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ACQUISITIONS AND DISPOSITIONS | 3 Months Ended
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Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace did not acquire new real estate during the three months ended March 31, 2023 compared to acquisitions of $116.9 million during the three months ended March 31, 2022. The acquisitions during the three months ended March 31, 2022 are detailed below. Three Months Ended March 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(4) |  | Other(5)
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)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)Intangible assets consist of in-place leases valued at the time of acquisition. During the three months ended March 31, 2023 and 2022, Centerspace recognized $844,000 and $8.3 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the Condensed Consolidated Statement of Operations. (5)Debt discount on assumed mortgage. DISPOSITIONS During the three months ended March 31, 2023, Centerspace disposed of nine apartment communities, in four exchange transactions for an aggregate sales price of $144.3 million. Centerspace did not dispose of any real estate during the three months ended March 31, 2022. The dispositions for the three months ended March 31, 2023 are detailed below. Three Months Ended March 31, 2023
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sales Cost |  | Gain/(Loss)
115 homes - Boulder Court - Eagan, MN | March 8, 2023 |  | $ | 14,605 |  |  | $ | 4,970 |  |  | $ | 9,635 |
498 homes - 2 Nebraska apartment communities | March 14, 2023 |  | $ | 48,500 |  |  | $ | 14,975 |  |  | $ | 33,525 |
892 homes - 5 Minnesota apartment communities | March 15, 2023 |  | $ | 74,500 |  |  | $ | 55,053 |  |  | $ | 19,447 |
62 homes - Portage - Minneapolis, MN | March 15, 2023 |  | $ | 6,650 |  |  | $ | 9,098 |  |  | $ | (2,448) |
Total Dispositions |  |  | $ | 144,255 |  |  | $ | 84,096 |  |  | $ | 60,159 |

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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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