Equibles

8-K

CENTERSPACE (CSR)

8-K 2025-05-01 For: 2025-05-01
View Original
Added on April 04, 2026

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): May 1, 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 May 1, 2025, announcing certain financial and operational results for the three months ended March 31, 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 7.01. Regulation FD Disclosure.

On May 1, 2025, Centerspace (the “Company”) posted to its website an investor presentation for meetings with certain investors. The presentation includes certain financial and operational results for the three months ended March 31, 2025 and year-to-date operating information. A copy of that investor presentation is furnished as Exhibit 99.2 and incorporated herein by reference.

The information in this Item 7.01 and the investor presentation furnished as Exhibit 99.2 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, datedMay1, 2025.
99.2 Investor Presentation, dated May 1, 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: May 1, 2025 President and Chief Executive Officer

Document

Exhibit 99.1

q1_2025a.jpg

Earnings Release

cs-centered_bluea.jpg

Centerspace Reports First Quarter 2025 Financial & Operating Results and Reaffirms 2025 Core FFO per Share Guidance

MINNEAPOLIS, MN, May 1, 2025 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three months ended March 31, 2025. The tables below show Net Loss, Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three months ended March 31, 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 March 31, 2025, December 31, 2024, and March 31, 2024.

Three Months Ended March 31,
Per Common Share 2025 2024
Net loss - diluted $ (0.22) $ (0.37)
FFO - diluted(1) $ 1.17 $ 1.16
Core FFO - diluted(1) $ 1.21 $ 1.23 Year-Over-Year<br>Comparison Sequential<br>Comparison
--- --- ---
Same-Store Results(2) Q1 2025 vs. Q1 2024 Q1 2025 vs. Q4 2024
Revenues 3.5% 0.9%
Expenses 5.8% 1.1%
Net Operating Income (“NOI”)(1) 2.1% 0.8% Three months ended
--- --- --- ---
Same-Store Results(2) March 31, 2025 December 31, 2024 March 31, 2024
Weighted Average Occupancy 95.8% 95.6% 94.6%
New Lease Rate Growth (1.1)% (3.5)% —%
Renewal Lease Rate Growth 3.5% 3.1% 3.2%
Blended Lease Rate Growth (3) 0.7% 0.3% 1.4%
Retention Rate 49.2% 54.7% 53.4%

(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, 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 First Quarter

•Revenue for the first quarter of 2025 increased by $2.6 million or 4.0% to $67.1 million, compared to $64.5 million for the first quarter of 2024;

•Same-store revenues increased by 3.5% for the first quarter of 2025 compared to the first quarter of 2024, driving a 2.1% increase in same-store NOI compared to the same period of the prior year

•Net loss was $0.22 per diluted share for the first quarter of 2025, compared to net loss of $0.37 per diluted share for the same period of the prior year; and

•Core FFO per diluted share decreased 1.6% to $1.21 for the three months ended March 31, 2025, compared to $1.23 for the three months ended March 31, 2024, driven by a $0.06 per share increase in same-store property taxes in the first quarter of 2025 after experiencing one-time property tax refunds in the first quarter of 2024.

Balance Sheet

At the end of the first quarter, Centerspace had $223.2 million of total liquidity on its balance sheet, consisting of $211.3 million available under the lines of credit and cash and cash equivalents of $11.9 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 March 31, 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 loss per Share – diluted $(0.71) $(0.45) $(0.71) $(0.45)
Same-Store Revenue 1.50% 3.50% 1.50% 3.50%
Same-Store Expenses 2.00% 4.00% 2.00% 4.00%
Same-Store NOI 1.25% 3.25% 1.25% 3.25%
FFO per Share – diluted $4.73 $4.97 $4.73 $4.97
Core FFO per Share – diluted $4.86 $5.10 $4.86 $5.10

Additional assumptions:

•Same-store recurring capital expenditures of $1,125 per home to $1,175 per home

•Value-add expenditures of $16.0 million to $18.0 million

Note: FFO and Core FFO 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 scheduled to participate in the following conferences:

•Wells Fargo Real Estate Securities Conference, May 6-7, 2025;

•BMO North American Real Estate Conference, May 13, 2025; and

•National Association of Real Estate Investment Trusts (“Nareit”) REITweek: 2025 Investor Conference, June 2-4, 2025.

Earnings Call

Live webcast and replay:  https://ir.centerspacehomes.com
Live Conference Call Conference Call Replay
Friday, May 2, 2025, at 1:00 PM ET Replay available until May 9, 2025
USA Toll Free 1-833-470-1428 USA Toll Free 1-866-813-9403
International 1-404-975-4839 International 1-929-458-6194
Canada Toll Free 1-833-950-0062
Access Code 591644 Access Code 484784

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended March 31, 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 March 31, 2025, Centerspace owned 71 apartment communities consisting of 13,012 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a top workplace for the fifth consecutive year in 2024 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

March 31, 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-6
Funds From Operations and Core Funds From Operations S-7
Adjusted EBITDA S-8
Debt and Capital Analysis
Debt Analysis S-9
Capital Analysis S-10
Portfolio Analysis
Same-Store Comparisons S-11
Portfolio Summary S-13
Capital Expenditures S-14
2025 Financial Outlook S-15
Non-GAAP Financial Measures and Other Terms S-17

Common Share Data (NYSE: CSR)

Three Months Ended
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
High closing price $ 66.19 $ 75.02 $ 75.50 $ 70.93 $ 58.00
Low closing price $ 60.29 $ 64.75 $ 67.04 $ 55.48 $ 52.65
Average closing price $ 63.04 $ 70.30 $ 71.91 $ 65.88 $ 55.68
Closing price at end of quarter $ 64.75 $ 66.15 $ 70.47 $ 67.63 $ 57.14
Common share distributions – annualized $ 3.08 $ 3.00 $ 3.00 $ 3.00 $ 3.00
Closing price dividend yield – annualized 4.8 % 4.5 % 4.3 % 4.4 % 5.3 %
Closing common shares outstanding (thousands) 16,735 16,719 16,568 15,057 14,912
Closing limited partnership units outstanding (thousands) 972 980 809 828 844
Closing Series E preferred units, as converted (thousands) 1,906 1,906 2,038 2,053 2,062
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands) 19,613 19,605 19,415 17,938 17,818
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) $ 1,269,942 $ 1,296,871 $ 1,368,175 $ 1,213,147 $ 1,018,121
S-1
---

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands)

Three Months Ended
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
REVENUE $ 67,093 $ 66,409 $ 65,025 $ 65,043 $ 64,506
EXPENSES
Property operating expenses, excluding real estate taxes 19,068 19,838 19,628 18,108 18,764
Real estate taxes 7,663 6,489 7,031 7,081 6,305
Property management expense 2,433 2,334 2,242 2,222 2,330
Casualty (gain) loss 532 2,389 (412) 510 820
Depreciation and amortization 27,654 27,640 26,084 25,714 27,012
General and administrative expenses 4,997 4,861 4,102 4,216 4,623
TOTAL EXPENSES $ 62,347 $ 63,551 $ 58,675 $ 57,851 $ 59,854
Loss on sale of real estate and other investments — — — — (577)
Operating income 4,746 2,858 6,350 7,192 4,075
Interest expense (9,635) (9,795) (8,946) (9,332) (9,207)
Interest and other income 708 1,151 645 477 340
NET LOSS $ (4,181) $ (5,786) $ (1,951) $ (1,663) $ (4,792)
Dividends to Series D preferred unitholders (160) (160) (160) (160) (160)
Net loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units 643 900 1,095 561 1,079
Net income attributable to noncontrolling interests – consolidated real estate entities (36) (33) (32) (34) (32)
Net loss attributable to controlling interests (3,734) (5,079) (1,048) (1,296) (3,905)
Dividends to preferred shareholders — — (1,607) (1,607) (1,607)
Redemption of preferred shares — — (3,511) — —
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (3,734) $ (5,079) $ (6,166) $ (2,903) $ (5,512)
Net loss per common share – basic and diluted $ (0.22) $ (0.31) $ (0.40) $ (0.19) $ (0.37) S-2
---

CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
ASSETS
Real estate investments
Property owned $ 2,484,111 $ 2,480,741 $ 2,438,255 $ 2,428,290 $ 2,413,488
Less accumulated depreciation (652,368) (625,980) (604,175) (578,691) (553,231)
Total real estate investments 1,831,743 1,854,761 1,834,080 1,849,599 1,860,257
Cash and cash equivalents 11,916 12,030 14,453 14,328 12,682
Restricted cash 6,144 1,099 2,794 1,084 1,066
Other assets 43,281 45,817 36,078 34,414 29,468
TOTAL ASSETS $ 1,893,084 $ 1,913,707 $ 1,887,405 $ 1,899,425 $ 1,903,473
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses $ 57,631 $ 59,319 $ 61,000 $ 52,885 $ 54,614
Revolving lines of credit 48,734 47,359 39,000 48,000 40,357
Notes payable, net 299,535 299,520 299,506 299,490 299,475
Mortgages payable, net 607,184 608,506 582,760 584,193 585,382
TOTAL LIABILITIES $ 1,013,084 $ 1,014,704 $ 982,266 $ 984,568 $ 979,828
SERIES D PREFERRED UNITS $ 16,560 $ 16,560 $ 16,560 $ 16,560 $ 16,560
EQUITY
Series C Preferred Shares of Beneficial Interest — — — 93,530 93,530
Common Shares of Beneficial Interest 1,268,888 1,269,549 1,270,752 1,167,055 1,160,492
Accumulated distributions in excess of net income (631,855) (615,242) (597,720) (579,139) (564,951)
Accumulated other comprehensive loss (232) (407) (578) (749) (922)
Total shareholders’ equity $ 636,801 $ 653,900 $ 672,454 $ 680,697 $ 688,149
Noncontrolling interests – Operating Partnership and Series E preferred units 225,985 227,870 215,444 216,901 218,255
Noncontrolling interests – consolidated real estate entities 654 673 681 699 681
TOTAL EQUITY $ 863,440 $ 882,443 $ 888,579 $ 898,297 $ 907,085
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,893,084 $ 1,913,707 $ 1,887,405 $ 1,899,425 $ 1,903,473 S-3
---

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-17 through S-21, “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 months ended March 31, 2025 and 2024, two apartment communities were non-same-store. Sold communities are included in “Dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties.

S-4

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

(dollars in thousands)
Three Months Ended Sequential Year-Over-Year
3/31/2025 12/31/2024 3/31/2024 Change % Change Change % Change
Operating income $ 4,746 $ 2,858 $ 4,075 66.1 % 16.5 %
Adjustments:
Property management expenses 2,433 2,334 2,330 99 4.2 % 103 4.4 %
Casualty loss 532 2,389 820 (1,857) (77.7) % (288) (35.1) %
Depreciation and amortization 27,654 27,640 27,012 14 0.1 % 642 2.4 %
General and administrative expenses 4,997 4,861 4,623 136 2.8 % 374 8.1 %
Loss on sale of real estate and other investments — — 577 — N/A (577) (100.0) %
Net operating income(1) $ 40,362 $ 40,082 $ 39,437 0.7 % 2.3 %
Revenue
Same-store $ 64,258 $ 63,700 $ 62,097 0.9 % 3.5 %
Non-same-store 1,986 1,903 1,242 83 * 744 *
Other properties 849 806 638 43 5.3 % 211 33.1 %
Dispositions — — 529 — * (529) *
Total 67,093 66,409 64,506 684 1.0 % 2,587 4.0 %
Property operating expenses, including real estate taxes
Same-store 25,380 25,115 24,000 265 1.1 % 1,380 5.8 %
Non-same-store 1,011 891 561 120 * 450 *
Other properties 340 321 182 19 5.9 % 158 86.8 %
Dispositions — — 326 — * (326) *
Total 26,731 26,327 25,069 404 1.5 % 1,662 6.6 %
Net operating income(1)
Same-store 38,878 38,585 38,097 293 0.8 % 781 2.1 %
Non-same-store 975 1,012 681 (37) * 294 *
Other properties 509 485 456 24 4.9 % 53 11.6 %
Dispositions — — 203 — * (203) *
Total $ 40,362 $ 40,082 $ 39,437 0.7 % 2.3 %

All values are in US Dollars.

(1)Net operating income is a non-GAAP measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

* Not a meaningful percentage.

S-5

CENTERSPACE

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

(dollars in thousands)
Three Months Ended March 31,
2025 2024 Change % Change
Controllable expenses
On-site compensation(2) $ 6,597 $ 6,548 0.7 %
Repairs and maintenance(3) 3,015 3,192 (177) (5.5) %
Utilities 4,605 4,074 531 13.0 %
Administrative and marketing 1,493 1,580 (87) (5.5) %
Total $ 15,710 $ 15,394 2.1 %
Non-controllable expenses
Real estate taxes $ 7,236 $ 6,015 20.3 %
Insurance 2,434 2,591 (157) (6.1) %
Total $ 9,670 $ 8,606 12.4 %
Total property operating expenses, including real estate taxes - same-store $ 25,380 $ 24,000 5.8 %
Property operating expenses, including real estate taxes - non-same-store $ 1,011 $ 561 *
Property operating expenses, including real estate taxes - other properties 340 182 158 86.8 %
Property operating expenses, including real estate taxes - dispositions — 326 (326) *
Total property operating expenses, including real estate taxes $ 26,731 $ 25,069 6.6 %

All values are in US Dollars.

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-17 through S-21 “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-6

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
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Funds from Operations(1)
Net loss available to common shareholders $ (3,734) $ (5,079) $ (6,166) $ (2,903) $ (5,512)
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units (643) (900) (1,095) (561) (1,079)
Depreciation and amortization 27,654 27,640 26,084 25,714 27,012
Less depreciation – non real estate (83) (79) (81) (82) (85)
Less depreciation – partially owned entities (22) (24) (25) (25) (24)
Loss on sale of real estate — — — — 577
FFO applicable to common shares and Units $ 23,172 $ 21,558 $ 18,717 $ 22,143 $ 20,889
Adjustments to Core FFO(1):
Non-cash casualty loss (recovery) 282 2,171 (632) 191 702
Interest rate swap amortization 175 171 171 173 197
Amortization of assumed debt 417 417 263 263 263
Redemption of preferred shares — — 3,511 — —
Other miscellaneous items(2) (67) (454) (61) 31 (5)
Core FFO applicable to common shares and Units $ 23,979 $ 23,863 $ 21,969 $ 22,801 $ 22,046
FFO applicable to common shares and Units $ 23,172 $ 21,558 $ 18,717 $ 22,143 $ 20,889
Dividends to Series D preferred unitholders 160 160 160 160 160
FFO applicable to common shares and Units - diluted $ 23,332 $ 21,718 $ 18,877 $ 22,303 $ 21,049
Core FFO applicable to common shares and Units $ 23,979 $ 23,863 $ 21,969 $ 22,801 $ 22,046
Dividends to Series D preferred unitholders 160 160 160 160 160
Core FFO applicable to common shares and Units - diluted $ 24,139 $ 24,023 $ 22,129 $ 22,961 $ 22,206
Per Share Data
Net loss per share and Unit - diluted $ (0.22) $ (0.31) $ (0.40) $ (0.19) $ (0.37)
FFO per share and Unit - diluted(1) $ 1.17 $ 1.09 $ 1.01 $ 1.23 $ 1.16
Core FFO per share and Unit - diluted(1) $ 1.21 $ 1.21 $ 1.18 $ 1.27 $ 1.23
Weighted average shares - basic and diluted 16,727 16,583 15,528 14,972 14,922
Effect of redeemable operating partnership Units for FFO and Core FFO 980 939 818 835 854
Effect of Series D preferred units for FFO and Core FFO 228 228 228 228 228
Effect of Series E preferred units for FFO and Core FFO 1,906 2,033 2,053 2,062 2,078
Effect of dilutive restricted stock units and stock options for FFO and Core FFO 35 56 49 32 20
Weighted average shares and Units for FFO and Core FFO - diluted 19,876 19,839 18,676 18,129 18,102

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

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

S-7

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

(in thousands)
Three Months Ended
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Adjusted EBITDA
Net loss attributable to controlling interests $ (3,734) $ (5,079) $ (1,048) $ (1,296) $ (3,905)
Adjustments:
Dividends to Series D preferred unitholders 160 160 160 160 160
Noncontrolling interests – Operating Partnership and Series E preferred units (643) (900) (1,095) (561) (1,079)
Loss before noncontrolling interests – Operating Partnership and Series E preferred units $ (4,217) $ (5,819) $ (1,983) $ (1,697) $ (4,824)
Adjustments:
Interest expense 9,622 9,782 8,932 9,318 9,193
Depreciation and amortization related to real estate investments 27,632 27,616 26,059 25,689 26,988
Non-cash casualty loss (recovery) 282 2,171 (632) 191 702
Interest income (616) (662) (558) (462) (280)
Loss on sale of real estate — — — — 577
Other miscellaneous items(2) (67) (455) (61) 31 (5)
Adjusted EBITDA $ 32,636 $ 32,633 $ 31,757 $ 33,070 $ 32,351

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-17 through S-21 “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

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) $ 29,288 $ — $ 2,734 $ 32,022 3.3 % 3.94 %
2026 100,499 — — 100,499 10.4 % 3.59 %
2027 48,038 — — 48,038 5.0 % 3.47 %
2028 65,644 50,000 46,000 161,644 16.7 % 3.87 %
2029 26,877 75,000 — 101,877 10.5 % 3.98 %
Thereafter 347,012 175,000 — 522,012 54.1 % 3.38 %
Subtotal 617,358 300,000 48,734 966,092 100.0 % 3.57 %
Premiums and discounts, net (7,079) — — (7,079)
Deferred financing costs, net (3,095) (465) — (3,560)
Total debt $ 607,184 $ 299,535 $ 48,734 $ 955,453

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

3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Debt Balances Outstanding(1)
Secured fixed rate - mortgages payable - other $ 418,508 $ 420,414 $ 387,294 $ 389,149 $ 390,746
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 48,734 47,359 39,000 48,000 40,357
Unsecured senior notes 300,000 300,000 300,000 300,000 300,000
Subtotal(1) $ 966,092 $ 966,623 $ 925,144 $ 935,999 $ 929,953
Premiums and discounts, net (7,079) (7,496) (345) (608) (871)
Deferred financing costs, net (3,560) (3,742) (3,533) (3,708) (3,867)
Debt total $ 955,453 $ 955,385 $ 921,266 $ 931,683 $ 925,215
Mortgages payable - other rate 4.02 % 4.02 % 4.05 % 4.05 % 4.05 %
Mortgages payable - Fannie Mae Credit Facility rate 2.78 % 2.78 % 2.78 % 2.78 % 2.78 %
Lines of credit rate(2) 5.76 % 5.86 % 6.70 % 6.69 % 6.68 %
Unsecured senior notes rate 3.12 % 3.12 % 3.12 % 3.12 % 3.12 %
Total debt 3.57 % 3.58 % 3.59 % 3.62 % 3.59 %

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

(2)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
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Reclassified from Accumulated OCI into interest expense $ 175 $ 171 $ 171 $ 173 $ 197 S-9
---

CENTERSPACE

CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

Three Months Ended
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Equity Capitalization
Common shares outstanding 16,735 16,719 16,568 15,057 14,912
Operating partnership units outstanding 972 980 809 828 844
Series E preferred units (as converted) 1,906 1,906 2,038 2,053 2,062
Total common shares, Units, and Series E preferred units, as converted, outstanding 19,613 19,605 19,415 17,938 17,818
Market price per common share (closing price at end of period) $ 64.75 $ 66.15 $ 70.47 $ 67.63 $ 57.14
Equity capitalization-common shares and Units $ 1,269,942 $ 1,296,871 $ 1,368,175 $ 1,213,147 $ 1,018,121
Recorded book value of preferred shares $ — $ — $ — $ 93,530 $ 93,530
Equity capitalization $ 1,269,942 $ 1,296,871 $ 1,368,175 $ 1,306,677 $ 1,111,651
Series D preferred units $ 16,560 $ 16,560 $ 16,560 $ 16,560 $ 16,560
Debt Capitalization
Total debt(1) $ 966,092 $ 966,623 $ 925,144 $ 935,999 $ 929,953
Total market capitalization $ 2,252,594 $ 2,280,054 $ 2,309,879 $ 2,259,236 $ 2,058,164
Total debt to total market capitalization(2) 42.9 % 42.4 % 40.1 % 41.4 % 45.2 %

(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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

Three Months Ended
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Debt service coverage ratio(1) 2.83 x 2.80 x 2.94 x 3.03 x 3.02 x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization(1) 2.79 x 2.76 x 2.53 x 2.61 x 2.59 x
Net debt/Adjusted EBITDA(1) 7.31 x 7.31 x 7.17 x 6.97 x 7.09 x
Net debt and preferred equity/Adjusted EBITDA(1) 7.44 x 7.44 x 7.30 x 7.80 x 7.94 x
Distribution Data
Common shares and Units outstanding at record date (in thousands) 17,706 17,571 17,377 15,875 15,756
Total common distribution declared (in thousands) $ 13,633 $ 13,177 $ 13,022 $ 11,907 $ 11,805
Common distribution per share and Unit $ 0.77 $ 0.75 $ 0.75 $ 0.75 $ 0.75
Payout ratio (Core FFO per diluted share and unit basis)(1) 63.6 % 62.0 % 63.6 % 59.1 % 61.0 %

(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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-10

CENTERSPACE

SAME-STORE FIRST QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

Apartment Homes Included Revenues Expenses NOI(2)
Regions Q1 2025 Q1 2024 % Change Q1 2025 Q1 2024 % Change Q1 2025 Q1 2024 % Change
Denver, CO 1,848 $ 11,839 $ 11,802 0.3 % $ 4,463 $ 4,105 8.7 % $ 7,376 $ 7,697 (4.2) %
Minneapolis, MN 4,423 22,482 21,736 3.4 % 9,744 8,854 10.1 % 12,738 12,882 (1.1) %
Boulder/Ft. Collins, CO 559 3,461 3,355 3.2 % 1,050 1,049 0.1 % 2,411 2,306 4.6 %
North Dakota 1,710 7,516 6,995 7.4 % 3,003 2,972 1.0 % 4,513 4,023 12.2 %
Omaha, NE 872 3,751 3,568 5.1 % 1,418 1,474 (3.8) % 2,333 2,094 11.4 %
Rochester, MN 1,129 6,143 5,915 3.9 % 2,194 2,103 4.3 % 3,949 3,812 3.6 %
St. Cloud, MN 832 3,734 3,626 3.0 % 1,598 1,614 (1.0) % 2,136 2,012 6.2 %
Other Mountain West(1) 1,222 5,332 5,100 4.5 % 1,910 1,829 4.4 % 3,422 3,271 4.6 %
Same-Store Total 12,595 $ 64,258 $ 62,097 3.5 % $ 25,380 $ 24,000 5.8 % $ 38,878 $ 38,097 2.1 %
% of NOI Weighted Average Occupancy (3) Average Monthly<br><br>Rental Rate (3) Average Monthly<br>Revenue per Occupied Home (3)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Regions Q1 2025 Q1 2024 Growth Q1 2025 Q1 2024 % Change Q1 2025 Q1 2024 % Change
Denver, CO 19.0 % 94.8 % 95.2 % (0.4) % $ 1,986 $ 1,990 (0.2) % $ 2,252 $ 2,236 0.7 %
Minneapolis, MN 32.8 % 96.2 % 94.5 % 1.7 % 1,557 1,540 1.1 % 1,761 1,733 1.6 %
Boulder/Ft. Collins, CO 6.1 % 96.2 % 96.2 % — % 1,910 1,881 1.5 % 2,145 2,079 3.2 %
North Dakota 11.6 % 96.9 % 95.6 % 1.3 % 1,380 1,303 5.9 % 1,513 1,426 6.1 %
Omaha, NE 6.0 % 94.1 % 93.3 % 0.8 % 1,378 1,326 3.9 % 1,524 1,462 4.2 %
Rochester, MN 10.2 % 96.6 % 94.6 % 2.0 % 1,763 1,730 1.9 % 1,878 1,846 1.7 %
St. Cloud, MN 5.5 % 93.9 % 93.8 % 0.1 % 1,390 1,353 2.7 % 1,593 1,549 2.8 %
Other Mountain West(1) 8.8 % 95.9 % 93.1 % 2.8 % 1,345 1,340 0.4 % 1,517 1,494 1.5 %
Same-Store Total 100.0 % 95.8 % 94.6 % 1.2 % $ 1,586 $ 1,559 1.7 % $ 1,775 $ 1,737 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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-11

CENTERSPACE

SAME-STORE SEQUENTIAL QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

Apartment Homes Included Revenues Expenses NOI(2)
Regions Q1 2025 Q4 2024 % Change Q1 2025 Q4 2024 % Change Q1 2025 Q4 2024 % Change
Denver, CO 1,848 $ 11,839 $ 11,975 (1.1) % $ 4,463 $ 4,327 3.1 % $ 7,376 $ 7,648 (3.6) %
Minneapolis, MN 4,423 22,482 22,055 1.9 % 9,744 10,169 (4.2) % 12,738 11,886 7.2 %
Boulder/Ft. Collins, CO 559 3,461 3,379 2.4 % 1,050 999 5.1 % 2,411 2,380 1.3 %
North Dakota 1,710 7,516 7,463 0.7 % 3,003 2,986 0.6 % 4,513 4,477 0.8 %
Omaha, NE 872 3,751 3,787 (1.0) % 1,418 1,042 36.1 % 2,333 2,745 (15.0) %
Rochester, MN 1,129 6,143 6,046 1.6 % 2,194 2,294 (4.4) % 3,949 3,752 5.3 %
St. Cloud, MN 832 3,734 3,629 2.9 % 1,598 1,479 8.0 % 2,136 2,150 (0.7) %
Other Mountain West(1) 1,222 5,332 5,366 (0.6) % 1,910 1,819 5.0 % 3,422 3,547 (3.5) %
Same-Store Total 12,595 $ 64,258 $ 63,700 0.9 % $ 25,380 $ 25,115 1.1 % $ 38,878 $ 38,585 0.8 %
% of NOI Weighted Average Occupancy (3) Average Monthly<br><br>Rental Rate (3) Average Monthly<br>Revenue per Occupied Home (3)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Regions Q1 2025 Q4 2024 Growth Q1 2025 Q4 2024 % Change Q1 2025 Q4 2024 % Change
Denver, CO 19.0 % 94.8 % 95.4 % (0.6) % $ 1,986 $ 2,000 (0.7) % $ 2,252 $ 2,263 (0.5) %
Minneapolis, MN 32.7 % 96.2 % 95.4 % 0.8 % 1,557 1,554 0.2 % 1,761 1,743 1.0 %
Boulder/Ft. Collins, CO 6.2 % 96.2 % 95.2 % 1.0 % 1,910 1,905 0.3 % 2,145 2,116 1.4 %
North Dakota 11.6 % 96.9 % 96.7 % 0.2 % 1,380 1,374 0.4 % 1,513 1,505 0.5 %
Omaha, NE 6.0 % 94.1 % 96.3 % (2.2) % 1,378 1,369 0.7 % 1,524 1,503 1.4 %
Rochester, MN 10.2 % 96.6 % 96.0 % 0.6 % 1,763 1,759 0.2 % 1,878 1,859 1.0 %
St. Cloud, MN 5.5 % 93.9 % 93.9 % — % 1,390 1,378 0.9 % 1,593 1,549 2.8 %
Other Mountain West(1) 8.8 % 95.9 % 95.7 % 0.2 % 1,345 1,352 (0.5) % 1,517 1,530 (0.8) %
Same-Store Total 100.0 % 95.8 % 95.6 % 0.2 % $ 1,586 $ 1,585 0.1 % $ 1,775 $ 1,764 0.6 %

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

(2)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-12

CENTERSPACE

PORTFOLIO SUMMARY(1)

As of and for the Three Months Ended
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Number of Apartment Homes at Period End
Same-Store 12,595 12,580 12,580 12,580 12,580
Non-Same-Store 417 432 303 303 303
All Communities 13,012 13,012 12,883 12,883 12,883
Average Monthly Rental Rate(2)
Same-Store $ 1,586 $ 1,573 $ 1,569 $ 1,558 $ 1,547
Non-Same-Store 1,558 1,892 1,906 1,900 1,885
All Communities $ 1,585 $ 1,584 $ 1,577 $ 1,566 $ 1,555
Average Monthly Revenue per Occupied Apartment Home(2)
Same-Store $ 1,775 $ 1,751 $ 1,741 $ 1,741 $ 1,724
Non-Same-Store 1,786 2,042 2,126 2,125 2,053
All Communities $ 1,776 $ 1,761 $ 1,750 $ 1,750 $ 1,732
Weighted Average Occupancy(2)
Same-Store 95.8 % 95.5 % 95.3 % 95.3 % 94.6 %
Non-Same-Store 88.9 % 93.6 % 95.5 % 96.7 % 96.6 %
All Communities 95.6 % 95.4 % 95.3 % 95.3 % 94.6 %
Property Operating Expenses, including Real Estate Taxes as a % of Scheduled Rent(2)
Same-Store 42.4 % 42.3 % 43.6 % 41.5 % 41.1 %
Non-Same-Store 51.9 % 35.8 % 34.9 % 31.1 % 33.0 %
All Communities 42.7 % 42.1 % 43.4 % 41.2 % 40.9 %
Capital Expenditures
Total Recurring Capital Expenditures(2) per Apartment Home – Same-Store $ 172 $ 238 $ 347 $ 264 $ 209

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

(2)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-13

CENTERSPACE

CAPITAL EXPENDITURES

(dollars in thousands, except per home amounts)

Three Months Ended
Capital Expenditures 3/31/2025 3/31/2024
Total Same-Store Apartment Homes 12,595 12,595
All Properties - Weighted Average Apartment Homes 13,012 13,016
Same-Store
Building - Exterior $ 566 $ 1,341
Building - Interior 170 14
Mechanical, Electrical, & Plumbing 528 1,540
Furniture & Equipment 39 82
Landscaping & Grounds 234 497
Turnover Replacements 862 870
Work in progress - net change (234) (1,780)
Recurring Capital Expenditures(1) - Same-Store $ 2,165 $ 2,564
Recurring Capital Expenditures(1) per Apartment Home - Same-Store $ 172 $ 204
Recurring Capital Expenditures(1) - All Properties $ 2,218 $ 2,677
Recurring Capital Expenditures(1) per Weighted Average Apartment Home - All Properties $ 170 $ 206
Value Add(1)
Same-Store
Interior - Units $ 377 $ 234
Common Areas and Exteriors 1,190 5,335
Work in Progress - net change (978) 3,789
Total Value Add - Same Store $ 589 $ 9,358
All Properties
Interior - Units $ 784 $ 237
Common Areas and Exteriors 1,454 6,133
Work in Progress - net change (1,149) 3,588
Total Value Add - All Properties $ 1,089 $ 9,958
Total Same-Store Capital Spend(2)
Capital Spend - Same-Store(2) $ 2,754 $ 11,922
Capital Spend per Apartment Home - Same-Store(2) $ 219 $ 947
Acquisition and Other Capital Expenditures(1)
All Properties $ 564 $ 2,581
Total Capital Spend
Total Capital Spend - All Properties $ 3,871 $ 15,216
Total Capital Spend per Weighted Average Apartment Home - All Properties $ 297 $ 1,169

(1)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

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

S-14

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
Three Months Ended Low High Low High
March 31, 2025 Amount Amount Amount Amount
Same-store growth
Revenue $ 64,258 1.50 % 3.50 % 1.50 % 3.50 %
Controllable expenses 15,710 1.00 % 3.00 % — % 2.00 %
Non-controllable expenses 9,670 3.50 % 5.50 % 5.75 % 7.75 %
Total Expenses $ 25,380 2.00 % 4.00 % 2.00 % 4.00 %
Same-store NOI(1) $ 38,878 1.25 % 3.25 % 1.25 % 3.25 %
Components of NOI(1)
Same-store $ 38,878 $ 154,700 $ 157,800 $ 154,700 $ 157,800
Non-same-store 975 4,400 4,600 4,300 4,500
Other properties 509 2,200 2,400 2,300 2,500
Total NOI(1) $ 40,362 $ 161,300 $ 164,800 $ 161,300 $ 164,800
Other operating income and expenses
General and administrative and property management (7,430) (28,400) (27,900) (29,000) (28,500)
Casualty loss (532) (1,550) (1,450) (1,550) (1,450)
Non-real estate depreciation and amortization (105) (350) (300) (350) (300)
Non-controlling interest (36) (250) (300) (250) (300)
Total other operating income and expenses $ (8,103) $ (30,550) $ (29,950) $ (31,150) $ (30,550)
Interest expense $ (9,635) (39,400) (38,800) (39,000) (38,400)
Interest and other income 708 2,700 2,900 2,900 3,100
FFO applicable to common shares and Units - diluted(1) $ 23,332 $ 94,050 $ 98,950 $ 94,050 $ 98,950
Non-core income and expenses
Non-cash casualty loss $ 282 $ 525 $ 475 $ 525 $ 475
Interest rate swap amortization 175 475 450 475 450
Amortization of assumed debt 417 1,700 1,650 1,700 1,650
Other miscellaneous items (67) 50 100 50 100
Total non-core income and expenses $ 807 $ 2,750 $ 2,675 $ 2,750 $ 2,675
Core FFO applicable to common shares and Units - diluted(1) $ 24,139 $ 96,800 $ 101,625 $ 96,800 $ 101,625
Net loss per share - basic and diluted $ (0.22) $ (0.71) $ (0.45) $ (0.71) $ (0.45)
FFO per diluted share(1) $ 1.17 $ 4.73 $ 4.97 $ 4.73 $ 4.97
Core FFO per diluted share(1) $ 1.21 $ 4.86 $ 5.10 $ 4.86 $ 5.10
Weighted average shares outstanding - diluted 19,876 19,900 19,925 19,900 19,925
Additional Assumptions
Same-store recurring capital expenditures (per home) $ 172 $ 1,125 $ 1,175 $ 1,125 $ 1,175
Value-add expenditures $ 1,089 $ 16,000 $ 18,000 $ 16,000 $ 18,000

(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" in the Supplemental Financial and Operating Data" above and pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-15

Reconciliations of Net Income (Loss) 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
Three Months Ended 12 Months Ended 12 Months Ended
March 31, 2025 December 31, 2025 December 31, 2025
Actual Low High Low High
Net loss available to common shareholders $ (3,734) $ (10,845) $ (5,945) $ (10,845) $ (5,945)
Noncontrolling interests - Operating Partnership and Series E preferred units (643) (3,200) (3,000) (3,200) (3,000)
Depreciation and amortization 27,654 108,055 107,855 108,055 107,855
Less depreciation - non real estate (83) (350) (300) (350) (300)
Less depreciation - partially owned entities (22) (250) (300) (250) (300)
Dividends to Series D preferred unitholders 160 640 640 640 640
FFO applicable to common shares and Units - diluted $ 23,332 $ 94,050 $ 98,950 $ 94,050 $ 98,950
Adjustments to Core FFO:
Non-cash casualty loss 282 525 475 525 475
Interest rate swap amortization 175 475 450 475 450
Amortization of assumed debt 417 1,700 1,650 1,700 1,650
Other miscellaneous items (67) 50 100 50 100
Core FFO applicable to common shares and Units - diluted $ 24,139 $ 96,800 $ 101,625 $ 96,800 $ 101,625
Net loss per share - basic and diluted $ (0.22) $ (0.71) $ (0.45) $ (0.71) $ (0.45)
FFO per share - diluted $ 1.17 $ 4.73 $ 4.97 $ 4.73 $ 4.97
Core FFO per share - diluted $ 1.21 $ 4.86 $ 5.10 $ 4.86 $ 5.10

Reconciliations of Operating Income 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, 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
Three Months Ended 12 Months Ended 12 Months Ended
March 31, 2025 December 31, 2025 December 31, 2025
Actual Low High Low High
Operating income $ 4,746 $ 23,295 $ 27,595 $ 22,695 $ 26,995
Adjustments:
General and administrative and property management expenses 7,430 28,400 27,900 29,000 28,500
Casualty loss 532 1,550 1,450 1,550 1,450
Depreciation and amortization 27,654 108,055 107,855 108,055 107,855
Net operating income $ 40,362 $ 161,300 $ 164,800 $ 161,300 $ 164,800
S-16
---

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
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Adjusted EBITDA $ 32,636 $ 32,633 $ 31,757 $ 33,070 $ 32,351
Interest Expense 9,622 9,782 8,932 9,318 9,193
Principal Amortization 1,906 1,881 1,854 1,596 1,529
Total Interest Expense and Principal Amortization 11,528 11,663 10,786 10,914 10,722
Distributions paid to Series C preferred shareholders and Series D preferred unitholders 160 160 1,767 1,767 1,767
Total Interest Expense, Principal Amortization, and preferred distributions 11,688 11,823 12,553 12,681 12,489
Debt Service Coverage Ratio 2.83 2.80 2.94 3.03 3.02
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization 2.79 2.76 2.53 2.61 2.59 S-17
---

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.

S-18

Net Debt Divided by Adjusted EBITDA

Net debt is the total outstanding debt balance less cash and cash equivalents. 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
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Total debt(1) $ 966,092 $ 966,623 $ 925,144 $ 935,999 $ 929,953
Less: cash and cash equivalents 11,916 12,030 14,453 14,328 12,682
Net debt $ 954,176 $ 954,593 $ 910,691 $ 921,671 $ 917,271
Adjusted EBITDA(2) $ 130,544 $ 130,528 $ 127,028 $ 132,280 $ 129,404
Net debt/Adjusted EBITDA 7.31 7.31 7.17 6.97 7.09
Preferred Equity $ 16,560 $ 16,560 $ 16,560 $ 110,090 $ 110,090
Net debt and preferred equity $ 970,736 $ 971,153 $ 927,251 $ 1,031,761 $ 1,027,361
Adjusted EBITDA(2) $ 130,544 $ 130,528 $ 127,028 $ 132,280 $ 129,404
Net debt and preferred equity/Adjusted EBITDA 7.44 7.44 7.30 7.80 7.94

(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, 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 rate change of new leases that were signed within the given timeframe and 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
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Common distribution per share and unit $ 0.77 $ 0.75 $ 0.75 $ 0.75 $ 0.75
Core FFO per common share and unit diluted 1.21 1.21 1.18 1.27 1.23
Payout ratio 63.6 % 62.0 % 63.6 % 59.1 % 61.0 % S-19
---

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 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-20

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-21

investordeck-20250501fil

INVESTOR PRESENTATION May 1, 2025 The Venue on Knox – Minneapolis, MN

centerspacehomes.com 2 Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expected results. These statements may be identified by our use of words such as “expects,” “plans,” “estimates,” “anticipates,” “projects,” “intends,” “believes,” and similar expressions that do not relate to historical matters. Such risks, uncertainties, and other factors include, but are not limited to, changes in general and local economic and real estate market conditions, rental conditions in our markets, fluctuations in interest rates, the effect of government regulations, the availability and cost of capital and other financing risks, risks associated with our value- add and redevelopment opportunities, the failure of our property acquisition and disposition activities to achieve expected results, competition in our markets, our ability to attract and retain skilled personnel, our ability to maintain our tax status as a real estate investment trust (REIT), and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Form 10-K for the period ended December 31, 2024. We assume no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. SAFE HARBOR STATEMENT & LEGAL DISCLOSURE

OUR MISSION To provide a great home— for our residents, our team members, and our investors. OUR VISION To be the premier provider of apartment homes in vibrant communities by focusing on integrity and serving others. 71 France – Edina, MN MISSION & VISION 3centerspacehomes.com

centerspacehomes.com 4 1. As of March 31, 2025 2. See page 11 for breakdown Differentiated Multifamily Market Exposure 13,012(1) Apartments owned and operated NYSE: CSR $2.3 Billion(2) Total capitalizationKey Indices S&P SmallCap 600 MSCI US REIT Russell 2000 RISE is Centerspace’s commitment to Results, Innovation, Service, and Engagement. It is how we monitor and measure our performance in our quest to provide a great home – for our residents, our team, and our investors. R I S E ESULTS NGAGEMENT NNOVATION ERVICE COMPANY OVERVIEW

TO EXECUTE OUR VISION, WE FOCUS ON: CENTERSPACE is guided by the north star of increasing distributable cash flow Exceptional customer experience Diverse talent to enable a culture of engagement Enhancing efficiencies by scaling the business Managing the balance sheet to maximize financial flexibility Investing in high-quality and efficient rental communities Leveraging technology and systems Environmental, Social, Governance (ESG) CASH FLOW GROWTH FOCUS 5centerspacehomes.com

centerspacehomes.com 6 2024 -------------------2025 Guidance Range-------------------- Actual Low Mid-Point High Revenues 3.3% 1.50% 2.50% 3.50% Expenses 2.7% 2.00% 3.00% 4.00% NOI 3.7% 1.25% 2.25% 3.25% Net Income (Loss) ($1.27) ($0.71) ($0.58) ($0.45) FFO $4.49 $4.73 $4.85 $4.97 Core FFO $4.88 $4.86 $4.98 $5.10 Same-Store Growth Per Share Other Key Assumptions Cascade Shores Townhomes + Flats – Rochester, MN RESULTS – 2025 FINANCIAL OUTLOOK  Same-store capital expenditures of $1,125 per home to $1,175 per home  Value-add expenditures of $16.0 million to $18.0 million Note: Reconciliations of the above can be found in the appendix of this presentation

centerspacehomes.com RESULTS – FAVORABLE GROWTH PROFILE 7Note: Data is based on midpoint of 2025 guidance ranges provided by noted peers with Q4 2024 earnings. SMID Cap Apt group includes ELME, IRT, and NXRT. Non-coastal/Sunbelt group includes CPT, ELME, IRT, MAA, and NXRT. All multifamily group includes AVB, CPT, ELME, EQR, ESS, IRT, MAA, NXRT, and UDR. Source data: Company Filings 2.0% at Midpoint -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily Core FFO/sh Growth, Guidance Midpoint 2.3% at Midpoint 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily SS NOI Growth, Guidance Midpoint 2.5% at Midpoint 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily SS Revenue Growth, Guidance Midpoint 3.0% at Midpoint 2.0% 2.5% 3.0% 3.5% 4.0% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily SS Expense Growth, Guidance Midpoint

centerspacehomes.com 8 Note: Data represents 2025 Same Store pool. QTD leasing spreads are through April 25, 2025 RESULTS – RENEWALS HOLDING STRONG; NEW LEASING IMPROVING INTO PEAK LEASING SEASON Oxbo – St. Paul, MN 3.4% -1.3% -3.5% -1.1% 2.4% 3.5% 3.1% 3.1% 3.5% 2.8% 3.5% 1.5% 0.3% 0.7% 2.6% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 QTD SAME STORE LEASING UPDATE New Renewal Blended

centerspacehomes.com 9 -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $1,480 $1,490 $1,500 $1,510 $1,520 $1,530 $1,540 $1,550 $1,560 $1,570 $1,580 $1,590 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 QTD SAME STORE LEASING Avg Rent Occupied New % Change Renewal % Change Blended % Change Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 QTD Occupancy 95.2% 94.9% 95.3% 95.4% 96.0% Expirations 28.9% 34.6% 19.6% 14.6% 6.3% Note: Data represents 2024 Same Store pool adjusted for dispositions to allow for showing two years of data. Occupancy represents weighted average physical occupancy. Information is through April 25, 2025 RESULTS – LEASING SPREADS ACCELERATING INTO PEAK LEASING SEASON Centerspace has grown average rents even in volatile economic times

centerspacehomes.com 10 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2023 vs 2022 Year-to-Date Rental Rate Growth New Lease Rents Renewal Rents Market % of Total NOI Minneapolis, MN 33.4% Denver, CO 19.5% North Dakota 11.3% Rochester, MN 9.9% Other Mountain West 8.6% Boulder/Fort Collins, CO 6.1% Omaha, NE 5.9% Saint Cloud, MN 5.4% Total 100.0% Note: NOI contribution is Q1 2025 multifamily only. Components may not total 100% due to rounding. Rental rate growth is YTD 2025 through April 25, 2025 Blended Rent -2.8% -0.5% 1.7% 5.3% 3.8% 3.8% 1.5% -0.6% 1.5% RESULTS – NOI COMPOSITION & RENTAL RATE GROWTH Palisades Apartments – Roseville, MN 2025 vs 2024 Rental Rate Growth

centerspacehomes.com 11 1. Net debt is the total outstanding debt balance less cash and cash equivalents. 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 the Reconciliation to Non-GAAP Financial Measures section in the Appendix. 2. Weighted average interest rate reflects interest expense only and excludes any facility fees or other associated expenses. RESULTS – BALANCE SHEET POSITIONED FOR GROWTH Common Equity 56% Secured Debt 27% Unsecured Debt 16% Series D Preferred 1%*Share price $64.75 as of 3/31/2025 Diversified Permanent Capital Base $2.3B Pro Forma Total Capitalization $966M Total Debt $1,270M Common Equity $17M Preferred Equity % of Total Maturing 3.3% 10.4% 5.0% 16.7% 10.5% 8.8% 20.2% 2.6% 8.2% 1.6% 9.1% 0.0% 3.6% Weighted Average Interest Rate (2) 3.9% 3.6% 3.5% 3.9% 4.0% 2.6% 3.2% 2.7% 2.9% 2.8% 5.0% 0.0% 3.7% Well-Laddered Maturity Profile Pro forma Wtd Avg Int Rate 3.6% & Wtd Avg Maturity 5.4 Years (in thousands, except percentages) 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x 9.0x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 2025 Quarterly Net Debt / Annualized Trailing EBITDA(1) 4-Quarter Moving Average Most Recent Quarter $29,288 $100,499 $48,038 $65,644 $26,877 $145,631 $78,850 $87,531 $35,000 $2,734 $46,000 $50,000 $75,000 $85,000 $50,000 $25,000 $15,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Mortgage LOC Private Placement

centerspacehomes.com 12  Acquired 35 communities for $1.6 billion through unique deal structuring which has provided a competitive advantage in transaction market  Sold 65 communities for $599 million as we have reduced our exposure to less efficient communities in lower- growth markets 2017 Today (1) Communities 100 71 Homes 13,212 13,012 Homes per Community 132 183 Average Monthly Rent $980 $1,585 % of NOI in 50 Largest MSAs 13% 53% % of NOI by Market – Today vs 2017 (1) Q1 2025 multifamily only INNOVATION – PORTFOLIO IMPROVEMENT SINCE 2017 Improvement since 2017 driven by disciplined capital allocation and creative deal structuring While similar in total number of homes, investment and disposition activity has resulted in a more efficient and higher quality portfolio 0% 10% 20% 30% 40% Today 2017 $972M $490M $93M Acquisition Structure Cash OP Unit Development

centerspacehomes.com DEMOGRAPHIC AND ECONOMIC CONSIDERATIONS MULTIFAMILY FUNDAMENTALS CONSIDERATIONS OTHER CONSIDERATIONS Population Trends Population Characteristics Labor Force Health Employment Economic Composition Rents Occupancy Market Size and Liquidity Supply and Demand General Housing Environment Focused In-market Relationships Capital Access and Deal Structure Business and Regulatory Environment Operating Platform Scale We assess our portfolio on a quarterly basis to determine relative performance and outlook of our existing communities. Disposition focus is placed on communities that recurringly screen in the bottom tier of our portfolio. Sustainability INNOVATION – APPROACH TO INVESTMENTS & DISPOSITIONS 13

centerspacehomes.com 14Regency Park – St Cloud, MN GEOGRAPHIC FOCUS (% OF UNITS) Source: S&P Capital IQ Note: As of 2/21/25. Rounding may result in each row not adding to 100% INNOVATION – GEOGRAPHIC DIFFERENTIATION PUBLIC MULTIFAMILY REIT MARKET OVERVIEW 25% 4% 5% 4% 75% 21% 6% 43% 53% 4% 100% 27% 14% 24% 7% 5% 86% 34% 71% 74% 25% 76% 92% 18% 18% 7% 21% 11% 5% 75% 3% 30% 19% 17% 95% Mountain West Midwest West Southeast & Texas Mid-Atlantic Northeast

centerspacehomes.com 15  27 CSR communities, 4,711 homes, scaled portfolio with opportunities via OP unit, mezzanine financing and development participation, and capital recycling  16th largest MSA, 3.7M population  17 Fortune 500 companies headquartered in Twin Cities  Diversified economy with large presence of healthcare, medical technology, finance, food production and retail employers  $95,102 median household income is 22% higher than the United States median  Expectation of 209,000 job additions from 2025-2029 compares to 23,000 net deliveries over the same period MARKET HIGHLIGHTS Noko: 130-home community built in 2021 with 24k SF grocer adjacent to Lake Nokomis CSR Portfolio NOI % 33.4% CSR Minneapolis Portfolio Average Rent $1,549 CSR Household Average Annual Income $107,775 CSR Household Rent-to- Income Ratio 21.4% CSR Minneapolis Portfolio Occupancy % 95.7% February 2025 Median Single-Family Home Value $381,843 February 2025 Unemployment Rate 3.5% INNOVATION – COMPETITIVE ADVANTAGE IN MINNEAPOLIS CSR HIGHLIGHTS Source: FRED, Zillow, CoStar Note: CSR data as of Q1 2025. Occupancy refers to average financial occupancy 41% 59% Asset Class by % of NOI Class A Class B 10% 31% 58% Location by % of NOI Urban Core Inner Ring Outer Ring

centerspacehomes.com 16  7 CSR communities, 1,977 homes, entered Denver Q4 2017 and achieved critical mass  19th largest MSA, 3.0M population  9 Fortune 500 companies headquartered in Colorado  Diversified economy with large presence of aviation/aerospace, healthcare, telecommunications and tech employers  $103,055 median household income is 33% higher than the United States median  Expectation of 328,000 job additions from 2025-2029 compares to 31,000 net deliveries over the same period MARKET HIGHLIGHTS Lyra: 215-home community in Centennial; 2022 built in Denver’s SE Business Corridor CSR Portfolio NOI % 19.5% CSR Denver Portfolio Average Rent $1,976 CSR Household Average Annual Income $115,983 CSR Household Rent-to- Income Ratio 24.1% CSR Denver Portfolio Occupancy % 94.7% February 2025 Median Single-Family Home Value $609,537 February 2025 Unemployment Rate 5.2% INNOVATION – GROWTH IN DENVER CSR HIGHLIGHTS 100% Asset Class by % of NOI Class A 50% 50% Location by % of NOI Urban Suburban Source: FRED, Zillow, CoStar Note: CSR data as of Q1 2025. Occupancy refers to average financial occupancy

centerspacehomes.com 17 Region % of NOI (1) Population Market Homes Median Household Income Unemployment Rate 3-Month Avg Job Growth Median Single-Family Home Value Market Vacancy YoY Market Rent Growth Trailing 12-Month Net Deliveries | % of Stock Forecasted Next 12-Month Net Deliveries | % of Stock Homes Under Construction | % of Stock CSR YTD Avg Annual Income (7) CSR YTD Rent- To-Income Ratio (7) Minneapolis, MN 33.4% 3,757,952 285,841 $95,102 3.5% 0.8% $381,843 7.0% 1.5% 8,370 | 2.9% 4,323 | 1.5% 5,610 | 2.0% $107,775 21.4% Denver, CO 19.5% 3,052,498 313,330 $103,055 5.2% 0.4% $609,537 11.4% -3.1% 17,845 | 5.7% 7,620 | 2.4% 15,234 | 4.9% $115,983 24.1% North Dakota (2) 11.3% 243,367 17,304 $78,003 3.2% 2.0% $303,824 3.3% 5.0% 245 | 1.4% 435 | 2.5% 504 | 2.9% $114,828 19.9% Rochester, MN 9.9% 230,742 12,017 $85,213 3.3% 4.9% $322,033 9.8% 2.0% 309 | 2.6% 497 | 4.1% 500 | 4.2% $134,219 21.0% Other Mountain West (3) 8.6% 348,758 16,772 $72,964 3.0% 1.5% $383,491 11.5% 1.5% 1,234 | 7.4% 438 | 2.6% 442 | 2.6% $98,731 21.4% Boulder/Fort Collins, CO (4) 6.1% 704,836 41,187 $91,463 5.1% -0.6% $675,734 10.9% -1.2% 3,544 | 8.6% 679 | 1.6% 1,346 | 3.3% $118,013 23.0% Omaha, NE (5) 5.9% 1,351,636 115,437 $76,301 3.4% 1.1% $288,936 5.9% 3.5% 2,482 | 2.2% 3,042 | 2.6% 5,442 | 4.7% $111,148 19.2% St. Cloud, MN 5.4% 205,878 16,252 $73,963 4.4% 0.8% $299,413 2.9% 3.8% 102 | 0.6% 44 | 0.3% 48 | 0.3% $113,851 19.2% Portfolio Weighted Avg (6) 100.0% $89,383 3.9% 1.3% $419,557 8.1% 1.1% 3.8% 2.2% 3.1% $113,161 21.6% Note: Multifamily data as of Q1 2025. Economic and demographic data as of 4/15/25. Median household income, unemployment rate, 3-month avg job growth, median home value, CSR avg annual income, and CSR rent-to-income ratio for North Dakota, Other Mountain West, Boulder/Fort Collins, CO, and Omaha, NE, are weighted by NOI contribution of metropolitan area; market vacancy, rent growth, trailing 12-month net deliveries % of stock, forecasted next 12-month net deliveries % of stock and homes under construction % of stock are weighted by total inventory of homes in each market. All other data is summation of each market Sources: US Census Bureau, Bureau of Labor Statistics, FRED, Zillow, CoStar (1) Q1 2025 multifamily only (2) Includes Bismarck, ND MSA and Grand Forks, ND MSA (3) Includes Billings, MT MSA and Rapid City, SD MSA (4) Includes Boulder, CO MSA and Fort Collins, CO MSA (5) Includes Omaha, NE MSA and Lincoln, NE MSA (6) Weighted by region % of NOI (7) Household approved applicants for Q1 2025 INNOVATION – PROVIDING DIFFERENTIATED EXPOSURE  818k apartment homes in CSR portfolio markets, set against 23M total apartment homes in United States  Centerspace resident rent-to-income ratio of approximately 19%-24% by market compares to 30% United States median rent-to-income ratio INNOVATION – PROVIDING DIFFERENTIATED EXPOSURE Portfolio hallmarks include low unemployment rates, affordability of rents, resident financial strength, and diversified economies

centerspacehomes.com INNOVATION – RENTAL AFFORDABILITY VS HOMEOWNERSHIP & INCOME GROWTH PROVEN EXECUTION 18  Homeownership affordability has grown increasingly difficult, as borrowing costs have increased while home prices remain near peak values  Home ownership (PITI) in CSR markets now costs 81% more than renting in a CSR community  This dynamic led to higher retention of 57% in 2024  While market rents have grown at a healthy clip recently, resident incomes have grown even more  Income growth has outpaced market rental rate growth by 12% in CSR markets on average, exceeding the national average of 10% Source: FRED, Zillow, Forbes, Tax Foundation, Bankrate.com, CoStar Note: CSR data as of Q4 2024. PITI is weighted by Q4 2024 CSR NOI exposure and is based on market level typical home prices, current state level average insurance and property tax rates, and national level mortgage and, when applicable, PMI rates. Full year datapoints are an average of all twelve months 18% 15% 14% 12% 12% 10% 2% 1% 12% 10% Income Growth Has Outpaced Rent Growth in CSR Markets Median Household Income Growth Minus Rent Growth: 2017 Q1 to 2024 Q4 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2019 2020 2021 2022 2023 2024 M on th ly P ay m en t Rent Vs. Own Affordability Gap in CSR Markets PITI (10% Down Pmt) PITI (20% Down Pmt) CSR Avg Scheduled Rent

centerspacehomes.com GEOGRAPHIC DIFFERENTIATION INNOVATION – DEMOGRAPHICS VS HOUSING DELIVERIES ARE ATTRACTIVE PROVEN EXECUTION 19  New household formations exceed supply deliveries by over 4MM since 2011  New construction starts started to fall in 2022 and will lead to lower deliveries going forward  A shift in the age of average first-time homebuyers has added more individuals to the renter demographic Source: FRED, US Census Bureau, US Dept. of Housing and Urban Development, Self.com Note: Housing Supply and Household Formation Data through December 2024; New Supply Data through January 2025; CSR Data as of Q4 2024 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 Ja n 20 21 M ar 2 02 1 M ay 2 02 1 Ju l 2 02 1 Se p 20 21 N ov 2 02 1 Ja n 20 22 M ar 2 02 2 M ay 2 02 2 Ju l 2 02 2 Se p 20 22 N ov 2 02 2 Ja n 20 23 M ar 2 02 3 M ay 2 02 3 Ju l 2 02 3 Se p 20 23 N ov 2 02 3 Ja n 20 24 M ar 2 02 4 M ay 2 02 4 Ju l 2 02 4 Se p 20 24 N ov 2 02 4 Ja n 20 25 St ar ts (0 00 s) US Housing Starts (SAAR) Suggest New Supply to Decrease Avg age, 2014 first time buyer = 31 Avg age, 2024 first time buyer = 38 0 1,000 2,000 3,000 4,000 5,000 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Po pu la tio n (0 00 s) Age US Population by Age - 1,000 2,000 3,000 4,000 5,000 6,000 (500) - 500 1,000 1,500 2,000 2,500 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 C um ul at iv e H ou si ng S ho rt fa ll (0 00 s) Fo rm an tio ns / C om pl et io ns (0 00 s) Year US Housing is Still Structurally Undersupplied Household Formations (LHS) Unit Completions (LHS) Cumulative shortfall since 2011 (RHS)

centerspacehomes.com 20 INNOVATION – SUPPLY/DEMAND DYNAMIC EXPECTED TO BECOME A TAILWIND Source: CoStar Note: Combined CSR Markets data based on all MSAs in which Centerspace operates. Net Deliveries through 1Q 2025 are based on historical data. Net deliveries after that point are based on CoStar projections. Historical average absorption data is based on average quarterly absorptions from 2Q 2020 through 1Q 2025 and is shown in future periods for comparative purposes  We are past the peak of new deliveries for our combined portfolio – supply additions are expected to decrease going forward  Demand, as measured by historical absorption, is expected to be above deliveries for 2025 and 2026  This changing dynamic should benefit the forward growth profile of our markets 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 20 21 1Q 20 21 2 Q 20 21 3 Q 20 21 4 Q 20 22 1Q 20 22 2 Q 20 22 3 Q 20 22 4 Q 20 23 1Q 20 23 2 Q 20 23 3 Q 20 23 4 Q 20 24 1Q 20 24 2 Q 20 24 3 Q 20 24 4 Q 20 25 1Q 20 25 2 Q 20 25 3 Q 20 25 4 Q 20 26 1Q 20 26 2 Q 20 26 3 Q 20 26 4 Q U ni ts Net Deliveries, Minneapolis Net Deliveries Historical Avg Absorption (T5Y) (500) 500 1,500 2,500 3,500 4,500 5,500 6,500 20 21 1Q 20 21 2 Q 20 21 3 Q 20 21 4 Q 20 22 1Q 20 22 2 Q 20 22 3 Q 20 22 4 Q 20 23 1Q 20 23 2 Q 20 23 3 Q 20 23 4 Q 20 24 1Q 20 24 2 Q 20 24 3 Q 20 24 4 Q 20 25 1Q 20 25 2 Q 20 25 3 Q 20 25 4 Q 20 26 1Q 20 26 2 Q 20 26 3 Q 20 26 4 Q U ni ts Net Deliveries, Denver Net Deliveries Historical Avg Absorption (T5Y) 0 2,000 4,000 6,000 8,000 10,000 12,000 20 21 1Q 20 21 2 Q 20 21 3 Q 20 21 4 Q 20 22 1Q 20 22 2 Q 20 22 3 Q 20 22 4 Q 20 23 1Q 20 23 2 Q 20 23 3 Q 20 23 4 Q 20 24 1Q 20 24 2 Q 20 24 3 Q 20 24 4 Q 20 25 1Q 20 25 2 Q 20 25 3 Q 20 25 4 Q 20 26 1Q 20 26 2 Q 20 26 3 Q 20 26 4 Q U ni ts Net Deliveries, Combined CSR Markets Net Deliveries Historical Avg Absorption (T5Y)

centerspacehomes.com 21  Low unemployment in our portfolio relative to all housing sectors- apartment, manufactured housing, and single-family rentals, is leading to strong collection rates, with same store bad debt at 0.38% for FY2024.  Centerspace’s portfolio has the lowest weighted average unemployment rate among public multifamily companies  Less competition from new supply allows the ability to push rents while maintaining occupancy  Among public multifamily companies, Centerspace’s markets have the second lowest number of homes under construction as a percentage of total market inventory Source: S&P Capital IQ, CoStarSource: S&P Capital IQ, BLS INNOVATION – PORTFOLIO COMPARES FAVORABLY ON UNEMPLOYMENT & SUPPLY Creditworthiness of residents produces strong rent collection rates; low unemployment in Centerspace portfolio markets can insulate performance in recessionary conditions Measured supply pipeline in Centerspace portfolio markets allows the ability to drive rent growth and retain occupancy 3.2% 3.8% 4.0% 4.0% 4.0% 4.1% 4.2% 4.5% 4.6% 5.2% CSR MAA NXRT CPT IRT United States UDR AVB EQR ESS February 2025 Weighted Average Unemployment Rate State Unemployment Rate Weighted by Home Count 2.2% 2.9% 3.0% 3.3% 3.7% 3.8% 4.6% 4.7% 5.8% ESS CSR EQR AVB UDR IRT MAA CPT NXRT Q1 2025 Weighted Average Under Construction % of Inventory MSA Under Construction % of Intentory Weighted by Home Count

centerspacehomes.com $0 $20 $40 $60 $80 $100 $120 $140 $160 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 2018 2019 2020 2021 2022 2023 2024 2025 YTD Value Add Spend 2018-2025 Actual Spend 2025 Budget Achieved Cumulative Premium U/W Cumulative Premium 1. Includes unit renovations, common area renovations, and other value add projects and calculated as incremental NOI divided by a 6.0% cap rate, net of capital investment. Incremental NOI of $20.0mm calculated as total cost-to-date at 3/31/2025 of $129.3mm, multiplied by ROI of 15.5% 2. Midpoint of $16.0mm-18.0mm range noted in most recent 2025 FFO Guidance released with Q1 2025 earnings Centerspace’s past and current projects have generated a 15.5% return on investment, resulting in over $204 million of incremental value creation(1) Blended U/W premium through 2024 was $112 per unit, achieved $136 Spend increased from $2.7mm in 2018 to $30.8mm in 2022, with $17.0mm(2) projected in 2025 INNOVATION – HISTORICAL VALUE-ADD GROWTH 22

centerspacehomes.com 23 72.01 62.17 54 56 58 60 62 64 66 68 70 72 74 Centerspace ORA Score National Property Average ORA Score 2024 J Turner ORA Score (As of 2/1/2025) ORA TOP PERFORMER Red 20 Apartments in Minneapolis, MN was named to the 2023 Elite 1% in the J Turner Research 2023 ORA Power Rankings report. This report highlights the nation’s top 1% of communities ranked by ORA. *Reflects all properties in the portfolio as of the reporting date Red 20 SERVICE – ENHANCING CUSTOMER EXPERIENCE IS A CORE GOAL 3.38 3.52 3.56 3.61 3.81 3.93 3.93 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 2/1/2025 LIFETIME AVERAGE REPUTATION SCORES

centerspacehomes.com 24 ENVIRONMENTAL SOCIAL GOVERNANCE • Published fifth annual ESG report, prepared in alignment with GRI 2024 Universal Standards & Topic Standards • Achieved 81% energy usage data coverage, surpassing 2027 goal of 75% • Submitted our second annual GRESB submission in 2023 and increased our score 15%, from 55 in year one to 63 in year two • Implemented smart home technology at 73% of Centerspace communities (1) • Maintain a Supermajority Independent Board with 88% of board members being independent (2) • Senior leadership team is 58% female and Board of Trustees is 50% female • Received a #1 governance score from Institutional Shareholder Services • Donated $94,325 to national, regional, and diversity-promoting charities in 2024 • Named a Top Workplace by the Minneapolis Star Tribune for the fifth consecutive year in 2024 • Maintain a strong Diversity, Equity, and Inclusion committee that upholds our DE&I Corporate Policy • Team members completed over 2,700 volunteer hours in 2024 LEADING ORGANIZATION IN DIVERSITY, EQUITY, AND INCLUSION TOP WORKPLACE FOR FIVE CONSECUTIVE YEARS SEVEN MADACS AWARDS IN 2024 ENGAGEMENT – ESG HIGHLIGHTS AWARDS & RECOGNITION 1. As of January 31, 2025 2. As of February 28, 2025

centerspacehomes.com 25 EXECUTIVE MANAGEMENT TEAM Anne Olson President & CEO ISS rated top score of 1 - indicating highest quality corporate governance practices and lowest governance risk SENIOR LEADERSHIP TEAM Steven Vargas VP, Asset Management & Revenue Management Jim Mitchell VP, Facilities Joe McComish VP, Finance Susan Picotte SVP, Asset Management & Operations Support Kelly Weber SVP, Strategic Services Grant Campbell SVP, Investments & Capital Markets Jean Denn SVP, Operations Julie Ellis SVP, Chief Accounting Officer Julie Letner SVP, Talent & Culture Brad Abel SVP, Information Technology Ina Macovei VP, Talent & Culture ENGAGEMENT – BEST-IN-CLASS GOVERNANCE Bhairav Patel EVP & CFO

centerspacehomes.com GEOGRAPHIC DIFFERENTIATION VALUE KEY TAKEAWAYS PROVEN EXECUTION 26

centerspacehomes.com 27 APPENDIX

centerspacehomes.com 28 RECONCILIATION TO NON-GAAP MEASURES Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations Centerspace 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. Centerspace 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.

centerspacehomes.com 29 RECONCILIATION TO NON-GAAP MEASURES UpdatedRECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES 1. Consists of (gain) loss on investments and one-time professional fees. (in thousands, except per share amounts) Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024​ Funds from Operations​ Net loss available to common shareholders​ $ (3,734) $ (5,079) $ (6,166) $ (2,903) $ (5,512) Adjustments:​ Noncontrolling interests – Operating Partnership and Series E preferred units​ (643) (900) (1,095) (561) (1,079) Depreciation and amortization​ 27,654 27,640 26,084 25,714 27,012 Less depreciation – non real estate​ (83) (79) (81) (82) (85) Less depreciation – partially owned entities​ (22) (24) (25) (25) (24) Loss on sale of real estate - - - - 577 FFO applicable to common shares and Units $ 23,172 $ 21,558 $ 18,717 $ 22,143 $ 20,889 Adjustments to Core FFO:​ Non-cash casualty loss​ (recovery) 282 2,171 (632) 191 702 Interest rate swap amortization 175 171 171 173 197 Amortization of assumed debt​ 417 417 263 263 263 Redemption of preferred shares - - 3,511 - - Other miscellaneous items(1) (67) (454) (61) 31 (5) Core FFO applicable to common shares and Units $ 23,979 $ 23,863 $ 21,969 $ 22,801 $ 22,046 FFO applicable to common shares and Units​ $ 23,172 $ 21,558 $ 18,717 $ 22,143 $ 20,889 Dividends to Series D preferred unitholders​ 160 160 160 160 160 FFO applicable to common shares and Units - diluted $ 23,332 $ 21,718 $ 18,877 $ 22,303 $ 21,049 Core FFO applicable to common shares and Units​ $ 23,979 $ 23,863 $ 21,969 $ 22,801 $ 22,046 Dividends to Series D preferred unitholders​ 160 160 160 160 160 Core FFO applicable to common shares and Units - diluted $ 24,139 $ 24,023 $ 22,129 $ 22,961 $ 22,206 Per Share Data Net loss per share and Unit - diluted $ (0.22) $ (0.31) $ (0.40) $ (0.19) $ (0.37) FFO per share and Unit - diluted $ 1.17 $ 1.09 $ 1.01 $ 1.23 $ 1.16 Core FFO per share and Unit - diluted $ 1.21 $ 1.21 $ 1.18 $ 1.27 $ 1.23 Weighted average shares - basic​ and diluted 16,727 16,583 15,528 14,972 14,922 Effect of redeemable operating partnership Units for FFO and Core FFO 980 939 818 835 854 Effect of Series D preferred units​ for FFO and Core FFO 228 228 228 228 228 Effect of Series E preferred units​ for FFO and Core FFO 1,906 2,033 2,053 2,062 2,078 Effect of dilutive restricted stock units and stock options​ for FFO and Core FFO 35 56 49 32 20 Weighted average shares and Units for FFO and Core FFO - diluted​ 19,876 19,839 18,676 18,129 18,102

centerspacehomes.com 30 RECONCILIATION TO NON-GAAP MEASURES UpdatedRECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES Updated Outlook 3 Months Ended 12 Months Ended (in thousands, except per share amounts) 3/31/2025 12/31/2025 12/31/2025 Actual Low High Net loss available to common shareholders $ (3,734) $ (10,845) $ (5,945) Noncontrolling interests - Operating Partnership and Series E preferred units (643) (3,200) (3,000) Depreciation and amortization 27,654 108,055 107,855 Less depreciation - non real estate (83) (350) (300) Less depreciation - partially owned entities (22) (250) (300) Dividends to Series D preferred unitholders 160 640 640 FFO applicable to common shares and Units - diluted $ 23,332 $ 94,050 $ 98,950 Adjustments to Core FFO: Non-cash casualty loss 282 525 475 Interest rate swap amortization 175 475 450 Amortization of assumed debt 417 1,700 1,650 Other miscellaneous items (67) 50 100 Core FFO applicable to common shares and Units - diluted $ 24,139 $ 96,800 $ 101,625 Net loss per share – basic and diluted $ (0.22) $ (0.71) $ (0.45) FFO per share - diluted $ 1.17 $ 4.73 $ 4.97 Core FFO per share - diluted $ 1.21 $ 4.86 $ 5.10

centerspacehomes.com 31 Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain or loss on sale of real estate and other investments, impairment of real estate investments, gain or loss on extinguishment of debt, gain or 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. RECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES 1. Consists of (gain) loss on investments and one-time professional fees. (in thousands) Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024​ Adjusted EBITDA Net loss attributable to controlling interests $ (3,734) $ (5,079) $ (1,048) $ (1,296) $ (3,905) Adjustments:​ Dividends to Series D preferred unitholders 160 160 160 160 160 Noncontrolling interests – Operating Partnership and Series E preferred units (643) (900) (1,095) (561) (1,079) Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units $ (4,217) $ (5,819) $ (1,983) $ (1,697) $ (4,824) Adjustments:​ Interest expense 9,622 9,782 8,932 9,318 9,193 Depreciation and amortization related to real estate investments 27,632 27,616 26,059 25,689 26,988 Non-cash casualty loss (recovery) 282 2,171 (632) 191 702 Interest income (616) (662) (558) (462) (280) Loss on sale of real estate - - - - 577 Other miscellaneous items(1) (67) (455) (61) 31 (5) Adjusted EBITDA $ 32,636 $ 32,633 $ 31,757 $ 33,070 $ 32,351

centerspacehomes.com 32 Net Debt Divided by Adjusted EBITDA Net debt is the total outstanding debt balance less cash and cash equivalents. 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 on the previous slide. RECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES 1. Excludes premiums, discounts, and deferred financing costs. 2. Annualized for periods less than one year. Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024​ Total debt(1) $ 966,092 $ 966,623 $ 925,144 $ 935,999 $ 929,953 Less: cash and cash equivalents 11,916 12,030 14,453 14,328 12,682 Net debt $ 954,176 $ 954,593 $ 910,691 $ 921,671 $ 917,271 Adjusted EBITDA(2) $ 130,544 $ 130,528 $ 127,028 $ 132,280 $ 129,404 Net debt / Adjusted EBITDA 7.31x 7.31x 7.17x 6.97x 7.09x

centerspacehomes.com 33 Reconciliations of Operating Income 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, 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. RECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES Updated Outlook 3 Months Ended 12 Months Ended (in thousands) 3/31/2025 12/31/2025 12/31/2025 Actual Low High Operating income $ 4,746 $ 22,695 $ 26,995 Adjustments:​ General and administrative and property management expenses 7,430 29,000 28,500 Casualty loss 532 1,550 1,450 Depreciation and amortization 27,654 108,055 107,855 Net operating income $ 40,362 $ 161,300 $ 164,800

Report a Problem

Category
Description
Email (optional, for follow-up)