Exhibit 99.1

Earnings Release

Centerspace Reports Second Quarter 2024 Financial Results and Raises Mid-Point for 2024 Core FFO per Share Guidance

MINNEAPOLIS, MN, July 29, 2024 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2024. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three and six months ended June 30, 2024; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended June 30, 2024, March 31, 2024, and June 30, 2023.

						Three Months Ended June 30,												Six Months Ended June 30,
Per Common Share						2024						2023						2024						2023
Net income (loss) - diluted						$	(0.19)					$	(0.23)					$	(0.56)					$	2.55
FFO - diluted(1)						$	1.23					$	1.11					$	2.39					$	2.01
Core FFO - diluted(1)						$	1.27					$	1.28					$	2.49					$	2.36

						Year-Over-Year Comparison						Sequential Comparison						YTD Comparison
Same-Store Results(2)						Q2 2024 vs. Q2 2023						Q2 2024 vs. Q1 2024						2024 vs. 2023
Revenues						3.4%						1.7%						3.5%
Expenses						5.1%						1.8%						1.4%
NOI(1)						2.4%						1.7%						4.9%

Three months ended

Six months ended

Same-Store Results(2)

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Weighted Average Occupancy

95.3%

94.6%

95.2%

94.9%

95.0%

(1)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” and “Non-GAAP Financial Measures and Other Terms” in Supplemental and Financial Operating Data within.

(2)Same-store results are updated for disposition activity. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental and Financial Operating Data within.

Highlights

•Centerspace raised the mid-point and narrowed the 2024 financial outlook ranges for net loss per diluted share, FFO per diluted share and Core FFO per diluted share. Refer to page S-17 in the Supplemental and Financial Operating Data within for additional detail.

•Net loss was $0.19 per diluted share for the second quarter of 2024, compared to Net loss of $0.23 per diluted share for the same period of the prior year;

•Core FFO per diluted share increased 5.5% to $2.49 for the six months ended June 30, 2024, compared to $2.36 for the six months ended June 30, 2023;

•Same-store revenues increased by 3.4% for the second quarter of 2024 compared to the second quarter of 2023, driving a 2.4% increase in same-store NOI compared to the same period of the prior year; and

•Centerspace issued approximately 110,000 common shares for gross consideration of $7.7 million, and an average gross price of $69.82 per share during the second quarter of 2024 under its at-the-market offering program, compared to approximately 88,000 of repurchases in the first quarter of 2024 at an average repurchase price of $53.60 per share, excluding commissions.

1

Balance Sheet

At the end of the second quarter, Centerspace had $222.3 million of total liquidity on its balance sheet, consisting of $208.0 million available under the lines of credit and cash and cash equivalents of $14.3 million.

Revised 2024 Financial Outlook

Centerspace revised its 2024 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June 30, 2024 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the revised outlook.

			Previous Outlook for 2024						Updated Outlook for 2024
			Low			High			Low			High
Net income per Share – diluted			$(1.34)			$(1.10)			$(1.21)			$(1.01)
Same-Store Revenue			3.00%			4.50%			3.25%			4.25%
Same-Store Expenses			4.00%			5.50%			3.50%			4.75%
Same-Store NOI			2.50%			4.00%			3.00%			4.00%
FFO per Share – diluted			$4.57			$4.76			$4.61			$4.76
Core FFO per Share – diluted			$4.74			$4.92			$4.78			$4.92

Additional assumptions:

•Same-store recurring capital expenditures of $1,100 per home to $1,150 per home

•Value-add expenditures of $23.0 million to $25.0 million

•Proceeds from dispositions of $19.0 million

Note: FFO and Core FFO are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to “2024 Financial Outlook” in the Supplemental Financial and Operating Data within.

Subsequent Events

Through July 29, 2024, Centerspace sold 431,000 common shares under its 10b5-1 trading arrangement at an average gross price per share of 69.54, totaling $30.0 million.

On July 26, 2024, Centerspace amended its Unsecured Credit Facility to extend the maturity date to July 2028. The borrowing capacity remained at $250.0 million.

Upcoming Events

Centerspace is scheduled to participate in the following conferences:

•NYSE Real Estate Investor Access Day which will be held virtually on August 8; and

•Bank of America Global Real Estate Conference which will be held in New York, NY, September 10-12.

Earnings Call

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

Live Conference Call

Conference Call Replay

Tuesday, July 30, 2024, at 10:00 AM ET

Replay available until August 13, 2024

USA Toll Free

1-833-470-1428

USA Toll Free

1-866-813-9403

International

1-404-975-4839

International

1-929-458-6194

Access Code

811975

Access Code

732490

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended June 30, 2024 included herein (“Supplemental Information”), is available in the Investors section on Centerspace’s website at 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.  

2

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 June 30, 2024, Centerspace owned interests in 70 apartment communities consisting of 12,883 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in its Annual Report on Form 10-K for the year ended December 31, 2023, in its subsequent quarterly reports on Form 10-Q, and in other public reports. 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: 952-401-6600

Email: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Phone: 952-401-6600

Email: kweber@centerspacehomes.com

3

Supplemental Financial and Operating Data

Table of Contents

June 30, 2024

			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			S-5
Same-Store Controllable Expenses			S-7
Funds From Operations and Core Funds From Operations			S-8
Adjusted EBITDA			S-9
Debt and Capital Analysis
Debt Analysis			S-10
Capital Analysis			S-11
Portfolio Analysis
Same-Store Comparisons			S-12
Portfolio Summary			S-15
Capital Expenditures			S-16
2024 Financial Outlook			S-17
Non-GAAP Financial Measures and Other Terms			S-19

Common Share Data (NYSE: CSR)

						Three Months Ended
						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023
High closing price						$	70.93					$	58.00					$	59.33					$	66.57					$	64.18
Low closing price						$	55.48					$	52.65					$	47.82					$	59.39					$	53.98
Average closing price						$	65.88					$	55.68					$	54.61					$	62.52					$	58.61
Closing price at end of quarter						$	67.63					$	57.14					$	58.20					$	60.26					$	61.36
Common share distributions – annualized						$	3.00					$	3.00					$	2.92					$	2.92					$	2.92
Closing dividend yield – annualized						4.4		%				5.3		%				5.0		%				4.8		%				4.8		%
Closing common shares outstanding (thousands)						15,057						14,912						14,963						15,052						14,949
Closing limited partnership units outstanding (thousands)						828						844						861						864						961
Closing Series E preferred units outstanding, as converted (thousands)						2,053						2,062						2,078						2,087						2,094
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)						17,938						17,818						17,902						18,003						18,004
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units and Series E preferred units, as converted (thousands)						$	1,213,147					$	1,018,121					$	1,041,896					$	1,084,861					$	1,104,725

S-1

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands)

						Three Months Ended																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
REVENUE						$	65,043					$	64,506					$	64,068					$	64,568					$	64,776								$	129,549					$	132,673
EXPENSES
Property operating expenses, excluding real estate taxes						18,108						18,764						18,237						19,602						17,872									36,872						39,214
Real estate taxes						7,081						6,305						6,861						7,143						7,174									13,386						14,755
Property management expense						2,222						2,330						2,341						2,197						2,247									4,552						4,815
Casualty loss						510						820						853						937						53									1,330						305
Depreciation and amortization						25,714						27,012						26,617						24,697						24,371									52,726						50,364
Impairment of real estate investments						—						—						5,218						—						—									—						—
General and administrative expenses						4,216						4,623						4,363						3,832						4,162									8,839						11,885
TOTAL EXPENSES						$	57,851					$	59,854					$	64,490					$	58,408					$	55,879								$	117,705					$	121,338
Gain (loss) on sale of real estate and other investments						—						(577)						(83)						11,235						(67)									(577)						60,092
Loss on litigation settlement						—						—						(1,000)						—						(2,864)									—						(2,864)
Operating income (loss)						7,192						4,075						(1,505)						17,395						5,966									11,267						68,563
Interest expense						(9,332)						(9,207)						(8,913)						(8,556)						(8,641)									(18,539)						(18,960)
Interest and other income						477						340						533						330						295									817						344
Net income (loss)						$	(1,663)					$	(4,792)					$	(9,885)					$	9,169					$	(2,380)								$	(6,455)					$	49,947
Dividends to Series D preferred unitholders						(160)						(160)						(160)						(160)						(160)									(320)						(320)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units						561						1,079						1,917						(1,204)						712									1,640						(7,854)
Net income attributable to noncontrolling interests – consolidated real estate entities						(34)						(32)						(29)						(31)						(35)									(66)						(65)
Net income (loss) attributable to controlling interests						(1,296)						(3,905)						(8,157)						7,774						(1,863)									(5,201)						41,708
Dividends to preferred shareholders						(1,607)						(1,607)						(1,607)						(1,607)						(1,607)									(3,214)						(3,214)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS						$	(2,903)					$	(5,512)					$	(9,764)					$	6,167					$	(3,470)								$	(8,415)					$	38,494
Per Share Data - Basic
Net income (loss) per common share – basic						$	(0.19)					$	(0.37)					$	(0.65)					$	0.41					$	(0.23)								$	(0.56)					$	2.57
Per Share Data - Diluted
Net income (loss) per common share – diluted						$	(0.19)					$	(0.37)					$	(0.65)					$	0.41					$	(0.23)								$	(0.56)					$	2.55

S-2

CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023
ASSETS
Real estate investments
Property owned						$	2,428,290					$	2,413,488					$	2,420,146					$	2,326,408					$	2,434,138
Less accumulated depreciation						(578,691)						(553,231)						(530,703)						(516,673)						(543,264)
Total real estate investments						1,849,599						1,860,257						1,889,443						1,809,735						1,890,874
Cash and cash equivalents						14,328						12,682						8,630						29,701						9,745
Restricted cash						1,084						1,066						639						22,496						566
Other assets						34,414						29,468						27,649						16,349						18,992
TOTAL ASSETS						$	1,899,425					$	1,903,473					$	1,926,361					$	1,878,281					$	1,920,177
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses						$	52,885					$	54,614					$	62,754					$	62,674					$	56,713
Revolving lines of credit						48,000						40,357						30,000						—						18,989
Notes payable, net of unamortized loan costs						299,490						299,475						299,459						299,443						299,428
Mortgages payable, net of unamortized loan costs						584,193						585,382						586,563						539,245						563,079
TOTAL LIABILITIES						$	984,568					$	979,828					$	978,776					$	901,362					$	938,209
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						1,167,055						1,160,492						1,165,694						1,169,025						1,169,501
Accumulated distributions in excess of net income						(579,139)						(564,951)						(548,273)						(527,586)						(522,796)
Accumulated other comprehensive loss						(749)						(922)						(1,119)						(1,434)						(1,758)
Total shareholders’ equity						$	680,697					$	688,149					$	709,832					$	733,535					$	738,477
Noncontrolling interests – Operating Partnership and Series E preferred units						216,901						218,255						220,544						226,205						226,294
Noncontrolling interests – consolidated real estate entities						699						681						649						619						637
TOTAL EQUITY						$	898,297					$	907,085					$	931,025					$	960,359					$	965,408
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY						$	1,899,425					$	1,903,473					$	1,926,361					$	1,878,281					$	1,920,177

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 financial 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-19 through S-22, “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 newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows the company to evaluate the performance of existing apartment communities and their contribution to net operating income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI (defined and reconciled below), raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements.

For the comparison of the six months ended June 30, 2024 and 2023, one apartment community was non-same-store. Sold communities are included in “Dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties.

S-4

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

			(in thousands, except percentages)
			Three Months Ended																					Sequential												Year-Over-Year
			6/30/2024						3/31/2024						6/30/2023									$ Change						% Change						$ Change						% Change
Operating income (loss)			$	7,192					$	4,075					$	5,966								$	3,117					76.5		%				$	1,226					20.5		%
Adjustments:
Property management expenses			2,222						2,330						2,247									(108)						(4.6)		%				(25)						(1.1)		%
Casualty loss			510						820						53									(310)						(37.8)		%				457						*
Depreciation and amortization			25,714						27,012						24,371									(1,298)						(4.8)		%				1,343						5.5		%
General and administrative expenses			4,216						4,623						4,162									(407)						(8.8)		%				54						1.3		%
(Gain) loss on sale of real estate and other investments			—						577						67									(577)						(100.0)		%				(67)						(100.0)		%
Loss on litigation settlement			—						—						2,864									—						N/A						(2,864)						(100.0)		%
Net operating income(1)			$	39,854					$	39,437					$	39,730								$	417					1.1		%				$	124					0.3		%
Revenue
Same-store			$	62,599					$	61,536					$	60,531								$	1,063					1.7		%				$	2,068					3.4		%
Non-same-store			1,867						1,803						—									64						3.5		%				1,867						N/A
Other properties			577						638						663									(61)						(9.6)		%				(86)						(13.0)		%
Dispositions			—						529						3,582									(529)						(100.0)		%				(3,582)						(100.0)		%
Total			65,043						64,506						64,776									537						0.8		%				267						0.4		%
Property operating expenses, including real estate taxes
Same-store			24,416						23,995						23,228									421						1.8		%				1,188						5.1		%
Non-same-store			537						566						—									(29)						(5.1)		%				537						N/A
Other properties			236						182						189									54						29.7		%				47						24.9		%
Dispositions			—						326						1,629									(326)						(100.0)		%				(1,629)						(100.0)		%
Total			25,189						25,069						25,046									120						0.5		%				143						0.6		%
Net operating income(1)
Same-store			38,183						37,541						37,303									642						1.7		%				880						2.4		%
Non-same-store			1,330						1,237						—									93						7.5		%				1,330						N/A
Other properties			341						456						474									(115)						(25.2)		%				(133)						(28.1)		%
Dispositions			—						203						1,953									(203)						(100.0)		%				(1,953)						(100.0)		%
Total			$	39,854					$	39,437					$	39,730								$	417					1.1		%				$	124					0.3		%

* Not a meaningful percentage

(1)Net operating income is a non-GAAP measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-5

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

			(in thousands, except percentages)
			Six Months Ended June 30,
			2024						2023						$ Change						% Change
Operating income			$	11,267					$	68,563					$	(57,296)					(83.6)		%
Adjustments:
Property management expenses			4,552						4,815						(263)						(5.5)		%
Casualty loss			1,330						305						1,025						336.1		%
Depreciation and amortization			52,726						50,364						2,362						4.7		%
General and administrative expenses			8,839						11,885						(3,046)						(25.6)		%
(Gain) loss on sale of real estate and other investments			577						(60,092)						60,669						(101.0)		%
Loss on litigation settlement			—						2,864						(2,864)						(100.0)		%
Net operating income(1)			$	79,291					$	78,704					$	587					0.7		%
Revenue
Same-store			$	124,135					$	119,971					$	4,164					3.5		%
Non-same-store			3,671						—						3,671						N/A
Other properties			1,214						1,338						(124)						(9.3)		%
Dispositions			529						11,364						(10,835)						(95.3)		%
Total			129,549						132,673						(3,124)						(2.4)		%
Property operating expenses, including real estate taxes
Same-store			48,411						47,753						658						1.4		%
Non-same-store			1,102						—						1,102						N/A
Other properties			418						276						142						51.4		%
Dispositions			327						5,940						(5,613)						(94.5)		%
Total			50,258						53,969						(3,711)						(6.9)		%
Net operating income(1)
Same-store			75,724						72,218						3,506						4.9		%
Non-same-store			2,569						—						2,569						N/A
Other properties			796						1,062						(266)						(25.0)		%
Dispositions			202						5,424						(5,222)						(96.3)		%
Total			$	79,291					$	78,704					$	587					0.7		%

* Not a meaningful percentage

(1)Net operating income is a non-GAAP measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-6

CENTERSPACE

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

			(in thousands, except percentages)
			Three Months Ended June 30,																											Six Months Ended June 30,
			2024						2023						$ Change						% Change									2024						2023						$ Change						% Change
Controllable expenses
On-site compensation(2)			$	6,499					$	6,484					$	15					0.2		%							$	13,040					$	12,485					$	555					4.4		%
Repairs and maintenance			3,602						3,140						462						14.7		%							6,807						6,517						290						4.4		%
Utilities			3,366						3,342						24						0.7		%							7,419						8,226						(807)						(9.8)		%
Administrative and marketing			1,617						1,351						266						19.7		%							3,189						2,640						549						20.8		%
Total			$	15,084					$	14,317					$	767					5.4		%							$	30,455					$	29,868					$	587					2.0		%
Non-controllable expenses
Real estate taxes			$	6,811					$	6,669					$	142					2.1		%							$	12,819					$	13,444					$	(625)					(4.6)		%
Insurance			2,521						2,242						279						12.4		%							5,137						4,441						696						15.7		%
Total			$	9,332					$	8,911					$	421					4.7		%							$	17,956					$	17,885					$	71					0.4		%
Total property operating expenses, including real estate taxes - same-store			$	24,416					$	23,228					$	1,188					5.1		%							$	48,411					$	47,753					$	658					1.4		%
Property operating expenses, including real estate taxes - non-same-store			$	537					$	—					$	537					N/A									$	1,102					$	—					$	1,102					N/A
Property operating expenses, including real estate taxes - other properties			236						189						47						24.9		%							418						276						142						51.4		%
Property operating expenses, including real estate taxes - dispositions			—						1,629						(1,629)						(100.0)		%							327						5,940						(5,613)						(94.5)		%
Total property operating expenses, including real estate taxes			$	25,189					$	25,046					$	143					0.6		%							$	50,258					$	53,969					$	(3,711)					(6.9)		%

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

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

S-7

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																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Funds From Operations(1)
Net income (loss) available to common shareholders						$	(2,903)					$	(5,512)					$	(9,764)					$	6,167					$	(3,470)								$	(8,415)					$	38,494
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units						(561)						(1,079)						(1,917)						1,204						(712)									(1,640)						7,854
Depreciation and amortization						25,714						27,012						26,617						24,697						24,371									52,726						50,364
Less depreciation – non real estate						(82)						(85)						(85)						(56)						(89)									(167)						(180)
Less depreciation – partially owned entities						(25)						(24)						(22)						(20)						(19)									(49)						(38)
Impairment of real estate						—						—						5,218						—						—									—						—
(Gain) loss on sale of real estate and other assets						—						577						82						(11,235)						71									577						(60,088)
FFO applicable to common shares and Units						$	22,143					$	20,889					$	20,129					$	20,757					$	20,152								$	43,032					$	36,406
Adjustments to Core FFO(1):
Non-cash casualty (recovery) loss						191						702						535						854						(52)									893						(39)
Interest rate swap amortization						173						197						315						324						159									370						297
Amortization of assumed debt						263						263						136						(116)						(116)									526						(232)
Severance and transition related costs						—						—						(10)						—						(19)									—						3,180
Loss on litigation settlement and associated trial costs(2)						—						37						1,035						34						3,201									37						3,201
Other miscellaneous items(3)						31						(42)						(35)						(129)						(22)									(11)						32
Core FFO applicable to common shares and Units						$	22,801					$	22,046					$	22,105					$	21,724					$	23,303								$	44,847					$	42,845
FFO applicable to common shares and Units						$	22,143					$	20,889					$	20,129					$	20,757					$	20,152								$	43,032					$	36,406
Dividends to Series D preferred unitholders						160						160						160						160						160									320						320
FFO applicable to common shares and Units - diluted						$	22,303					$	21,049					$	20,289					$	20,917					$	20,312								$	43,352					$	36,726
Core FFO applicable to common shares and Units						$	22,801					$	22,046					$	22,105					$	21,724					$	23,303								$	44,847					$	42,845
Dividends to Series D preferred unitholders						160						160						160						160						160									320						320
Core FFO applicable to common shares and Units - diluted						$	22,961					$	22,206					$	22,265					$	21,884					$	23,463								$	45,167					$	43,165
Per Share Data
Net income (loss) per share and Unit - diluted						$	(0.19)					$	(0.37)					$	(0.65)					$	0.41					$	(0.23)								$	(0.56)					$	2.55
FFO per share and Unit - diluted						$	1.23					$	1.16					$	1.11					$	1.15					$	1.11								$	2.39					$	2.01
Core FFO per share and Unit - diluted						$	1.27					$	1.23					$	1.22					$	1.20					$	1.28								$	2.49					$	2.36
Weighted average shares - basic						14,972						14,922						15,013						14,989						14,949									14,947						14,987
Effect of redeemable operating partnership Units for FFO and Core FFO						835						854						862						908						965									845						967
Effect of Series D preferred units for FFO and Core FFO						228						228						228						228						228									228						228
Effect of Series E preferred units for FFO and Core FFO						2,062						2,078						2,087						2,093						2,103									2,070						2,111
Effect of dilutive restricted stock units and stock options for FFO and Core FFO						32						20						31						28						24									26						20
Weighted average shares and Units for FFO and Core FFO - diluted						18,129						18,102						18,221						18,246						18,269									18,116						18,313

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of $37,000 in associated trial costs related to the litigation matter for the six months ended June 30, 2024. Consists of a $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 for the year ended December 31, 2023.

(3)Consists of (gain) loss on investments and pursuit costs.

S-8

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

						(in thousands)
						Three Months Ended																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Adjusted EBITDA
Net income (loss) available to controlling interests						$	(1,296)					$	(3,905)					$	(8,157)					$	7,774					$	(1,863)								$	(5,201)					$	41,708
Adjustments:
Dividends to Series D preferred unitholders						160						160						160						160						160									320						320
Noncontrolling interests – Operating Partnership and Series E preferred units						(561)						(1,079)						(1,917)						1,204						(712)									(1,640)						7,854
Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units						$	(1,697)					$	(4,824)					$	(9,914)					$	9,138					$	(2,415)								$	(6,521)					$	49,882
Adjustments:
Interest expense						9,318						9,193						8,900						8,542						8,626									18,511						18,931
Depreciation and amortization related to real estate investments						25,689						26,988						26,595						24,675						24,351									52,677						50,322
Impairment of real estate investments						—						—						5,218						—						—									—						—
Non-cash casualty loss (recovery)						191						702						535						854						(52)									893						(39)
Interest income						(462)						(280)						(316)						(187)						(248)									(742)						(340)
(Gain) loss on sale of real estate and other investments						—						577						83						(11,235)						71									577						(60,088)
Severance and transition related costs						—						—						(10)						—						(19)									—						3,180
Loss on litigation settlement and associated trial costs(2)						—						37						1,035						34						3,201									37						3,201
Other miscellaneous items(3)						31						(42)						(35)						(129)						(22)									(11)						32
Adjusted EBITDA						$	33,070					$	32,351					$	32,091					$	31,692					$	33,493								$	65,421					$	65,081

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of $37,000 in associated trial costs related to the litigation matter for the six months ended June 30, 2024. Consists of a $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 for the year ended December 31, 2023.

(3)Consists of (gain) loss on investments and pursuit costs.

S-9

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 (remainder)						$	—					$	—					$	—					$	—					—						—		%
2025						29,970						—						48,000						77,970						8.3		%				5.54		%
2026						102,446						—						—						102,446						10.9		%				3.59		%
2027						49,029						—						—						49,029						5.2		%				3.47		%
2028						65,737						50,000						—						115,737						12.4		%				3.14		%
Thereafter						340,817						250,000						—						590,817						63.2		%				3.47		%
Subtotal						587,999						300,000						48,000						935,999						100.0		%				3.62		%
Premiums and discounts, net						(608)						—						—						(608)
Deferred financing costs, net						(3,198)						(510)						—						(3,708)
Total debt						$	584,193					$	299,490					$	48,000					$	931,683

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

						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023
Debt Balances Outstanding(1)
Secured fixed rate - mortgages payable - other						$	388,541					$	389,874					$	391,140					$	343,709					$	367,679
Secured fixed rate - Fannie Mae credit facility						198,850						198,850						198,850						198,850						198,850
Unsecured variable rate lines of credit						48,000						40,357						30,000						—						18,989
Unsecured senior notes						300,000						300,000						300,000						300,000						300,000
Debt total						$	935,391					$	929,081					$	919,990					$	842,559					$	885,518
Mortgages payable - other rate						4.05		%				4.05		%				4.05		%				4.14		%				4.14		%
Fannie Mae Credit Facility rate						2.78		%				2.78		%				2.78		%				2.78		%				2.78		%
Lines of credit rate(2)						6.69		%				6.68		%				6.74		%				—						6.56		%
Unsecured senior notes rate						3.12		%				3.12		%				3.12		%				3.12		%				3.12		%
Total debt						3.62		%				3.59		%				3.54		%				3.46		%				3.54		%

(1)Excludes deferred financing costs.

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

						Three Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023
Reclassified from Accumulated OCI into interest expense						$	173					$	197					$	315					$	324					$	159

S-10

CENTERSPACE 

CAPITAL ANALYSIS 

(in thousands, except per share and unit amounts)

						Three Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023
Equity Capitalization
Common shares outstanding						15,057						14,912						14,963						15,052						14,949
Operating partnership units outstanding						828						844						861						864						961
Series E preferred units (as converted)						2,053						2,062						2,078						2,087						2,094
Total common shares, Units, and Series E preferred units, as converted, outstanding						17,938						17,818						17,902						18,003						18,004
Market price per common share (closing price at end of period)						$	67.63					$	57.14					$	58.20					$	60.26					$	61.36
Equity capitalization-common shares and units						$	1,213,147					$	1,018,121					$	1,041,896					$	1,084,861					$	1,104,725
Recorded book value of preferred shares						$	93,530					$	93,530					$	93,530					$	93,530					$	93,530
Total equity capitalization						$	1,306,677					$	1,111,651					$	1,135,426					$	1,178,391					$	1,198,255
Series D Preferred Units						$	16,560					$	16,560					$	16,560					$	16,560					$	16,560
Debt Capitalization
Total debt						$	935,391					$	929,081					$	919,990					$	842,559					$	885,518
Total market capitalization						$	2,258,628					$	2,057,292					$	2,071,976					$	2,037,510					$	2,100,333
Total debt to total market capitalization(1)						41.4		%				45.2		%				44.4		%				41.4		%				42.2		%

(1)Total debt to total market capitalization is a non-GAAP financial measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

						Three Months Ended																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Debt service coverage ratio(1)						3.03		x				3.02		x				3.09		x				3.11		x				3.33		x							3.02		x				2.99		x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.61		x				2.59		x				2.64		x				2.65		x				2.83		x							2.60		x				2.57		x
Net debt/Adjusted EBITDA(2)						6.96		x				7.08		x				7.10		x				6.41		x				6.54		x							7.04		x				6.73		x
Net debt and preferred equity/Adjusted EBITDA(2)						7.80		x				7.93		x				7.96		x				7.28		x				7.36		x							7.88		x				7.57		x
Distribution Data
Common shares and Units outstanding at record date						15,875						15,756						15,824						15,916						15,910									15,875						15,910
Total common distribution declared						$	11,907					$	11,805					$	11,551					$	11,615					$	11,608								$	23,712					$	23,276
Common distribution per share and Unit						$	0.75					$	0.75					$	0.73					$	0.73					$	0.73								$	1.50					$	1.46
Payout ratio (Core FFO per diluted share and unit basis)(3)						59.1		%				61.0		%				59.8		%				60.8		%				57.0		%							60.2		%				61.9		%

(1)Debt service coverage ratio is a non-GAAP financial measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Net debt divided by adjusted EBITDA and net debt and preferred equity divided by adjusted EBITDA are non-GAAP financial measures. Refer to pages S-19 through S-22 “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-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-11

CENTERSPACE

SAME-STORE SECOND QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

						Apartment Homes Included						Revenues																		Expenses																		NOI(2)
Regions												Q2 2024						Q2 2023						% Change						Q2 2024						Q2 2023						% Change						Q2 2024						Q2 2023						% Change
Denver, CO						2,104						$	13,513					$	13,348					1.2		%				$	4,623					$	4,399					5.1		%				$	8,890					$	8,949					(0.7)		%
Minneapolis, MN						4,711						23,426						22,590						3.7		%				10,045						9,599						4.6		%				13,381						12,991						3.0		%
North Dakota						1,710						7,262						6,767						7.3		%				2,684						2,510						6.9		%				4,578						4,257						7.5		%
Omaha, NE						872						3,563						3,443						3.5		%				1,559						1,381						12.9		%				2,004						2,062						(2.8)		%
Rochester, MN						1,129						5,964						5,760						3.5		%				2,126						2,137						(0.5)		%				3,838						3,623						5.9		%
St. Cloud, MN						832						3,638						3,459						5.2		%				1,464						1,405						4.2		%				2,174						2,054						5.8		%
Other Mountain West(1)						1,222						5,233						5,164						1.3		%				1,915						1,797						6.6		%				3,318						3,367						(1.5)		%
Same-Store Total						12,580						$	62,599					$	60,531					3.4		%				$	24,416					$	23,228					5.1		%				$	38,183					$	37,303					2.4		%

						% of NOI Contribution						Weighted Average Occupancy (3)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (3)
Regions												Q2 2024						Q2 2023						Growth						Q2 2024						Q2 2023						% Change						Q2 2024						Q2 2023						% Change
Denver, CO						23.3		%				95.5		%				95.7		%				(0.2)		%				$	1,982					$	1,948					1.7		%				$	2,242					$	2,209					1.5		%
Minneapolis, MN						35.0		%				95.5		%				95.1		%				0.4		%				1,537						1,506						2.1		%				1,736						1,681						3.3		%
North Dakota						12.0		%				96.1		%				96.4		%				(0.3)		%				1,329						1,242						7.0		%				1,474						1,368						7.7		%
Omaha, NE						5.2		%				93.1		%				94.7		%				(1.6)		%				1,343						1,262						6.4		%				1,463						1,389						5.3		%
Rochester, MN						10.1		%				96.1		%				95.0		%				1.1		%				1,735						1,688						2.8		%				1,832						1,790						2.3		%
St. Cloud, MN						5.7		%				93.7		%				91.7		%				2.0		%				1,364						1,343						1.6		%				1,555						1,512						2.8		%
Other Mountain West(1)						8.7		%				94.4		%				95.3		%				(0.9)		%				1,349						1,327						1.7		%				1,511						1,479						2.2		%
Same-Store Total						100.0		%				95.3		%				95.2		%				0.1		%				$	1,558					$	1,515					2.8		%				$	1,741					$	1,685					3.3		%

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

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-12

CENTERSPACE

SAME-STORE SEQUENTIAL QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

						Apartment Homes Included						Revenues																		Expenses																		NOI(2)
Regions												Q2 2024						Q1 2024						% Change						Q2 2024						Q1 2024						% Change						Q2 2024						Q1 2024						% Change
Denver, CO						2,104						$	13,513					$	13,354					1.2		%				$	4,623					$	4,589					0.7		%				$	8,890					$	8,765					1.4		%
Minneapolis, MN						4,711						23,426						22,978						1.9		%				10,045						9,414						6.7		%				13,381						13,564						(1.3)		%
North Dakota						1,710						7,262						6,995						3.8		%				2,684						2,972						(9.7)		%				4,578						4,023						13.8		%
Omaha, NE						872						3,563						3,568						(0.1)		%				1,559						1,474						5.8		%				2,004						2,094						(4.3)		%
Rochester, MN						1,129						5,964						5,915						0.8		%				2,126						2,103						1.1		%				3,838						3,812						0.7		%
St. Cloud, MN						832						3,638						3,626						0.3		%				1,464						1,614						(9.3)		%				2,174						2,012						8.1		%
Other Mountain West(1)						1,222						5,233						5,100						2.6		%				1,915						1,829						4.7		%				3,318						3,271						1.4		%
Same-Store Total						12,580						$	62,599					$	61,536					1.7		%				$	24,416					$	23,995					1.8		%				$	38,183					$	37,541					1.7		%

						% of NOI Contribution						Weighted Average Occupancy (3)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (3)
Regions												Q2 2024						Q1 2024						Growth						Q2 2024						Q1 2024						% Change						Q2 2024						Q1 2024						% Change
Denver, CO						23.3		%				95.5		%				95.3		%				0.2		%				$	1,982					$	1,976					0.3		%				$	2,242					$	2,221					0.9		%
Minneapolis, MN						35.0		%				95.5		%				94.5		%				1.0		%				1,537						1,529						0.5		%				1,736						1,720						0.9		%
North Dakota						12.0		%				96.1		%				95.6		%				0.5		%				1,329						1,303						2.0		%				1,474						1,426						3.4		%
Omaha, NE						5.2		%				93.1		%				93.3		%				(0.2)		%				1,343						1,326						1.3		%				1,463						1,462						0.1		%
Rochester, MN						10.1		%				96.1		%				94.6		%				1.5		%				1,735						1,730						0.3		%				1,832						1,846						(0.8)		%
St. Cloud, MN						5.7		%				93.7		%				93.8		%				(0.1)		%				1,364						1,353						0.8		%				1,555						1,549						0.4		%
Other Mountain West(1)						8.7		%				94.4		%				93.1		%				1.3		%				1,349						1,340						0.7		%				1,511						1,494						1.1		%
Same-Store Total						100.0		%				95.3		%				94.6		%				0.7		%				$	1,558					$	1,547					0.7		%				$	1,741					$	1,724					1.0		%

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

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-13

CENTERSPACE

SAME-STORE YEAR-TO-DATE COMPARISONS

(in thousands, except property data amounts and percentages)

						Apartment Homes Included						Revenues																		Expenses																		NOI(2)
Regions												2024						2023						% Change						2024						2023						% Change						2024						2023						% Change
Denver, CO						2,104						$	26,867					$	26,464					1.5		%				$	9,212					$	8,843					4.2		%				$	17,655					$	17,621					0.2		%
Minneapolis, MN						4,711						46,404						44,967						3.2		%				19,459						19,681						(1.1)		%				26,945						25,286						6.6		%
North Dakota						1,710						14,257						13,277						7.4		%				5,656						5,354						5.6		%				8,601						7,923						8.6		%
Omaha, NE						872						7,131						6,799						4.9		%				3,033						2,814						7.8		%				4,098						3,985						2.8		%
Rochester, MN						1,129						11,879						11,409						4.1		%				4,229						4,365						(3.1)		%				7,650						7,044						8.6		%
St. Cloud, MN						832						7,264						6,810						6.7		%				3,078						3,095						(0.5)		%				4,186						3,715						12.7		%
Other Mountain West(1)						1,222						10,333						10,245						0.9		%				3,744						3,601						4.0		%				6,589						6,644						(0.8)		%
Same-Store Total						12,580						$	124,135					$	119,971					3.5		%				$	48,411					$	47,753					1.4		%				$	75,724					$	72,218					4.9		%

						% of NOI Contribution						Weighted Average Occupancy (3)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (3)
Regions												2024						2023						Growth						2024						2023						% Change						2024						2023						% Change
Denver, CO						23.3		%				95.4		%				95.6		%				(0.2)		%				$	1,979					$	1,941					2.0		%				$	2,231					$	2,192					1.8		%
Minneapolis, MN						35.6		%				95.0		%				95.0		%				—		%				1,533						1,501						2.1		%				1,728						1,675						3.2		%
North Dakota						11.4		%				95.8		%				96.5		%				(0.7)		%				1,316						1,228						7.2		%				1,450						1,342						8.0		%
Omaha, NE						5.4		%				93.2		%				94.4		%				(1.2)		%				1,334						1,248						6.9		%				1,462						1,377						6.2		%
Rochester, MN						10.1		%				95.4		%				94.9		%				0.5		%				1,732						1,676						3.3		%				1,839						1,774						3.7		%
St. Cloud, MN						5.5		%				93.8		%				90.9		%				2.9		%				1,359						1,329						2.3		%				1,552						1,501						3.4		%
Other Mountain West(1)						8.7		%				93.8		%				95.2		%				(1.4)		%				1,344						1,323						1.6		%				1,503						1,468						2.4		%
Same-Store Total						100.0		%				94.9		%				95.0		%				(0.1)		%				$	1,552					$	1,507					3.0		%				$	1,732					$	1,672					3.6		%

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

(2)NOI is a non-GAAP financial measure. Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

(3)Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-14

CENTERSPACE

PORTFOLIO SUMMARY(1)

						As of and for the Three Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023
Number of Apartment Homes at Period End
Same-Store						12,580						12,580						12,173						12,173						12,885
Non-Same-Store						303						303						915						612						612
All Communities						12,883						12,883						13,088						12,785						13,497
Average Monthly Rental Rate(2)
Same-Store						$	1,558					$	1,547					$	1,522					$	1,511					$	1,467
Non-Same-Store						1,900						1,885						1,893						1,907						1,894
All Communities						$	1,566					$	1,555					$	1,547					$	1,530					$	1,487
Average Monthly Revenue per Occupied Apartment Home(2)
Same-Store						$	1,741					$	1,724					$	1,683					$	1,676					$	1,634
Non-Same-Store						2,125						2,053						2,055						2,072						2,072
All Communities						$	1,750					$	1,732					$	1,708					$	1,695					$	1,654
Weighted Average Occupancy(2)
Same-Store						95.3		%				94.6		%				94.8		%				94.7		%				95.2		%
Non-Same-Store						96.7		%				96.6		%				95.8		%				93.5		%				95.4		%
All Communities						95.3		%				94.6		%				94.9		%				94.6		%				95.2		%
Property Operating Expenses as a % of Scheduled Rental Rent(2)
Same-Store						41.5		%				41.1		%				41.5		%				43.3		%				41.2		%
Non-Same-Store						31.1		%				33.0		%				35.7		%				41.9		%				38.8		%
All Communities						41.2		%				40.9		%				41.0		%				43.3		%				41.1		%
Capital Expenditures
Total Recurring Capital Expenditures(2) per Apartment Home – Same-Store						$	264					$	209					$	491					$	389					$	258

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

(2)Refer to pages S-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for definitions.

S-15

CENTERSPACE

CAPITAL EXPENDITURES

($ in thousands, except per home amounts)

						Three Months Ended															Six Months Ended
Capital Expenditures						6/30/2024						6/30/2023									6/30/2024						6/30/2023
Total Same-Store Apartment Homes						12,580						12,580									12,580						12,580
All Properties - Weighted Average Apartment Homes						12,883						13,497									12,950						14,019
Same-Store
Building - Exterior						$	461					$	125								$	1,802					$	125
Building - Interior						38						16									54						16
Mechanical, Electrical, & Plumbing						469						781									3,279						1,051
Furniture & Equipment						149						153									231						167
Landscaping & Grounds						734						6									1,237						6
Turnover replacements						1,011						674									1,889						1,369
Work in progress - net change						462						1,290									(2,538)						1,677
Recurring Capital Expenditures(1) - Same-Store						$	3,324					$	3,045								$	5,954					$	4,411
Recurring Capital Expenditures(1) per Apartment Home - Same-Store						$	264					$	242								$	473					$	351
Recurring Capital Expenditures(1) - All Properties						$	3,372					$	3,233								$	6,050					$	4,939
Recurring Capital Expenditures(1) per Apartment Home - All Properties						$	262					$	240								$	467					$	352
Value Add(1)
Same-Store
Interior - Units						$	456					$	4,499								$	693					$	5,718
Common Areas and Exterior						11,902						1,354									$	18,030					$	2,598
Work in Progress - net change						(5,961)						123									$	(2,801)					$	216
Total Value Add - Same Store						$	6,397					$	5,976								$	15,922					$	8,532
All Properties
Interior - Units						$	456					$	4,499								$	693					$	5,718
Common Areas and Exterior						12,342						1,354									$	18,475					$	2,672
Work in Progress - net change						(6,389)						123									$	(2,801)					$	216
Total Value Add - All Properties						$	6,409					$	5,976								$	16,367					$	8,606
Acquisition and Other Capital Expenditures(1)(2)
All Properties						$	5,756					$	5,296								8,337						10,133
Total Capital Spend
Total Capital Spend - Same-Store(3)						$	9,721					$	9,021								$	21,876					$	12,943
Total Capital Spend per Apartment Home - Same-Store(3)						$	773					$	717								$	1,739					$	1,029
Total Capital Spend - All Properties						$	15,537					$	14,505								$	30,754					$	23,678
Total Capital Spend per Apartment Home - All Properties						$	1,206					$	1,075								$	2,375					$	1,689

(1)Refer to pages S-19 through S-22 “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 three and six months ended June 30, 2023, $6,000 and $171,000 was reclassified to Acquisition and Other Capital Expenditures, respectively.

(3)Includes value-add and excludes acquisition and other capital expenditures on same-store communities.

S-16

CENTERSPACE

2024 Financial Outlook

(in thousands, except per share and per home amounts)

Centerspace revised its financial outlook for 2024 in the table below.

									2024 Previous Outlook Range												2024 Revised Outlook Range
			Six Months Ended						Low						High						Low						High
			June 30, 2024						Amount						Amount						Amount						Amount
Same-store growth
Revenue			$	124,135					3.00		%				4.50		%				3.25		%				4.25		%
Controllable expenses			30,455						4.00		%				5.50		%				3.25		%				4.25		%
Non-controllable expenses			17,956						4.00		%				5.50		%				3.50		%				5.00		%
Total Expenses			$	48,411					4.00		%				5.50		%				3.50		%				4.75		%
Same-store NOI(1)			$	75,724					2.50		%				4.00		%				3.00		%				4.00		%
Components of NOI(1)
Same-store			$	75,724					$	148,900					$	151,000					$	149,600					$	151,000
Non-same-store			2,569						4,900						5,100						5,000						5,200
Other properties			796						1,750						1,850						1,750						1,850
Dispositions			202						$	203					$	203					$	203					$	203
Total NOI(1)			$	79,291					$	155,753					$	158,153					$	156,553					$	158,253
Other operating income and expenses
General and administrative and property management			(13,391)						(28,000)						(27,500)						(27,900)						(27,400)
Casualty loss			(1,330)						(1,850)						(1,750)						(2,050)						(1,950)
Non-real estate depreciation and amortization			(216)						(400)						(350)						(400)						(350)
Non-controlling interest			(66)						(120)						(130)						(120)						(130)
Total other operating income and expenses			$	(15,003)					$	(30,370)					$	(29,730)					$	(30,470)					$	(29,830)
Interest expense			$	(18,539)					(38,200)						(37,800)						(36,850)						(36,500)
Interest and other income			817						$	1,800					$	2,000					$	1,800					$	2,000
Dividends to preferred shareholders			(3,214)						(6,428)						(6,428)						(6,428)						(6,428)
FFO applicable to common shares and Units - diluted(1)			$	43,352					$	82,555					$	86,195					$	84,605					$	87,495
Non-core income and expenses
Non-cash casualty loss			$	893					$	1,050					$	1,000					$	1,150					$	1,100
Interest rate swap amortization			370						725						700						725						700
Amortization of assumed debt			526						1,075						1,025						1,075						1,025
Loss on litigation settlement and associated trial costs			37						125						100						125						100
Other miscellaneous items			(11)						100						50						100						50
Total non-core income and expenses			$	1,815					$	3,075					$	2,875					$	3,175					$	2,975
Core FFO applicable to common shares and Units - diluted(1)			$	45,167					$	85,630					$	89,070					$	87,780					$	90,470
Net loss per share - diluted			$	(0.56)					$	(1.34)					$	(1.10)					$	(1.21)					$	(1.01)
FFO per diluted share(1)			$	2.39					$	4.57					$	4.76					$	4.61					$	4.76
Core FFO per diluted share(1)			$	2.49					$	4.74					$	4.92					$	4.78					$	4.92
Weighted average shares outstanding - diluted			18,116						18,075						18,100						18,350						18,375
Additional Assumptions
Same-store recurring capital expenditures (per home)			$	473					$	1,075					$	1,150					$	1,100					$	1,150
Value-add expenditures			$	16,367					$	25,000					$	27,000					$	23,000					$	25,000
Proceeds from Dispositions			$	19,000					$	19,000					$	19,000					$	19,000					$	19,000

(1)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-19 through S-22 “Non-GAAP Financial Measures and Other Terms” for additional information.

S-17

Reconciliation 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 (loss) 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 statements under applicable U.S. federal securities laws.

									Previous Outlook												Revised Outlook
			Six Months Ended						12 Months Ended												12 Months Ended
			June 30, 2024						December 31, 2024												December 31, 2024
			Actual						Low						High						Low						High
Net loss available to common shareholders			$	(8,415)					$	(16,468)					$	(11,953)					$	(14,418)					$	(10,653)
Noncontrolling interests - Operating Partnership and Series E preferred units			(1,640)						(7,795)						(7,885)						(7,795)						(7,885)
Depreciation and amortization			52,726						106,098						105,298						106,098						105,298
Less depreciation - non real estate			(167)						(400)						(350)						(400)						(350)
Less depreciation - partially owned entities			(49)						(120)						(130)						(120)						(130)
Loss on sale of real estate			577						600						575						600						575
Dividends to preferred unitholders			320						640						640						640						640
FFO applicable to common shares and Units - diluted			$	43,352					$	82,555					$	86,195					$	84,605					$	87,495
Adjustments to Core FFO:
Non-cash casualty loss			893						1,050						1,000						1,150						1,100
Interest rate swap amortization			370						725						700						725						700
Amortization of assumed debt			526						1,075						1,025						1,075						1,025
Loss on litigation settlement and associated trial costs			37						125						100						125						100
Other miscellaneous items			(11)						100						50						100						50
Core FFO applicable to common shares and Units - diluted			$	45,167					$	85,630					$	89,070					$	87,780					$	90,470
Net loss per share - diluted			$	(0.56)					$	(1.34)					$	(1.10)					$	(1.21)					$	(1.01)
FFO per share - diluted			$	2.39					$	4.57					$	4.76					$	4.61					$	4.76
Core FFO per share - diluted			$	2.49					$	4.74					$	4.92					$	4.78					$	4.92

Reconciliation 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 sales of real estate and other investments, impairment, depreciation, amortization, financing costs, property management expenses, casualty losses, loss on litigation settlement, 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.

									Previous Outlook												Revised Outlook
			Six Months Ended						12 Months Ended												12 Months Ended
			June 30, 2024						December 31, 2024												December 31, 2024
			Actual						Low						High						Low						High
Operating income			$	11,267					$	19,080					$	22,930					$	19,780					$	22,930
Adjustments:
General and administrative and property management expenses			13,391						28,000						27,500						27,900						27,400
Casualty loss			1,330						1,850						1,750						2,050						1,950
Depreciation and amortization			52,726						106,098						105,298						106,098						105,298
Loss on sale of real estate and other investments			577						600						575						600						575
Loss on litigation settlement and associated trial costs			—						125						100						125						100
Net operating income			$	79,291					$	155,753					$	158,153					$	156,553					$	158,253

S-18

CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

Acquisition and Other Capital Expenditures

Acquisition and other non-routine capital expenditures represent 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																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Adjusted EBITDA						$	33,070					$	32,351					$	32,091					$	31,692					$	33,493								$	65,421					$	65,081
Interest Expense						9,318						9,193						8,913						8,556						8,641									18,511						18,960
Principal Amortization						1,596						1,529						1,487						1,646						1,416									3,125						2,799
Total Interest Expense and Principal Amortization						10,914						10,722						10,400						10,202						10,057									21,636						21,759
Distributions paid to Series C preferred shareholders and Series D preferred unitholders						1,767						1,767						1,767						1,767						1,767									3,534						3,534
Total Interest Expense, Principal Amortization, and preferred distributions						12,681						12,489						12,167						11,969						11,824									25,170						25,293
Debt Service Coverage Ratio						3.03						3.02						3.09						3.11						3.33									3.02						2.99
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.61						2.59						2.64						2.65						2.83									2.60						2.57

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.

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:

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•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 (loss) 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 (loss), 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.

						As of and for the																																	As of and for the
						Three Months Ended																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Total debt						$	935,391					$	929,081					$	919,990					$	842,559					$	885,518								$	935,391					$	885,518
Less: cash and cash equivalents						14,328						12,682						8,630						29,701						9,745									14,328						9,745
Net debt						$	921,063					$	916,399					$	911,360					$	812,858					$	875,773								$	921,063					$	875,773
Adjusted EBITDA(1)						$	132,280					$	129,404					$	128,364					$	126,768					$	133,972								$	130,842					$	130,162
Net debt/Adjusted EBITDA						6.96						7.08						7.10						6.41						6.54									7.04						6.73
Preferred Equity						$	110,090					$	110,090					$	110,090					$	110,090					$	110,090								$	110,090					$	110,090
Net debt and preferred equity						$	1,031,153					$	1,026,489					$	1,021,450					$	922,948					$	985,863								$	1,031,153					$	985,863
Adjusted EBITDA(1)						$	132,280					$	129,404					$	128,364					$	126,768					$	133,972								$	130,842					$	130,162
Net debt and preferred equity/Adjusted EBITDA						7.80						7.93						7.96						7.28						7.36									7.88						7.57

(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, impairment, depreciation and amortization, financing costs, property management expenses, casualty losses, loss on litigation settlement, 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																																	Six Months Ended
						6/30/2024						3/31/2024						12/31/2023						9/30/2023						6/30/2023									6/30/2024						6/30/2023
Common distribution per share and unit						$	0.75					$	0.75					$	0.73					$	0.73					$	0.73								$	1.50					$	1.46
Core FFO per common share and unit diluted						1.27						1.23						1.22						1.20						1.28									2.49						2.36
Payout ratio						59.1		%				61.0		%				59.8		%				60.8		%				57.0		%							60.2		%				61.9		%

Recurring Capital Expenditures

Recurring capital expenditures represent 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

Value add represents expenditures that are expected to 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 rental revenue. Scheduled rental revenue represents the value of all apartment homes, with occupied 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. 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 and other real estate companies.

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