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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements | The following table provides a brief description of recent accounting standards updates (“ASUs”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting | This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. | This ASU is optional and may be elected over time. | Centerspace adopted the guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the Condensed Consolidated Financial Statements.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity | This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements. | This ASU is effective for annual reporting periods beginning after December 15, 2021. Early adoption is permitted. | Centerspace early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the Condensed Consolidated Financial Statements.
Future Scheduled Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2021, was as follows:
|  | (in thousands)
2021 (remainder) |  | $ | 593 |
2022 |  | 2,339 |
2023 |  | 2,336 |
2024 |  | 2,323 |
2025 |  | 2,292 |
Thereafter |  | 2,488 |
Total scheduled lease income - commercial operating leases |  | $ | 12,371 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2021 and 2020:
|  |  | (in thousands)
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Revenue Stream | Applicable Standard |  | 2021 | 2020 |  | 2021 | 2020
Fixed lease income - operating leases | Leases |  | $ | 47,292 |  | $ | 41,712 |  |  | $ | 134,817 |  | $ | 125,555 |
Variable lease income - operating leases | Leases |  | 2,171 |  | 1,729 |  |  | 6,243 |  | 4,811 |
Other property revenue | Revenue from contracts with customers |  | 950 |  | 697 |  |  | 2,657 |  | 2,088 |
Total revenue |  |  | $ | 50,413 |  | $ | 44,138 |  |  | $ | 143,717 |  | $ | 132,454 |

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