Is Centerspace overvalued or undervalued?

As of 29 April 2024, Centerspace's valuation grade has moved from fair to risky, indicating a deterioration in its investment appeal. The company appears to be overvalued, as evidenced by its Price to Book Value of 1.73 and an EV to EBITDA ratio of 8.48, which are relatively high compared to its peers. Notably, Centerspace's ROE stands at -1.15%, highlighting its struggles in generating returns for shareholders.
In comparison to its peers, Global Net Lease, Inc. has a significantly lower EV to EBITDA of 3.43, while UMH Properties, Inc. boasts a much more attractive P/E ratio of 42.21. Centerspace's recent stock performance has been disappointing, with a year-to-date return of -12.02%, contrasting sharply with the S&P 500's return of 12.22% over the same period, further reinforcing the notion that the stock is currently overvalued.