XML 46 R33.htm IDEA: XBRL DOCUMENT
v3.22.4

ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Our acquisitions during the years ended December 31, 2022 and 2021 are detailed below. Year Ended December 31, 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 $573,000 in capitalized transaction cost. (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. Year Ended December 31, 2021
|  |  | (in thousands)
|  |  | Total | Form of Consideration | Investment Allocation
|  | Date | Acquisition |  |  |  |  |  | Intangible |
Acquisitions |  | Acquired | Cost(1) | Cash | Units(2) | Other(3) | Land | Building | Assets | Other(4)
256 homes - Union Pointe Apartment Homes - 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 - Burgundy & 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 |  | — |
176 homes - Civic Lofts - Denver, CO |  | December 21, 2021 | 63,000 |  | 63,000 |  | — |  | — |  | 6,166 |  | 55,204 |  | 1,630 |  | — |
Total Acquisitions |  |  | $ | 499,816 |  | $ | 155,599 |  | $ | 217,513 |  | $ | 126,704 |  | $ | 51,746 |  | $ | 431,189 |  | $ | 19,234 |  | $ | (2,353) |
(1)Includes $36.1 million for additional fair value of Series E preferred units and excludes $9.1 million in capitalized transaction costs 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.
Schedule of Dispositions | The dispositions for the years ended December 31, 2021 are detailed below. Year Ended December 31, 2021
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale 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 |
|  |  | $ | 60,000 |  | $ | 33,160 |  | $ | 26,840 |
Other |  |  |  |  |
Minot IPS |  | October 18, 2021 | $ | 2,250 |  | $ | 1,573 |  | $ | 677 |
Total Dispositions |  |  | $ | 62,250 |  | $ | 34,733 |  | $ | 27,517 |

X
- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References No definition available. + Details
Name: | csr_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock
Namespace Prefix: | csr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration