SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Same-Store
71 France - Edina, MN	$	53,324	$	4,721	$	61,762	$	446	$	4,801	$	62,128	$	66,929	$	(14,312)	2016	30-37	years
Alps Park - Rapid City, SD	—		287		5,551		425		336		5,927		6,263		(1,589)		2013	30-37	years
Arcata - Golden Valley, MN	—		2,088		31,036		356		2,128		31,352		33,480		(8,600)		2015	30-37	years
Ashland - Grand Forks, ND	4,866		741		7,569		346		823		7,833		8,656		(2,323)		2012	30-37	years
Avalon Cove - Rochester, MN	—		1,616		34,074		646		1,808		34,528		36,336		(5,927)		2016	30-37	years
Boulder Court - Eagan, MN	—		1,067		5,498		3,305		1,576		8,294		9,870		(4,429)		2003	30-37	years
Canyon Lake - Rapid City, SD	2,508		305		3,958		2,266		420		6,109		6,529		(3,208)		2001	30-37	years
Cardinal Point - Grand Forks, ND	—		1,600		33,400		288		1,727		33,561		35,288		(2,971)		2013	30-37	years
Cascade Shores - Rochester, MN	11,400		1,585		16,710		149		1,587		16,857		18,444		(2,967)		2016	30-37	years
Castlerock - Billings, MT	—		736		4,864		2,538		1,045		7,093		8,138		(4,549)		1998	30-37	years
Chateau - Minot, ND	—		301		20,058		1,094		326		21,127		21,453		(6,119)		2013	30-37	years
Cimarron Hills - Omaha, NE	8,700		706		9,588		5,214		1,639		13,869		15,508		(7,858)		2001	30-37	years
Colonial Villa - Burnsville, MN	—		2,401		11,515		15,595		3,206		26,305		29,511		(12,940)		2003	30-37	years
Colony - Lincoln, NE	11,610		1,515		15,730		3,131		1,817		18,559		20,376		(5,412)		2012	30-37	years
Commons and Landing at Southgate - Minot, ND	—		5,945		47,512		2,059		6,424		49,092		55,516		(14,012)		2015	30-37	years
Cottonwood - Bismarck, ND	—		1,056		17,372		6,053		1,962		22,519		24,481		(12,455)		1997	30-37	years
Country Meadows - Billings, MT	—		491		7,809		1,845		599		9,546		10,145		(5,858)		1995	30-37	years
Crystal Bay - Rochester, MN	—		433		11,425		360		479		11,739		12,218		(1,984)		2016	30-37	years
Cypress Court - St. Cloud, MN	11,641		1,583		18,879		474		1,625		19,311		20,936		(5,409)		2012	30-37	years
Deer Ridge - Jamestown, ND	—		711		24,129		322		785		24,377		25,162		(6,224)		2013	30-37	years
Dylan - Denver, CO	—		12,155		77,215		1,030		12,241		78,159		90,400		(8,205)		2018	30	years
Evergreen - Isanti, MN	—		1,129		5,524		569		1,159		6,063		7,222		(2,041)		2008	30-37	years
French Creek - Rochester, MN	—		201		4,735		256		212		4,980		5,192		(809)		2016	30-37	years
Gardens - Grand Forks, ND	—		518		8,702		132		535		8,817		9,352		(1,759)		2015	30-37	years
Grand Gateway - St. Cloud, MN	—		814		7,086		2,064		970		8,994		9,964		(3,480)		2012	30-37	years
GrandeVille at Cascade Lake - Rochester, MN	36,000		5,003		50,363		2,089		5,188		52,267		57,455		(10,304)		2015	30-37	years
Greenfield - Omaha, NE	—		578		4,122		2,652		876		6,476		7,352		(2,425)		2007	30-37	years
Heritage Manor - Rochester, MN	—		403		6,968		3,741		790		10,322		11,112		(6,243)		1998	30-37	years
Homestead Garden - Rapid City, SD	—		655		14,139		540		792		14,542		15,334		(3,427)		2015	30-37	years
Lakeside Village - Lincoln, NE	11,489		1,215		15,837		1,850		1,476		17,426		18,902		(5,230)		2012	30-37	years
Legacy - Grand Forks, ND	13,072		1,362		21,727		11,044		2,474		31,659		34,133		(18,730)		1995-2005	30-37	years
Legacy Heights - Bismarck, ND	—		1,207		13,742		257		1,142		14,064		15,206		(2,604)		2015	30-37	years
Meadows - Jamestown, ND	—		590		4,519		2,087		730		6,466		7,196		(3,788)		1998	30-37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		376		1,951		30,295		32,246		(5,407)		2017	30-37	years
Monticello Village - Monticello, MN	—		490		3,756		1,234		655		4,825		5,480		(2,434)		2004	30-37	years

CENTERSPACE AND SUBSIDIARIES

December 31, 2020

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Northridge - Bismarck, ND	$	—	$	884	$	7,515	$	278	$	1,048	$	7,629	$	8,677	$	(1,641)	2015	30-37	years
Olympic Village - Billings, MT	—		1,164		10,441		4,175		1,885		13,895		15,780		(8,287)		2000	30-37	years
Olympik Village - Rochester, MN	—		1,034		6,109		3,459		1,450		9,152		10,602		(4,136)		2005	30-37	years
Oxbo - St Paul, MN	—		5,809		51,586		214		5,822		51,787		57,609		(7,107)		2018	30	years
Park Meadows - Waite Park, MN	—		1,143		9,099		10,277		2,140		18,379		20,519		(12,605)		1997	30-37	years
Park Place - Plymouth, MN	—		10,609		80,781		10,433		10,819		91,004		101,823		(11,303)		2018	30	years
Plaza - Minot, ND	—		867		12,784		3,128		1,011		15,768		16,779		(5,734)		2009	30-37	years
Pointe West - Rapid City, SD	—		240		3,538		2,185		463		5,500		5,963		(3,865)		1994	30-37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		510		419		5,050		5,469		(1,539)		2012	30-37	years
Quarry Ridge - Rochester, MN	24,057		2,254		30,024		2,356		2,412		32,222		34,634		(10,969)		2006	30-37	years
Red 20 - Minneapolis, MN	21,274		1,900		24,116		397		1,908		24,505		26,413		(6,829)		2015	30-37	years
Regency Park Estates - St. Cloud, MN	7,400		702		10,198		3,337		1,179		13,058		14,237		(4,394)		2011	30-37	years
Rimrock West - Billings, MT	—		330		3,489		2,157		568		5,408		5,976		(3,250)		1999	30-37	years
River Ridge - Bismarck, ND	—		576		24,670		1,092		922		25,416		26,338		(8,025)		2008	30-37	years
Rocky Meadows - Billings, MT	—		656		5,726		1,745		840		7,287		8,127		(4,687)		1995	30-37	years
Rum River - Isanti, MN	3,041		843		4,823		544		870		5,340		6,210		(2,162)		2007	30-37	years
Silver Springs - Rapid City, SD	1,997		215		3,007		890		273		3,839		4,112		(958)		2015	30-37	years
South Pointe - Minot, ND	—		550		9,548		5,990		1,489		14,599		16,088		(10,311)		1995	30-37	years
Southpoint - Grand Forks, ND	—		576		9,893		236		663		10,042		10,705		(2,293)		2013	30-37	years
Sunset Trail - Rochester, MN	—		336		12,814		3,560		826		15,884		16,710		(9,024)		1999	30-37	years
Thomasbrook - Lincoln, NE	13,100		600		10,306		5,686		1,710		14,882		16,592		(8,563)		1999	30-37	years
Village Green - Rochester, MN	—		234		2,296		1,083		361		3,252		3,613		(1,682)		2003	30-37	years
West Stonehill - Waite Park, MN	16,425		939		10,167		8,171		1,912		17,365		19,277		(12,060)		1995	30-37	years
Westend - Denver, CO	—		25,525		102,180		605		25,532		102,778		128,310		(9,952)		2018	30	years
Whispering Ridge - Omaha, NE	19,664		2,139		25,424		2,992		2,551		28,004		30,555		(7,850)		2012	30-37	years
Winchester - Rochester, MN	—		748		5,622		3,040		1,112		8,298		9,410		(4,418)		2003	30-37	years
Woodridge - Rochester, MN	5,202		370		6,028		5,498		761		11,135		11,896		(6,266)		1997	30-37	years
Total Same-Store	$	276,770	$	119,580	$	1,143,758	$	160,871	$	137,250	$	1,286,959	$	1,424,209	$	(375,942)

Non-Same-Store
FreightYard Townhomes & Flats - Minneapolis, MN	—		1,889		23,616		877		1,895		24,487		26,382		(1,171)		2019	30	years
Ironwood - Minneapolis, MN	—		2,165		36,874		84		2,167		36,956		39,123		(1,187)		2020	30	years
Lugano at Cherry Creek - Denver, CO	—		7,679		87,766		635		7,679		88,401		96,080		(4,330)		2019	30	years
Parkhouse - Thornton, CO	—		10,474		132,105		228		10,484		132,323		142,807		(1,722)		2020	30	years
SouthFork Townhomes - Lakeville, MN	21,675		3,502		40,153		7,122		3,583		47,194		50,777		(3,638)		2019	30	years
Total Non-Same-Store	$	21,675	$	25,709	$	320,514	$	8,946	$	25,808	$	329,361	$	355,169	$	(12,048)

Total Multifamily	$	298,445	$	145,289	$	1,464,272	$	169,817	$	163,058	$	1,616,320	$	1,779,378	$	(387,990)

CENTERSPACE AND SUBSIDIARIES

December 31, 2020

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Other - Mixed Use
71 France - Edina, MN	—		$	—	$	5,879	$	867	$	—	$	6,746	$	6,746	$	(1,151)	2016	30-37	years
Lugano at Cherry Creek - Denver, CO	—		—		1,600		206		—		1,806		1,806		(72)		2019	30	years
Oxbo - St Paul, MN	—		—		3,472		54		—		3,526		3,526		(436)		2015	30	years
Plaza - Minot, ND	—		389		5,444		3,845		607		9,071		9,678		(4,305)		2009	30-37	years
Red 20 - Minneapolis, MN	—		—		2,525		419		—		2,944		2,944		(683)		2015	30-37	years
Total Other - Mixed Use	—		$	389	$	18,920	$	5,391	$	607	$	24,093	$	24,700	$	(6,647)

Other - Commercial
3100 10th St SW - Minot, ND	—		$	246	$	1,866	$	(1)	$	246	$	1,865	$	2,111	$	(103)	2019	30	years
Minot IPS - Minot, ND	—		416		5,952		—		416		5,952		6,368		(4,509)		2012	30-37	years
Total Other - Commercial	—		$	662	$	7,818	$	(1)	$	662	$	7,817	$	8,479	$	(4,612)

Total	$	298,445	$	146,340	$	1,491,010	$	175,207	$	164,327	$	1,648,230	$	1,812,557	$	(399,249)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2020. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loans, or unsecured senior notes.

CENTERSPACE AND SUBSIDIARIES

December 31, 2020 and 2019

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of the carrying value of total property owned for the years ended December 31, 2020 and 2019 are as follows:


	(in thousands)
	Year Ended December 31,
	2020		2019
Balance at beginning of year	$	1,643,078	$	1,627,636
Additions during year
Multifamily and Other	181,771		168,504
Improvements and Other	27,460		21,868
	1,852,309		1,818,008
Deductions during year
Cost of real estate sold	(38,111)		(171,112)



Other (1)	(1,641)		(3,818)
Balance at close of year	$	1,812,557	$	1,643,078

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2020 and 2019 are as follows:


	(in thousands)
	Year Ended December 31,
	2020		2019
Balance at beginning of year	$	349,122	$	353,871
Additions during year
Provisions for depreciation	72,051		71,787
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(21,440)		(72,758)
Write down of asset and accumulated depreciation on impaired assets	—		—
Other (1)	(484)		(3,778)
Balance at close of year	$	399,249	$	349,122

CENTERSPACE AND SUBSIDIARIES

December 31, 2020 and 2019

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of unimproved land for the years ended December 31, 2020 and 2019 are as follows:


	(in thousands)
	Year Ended December 31,
	2020		2019
Balance at beginning of year	$	1,376	$	5,301


Deductions during year
Cost of real estate sold	(1,376)		(3,925)




Balance at close of year	—		1,376

Total real estate investments, excluding mortgage notes receivable (2)	$	1,413,308	$	1,295,332

(1)Consists of miscellaneous disposed assets.

(2)The net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.3 billion at December 31, 2020 and December 31, 2019, respectively.