XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
--- | ---
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired no new real estate during the three months ended June 30, 2021 and 2020. The acquisitions during the six months ended June 30, 2021 and 2020 are detailed below. Six Months Ended June 30, 2021
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  | Form of Consideration |  |  |  | Investment Allocation
Acquisitions |  |  | Cash |  |  |  | Land |  | Building |  | Intangible Assets |  |
256 homes - Union Pointe - Longmont, CO | January 6, 2021 |  | $ | 76,900 |  |  | $ | 76,900 |  |  |  |  | $ | 5,727 |  |  | $ | 69,966 |  |  | $ | 1,207 |  |  |
Six Months Ended June 30, 2020
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  | Other(1) |  | Land |  | Building |  | Intangible Assets |  | Other(2)
182 homes - Ironwood - New Hope, MN | March 5, 2020 |  | $ | 46,263 |  |  | $ | 28,600 |  |  | $ | 17,663 |  |  | $ | 2,165 |  |  | $ | 36,869 |  |  | $ | 824 |  |  | $ | 6,405 |
(1)Payoff at closing of note receivable and accrued interest due from seller. (2)Consists of TIF note acquired. Refer to Note 2 for further discussion. DISPOSITIONS During the three months ended June 30, 2021, Centerspace disposed of five apartment communities for a total sale price of $60.0 million. During the three months ended June 30, 2020, the company disposed of one parcel of unimproved land for a total sale price of $1.3 million. The following tables detail the dispositions for the six months ended had June 30, 2021 and 2020. Six Months Ended June 30, 2021
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
Multifamily |  |  |  |  |  |  |
76 homes - Crystal Bay-Rochester, MN | May 25, 2021 |  | $ | 13,650 |  |  | $ | 10,255 |  |  | $ | 3,395 |
40 homes - French Creek-Rochester, MN | May 25, 2021 |  | 6,700 |  |  | 4,474 |  |  | 2,226 |
182 homes - Heritage Manor-Rochester, MN | May 25, 2021 |  | 14,125 |  |  | 4,892 |  |  | 9,233 |
140 homes - Olympik Village-Rochester, MN | May 25, 2021 |  | 10,725 |  |  | 6,529 |  |  | 4,196 |
151 homes-Winchester/Village Green-Rochester, MN | May 25, 2021 |  | 14,800 |  |  | 7,010 |  |  | 7,790 |
Total Dispositions |  |  | $ | 60,000 |  |  | $ | 33,160 |  |  | $ | 26,840 |
Six Months Ended June 30, 2020
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
Unimproved Land |  |  |  |  |  |  |
Rapid City Land - Rapid City, SD | June 29, 2020 |  | $ | 1,300 |  |  | $ | 1,490 |  |  | $ | (190) |

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration