8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2025

CENTERSPACE

(Exact name of Registrant as specified in its charter)

North Dakota	001-35624	45-0311232
(State or Other Jurisdiction<br>of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

3100 10th Street SW, Post Office Box 1988, Minot, ND 58702-1988

(Address of principal executive offices) (Zip code)

(701) 837-4738

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares of Beneficial Interest, no par value	CSR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Centerspace (the "Company") issued an earnings release on November 3, 2025, announcing certain financial and operational results for the three and nine months ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 and the earnings release furnished as Exhibit 99.1 under Item 9.01, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01    Financial Statements and Exhibits

(d)Exhibits

Exhibit
Number	Description
99.1	Earnings Release and Supplemental Operating and Financial Data, datedNovembercenterspace093025exhibit991.htm3, 2025.
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Centerspace
	By	/s/ Anne Olson
		Anne Olson
Date: November 3, 2025		President and Chief Executive Officer

Document

Exhibit 99.1

Earnings Release

Centerspace Reports Third Quarter 2025 Financial & Operating Results and Updates 2025 Financial Outlook

MINNEAPOLIS, MN, November 3, 2025 – Centerspace (NYSE: CSR) (the “Company”) announced today its financial and operating results for the three and nine months ended September 30, 2025. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three and nine months ended September 30, 2025; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024 and the nine months ended September 30, 2025 and 2024.

	Three Months Ended September 30,				Nine Months Ended September 30,
Per Common Share	2025		2024		2025		2024
Net income (loss) - diluted	$	3.19	$	(0.40)	$	2.12	$	(0.96)
FFO - diluted(1)	$	1.19	$	1.01	$	3.60	$	3.40
Core FFO - diluted(1)	$	1.19	$	1.18	$	3.68	$	3.68			Year-Over-Year<br>Comparison	Sequential<br>Comparison	YTD Comparison
---	---	---	---
Same-Store Results(2)	Q3 2025 vs. Q3 2024	Q3 2025 vs. Q2 2025	2025 vs. 2024
Revenues	2.4%	—%	2.8%
Expenses	(0.8)%	3.0%	2.6%
NOI(1)	4.5%	(1.8)%	3.0%			Three months ended			Nine months ended
---	---	---	---	---	---
Same-Store Results(2)	September 30, 2025	June 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Weighted Average Occupancy	95.8%	96.1%	95.6%	95.9%	95.3%
New Lease Rate Growth	(1.7)%	2.1%	(1.3)%	(0.3)%	0.8%
Renewal Lease Rate Growth	2.9%	2.6%	3.0%	2.9%	3.2%
Blended Lease Rate Growth (3)	1.3%	2.4%	1.3%	1.6%	2.1%
Retention Rate	59.9%	60.2%	61.3%	58.6%	61.1%

(1)NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures refer to “Non-GAAP Financial Measures and Reconciliations” and “Non-GAAP Financial Measures and Other Terms” in the Supplemental Financial and Operating Data below.

(2)Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental and Financial Operating Data within.

(3)Blended lease rate growth is weighted by lease count.

Overview of the Third Quarter

•Acquired Railway Flats in Loveland, Colorado consisting of 420 homes for an aggregate purchase price of $132.2 million, which includes the assumption of $76.5 million in mortgage debt;

•Sold five apartment communities in St. Cloud, Minnesota for an aggregate sale price of $124.0 million;

•Revenue increased by $6.4 million or 9.8% to $71.4 million, compared to $65.0 million for the same period of the prior year;

•Same-store revenues increased by 2.4%, driving a 4.5% increase in same-store NOI compared to the same period of the prior year;

•Net income was $3.19 per diluted share, compared to net loss of $0.40 per diluted share for the same period of the prior year;

•Core FFO per diluted share increased 0.8% to $1.19, compared to $1.18 for the same period of the prior year; and

•Repurchased 62,973 common shares for total consideration of $3.5 million and an average price of $54.86 per share.

Balance Sheet

At the end of the third quarter, Centerspace had $200.4 million of total liquidity on its balance sheet, consisting of $187.5 million available under lines of credit and cash and cash equivalents of $12.9 million.

Updated 2025 Financial Outlook

Centerspace updated its 2025 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended September 30, 2025 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.

	Previous Outlook for 2025		Updated Outlook for 2025
	Low	High	Low	High
Net income per Share – diluted	$2.50	$2.76	$1.97	$2.19
Same-Store Revenue	2.00%	3.00%	2.00%	2.50%
Same-Store Expenses	1.00%	2.50%	0.50%	1.00%
Same-Store NOI	2.50%	3.50%	3.00%	3.50%
FFO per Share – diluted	$4.70	$4.83	$4.73	$4.82
Core FFO per Share – diluted	$4.88	$5.00	$4.88	$4.96

Additional assumptions:

•Same-store recurring capital expenditures of $1,150 per home to $1,200 per home

•Value-add expenditures of $14.0 million to $16.0 million

•Proceeds from dispositions of $210.0 million to $215.0 million

Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to “2025 Financial Outlook” in the Supplemental Financial and Operating Data within.

Upcoming Events

Centerspace is schedule to participate in the UBS Conference, December 1-4, 2025.

Earnings Call

Live webcast and replay:  https://ir.centerspacehomes.com
Live Conference Call		Conference Call Replay
Tuesday, November 4, 2025, at 10:00 AM ET		Replay available until November 11, 2025
USA Toll Free	1-833-470-1428	USA Toll Free	1-866-813-9403
USA Local	1-646-844-6383	USA Local	1-929-458-6194
Canada Toll Free	1-833-950-0062
Access Code	885094	Access Code	272530

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended September 30, 2025 included herein (“Supplemental Information”) is available in the Investors section on Centerspace’s website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of September 30, 2025, Centerspace owned 68 apartment communities consisting of 12,941 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission (“SEC”), including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, in its subsequent quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor Relations

Josh Klaetsch

Phone: 952-401-6600

Email: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Phone: 952-401-6600

Email: kweber@centerspacehomes.com

Supplemental Financial and Operating Data

Table of Contents

September 30, 2025

	Page
Common Share Data	S-1
Key Financial Data
Condensed Consolidated Statements of Operations	S-2
Condensed Consolidated Balance Sheets	S-3
Non-GAAP Financial Measures and Reconciliations
Net Operating Income	S-5
Same-Store Controllable Expenses	S-7
Funds From Operations and Core Funds From Operations	S-8
Adjusted EBITDA	S-9
Debt and Capital Analysis
Debt Analysis	S-10
Capital Analysis	S-11
Portfolio Analysis
Same-Store Comparisons	S-12
Portfolio Summary	S-15
Capital Expenditures	S-16
2025Financial Outlook	S-17
Non-GAAP Financial Measures and Other Terms	S-19

CENTERSPACE

COMMON SHARE DATA (NYSE: CSR)

	Three Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
High closing price	$	61.09		$	65.22		$	66.19		$	75.02		$	75.50
Low closing price	$	53.18		$	56.21		$	60.29		$	64.75		$	67.04
Average closing price	$	57.79		$	61.34		$	63.04		$	70.30		$	71.91
Closing price at end of quarter	$	58.90		$	60.19		$	64.75		$	66.15		$	70.47
Common share distributions – annualized	$	3.08		$	3.08		$	3.08		$	3.00		$	3.00
Closing price dividend yield – annualized	5.2		%	5.1		%	4.8		%	4.5		%	4.3		%
Closing common shares outstanding (thousands)	16,703			16,757			16,735			16,719			16,568
Closing limited partnership units outstanding (thousands)	963			968			972			980			809
Closing Series E preferred units, as converted (thousands)	1,894			1,898			1,906			1,906			2,038
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)	19,560			19,623			19,613			19,605			19,415
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units and Series E preferred units, as converted (thousands)	$	1,152,084		$	1,181,108		$	1,269,942		$	1,296,871		$	1,368,175
S-1
---

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands)

	Three Months Ended										Nine Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		9/30/2025		9/30/2024
REVENUE	$	71,399	$	68,549	$	67,093	$	66,409	$	65,025	$	207,041	$	194,574
EXPENSES
Property operating expenses, excluding real estate taxes	21,210		18,853		19,068		19,838		19,628		59,131		56,500
Real estate taxes	7,165		7,678		7,663		6,489		7,031		22,506		20,417
Property management expense	2,489		2,393		2,433		2,334		2,242		7,315		6,794
Casualty loss (gain)	127		399		532		2,389		(412)		1,058		918
Depreciation and amortization	29,056		27,097		27,654		27,640		26,084		83,807		78,810
Impairment of real estate investments	8,676		14,543		—		—		—		23,219		—
General and administrative expenses	4,997		4,382		4,997		4,861		4,102		14,376		12,941
TOTAL EXPENSES	$	73,720	$	75,345	$	62,347	$	63,551	$	58,675	$	211,412	$	176,380
Gain (loss) on sale of real estate and other investments	79,531		—		—		—		—		79,531		(577)
Operating income (loss)	77,210		(6,796)		4,746		2,858		6,350		75,160		17,617
Interest expense	(12,989)		(10,724)		(9,635)		(9,795)		(8,946)		(33,348)		(27,485)
Loss on extinguishment of debt	(3)		—		—		—		—		(3)		—
Interest and other income	1,190		735		708		1,151		645		2,633		1,462
NET INCOME (LOSS)	$	65,408	$	(16,785)	$	(4,181)	$	(5,786)	$	(1,951)	$	44,442	$	(8,406)
Distributions to Series D preferred unitholders	(109)		(160)		(160)		(160)		(160)		(429)		(480)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units	(9,197)		2,483		643		900		1,095		(6,071)		2,735
Net income attributable to noncontrolling interests – consolidated real estate entities	(2,319)		(53)		(36)		(33)		(32)		(2,408)		(98)
Net income (loss) attributable to controlling interests	53,783		(14,515)		(3,734)		(5,079)		(1,048)		35,534		(6,249)
Distributions to preferred shareholders	—		—		—		—		(1,607)		—		(4,821)
Redemption of preferred shares	—		—		—		—		(3,511)		—		(3,511)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	53,783	$	(14,515)	$	(3,734)	$	(5,079)	$	(6,166)	$	35,534	$	(14,581)
Per Share Data - Basic
Net income (loss) per common share – basic	$	3.22	$	(0.87)	$	(0.22)	$	(0.31)	$	(0.40)	$	2.12	$	(0.96)
Per Share Data - Diluted
Net income (loss) per common share – diluted	$	3.19	$	(0.87)	$	(0.22)	$	(0.31)	$	(0.40)	$	2.12	$	(0.96)		S-2
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CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
ASSETS
Real estate investments
Property owned	$	2,536,166	$	2,422,435	$	2,484,111	$	2,480,741	$	2,438,255
Less accumulated depreciation	(638,217)		(612,827)		(652,368)		(625,980)		(604,175)
Total real estate investments	1,897,949		1,809,608		1,831,743		1,854,761		1,834,080
Cash and cash equivalents	12,896		12,378		11,916		12,030		14,453
Restricted cash	52,943		5,815		6,144		1,099		2,794
Other assets	47,516		48,072		43,281		45,817		36,078
Assets held for sale, net	86,302		137,366		—		—		—
TOTAL ASSETS	$	2,097,606	$	2,013,239	$	1,893,084	$	1,913,707	$	1,887,405
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	66,124	$	56,070	$	57,631	$	59,319	$	61,000
Revolving lines of credit	222,500		216,030		48,734		47,359		39,000
Notes payable, net	299,564		299,550		299,535		299,520		299,506
Mortgages payable, net	622,074		595,668		607,184		608,506		582,760
Liabilities held for sale, net	420		1,029		—		—		—
TOTAL LIABILITIES	$	1,210,682	$	1,168,347	$	1,013,084	$	1,014,704	$	982,266
SERIES D PREFERRED UNITS	$	5,940	$	11,310	$	16,560	$	16,560	$	16,560
EQUITY
Common Shares of Beneficial Interest	1,366,980		1,369,376		1,368,276		1,367,637		1,356,013
Accumulated distributions in excess of net income	(618,341)		(659,266)		(631,855)		(615,242)		(597,720)
Accumulated other comprehensive loss	—		(58)		(232)		(407)		(578)
Total shareholders’ equity	$	748,639	$	710,052	$	736,189	$	751,988	$	757,715
Noncontrolling interests – Operating Partnership and Series E preferred units	128,038		121,439		126,597		129,782		130,183
Noncontrolling interests – consolidated real estate entities	4,307		2,091		654		673		681
TOTAL EQUITY	$	880,984	$	833,582	$	863,440	$	882,443	$	888,579
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$	2,097,606	$	2,013,239	$	1,893,084	$	1,913,707	$	1,887,405
S-3
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CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)

This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by the Company, may not be comparable to non-GAAP measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does. The non-GAAP financial measures are defined and further explained on pages S-19 through S-23, “Non-GAAP Financial Measures and Other Terms.”

The Company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or stabilized for substantially all of the periods being compared and, in the case of newly-acquired or constructed communities, have achieved a target level of physical occupancy of 90%, or re-positioned communities when they have achieved stabilized operations. Non-same store communities are communities not owned or stabilized as of the beginning of the previous year, including re-positioned communities, and excluding communities held for sale and the non-multifamily components of mixed-use properties.

On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows the Company to evaluate the performance of existing apartment communities and their contribution to net operating income (“NOI”). The Company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the Company has been successful in increasing NOI (defined and reconciled below), raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements.

For the comparison of the three and nine months ended September 30, 2025 and 2024, four apartment communities and one apartment community, respectively, were non-same-store. Sold communities and communities designated as held for sale are included in “Held for sale and dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties. For the three and nine months ended September 30, 2025 and 2024, seven apartment communities were designated as held for sale and included in “Held for sale and dispositions.” During the three and nine months ended September 30, 2025, the Company disposed of five apartment communities, consisting of 832 apartment homes. During the nine months ended September 30, 2024, the Company disposed of two apartment communities consisting of 205 apartment homes.

S-4

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME (LOSS) TO NET OPERATING INCOME (1)

	(dollars in thousands)
	Three Months Ended						Sequential			Year-Over-Year
	9/30/2025		6/30/2025		9/30/2024		Change	% Change		Change	% Change
Operating income (loss)	$	77,210	$	(6,796)	$	6,350		(1,236.1)	%		1,115.9	%
Adjustments:
Property management expenses	2,489		2,393		2,242		96	4.0	%	247	11.0	%
Casualty (gain) loss	127		399		(412)		(272)	(68.2)	%	539	(130.8)	%
Depreciation and amortization	29,056		27,097		26,084		1,959	7.2	%	2,972	11.4	%
Impairment of real estate investments	8,676		14,543		—		(5,867)	(40.3)	%	8,676	N/A
General and administrative expenses	4,997		4,382		4,102		615	14.0	%	895	21.8	%
Loss on sale of real estate and other investments	(79,531)		—		—		(79,531)	N/A		(79,531)	N/A
Net operating income(1)	$	43,024	$	42,018	$	38,366		2.4	%		12.1	%
Revenue
Same-store	$	58,061	$	58,073	$	56,707		—	%		2.4	%
Non-same-store	5,760		2,701		1,189		3,059	*		4,571	*
Other properties	899		792		538		107	13.5	%	361	67.1	%
Held for sale and dispositions	6,679		6,983		6,591		(304)	*		88	*
Total	71,399		68,549		65,025		2,850	4.2	%	6,374	9.8	%
Property operating expenses, including real estate taxes
Same-store	22,530		21,880		22,709		650	3.0	%	(179)	(0.8)	%
Non-same-store	2,494		1,227		572		1,267	*		1,922	*
Other properties	287		242		221		45	18.6	%	66	29.9	%
Held for sale and dispositions	3,064		3,182		3,157		(118)	*		(93)	*
Total	28,375		26,531		26,659		1,844	7.0	%	1,716	6.4	%
Net operating income(1)
Same-store	35,531		36,193		33,998		(662)	(1.8)	%	1,533	4.5	%
Non-same-store	3,266		1,474		617		1,792	*		2,649	*
Other properties	612		550		317		62	11.3	%	295	93.1	%
Held for sale and dispositions	3,615		3,801		3,434		(186)	*		181	*
Total	$	43,024	$	42,018	$	38,366		2.4	%		12.1	%

All values are in US Dollars.

(1)Net operating income is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. Non-GAAP financial measures should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.

* Not a meaningful percentage.

S-5

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

	(dollars in thousands)
	Nine Months Ended September 30,
	2025		2024		Change	% Change
Operating income	$	75,160	$	17,617		326.6	%
Adjustments:
Property management expenses	7,315		6,794		521	7.7	%
Casualty loss	1,058		918		140	15.3	%
Depreciation and amortization	83,807		78,810		4,997	6.3	%
Impairment of real estate investments	23,219		—		23,219	N/A
General and administrative expenses	14,376		12,941		1,435	11.1	%
(Gain) loss on sale of real estate and other investments	(79,531)		577		(80,108)	*
Net operating income(1)	$	125,404	$	117,657		6.6	%
Revenue
Same-store	$	173,552	$	168,745		2.8	%
Non-same-store	10,447		3,693		6,754	*
Other properties	2,507		1,690		817	48.3	%
Held for sale and dispositions	20,535		20,446		89	*
Total	207,041		194,574		12,467	6.4	%
Property operating expenses, including real estate taxes
Same-store	66,567		64,898		1,669	2.6	%
Non-same-store	4,732		1,683		3,049	*
Other properties	860		625		235	37.6	%
Held for sale and dispositions	9,478		9,711		(233)	*
Total	81,637		76,917		4,720	6.1	%
Net operating income(1)
Same-store	106,985		103,847		3,138	3.0	%
Non-same-store	5,715		2,010		3,705	*
Other properties	1,647		1,065		582	54.6	%
Held for sale and dispositions	11,057		10,735		322	*
Total	$	125,404	$	117,657		6.6	%

All values are in US Dollars.

(1)Net operating income is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

* Not a meaningful percentage.

S-6

CENTERSPACE

RECONCILIATIONS OF SAME-STORE CONTROLLABLE EXPENSES TO TOTAL PROPERTY OPERATING EXPENSES, INCLUDING REAL ESTATE TAXES (1)

	(dollars in thousands)
	Three Months Ended September 30,							Nine Months Ended September 30,
	2025		2024		Change	% Change		2025		2024		Change	% Change
Same-store controllable expenses
On-site compensation(2)	$	5,904	$	5,768		2.4	%	$	17,480	$	17,109		2.2	%
Repairs and maintenance(3)	3,687		3,508		179	5.1	%	9,450		9,375		75	0.8	%
Utilities	3,433		3,254		179	5.5	%	10,373		9,662		711	7.4	%
Administrative and marketing	1,540		1,557		(17)	(1.1)	%	4,258		4,229		29	0.7	%
Total	$	14,564	$	14,087		3.4	%	$	41,561	$	40,375		2.9	%
Same-store non-controllable expenses
Real estate taxes	$	5,750	$	6,087		(5.5)	%	$	18,809	$	17,561		7.1	%
Insurance	2,216		2,535		(319)	(12.6)	%	6,197		6,962		(765)	(11.0)	%
Total	$	7,966	$	8,622		(7.6)	%	$	25,006	$	24,523		2.0	%
Total property operating expenses, including real estate taxes - same-store	$	22,530	$	22,709		(0.8)	%	$	66,567	$	64,898		2.6	%
Property operating expenses, including real estate taxes - non-same-store	$	2,494	$	572		*		$	4,732	$	1,683		*
Property operating expenses, including real estate taxes - other properties	287		221		66	29.9	%	860		625		235	37.6	%
Property operating expenses, including real estate taxes - held for sale and dispositions	3,064		3,157		(93)	*		9,478		9,711		(233)	*
Total property operating expenses, including real estate taxes	$	28,375	$	26,659		6.4	%	$	81,637	$	76,917		6.1	%

All values are in US Dollars.

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)On-site compensation for administration, leasing, and maintenance personnel.

(3)Includes turnover expense.

* Not a meaningful percentage.

S-7

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS AND CORE FUNDS FROM OPERATIONS (1)

	(in thousands, except per share amounts)
	Three Months Ended										Nine Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		9/30/2025		9/30/2024
Funds from Operations(1)
Net income (loss) available to common shareholders	$	53,783	$	(14,515)	$	(3,734)	$	(5,079)	$	(6,166)	$	35,534	$	(14,581)
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units	9,197		(2,483)		(643)		(900)		(1,095)		6,071		(2,735)
Depreciation and amortization	29,056		27,097		27,654		27,640		26,084		83,807		78,810
Less depreciation – non real estate	(85)		(84)		(83)		(79)		(81)		(252)		(248)
Less depreciation – partially owned entities	—		(21)		(22)		(24)		(25)		(43)		(74)
Impairment of real estate investments	8,676		14,543		—		—		—		23,219		—
(Gain) loss on sale of real estate	(79,531)		—		—		—		—		(79,531)		577
Less gain on sale of real estate - partially owned entities	2,251		—		—		—		—		2,251		—
FFO applicable to common shares and Units	$	23,347	$	24,537	$	23,172	$	21,558	$	18,717	$	71,056	$	61,749
Adjustments to Core FFO(1):
Non-cash casualty loss (recovery)	(123)		149		282		2,171		(632)		308		261
Loss on extinguishment of debt	3		—		—		—		—		3		—
Interest rate swap amortization	58		174		175		171		171		407		542
Amortization of assumed debt	530		418		417		417		263		1,365		789
Redemption of preferred shares	—		—		—		—		3,511		—		3,511
Other miscellaneous items(2)	(455)		19		(67)		(454)		(61)		(503)		(35)
Core FFO applicable to common shares and Units	$	23,360	$	25,297	$	23,979	$	23,863	$	21,969	$	72,636	$	66,817
FFO applicable to common shares and Units	$	23,347	$	24,537	$	23,172	$	21,558	$	18,717	$	71,056	$	61,749
Distributions to Series D preferred unitholders	109		160		160		160		160		429		480
FFO applicable to common shares and Units - diluted	$	23,456	$	24,697	$	23,332	$	21,718	$	18,877	$	71,485	$	62,229
Core FFO applicable to common shares and Units	$	23,360	$	25,297	$	23,979	$	23,863	$	21,969	$	72,636	$	66,817
Distributions to Series D preferred unitholders	109		160		160		160		160		429		480
Core FFO applicable to common shares and Units - diluted	$	23,469	$	25,457	$	24,139	$	24,023	$	22,129	$	73,065	$	67,297
Per Share Data
Net income (loss) per share and Unit - diluted	$	3.19	$	(0.87)	$	(0.22)	$	(0.31)	$	(0.40)	$	2.12	$	(0.96)
FFO per share and Unit - diluted(1)	$	1.19	$	1.24	$	1.17	$	1.09	$	1.01	$	3.60	$	3.40
Core FFO per share and Unit - diluted(1)	$	1.19	$	1.28	$	1.21	$	1.21	$	1.18	$	3.68	$	3.68
Weighted average shares - basic for net income (loss)	16,726		16,741		16,727		16,583		15,528		16,731		15,143
Effect of operating partnership Units for net income, FFO and Core FFO	966		971		980		939		818		972		836
Effect of Series D preferred units for net income, FFO and Core FFO	155		228		228		228		228		204		228
Effect of Series E preferred units for net income, FFO and Core FFO	1,898		1,905		1,906		2,033		2,053		1,903		2,064
Effect of dilutive restricted stock units and stock options for net income, FFO and Core FFO	26		25		35		56		49		25		32
Weighted average shares and Units for net income, FFO and Core FFO - diluted	19,771		19,870		19,876		19,839		18,676		19,835		18,303

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of (gain) loss on investments and one-time professional fees.

S-8

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

	(in thousands)
	Three Months Ended										Nine Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		9/30/2025		9/30/2024
Adjusted EBITDA
Net income (loss) attributable to controlling interests	$	53,783	$	(14,515)	$	(3,734)	$	(5,079)	$	(1,048)	$	35,534	$	(6,249)
Adjustments:
Distributions to Series D preferred unitholders	109		160		160		160		160		429		480
Noncontrolling interests – Operating Partnership and Series E preferred units	9,197		(2,483)		(643)		(900)		(1,095)		6,071		(2,735)
Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units	$	63,089	$	(16,838)	$	(4,217)	$	(5,819)	$	(1,983)	$	42,034	$	(8,504)
Adjustments:
Interest expense	12,989		10,719		9,622		9,782		8,932		33,330		27,443
Loss on extinguishment of debt	3		—		—		—		—		3		—
Depreciation and amortization related to real estate investments	29,056		27,076		27,632		27,616		26,059		83,764		78,736
Impairment of real estate investments	8,676		14,543		—		—		—		23,219		—
Non-cash casualty loss (recovery)	(123)		149		282		2,171		(632)		308		261
Interest income	(724)		(729)		(616)		(662)		(558)		(2,069)		(1,300)
(Gain) loss on sale of real estate	(77,280)		—		—		—		—		(77,280)		577
Other miscellaneous items(2)	(455)		19		(67)		(455)		(61)		(503)		(35)
Adjusted EBITDA	$	35,231	$	34,939	$	32,636	$	32,633	$	31,757	$	102,806	$	97,178

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of (gain) loss on investments and one-time professional fees.

S-9

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DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

by Expiration

	Future Maturities of Debt
	Secured Fixed<br>Debt		Unsecured Fixed<br>Debt		Unsecured Variable Debt		Total<br>Debt		% of<br>Total Debt		Weighted<br><br>Average Interest Rate(1)
2025 (remainder)	$	—	$	—	$	—	$	—	—	%	—	%
2026	92,983		—		—		92,983		7.9	%	3.55	%
2027	47,364		—		—		47,364		4.0	%	3.47	%
2028	65,581		50,000		222,500		338,081		28.7	%	4.70	%
2029	26,631		75,000		—		101,631		8.6	%	3.98	%
Thereafter	422,225		175,000		—		597,225		50.8	%	3.33	%
Subtotal(2)	654,784		300,000		222,500		1,177,284		100.0	%	3.80	%
Premiums and discounts, net	(29,763)		—		—		(29,763)
Deferred financing costs, net	(2,947)		(436)		—		(3,383)
Total debt	$	622,074	$	299,564	$	222,500	$	1,144,138

(1)Weighted average interest rate of debt that matures during the year.

(2)Includes secured fixed rate mortgages payable of $12.7 million as of September 30, 2025, associated with apartment communities classified as held for sale.

	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Debt Balances Outstanding
Secured fixed rate - mortgages payable - other(1)	$	455,934		$	406,412		$	418,508		$	420,414		$	387,294
Secured fixed rate - mortgages payable - Fannie Mae credit facility	198,850			198,850			198,850			198,850			198,850
Unsecured variable rate line of credit	222,500			216,030			48,734			47,359			39,000
Unsecured senior notes	300,000			300,000			300,000			300,000			300,000
Subtotal(2)	$	1,177,284		$	1,121,292		$	966,092		$	966,623		$	925,144
Premiums and discounts, net	(29,763)			(6,661)			(7,079)			(7,496)			(345)
Deferred financing costs, net	(3,383)			(3,383)			(3,560)			(3,742)			(3,533)
Debt total	$	1,144,138		$	1,111,248		$	955,453		$	955,385		$	921,266
Weighted average interest rates
Mortgages payable - other rate	3.87		%	4.03		%	4.02		%	4.02		%	4.05		%
Mortgages payable - Fannie Mae Credit Facility rate	2.78		%	2.78		%	2.78		%	2.78		%	2.78		%
Lines of credit rate(3)	5.51		%	5.75		%	5.76		%	5.86		%	6.70		%
Unsecured senior notes rate	3.12		%	3.12		%	3.12		%	3.12		%	3.12		%
Total debt	3.80		%	3.90		%	3.57		%	3.58		%	3.59		%

(1)Includes mortgages payable of $12.7 million as of September 30, 2025, associated with apartment communities classified as held for sale.

(2)Excludes premiums, discounts, and deferred financing costs.

(3)Interest rate excludes any unused facility fees and amounts reclassified from accumulated other comprehensive income (loss) into interest expense from terminated interest rate swaps, as shown in the table below.

	Three Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024
Reclassified from Accumulated OCI into interest expense	$	58	$	174	$	175	$	171	$	171		S-10
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CENTERSPACE

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

	Three Months Ended
	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Equity Capitalization
Common shares outstanding	16,703			16,757			16,735			16,719			16,568
Operating partnership units outstanding	963			968			972			980			809
Series E preferred units (as converted)	1,894			1,898			1,906			1,906			2,038
Total common shares, Units, and Series E preferred units, as converted, outstanding	19,560			19,623			19,613			19,605			19,415
Market price per common share (closing price at end of period)	$	58.90		$	60.19		$	64.75		$	66.15		$	70.47
Equity capitalization-common shares and Units	$	1,152,084		$	1,181,108		$	1,269,942		$	1,296,871		$	1,368,175
Series D preferred units	$	5,940		$	11,310		$	16,560		$	16,560		$	16,560
Debt Capitalization
Total debt(1)	$	1,177,284		$	1,121,292		$	966,092		$	966,623		$	925,144
Total market capitalization	$	2,335,308		$	2,313,710		$	2,252,594		$	2,280,054		$	2,309,879
Total debt to total market capitalization(2)	50.4		%	48.5		%	42.9		%	42.4		%	40.1		%

(1)Excludes deferred financing costs and debt premiums and discounts.

(2)Total debt to total market capitalization is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

	Three Months Ended															Nine Months Ended
	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024			9/30/2025			9/30/2024
Debt service coverage ratio(1)	2.35		x	2.78		x	2.83		x	2.80		x	2.94		x	2.63		x	3.00		x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization(1)	2.33		x	2.74		x	2.79		x	2.76		x	2.53		x	2.60		x	2.58		x
Net debt/Adjusted EBITDA(1)	7.90		x	7.93		x	7.31		x	7.31		x	7.17		x	8.12		x	7.03		x
Net debt and preferred equity/Adjusted EBITDA(1)	7.94		x	8.02		x	7.44		x	7.44		x	7.30		x	8.17		x	7.15		x
Distribution Data
Common shares and Units outstanding at record date (in thousands)	17,662			17,717			17,706			17,571			17,377			17,662			17,377
Total common distribution declared (in thousands)	$	13,600		$	13,642		$	13,633		$	13,177		$	13,022		$	40,875		$	36,734
Common distribution per share and Unit	$	0.77		$	0.77		$	0.77		$	0.75		$	0.75		$	2.31		$	2.25
Payout ratio (Core FFO per diluted share and unit basis)(1)	64.7		%	60.2		%	63.6		%	62.0		%	63.6		%	62.8		%	61.1		%

(1)Debt service coverage ratio, adjusted EBITDA divided by interest expense plus preferred distributions and principal amortization, net debt divided by adjusted EBITDA, net debt and preferred equity divided by adjusted EBITDA, and payout ratio are non-GAAP financial measures. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-11

CENTERSPACE

SAME-STORE THIRD QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

	Apartment Homes Included		Revenues									Expenses									NOI(2)
Regions		Q3 2025			Q3 2024			% Change			Q3 2025			Q3 2024			% Change			Q3 2025			Q3 2024			% Change
Denver, CO	1,848		$	11,715		$	11,867		(1.3)	%		$	3,994		$	4,412		(9.5)	%		$	7,721		$	7,455		3.6	%
Minneapolis, MN	3,744		19,590			19,037			2.9	%		8,516			8,331			2.2	%		11,074			10,706			3.4	%
Boulder/Ft. Collins, CO	559		3,450			3,395			1.6	%		1,092			1,160			(5.9)	%		2,358			2,235			5.5	%
North Dakota	1,710		7,836			7,398			5.9	%		2,799			2,759			1.4	%		5,037			4,639			8.6	%
Omaha, NE	872		3,832			3,704			3.5	%		1,631			1,542			5.8	%		2,201			2,162			1.8	%
Rochester, MN	1,129		6,217			6,027			3.2	%		2,433			2,428			0.2	%		3,784			3,599			5.1	%
Other Mountain West(1)	1,222		5,421			5,279			2.7	%		2,065			2,077			(0.6)	%		3,356			3,202			4.8	%
Same-Store Total	11,084		$	58,061		$	56,707		2.4	%		$	22,530		$	22,709		(0.8)	%		$	35,531		$	33,998		4.5	%
	% of NOI			Weighted Average Occupancy (3)									Average Monthly<br><br>Rental Rate (3)									Average Monthly<br>Revenue per Occupied Home (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Regions			Q3 2025			Q3 2024			Growth			Q3 2025			Q3 2024			% Change			Q3 2025			Q3 2024			% Change
Denver, CO	21.7	%		94.5	%		95.5	%		(1.0)	%		$	1,956		$	1,993		(1.9)	%		$	2,236		$	2,241		(0.2)	%
Minneapolis, MN	31.3	%		96.1	%		95.5	%		0.6	%		1,607			1,588			1.2	%		1,815			1,774			2.3	%
Boulder/Ft. Collins, CO	6.6	%		96.4	%		94.9	%		1.5	%		1,905			1,908			(0.2)	%		2,133			2,133			—	%
North Dakota	14.2	%		97.0	%		97.1	%		(0.1)	%		1,431			1,357			5.5	%		1,575			1,485			6.1	%
Omaha, NE	6.2	%		93.9	%		94.2	%		(0.3)	%		1,401			1,364			2.7	%		1,560			1,504			3.7	%
Rochester, MN	10.6	%		95.8	%		95.7	%		0.1	%		1,799			1,746			3.0	%		1,916			1,859			3.1	%
Other Mountain West(1)	9.4	%		96.4	%		95.5	%		0.9	%		1,360			1,357			0.2	%		1,534			1,508			1.7	%
Same-Store Total	100.0	%		95.8	%		95.6	%		0.2	%		$	1,629		$	1,609		1.2	%		$	1,823		$	1,784		2.2	%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-12

CENTERSPACE

SAME-STORE SEQUENTIAL QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

	Apartment Homes Included		Revenues									Expenses									NOI(2)
Regions		Q3 2025			Q2 2025			% Change			Q3 2025			Q2 2025			% Change			Q3 2025			Q2 2025			% Change
Denver, CO	1,848		$	11,715		$	11,773		(0.5)	%		$	3,994		$	4,432		(9.9)	%		$	7,721		$	7,341		5.2	%
Minneapolis, MN	3,744		19,590			19,586			—	%		8,516			7,791			9.3	%		11,074			11,795			(6.1)	%
Boulder/Ft. Collins, CO	559		3,450			3,472			(0.6)	%		1,092			1,162			(6.0)	%		2,358			2,310			2.1	%
North Dakota	1,710		7,836			7,783			0.7	%		2,799			2,746			1.9	%		5,037			5,037			—	%
Omaha, NE	872		3,832			3,771			1.6	%		1,631			1,499			8.8	%		2,201			2,272			(3.1)	%
Rochester, MN	1,129		6,217			6,271			(0.9)	%		2,433			2,319			4.9	%		3,784			3,952			(4.3)	%
Other Mountain West(1)	1,222		5,421			5,417			0.1	%		2,065			1,931			6.9	%		3,356			3,486			(3.7)	%
Same-Store Total	11,084		$	58,061		$	58,073		—	%		$	22,530		$	21,880		3.0	%		$	35,531		$	36,193		(1.8)	%
	% of NOI			Weighted Average Occupancy (3)									Average Monthly<br><br>Rental Rate (3)									Average Monthly<br>Revenue per Occupied Home (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Regions			Q3 2025			Q2 2025			Growth			Q3 2025			Q2 2025			% Change			Q3 2025			Q2 2025			% Change
Denver, CO	21.7	%		94.5	%		93.8	%		0.7	%		$	1,956		$	1,973		(0.9)	%		$	2,236		$	2,264		(1.2)	%
Minneapolis, MN	31.3	%		96.1	%		96.6	%		(0.5)	%		1,607			1,598			0.6	%		1,815			1,804			0.6	%
Boulder/Ft. Collins, CO	6.6	%		96.4	%		95.6	%		0.8	%		1,905			1,902			0.2	%		2,133			2,167			(1.6)	%
North Dakota	14.2	%		97.0	%		97.2	%		(0.2)	%		1,431			1,404			1.9	%		1,575			1,561			0.9	%
Omaha, NE	6.2	%		93.9	%		94.2	%		(0.3)	%		1,401			1,393			0.6	%		1,560			1,530			2.0	%
Rochester, MN	10.6	%		95.8	%		97.6	%		(1.8)	%		1,799			1,779			1.1	%		1,916			1,896			1.1	%
Other Mountain West(1)	9.4	%		96.4	%		97.0	%		(0.6)	%		1,360			1,350			0.7	%		1,534			1,523			0.7	%
Same-Store Total	100.0	%		95.8	%		96.1	%		(0.3)	%		$	1,629		$	1,621		0.5	%		$	1,823		$	1,818		0.3	%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-13

CENTERSPACE

SAME-STORE YEAR-TO-DATE COMPARISONS

(in thousands, except property data amounts and percentages)

	Apartment Homes Included		Revenues									Expenses									NOI(2)
Regions		2025			2024			% Change			2025			2024			% Change			2025			2024			% Change
Denver, CO	1,848		$	35,326		$	35,596		(0.8)	%		$	12,889		$	12,645		1.9	%		$	22,437		$	22,951		(2.2)	%
Minneapolis, MN	3,744		58,552			56,937			2.8	%		24,428			23,544			3.8	%		34,124			33,393			2.2	%
Boulder/Ft. Collins, CO	559		10,383			10,203			1.8	%		3,304			3,240			2.0	%		7,079			6,963			1.7	%
North Dakota	1,710		23,135			21,656			6.8	%		8,547			8,415			1.6	%		14,588			13,241			10.2	%
Omaha, NE	872		11,354			10,835			4.8	%		4,547			4,575			(0.6)	%		6,807			6,260			8.7	%
Rochester, MN	1,129		18,632			17,906			4.1	%		6,946			6,657			4.3	%		11,686			11,249			3.9	%
Other Mountain West(1)	1,222		16,170			15,612			3.6	%		5,906			5,822			1.4	%		10,264			9,790			4.8	%
Same-Store Total	11,084		$	173,552		$	168,745		2.8	%		$	66,567		$	64,898		2.6	%		$	106,985		$	103,847		3.0	%
	% of NOI			Weighted Average Occupancy (3)									Average Monthly<br><br>Rental Rate (3)									Average Monthly<br>Revenue per Occupied Home (3)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Regions			2025			2024			Growth			2025			2024			% Change			2025			2024			% Change
Denver, CO	21.0	%		94.4	%		95.4	%		(1.0)	%		$	1,972		$	1,993		(1.1)	%		$	2,250		$	2,242		0.4	%
Minneapolis, MN	31.9	%		96.3	%		95.3	%		1.0	%		1,598			1,581			1.1	%		1,804			1,774			1.7	%
Boulder/Ft. Collins, CO	6.6	%		96.1	%		95.6	%		0.5	%		1,906			1,895			0.6	%		2,148			2,120			1.3	%
North Dakota	13.6	%		97.0	%		96.3	%		0.7	%		1,405			1,330			5.6	%		1,550			1,462			6.0	%
Omaha, NE	6.4	%		94.1	%		93.5	%		0.6	%		1,391			1,344			3.5	%		1,538			1,476			4.2	%
Rochester, MN	10.9	%		96.7	%		95.5	%		1.2	%		1,780			1,737			2.5	%		1,897			1,846			2.8	%
Other Mountain West(1)	9.6	%		96.4	%		94.3	%		2.1	%		1,352			1,349			0.2	%		1,525			1,505			1.3	%
Same-Store Total	100.0	%		95.9	%		95.3	%		0.6	%		$	1,621		$	1,598		1.4	%		$	1,814		$	1,775		2.2	%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-14

CENTERSPACE

PORTFOLIO SUMMARY(1)

	As of and for the Three Months Ended
	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024
Number of Apartment Homes at Period End
Same-Store	11,084			11,084			12,595			12,580			12,580
Non-Same-Store	1,178			758			417			432			303
All Communities(2)	12,262			11,842			13,012			13,012			12,883
Average Monthly Rental Rate(3)
Same-Store	$	1,629		$	1,621		$	1,586		$	1,573		$	1,569
Non-Same-Store	1,858			1,731			1,558			1,892			1,906
All Communities(2)	$	1,649		$	1,625		$	1,585		$	1,584		$	1,577
Average Monthly Revenue per Occupied Apartment Home(3)
Same-Store	$	1,823		$	1,818		$	1,775		$	1,751		$	1,741
Non-Same-Store	2,090			1,951			1,786			2,042			2,126
All Communities(2)	$	1,846		$	1,844		$	1,776		$	1,761		$	1,750
Weighted Average Occupancy(3)
Same-Store	95.8		%	96.1		%	95.8		%	95.5		%	95.3		%
Non-Same-Store	87.5		%	85.9		%	88.9		%	93.6		%	95.5		%
All Communities(2)	95.0		%	94.5		%	95.6		%	95.4		%	95.3		%
Property Operating Expenses, including Real Estate Taxes as a % of Scheduled Rent(3)
Same-Store	41.6		%	40.6		%	42.4		%	42.3		%	43.6		%
Non-Same-Store	42.6		%	44.0		%	51.9		%	35.8		%	34.9		%
All Communities(2)	41.7		%	40.8		%	42.7		%	42.1		%	43.4		%
Capital Expenditures
Total Recurring Capital Expenditures(3) per Apartment Home – Same-Store	$	350		$	370		$	172		$	238		$	347

(1)Previously reported amounts are not revised for changes in the composition of the same-store properties pool.

(2)Excludes apartment communities classified as held for sale as of September 30, 2025.

(3)Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-15

CENTERSPACE

CAPITAL EXPENDITURES

(dollars in thousands, except per home amounts)

	Three Months Ended				Nine Months Ended
Capital Expenditures	9/30/2025		9/30/2024		9/30/2025		9/30/2024
Total Same-Store Apartment Homes	11,084		11,084		11,084		11,084
All Properties - Weighted Average Apartment Homes(3)	13,281		12,883		13,140		12,927
Same-Store
Building - Exterior	$	977	$	1,299	$	3,376	$	3,044
Building - Interior	21		60		219		100
Mechanical, Electrical, & Plumbing	729		469		1,712		1,919
Furniture & Equipment	210		92		454		242
Landscaping & Grounds	645		594		1,192		1,689
Turnover Replacements	1,055		951		2,560		2,622
Work in progress - net change	240		560		424		(408)
Recurring Capital Expenditures(1) - Same-Store	$	3,877	$	4,025	$	9,937	$	9,208
Recurring Capital Expenditures(1) per Apartment Home - Same-Store	$	350	$	363	$	897	$	831
Recurring Capital Expenditures(1) - All Properties	$	4,389	$	4,391	$	11,712	$	10,441
Recurring Capital Expenditures(1) per Weighted Average Apartment Home - All Properties	$	330	$	341	$	891	$	808
Value Add(1)
Same-Store
Interior - Units	$	913	$	975	$	1,932	$	1,677
Common Areas and Exteriors	2,505		3,211		4,380		17,397
Work in Progress - net change	(130)		(54)		191		(1,525)
Total Value Add - Same Store	$	3,288	$	4,132	$	6,503	$	17,549
All Properties
Interior - Units	$	1,580	$	997	$	3,920	$	1,691
Common Areas and Exteriors	2,789		4,470		5,227		22,944
Work in Progress - net change	(184)		(666)		(13)		(3,467)
Total Value Add - All Properties	$	4,185	$	4,801	$	9,134	$	21,168
Total Same-Store Capital Spend(2)
Capital Spend - Same-Store(2)	$	7,165	$	8,157	$	16,440	$	26,757
Capital Spend per Apartment Home - Same-Store(2)	$	646	$	736	$	1,483	$	2,414
Acquisition and Other Capital Expenditures(1)
All Properties	$	805	$	2,660	$	3,460	$	10,997
Total Capital Spend
Total Capital Spend - All Properties	$	9,379	$	11,852	$	24,306	$	42,606
Total Capital Spend per Weighted Average Apartment Home - All Properties	$	706	$	920	$	1,850	$	3,296

(1)Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions.

(2)Includes value-add and excludes acquisition and other capital expenditures on same-store communities.

(3)Includes all properties, including held for sale and dispositions.

S-16

CENTERSPACE

2025 Financial Outlook

(in thousands, except per share and per home amounts)

Centerspace updated its financial outlook for 2025 in the table below.

			2025 Previous Outlook Range						2025 Updated Outlook Range
	Nine Months Ended		Low			High			Low			High
	September 30, 2025		Amount			Amount			Amount			Amount
Same-store growth
Revenue	$	173,552	2.00		%	3.00		%	2.00		%	2.50		%
Controllable expenses	41,561		(1.00)		%	0.50		%	0.25		%	0.75		%
Non-controllable expenses	25,006		4.00		%	6.00		%	0.75		%	1.25		%
Total Expenses	$	66,567	1.00		%	2.50		%	0.50		%	1.00		%
Same-store NOI(1)	$	106,985	2.50		%	3.50		%	3.00		%	3.50		%
Components of NOI(1)
Same-store	$	106,985	$	142,400		$	143,700		$	143,300		$	143,900
Non-same-store and held for sale	16,772		21,050			21,250			21,150			21,350
Other properties	1,647		2,200			2,300			2,250			2,350
Total NOI(1)	$	125,404	$	165,650		$	167,250		$	166,700		$	167,600
Other operating income and expenses
General and administrative and property management	(21,691)		(28,400)			(28,000)			(29,400)			(29,100)
Casualty loss	(1,058)		(1,750)			(1,650)			(1,550)			(1,450)
Non-real estate depreciation and amortization	(295)		(350)			(300)			(350)			(300)
Non-controlling interest - consolidated real estate entities(2)	(2,408)		(250)			(300)			(2,501)			(2,551)
Less: gain on sale of real estate - partially owned entities	2,251		—			—			2,251			2,251
Total other operating income and expenses	$	(23,201)	$	(30,750)		$	(30,250)		$	(31,550)		$	(31,150)
Interest expense	$	(33,348)	(44,400)			(43,900)			(44,600)			(44,200)
Interest and other income	2,630		3,000			3,100			3,200			3,300
FFO applicable to common shares and Units - diluted(1)	$	71,485	$	93,500		$	96,200		$	93,750		$	95,550
Non-core income and expenses
Non-cash casualty loss	$	308	$	725		$	675		$	450		$	400
Loss on extinguishment of debt	3		—			—			225			200
Interest rate swap amortization	407		475			450			407			407
Amortization of assumed debt	1,365		2,000			1,950			1,950			1,900
Other miscellaneous items	(503)		250			300			(250)			(200)
Total non-core income and expenses	$	1,580	$	3,450		$	3,375		$	2,782		$	2,707
Core FFO applicable to common shares and Units - diluted(1)	$	73,065	$	96,950		$	99,575		$	96,532		$	98,257
Net (income) loss per share - diluted	$	2.12	$	2.50		$	2.76		$	1.97		$	2.19
FFO per diluted share(1)	$	3.60	$	4.70		$	4.83		$	4.73		$	4.82
Core FFO per diluted share(1)	$	3.68	$	4.88		$	5.00		$	4.88		$	4.96
Weighted average shares outstanding - diluted	19,835		19,875			19,900			19,800			19,825
Additional Assumptions
Same-store recurring capital expenditures (per home)	$	897	$	1,150		$	1,200		$	1,150		$	1,200
Value-add expenditures	$	9,134	$	16,000		$	18,000		$	14,000		$	16,000
Proceeds from Dispositions	$	124,000	$	210,000		$	230,000		$	210,000		$	215,000

(1)NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage, components, and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above and pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Excludes anticipated gain on sale for partially owned apartment communities.

S-17

Reconciliations of Net Income Available to Common Shareholders to FFO and Core FFO

The following table presents reconciliations of net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under “Non-GAAP Financial Measures and Other Terms.” They should not be considered as alternatives to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking statements under applicable U.S. federal securities laws.

			Previous Outlook				Updated Outlook
	Nine Months Ended		12 Months Ended				12 Months Ended
	September 30, 2025		December 31, 2025				December 31, 2025
	Actual		Low		High		Low		High
Net income available to common shareholders	$	35,534	$	42,515	$	47,110	$	33,563	$	36,970
Noncontrolling interests - Operating Partnership and Series E preferred units	6,071		7,135		7,890		5,464		6,507
Depreciation and amortization	83,807		109,160		108,960		109,160		108,960
Less depreciation - non real estate	(252)		(350)		(300)		(350)		(300)
Less depreciation - partially owned entities	(43)		(43)		(43)		(43)		(43)
Impairment of real estate investments	23,219		14,543		14,543		23,219		23,219
Gain on sale of real estate	(79,531)		(80,000)		(82,500)		(80,000)		(82,500)
Less gain on sale of real estate - partially owned entities	2,251		—		—		2,251		2,251
Distributions to Series D preferred unitholders	429		540		540		486		486
FFO applicable to common shares and Units - diluted	$	71,485	$	93,500	$	96,200	$	93,750	$	95,550
Adjustments to Core FFO:
Non-cash casualty loss	308		725		675		450		400
Loss on extinguishment of debt	3		—		—		225		200
Interest rate swap amortization	407		475		450		407		407
Amortization of assumed debt	1,365		2,000		1,950		1,950		1,900
Other miscellaneous items	(503)		250		300		(250)		(200)
Core FFO applicable to common shares and Units - diluted	$	73,065	$	96,950	$	99,575	$	96,532	$	98,257
Net income per share - diluted	$	2.12	$	2.50	$	2.76	$	1.97	$	2.19
FFO per share - diluted	$	3.60	$	4.70	$	4.83	$	4.73	$	4.82
Core FFO per share - diluted	$	3.68	$	4.88	$	5.00	$	4.88	$	4.96

Reconciliations of Operating Income (Loss) to Net Operating Income

Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by sales of real estate and other investments, impairment, depreciation, amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, casualty losses, loss on litigation settlement, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.

			Previous Outlook				Updated Outlook
	Nine Months Ended		12 Months Ended				12 Months Ended
	September 30, 2025		December 31, 2025				December 31, 2025
	Actual		Low		High		Low		High
Operating income	$	75,160	$	91,797	$	96,597	$	83,371	$	87,371
Adjustments:
General and administrative and property management expenses	21,691		28,400		28,000		29,400		29,100
Casualty loss	1,058		1,750		1,650		1,550		1,450
Depreciation and amortization	83,807		109,160		108,960		109,160		108,960
Impairment of real estate investments	23,219		14,543		14,543		23,219		23,219
Gain on sale of real estate and other assets	(79,531)		(80,000)		(82,500)		(80,000)		(82,500)
Net operating income	$	125,404	$	165,650	$	167,250	$	166,700	$	167,600		S-18
---

CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

Acquisition and Other Capital Expenditures

Acquisition and other non-routine capital expenditures represent capital additions contemplated in the underwriting at recently acquired communities. These amounts are considered when determining expected returns. Other capital expenditures includes casualty and other non-routine capital items including, but not limited to, tenant improvements, real estate special assessments, and capital expenditures incurred to dispose of properties. Casualty represents capitalized costs incurred in connection with the restoration of an apartment community after a casualty event.

Adjusted EBITDA

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The Company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, financing costs, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.

Average Monthly Rental Rate

Average monthly rental rate is scheduled rent divided by the total number of apartment homes.

Average Monthly Revenue per Occupied Home

Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.

Blended Lease Rate Growth

Blended lease rate growth is the weighted average rate change of new leases signed and renewal leases started within the given timeframe and the previous lease on the same unit.

Debt Service Coverage Ratio

Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

	As of and for the
	Three Months Ended										Nine Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		9/30/2025		9/30/2024
Adjusted EBITDA	$	35,231	$	34,939	$	32,636	$	32,633	$	31,757	$	102,806	$	97,178
Interest Expense	12,989		10,719		9,622		9,782		8,932		33,330		27,443
Principal Amortization	2,000		1,853		1,906		1,881		1,854		5,759		4,979
Total Interest Expense and Principal Amortization	14,989		12,572		11,528		11,663		10,786		39,089		32,422
Distributions paid to Series C preferred shareholders and Series D preferred unitholders	109		160		160		160		1,767		429		5,301
Total Interest Expense, Principal Amortization, and preferred distributions	15,098		12,732		11,688		11,823		12,553		39,518		37,723
Debt Service Coverage Ratio	2.35		2.78		2.83		2.80		2.94		2.63		3.00
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization	2.33		2.74		2.79		2.76		2.53		2.60		2.58			S-19
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Funds From Operations and Core Funds From Operations

The Company believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation and amortization.

The Company uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:

•depreciation and amortization related to real estate;

•gains and losses from the sale of certain real estate assets;

•gains and losses from change in control;

•impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity; and

•similar adjustments for partially owned consolidated real estate entities.

The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the Company's investments, and assists management and investors in comparing those operating results between periods.

Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The Company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.

While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.

Core Funds from Operations (“Core FFO”) is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the Company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income (loss), or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the Company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.

Held For Sale

The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year.

S-20

Net Debt Divided by Adjusted EBITDA

Net debt is the total outstanding debt balance less cash and cash equivalents and net tax deferred proceeds held in restricted cash for exchanges under section 1031(b) of the Internal Revenue Code. Preferred equity is the sum of the book value of Series C preferred shares, when outstanding, and Series D preferred units outstanding. Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

	Three Months Ended										Nine Months Ended
	9/30/2025		6/30/2025		3/31/2025		12/31/2024		9/30/2024		9/30/2025		9/30/2024
Total debt(1)	$	1,177,284	$	1,121,292	$	966,092	$	966,623	$	925,144	$	1,177,284	$	925,144
Less: cash and cash equivalents	12,896		12,378		11,916		12,030		14,453		12,896		14,453
Less: 1031 funds in restricted cash	50,941		—		—		—		—		50,941		—
Net debt	$	1,113,447	$	1,108,914	$	954,176	$	954,593	$	910,691	$	1,113,447	$	910,691
Adjusted EBITDA(2)	$	140,924	$	139,756	$	130,544	$	130,528	$	127,028	$	137,075	$	129,571
Net debt/Adjusted EBITDA	7.90		7.93		7.31		7.31		7.17		8.12		7.03
Preferred Equity	$	5,940	$	11,310	$	16,560	$	16,560	$	16,560	$	5,940	$	16,560
Net debt and preferred equity	$	1,119,387	$	1,120,224	$	970,736	$	971,153	$	927,251	$	1,119,387	$	927,251
Adjusted EBITDA(2)	$	140,924	$	139,756	$	130,544	$	130,528	$	127,028	$	137,075	$	129,571
Net debt and preferred equity/Adjusted EBITDA	7.94		8.02		7.44		7.44		7.30		8.17		7.16

(1)Excludes premiums, discounts, and deferred financing costs.

(2)Annualized for periods less than one year.

Net Operating Income

Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. The Company believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other investments, impairment, depreciation and amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, casualty gains or losses, loss on litigation settlement, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.

New Lease Rate Growth

New lease rate growth is the average rental rate change of new leases that were signed within the given timeframe as compared to the rental rate under the previous lease on the same unit.

Non-stabilized Community

A non-stabilized community is a development community that is either currently under construction or undergoing lease-up or is a recent acquisition prior to reaching overall occupancy of 90%.

Payout Ratio (Core FFO per Diluted Share and Unit Basis)

Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Core FFO definition included within this Non-GAAP Financial Measures and Other Terms section.

	Three Months Ended															Nine Months Ended
	9/30/2025			6/30/2025			3/31/2025			12/31/2024			9/30/2024			9/30/2025			9/30/2024
Common distribution per share and unit	$	0.77		$	0.77		$	0.77		$	0.75		$	0.75		$	2.31		$	2.25
Core FFO per common share and unit diluted	1.19			1.28			1.21			1.21			1.18			3.68			3.68
Payout ratio	64.7		%	60.2		%	63.6		%	62.0		%	63.6		%	62.8		%	61.1		%		S-21
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Recurring Capital Expenditures

Recurring capital expenditures represent expenditures necessary to help preserve the value of and maintain the functionality at communities. Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities such as appliances, mechanical equipment, flooring to roof replacement, paving, siding, and major landscaping.

Renewal Lease Rate Growth

Renewal lease rate growth is the average rate change of renewal leases that started within the given timeframe and the previous lease on the same unit.

Re-positioned Community

The Company defines a re-positioned community as having significant development and construction activity on existing buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of improved community cash flow and competitive position through extensive unit and amenity upgrades. We categorize a re-positioned community as same-store when the development and construction activity has been completed, and operations have stabilized. This is typically reaching an overall occupancy of 90%. Not all communities undergoing value add are considered a re-positioned community.

Retention Rate

Retention rate is the percentage of leases expiring within the given timeframe that were converted to a term renewal.

Same-Store Controllable Expenses

The Company defines same-store controllable expenses as property operating expenses excluding real estate taxes and insurance. Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses and real estate taxes.

Scheduled Rental Revenue

Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.

Stabilized Community

The Company defines stabilized communities as communities past development lease-up or a recent acquisition reaching an overall occupancy of 90%. A re-positioned community is considered stabilized when substantial redevelopment activities are complete and operations have stabilized. This is typically reaching an overall occupancy of 90% occupancy or is consistent occupancy for 90 days.

Total Debt to Total Market Capitalization

Total debt to total market capitalization, a non-GAAP financial measure, is total debt not adjusted for unamortized deferred financing costs or unamortized debt premiums and discounts from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and book value of Series C preferred shares, when outstanding, and Series D preferred units outstanding at the end of the period. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP.

S-22

Value Add

Value add represents expenditures that are expected to result in increased income generation or decreased expense growth over time to improve a community’s cash flow and competitive position. This includes elective capital expenditures such as full-scale renovations including new amenities, interior unit turn renovations, enhanced clubhouses and common area hallways and certain resource management initiatives including smart home automation as well as environmental and sustainability initiatives for higher rental levels or expense savings in their respective markets.

Weighted Average Occupancy

Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rental revenue. Scheduled rental revenue represents the value of all apartment homes, with occupied homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes. The Company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy, and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs and other real estate companies.

S-23