XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.22.2

ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
--- | ---
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace had no acquisitions during the three months ended June 30, 2022 and 2021. The acquisitions during the six months ended June 30, 2022 and 2021 are detailed below. Six Months Ended June 30, 2022
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  | Units(1) |  | Other(2) |  | Land |  | Building |  | Intangible Assets |  | Other(3)
191 homes - Martin Blu - Minneapolis, MN | January 4, 2022 |  | $ | 49,825 |  |  | $ | 3,031 |  |  | $ | 18,885 |  |  | $ | 27,909 |  |  | $ | 3,547 |  |  | $ | 45,212 |  |  | $ | 1,813 |  |  | $ | (747) |
31 homes - Elements - Minneapolis, MN | January 4, 2022 |  | 9,066 |  |  | 1,290 |  |  | 1,748 |  |  | 6,028 |  |  | 941 |  |  | 7,853 |  |  | 335 |  |  | (63) |
45 homes - Zest - Minneapolis, MN | January 4, 2022 |  | 11,364 |  |  | 1,429 |  |  | 2,249 |  |  | 7,686 |  |  | 936 |  |  | 10,261 |  |  | 574 |  |  | (407) |
130 homes - Noko Apartments - Minneapolis, MN | January 26, 2022 |  | 46,619 |  |  | 3,343 |  |  | — |  |  | 43,276 |  |  | 1,915 |  |  | 42,754 |  |  | 1,950 |  |  | — |
Total Acquisitions |  |  | $ | 116,874 |  |  | $ | 9,093 |  |  | $ | 22,882 |  |  | $ | 84,899 |  |  | $ | 7,339 |  |  | $ | 106,080 |  |  | $ | 4,672 |  |  | $ | (1,217) |
(1)Fair value of operating partnership units issued on acquisition. (2)Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments. (3)Debt discount on assumed mortgage. 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 |  |  |
DISPOSITIONS During the three and six months ended June 30, 2022, Centerspace disposed of no real estate compared to $60.0 million in the three and six months ended June 30, 2021. The dispositions during the six months ended June 30, 2021 are detailed below. 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 |

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 https://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 https://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