Exhibit 99.1

Earnings Release

Centerspace Announces Financial and Operating Results for the Year Ended

December 31, 2023, Provides 2024 Financial Outlook and Dividend Increase

MINNEAPOLIS, MN, February 20, 2024 – Centerspace (NYSE: CSR) announced today its financial and operating results for the year ended December 31, 2023. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the year ended December 31, 2023; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted Average Occupancy for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022 and the twelve months ended December 31, 2023 and 2022.

						Three Months Ended December 31,												Twelve Months Ended December 31,
Per Share						2023						2022						2023						2022
Net income (loss) per share - diluted						$	(0.65)					$	(0.24)					$	2.32					$	(1.35)
FFO - diluted(1)						1.11						1.16						4.27						4.32
Core FFO - diluted(1)						1.22						1.17						4.78						4.43

						Year-Over-Year Comparison						Sequential Comparison						YTD Comparison
Same-Store Results						4Q23 vs 4Q22						4Q23 vs. 3Q23						CY23 vs. CY22
Revenues						3.9		%				0.5		%				7.2		%
Expenses						(1.2)		%				(3.6)		%				4.6		%
Net Operating Income (“NOI”)(1)						7.6		%				3.4		%				9.0		%

						Three months ended																		Twelve months ended
Same-Store Results						December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Weighted Average Occupancy						94.8		%				94.7		%				94.8		%				94.9		%				94.6		%

(1)NOI, Funds from Operations, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to “Non-GAAP Financial Measures and Reconciliations” and “Non-GAAP Financial Measures and Other Terms” in the Supplemental Financial and Operating Data below.

Highlights for the Year Ended December 31, 2023

•Net Income was $2.32 per diluted share for the year ended December 31, 2023, compared to Net Loss of $1.35 per diluted share for the year ended December 31, 2022;

•Core FFO(1) increased to $4.78 or 7.9% per diluted share for the year ended December 31, 2023, compared to $4.43 for the year ended December 31, 2022;

•Operating income increased to $84.5 million for the year ended December 31, 2023 compared to $13.9 million for the prior year;

•Same-store year-over-year NOI(1) grew to 9.0% driven by same-store revenue growth of 7.2%;

•Continued to grow Colorado portfolio through acquisition of an apartment community in Loveland, Colorado consisting of 303 homes for an aggregate purchase price of $94.5 million;

•Thirteen communities in Minnesota, Nebraska, and North Dakota were sold for an aggregate sales price of $226.8 million. The sale included four communities in the St. Cloud market comprising 692 homes, two communities in the Omaha-Lincoln market comprising 498 homes, three communities in the Minneapolis-St. Paul market comprising 377

1

homes, and four communities in the Minot market comprising 712 homes and related commercial space.

•216,000 common shares repurchased for total consideration of $11.5 million and an average of $53.44 per share.

Balance Sheet

At December 31, 2023, Centerspace had $234.6 million of total liquidity on its balance sheet, including $226.0 million available on its lines of credit.

Subsequent Events

Subsequent to December 31, 2023, Centerspace entered into definitive purchase and sale agreements for two communities with expected gross proceeds of $18.9 million. The Company believes the sales will close in the first quarter. The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects.

Subsequent to December 31, 2023, Centerspace repurchased 87,722 common shares for total consideration of $4.7 million and an average price of $53.62 per share.

Dividend Distributions

Centerspace's Board of Trustees announced a quarterly distribution of $0.75 per share/unit, payable on April 8, 2024, to common shareholders and unitholders of record at the close of business on March 28, 2024. The announced distribution represents a $0.02 increase over the prior distribution.

The Board of Trustees also declared a distribution of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: CSR PRC), payable on March 28, 2024, to holders of record at the close of business on March 15, 2024. Series C preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $1.65625 per share.

2024 Financial Outlook

Centerspace is providing the following guidance for its 2024 performance.

2024 Financial Outlook
									Range for 2024
			2023 Actual						Low						High
Net income (loss) per Share - diluted			$	2.32					$	(1.31)					$	(0.99)
FFO per Share - diluted			$	4.27					$	4.54					$	4.80
Core FFO per Share - diluted			$	4.78					$	4.68					$	4.92

Additional assumptions:

•Same-store capital expenditures of $1,075 per home to $1,150 per home

•Value-add expenditures of $25.0 million to $27.0 million

•Proceeds from potential dispositions of $18.8 million to $19.0 million

FFO and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, please refer to "2024 Financial Outlook" in the Supplemental Financial and Operating Data below.

2

Earnings Call

Live webcast and replay:  https://www.ir.centerspacehomes.com

Live Conference Call

Conference Call Replay

Wednesday, February 21, 2024 at 10:00 AM ET

Replay available until March 6, 2024

USA Toll Free Number

1-833-470-1428

USA Toll Free Number

1-866-813-9403

International Toll Free Number

1-929-526-1599

International Toll Free Number

1-929-458-6194

Canada Toll Free Number

1-833-950-0062

Canada Toll Free Number

1-226-828-7578

Conference Number

373306

Conference Number

297696

Supplemental Information

Supplemental Operating and Financial Data for the year ended December 31, 2023, is available in the Investors section on Centerspace’s website at https://www.centerspacehomes.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of December 31, 2023, Centerspace owned 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. In 2022, Centerspace was named the National Apartment Association’s Leading Organization in Diversity, Equity, and Inclusion.. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release are based on the Company's current expectations and assumptions, and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the SEC, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company's Annual Report on Form 10-K, in quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor Relations

Josh Klaetsch

Phone: 701-837-7104

E-mail: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Phone: 701-837-7104

E-mail: kweber@centerspacehomes.com

3

Supplemental Financial and Operating Data

Table of Contents

December 31, 2023

			Page
Common Share Data			S-1
Key Financial Data
Condensed Consolidated Statements of Operations			S-2
Condensed Consolidated Balance Sheets			S-3
Non-GAAP Financial Measures and Reconciliations
Net Operating Income Detail			S-4
Same-Store Controllable Expenses			S-6
Funds From Operations and Core Funds From Operations			S-7
Adjusted EBITDA			S-8
Debt and Capital Analysis
Debt Analysis			S-9
Capital Analysis			S-10
Portfolio Analysis
Same-Store Comparison			S-11
Portfolio Summary			S-14
Capital Expenditures			S-15
2024 Financial Outlook			S-16
Non-GAAP Financial Measures and Other Terms			S-18

Common Share Data (NYSE: CSR)

						Three Months Ended
						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
High closing price						$	59.33					$	66.57					$	64.18					$	71.07					$	70.20
Low closing price						$	47.82					$	59.39					$	53.98					$	51.39					$	58.50
Average closing price						$	54.61					$	62.52					$	58.61					$	61.68					$	64.64
Closing price at end of quarter						$	58.20					$	60.26					$	61.36					$	54.63					$	58.67
Common share distributions—annualized						$	2.92					$	2.92					$	2.92					$	2.92					$	2.92
Closing price dividend yield - annualized						5.0		%				4.8		%				4.8		%				5.3		%				5.0		%
Closing common shares outstanding (thousands)						14,963						15,052						14,949						15,032						15,020
Closing limited partnership units outstanding (thousands)						861						864						961						967						971
Closing Series E preferred units, as converted (thousands)						2,078						2,087						2,094						2,103						2,119
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)						17,902						18,003						18,004						18,102						18,110
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)						$	1,041,896					$	1,084,861					$	1,104,725					$	988,912					$	1,062,514

S-1

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share amounts)

						Three Months Ended																																	Twelve months ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
REVENUE						$	64,068					$	64,568					$	64,776					$	67,897					$	67,848								$	261,309					$	256,716
EXPENSES
Property operating expenses, excluding real estate taxes						18,237						19,602						17,872						21,342						21,755									77,053						80,070
Real estate taxes						6,861						7,143						7,174						7,581						7,464									28,759						28,567
Property management expenses						2,341						2,197						2,247						2,568						2,358									9,353						9,895
Casualty loss						853						937						53						252						335									2,095						1,591
Depreciation and amortization						26,617						24,697						24,371						25,993						25,768									101,678						105,257
Impairment of real estate investments						5,218						—						—						—						—									5,218						—
General and administrative expenses						4,363						3,832						4,162						7,723						3,276									20,080						17,516
TOTAL EXPENSES						$	64,490					$	58,408					$	55,879					$	65,459					$	60,956								$	244,236					$	242,896
Gain (loss) on sale of real estate and other investments						(83)						11,235						(67)						60,159						14									71,244						41
Loss on litigation settlement						(1,000)						—						(2,864)						—						—									(3,864)						—
Operating income (loss)						(1,505)						17,395						5,966						62,597						6,906									84,453						13,861
Interest expense						(8,913)						(8,556)						(8,641)						(10,319)						(9,603)									(36,429)						(32,750)
Interest and other income						533						330						295						49						132									1,207						1,248
Net income (loss)						$	(9,885)					$	9,169					$	(2,380)					$	52,327					$	(2,565)								$	49,231					$	(17,641)
Dividends to Series D preferred unitholders						(160)						(160)						(160)						(160)						(160)									(640)						(640)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units						1,917						(1,204)						712						(8,566)						753									(7,141)						4,299
Net income attributable to noncontrolling interests – consolidated real estate entities						(29)						(31)						(35)						(30)						(34)									(125)						(127)
Net income (loss) attributable to controlling interests						(8,157)						7,774						(1,863)						43,571						(2,006)									41,325						(14,109)
Dividends to preferred shareholders						(1,607)						(1,607)						(1,607)						(1,607)						(1,607)									(6,428)						(6,428)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS						$	(9,764)					$	6,167					$	(3,470)					$	41,964					$	(3,613)								$	34,897					$	(20,537)
Net income (loss) per common share – basic						$	(0.65)					$	0.41					$	(0.23)					$	2.79					$	(0.24)								$	2.33					$	(1.35)
Net income (loss) per common share – diluted						$	(0.65)					$	0.41					$	(0.23)					$	2.76					$	(0.24)								$	2.32					$	(1.35)

S-2

CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022
ASSETS
Real estate investments
Property owned						$	2,420,146					$	2,326,408					$	2,434,138					$	2,420,911					$	2,534,124
Less accumulated depreciation						(530,703)						(516,673)						(543,264)						(519,167)						(535,401)
Total real estate investments						1,889,443						1,809,735						1,890,874						1,901,744						1,998,723
Cash and cash equivalents						8,630						29,701						9,745						8,939						10,458
Restricted cash						639						22,496						566						48,903						1,433
Other assets						27,649						16,349						18,992						19,298						22,687
TOTAL ASSETS						$	1,926,361					$	1,878,281					$	1,920,177					$	1,978,884					$	2,033,301
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses						$	62,754					$	62,674					$	56,713					$	56,639					$	58,812
Revolving line of credit						30,000						—						18,989						143,469						113,500
Notes payable, net of unamortized loan costs						299,459						299,443						299,428						299,412						399,007
Mortgages payable, net of unamortized loan costs						586,563						539,245						563,079						474,999						495,126
TOTAL LIABILITIES						$	978,776					$	901,362					$	938,209					$	974,519					$	1,066,445
SERIES D PREFERRED UNITS						$	16,560					$	16,560					$	16,560					$	16,560					$	16,560
EQUITY
Series C Preferred Shares of Beneficial Interest						93,530						93,530						93,530						93,530						93,530
Common Shares of Beneficial Interest						1,165,694						1,169,025						1,169,501						1,176,059						1,177,484
Accumulated distributions in excess of net income						(548,273)						(527,586)						(522,796)						(508,420)						(539,422)
Accumulated other comprehensive loss						(1,119)						(1,434)						(1,758)						(1,917)						(2,055)
Total shareholders’ equity						$	709,832					$	733,535					$	738,477					$	759,252					$	729,537
Noncontrolling interests – Operating Partnership and Series E preferred units						220,544						226,205						226,294						227,920						220,132
Noncontrolling interests – consolidated real estate entities						649						619						637						633						627
TOTAL EQUITY						$	931,025					$	960,359					$	965,408					$	987,805					$	950,296
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY						$	1,926,361					$	1,878,281					$	1,920,177					$	1,978,884					$	2,033,301

S-3

CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)

This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by the Company may not be comparable to non-GAAP measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does. The non-GAAP financial measures are defined and further explained on pages S-18 through S-20, “Non-GAAP Financial Measures and Other Terms.”

The Company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of development properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of the same-store pool for that year and adjusts the previous year, to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to Net Operating Income. Measuring performance on a same-store basis allows investors to evaluate how a fixed pool of communities are performing year-over-year. Centerspace uses this measure to assess success in increasing NOI (defined and reconciled below), raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements.

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

			(dollars in thousands)
			Three Months Ended																					Sequential												Year-Over-Year
			12/31/2023						9/30/2023						12/31/2022									$ Change						% Change						$ Change						% Change
Operating income (loss)			$	(1,505)					$	17,395					$	6,906								$	(18,900)					(108.7)		%				$	(8,411)					(121.8)		%
Adjustments:
Property management expenses			2,341						2,197						2,358									144						6.6		%				(17)						(0.7)		%
Casualty loss			853						937						335									(84)						(9.0)		%				518						154.6		%
Depreciation and amortization			26,617						24,697						25,768									1,920						7.8		%				849						3.3		%
Impairment			5,218						—						—									5,218						N/A						5,218						N/A
General and administrative expenses			4,363						3,832						3,276									531						13.9		%				1,087						33.2		%
(Gain) loss on sale of real estate and other investments			83						(11,235)						(14)									11,318						100.7		%				97						*
Loss on litigation settlement			1,000						—						—									1,000						N/A						1,000						N/A
Net Operating Income(1)			$	38,970					$	37,823					$	38,629								$	1,147					3.0		%				$	341					0.9		%
Revenue
Same-store			$	58,262					$	57,949					$	56,055								$	313					0.5		%				$	2,207					3.9		%
Non-same-store			5,209						3,556						3,497									1,653						46.5		%				1,712						49.0		%
Other			587						676						581									(89)						(13.2)		%				6						1.0		%
Dispositions			10						2,387						7,715									(2,377)						(99.6)		%				(7,705)						(99.9)		%
Total			64,068						64,568						67,848									(500)						(0.8)		%				(3,780)						(5.6)		%
Property operating expenses, including real estate taxes
Same-store			23,055						23,906						23,324									(851)						(3.6)		%				(269)						(1.2)		%
Non-same-store			1,790						1,469						1,266									321						21.9		%				524						41.4		%
Other			251						270						249									(19)						(7.0)		%				2						0.8		%
Dispositions			2						1,100						4,380									(1,098)						(99.8)		%				(4,378)						(100.0)		%
Total			25,098						26,745						29,219									(1,647)						(6.2)		%				(4,121)						(14.1)		%
Net Operating Income(1)
Same-store			35,207						34,043						32,731									1,164						3.4		%				2,476						7.6		%
Non-same-store			3,419						2,087						2,231									1,332						63.8		%				1,188						53.2		%
Other			336						406						332									(70)						(17.2)		%				4						1.2		%
Dispositions			8						1,287						3,335									(1,279)						(99.4)		%				(3,327)						(99.8)		%
Total			$	38,970					$	37,823					$	38,629								$	1,147					3.0		%				$	341					0.9		%

*Not a meaningful percentage

(1)Net Operating Income is a non-GAAP measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-4

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

			(dollars in thousands)
			Twelve Months Ended December 31,
			2023						2022						$ Change						% Change
Operating income			$	84,453					$	13,861					$	70,592					509.3		%
Adjustments:
Property management expenses			9,353						9,895						(542)						(5.5)		%
Casualty loss			2,095						1,591						504						31.7		%
Depreciation and amortization			101,678						105,257						(3,579)						(3.4)		%
Impairment			5,218						—						5,218						N/A
General and administrative expenses			20,080						17,516						2,564						14.6		%
Gain on sale of real estate and other investments			(71,244)						(41)						(71,203)						*
Loss on litigation settlement			3,864						—						3,864						N/A
Net Operating Income(1)			$	155,497					$	148,079					$	7,418					5.0		%
Revenue
Same-store			$	230,333					$	214,941					$	15,392					7.2		%
Non-same-store			16,031						9,434						6,597						69.9		%
Other			2,601						2,466						135						5.5		%
Dispositions			12,344						29,875						(17,531)						(58.7)		%
Total			261,309						256,716						4,593						1.8		%
Property operating expenses, including real estate taxes
Same-store			92,847						88,785						4,062						4.6		%
Non-same-store			5,915						3,542						2,373						67.0		%
Other			797						940						(143)						(15.2)		%
Dispositions			6,253						15,370						(9,117)						(59.3)		%
Total			105,812						108,637						(2,825)						(2.6)		%
Net Operating Income(1)
Same-store			137,486						126,156						11,330						9.0		%
Non-same-store			10,116						5,892						4,224						71.7		%
Other			1,804						1,526						278						18.2		%
Dispositions			6,091						14,505						(8,414)						(58.0)		%
Total			$	155,497					$	148,079					$	7,418					5.0		%

*Not a meaningful percentage

(1)Net Operating Income is a non-GAAP measure. Refer to pages S-18 through S-20 “Reconciliations of non-GAAP Financial Measures and Other Terms” for additional information.

S-5

CENTERSPACE

RECONCILIATIONS OF SAME-STORE CONTROLLABLE EXPENSES TO TOTAL PROPERTY OPERATING EXPENSES, INCLUDING REAL ESTATE TAXES (1)

			(dollars in thousands)
			Three Months Ended December 31,																											Twelve Months Ended December 31,
			2023						2022						$ Change						% Change									2023						2022						$ Change						% Change
Controllable expenses
On-site compensation (2)			$	6,221					$	5,931					$	290					4.9		%							$	24,594					$	22,448					$	2,146					9.6		%
Repairs and maintenance			3,184						3,726						(542)						(14.5)		%							13,498						14,084						(586)						(4.2)		%
Utilities			3,438						3,955						(517)						(13.1)		%							14,992						15,663						(671)						(4.3)		%
Administrative and marketing			1,541						1,202						339						28.2		%							5,464						4,875						589						12.1		%
Total			$	14,384					$	14,814					$	(430)					(2.9)		%							$	58,548					$	57,070					$	1,478					2.6		%
Non-controllable expenses
Real estate taxes			$	6,132					$	6,118					$	14					0.2		%							$	25,231					$	23,781					$	1,450					6.1		%
Insurance			2,539						2,392						147						6.1		%							9,068						7,934						1,134						14.3		%
Total			$	8,671					$	8,510					$	161					1.9		%							$	34,299					$	31,715					$	2,584					8.1		%
Property operating expenses, including real estate taxes - non-same-store			$	1,790					$	1,266					$	524					41.4		%							$	5,915					$	3,542					$	2,373					67.0		%
Property operating expenses, including real estate taxes - other			251						249						2						0.8		%							797						940						(143)						(15.2)		%
Property operating expenses, including real estate taxes - dispositions			2						4,380						(4,378)						(100.0)		%							6,253						15,370						(9,117)						(59.3)		%
Total property operating expenses, including real estate taxes			$	25,098					$	29,219					$	(4,121)					(14.1)		%							$	105,812					$	108,637					$	(2,825)					(2.6)		%

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)On-site compensation for administration, leasing, and maintenance personnel.

S-6

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS AND CORE FUNDS FROM OPERATIONS (1)

						(in thousands, except per share amounts)
						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Funds from Operations:(1)
Net (loss) income available to common shareholders						$	(9,764)					$	6,167					$	(3,470)					$	41,964					$	(3,613)								$	34,897					$	(20,537)
Adjustments:
Noncontrolling interests - Operating Partnership and Series E preferred units						(1,917)						1,204						(712)						8,566						(753)									7,141						(4,299)
Depreciation and amortization						26,617						24,697						24,371						25,993						25,768									101,678						105,257
Less depreciation - non real estate						(85)						(56)						(89)						(91)						(91)									(322)						(387)
Less depreciation - partially owned entities						(22)						(20)						(19)						(19)						(19)									(80)						(65)
Impairment of real estate						5,218						—						—						—						—									5,218						—
(Gain) loss on sale of real estate						82						(11,235)						71						(60,159)						(14)									(71,240)						(41)
FFO applicable to common shares and Units						$	20,129					$	20,757					$	20,152					$	16,254					$	21,278								$	77,292					$	79,928
Adjustments to Core FFO:
Non-cash casualty loss (recovery)						535						854						(52)						13						20									1,350						254
Loss on extinguishment of debt						—						—						—						—						—									—						5
Technology implementation costs(2)						—						—						—						—						89									—						873
Interest rate swap amortization and mark-to-market						315						324						159						138						104									936						(100)
Amortization of assumed debt						136						(116)						(116)						(116)						(117)									(212)						(464)
Pursuit costs						—						—						—						5						137									5						1,302
Severance and transition related costs						(10)						—						(19)						3,199						—									3,170						—
Loss on litigation settlement and associated trial costs(3)						1,035						34						3,201						—						—									4,270						—
Other miscellaneous items(4)						(35)						(129)						(22)						49						(28)									(137)						85
Core FFO applicable to common shares and Units						$	22,105					$	21,724					$	23,303					$	19,542					$	21,483								$	86,674					$	81,883
FFO applicable to common shares and Units						$	20,129					$	20,757					$	20,152					$	16,254					$	21,278								$	77,292					$	79,928
Dividends to Series D preferred unitholders						160						160						160						160						160									640						640
FFO applicable to common shares and Units - diluted						$	20,289					$	20,917					$	20,312					$	16,414					$	21,438								$	77,932					$	80,568
Core FFO applicable to common shares and Units						$	22,105					$	21,724					$	23,303					$	19,542					$	21,483								$	86,674					$	81,883
Dividends to Series D preferred unitholders						160						160						160						160						160									640						640
Core FFO applicable to common shares and Units - diluted						$	22,265					$	21,884					$	23,463					$	19,702					$	21,643								$	87,314					$	82,523
Per Share Data
Net income (loss) per share and unit - diluted						$	(0.65)					$	0.41					$	(0.23)					$	2.76					$	(0.24)								$	2.32					$	(1.35)
FFO per share and unit - diluted						$	1.11					$	1.15					$	1.11					$	0.89					$	1.16								$	4.27					$	4.32
Core FFO per share and unit - diluted						$	1.22					$	1.20					$	1.28					$	1.07					$	1.17								$	4.78					$	4.43
Weighted average shares - basic						15,013						14,989						14,949						15,025						15,027									14,994						15,216
Effect of redeemable operating partnership units						862						908						965						968						974									925						978
Effect of Series D preferred units						228						228						228						228						228									228						228
Effect of Series E preferred units						2,087						2,093						2,103						2,118						2,185									2,100						2,185
Effect of dilutive restricted stock units and stock options						31						28						24						20						9									24						38
Weighted average shares and units - diluted						18,221						18,246						18,269						18,359						18,423									18,271						18,645

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Costs are related to a two-year implementation.

(3)Consists of $3.9 million loss on litigation settlement for a trial judgment entered against the Company and $406,000 in associated trial costs related to the litigation matter during the year ended December 31, 2023

(4)Consists of (gain) loss on investments

S-7

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

						(in thousands)
						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Net income (loss) attributable to controlling interests						$	(8,156)					$	7,774					$	(1,863)					$	43,571					$	(2,006)								$	41,326					$	(14,109)
Adjustments:
Dividends to Series D preferred unitholders						160						160						160						160						160									640						640
Noncontrolling interests – Operating Partnership and Series E preferred units						(1,918)						1,204						(712)						8,566						(753)									7,140						(4,299)
Income (loss) before noncontrolling interests – Operating Partnership						(9,914)						9,138						(2,415)						52,297						(2,599)									49,106						(17,768)
Adjustments:
Interest expense						8,900						8,542						8,626						10,305						9,589									36,373						32,692
Loss on extinguishment of debt						—						—						—						—						—									—						5
Depreciation and amortization related to real estate investments						26,595						24,675						24,351						25,971						25,747									101,592						105,185
Impairment of real estate investments						5,218						—						—						—						—									5,218						—
Non-cash casualty loss (recovery)						535						854						(52)						13						20									1,350						254
Interest income						(316)						(187)						(248)						(92)						(92)									(843)						(712)
(Gain) loss on sale of real estate and other investments						83						(11,235)						71						(60,159)						(14)									(71,240)						(41)
Technology implementation costs(2)						—						—						—						—						89									—						873
Interest rate swap termination and mark-to-market						—						—						—						—						—									—						(564)
Pursuit costs						—						—						—						5						137									5						1,302
Severance and transition related costs						(10)						—						(19)						3,199						—									3,170						—
Loss on litigation settlement and associated trial costs(3)						1,035						34						3,201						—						—									4,270						—
Other miscellaneous items(4)						(35)						(129)						(22)						49						(28)									(137)						85
Adjusted EBITDA						$	32,091					$	31,692					$	33,493					$	31,588					$	32,849								$	128,864					$	121,311

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Costs are related to a two-year implementation.

(3)Consists of a $2.9 million loss on litigation settlement for a trial judgment entered against the Company and $406,000 in associated trial costs related to the litigation matter.

(4)Consists of (gain) loss on investments

S-8

CENTERSPACE

DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

Annual Expirations

						Future Maturities of Debt
						Secured Fixed Debt						Unsecured Fixed Debt						Unsecured Variable Debt						Total Debt						% of Total Debt						Weighted Average Interest Rate(1)
2024						$	—					$	—					$	—					$	—					—		%				—		%
2025						30,414						—						30,000						60,414						6.6		%				4.92		%
2026						99,537						—						—						99,537						10.8		%				3.59		%
2027						49,675						—						—						49,675						5.4		%				3.47		%
2028						65,842						50,000						—						115,842						12.6		%				3.14		%
Thereafter						344,522						250,000						—						594,522						64.6		%				3.48		%
Total debt						$	589,990					$	300,000					$	30,000					$	919,990					100.0		%				3.54		%

(1)Weighted average interest rate of debt that matures during the year.

						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022
Debt Balances Outstanding(1)
Secured fixed rate - mortgages payable - other						$	391,140					$	343,709					$	367,679					$	279,340					$	299,427
Secured fixed rate - mortgages payable - Fannie Mae credit facility						198,850						198,850						198,850						198,850						198,850
Unsecured variable rate line of credit						30,000						—						18,989						143,469						113,500
Unsecured term loans						—						—						—						—						100,000
Unsecured senior notes						300,000						300,000						300,000						300,000						300,000
Debt total						$	919,990					$	842,559					$	885,518					$	921,659					$	1,011,777
Quarterly Interest Rates
Mortgages payable - other rate						4.05		%				4.14		%				4.14		%				3.85		%				3.85		%
Mortgages payable - Fannie Mae Credit Facility rate						2.78		%				2.78		%				2.78		%				2.78		%				2.78		%
Lines of credit rate(2)						6.74		%				—						6.56		%				6.19		%				5.61		%
Unsecured term loan rate						—						—						—						—						5.57		%
Unsecured senior notes rate						3.12		%				3.12		%				3.12		%				3.12		%				3.12		%
Total debt						3.54		%				3.46		%				3.54		%				3.71		%				3.62		%

(1)     Excludes deferred financing costs and premiums or discounts.

(2)     Interest rate excludes any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps, as shown in the table below.

						Three Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022
Reclassified from Accumulated OCI into interest expense						$	315					$	324					$	159					$	138					$	103

S-9

CENTERSPACE

CAPITAL ANALYSIS 

(in thousands, except per share and unit amounts)

						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022
Equity Capitalization
Common shares outstanding						14,963						15,052						14,949						15,032						15,020
Operating partnership units outstanding						861						864						961						967						971
Series E preferred units (as converted)						2,078						2,087						2,094						2,103						2,119
Total common shares and units outstanding						17,902						18,003						18,004						18,102						18,110
Market price per common share (closing price at end of period)						$	58.20					$	60.26					$	61.36					$	54.63					$	58.67
Equity capitalization-common shares and units						$	1,041,896					$	1,084,861					$	1,104,725					$	988,912					$	1,062,514
Recorded book value of preferred shares						$	93,530					$	93,530					$	93,530					$	93,530					$	93,530
Total equity capitalization						$	1,135,426					$	1,178,391					$	1,198,255					$	1,082,442					$	1,156,044
Series D preferred units						$	16,560					$	16,560					$	16,560					$	16,560					16,560
Debt capitalization
Total debt						919,990						842,559						885,518						921,659						1,011,777
Total capitalization						$	2,071,976					$	2,037,510					$	2,100,333					$	2,020,661					$	2,184,381
Total debt to total capitalization(1)						44.4		%				41.4		%				42.2		%				45.6		%				46.3		%

(1)Total debt to total market capitalization is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Debt service coverage ratio(1)						3.09		x				3.11		x				3.33		x				2.70		x				2.99		x							3.04		x				3.16		x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.64		x				2.65		x				2.83		x				2.35		x				2.58		x							2.61		x				2.67		x
Net debt/Adjusted EBITDA(2)						7.10		x				6.41		x				6.54		x				7.22		x				7.62		x							7.07		x				8.25		x
Net debt and preferred equity/Adjusted EBITDA(2)						7.96		x				7.28		x				7.36		x				8.09		x				8.46		x							7.93		x				9.16		x
Distribution Data
Common shares and units outstanding at record date						15,824						15,916						15,910						15,999						15,991									15,824						15,991
Total common distribution declared						$	11,551					$	11,615					$	11,608					$	11,668					$	11,614								$	46,442					$	47,445
Common distribution per share and unit						$	0.73					$	0.73					$	0.73					$	0.73					$	0.73								$	2.92					$	2.92
Payout ratio (Core FFO per diluted share and unit basis)(3)						59.8		%				60.8		%				57.0		%				68.2		%				62.4		%							61.1		%				65.9		%

(1)Debt service coverage ratio is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Net debt divided by adjusted EBITDA is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Payout ratio (Core FFO per diluted share and unit basis) is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-10

CENTERSPACE

SAME-STORE FOURTH QUARTER COMPARISONS

(dollars in thousands)

						Homes Included						Revenues																		Expenses																		NOI
Regions												Q4 2023						Q4 2022						% Change						Q4 2023						Q4 2022						% Change						Q4 2023						Q4 2022						% Change
Denver, CO						1,889						$	11,885					$	11,557					2.8		%				$	4,129					$	3,693					11.8		%				$	7,756					$	7,864					(1.4)		%
Minneapolis, MN						4,519						21,452						20,689						3.7		%				9,586						9,891						(3.1)		%				11,866						10,798						9.9		%
North Dakota						1,710						6,966						6,509						7.0		%				2,653						2,527						5.0		%				4,313						3,982						8.3		%
Omaha, NE						872						3,597						3,279						9.7		%				1,230						1,597						(23.0)		%				2,367						1,682						40.7		%
Rochester, MN						1,129						5,744						5,593						2.7		%				2,134						2,365						(9.8)		%				3,610						3,228						11.8		%
St. Cloud, MN						832						3,461						3,309						4.6		%				1,555						1,481						5.0		%				1,906						1,828						4.3		%
Other Mountain West(1)						1,222						5,157						5,119						0.7		%				1,768						1,770						(0.1)		%				3,389						3,349						1.2		%
Same-Store Total						12,173						$	58,262					$	56,055					3.9		%				$	23,055					$	23,324					(1.2)		%				$	35,207					$	32,731					7.6		%

						% of NOI						Weighted Average Occupancy (2)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (4)
Regions												Q4 2023						Q4 2022						Growth						Q4 2023						Q4 2022						% Change						Q4 2023						Q4 2022						% Change
Denver, CO						22.0		%				95.5		%				96.2		%				(0.7)		%				$	1,967					$	1,902					3.4		%				$	2,196					$	2,120					3.6		%
Minneapolis, MN						33.7		%				95.1		%				94.7		%				0.4		%				1,488						1,450						2.6		%				1,664						1,611						3.3		%
North Dakota						12.3		%				95.5		%				96.5		%				(1.0)		%				1,295						1,206						7.4		%				1,422						1,314						8.2		%
Omaha, NE						6.7		%				94.4		%				93.0		%				1.4		%				1,324						1,223						8.3		%				1,456						1,348						8.0		%
Rochester, MN						10.3		%				93.6		%				93.8		%				(0.2)		%				1,734						1,663						4.3		%				1,812						1,760						3.0		%
St. Cloud, MN						5.4		%				92.2		%				90.1		%				2.1		%				1,353						1,313						3.0		%				1,504						1,471						2.2		%
Other Mountain West(1)						9.6		%				94.2		%				95.8		%				(1.6)		%				1,342						1,314						2.1		%				1,493						1,458						2.4		%
Same-Store Total						100.0		%				94.8		%				94.8		%				—		%				$	1,522					$	1,467					3.7		%				$	1,683					$	1,618					4.0		%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)Weighted average occupancy is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Average monthly rental rate is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Average monthly revenue per occupied home is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-11

CENTERSPACE

SAME-STORE SEQUENTIAL QUARTER COMPARISONS

(dollars in thousands)

						Homes Included						Revenues																		Expenses																		NOI
Regions												Q4 2023						Q3 2023						% Change						Q4 2023						Q3 2023						% Change						Q4 2023						Q3 2023						% Change
Denver, CO						1,889						$	11,885					$	11,805					0.7		%				$	4,129					$	4,172					(1.0)		%				$	7,756					$	7,633					1.6		%
Minneapolis, MN						4,519						21,452						21,167						1.3		%				9,586						9,722						(1.4)		%				11,866						11,445						3.7		%
North Dakota						1,710						6,966						6,912						0.8		%				2,653						2,718						(2.4)		%				4,313						4,194						2.8		%
Omaha, NE						872						3,597						3,580						0.5		%				1,230						1,545						(20.4)		%				2,367						2,035						16.3		%
Rochester, MN						1,129						5,744						5,779						(0.6)		%				2,134						2,245						(4.9)		%				3,610						3,534						2.2		%
St. Cloud, MN						832						3,461						3,528						(1.9)		%				1,555						1,522						2.2		%				1,906						2,006						(5.0)		%
Other Mountain West(1)						1,222						5,157						5,178						(0.4)		%				1,768						1,982						(10.8)		%				3,389						3,196						6.0		%
Same-Store Total						12,173						$	58,262					$	57,949					0.5		%				$	23,055					$	23,906					(3.6)		%				$	35,207					$	34,043					3.4		%

						% of NOI						Weighted Average Occupancy(2)																		Average Monthly Rental Rate(3)																		Average Monthly Revenue per Occupied Home(4)
Regions												Q4 2023						Q3 2023						Growth						Q4 2023						Q3 2023						% Change						Q4 2023						Q3 2023						% Change
Denver, CO						22.0		%				95.5		%				95.4		%				0.1		%				$	1,967					$	1,957					0.5		%				$	2,196					$	2,185					0.5		%
Minneapolis, MN						33.7		%				95.1		%				94.2		%				1.0		%				1,488						1,480						0.5		%				1,664						1,657						0.4		%
North Dakota						12.3		%				95.5		%				95.8		%				(0.3)		%				1,295						1,276						1.5		%				1,422						1,406						1.1		%
Omaha, NE						6.7		%				94.4		%				95.1		%				(0.7)		%				1,324						1,299						1.9		%				1,456						1,439						1.2		%
Rochester, MN						10.3		%				93.6		%				94.4		%				(0.8)		%				1,734						1,711						1.3		%				1,812						1,808						0.2		%
St. Cloud, MN						5.4		%				92.2		%				92.2		%				—		%				1,353						1,349						0.3		%				1,504						1,532						(1.8)		%
Other Mountain West(1)						9.6		%				94.2		%				95.0		%				(0.8)		%				1,342						1,338						0.3		%				1,493						1,487						0.4		%
Same-Store Total						100.0		%				94.8		%				94.7		%				0.1		%				$	1,522					$	1,511					0.7		%				$	1,683					$	1,676					0.4		%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)Weighted average occupancy is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Average monthly rental rate is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Average monthly revenue per occupied home is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-12

CENTERSPACE

SAME-STORE YEAR-TO-DATE COMPARISONS

(dollars in thousands)

						Homes Included						Revenues																		Expenses																		NOI
Regions												2023						2022						% Change						2023						2022						% Change						2023						2022						% Change
Denver, CO						1,889						$	47,399					$	44,397					6.8		%				$	16,280					$	14,260					14.2		%				$	31,119					$	30,137					3.3		%
Minneapolis, MN						4,519						84,492						79,707						6.0		%				37,987						37,302						1.8		%				46,505						42,405						9.7		%
North Dakota						1,710						27,155						24,965						8.8		%				10,724						10,028						6.9		%				16,431						14,937						10.0		%
Omaha, NE						872						13,976						12,733						9.8		%				5,589						5,648						(1.0)		%				8,387						7,085						18.4		%
Rochester, MN						1,129						22,932						21,281						7.8		%				8,744						8,639						1.2		%				14,188						12,642						12.2		%
St. Cloud, MN						832						13,799						12,701						8.6		%				6,172						5,934						4.0		%				7,627						6,767						12.7		%
Other Mountain West(1)						1,222						20,580						19,157						7.4		%				7,351						6,974						5.4		%				13,229						12,183						8.6		%
Same-Store Total						12,173						$	230,333					$	214,941					7.2		%				$	92,847					$	88,785					4.6		%				$	137,486					$	126,156					9.0		%

						% of NOI						Weighted Average Occupancy(2)																		Average Monthly Rental Rate(3)																		Average Monthly Revenue per Occupied Home(4)
Regions												2023						2022						Growth						2023						2022						% Change						2023						2022						% Change
Denver, CO						22.7		%				95.7		%				95.2		%				0.5		%				$	1,941					$	1,845					5.2		%				$	2,185					$	2,058					6.2		%
Minneapolis, MN						33.8		%				94.7		%				94.5		%				0.2		%				1,471						1,411						4.3		%				1,645						1,555						5.8		%
North Dakota						12.0		%				96.1		%				96.1		%				—		%				1,257						1,164						8.0		%				1,378						1,266						8.8		%
Omaha, NE						6.1		%				94.6		%				95.1		%				(0.5)		%				1,280						1,159						10.4		%				1,412						1,280						10.3		%
Rochester, MN						10.3		%				94.4		%				93.9		%				0.5		%				1,699						1,581						7.5		%				1,792						1,674						7.0		%
St. Cloud, MN						5.5		%				91.6		%				89.7		%				2.1		%				1,340						1,259						6.4		%				1,509						1,418						6.4		%
Other Mountain West(1)						9.6		%				94.9		%				95.5		%				(0.6)		%				1,331						1,238						7.5		%				1,479						1,367						8.2		%
Same-Store Total						100.0		%				94.9		%				94.6		%				0.3		%				$	1,498					$	1,414					5.9		%				$	1,662					$	1,555					6.9		%

(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.

(2)Weighted average occupancy is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Average monthly rental rate is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Average monthly revenue per occupied home is a non-GAAP financial measure. Refer to pages S-18 through S-20 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-13

CENTERSPACE

PORTFOLIO SUMMARY (1)

						Three Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022
Number of Apartment Homes at Period End
Same-Store						12,173						12,173						12,885						12,885						11,330
Non-Same-Store						915						612						612						612						3,735
All Communities						13,088						12,785						13,497						13,497						15,065
Average Monthly Rental Rate(2)
Same-Store						$	1,522					$	1,511					$	1,467					$	1,450					$	1,438
Non-Same-Store						1,893						1,907						1,894						1,890						1,352
All Communities						$	1,547					$	1,530					$	1,487					$	1,470					$	1,417
Average Monthly Revenue per Occupied Apartment Home(3)
Same-Store						$	1,683					$	1,676					$	1,634					$	1,606					$	1,592
Non-Same-Store						2,055						2,072						2,072						2,066						1,471
All Communities						$	1,708					$	1,695					$	1,654					$	1,627					$	1,562
Weighted Average Occupancy(4)
Same-Store						94.8		%				94.7		%				95.2		%				94.8		%				94.9		%
Non-Same-Store						95.8		%				93.5		%				95.4		%				95.9		%				94.7		%
All Communities						94.9		%				94.6		%				95.2		%				94.9		%				94.9		%
Operating Expenses as a % of Scheduled Rent
Same-Store						41.5		%				43.3		%				41.2		%				43.9		%				43.1		%
Non-Same-Store						35.7		%				41.9		%				38.8		%				37.8		%				51.7		%
All Communities						41.0		%				43.3		%				41.1		%				43.5		%				45.1		%
Recurring Capital Expenditures
Total Recurring Capital Expenditures per Apartment Home – Same-Store						$	491					$	389					$	258					$	115					$	364

(1)Previously reported amounts are not revised for changes in the composition of the same-store properties pool.

(2)Average monthly rental rate is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Average monthly revenue per occupied apartment home is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. .

(4)Weighted average occupancy is a non-GAAP financial measure. Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-14

CENTERSPACE

CAPITAL EXPENDITURES

(dollars in thousands, except per home amounts)

						Three Months Ended															Twelve Months Ended
						12/31/2023						12/31/2022									12/31/2023						12/31/2022
Total Same-Store Apartment Homes						12,173						12,173									12,173						12,173
All Properties - Weighted Average Apartment Homes						13,088						15,065									13,088						14,914
Same-Store
Building - Exterior						$	426					$	250								$	1,283					$	2,142
Building - Interior						122						303									104						510
Mechanical, Electrical, & Plumbing						1,588						485									4,203						2,312
Furniture & Equipment						63						136									308						427
Landscaping & Grounds						944						343									970						1,243
Turnover Replacements						1,322						1,100									4,023						5,227
Work in progress						1,518						244									3,808						(463)
Recurring Capital Expenditures - Same-Store(1)(2)						$	5,983					$	2,861								$	14,699					$	11,398
Recurring Capital Expenditures per Apartment Home - Same-Store(1)						$	491					$	235								$	1,208					$	936
Recurring Capital Expenditures - All Properties(1)(2)						$	6,689					$	4,105								$	16,056					$	14,508
Recurring Capital Expenditures per Apartment Home - All Properties(1)						$	511					$	272								$	1,227					$	973
Value Add(1)
Same-Store
Interior - Units						$	3,481					$	3,860								$	13,712					$	18,418
Common Areas and Exteriors						5,580						6,141									9,868						13,962
Work in Progress						4,603						270									5,515						(1,677)
Total Value Add - Same-Store						$	13,664					$	10,271								$	29,095					$	30,703
All Properties
Interior - Units						$	3,481					$	3,922								$	13,712					$	18,517
Common Areas and Exteriors						5,803						6,506									10,213						14,523
Work in Progress						4,603						270									5,515						(1,679)
Total Value Add - All Properties						$	13,887					$	10,698								$	29,440					$	31,361
Acquisition and Other Capital Expenditures(1)
All Properties						$	3,183					$	5,950								$	17,068					$	11,298
Total Capital Spend
Total Capital Spend - Same-Store(3)						$	19,647					$	13,132								$	43,794					$	42,101
Total Capital Spend per Apartment Home - Same Store(3)						$	1,614					$	1,079								$	3,598					$	3,459
Total Capital Spend - All Properties						$	23,759					$	20,753								$	62,564					$	57,167
Total Capital Spend per Apartment Home - All Properties						$	1,815					$	1,378								$	4,780					$	3,833

(1)Refer to pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

(2)Non-routine capital expenditures were reclassified for inclusion in the Acquisition and Other Capital Expenditures category. For the twelve months ended December 31, 2022, $217,000 was reclassified to Acquisition and Other Capital Expenditures.

(3)Excludes acquisition and other capital expenditures on same-store communities.

S-15

CENTERSPACE

2024 Financial Outlook

(in thousands, except per share amounts)

Centerspace is providing guidance for 2024.

			Twelve Months Ended						2024 Full-Year Guidance Range
			December 31, 2023						Low						High
			Actual						Amount						Amount
Same-store growth (1)
Revenue			$	244,839					3.00		%				5.00		%
Controllable expenses			61,873						6.00		%				7.50		%
Non-controllable expenses			36,442						4.75		%				6.50		%
Total Expenses			$	98,315					5.50		%				7.00		%
Same-store NOI (1)(2)			$	146,524					1.50		%				3.50		%
Components of NOI(2)
Same-store(1)			$	146,524					$	148,700					$	151,700
Non-same-store(1)			1,078						$	4,900					$	5,100
Other(1)			1,804						$	1,750					$	1,950
Dispositions(1)			6,091						—						—
Total NOI(2)			$	155,497					$	155,350					$	158,750
Net impact of potential dispositions			$	—					(200)						(100)
Other operating income and expenses
General and administrative and property management			(29,433)						(27,300)						(26,700)
Casualty losses			(2,095)						(1,350)						(1,250)
Loss on litigation settlement			(3,864)						—						—
Non-real estate depreciation and amortization			(317)						(600)						(550)
Non-controlling interest			(125)						(120)						(130)
Total other operating income and expenses			$	(35,834)					$	(29,370)					$	(28,630)
Interest expense			$	(36,429)					(38,800)						(38,400)
Interest and other income			$	1,126					2,000						2,200
Dividends to preferred shareholders			$	(6,428)					(6,428)						(6,428)
FFO(2)			$	77,932					$	82,552					$	87,392
Non-core income and expenses
Non-cash casualty (gain) loss			$	1,350					$	450					$	400
Interest rate swap amortization			936						750						725
Severance and transition related costs			3,170						—						—
Loss on litigation settlement and associated trial costs			4,270						50						25
Amortization of assumed debt			(212)						1,075						1,025
Other miscellaneous items			(132)						100						50
Total non-core income and expenses			$	9,382					$	2,425					$	2,225
Core FFO(2)			$	87,314					$	84,977					$	89,617
Net income (loss) per share - diluted			$	2.32					$	(1.31)					$	(0.99)
FFO per diluted share(2)			$	4.27					$	4.54					$	4.80
Core FFO per diluted share(2)			$	4.78					$	4.68					$	4.92
Weighted average shares outstanding - diluted			18,271						18,175						18,200
Additional Assumptions
Same-store recurring capital expenditures (per home)(1)			$	900					$	1,075					$	1,150
Value-add expenditures			$	29,440					25,000						27,000
Proceeds from potential dispositions			$	226,755					18,800						19,000

(1)Amounts for the year ended December 31, 2023 reflect the 2024 same-store pool.

(2)NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above and pages S-18 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. .

S-16

Reconciliations of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO

The following table presents reconciliations of Net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under "Non-GAAP Financial Measures and Other Terms." They should not be considered as alternatives to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking.

												Outlook
			Twelve Months Ended									Twelve Months Ended
			December 31, 2023									December 31, 2024
			Amount									Low						High
Net income (loss) available to common shareholders			$	34,897								$	(16,071)					$	(10,181)
Noncontrolling interests - Operating Partnership and Series E preferred units			7,141									(7,795)						(7,885)
Depreciation and amortization			101,678									106,098						105,298
Less depreciation - non real estate			(322)									(600)						(550)
Less depreciation - partially owned entities			(80)									(120)						(130)
Impairment of real estate			5,218									—						—
(Gain) loss on sale of real estate			(71,240)									400						200
Dividends to preferred unitholders			640									640						640
FFO applicable to common shares and Units			$	77,932								$	82,552					$	87,392
Adjustments to Core FFO:
Non-cash casualty (gain) loss			1,350									450						400
Interest rate swap amortization			936									750						725
Amortization of assumed debt			(212)									1,075						1,025
Severance and transition related costs			3,170									—						—
Loss on litigation settlement and associated trial costs			4,270									50						25
Other miscellaneous items			(132)									100						50
Core FFO applicable to common shares and Units			$	87,314								$	84,977					$	89,617
Net income (loss) per share - diluted			$	2.32								$	(1.31)					$	(0.99)
FFO per share - diluted			$	4.27								$	4.54					$	4.80
Core FFO per share - diluted			$	4.78								$	4.68					$	4.92

Reconciliations of Operating Income to Net Operating Income

Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.

									Outlook
			12 Months Ended						12 Months Ended
			December 31, 2023						December 31, 2024
			Actual						Low						High
Operating income			$	84,453					$	20,152					$	25,277
Adjustments:
General and administrative and property management expenses			29,433						27,300						26,700
Casualty loss			2,095						1,350						1,250
Depreciation and amortization			101,678						106,098						105,298
Impairment of real estate			5,218						—						—
(Gain) loss on sale of real estate and other assets			(71,244)						400						200
Loss on litigation settlement			3,864						50						25
Net Operating Income			$	155,497					$	155,350					$	158,750

S-17

CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

Acquisition and Other Non-Routine Capital Expenditures

Represents capital additions contemplated in the underwriting at recently acquired communities. These amounts are considered when determining expected returns. Other includes casualty and other non-routine capital items including, but not limited to, tenant improvements, real estate special assessments, and capital expenditures incurred to dispose of properties. Casualty represents capitalized costs incurred in connection with the restoration of an apartment community after a casualty event.

Adjusted EBITDA

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The Company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, financing costs, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.

Average Monthly Rental Rate

Average monthly rental rate is scheduled rent divided by the total number of apartment homes.

Average Monthly Revenue per Occupied Home

Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.

Debt Service Coverage Ratio

Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Adjusted EBITDA						$	32,091					$	31,692					$	33,493					$	31,588					$	32,849								$	128,864					$	121,311
Interest Expense						8,913						8,556						8,641						10,319						9,603									36,429						32,750
Principal Amortization						1,487						1,646						1,416						1,383						1,375									5,932						5,692
Total Interest Expense and Principal Amortization						10,400						10,202						10,057						11,702						10,978									42,361						38,442
Distributions paid to Series C preferred shareholders and Series D preferred unitholders						1,767						1,767						1,767						1,767						1,767									7,068						7,068
Total Interest Expense, Principal Amortization, and preferred distributions						12,167						11,969						11,824						13,469						12,745									49,429						45,510
Debt Service Coverage Ratio						3.09						3.11						3.33						2.70						2.99									3.04						3.16
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.64						2.65						2.83						2.35						2.58									2.61						2.67

Funds From Operations and Core Funds From Operations

The Company believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation and amortization.

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The Company uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:

•depreciation and amortization related to real estate;

•gains and losses from the sale of certain real estate assets;

•impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity; and

•similar adjustments for partially owned consolidated real estate entities.

The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the Company's investments, and assists management and investors in comparing those operating results between periods.

Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The Company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.

While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.

Core Funds from Operations (“Core FFO”) is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the Company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income, or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the Company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.

Net Debt Divided by Adjusted EBITDA

Net debt is the total outstanding debt balance less cash and cash equivalents. Preferred equity is the sum of the book value of Series C preferred shares and Series D preferred units outstanding. Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Total debt						$	919,990					$	842,559					$	885,518					$	921,659					$	1,011,777								$	919,990					$	1,011,777
Less: cash and cash equivalents						8,630						29,701						9,745						8,939						10,458									8,630						10,458
Net debt						$	911,360					$	812,858					$	875,773					$	912,720					$	1,001,319								$	911,360					$	1,001,319
Adjusted EBITDA(1)						$	128,364					$	126,768					$	133,972					$	126,352					$	131,396								$	128,864					$	121,311
Net debt/Adjusted EBITDA						7.10						6.41						6.54						7.22						7.62									7.07						8.25
Preferred Equity						$	110,090					$	110,090					$	110,090					$	110,090					$	110,090								$	110,090					$	110,090
Net debt and preferred equity						$	1,021,450					$	922,948					$	985,863					$	1,022,810					$	1,111,409								$	1,021,450					$	1,111,409
Adjusted EBITDA(1)						$	128,364					$	126,768					$	133,972					$	126,352					$	131,396								$	128,864					$	121,311
Net debt and preferred equity/Adjusted EBITDA						7.96						7.28						7.36						8.09						8.46									7.93						9.16

(1)Annualized for periods less than one year.

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Net Operating Income

Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. The Company believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other investments, depreciation and amortization, financing costs, property management expenses, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.

Payout Ratio (Core FFO per Diluted Share and Unit Basis)

Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Core FFO definition included within this Non-GAAP Financial Measures and Other Terms section.

						Three Months Ended																																	Twelve Months Ended
						12/31/2023						9/30/2023						6/30/2023						3/31/2023						12/31/2022									12/31/2023						12/31/2022
Common distribution per share and unit						$	0.73					$	0.73					$	0.73					$	0.73					$	0.73								$	2.92					$	2.92
Core FFO per common share and unit diluted						1.22						1.20						1.28						1.07						1.17									4.78						4.43
Payout ratio						59.8		%				60.8		%				57.0		%				68.2		%				62.4		%							61.1		%				65.9		%

Recurring Capital Expenditures

Represents expenditures necessary to help preserve the value of and maintain the functionality at communities. Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities such as appliances, mechanical equipment, flooring to roof replacement, paving, siding, and major landscaping.

Same-Store Controllable Expenses

The Company defines same-store controllable expenses as property operating expenses excluding real estate taxes and insurance. Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses and real estate taxes.

Scheduled Rental Revenue

Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.

Total Debt to Total Market Capitalization

Total debt to total market capitalization, a non-GAAP financial measure, is total debt not adjusted for unamortized deferred financing costs or unamortized debt premiums and discounts from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and book value of Series C preferred shares and Series D preferred units outstanding at the end of the period. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP.

Value Add

Represents expenditures that result in increased income generation or decreased expense growth over time to improve a community’s cash flow and competitive position. This includes elective capital expenditures such as full-scale renovations including new amenities, interior unit turn renovations, enhanced clubhouses and common area hallways and certain resource management initiatives including smart home automation as well as environmental and sustainability initiatives for higher rental levels or expense savings in their respective markets.

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Weighted Average Occupancy

Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rent. The Company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy, and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs.

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