SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION


									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Same-Store
71 France - Edina, MN	$	49,675	$	4,721	$	61,762	$	1,653	$	4,801	$	63,335	$	68,136	$	(21,322)	2014	2014	Up to 37	years
Alps Park Apartments - Rapid City, SD	—		287		5,551		671		336		6,173		6,509		(2,162)		1995	2013	Up to 37	years
Arcata Apartments - Golden Valley, MN	—		2,088		31,036		781		2,128		31,777		33,905		(11,660)		2013	2013	Up to 37	years
Ashland Apartment Homes - Grand Forks, ND	—		741		7,569		285		823		7,772		8,595		(3,120)		2010	2012	Up to 37	years
Avalon Cove Townhomes - Rochester, MN	—		1,616		34,074		4,984		1,808		38,866		40,674		(10,222)		2001	2016	Up to 37	years
Bayberry Place - Eagan, MN	11,048		1,807		14,113		1,637		1,865		15,692		17,557		(1,347)		1995	2021	30	years
Burgundy & Hillsboro - New Hope, MN	23,570		2,834		31,149		2,132		2,913		33,202		36,115		(3,066)		1968	2021	30	years
Canyon Lake Apartments - Rapid City, SD	—		305		3,958		2,335		420		6,178		6,598		(3,591)		1972	2001	Up to 37	years
Cardinal Point Apartments - Grand Forks, ND	—		1,600		33,400		(111)		1,727		33,162		34,889		(6,287)		2013	2013	Up to 37	years
Cascade Shores Townhomes + Flats - Rochester, MN	43,835		6,588		67,072		10,705		6,776		77,589		84,365		(23,733)		2010	2015	Up to 37	years
Castlerock Apartment Homes - Billings, MT	—		736		4,864		2,075		1,045		6,630		7,675		(4,782)		1979	1998	Up to 37	years
Civic Lofts - Denver, CO	—		6,166		55,182		597		6,171		55,774		61,945		(4,525)		2019	2021	30	years
Connelly on Eleven - Burnsville, MN	—		2,401		11,515		16,844		3,206		27,554		30,760		(18,022)		1970	2003	Up to 37	years
Cottonwood Apartment Homes - Bismarck, ND	—		1,056		17,372		6,823		1,962		23,289		25,251		(14,117)		1998	1997	Up to 37	years
Country Meadows Apartment Homes - Billings, MT	—		491		7,809		1,437		599		9,138		9,737		(6,079)		1997	1995	Up to 37	years
Cypress Court Apartments - St. Cloud, MN	10,697		1,583		18,879		1,074		1,625		19,911		21,536		(7,089)		2014	2012	Up to 37	years
Deer Ridge Apartment Homes - Jamestown, ND	—		711		24,129		814		785		24,869		25,654		(8,883)		2016	2013	Up to 37	years
Donovan Apartment Homes - Lincoln, NE	—		1,515		15,730		8,263		1,817		23,691		25,508		(8,980)		1992	2012	Up to 37	years
Dylan at RiNo - Denver, CO	—		12,155		77,215		1,376		12,241		78,505		90,746		(16,307)		2016	2017	30	years
Evergreen Apartment Homes - Isanti, MN	—		1,129		5,524		753		1,159		6,247		7,406		(2,666)		2006	2008	Up to 37	years
FreightYard Townhomes & Flats - Minneapolis, MN	—		1,889		23,616		1,447		1,745		25,207		26,952		(4,006)		1900	2019	30	years
Gardens Apartments - Grand Forks, ND	—		518		8,702		152		535		8,837		9,372		(2,761)		2015	2015	Up to 37	years
Grand Gateway Apartment Homes - St. Cloud, MN	—		814		7,086		3,336		970		10,266		11,236		(4,460)		2002	2012	Up to 37	years
Greenfield - Omaha, NE	—		578		4,122		3,147		876		6,971		7,847		(3,653)		1992	2007	Up to 37	years
Grove Ridge - Cottage Grove, MN	7,992		1,250		10,271		790		1,293		11,018		12,311		(981)		1973	2021	30	years
Homestead Garden Apartments - Rapid City, SD	—		655		14,139		1,783		792		15,785		16,577		(5,006)		2004	2014	Up to 37	years
Ironwood - New Hope, MN	—		2,165		36,874		764		2,167		37,636		39,803		(5,435)		2018	2020	30	years
Lakeside Village Apartment Homes - Lincoln, NE	—		1,215		15,837		5,945		1,476		21,521		22,997		(8,013)		2000	2012	Up to 37	years
Legacy Apartments - Grand Forks, ND	—		1,362		21,727		11,075		2,474		31,690		34,164		(21,434)		1996	1995	Up to 37	years
Legacy Heights Apartment Homes - Bismarck, ND	—		1,207		13,742		300		1,142		14,107		15,249		(3,961)		2015	2015	Up to 37	years
Lugano at Cherry Creek - Denver, CO	—		7,679		87,766		8,410		7,679		96,176		103,855		(15,386)		2010	2019	30	years
Meadows Apartments - Jamestown, ND	—		590		4,519		1,992		730		6,371		7,101		(4,133)		1999	1998	Up to 37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		556		1,951		30,475		32,426		(8,329)		2017	2014	Up to 37	years
Monticello Village - Monticello, MN	—		490		3,756		1,206		655		4,797		5,452		(2,924)		2001	2004	Up to 37	years
New Hope Garden & Village - New Hope, MN	9,943		1,603		12,578		1,393		1,651		13,923		15,574		(1,419)		1969	2021	30	years
Northridge Apartments - Bismarck, ND	—		884		7,515		280		1,048		7,631		8,679		(2,412)		2014	2014	Up to 37	years
Olympic Village Apartments - Billings, MT	—		1,164		10,441		4,174		1,885		13,894		15,779		(9,224)		2000	2000	Up to 37	years
Oxbo Urban Rentals - St Paul, MN	—		5,809		51,586		711		5,822		52,284		58,106		(11,861)		2016	2017	30	years
Palisades - Roseville, MN	21,622		6,919		46,577		4,806		6,959		51,343		58,302		(4,233)		1973	2021	30	years
Park Place Apartments - Plymouth, MN	—		10,609		80,781		20,098		10,819		100,669		111,488		(26,469)		1985	2017	30	years


									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Parkhouse Apartment Homes - Thornton, CO	89,239		10,474		132,105		3,074		10,484		135,169		145,653		(17,666)		2016	2020	30	years
Plymouth Pointe - Plymouth, MN	9,575		1,042		12,810		340		1,073		13,119		14,192		(1,261)		1968	2021	30	years
Pointe West Apartments - Rapid City, SD	—		240		3,538		2,075		463		5,390		5,853		(4,267)		1985	1994	Up to 37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		510		419		5,050		5,469		(2,059)		2008	2012	Up to 37	years
Prosper West - Waite Park, MN	16,425		939		10,167		17,929		1,912		27,123		29,035		(16,762)		1989	1995	Up to 37	years
Quarry Ridge Apartments - Rochester, MN	—		2,254		30,024		9,493		2,412		39,359		41,771		(16,051)		2001	2006	Up to 37	years
Red 20 Apartments - Minneapolis, MN	19,718		1,900		24,116		809		1,908		24,917		26,825		(9,063)		2013	2013	Up to 37	years
Regency Park Estates - St. Cloud, MN	6,669		702		10,198		8,683		1,179		18,404		19,583		(7,676)		1994	2011	Up to 37	years
Rimrock West Apartments - Billings, MT	—		330		3,489		1,883		568		5,134		5,702		(3,588)		1975	1999	Up to 37	years
River Pointe - Fridley, MN	25,412		3,346		33,118		5,515		3,426		38,553		41,979		(3,750)		1971	2021	30	years
River Ridge Apartment Homes - Bismarck, ND	—		576		24,670		1,432		922		25,756		26,678		(10,811)		2013	2008	Up to 37	years
Rocky Meadows Apartments - Billings, MT	—		656		5,726		1,511		840		7,053		7,893		(5,019)		1996	1995	Up to 37	years
Rum River Apartments - Isanti, MN	—		843		4,823		533		870		5,329		6,199		(2,632)		2005	2007	Up to 37	years
Silver Springs Apartment Homes - Rapid City, SD	—		215		3,007		1,046		273		3,995		4,268		(1,376)		1985	2014	Up to 37	years
Southdale Parc - Richfield, MN(5)	5,301		1,569		7,740		(2,205)		1,618		5,486		7,104		(780)		1962	2021	30	years
SouthFork Townhomes + Flats - Lakeville, MN	21,675		3,502		40,153		11,288		3,583		51,360		54,943		(12,684)		1988	2019	30	years
Southpoint Apartments - Grand Forks, ND	—		576		9,893		409		663		10,215		10,878		(3,432)		2013	2013	Up to 37	years
Sunset Trail Apartment Homes - Rochester, MN	—		336		12,814		5,961		826		18,285		19,111		(10,340)		2000	1999	Up to 37	years
Union Pointe - Longmont, CO	—		5,727		69,966		678		5,736		70,635		76,371		(8,307)		2019	2021	30	years
Venue on Knox - Minneapolis, MN	11,660		3,438		14,743		5,997		3,530		20,648		24,178		(2,074)		1959	2021	30	years
Westend - Denver, CO	—		25,525		102,180		1,578		25,532		103,751		129,283		(20,846)		2015	2018	30	years
Whispering Ridge - Omaha, NE	21,800		2,139		25,424		5,595		2,551		30,607		33,158		(11,771)		2010	2013	Up to 37	years
Wingate - New Hope, MN(5)	10,459		1,480		13,530		(1,032)		1,526		12,452		13,978		(1,422)		1967	2021	30	years
Woodhaven - Minneapolis, MN	14,408		3,940		20,080		1,891		4,040		21,871		25,911		(1,849)		1974	2021	30	years
Woodland Pointe - Woodbury, MN	31,673		5,367		40,422		15,422		5,449		55,762		61,211		(5,160)		1974	2021	30	years
Woodridge on Second - Rochester, MN	—		370		6,028		6,062		761		11,699		12,460		(7,746)		1990	1997	Up to 37	years
Total Same-Store	$	462,396	$	177,545	$	1,685,002	$	243,970	$	189,440	$	1,917,077	$	2,106,517	$	(512,452)

Non-Same-Store
Elements of Linden Hills - Minneapolis, MN	5,842		941		7,853		290		949		8,135		9,084		(686)		2015	2022	30	years
Lake Vista Apartments Homes - Loveland, CO	49,033		6,618		80,737		434		6,649		81,140		87,789		(885)		2011	2023	30	years
Lyra Apartments - Centennial, CO	37,809		6,473		86,149		423		6,481		86,564		93,045		(4,500)		2022	2022	30	years
Martin Blu - Eden Prairie, MN	27,193		3,547		45,212		866		3,560		46,065		49,625		(3,756)		2015	2022	30	years
Noko Apartments - Minneapolis, MN	—		1,915		42,636		295		1,918		42,928		44,846		(3,401)		2021	2022	30	years
Zest - Minneapolis, MN	7,717		936		10,209		493		946		10,692		11,638		(885)		2016	2022	30	years
Total Non-Same-Store	$	127,594	$	20,430	$	272,796	$	2,801	$	20,503	$	275,524	$	296,027	$	(14,113)

Total Multifamily	$	589,990	$	197,975	$	1,957,798	$	246,771	$	209,943	$	2,192,601	$	2,402,544	$	(526,565)

Other - Mixed Use
71 France - Edina, MN(4)	—		$	—	$	5,879	$	616	$	—	$	6,495	$	6,495	$	(1,665)	2014	2014	Up to 37	years


									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Civic Lofts - Denver, CO	—		—		—		—		—		—		—		—		2019	2021	30	years
Lugano at Cherry Creek - Denver, CO	—		—		1,600		861		—		2,461		2,461		(350)		2010	2019	30	years
Noko Apartments - Minneapolis, MN	—		—		118		—		—		118		118		(17)		2021	2022	30	years
Oxbo Urban Rentals- St Paul, MN	—		—		3,472		54		—		3,526		3,526		(728)		2016	2017	30	years
Red 20 Apartments - Minneapolis, MN(4)	—		—		2,525		434		—		2,959		2,959		(997)		2013	2013	Up to 37	years
Zest - Minneapolis, MN(4)	—		—		52		1		—		53		53		(19)		2016	2022	30	years
Total Other - Mixed Use	—		$	—	$	13,646	$	1,966	$	—	$	15,612	$	15,612	$	(3,776)

Other - Commercial
3100 10th St SW - Minot, ND	—		$	246	$	1,866	$	(122)	$	246	$	1,744	$	1,990	$	(362)	1980	2019	30	years
Total Other - Commercial	—		$	246	$	1,866	$	(122)	$	246	$	1,744	$	1,990	$	(362)

Total	$	589,990	$	198,221	$	1,973,310	$	248,615	$	210,189	$	2,209,957	$	2,420,146	$	(530,703)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2023. These amounts do not include amounts owing under the Company’s multi-bank line of credit, term loan, or unsecured senior notes.

(2)Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records.

(3)Date of acquisition represents the date the Company acquired the property through purchase or acquisition.

(4)Encumbrances are listed with the multifamily property description.

(5)Costs capitalized subsequent to acquisition includes impairment charges.

Reconciliations of the carrying value of total property owned for the years ended December 31, 2023, 2022, and 2021 are as follows:


	(in thousands)
	Year Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	2,534,124	$	2,271,170	$	1,812,557
Additions during year
Multifamily and Other	87,757		206,623		491,648
Improvements and Other	62,117		57,203		34,427
	2,683,998		2,534,996		2,338,632
Deductions during year
Cost of real estate sold	(243,889)		—		(57,698)
Impairment charge(1)	(5,218)		—		—


Other (2)	(14,745)		(872)		(9,764)
Balance at close of year	$	2,420,146	$	2,534,124	$	2,271,170

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2023, 2022, and 2021 are as follows:


	(in thousands)
	Year Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	535,401	$	443,592	$	399,249
Additions during year
Provisions for depreciation	98,691		92,056		78,268
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(92,239)		—		(24,161)

Other (2)	(11,150)		(247)		(9,764)
Balance at close of year	$	530,703	$	535,401	$	443,592

Total real estate investments, excluding mortgage notes receivable (3)	$	1,889,443	$	1,998,723	$	1,827,578

(1)During the year ended December 31, 2023, Centerspace recognized impairment on two apartment communities.

(2)Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets.

(3)The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.5 billion at December 31, 2023 and December 31, 2022, respectively.