	1,049	1,049	1,061	733	895	608	579	599	566	780	894	886
Total Debt/EBITDA	7.87	8.17	7.84	8.1	7.23	9.28	6.51	9.47	7.62	8.12	7.38	8.3	8.93	8.29	7.18
Net Debt/EBITDA	7.63	7.75	7.52	7.8	6.58	8.87	6.1	8.78	7.29	7.98	7.08	8.3	8.61	8.2	7.11
Total Debt/EBIT	13.65	15.42	14.79	15.03	13.4	25.18	15.9	29.55	21.72	-136.88	51.77	71.9	314.95	65.38	37.56
Net Debt/EBIT	13.23	14.62	14.19	14.48	12.21	24.08	14.92	27.39	20.78	-134.57	49.65	71.87	303.45	64.71	37.21
EBITDA to Interest Expense	1.99	1.98	2.08	2.17	2.4	3.46	3.54	3.39	2.54	2.54	2.88	2.98	3	3.71	3.5
EBITDA-CapEx/Interest Expense	1.13	0.76	1.08	-0.12	2.4	3.46	3.54	3.39	2.54	2.54	2.88	2.98	3	3.71	3.5
EBIT to Interest Expense	1.15	1.05	1.1	1.17	1.29	1.28	1.45	1.09	0.89	-0.15	0.41	0.34	0.08	0.47	0.67
Interest Expense	69	66	63	62	61	34	34	28	34	34	31	29	32	33	36
Common Equity/Total Assets	-9.72	- -	- -	23.66	25.09	24.26	25.7	27.35	30	35.36	37.86	36.92	35.2	31.38	32.05
Long-Term Debt/Equity (%)	216.89	189.9	182.26	185.52	138.89	147.23	98.95	124.54	95.53	84.27	85.97	82.15	76.35	92.48	93.5
Long-Term Debt/Capital (%)	96.64	85.37	83.89	63.44	57.82	58.81	47.78	54.87	46.71	41.71	44.26	39.76	41.45	45.24	47.51
Long-Term Debt/Total Assets (%)	66.67	63.68	61.52	61.17	55.53	56.75	36.7	50.97	41.21	40.61	43	38.68	40.21	43.97	45.99
Total Debt/Equity (%)	218.01	191.08	187.76	192.42	140.21	150.35	107.12	126.98	104.5	102.31	93.16	104.32	83.79	104.22	96.67
Total Debt/Capital (%)	97.13	85.9	86.42	65.8	58.37	60.06	51.72	55.94	51.1	50.64	47.96	50.49	45.48	50.98	49.12
Total Debt/Total Assets (%)	67.02	64.07	63.38	63.45	56.06	57.96	39.73	51.97	45.08	49.31	46.6	49.12	44.12	49.56	47.55
Net Debt to Equity	211.27	181.24	180.2	185.35	127.75	143.79	100.51	117.69	99.97	100.58	89.34	104.27	80.73	103.14	95.76
Net Debt/Capital (%)	97.04	85.24	85.93	64.95	56.09	58.98	50.13	54.06	49.99	50.21	46.91	50.47	44.56	50.72	48.89
EBITDA	137	130	131	134	147	117	122	96	87	87	88	87	96	122	128
EBITDA-CapEx	78	50	68	-7	147	117	122	96	87	87	88	87	96	122	128
Operating Income (Loss)	79	69	69	72	79	43	50	31	31	-5	13	10	3	15	24

Liquidity (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.88	1.23	0.62	0.47	1.55	0.58	0.09	0.5	0.13	0.08	0.27	- -	0.23	0.06	0.09
Current Ratio	1.4	1.76	1.02	1.02	2.35	1.39	1.44	2.26	1.55	0.32	0.87	0.22	0.71	0.16	0.32
Quick Ratio	1.37	1.72	0.98	0.82	2.06	1.04	0.11	0.56	0.14	0.26	0.62	0.15	0.59	0.1	0.18
CFO/Avg Current Liab	1.67	1.47	1.04	0.84	1.06	1.3	0.38	0.22	0.44	0.29	0.56	0.4	0.48	0.59	0.68
Common Equity/Total Assets	-9.72	- -	- -	23.66	25.09	24.26	25.7	27.35	30	35.36	37.86	36.92	35.2	31.38	32.05
Long-Term Debt/Equity (%)	216.89	189.9	182.26	185.52	138.89	147.23	98.95	124.54	95.53	84.27	85.97	82.15	76.35	92.48	93.5
Long-Term Debt/Capital (%)	96.64	85.37	83.89	63.44	57.82	58.81	47.78	54.87	46.71	41.71	44.26	39.76	41.45	45.24	47.51
Long-Term Debt/Total Assets (%)	66.67	63.68	61.52	61.17	55.53	56.75	36.7	50.97	41.21	40.61	43	38.68	40.21	43.97	45.99
Total Debt/Equity (%)	218.01	191.08	187.76	192.42	140.21	150.35	107.12	126.98	104.5	102.31	93.16	104.32	83.79	104.22	96.67
Total Debt/Capital (%)	97.13	85.9	86.42	65.8	58.37	60.06	51.72	55.94	51.1	50.64	47.96	50.49	45.48	50.98	49.12
Total Debt/Total Assets (%)	67.02	64.07	63.38	63.45	56.06	57.96	39.73	51.97	45.08	49.31	46.6	49.12	44.12	49.56	47.55
CFO/Total Liabilities	5.41	5.56	5.49	5.67	6.85	8.05	9.08	6.97	9.43	7.47	10	7.9	9.15	8.63	9.15
CFO/CapEx	1.02	0.77	0.94	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.19	0.31	0.3	0.05	0.09	-0.11	- -	-0.1	-0.17	-0.37	-0.24	-0.4	-0.26	-0.31	-0.26

Working Capital (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	69.56	60.49	44.34	12.71	8.1	4.83	7.76	16.54	28.28	81.61	149.92	197.99	215.84	287.96	376.8
Days Sales Outstanding	5.25	6.03	8.23	28.71	45.04	75.61	47.01	22.07	12.91	4.47	2.43	1.84	1.69	1.27	0.97
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	5.25	6.03	8.23	28.71	45.04	75.61	47.01	22.07	12.91	4.47	2.43	1.84	1.69	1.27	0.97
Inventory to Cash Days	5.25	6.03	8.23	28.71	45.04	75.61	47.01	22.07	12.91	4.47	2.43	1.84	1.69	1.27	0.97
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	33	55	41	40	94	47	49	67	29	12	27	- -	31	10	9
+ Preferred Equity and Hybrid Capital	27	27	27	27	139	139	139	139	111	99	116	110	119	110	110
+ Minority/Non Controlling Interest	160	147	134	132	143	128	89	100	82	82	61	55	224	221	221
+ Total Debt	1,076	1,064	1,024	1,088	1,059	1,083	794	912	665	703	649	719	856	1,008	916
Enterprise Value	1,230	1,184	1,143	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239
Total Capital	1,107	1,239	1,185	1,653	1,815	1,804	1,535	1,630	1,301	1,389	1,353	1,424	1,882	1,977	1,865
Total Debt/Capital (%)	97.13	85.9	86.42	65.8	58.37	60.06	51.72	55.94	51.1	50.64	47.96	50.49	45.48	50.98	49.12
Total Debt / EV	0.87	0.9	0.9	0.9	0.85	0.83	0.82	0.84	0.8	0.81	0.81	0.81	0.73	0.76	0.74
EV/Sales	5.12	5.11	4.88	5.28	5.02	7.92	5.42	7.45	5.18	5.14	4.3	4.96	5.79	5.17	4.74
EV/EBITDA	9	9.09	8.75	8.98	8.5	11.16	7.97	11.25	9.51	10.07	9.09	10.2	12.19	10.92	9.71
EV/EBIT	15.6	17.15	16.5	16.68	15.77	30.29	19.47	35.1	27.11	- -	63.76	88.33	429.69	86.17	50.79
EV/Cash Flow to Firm	- -	- -	9.41	9.51	8.98	10.32	6.54	10.76	7.32	9.77	7.98	9.78	10.07	10.65	9.83
EV/Free Cash Flow to Firm	- -	- -	6.2	4.49	8.98	10.32	6.54	10.76	7.32	9.77	7.98	9.78	10.07	10.65	9.83
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,230	1,184	1,144	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	240	232	234	229	248	165	179	146	160	170	186	178	202	257	261
TTM EBITDA	137	130	131	134	147	117	122	96	87	87	88	87	96	122	128
TTM Operating Income	79	69	69	72	79	43	50	31	31	-5	13	10	3	15	24
TTM Cash Flow to Firm	- -	- -	122	127	139	126	149	101	113	89	100	90	116	125	126
TTM Free Cash Flow to Firm	- -	- -	184	269	139	126	149	101	113	89	100	90	116	125	126

Multiples (USD)

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	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	15.6	17.15	16.5	16.68	15.77	30.29	19.47	35.1	27.11	- -	63.76	88.33	429.69	86.17	50.79
Enterprise Value	1,230	1,184	1,143	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.29	22.96	18.45	25.22	23.21	21.95
EV/Sales	5.12	5.11	4.88	5.28	5.02	7.92	5.42	7.45	5.18	5.14	4.3	4.96	5.79	5.17	4.74
EV/EBITDA	9	9.09	8.75	8.98	8.5	11.16	7.97	11.25	9.51	10.07	9.09	10.2	12.19	10.92	9.71
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	5.13	5.11	4.88	5.28	5.02	7.92	5.42	7.45	5.18	5.14	4.3	4.96	5.79	5.17	4.74
EV/Sales High	5.13	5.11	4.88	5.28	5.02	7.92	5.42	7.45	5.18	5.14	4.3	4.96	5.79	5.17	4.74
EV/Sales Low	5.13	5.11	4.88	5.28	5.02	7.92	5.42	7.45	5.18	5.14	4.3	4.96	5.79	5.17	4.74
EV/EBITDA Average	9	9.09	8.76	8.99	8.5	11.16	7.97	11.25	9.51	10.07	9.09	10.2	12.19	10.92	9.71
EV/EBITDA High	9	9.09	8.76	8.99	8.5	11.16	7.97	11.25	9.51	10.07	9.09	10.2	12.19	10.92	9.71
EV/EBITDA Low	9	9.09	8.76	8.99	8.5	11.16	7.97	11.25	9.51	10.07	9.09	10.2	12.19	10.92	9.71
EV/EBIT Average	15.61	17.15	16.51	16.69	15.77	30.29	19.47	35.1	27.11	-169.86	63.76	88.33	429.69	86.17	50.79
EV/EBIT High	15.61	17.15	16.51	16.69	15.77	30.29	19.47	35.1	27.11	-169.86	63.76	88.33	429.69	86.17	50.79
EV/EBIT Low	15.61	17.15	16.51	16.69	15.77	30.29	19.47	35.1	27.11	-169.86	63.76	88.33	429.69	86.17	50.79
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.42	19.22	20.31	21.71	22.45	23.38
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.08	27.42	27.33	28.18	27.78	26.75
Enterprise Value Average	1,230	1,184	1,144	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239
Enterprise Value High	1,230	1,184	1,144	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239
Enterprise Value Low	1,230	1,184	1,144	1,207	1,246	1,303	972	1,084	830	873	799	884	1,168	1,328	1,239

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	6	8	8	9	10	11	12	12	12	12	12	13	15	15	15
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Centerspace

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)