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ACQUISITIONS AND DISPOSITIONS | 9 Months Ended
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Sep. 30, 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 September 30, 2023 compared to acquisitions of $95.0 million during the three months ended September 30, 2022. Centerspace did not acquire new real estate during the nine months ended September 30, 2023 compared to acquisitions of $211.9 million during the nine months ended September 30, 2022. The acquisitions during the nine months ended September 30, 2022 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(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 |  |  | — |
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)Intangible assets consist of in-place leases valued at the time of acquisition. During the nine months ended September 30, 2023 and 2022, Centerspace recognized $941,000 and $11.1 million, respectively, of amortization expense related to 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 September 30, 2023, Centerspace disposed of four apartment communities and associated commercial space, in one transaction for an aggregate sales price of $82.5 million. Centerspace did not dispose of any real estate during the three months ended September 30, 2022. During the nine months ended September 30, 2023, Centerspace disposed of 13 apartment communities and associated commercial space, in five transactions for an aggregate sales price of $226.8 million. Centerspace did not dispose of any real estate during the nine months ended September 30, 2022. The dispositions for the nine months ended September 30, 2023 are detailed below. Nine Months Ended September 30, 2023
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Net Book Value and Transaction 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) |
712 homes - 4 North Dakota apartment communities | September 14, 2023 |  | $ | 82,500 |  |  | $ | 71,218 |  |  | $ | 11,282 |
Total Dispositions |  |  | $ | 226,755 |  |  | $ | 155,314 |  |  | $ | 71,441 |

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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 -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
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