Exhibit 99.1

Earnings Release

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

MINNEAPOLIS, MN, October 28, 2024 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three and nine months ended September 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 nine months ended September 30, 2024; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; along with Same-Store Weighted-Average Occupancy and leasing rates for each of the three and applicable nine months ended September 30, 2024, June 30, 2024, and September 30, 2023.

						Three Months Ended September 30,												Nine Months Ended September 30,
Per Common Share						2024						2023						2024						2023
Net income (loss) - diluted						$	(0.40)					$	0.41					$	(0.96)					$	2.96
FFO - diluted(1)						$	1.01					$	1.15					$	3.40					$	3.15
Core FFO - diluted(1)						$	1.18					$	1.20					$	3.68					$	3.56

						Year-Over-Year Comparison						Sequential Comparison						YTD Comparison
Same-Store Results(2)						Q3 2024 vs. Q3 2023						Q3 2024 vs. Q2 2024						2024 vs. 2023
Revenues						3.0%						—%						3.3%
Expenses						3.2%						5.8%						2.0%
NOI(1)						2.8%						(3.7)%						4.2%

												Three months ended																		Nine months ended
Same-Store Results(2)												September 30, 2024						June 30, 2024						September 30, 2023						September 30, 2024						September 30, 2023
Weighted Average Occupancy												95.3%						95.3%						94.6%						95.1%						94.9%
New Lease Rate Growth												(1.2)%						3.6%						2.0%						0.8%						3.1%
Renewal Lease Rate Growth												3.2%						3.6%						4.7%						3.3%						4.9%
Blended Lease Rate Growth (3)												1.5%						3.6%						3.6%						2.2%						4.0%

(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.

(3)Blended lease rate growth is weighted by lease count.

Highlights for the Third Quarter and Year-to-Date

•Centerspace raised the mid-point and narrowed the 2024 financial outlook ranges for net loss 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;

•Centerspace issued approximately 1.5 million common shares for net consideration of $105.1 million, and an average price of $71.12 per share during the third quarter of 2024 under its at-the-market offering program and used the proceeds to redeem all of its outstanding Series C preferred shares for $97.0 million, which had a distribution equal to 6.625%;

•Net loss was $0.40 per diluted share for the third quarter of 2024, compared to net income of $0.41 per diluted share for the same period of the prior year;

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•Core FFO per diluted share increased 3.4% to $3.68 for the nine months ended September 30, 2024, compared to $3.56 for the nine months ended September 30, 2023; and

•Same-store revenues increased by 3.0% for the third quarter of 2024 compared to the third quarter of 2023, driving a 2.8% increase in same-store NOI compared to the same period of the prior year.

Balance Sheet

At the end of the third quarter, Centerspace had $235.5 million of total liquidity on its balance sheet, consisting of $221.0 million available under the lines of credit and cash and cash equivalents of $14.5 million.

Updated 2024 Financial Outlook

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

			Previous Outlook for 2024						Updated Outlook for 2024
			Low			High			Low			High
Net income per Share – diluted			$(1.21)			$(1.01)			$(1.21)			$(1.06)
Same-Store Revenue			3.25%			4.25%			3.00%			3.50%
Same-Store Expenses			3.50%			4.75%			2.50%			3.25%
Same-Store NOI			3.00%			4.00%			3.25%			3.75%
FFO per Share – diluted			$4.61			$4.76			$4.50			$4.59
Core FFO per Share – diluted			$4.78			$4.92			$4.82			$4.90

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

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

On October 1, 2024, Centerspace closed on the acquisition of The Lydian in Denver, CO, for total consideration of $54.0 million. The acquisition was financed through the assumption of mortgage debt, issuance of common operating partnership units, and cash.

Upcoming Events

Centerspace is scheduled to participate in Nareit’s REITworld conference in Las Vegas, NV, November 18-21.

Earnings Call

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

Live Conference Call

Conference Call Replay

Tuesday, October 29, 2024, at 10:00 AM ET

Replay available until November 12, 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

Canada Toll Free

1-833-950-0062

Access Code

050510

Access Code

581939

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended September 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 952-401-6600. 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 September 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

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Supplemental Financial and Operating Data

Table of Contents

September 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
						September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023
High closing price						$	75.50					$	70.93					$	58.00					$	59.33					$	66.57
Low closing price						$	67.04					$	55.48					$	52.65					$	47.82					$	59.39
Average closing price						$	71.91					$	65.88					$	55.68					$	54.61					$	62.52
Closing price at end of quarter						$	70.47					$	67.63					$	57.14					$	58.20					$	60.26
Common share distributions – annualized						$	3.00					$	3.00					$	3.00					$	2.92					$	2.92
Closing dividend yield – annualized						4.3		%				4.4		%				5.3		%				5.0		%				4.8		%
Closing common shares outstanding (thousands)						16,568						15,057						14,912						14,963						15,052
Closing limited partnership units outstanding (thousands)						809						828						844						861						864
Closing Series E preferred units outstanding, as converted (thousands)						2,038						2,053						2,062						2,078						2,087
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)						19,415						17,938						17,818						17,902						18,003
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)						$	1,368,175					$	1,213,147					$	1,018,121					$	1,041,896					$	1,084,861

S-1

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands)

						Three Months Ended																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
REVENUE						$	65,025					$	65,043					$	64,506					$	64,068					$	64,568								$	194,574					$	197,241
EXPENSES
Property operating expenses, excluding real estate taxes						19,628						18,108						18,764						18,237						19,602									56,500						58,816
Real estate taxes						7,031						7,081						6,305						6,861						7,143									20,417						21,898
Property management expense						2,242						2,222						2,330						2,341						2,197									6,794						7,012
Casualty (gain) loss						(412)						510						820						853						937									918						1,242
Depreciation and amortization						26,084						25,714						27,012						26,617						24,697									78,810						75,061
Impairment of real estate investments						—						—						—						5,218						—									—						—
General and administrative expenses						4,102						4,216						4,623						4,363						3,832									12,941						15,717
TOTAL EXPENSES						$	58,675					$	57,851					$	59,854					$	64,490					$	58,408								$	176,380					$	179,746
Gain (loss) on sale of real estate and other investments						—						—						(577)						(83)						11,235									(577)						71,327
Loss on litigation settlement						—						—						—						(1,000)						—									—						(2,864)
Operating income (loss)						6,350						7,192						4,075						(1,505)						17,395									17,617						85,958
Interest expense						(8,946)						(9,332)						(9,207)						(8,913)						(8,556)									(27,485)						(27,516)
Interest and other income						645						477						340						533						330									1,462						674
Net income (loss)						$	(1,951)					$	(1,663)					$	(4,792)					$	(9,885)					$	9,169								$	(8,406)					$	59,116
Dividends to Series D preferred unitholders						(160)						(160)						(160)						(160)						(160)									(480)						(480)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units						1,095						561						1,079						1,917						(1,204)									2,735						(9,058)
Net income attributable to noncontrolling interests – consolidated real estate entities						(32)						(34)						(32)						(29)						(31)									(98)						(96)
Net income (loss) attributable to controlling interests						(1,048)						(1,296)						(3,905)						(8,157)						7,774									(6,249)						49,482
Dividends to preferred shareholders						(1,607)						(1,607)						(1,607)						(1,607)						(1,607)									(4,821)						(4,821)
Redemption of preferred shares						(3,511)						—						—						—						—									(3,511)						—
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS						$	(6,166)					$	(2,903)					$	(5,512)					$	(9,764)					$	6,167								$	(14,581)					$	44,661
Per Share Data - Basic
Net income (loss) per common share – basic						$	(0.40)					$	(0.19)					$	(0.37)					$	(0.65)					$	0.41								$	(0.96)					$	2.98
Per Share Data - Diluted
Net income (loss) per common share – diluted						$	(0.40)					$	(0.19)					$	(0.37)					$	(0.65)					$	0.41								$	(0.96)					$	2.96

S-2

CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023
ASSETS
Real estate investments
Property owned						$	2,438,255					$	2,428,290					$	2,413,488					$	2,420,146					$	2,326,408
Less accumulated depreciation						(604,175)						(578,691)						(553,231)						(530,703)						(516,673)
Total real estate investments						1,834,080						1,849,599						1,860,257						1,889,443						1,809,735
Cash and cash equivalents						14,453						14,328						12,682						8,630						29,701
Restricted cash						2,794						1,084						1,066						639						22,496
Other assets						36,078						34,414						29,468						27,649						16,349
TOTAL ASSETS						$	1,887,405					$	1,899,425					$	1,903,473					$	1,926,361					$	1,878,281
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses						$	61,000					$	52,885					$	54,614					$	62,754					$	62,674
Revolving lines of credit						39,000						48,000						40,357						30,000						—
Notes payable, net of unamortized loan costs						299,506						299,490						299,475						299,459						299,443
Mortgages payable, net of unamortized loan costs						582,760						584,193						585,382						586,563						539,245
TOTAL LIABILITIES						$	982,266					$	984,568					$	979,828					$	978,776					$	901,362
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
Common Shares of Beneficial Interest						1,270,752						1,167,055						1,160,492						1,165,694						1,169,025
Accumulated distributions in excess of net income						(597,720)						(579,139)						(564,951)						(548,273)						(527,586)
Accumulated other comprehensive loss						(578)						(749)						(922)						(1,119)						(1,434)
Total shareholders’ equity						$	672,454					$	680,697					$	688,149					$	709,832					$	733,535
Noncontrolling interests – Operating Partnership and Series E preferred units						215,444						216,901						218,255						220,544						226,205
Noncontrolling interests – consolidated real estate entities						681						699						681						649						619
TOTAL EQUITY						$	888,579					$	898,297					$	907,085					$	931,025					$	960,359
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY						$	1,887,405					$	1,899,425					$	1,903,473					$	1,926,361					$	1,878,281

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 nine months ended September 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
			9/30/2024						6/30/2024						9/30/2023									$ Change						% Change						$ Change						% Change
Operating income			$	6,350					$	7,192					$	17,395								$	(842)					(11.7)		%				$	(11,045)					(63.5)		%
Adjustments:
Property management expenses			2,242						2,222						2,197									20						0.9		%				45						2.0		%
Casualty (gain) loss			(412)						510						937									(922)						(180.8)		%				(1,349)						(144.0)		%
Depreciation and amortization			26,084						25,714						24,697									370						1.4		%				1,387						5.6		%
General and administrative expenses			4,102						4,216						3,832									(114)						(2.7)		%				270						7.0		%
Gain on sale of real estate and other investments			—						—						(11,235)									—						N/A						11,235						(100.0)		%
Net operating income(1)			$	38,366					$	39,854					$	37,823								$	(1,488)					(3.7)		%				$	543					1.4		%
Revenue
Same-store			$	62,610					$	62,599					$	60,789								$	11					—		%				$	1,821					3.0		%
Non-same-store			1,847						1,867						—									(20)						(1.1)		%				1,847						N/A
Other properties			568						577						676									(9)						(1.6)		%				(108)						(16.0)		%
Dispositions			—						—						3,103									—						*						(3,103)						*
Total			65,025						65,043						64,568									(18)						—		%				457						0.7		%
Property operating expenses, including real estate taxes
Same-store			25,825						24,416						25,018									1,409						5.8		%				807						3.2		%
Non-same-store			605						537						—									68						12.7		%				605						N/A
Other properties			229						236						271									(7)						(3.0)		%				(42)						(15.5)		%
Dispositions			—						—						1,456									—						*						(1,456)						*
Total			26,659						25,189						26,745									1,470						5.8		%				(86)						(0.3)		%
Net operating income(1)
Same-store			36,785						38,183						35,771									(1,398)						(3.7)		%				1,014						2.8		%
Non-same-store			1,242						1,330						—									(88)						(6.6)		%				1,242						N/A
Other properties			339						341						405									(2)						(0.6)		%				(66)						(16.3)		%
Dispositions			—						—						1,647									—						*						(1,647)						*
Total			$	38,366					$	39,854					$	37,823								$	(1,488)					(3.7)		%				$	543					1.4		%

(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.

* Not a meaningful percentage.

S-5

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

			(in thousands, except percentages)
			Nine Months Ended September 30,
			2024						2023						$ Change						% Change
Operating income			$	17,617					$	85,958					$	(68,341)					(79.5)		%
Adjustments:
Property management expenses			6,794						7,012						(218)						(3.1)		%
Casualty loss			918						1,242						(324)						(26.1)		%
Depreciation and amortization			78,810						75,061						3,749						5.0		%
General and administrative expenses			12,941						15,717						(2,776)						(17.7)		%
(Gain) loss on sale of real estate and other investments			577						(71,327)						71,904						(100.8)		%
Loss on litigation settlement			—						2,864						(2,864)						(100.0)		%
Net operating income(1)			$	117,657					$	116,527					$	1,130					1.0		%
Revenue
Same-store			$	186,745					$	180,759					$	5,986					3.3		%
Non-same-store			5,517						—						5,517						N/A
Other properties			1,783						2,014						(231)						(11.5)		%
Dispositions			529						14,468						(13,939)						*
Total			194,574						197,241						(2,667)						(1.4)		%
Property operating expenses, including real estate taxes
Same-store			74,236						72,771						1,465						2.0		%
Non-same-store			1,707						—						1,707						N/A
Other properties			647						546						101						18.5		%
Dispositions			327						7,397						(7,070)						*
Total			76,917						80,714						(3,797)						(4.7)		%
Net operating income(1)
Same-store			112,509						107,988						4,521						4.2		%
Non-same-store			3,810						—						3,810						N/A
Other properties			1,136						1,468						(332)						(22.6)		%
Dispositions			202						7,071						(6,869)						*
Total			$	117,657					$	116,527					$	1,130					1.0		%

(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.

* Not a meaningful percentage.

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 September 30,																											Nine Months Ended September 30,
			2024						2023						$ Change						% Change									2024						2023						$ Change						% Change
Controllable expenses
On-site compensation(2)			$	6,621					$	6,765					$	(144)					(2.1)		%							$	19,660					$	19,250					$	410					2.1		%
Repairs and maintenance			4,009						4,138						(129)						(3.1)		%							10,816						10,654						162						1.5		%
Utilities			3,701						3,607						94						2.6		%							11,120						11,833						(713)						(6.0)		%
Administrative and marketing			1,828						1,525						303						19.9		%							5,018						4,166						852						20.5		%
Total			$	16,159					$	16,035					$	124					0.8		%							$	46,614					$	45,903					$	711					1.5		%
Non-controllable expenses
Real estate taxes			$	6,759					$	6,685					$	74					1.1		%							$	19,577					$	20,129					$	(552)					(2.7)		%
Insurance			2,907						2,298						609						26.5		%							8,045						6,739						1,306						19.4		%
Total			$	9,666					$	8,983					$	683					7.6		%							$	27,622					$	26,868					$	754					2.8		%
Total property operating expenses, including real estate taxes - same-store			$	25,825					$	25,018					$	807					3.2		%							$	74,236					$	72,771					$	1,465					2.0		%
Property operating expenses, including real estate taxes - non-same-store			$	605					$	—					$	605					N/A									$	1,707					$	—					$	1,707					N/A
Property operating expenses, including real estate taxes - other properties			229						271						(42)						(15.5)		%							647						546						101						18.5		%
Property operating expenses, including real estate taxes - dispositions			—						1,456						(1,456)						*									327						7,397						(7,070)						*
Total property operating expenses, including real estate taxes			$	26,659					$	26,745					$	(86)					(0.3)		%							$	76,917					$	80,714					$	(3,797)					(4.7)		%

(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.

* Not a meaningful percentage.

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																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Funds From Operations(1)
Net income (loss) available to common shareholders						$	(6,166)					$	(2,903)					$	(5,512)					$	(9,764)					$	6,167								$	(14,581)					$	44,661
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units						(1,095)						(561)						(1,079)						(1,917)						1,204									(2,735)						9,058
Depreciation and amortization						26,084						25,714						27,012						26,617						24,697									78,810						75,061
Less depreciation – non real estate						(81)						(82)						(85)						(85)						(56)									(248)						(236)
Less depreciation – partially owned entities						(25)						(25)						(24)						(22)						(20)									(74)						(58)
Impairment of real estate						—						—						—						5,218						—									—						—
(Gain) loss on sale of real estate and other assets						—						—						577						82						(11,235)									577						(71,323)
FFO applicable to common shares and Units						$	18,717					$	22,143					$	20,889					$	20,129					$	20,757								$	61,749					$	57,163
Adjustments to Core FFO(1):
Non-cash casualty (recovery) loss						(632)						191						702						535						854									261						815
Interest rate swap amortization						171						173						197						315						324									542						621
Amortization of assumed debt						263						263						263						136						(116)									789						(348)
Severance and transition related costs						—						—						—						(10)						—									—						3,180
Loss on litigation settlement and associated trial costs(2)						—						—						37						1,035						34									37						3,235
Redemption of preferred shares						3,511						—						—						—						—									3,511						—
Other miscellaneous items(3)						(61)						31						(42)						(35)						(129)									(72)						(97)
Core FFO applicable to common shares and Units						$	21,969					$	22,801					$	22,046					$	22,105					$	21,724								$	66,817					$	64,569
FFO applicable to common shares and Units						$	18,717					$	22,143					$	20,889					$	20,129					$	20,757								$	61,749					$	57,163
Dividends to Series D preferred unitholders						160						160						160						160						160									480						480
FFO applicable to common shares and Units - diluted						$	18,877					$	22,303					$	21,049					$	20,289					$	20,917								$	62,229					$	57,643
Core FFO applicable to common shares and Units						$	21,969					$	22,801					$	22,046					$	22,105					$	21,724								$	66,817					$	64,569
Dividends to Series D preferred unitholders						160						160						160						160						160									480						480
Core FFO applicable to common shares and Units - diluted						$	22,129					$	22,961					$	22,206					$	22,265					$	21,884								$	67,297					$	65,049
Per Share Data
Net income (loss) per share and Unit - diluted						$	(0.40)					$	(0.19)					$	(0.37)					$	(0.65)					$	0.41								$	(0.96)					$	2.96
FFO per share and Unit - diluted(1)						$	1.01					$	1.23					$	1.16					$	1.11					$	1.15								$	3.40					$	3.15
Core FFO per share and Unit - diluted(1)						$	1.18					$	1.27					$	1.23					$	1.22					$	1.20								$	3.68					$	3.56
Weighted average shares - basic						15,528						14,972						14,922						15,013						14,989									15,143						14,988
Effect of redeemable operating partnership Units for FFO and Core FFO						818						835						854						862						908									836						943
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						2,053						2,062						2,078						2,087						2,093									2,064						2,105
Effect of dilutive restricted stock units and stock options for FFO and Core FFO						49						32						20						31						28									32						23
Weighted average shares and Units for FFO and Core FFO - diluted						18,676						18,129						18,102						18,221						18,246									18,303						18,287

(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 nine months ended September 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 one-time professional fees.

S-8

CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

						(in thousands)
						Three Months Ended																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Adjusted EBITDA
Net income (loss) available to controlling interests						$	(1,048)					$	(1,296)					$	(3,905)					$	(8,157)					$	7,774								$	(6,249)					$	49,482
Adjustments:
Dividends to Series D preferred unitholders						160						160						160						160						160									480						480
Noncontrolling interests – Operating Partnership and Series E preferred units						(1,095)						(561)						(1,079)						(1,917)						1,204									(2,735)						9,058
Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units						$	(1,983)					$	(1,697)					$	(4,824)					$	(9,914)					$	9,138								$	(8,504)					$	59,020
Adjustments:
Interest expense						8,932						9,318						9,193						8,900						8,542									27,443						27,473
Depreciation and amortization related to real estate investments						26,059						25,689						26,988						26,595						24,675									78,736						74,997
Impairment of real estate						—						—						—						5,218						—									—						—
Non-cash casualty (recovery) loss						(632)						191						702						535						854									261						815
Interest income						(558)						(462)						(280)						(316)						(187)									(1,300)						(527)
(Gain) loss on sale of real estate and other assets						—						—						577						83						(11,235)									577						(71,323)
Severance and transition related costs						—						—						—						(10)						—									—						3,180
Loss on litigation settlement and associated trial costs(2)						—						—						37						1,035						34									37						3,235
Other miscellaneous items(3)						(61)						31						(42)						(35)						(129)									(72)						(97)
Adjusted EBITDA						$	31,757					$	33,070					$	32,351					$	32,091					$	31,692								$	97,178					$	96,773

(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 nine months ended September 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 one-time professional fees.

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						29,745						—						—						29,745						3.2		%				3.70		%
2026						101,809						—						—						101,809						11.0		%				3.59		%
2027						48,701						—						—						48,701						5.3		%				3.47		%
2028						65,707						50,000						39,000						154,707						16.7		%				4.04		%
Thereafter						340,182						250,000						—						590,182						63.8		%				3.47		%
Subtotal						586,144						300,000						39,000						925,144						100.0		%				3.59		%
Premiums and discounts, net						(345)						—						—						(345)
Deferred financing costs, net						(3,039)						(494)						—						(3,533)
Total debt						$	582,760					$	299,506					$	39,000					$	921,266

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

						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023
Debt Balances Outstanding(1)
Secured fixed rate - mortgages payable - other						$	386,949					$	388,541					$	389,874					$	391,140					$	343,709
Secured fixed rate - Fannie Mae credit facility						198,850						198,850						198,850						198,850						198,850
Unsecured variable rate lines of credit						39,000						48,000						40,357						30,000						—
Unsecured senior notes						300,000						300,000						300,000						300,000						300,000
Debt total						$	924,799					$	935,391					$	929,081					$	919,990					$	842,559
Mortgages payable - other rate						4.05		%				4.05		%				4.05		%				4.05		%				4.14		%
Fannie Mae Credit Facility rate						2.78		%				2.78		%				2.78		%				2.78		%				2.78		%
Lines of credit rate(2)						6.70		%				6.69		%				6.68		%				6.74		%				—		%
Unsecured senior notes rate						3.12		%				3.12		%				3.12		%				3.12		%				3.12		%
Total debt						3.59		%				3.62		%				3.59		%				3.54		%				3.46		%

(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
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023
Reclassified from Accumulated OCI into interest expense						$	171					$	173					$	197					$	315					$	324

S-10

CENTERSPACE 

CAPITAL ANALYSIS 

(in thousands, except per share and unit amounts)

						Three Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023
Equity Capitalization
Common shares outstanding						16,568						15,057						14,912						14,963						15,052
Operating partnership units outstanding						809						828						844						861						864
Series E preferred units (as converted)						2,038						2,053						2,062						2,078						2,087
Total common shares, Units, and Series E preferred units, as converted, outstanding						19,415						17,938						17,818						17,902						18,003
Market price per common share (closing price at end of period)						$	70.47					$	67.63					$	57.14					$	58.20					$	60.26
Equity capitalization-common shares and units						$	1,368,175					$	1,213,147					$	1,018,121					$	1,041,896					$	1,084,861
Recorded book value of preferred shares						$	—					$	93,530					$	93,530					$	93,530					$	93,530
Total equity capitalization						$	1,368,175					$	1,306,677					$	1,111,651					$	1,135,426					$	1,178,391
Series D Preferred Units						$	16,560					$	16,560					$	16,560					$	16,560					$	16,560
Debt Capitalization
Total debt(1)						$	924,799					$	935,391					$	929,081					$	919,990					$	842,559
Total market capitalization						$	2,309,534					$	2,258,628					$	2,057,292					$	2,071,976					$	2,037,510
Total debt to total market capitalization(2)						40.0		%				41.4		%				45.2		%				44.4		%				41.4		%

(1)Excludes deferred financing costs.

(2)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																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Debt service coverage ratio(1)						2.94		x				3.03		x				3.02		x				3.09		x				3.11		x							3.00		x				3.03		x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.53		x				2.61		x				2.59		x				2.64		x				2.65		x							2.58		x				2.60		x
Net debt/Adjusted EBITDA(1)						7.17		x				6.96		x				7.08		x				7.10		x				6.41		x							7.03		x				6.30		x
Net debt and preferred equity/Adjusted EBITDA(1)						7.30		x				7.80		x				7.93		x				7.96		x				7.28		x							7.15		x				7.15		x
Distribution Data
Common shares and Units outstanding at record date (in thousands)						17,377						15,875						15,756						15,824						15,916									17,377						15,916
Total common distribution declared (in thousands)						$	13,022					$	11,907					$	11,805					$	11,551					$	11,615								$	36,734					$	34,891
Common distribution per share and Unit						$	0.75					$	0.75					$	0.75					$	0.73					$	0.73								$	2.25					$	2.19
Payout ratio (Core FFO per diluted share and unit basis)(2)						63.6		%				59.1		%				61.0		%				59.8		%				60.8		%							61.1		%				61.5		%

(1)Debt service coverage ratio, 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.

(2)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 THIRD QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

						Apartment Homes Included						Revenues																		Expenses																		NOI(2)
Regions												Q3 2024						Q3 2023						% Change						Q3 2024						Q3 2023						% Change						Q3 2024						Q3 2023						% Change
Denver, CO						2,104						$	13,415					$	13,113					2.3		%				$	4,967					$	4,685					6.0		%				$	8,448					$	8,428					0.2		%
Minneapolis, MN						4,711						23,203						22,699						2.2		%				10,510						10,321						1.8		%				12,693						12,378						2.5		%
North Dakota						1,710						7,398						6,912						7.0		%				2,759						2,718						1.5		%				4,639						4,194						10.6		%
Omaha, NE						872						3,704						3,580						3.5		%				1,542						1,545						(0.2)		%				2,162						2,035						6.2		%
Rochester, MN						1,129						6,027						5,779						4.3		%				2,428						2,245						8.2		%				3,599						3,534						1.8		%
St. Cloud, MN						832						3,584						3,528						1.6		%				1,542						1,522						1.3		%				2,042						2,006						1.8		%
Other Mountain West(1)						1,222						5,279						5,178						2.0		%				2,077						1,982						4.8		%				3,202						3,196						0.2		%
Same-Store Total						12,580						$	62,610					$	60,789					3.0		%				$	25,825					$	25,018					3.2		%				$	36,785					$	35,771					2.8		%

						% of NOI Contribution						Weighted Average Occupancy (3)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (3)
Regions												Q3 2024						Q3 2023						Growth						Q3 2024						Q3 2023						% Change						Q3 2024						Q3 2023						% Change
Denver, CO						23.0		%				95.4		%				94.8		%				0.6		%				$	1,983					$	1,976					0.4		%				$	2,228					$	2,192					1.6		%
Minneapolis, MN						34.4		%				95.2		%				94.3		%				0.9		%				1,544						1,523						1.4		%				1,725						1,702						1.4		%
North Dakota						12.6		%				97.1		%				95.8		%				1.3		%				1,357						1,276						6.3		%				1,485						1,406						5.6		%
Omaha, NE						5.9		%				94.2		%				95.1		%				(0.9)		%				1,364						1,299						5.0		%				1,504						1,439						4.5		%
Rochester, MN						9.8		%				95.7		%				94.4		%				1.3		%				1,746						1,711						2.0		%				1,859						1,808						2.8		%
St. Cloud, MN						5.6		%				92.3		%				92.2		%				0.1		%				1,379						1,349						2.2		%				1,556						1,532						1.6		%
Other Mountain West(1)						8.7		%				95.5		%				95.0		%				0.5		%				1,357						1,338						1.4		%				1,508						1,487						1.4		%
Same-Store Total						100.0		%				95.3		%				94.6		%				0.7		%				$	1,569					$	1,537					2.1		%				$	1,741					$	1,703					2.2		%

(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												Q3 2024						Q2 2024						% Change						Q3 2024						Q2 2024						% Change						Q3 2024						Q2 2024						% Change
Denver, CO						2,104						$	13,415					$	13,513					(0.7)		%				$	4,967					$	4,623					7.4		%				$	8,448					$	8,890					(5.0)		%
Minneapolis, MN						4,711						23,203						23,426						(1.0)		%				10,510						10,045						4.6		%				12,693						13,381						(5.1)		%
North Dakota						1,710						7,398						7,262						1.9		%				2,759						2,684						2.8		%				4,639						4,578						1.3		%
Omaha, NE						872						3,704						3,563						4.0		%				1,542						1,559						(1.1)		%				2,162						2,004						7.9		%
Rochester, MN						1,129						6,027						5,964						1.1		%				2,428						2,126						14.2		%				3,599						3,838						(6.2)		%
St. Cloud, MN						832						3,584						3,638						(1.5)		%				1,542						1,464						5.3		%				2,042						2,174						(6.1)		%
Other Mountain West(1)						1,222						5,279						5,233						0.9		%				2,077						1,915						8.5		%				3,202						3,318						(3.5)		%
Same-Store Total						12,580						$	62,610					$	62,599					—		%				$	25,825					$	24,416					5.8		%				$	36,785					$	38,183					(3.7)		%

						% of NOI Contribution						Weighted Average Occupancy (3)																		Average Monthly Rental Rate (3)																		Average Monthly Revenue per Occupied Home (3)
Regions												Q3 2024						Q2 2024						Growth						Q3 2024						Q2 2024						% Change						Q3 2024						Q2 2024						% Change
Denver, CO						23.0		%				95.4		%				95.5		%				(0.1)		%				$	1,983					$	1,982					0.1		%				$	2,228					$	2,242					(0.6)		%
Minneapolis, MN						34.4		%				95.2		%				95.5		%				(0.3)		%				1,544						1,537						0.5		%				1,725						1,736						(0.6)		%
North Dakota						12.6		%				97.1		%				96.1		%				1.0		%				1,357						1,329						2.1		%				1,485						1,474						0.7		%
Omaha, NE						5.9		%				94.2		%				93.1		%				1.1		%				1,364						1,343						1.6		%				1,504						1,463						2.8		%
Rochester, MN						9.8		%				95.7		%				96.1		%				(0.4)		%				1,746						1,735						0.6		%				1,859						1,832						1.5		%
St. Cloud, MN						5.6		%				92.3		%				93.7		%				(1.4)		%				1,379						1,364						1.1		%				1,556						1,555						0.1		%
Other Mountain West(1)						8.7		%				95.5		%				94.4		%				1.1		%				1,357						1,349						0.6		%				1,508						1,511						(0.2)		%
Same-Store Total						100.0		%				95.3		%				95.3		%				—		%				$	1,569					$	1,558					0.7		%				$	1,741					$	1,741					—		%

(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						$	40,283					$	39,577					1.8		%				$	14,178					$	13,528					4.8		%				$	26,105					$	26,049					0.2		%
Minneapolis, MN						4,711						69,606						67,665						2.9		%				29,969						30,002						(0.1)		%				39,637						37,663						5.2		%
North Dakota						1,710						21,656						20,189						7.3		%				8,415						8,071						4.3		%				13,241						12,118						9.3		%
Omaha, NE						872						10,835						10,379						4.4		%				4,575						4,360						4.9		%				6,260						6,019						4.0		%
Rochester, MN						1,129						17,906						17,188						4.2		%				6,657						6,610						0.7		%				11,249						10,578						6.3		%
St. Cloud, MN						832						10,847						10,338						4.9		%				4,620						4,617						0.1		%				6,227						5,721						8.8		%
Other Mountain West(1)						1,222						15,612						15,423						1.2		%				5,822						5,583						4.3		%				9,790						9,840						(0.5)		%
Same-Store Total						12,580						$	186,745					$	180,759					3.3		%				$	74,236					$	72,771					2.0		%				$	112,509					$	107,988					4.2		%

						% 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						23.2		%				95.4		%				95.3		%				0.1		%				$	1,980					$	1,953					1.4		%				$	2,230					$	2,192					1.7		%
Minneapolis, MN						35.2		%				95.1		%				94.8		%				0.3		%				1,537						1,509						1.9		%				1,727						1,684						2.6		%
North Dakota						11.8		%				96.3		%				96.3		%				—		%				1,330						1,244						6.9		%				1,462						1,363						7.3		%
Omaha, NE						5.6		%				93.5		%				94.6		%				(1.1)		%				1,344						1,265						6.2		%				1,476						1,397						5.7		%
Rochester, MN						10.0		%				95.5		%				94.7		%				0.8		%				1,737						1,688						2.9		%				1,846						1,786						3.4		%
St. Cloud, MN						5.5		%				93.3		%				91.4		%				1.9		%				1,366						1,336						2.2		%				1,553						1,511						2.8		%
Other Mountain West(1)						8.7		%				94.3		%				95.1		%				(0.8)		%				1,349						1,328						1.6		%				1,505						1,474						2.1		%
Same-Store Total						100.0		%				95.1		%				94.9		%				0.2		%				$	1,558					$	1,517					2.7		%				$	1,735					$	1,683					3.1		%

(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
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023
Number of Apartment Homes at Period End
Same-Store						12,580						12,580						12,580						12,173						12,173
Non-Same-Store						303						303						303						915						612
All Communities						12,883						12,883						12,883						13,088						12,785
Average Monthly Rental Rate(2)
Same-Store						$	1,569					$	1,558					$	1,547					$	1,522					$	1,511
Non-Same-Store						1,906						1,900						1,885						1,893						1,907
All Communities						$	1,577					$	1,566					$	1,555					$	1,547					$	1,530
Average Monthly Revenue per Occupied Apartment Home(2)
Same-Store						$	1,741					$	1,741					$	1,724					$	1,683					$	1,676
Non-Same-Store						2,126						2,125						2,053						2,055						2,072
All Communities						$	1,750					$	1,750					$	1,732					$	1,708					$	1,695
Weighted Average Occupancy(2)
Same-Store						95.3		%				95.3		%				94.6		%				94.8		%				94.7		%
Non-Same-Store						95.5		%				96.7		%				96.6		%				95.8		%				93.5		%
All Communities						95.3		%				95.3		%				94.6		%				94.9		%				94.6		%
Property Operating Expenses as a % of Scheduled Rental Rent(2)
Same-Store						43.6		%				41.5		%				41.1		%				41.5		%				43.3		%
Non-Same-Store						34.9		%				31.1		%				33.0		%				35.7		%				41.9		%
All Communities						43.4		%				41.2		%				40.9		%				41.0		%				43.3		%
Capital Expenditures
Total Recurring Capital Expenditures(2) per Apartment Home – Same-Store						$	347					$	264					$	209					$	491					$	340

(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															Nine Months Ended
Capital Expenditures						9/30/2024						9/30/2023									9/30/2024						9/30/2023
Total Same-Store Apartment Homes						12,580						12,580									12,580						12,580
All Properties - Weighted Average Apartment Homes						12,883						13,463									12,927						13,965
Same-Store
Building - Exterior						$	1,442					$	741								$	3,243					$	866
Building - Interior						77						45									131						(17)
Mechanical, Electrical, & Plumbing						548						1,578									3,827						2,629
Furniture & Equipment						109						78									340						244
Landscaping & Grounds						670						110									1,908						26
Turnover replacements						1,150						1,295									3,040						2,664
Work in progress - net change						366						426									(2,173)						2,272
Recurring Capital Expenditures(1) - Same-Store						$	4,362					$	4,273								$	10,316					$	8,684
Recurring Capital Expenditures(1) per Apartment Home - Same-Store						$	347					$	340								$	820					$	690
Recurring Capital Expenditures(1) - All Properties						$	4,391					$	4,428								$	10,441					$	9,390
Recurring Capital Expenditures(1) per Apartment Home - All Properties						$	341					$	329								$	808					$	672
Value Add(1)
Same-Store
Interior - Units						$	997					$	4,512								$	1,691					$	10,230
Common Areas and Exterior						4,354						1,737									$	22,384					$	4,334
Work in Progress - net change						(666)						701									$	(3,467)					$	914
Total Value Add - Same Store						$	4,685					$	6,950								$	20,608					$	15,478
All Properties
Interior - Units						$	997					$	4,512								$	1,691					$	10,230
Common Areas and Exterior						4,470						1,737									$	22,944					$	4,399
Work in Progress - net change						(666)						708									$	(3,467)					$	921
Total Value Add - All Properties						$	4,801					$	6,957								$	21,168					$	15,550
Total Same-Store Capital Spend(3)
Capital Spend - Same-Store(3)						$	9,047					$	11,223								$	30,924					$	24,162
Capital Spend per Apartment Home - Same-Store(3)						$	719					$	892								$	2,458					$	1,921
Acquisition and Other Capital Expenditures(1)(2)
All Properties						$	2,660					$	2,690								10,997						12,824
Total Capital Spend
Total Capital Spend - All Properties						$	11,852					$	14,075								$	42,606					$	37,764
Total Capital Spend per Apartment Home - All Properties						$	920					$	1,045								$	3,296					$	2,704

(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 to conform to current year presentation. For the three and nine months ended September 30, 2023, $503,000 and $674,000 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 updated its financial outlook for 2024 in the table below.

									2024 Previous Outlook Range												2024 Updated Outlook Range
			Nine Months Ended						Low						High						Low						High
			September 30, 2024						Amount						Amount						Amount						Amount
Same-store growth
Revenue			$	186,745					3.25		%				4.25		%				3.00		%				3.50		%
Controllable expenses			46,614						3.25		%				4.25		%				1.50		%				2.00		%
Non-controllable expenses			27,622						3.50		%				5.00		%				4.25		%				5.25		%
Total Expenses			$	74,236					3.50		%				4.75		%				2.50		%				3.25		%
Same-store NOI(1)			$	112,509					3.00		%				4.00		%				3.25		%				3.75		%
Components of NOI(1)
Same-store			$	112,509					$	149,600					$	151,000					$	150,000					$	150,700
Non-same-store			3,810						5,000						5,200						5,500						5,600
Other properties			1,136						1,750						1,850						1,450						1,550
Dispositions			202						203						203						203						203
Total NOI(1)			$	117,657					$	156,553					$	158,253					$	157,153					$	158,053
Other operating income and expenses
General and administrative and property management			(19,735)						(27,900)						(27,400)						(27,000)						(26,500)
Casualty loss			(918)						(2,050)						(1,950)						(1,350)						(1,250)
Non-real estate depreciation and amortization			(322)						(400)						(350)						(400)						(350)
Non-controlling interest			(98)						(120)						(130)						(120)						(130)
Total other operating income and expenses			$	(21,073)					$	(30,470)					$	(29,830)					$	(28,870)					$	(28,230)
Interest expense			$	(27,485)					(36,850)						(36,500)						(37,550)						(37,250)
Interest and other income			1,462						1,800						2,000						1,750						1,850
Dividends to preferred shareholders			(4,821)						(6,428)						(6,428)						(4,821)						(4,821)
Redemption of preferred shares			(3,511)						—						—						(3,511)						(3,511)
FFO applicable to common shares and Units - diluted(1)			$	62,229					$	84,605					$	87,495					$	84,151					$	86,091
Non-core income and expenses
Non-cash casualty loss			$	261					$	1,150					$	1,100					$	350					$	300
Interest rate swap amortization			542						725						700						725						700
Amortization of assumed debt			789						1,075						1,025						1,225						1,175
Loss on litigation settlement and associated trial costs			37						125						100						75						50
Redemption of preferred shares			3,511						—						—						3,511						3,511
Other miscellaneous items			(72)						100						50						150						100
Total non-core income and expenses			$	5,068					$	3,175					$	2,975					$	6,036					$	5,836
Core FFO applicable to common shares and Units - diluted(1)			$	67,297					$	87,780					$	90,470					$	90,187					$	91,927
Net loss per share - diluted			$	(0.96)					$	(1.21)					$	(1.01)					$	(1.21)					$	(1.06)
FFO per diluted share(1)			$	3.40					$	4.61					$	4.76					$	4.50					$	4.59
Core FFO per diluted share(1)			$	3.68					$	4.78					$	4.92					$	4.82					$	4.90
Weighted average shares outstanding - diluted			18,303						18,350						18,375						18,700						18,750
Additional Assumptions
Same-store recurring capital expenditures (per home)			$	820					$	1,100					$	1,150					$	1,100					$	1,150
Value-add expenditures			$	21,168					$	23,000					$	25,000					$	23,000					$	25,000

(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												Updated Outlook
			Nine Months Ended						12 Months Ended												12 Months Ended
			September 30, 2024						December 31, 2024												December 31, 2024
			Actual						Low						High						Low						High
Net loss available to common shareholders			$	(14,581)					$	(14,418)					$	(10,653)					$	(14,872)					$	(12,057)
Noncontrolling interests - Operating Partnership and Series E preferred units			(2,735)						(7,795)						(7,885)						(7,795)						(7,885)
Depreciation and amortization			78,810						106,098						105,298						106,098						105,298
Less depreciation - non real estate			(248)						(400)						(350)						(400)						(350)
Less depreciation - partially owned entities			(74)						(120)						(130)						(120)						(130)
Loss on sale of real estate			577						600						575						600						575
Dividends to preferred unitholders			480						640						640						640						640
FFO applicable to common shares and Units - diluted			$	62,229					$	84,605					$	87,495					$	84,151					$	86,091
Adjustments to Core FFO:
Non-cash casualty loss			261						1,150						1,100						350						300
Interest rate swap amortization			542						725						700						725						700
Amortization of assumed debt			789						1,075						1,025						1,225						1,175
Loss on litigation settlement and associated trial costs			37						125						100						75						50
Redemption of preferred shares			3,511						—						—						3,511						3,511
Other miscellaneous items			(72)						100						50						150						100
Core FFO applicable to common shares and Units - diluted			$	67,297					$	87,780					$	90,470					$	90,187					$	91,927
Net loss per share - diluted			$	(0.96)					$	(1.21)					$	(1.01)					$	(1.21)					$	(1.06)
FFO per share - diluted			$	3.40					$	4.61					$	4.76					$	4.50					$	4.59
Core FFO per share - diluted			$	3.68					$	4.78					$	4.92					$	4.82					$	4.90

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												Updated Outlook
			Nine Months Ended						12 Months Ended												12 Months Ended
			September 30, 2024						December 31, 2024												December 31, 2024
			Actual						Low						High						Low						High
Operating income			$	17,617					$	19,780					$	22,930					$	22,030					$	24,380
Adjustments:
General and administrative and property management expenses			19,735						27,900						27,400						27,000						26,500
Casualty loss			918						2,050						1,950						1,350						1,250
Depreciation and amortization			78,810						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						75						50
Net operating income			$	117,657					$	156,553					$	158,253					$	157,153					$	158,053

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.

Blended Lease Rate Growth

Blended lease rate growth is the weighted average rate change of new leases signed and renewal leases started within the given timeframe and the previous lease on the same unit.

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																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Adjusted EBITDA						$	31,757					$	33,070					$	32,351					$	32,091					$	31,692								$	97,178					$	96,773
Interest Expense						8,932						9,318						9,193						8,913						8,556									27,443						27,516
Principal Amortization						1,854						1,596						1,529						1,487						1,646									4,979						4,445
Total Interest Expense and Principal Amortization						10,786						10,914						10,722						10,400						10,202									32,422						31,961
Distributions paid to Series C preferred shareholders and Series D preferred unitholders						1,767						1,767						1,767						1,767						1,767									5,301						5,301
Total Interest Expense, Principal Amortization, and preferred distributions						12,553						12,681						12,489						12,167						11,969									37,723						37,262
Debt Service Coverage Ratio						2.94						3.03						3.02						3.09						3.11									3.00						3.03
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization						2.53						2.61						2.59						2.64						2.65									2.58						2.60

S-19

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:

•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.

S-20

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																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Total debt(1)						$	924,799					$	935,391					$	929,081					$	919,990					$	842,559								$	924,799					$	842,559
Less: cash and cash equivalents						14,453						14,328						12,682						8,630						29,701									14,453						29,701
Net debt						$	910,346					$	921,063					$	916,399					$	911,360					$	812,858								$	910,346					$	812,858
Adjusted EBITDA(2)						$	127,028					$	132,280					$	129,404					$	128,364					$	126,768								$	129,571					$	129,031
Net debt/Adjusted EBITDA						7.17						6.96						7.08						7.10						6.41									7.03						6.30
Preferred Equity						$	16,560					$	110,090					$	110,090					$	110,090					$	110,090								$	16,560					$	110,090
Net debt and preferred equity						$	926,906					$	1,031,153					$	1,026,489					$	1,021,450					$	922,948								$	926,906					$	922,948
Adjusted EBITDA(2)						$	127,028					$	132,280					$	129,404					$	128,364					$	126,768								$	129,571					$	129,031
Net debt and preferred equity/Adjusted EBITDA						7.30						7.80						7.93						7.96						7.28									7.15						7.15

(1)Excludes deferred financing costs.

(2)Annualized for periods less than one year.

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 gains or     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.

New Lease Rate Growth

New lease rate growth is the average rate change of new leases that were signed within the given timeframe and the previous lease on the same unit.

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																																	Nine Months Ended
						9/30/2024						6/30/2024						3/31/2024						12/31/2023						9/30/2023									9/30/2024						9/30/2023
Common distribution per share and unit						$	0.75					$	0.75					$	0.75					$	0.73					$	0.73								$	2.25					$	2.19
Core FFO per common share and unit diluted						1.18						1.27						1.23						1.22						1.20									3.68						3.56
Payout ratio						63.6		%				59.1		%				61.0		%				59.8		%				60.8		%							61.1		%				61.5		%

S-21

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.

Renewal Lease Rate Growth

Renewal lease rate growth is the average rate change of renewal leases that started within the given timeframe and the previous lease on the same unit.

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.

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.

S-22