ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS

Centerspace acquired $132.2 million and $281.2 million of new real estate during the three and nine months ended September 30, 2025, respectively. Centerspace did not acquire new real estate during the three and nine months ended September 30, 2024. The acquisitions for the nine months ended September 30, 2025 are detailed below.


		(in thousands)
		Form of Consideration		Investment Allocation
Acquisitions	Date Acquired	Cash(1)		Other(2)		Land		Building & Improvements		Intangible Assets(3)		Other(4)
341 homes - Sugarmont - Salt Lake City, UT	May 30, 2025	$	149,000	$	—	$	20,086	$	124,649	$	4,265	$	—
420 homes - Railway Flats - Loveland, CO	July 29, 2025	55,704		76,496		10,387		94,198		4,046		23,569



Total Acquisitions		$	204,704	$	76,496	$	30,473	$	218,847	$	8,311	$	23,569

(1)Excludes $1.5 million in capitalized transaction cost.

(2)Assumption of seller’s debt upon closing.

(3)Intangible assets consist of in-place leases valued at the time of acquisition.

(4)Debt premium on assumed mortgages acquired.

DISPOSITIONS

Centerspace disposed of five apartment communities in one transaction for an aggregate sales price of $124.0 million during the three and nine months ended September 30, 2025. Centerspace did not dispose of any real estate during the three months ended September 30, 2024. During the nine months ended September 30, 2024, Centerspace disposed of two apartment communities in two transactions for an aggregate sales price of $19.0 million. The dispositions for the nine months ended September 30, 2025 and 2024 are detailed below.

Nine Months Ended September 30, 2025


		(in thousands)
Dispositions	Date Disposed	Sale Price		Net Book Value and Transaction Costs		Gain/(Loss)
832 homes - 5 St. Cloud apartment communities	September 23, 2025	$	124,000	$	44,469	$	79,531




Total Dispositions		$	124,000	$	44,469	$	79,531

Nine Months Ended September 30, 2024


		(in thousands)
Dispositions	Date Disposed	Sale Price		Net Book Value and Transaction Costs		Gain/(Loss)
69 homes - Southdale Parc - Richfield, MN	February 29, 2024	$	6,200	$	6,497	$	(297)
136 homes - Wingate - New Hope, MN	February 29, 2024	12,800		13,080		(280)



Total Dispositions		$	19,000	$	19,577	$	(577)

CENTERSPACE 10-Q