Exhibit 99.1
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Earnings Release
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Centerspace Reports Second Quarter 2022 Financial Results
MINNEAPOLIS, MN, August 1, 2022 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2022. The tables below show Net Income, Funds from Operations (“FFO”)1, and Core FFO1, all on a per share basis, for the three and six months ended June 30, 2022; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended June 30, 2022, March 31, 2022, and June 30, 2021.
 Three Months Ended June 30,Six Months Ended June 30,
Per Share2022202120222021
Net income (loss) - diluted$(0.30)$1.48 $(0.97)$1.02 
FFO - diluted$1.02 $0.95 $2.03 $1.87 
Core FFO - diluted$1.12 $0.98 $2.10 $1.93 
 Year-Over-Year
Comparison		Sequential
Comparison		YTD Comparison
Same-Store ResultsQ2 2022 vs. Q2 2021Q2 2022 vs. Q1 20222022 vs. 2021
Revenues11.7 %4.2 %10.1 %
Expenses11.9 %2.5 %10.7 %
NOI11.5 %5.4 %9.7 %
Three months ended
Same-Store ResultsJune 30, 2022March 31, 2022June 30, 2021
Weighted Average Occupancy94.8 %93.9 %94.9 %
(1)NOI, FFO, Core FFO, and same-store results are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to “Non-GAAP Financial Measures and Reconciliations” below.
Highlights
•Net Loss was $0.30 per diluted share for the second quarter of 2022, compared to Net Income of $1.48 per diluted share for the same period of 2021;
•Core FFO increased 14.3% to $1.12 per diluted share for the three months ended June 30, 2022, compared to $0.98 for the three months ended June 30, 2021;
•Same-store revenues increased by 11.7% for the second quarter of 2022 compared to the second quarter of 2021, driving an 11.5% increase in NOI compared to the same period of the prior year; and
•Revised 2022 financial outlook, increasing our guidance range for net loss per share to $0.31 to $0.14 per diluted share. We also increased our same-store NOI growth guidance for 2022 to 10.0% to 12.0%, an increase of 2% over our previous guidance range. This resulted in an increase in the Core FFO guidance range to $4.45 to $4.61 per diluted share.
Balance Sheet
At the end of the second quarter, Centerspace had $196.2 million of total liquidity on its balance sheet, consisting of $183.0 million available under the lines of credit and cash and cash equivalents of $13.2 million.
Revised 2022 Financial Outlook
Centerspace revised its 2022 financial outlook and increased its earnings per share, Core FFO and same-store NOI guidance. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June 30, 2022 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the revised outlook.
1

Previous Outlook for 2022Updated Outlook for 2022
LowHighLowHigh
Earnings per Share – diluted$(0.37)$(0.11)$(0.31)$(0.14)
Same-Store Revenue7.0 %9.0 %9.0 %10.5 %
Same-Store Expenses5.5 %7.5 %7.5 %8.5 %
Same-Store NOI8.0 %10.0 %10.0 %12.0 %
FFO per Share – diluted$4.26 $4.52 $4.32 $4.49 
Core FFO per Share – diluted$4.33 $4.57 $4.45 $4.61 
Earnings Call
Live webcast and replay:  https://ir.centerspacehomes.com
  
Live Conference CallConference Call Replay
Tuesday, August 2, 2022, at 10:00 AM ETReplay available until August 16, 2022
USA Toll Free Number1-844-200-6205USA Toll Free Number1-866-813-9403
International Toll Free Number1-929-526-1599International Toll Free Number44-204-525-0658
Canada Toll Free Number1-833-950-0062Canada Toll Free Number1-226-828-7578
Conference Number753198Conference Number920238
Supplemental Information
Supplemental Operating and Financial Data for the quarter ended June 30, 2022 included herein (“Supplemental Information”), is available in the Investors section on Centerspace’s website at www.centerspacehomes.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.  
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2022, Centerspace owned 83 apartment communities consisting of 14,838 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2021 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Forward-Looking Statements
Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in its Annual Report on Form 10-K for the year ended December 31, 2021, in its subsequent quarterly reports on Form 10-Q, and in other public reports. The company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
Contact Information
Investor Relations
Joe McComish
Phone: 701-837-7104
IR@centerspacehomes.com
Marketing & Media
Kelly Weber
Phone: 701-837-7104
kweber@centerspacehomes.com
2

Supplemental Financial and Operating Data
Table of Contents
June 30, 2022
Page
S-1
Key Financial Data
S-2
S-3
Non-GAAP Financial Measures and Reconciliations
S-4
S-6
S-9
Debt and Capital Analysis
S-10
S-11
Portfolio Analysis
S-12
S-15
S-16
S-17


Common Share Data (NYSE: CSR)
 2nd Quarter1st Quarter4th Quarter3rd Quarter2nd Quarter
 20222022202120212021
High closing price$103.17 $108.27 $111.26 $105.42 $79.71 
Low closing price$76.65 $89.01 $96.58 $78.42 $67.28 
Average closing price$87.61 $97.15 $103.29 $94.10 $71.99 
Closing price at end of quarter$81.55 $98.12 $110.90 $94.50 $78.90 
Common share distributions – annualized$2.92 $2.92 $2.88 $2.88 $2.80 
Closing dividend yield – annualized3.6 %3.0 %2.6 %3.1 %3.6 %
Closing common shares outstanding (thousands)
15,373 15,365 15,016 14,281 14,045 
Closing limited partnership units outstanding (thousands)
995 997 832 845 881 
Closing Series E preferred units outstanding, as converted (thousands)
2,186 2,186 2,186 2,186 — 
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)
$1,513,079 $1,819,930 $1,999,971 $1,635,984 $1,177,661 

S-1


CENTERSPACE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands)
 Three Months EndedSix Months Ended
 6/30/20223/31/202212/31/20219/30/20216/30/20216/30/20226/30/2021
REVENUE$63,116 $60,314 $57,988 $50,413 $46,656 $123,430 $93,304 
EXPENSES
Property operating expenses, excluding real estate taxes19,011 19,014 16,852 14,434 13,018 38,025 26,467 
Real estate taxes7,205 6,859 6,654 5,916 5,742 14,064 11,534 
Property management expense2,721 2,253 2,697 2,203 2,085 4,974 3,852 
Casualty (gain) loss382 598 280 (10)(27)980 74 
Depreciation/amortization24,768 31,001 30,418 22,447 19,308 55,769 39,300 
General and administrative expenses5,221 4,500 4,231 4,279 3,797 9,721 7,703 
TOTAL EXPENSES$59,308 $64,225 $61,132 $49,269 $43,923 $123,533 $88,930 
Gain (loss) on sale of real estate and other investments27 — 678 — 26,840 27 — 
Operating income (loss)3,835 (3,911)(2,466)1,144 29,573 (76)4,374 
Interest expense(7,561)(7,715)(7,456)(7,302)(7,089)(15,276)(14,320)
Interest and other income (loss)(17)1,063 1,117 (5,082)619 1,046 1,050 
Net income (loss)$(3,743)$(10,563)$(8,805)$(11,240)$23,103 $(14,306)$(8,896)
Dividends to Series D preferred unitholders(160)(160)(160)(160)(160)(320)(320)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units950 2,157 1,793 1,930 (1,386)3,107 (917)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities(38)(23)(36)(22)(19)(61)(36)
Net income (loss) attributable to controlling interests(2,991)(8,589)(7,208)(9,492)21,538 (11,580)(10,169)
Dividends to preferred shareholders(1,607)(1,607)(1,607)(1,607)(1,607)(3,214)(3,214)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS$(4,598)$(10,196)$(8,815)$(11,099)$19,931 $(14,794)$(13,383)
Per Share Data - Basic
Net earnings (loss) per common share – basic$(0.30)$(0.68)$(0.61)$(0.79)$1.49 $(0.97)$1.02 
Per Share Data - Diluted
Net earnings (loss) per common share – diluted$(0.30)$(0.68)$(0.61)$(0.79)$1.48 $(0.97)$1.02 
S-2

CENTERSPACE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
6/30/20223/31/202212/31/20219/30/20216/30/2021
ASSETS
Real estate investments
Property owned$2,401,427 $2,390,952 $2,271,170 $2,203,606 $1,838,837 
Less accumulated depreciation(487,834)(465,752)(443,592)(426,926)(407,400)
1,913,593 1,925,200 1,827,578 1,776,680 1,431,437 
Mortgage loans receivable— — 43,276 42,160 37,457 
Total real estate investments1,913,593 1,925,200 1,870,854 1,818,840 1,468,894 
Cash and cash equivalents13,156 13,313 31,267 20,816 5,194 
Restricted cash1,914 2,409 7,358 2,376 8,444 
Other assets18,950 24,651 30,582 34,919 17,218 
TOTAL ASSETS$1,947,613 $1,965,573 $1,940,061 $1,876,951 $1,499,750 
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses$48,077 $50,360 $62,403 $58,092 $52,413 
Revolving line of credit73,000 46,000 76,000 57,000 87,000 
Notes payable, net of loan costs299,374 299,359 299,344 299,454 319,286 
Mortgages payable, net of loan costs497,917 521,536 480,703 489,140 287,143 
TOTAL LIABILITIES$918,368 $917,255 $918,450 $903,686 $745,842 
SERIES D PREFERRED UNITS$18,627 $22,412 $25,331 $21,585 $18,022 
EQUITY
Series C Preferred Shares of Beneficial Interest93,530 93,530 93,530 93,530 93,530 
Common Shares of Beneficial Interest1,207,849 1,203,685 1,157,255 1,092,130 1,033,940 
Accumulated distributions in excess of net income(511,552)(495,732)(474,318)(454,691)(433,310)
Accumulated other comprehensive income (loss)(2,362)(2,550)(4,435)(5,784)(12,064)
Total shareholders’ equity$787,465 $798,933 $772,032 $725,185 $682,096 
Noncontrolling interests – Operating Partnership and Series E preferred units222,528 226,302 223,600 225,850 53,133 
Noncontrolling interests – consolidated real estate entities625 671 648 645 657 
Total equity$1,010,618 $1,025,906 $996,280 $951,680 $735,886 
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY$1,947,613 $1,965,573 $1,940,061 $1,876,951 $1,499,750 
S-3

CENTERSPACE
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)
This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by us, may not be comparable to non-GAAP financial measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does.
The company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows us to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI, renewing the leases on existing residents, controlling operating costs, and making prudent capital improvements.
Reconciliation of Operating Income (Loss) to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
 (in thousands, except percentages)
 Three Months EndedSequentialYear-Over-Year
 6/30/20223/31/20226/30/2021$ Change% Change$ Change% Change
Operating income (loss)$3,835 $(3,911)$29,573 $7,746 (198.1)%$(25,738)(87.0)%
Adjustments:
Property management expenses2,721 2,253 2,085 468 20.8 %636 30.5 %
Casualty (gain) loss382 598 (27)(216)(36.1)%409 *
Depreciation and amortization24,768 31,001 19,308 (6,233)(20.1)%5,460 28.3 %
General and administrative expenses5,221 4,500 3,797 721 16.0 %1,424 37.5 %
(Gain) loss on sale of real estate and other investments(27)— (26,840)(27)N/A26,813 (99.9)%
Net operating income$36,900 $34,441 $27,896 $2,459 7.1 %$9,004 32.3 %
Revenue
Same-store$48,867 $46,891 $43,762 $1,976 4.2 %$5,105 11.7 %
Non-same-store13,334 12,507 1,195 827 6.6 %12,139 1,015.8 %
Other properties915 916 664 (1)(0.1)%251 37.8 %
Dispositions— — 1,035 — — (1,035)(100.0)%
Total63,116 60,314 46,656 2,802 4.6 %16,460 35.3 %
Property operating expenses, including real estate taxes
Same-store19,700 19,215 17,610 485 2.5 %2,090 11.9 %
Non-same-store6,286 6,329 357 (43)(0.7)%5,929 1,660.8 %
Other properties230 329 258 (99)(30.1)%(28)(10.9)%
Dispositions— — 535 — — (535)(100.0)%
Total26,216 25,873 18,760 343 1.3 %7,456 39.7 %
Net operating income
Same-store29,167 27,676 26,152 1,491 5.4 %3,015 11.5 %
Non-same-store7,048 6,178 838 870 14.1 %6,210 741.1 %
Other properties685 587 406 98 16.7 %279 68.7 %
Dispositions— — 500 — — (500)(100.0)%
Total$36,900 $34,441 $27,896 $2,459 7.1 %$9,004 32.3 %
* Not a meaningful percentage
S-4

Six Months Ended June 30,
20222021$ Change% Change
Operating income (loss)$(76)$31,214 $(31,290)(100.2)%
Adjustments:
Property management expenses4,974 3,852 1,122 29.1 %
Casualty (gain) loss980 74 906 *
Depreciation and amortization55,769 39,300 16,469 41.9 %
General and administrative expenses9,721 7,703 2,018 26.2 %
(Gain) loss on sale of real estate and other investments(27)(26,840)26,813 (99.9)%
Net operating income$71,341 $55,303 $16,038 29.0 %
Revenue
Same-store$95,758 $86,956 $8,802 10.1 %
Non-same-store25,841 2,242 23,599 1,052.6 %
Other properties1,831 1,332 499 37.5 %
Dispositions— 2,774 (2,774)(100.0)%
Total123,430 93,304 30,126 32.3 %
Property operating expenses, including real estate taxes
Same-store38,915 35,140 3,775 10.7 %
Non-same-store12,614 701 11,913 1,699.4 %
Other properties560 521 39 7.5 %
Dispositions— 1,639 (1,639)(100.0)%
Total52,089 38,001 14,088 37.1 %
Net operating income
Same-store56,843 51,816 5,027 9.7 %
Non-same-store13,227 1,541 11,686 758.3 %
Other properties1,271 811 460 56.7 %
Dispositions— 1,135 (1,135)(100.0)%
Total$71,341 $55,303 $16,038 29.0 %
* Not a meaningful percentage
S-5

Reconciliation of Same-Store Controllable Expenses to Total Property Operating Expenses, Including Real Estate Taxes
Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses.
 (in thousands, except percentages)
 Three Months Ended June 30,Six Months Ended June 30,
 20222021$ Change% Change20222021$ Change% Change
Controllable expenses
On-site compensation(1)
$5,234 $4,676 $558 11.9 %$9,978 $9,199 $779 8.5 %
Repairs and maintenance3,055 2,534 521 20.6 %5,627 4,730 897 19.0 %
Utilities3,089 2,519 570 22.6 %7,035 5,678 1,357 23.9 %
Administrative and marketing1,059 923 136 14.7 %2,105 1,857 248 13.4 %
Total$12,437 $10,652 $1,785 16.8 %$24,745 $21,464 $3,281 15.3 %
Non-controllable expenses
Real estate taxes$5,521 $5,391 $130 2.4 %$10,763 $10,741 $22 0.2 %
Insurance1,742 1,567 175 11.2 %3,407 2,935 472 16.1 %
Total$7,263 $6,958 $305 4.4 %$14,170 $13,676 $494 3.6 %
Property operating expenses, including real estate taxes - non-same-store$6,286 $357 $5,929 1,660.8 %$12,614 $701 $11,913 1,699.4 %
Property operating expenses, including real estate taxes - other properties230 258 (28)(10.9)%560 521 39 7.5 %
Property operating expenses, including real estate taxes - dispositions— 535 (535)(100.0)%— 1,639 (1,639)(100.0)%
Total property operating expenses, including real estate taxes$26,216 $18,760 $7,456 39.7 %$52,089 $38,001 $14,088 37.1 %
(1)On-site compensation for administration, leasing, and maintenance personnel.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations
Centerspace believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation.
Centerspace uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:
•depreciation and amortization related to real estate;
•gains and losses from the sale of certain real estate assets; and
•impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the company's investments, and assists management and investors in comparing those operating results between periods.
Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.
While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO
S-6

presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.
Core Funds from Operations (“Core FFO”) is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income, or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.
S-7

(in thousands, except per share amounts)
Three Months EndedSix Months Ended
6/30/20223/31/202212/31/20219/30/20216/30/20216/30/20226/30/2021
Funds From Operations     
Net income (loss) available to common shareholders$(4,598)$(10,196)$(8,815)$(11,099)$19,931 $(14,794)$13,457 
Adjustments:
Noncontrolling interests – Operating Partnership(950)(2,157)(1,793)(1,930)1,386 (3,107)917 
Depreciation and amortization24,768 31,001 30,418 22,447 19,308 55,769 39,300 
Less depreciation – non real estate(101)(101)(101)(80)(87)(202)(185)
Less depreciation – partially owned entities(7)(21)(21)(24)(24)(28)(48)
(Gain) loss on sale of real estate(27)— (678)— (26,840)(27)(26,840)
FFO applicable to common shares and Units$19,085 $18,526 $19,010 $9,314 $13,674 $37,611 $26,601 
Adjustments to Core FFO:
Non-cash casualty (gain) loss163 25 — — — 188 — 
Loss on extinguishment of debt5 — 2 530 3 5 — 
Technology implementation costs(1)
447 103 535 625 447 550 860 
Commercial lease termination proceeds— — — (450)— — — 
Acquisition related costs— — 90 140 — — — 
Interest rate swap termination, amortization, and mark-to-market205 (613)(411)5,353 — (408)— 
Amortization of assumed debt(116)(115)(26)(27)— (231)— 
Pursuit costs1,127 — — — — 1,127 — 
Other miscellaneous items100 (4)(61)(3)— 96 3 
Core FFO applicable to common shares and Units$21,016 $17,922 $19,139 $15,482 $14,124 $38,938 $27,464 
Funds from operations applicable to common shares and Units$19,085 $18,526 $19,010 $9,314 $13,674 $37,611 $26,601 
Dividends to preferred unitholders160 160 160 160 160 320 320 
Funds from operations applicable to common shares and Units - diluted$19,245 $18,686 $19,170 $9,474 $13,834 $37,931 $26,921 
Core funds from operations applicable to common shares and Units$21,016 $17,922 $19,139 $15,482 $14,124 $38,938 $27,464 
Dividends to preferred unitholders160 160 160 160 160 320 320 
Core funds from operations applicable to common shares and Units - diluted$21,176 $18,082 $19,299 $15,642 $14,284 $39,258 $27,784 
Per Share Data
Earnings (loss) per share and Unit - diluted$(0.30)$(0.68)$(0.61)$(0.81)$1.48 $(0.97)$1.02 
FFO per share and Unit - diluted$1.02 $1.01 $1.07 $0.60 $0.95 $2.03 $1.87 
Core FFO per share and Unit - diluted$1.12 $0.98 $1.08 $0.98 $0.98 $2.10 $1.93 
Weighted average shares - basic15,369 15,097 14,541 14,065 13,353 15,233 13,216 
Effect of redeemable operating partnership units995 965 838 865 916 978 939 
Effect of Series D preferred units228 228 228 228 228 228 228 
Effect of Series E preferred units2,186 2,186 2,186 705 — 2,186 — 
Effect of dilutive restricted stock units and stock options48 66 75 59 17 57 18 
Weighted average shares and Units - diluted18,826 18,542 17,868 15,922 14,514 18,682 14,401 
(1)Costs are related to a two-year implementation.
S-8

Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA
Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.
(in thousands)
Three Months EndedSix Months Ended
6/30/20223/31/202212/31/20219/30/20216/30/20216/30/20226/30/2021
Adjusted EBITDA
Net income (loss) available to common shareholders$(2,991)$(8,589)$(7,208)$(9,492)$21,538 $(11,580)$16,671 
Adjustments: 
Dividends to preferred unitholders160 160 160 160 160 320 320 
Noncontrolling interests – Operating Partnership(950)(2,157)(1,793)(1,930)1,386 (3,107)917 
Income (loss) before noncontrolling interests – Operating Partnership$(3,781)$(10,586)$(8,841)$(11,262)$23,084 $(14,367)$17,908 
Adjustments:  
Interest expense7,547 7,700 7,440 7,287 7,075 15,247 14,291 
Loss on extinguishment of debt5 — 2 530 3 5 3 
Depreciation/amortization related to real estate investments24,759 30,980 30,397 22,423 19,284 55,739 39,253 
Non-cash casualty (gain) loss 163 25 — — — 188 — 
Interest income(74)(464)(644)(769)(583)(538)(990)
(Gain) loss on sale of real estate and other investments(27)— (678)— (26,840)(27)(26,840)
Technology implementation costs447 103 534 625 447 550 860 
Commercial lease termination proceeds— — — (450)— — — 
Acquisition related costs— — 90 140 — — — 
Interest rate swap termination and mark-to-market18 (582)(359)5,361 — (564)— 
Pursuit costs1,127 — — — — 1,127 — 
Other miscellaneous items100 (4)(61)(3)— 96 — 
Adjusted EBITDA$30,284 $27,172 $27,880 $23,882 $22,470 $57,456 $44,485 

S-9


CENTERSPACE
DEBT ANALYSIS
(in thousands)
Debt Maturity Schedule
Annual Expirations
Future Maturities of Debt
Secured Fixed
Debt		Unsecured Fixed
Debt		Unsecured Variable DebtTotal
Debt		% of
Total Debt
Weighted
Average Interest Rate(1)
2022 (remainder)$— $— $— $— — — 
202342,015 — — 42,015 4.8 %4.02 %
2024— — — — — — 
202531,699 — 73,000 104,699 12.0 %3.08 %
202652,762 — — 52,762 6.0 %3.74 %
Thereafter374,734 300,000 — 674,734 77.2 %3.21 %
Total debt$501,210 $300,000 $73,000 $874,210 100.0 %3.27 %
(1)Weighted average interest rate of debt that matures during the year.

6/30/20223/31/202212/31/20219/30/20216/30/2021
Debt Balances Outstanding     
Secured fixed rate - other mortgages$302,360 $326,113 $284,934 $293,547 $288,363 
Secured fixed rate - Fannie Mae credit facility198,850 198,850 198,850 198,850 — 
Unsecured fixed rate line of credit(1)
— — 75,000 57,000 50,000 
Unsecured variable rate line of credit73,000 46,000 1,000 — 37,000 
Unsecured term loans— — — — 145,000 
Unsecured senior notes300,000 300,000 300,000 300,000 175,000 
Debt total$874,210 $870,963 $859,784 $849,397 $695,363 
Other mortgages rate3.85 %3.85 %3.81 %3.83 %3.90 %
Fannie Mae Credit Facility rate2.78 %2.78 %2.78 %2.78 %— 
Lines of credit rate (rate with swap)(1)
3.04 %2.56 %4.22 %2.79 %2.24 %
Term loan rate (rate with swap)— — — — 4.19 %
Senior notes rate3.12 %3.12 %3.12 %3.12 %3.47 %
Total debt3.27 %3.29 %3.26 %3.23 %3.70 %
(1)The current rate on our line of credit is LIBOR plus 150 basis points. The LIBOR exposure on the line of credit was hedged using an interest rate swap with a notional of $75.0 million and a fixed rate of 2.81% which was terminated in February 2022.

S-10

CENTERSPACE 
CAPITAL ANALYSIS 
(in thousands, except per share and unit amounts)
Three Months Ended
6/30/20223/31/202212/31/20219/30/20216/30/2021
Equity Capitalization
Common shares outstanding15,373 15,365 15,016 14,281 14,045 
Operating partnership units outstanding995 997 832 845 881 
Series E preferred units (as converted)2,186 2,186 2,186 2,186 — 
Total common shares and units outstanding18,554 18,548 18,034 17,312 14,926 
Market price per common share (closing price at end of period)$81.55 $98.12 $110.90 $94.50 $78.90 
Equity capitalization-common shares and units$1,513,079 $1,819,930 $1,999,971 $1,635,984 $1,177,661 
Recorded book value of preferred shares$93,350 $93,530 $93,530 $93,530 $93,530 
Total equity capitalization$1,606,429 $1,913,460 $2,093,501 $1,729,514 $1,271,191 
Series D Preferred Units$18,627 $22,412 $25,331 $21,585 $18,022 
Debt Capitalization
Total debt$874,210 $870,963 $859,784 $849,397 $695,363 
Total capitalization$2,499,266 $2,806,835 $2,978,616 $2,600,496 $1,984,576 
Total debt to total capitalization(1)
35.0 %31.0 %28.9 %33.1 %35 %
(1)Total debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and book value of Series C preferred shares and Series D preferred units outstanding at the end of the period.

Three Months EndedSix Months Ended
6/30/20223/31/202212/31/20219/30/20216/30/20216/30/20226/30/2021
Debt service coverage ratio(1)
3.39  x2.93  x3.17  x2.75  x2.62  x3.16  x2.58  x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization2.83  x2.50  x2.68  x2.32  x2.21  x2.64  x2.17  x
Net debt/Adjusted EBITDA(2)
7.11  x7.89  x7.43  x8.67  x7.68  x7.49  x7.76  x
Net debt and preferred equity/Adjusted EBITDA(2)
8.03  x8.96  x8.50  x9.88  x8.92  x8.47  x9.01  x
Distribution Data
Common shares and Units outstanding at record date16,367 16,363 15,848 15,126 14,926 16,367 14,926 
Total common distribution declared
$11,948 $11,944 $11,411 $10,890 $10,448 $23,892 $20,367 
Common distribution per share and Unit
$0.73 $0.73 $0.72 $0.72 $0.70 $1.46 $1.40 
Payout ratio (Core FFO per diluted share and unit basis)(3)
65.2 %74.5 %66.7 %73.5 %71.4 %69.5 %72.5 %
(1)Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within the Non-GAAP Financial Measures and Reconciliations section.
(2)Net debt is the total debt balance less cash and cash equivalents and net tax deferred exchange proceeds (included within restricted cash). Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within the Non-GAAP Financial Measures and Reconciliations section.
(3)Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.
S-11



CENTERSPACE
SAME-STORE SECOND QUARTER COMPARISONS
(in thousands, except property data amounts and percentages)

 Apartment Homes IncludedRevenuesExpensesNOI
RegionsQ2 2022Q2 2021% ChangeQ2 2022Q2 2021% ChangeQ2 2022Q2 2021% Change
Denver, CO1,457 $8,667 $7,870 10.1 %$2,816 $2,504 12.5 %$5,851 $5,366 9.0 %
Minneapolis, MN2,537 12,911 11,395 13.3 %5,480 5,064 8.2 %7,431 6,331 17.4 %
North Dakota2,421 8,482 8,078 5.0 %3,523 3,199 10.1 %4,959 4,879 1.6 %
Omaha, NE1,370 4,501 4,037 11.5 %1,931 1,885 2.4 %2,570 2,152 19.4 %
Rochester, MN1,121 5,235 4,709 11.2 %2,138 1,937 10.4 %3,097 2,772 11.7 %
St. Cloud, MN1,192 4,353 3,634 19.8 %1,992 1,582 25.9 %2,361 2,052 15.1 %
Other Mountain West1,221 4,718 4,039 16.8 %1,820 1,439 26.5 %2,898 2,600 11.5 %
Same-Store Total11,319 $48,867 $43,762 11.7 %$19,700 $17,610 11.9 %$29,167 $26,152 11.5 %


 % of NOI Contribution
Weighted Average Occupancy (1)
Average Monthly
Rental Rate (2)
Average Monthly
Revenue per Occupied Home (3)
RegionsQ2 2022Q2 2021GrowthQ2 2022Q2 2021% ChangeQ2 2022Q2 2021% Change
Denver, CO20.1 %94.0 %94.3 %(0.3)%$1,856 $1,693 9.6 %$2,109 $1,909 10.5 %
Minneapolis, MN25.5 %94.2 %94.2 %— 1,601 1,519 5.4 %1,800 1,589 13.3 %
North Dakota17.0 %95.6 %95.9 %(0.3)%1,119 1,078 3.8 %1,222 1,159 5.4 %
Omaha, NE8.8 %97.1 %95.5 %1.6 %1,028 927 10.9 %1,128 1,029 9.6 %
Rochester, MN10.6 %95.2 %94.5 %0.7 %1,547 1,404 10.2 %1,635 1,482 10.3 %
St. Cloud, MN8.1 %91.5 %92.7 %(1.2)%1,150 1,005 14.4 %1,330 1,097 21.2 %
Other Mountain West9.9 %96.5 %98.1 %(1.6)%1,208 1,015 19.0 %1,334 1,124 18.7 %
Same-Store Total100.0 %94.8 %94.9 %(0.1)%$1,366 $1,256 8.8 %$1,518 $1,358 11.8 %
(1)Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rent. Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.
(2)Average monthly rental rate is scheduled rent divided by the total number of apartment homes.
(3)Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.
S-12


CENTERSPACE
SAME-STORE SEQUENTIAL QUARTER COMPARISONS
(in thousands, except property data amounts and percentages)

Apartment Homes IncludedRevenuesExpensesNOI
RegionsQ2 2022Q1 2022% ChangeQ2 2022Q1 2022% ChangeQ2 2022Q1 2022% Change
Denver, CO1,457 $8,667 $8,458 2.5 %$2,816 $2,468 14.1 %$5,851 $5,990 0.4 %
Minneapolis, MN2,537 12,911 12,391 4.2 %5,480 5,398 1.5 %7,431 6,993 6.3 %
North Dakota2,421 8,482 8,157 4.0 %3,523 3,653 (3.6)%4,959 4,504 10.1 %
Omaha, NE1,370 4,501 4,363 3.2 %1,931 1,898 1.7 %2,570 2,465 4.3 %
Rochester, MN1,121 5,235 5,003 4.6 %2,138 2,096 2.0 %3,097 2,907 6.5 %
St. Cloud, MN1,192 4,353 4,165 4.5 %1,992 2,084 (4.4)%2,361 2,081 13.5 %
Other Mountain West1,221 4,718 4,354 8.4 %1,820 1,618 12.5 %2,898 2,736 5.9 %
Same-Store Total11,319 $48,867 $46,891 4.2 %$19,700 $19,215 2.5 %$29,167 $27,676 5.4 %

% of NOI ContributionWeighted Average OccupancyAverage Monthly
Rental Rate		Average Monthly
Revenue per Occupied Home
RegionsQ2 2022Q1 2022GrowthQ2 2022Q1 2022% ChangeQ2 2022Q1 2022% Change
Denver, CO20.1 %94.0 %94.3 %(0.3)%$1,856 $1,819 2.0 %$2,109 $2,052 2.8 %
Minneapolis, MN25.5 %94.2 %93.3 %0.9 %1,601 1,583 1.1 %1,800 1,744 3.2 %
North Dakota17.0 %95.6 %94.8 %0.8 %1,119 1,103 1.5 %1,222 1,185 3.1 %
Omaha, NE8.8 %97.1 %94.9 %2.2 %1,028 1,000 2.8 %1,128 1,118 0.9 %
Rochester, MN10.6 %95.2 %92.9 %2.3 %1,547 1,518 1.9 %1,635 1,601 2.1 %
St. Cloud, MN8.1 %91.5 %93.0 %(1.5)%1,150 1,120 2.7 %1,330 1,252 6.2 %
Other Mountain West9.9 %96.5 %94.0 %2.5 %1,208 1,155 4.6 %1,334 1,264 5.5 %
Same-Store Total100.0 %94.8 %93.9 %0.9 %$1,366 $1,339 2.0 %$1,518 $1,471 3.2 %


S-13

CENTERSPACE
SAME-STORE YEAR-TO-DATE COMPARISONS
(in thousands, except property data amounts and percentages)

Apartment Homes IncludedRevenuesExpensesNOI
Regions20222021% Change20222021% Change20222021% Change
Denver, CO1,457 $17,124 $15,536 10.2 %$5,283 $5,074 4.1 %$11,841 $10,462 13.2 %
Minneapolis, MN2,537 25,302 22,796 11.0 %10,879 9,944 9.4 %14,423 12,852 12.2 %
North Dakota2,421 16,639 16,027 3.8 %7,176 6,470 10.9 %9,463 9,557 (1.0)%
Omaha, NE1,370 8,865 8,063 9.9 %3,828 3,647 5.0 %5,037 4,416 14.1 %
Rochester, MN1,121 10,238 9,353 9.5 %4,235 3,923 8.0 %6,003 5,430 10.6 %
St. Cloud, MN1,192 8,518 7,289 16.9 %4,076 3,217 26.7 %4,442 4,072 9.1 %
Other Mountain West1,221 9,072 7,892 15.0 %3,438 2,865 20.0 %5,634 5,027 12.1 %
Same-Store Total11,319 $95,758 $86,956 10.1 %$38,915 $35,140 10.7 %$56,843 $51,816 9.7 %

% of NOI ContributionWeighted Average Occupancy Average Monthly
Rental Rate		Average Monthly
Revenue per Occupied Home
Regions20222021Growth20222021% Change20222021% Change
Denver, CO20.8 %94.2 %94.0 %0.2 %$1,838 $1,688 8.9 %$2,080 $1,891 10.0 %
Minneapolis, MN25.4 %93.8 %93.6 %0.2 %1,592 1,511 5.4 %1,772 1,600 10.8 %
North Dakota16.6 %95.2 %96.0 %(0.8)%1,111 1,070 3.8 %1,203 1,149 4.7 %
Omaha, NE8.9 %96.0 %95.3 %0.7 %1,014 919 10.3 %1,123 1,029 9.1 %
Rochester, MN10.6 %94.1 %95.0 %(0.9)%1,532 1,390 10.2 %1,618 1,464 10.5 %
St. Cloud, MN7.8 %92.3 %93.6 %(1.3)%1,135 988 14.9 %1,291 1,089 18.5 %
Other Mountain West9.9 %95.3 %97.9 %(2.6)%1,181 1,001 18.0 %1,299 1,100 18.1 %
Same-Store Total100.0 %94.3 %94.8 %(0.5)%$1,353 $1,246 8.6 %$1,494 $1,351 10.6 %
S-14

CENTERSPACE
PORTFOLIO SUMMARY(1)
Three Months Ended
6/30/20223/31/202212/31/20219/30/20216/30/2021
Number of Apartment Homes at Period End
Same-Store11,319 11,319 10,672 10,676 10,676 
Non-Same-Store3,519 3,519 3,769 3,599 903 
All Communities14,838 14,838 14,441 14,275 11,579 
Average Monthly Rental Rate(2)
Same-Store$1,366 $1,339 $1,314 $1,279 $1,233 
Non-Same-Store1,245 1,218 1,225 1,506 1,617 
All Communities$1,337 $1,292 $1,291 $1,293 $1,263 
Average Monthly Revenue per Occupied Apartment Home(3)
Same-Store$1,518 $1,471 $1,463 $1,392 $1,333 
Non-Same-Store1,329 1,271 1,306 1,606 1,739 
All Communities$1,473 $1,424 $1,423 $1,397 $1,365 
Weighted Average Occupancy(4)
Same-Store94.8 %93.9 %93.4 %94.3 %94.9 %
Non-Same-Store95.0 %94.5 %94.7 %95.1 %94.2 %
All Communities94.8 %94.0 %93.7 %94.4 %94.8 %
Operating Expenses as a % of Scheduled Rent
Same-Store40.3 %41.0 %39.5 %41.8 %41.9 %
Non-Same-Store47.1 %50.6 %44.1 %39.9 %32.9 %
All Communities41.8 %43.0 %40.6 %41.6 %41.0 %
Capital Expenditures
Total Capital Expenditures per Apartment Home – Same-Store
$196 $145 $369 $255 $159 
(1)Previously reported amounts are not revised for changes in the composition of the same-store properties pool.
(2)Average monthly rental rate is scheduled rent divided by the total number of apartment homes. Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.
(3)Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.
(4)Weighted average occupancy is the percentage resulting from dividing actual rental revenue by scheduled rent. The company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs.
S-15

CENTERSPACE
CAPITAL EXPENDITURES
($ in thousands, except per home amounts)
Three Months EndedSix Months Ended
Same Store Capital Expenditures6/30/20226/30/20216/30/20226/30/2021
Total Same-Store Apartment Homes11,319 11,319 11,319 11,319 
Building - Exterior$72 $416 $598 $900 
Building - Interior35 50 36 142 
Mechanical, Electrical, & Plumbing591 270 861 417 
Furniture & Equipment113 41 192 107 
Landscaping & Grounds133 87 
Turnover1,279 851 1,946 1,386 
Capital Expenditures - Same-Store$2,223 $1,715 $3,858 $3,106 
Capital Expenditures per Apartment Home - Same-Store$196 $152 $341 $274 
Value Add$6,229 $4,549 $11,800 $7,180 
Total Capital Spend - Same-Store$8,452 $6,264 $15,658 $10,286 
Total Capital Spend per Apartment Home - Same-Store$747 $553 $1,383 $909 
Three Months EndedSix Months Ended
Capital Expenditures - All Properties6/30/20226/30/20216/30/20226/30/2021
All Properties - Weighted Average Apartment Homes14,839 11,575 14,839 11,575 
Capital Expenditures$2,499 $1,793 $4,340 $3,348 
Capital Expenditures per Apartment Home$168 $155 $292 $289 
Value Add6,288 4,555 11,858 7,186 
Acquisition Capital1,397 402 2,986 960 
Total Capital Spend10,184 6,750 19,184 11,494 
Total Capital Spend per Apartment Home$686 $583 $1,293 $993 
Three Months EndedSix Months Ended
Value Add Capital Expenditures6/30/20226/30/20216/30/20226/30/2021
Interior - Units
Same-Store$4,317 $3,115 $6,955 $4,806 
Non-Same-Store— — — — 
Total Interior Units$4,317 $3,115 $6,955 $4,806 
Common Areas and Exteriors
Same-Store$1,912 $1,434 $4,845 $2,374 
Non-Same-Store59 6 58 6 
Total Common Areas and Exteriors$1,971 $1,440 $4,903 $2,380 
Total Value-Add Capital Expenditures
Same-Store$6,229 $4,549 $11,800 $7,180 
Non-Same-Store59 6 58 6 
Total Portfolio Value-Add$6,288 $4,555 $11,858 $7,186 

S-16

CENTERSPACE
2022 Financial Outlook
(in thousands, except per share and per home amounts)
Centerspace revised its outlook for 2022 in the table below.
Six Months Ended2022 Previous Outlook Range2022 Revised Outlook Range
June 30, 2022LowHighLowHigh
YTD ActualAmountAmountAmountAmount
Same-store growth
Revenue$95,758 7.0 %9.0 %9.0 %10.5 %
Controllable expenses24,745 7.0 %9.0 %10.0 %11.5 %
Non-controllable expenses14,170 3.0 %4.5 %3.0 %3.5 %
Total Expenses$38,915 5.5 %7.5 %7.5 %8.5 %
Same-store NOI$56,843 8.0 %10.0 %10.0 %12.0 %
Components of NOI
Same-store NOI$56,843 $115,850 $118,150 $118,200 $119,800 
Non-same-store NOI (1)
13,227 29,200 29,900 29,200 29,700 
Other Commercial NOI1,271 2,100 2,300 2,200 2,300 
Total NOI$71,341 $147,150 $150,350 $149,600 $151,800 
Accretion (dilution) from investments and capital market activity, excluding impact from change in share count$— — — — — 
Interest expense$(15,276)(32,200)(31,700)(32,200)(31,800)
Preferred dividends$(3,214)(6,400)(6,400)(6,400)(6,400)
Gain loss on sale of real estate and other investments$(27)— — — — 
Recurring income and expenses
Interest and other income$1,012 $1,580 $1,750 $1,380 $1,550 
General and administrative and property management(14,695)(27,625)(26,975)(28,900)(28,600)
Casualty losses(980)(1,900)(1,600)(1,800)(1,700)
Non-real estate depreciation and amortization(202)(375)(325)(375)(325)
Non-controlling interest(28)(110)(100)(110)(100)
Total recurring income and expenses$(14,893)$(28,430)$(27,250)$(29,805)$(29,175)
FFO$37,931 $80,120 $85,000 $81,195 $84,425 
Non-core income and expenses
Non-cash casualty (gain) loss$188 $500 $350 $500 $400 
Technology implementation costs550 950 850 1,000 900 
Interest rate swap termination, amortization, and mark-to-market(408)200 200 (100)(100)
Pursuit costs1,127 — — 1,100 1,100 
Other miscellaneous items(130)(300)(400)(100)— 
Total non-core income and expenses$1,327 $1,350 $1,000 $2,400 $2,300 
Core FFO$39,258 $81,470 $86,000 $83,595 $86,725 
EPS - Diluted$(0.97)$(0.37)$(0.11)$(0.31)$(0.14)
FFO per diluted share$2.03 $4.26 $4.52 $4.32 $4.49 
Core FFO per diluted share$2.10 $4.33 $4.57 $4.45 $4.61 
Weighted average shares outstanding - diluted18,682 18,800 18,800 18,800 18,800 
Additional Assumptions
Same-store capital expenditures (per home)$341 $925 975 $950 1,000 
Value-add expenditures$11,858 $21,000 $24,000 $26,000 $29,000 
Investments$116,874 $116,874 $116,874 $116,874 $116,874 
S-17

Reconciliation of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO
The following table presents reconciliations of Net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under “Non-GAAP Financial Measures and Reconciliations.” They should not be considered as alternatives to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking.
Previous OutlookRevised Outlook
Six Months Ended12 Months Ended12 Months Ended
June 30, 2022December 31, 2022December 31, 2022
ActualLowHighLowHigh
Net income (loss) available to common shareholders$(14,794)$282 $4,922 $2,002 $5,172 
Noncontrolling interests - Operating Partnership and Series E preferred units(3,107)(7,885)(7,885)(7,885)(7,885)
Depreciation and amortization55,769 86,923 86,923 86,923 86,923 
Less depreciation - non real estate(202)(430)(390)(375)(325)
Less depreciation - partially owned entities(28)(70)(90)(110)(100)
Dividends to preferred unitholders320 640 640 640 640 
FFO applicable to common shares and Units$37,931 $79,460 $84,120 $81,195 $84,425 
Adjustments to Core FFO:
Casualty loss write off188 600 500 500 400 
Technology implementation costs550 990 890 1,000 900 
Interest rate swap termination and amortization(408)— — (100)(100)
Pursuit costs1,127 — — 1,100 1,100 
Other miscellaneous items(130)— — (100)— 
Core FFO applicable to common shares and Units$39,258 $81,050 $85,510 $83,595 $86,725 
Earnings per share - diluted$(0.97)$(0.37)$(0.11)$(0.31)$(0.14)
FFO per share - diluted$2.03 $4.26 $4.52 $4.32 $4.49 
Core FFO per share - diluted$2.10 $4.33 $4.57 $4.45 $4.61 
Reconciliation of Operating Income to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
Previous OutlookRevised Outlook
Six Months Ended12 Months Ended12 Months Ended
June 30, 2022December 31, 2021December 31, 2021
ActualLowHighLowHigh
Operating income (loss)$(76)$30,977 $35,077 $31,977 $34,577 
Adjustments:
General and administrative and property management expenses14,695 27,800 27,100 28,900 28,600 
Casualty loss980 2,000 1,700 1,800 1,700 
Depreciation and amortization55,769 86,923 86,923 86,923 86,923 
(Gain) loss on sale of real estate and other investments(27)— — — — 
Net operating income$71,341 $147,700 $150,800 $149,600 $151,800 
S-18