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ACQUISITIONS AND DISPOSITIONS | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired a new apartment community for $95.0 million during the three months ended September 30, 2022 compared to acquisitions of $359.9 million during the three months ended September 30, 2021. The acquisitions during the nine months ended September 30, 2022 and 2021 are detailed below. Nine Months Ended September 30, 2022
| 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)
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 |  |  | — |
215 homes - Lyra Apartments - Centennial, CO | September 30, 2022 |  | 95,000 |  |  | 95,000 |  |  | — |  |  | — |  |  | 6,473 |  |  | 86,149 |  |  | 2,378 |  |  | — |
Total Acquisitions |  |  | $ | 211,874 |  |  | $ | 104,093 |  |  | $ | 22,882 |  |  | $ | 84,899 |  |  | $ | 13,812 |  |  | $ | 192,229 |  |  | $ | 7,050 |  |  | $ | (1,217) |
(1)Excludes transaction costs. (2)Fair value of operating partnership units issued on acquisition. (3)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. (4)Debt discount on assumed mortgage. 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 |  |  | — |
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 DISPOSITIONS During the nine months ended September 30, 2022, Centerspace did not dispose of any real estate. The dispositions during the nine months ended September 30, 2021 are detailed below. Nine Months Ended September 30, 2021
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
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 |

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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 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
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