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ACQUISITIONS AND DISPOSITIONS | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired 17 new apartment communities for an aggregate acquisition cost of $359.9 million during the three months ended September 30, 2021 compared to acquisitions of $144.8 million in the three months ended September 30, 2020. The acquisitions during the nine months ended September 30, 2021 and 2020 are detailed below. Nine Months Ended September 30, 2021
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost(1) |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  | Units(2) |  | Other(3) |  | Land |  | Building |  | Intangible Assets |  | Other(4)
256 homes - Union Pointe - Longmont, CO | January 6, 2021 |  | $ | 76,900 |  |  | $ | 76,900 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | 69,966 |  |  | $ | 1,207 |  |  | $ | — |
120 homes - Bayberry Place - Minneapolis, MN | September 1, 2021 |  | 16,673 |  |  | 898 |  |  | 9,855 |  |  | 5,920 |  |  | 1,807 |  |  | 14,113 |  |  | 753 |  |  | — |
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN | September 1, 2021 |  | 35,569 |  |  | 2,092 |  |  | 22,542 |  |  | 10,935 |  |  | 2,834 |  |  | 31,148 |  |  | 1,587 |  |  | — |
97 homes - Venue on Knox - Minneapolis, MN | September 1, 2021 |  | 18,896 |  |  | 500 |  |  | 11,375 |  |  | 7,021 |  |  | 3,438 |  |  | 14,743 |  |  | 715 |  |  | — |
120 homes - Gatewood - St. Cloud, MN | September 1, 2021 |  | 7,781 |  |  | 378 |  |  | 3,388 |  |  | 4,015 |  |  | 327 |  |  | 6,858 |  |  | 596 |  |  | — |
84 homes - Grove Ridge - Minneapolis, MN | September 1, 2021 |  | 12,060 |  |  | 121 |  |  | 8,579 |  |  | 3,360 |  |  | 1,250 |  |  | 10,271 |  |  | 539 |  |  | — |
119 homes - The Legacy - St. Cloud, MN | September 1, 2021 |  | 10,560 |  |  | 229 |  |  | 5,714 |  |  | 4,617 |  |  | 412 |  |  | 9,556 |  |  | 592 |  |  | — |
151 homes - New Hope Garden & Village - Minneapolis, MN | September 1, 2021 |  | 15,006 |  |  | 1,435 |  |  | 10,812 |  |  | 2,759 |  |  | 1,603 |  |  | 12,578 |  |  | 825 |  |  | — |
330 homes - Palisades - Minneapolis, MN | September 1, 2021 |  | 53,354 |  |  | 2,884 |  |  | 30,470 |  |  | 20,000 |  |  | 6,919 |  |  | 46,577 |  |  | 2,211 |  |  | (2,353) |
96 homes - Plymouth Pointe - Minneapolis, MN | September 1, 2021 |  | 14,450 |  |  | 370 |  |  | 9,061 |  |  | 5,019 |  |  | 1,042 |  |  | 12,809 |  |  | 599 |  |  | — |
93 homes - Pointe West - St. Cloud, MN | September 1, 2021 |  | 7,558 |  |  | 91 |  |  | 3,605 |  |  | 3,862 |  |  | 246 |  |  | 6,849 |  |  | 463 |  |  | — |
301 homes - River Pointe - Minneapolis MN | September 1, 2021 |  | 38,348 |  |  | 2,249 |  |  | 21,653 |  |  | 14,446 |  |  | 3,346 |  |  | 33,117 |  |  | 1,885 |  |  | — |
70 homes - Southdale Parc - Minneapolis, MN | September 1, 2021 |  | 9,670 |  |  | 165 |  |  | 7,907 |  |  | 1,598 |  |  | 1,569 |  |  | 7,740 |  |  | 361 |  |  | — |
62 homes - Portage - Minneapolis, MN | September 1, 2021 |  | 9,171 |  |  | 323 |  |  | 5,588 |  |  | 3,260 |  |  | 2,133 |  |  | 6,685 |  |  | 353 |  |  | — |
200 homes - Windsor Gates - Minneapolis, MN | September 1, 2021 |  | 22,231 |  |  | 1,122 |  |  | 12,080 |  |  | 9,029 |  |  | 2,140 |  |  | 18,943 |  |  | 1,148 |  |  | — |
136 homes - Wingate - Minneapolis, MN | September 1, 2021 |  | 15,784 |  |  | 723 |  |  | 10,246 |  |  | 4,815 |  |  | 1,480 |  |  | 13,530 |  |  | 774 |  |  | — |
178 homes - Woodhaven - Minneapolis, MN | September 1, 2021 |  | 25,009 |  |  | 1,682 |  |  | 15,200 |  |  | 8,127 |  |  | 3,940 |  |  | 20,080 |  |  | 989 |  |  | — |
288 homes - Woodland Pointe - Minneapolis, MN | September 1, 2021 |  | 47,796 |  |  | 437 |  |  | 29,438 |  |  | 17,921 |  |  | 5,367 |  |  | 40,422 |  |  | 2,007 |  |  | — |
|  |  | $ | 436,816 |  |  | $ | 92,599 |  |  | $ | 217,513 |  |  | $ | 126,704 |  |  | $ | 45,580 |  |  | $ | 375,985 |  |  | $ | 17,604 |  |  | $ | (2,353) |
Total Acquisitions |  |  | $ | 436,816 |  |  | $ | 92,599 |  |  | $ | 217,513 |  |  | $ | 126,704 |  |  | $ | 45,580 |  |  | $ | 375,985 |  |  | $ | 17,604 |  |  | $ | (2,353) |
(1)Includes $36.1 million for additional fair value of Series E preferred units for the September 1, 2021 portfolio acquisition (2)Fair value of Series E preferred units at the acquisition date (3)Payoff of debt or assumption of seller's debt upon closing (4)Debt discount on assumed mortgage Nine Months Ended September 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 |
465 homes - Parkhouse Apartment Homes - Thornton, CO | September 22, 2020 |  | 144,750 |  |  | 144,750 |  |  | — |  |  | 10,474 |  |  | 132,105 |  |  | 2,171 |  |  | — |
Total Acquisitions |  |  | $ | 191,013 |  |  | $ | 173,350 |  |  | $ | 17,663 |  |  | $ | 12,639 |  |  | $ | 168,974 |  |  | $ | 2,995 |  |  | $ | 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 September 30, 2021, Centerspace disposed of no real estate. During the three months ended September 30, 2020, the Company disposed of four apartment communities and one commercial property for a total sale price of $43.0 million. The following tables detail the dispositions for the nine months ended had September 30, 2021 and 2020. Nine Months Ended September 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 |
Nine Months Ended September 30, 2020
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
Multifamily |  |  |  |  |  |  |
268 homes - Forest Park - Grand Forks, ND | August 18, 2020 |  | $ | 19,625 |  |  | $ | 6,884 |  |  | $ | 12,741 |
90 homes - Landmark - Grand Forks, ND | August 18, 2020 |  | 3,725 |  |  | 1,348 |  |  | 2,377 |
164 homes - Southwind - Grand Forks, ND | August 18, 2020 |  | 10,850 |  |  | 4,573 |  |  | 6,277 |
168 homes - Valley Park - Grand Forks, ND | August 18, 2020 |  | 8,300 |  |  | 4,059 |  |  | 4,241 |
|  |  | $ | 42,500 |  |  | $ | 16,864 |  |  | $ | 25,636 |
Other |  |  |  |  |  |  |
Dakota West | August 7, 2020 |  | $ | 500 |  |  | $ | 474 |  |  | $ | 26 |
Unimproved Land |  |  |  |  |  |  |
Rapid City Land - Rapid City, SD | June 29, 2020 |  | $ | 1,300 |  |  | $ | 1,490 |  |  | $ | (190) |
Total Dispositions |  |  | $ | 44,300 |  |  | $ | 18,828 |  |  | $ | 25,472 |

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- 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
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