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ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired $94.5 million and $211.9 million of new real estate during the years ended December 31, 2023 and 2022, respectively. The Company’s acquisitions during the years ended December 31, 2023 and 2022 are detailed below. Year Ended December 31, 2023
|  | 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)
303 homes - Lake Vista Apartment Homes - Loveland, CO |  | October 11, 2023 | $ | 94,500 |  | $ | 41,777 |  | $ | — |  | $ | 52,723 |  | $ | 6,618 |  | $ | 80,737 |  | $ | 3,221 |  | $ | 3,924 |
Total Acquisitions |  |  | $ | 94,500 |  | $ | 41,777 |  | $ | — |  | $ | 52,723 |  | $ | 6,618 |  | $ | 80,737 |  | $ | 3,221 |  | $ | 3,924 |
(1)Excludes $405,000 in capitalized transaction cost. (2)Fair value of operating partnership units issued on acquisition. (3)Assumption of seller's debt upon closing. (4)Intangible assets consist of in-place leases valued at the time of acquisition. (5)Debt premium on assumed mortgage. 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(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 $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)Intangible assets consist of in-place leases valued at the time of acquisition. (5)Debt discount on assumed mortgage. DISPOSITIONS During the year ended December 31, 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 year ended December 31, 2022. The dispositions for the year ended December 31, 2023 are detailed below. Year Ended December 31, 2023
|  |  | (in thousands)
|  | Date |  | Book Value |
Dispositions |  | Disposed | Sales Price | and Sale Cost | Gain/(Loss)
Multifamily |  |  |  |  |
115 homes - Boulder Court - Eagan, MN |  | March 8, 2023 | $ | 14,605 |  | $ | 4,971 |  | $ | 9,634 |
498 homes - 2 Nebraska apartment communities |  | March 14, 2023 | 48,500 |  | 15,025 |  | 33,475 |
892 homes - 5 Minnesota apartment communities |  | March 15, 2023 | 74,500 |  | 55,186 |  | 19,314 |
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 |  | 71,235 |  | 11,265 |
Total Dispositions |  |  | $ | 226,755 |  | $ | 155,515 |  | $ | 71,240 |

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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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