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SEGMENTS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information.
The chief executive officer and chief financial officer are the chief operating decision-makers. The CODMs evaluate each property’s operating results using net operating income (“NOI”) to make decisions about resources to be allocated, to assess property performance, and do not group the properties based on geography, size, or type for this purpose. The Company defines NOI as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important 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 assets, impairment, depreciation, amortization, financing, including interest income and interest expense, property management expenses, loss on litigation settlement, casualty losses, and general and administrative expense.
The apartment communities have similar long-term economic characteristics and similar operating characteristics, such as type and length of lease, services offered to residents, and property management practices. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment, Multifamily. “All other” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale, which did not meet the aggregation criteria. During the year ended December 31, 2024, two sold apartment communities were reclassified from the multifamily segment to all other for all periods presented.
The following tables present NOI for the years ended December 31, 2024, 2023, and 2022, respectively, along with reconciliations to net income (loss) as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements.
 (in thousands)
Year ended December 31, 2024MultifamilyAll OtherTotal
Revenue$257,865 $3,118 $260,983 
Property operating expenses
On-site compensation(1)
27,060 86 27,146 
Repairs and maintenance(2)
15,142 259 15,401 
Utilities15,300 224 15,524 
Administrative and marketing7,147 36 7,183 
Insurance10,983 101 11,084 
Real estate taxes26,317 589 26,906 
Net operating income$155,916 $1,823 $157,739 
Property management expenses(9,128)
Casualty loss(3,307)
Depreciation and amortization(106,450)
General and administrative expenses(17,802)
Loss on sale of real estate and other investments
(577)
Interest expense(37,280)
Interest and other income2,613 
Net loss
$(14,192)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
 (in thousands)
Year ended December 31, 2023MultifamilyAll OtherTotal
Revenue$243,515 $17,794 $261,309 
Property operating expenses
On-site compensation(1)
25,934 1,969 27,903 
Repairs and maintenance(2)
13,953 1,727 15,680 
Utilities15,421 1,598 17,019 
Administrative and marketing5,804 425 6,229 
Insurance9,399 823 10,222 
Real estate taxes26,722 2,037 28,759 
Net operating income$146,282 $9,215 $155,497 
Property management expenses(9,353)
Casualty loss(2,095)
Depreciation and amortization  (101,678)
Impairment of real estate investments  (5,218)
General and administrative expenses  (20,080)
Gain on sale of real estate and other investments
71,244 
Interest expense  (36,429)
Interest and other income  1,207 
Loss on litigation settlement(3,864)
Net income
  $49,231 
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
 
 (in thousands)
Year ended December 31, 2022MultifamilyAll OtherTotal
Revenue$221,836 $34,880 $256,716 
Property operating expenses
On-site compensation(1)
23,038 4,306 27,344 
Repairs and maintenance(2)
14,300 3,396 17,696 
Utilities15,845 3,527 19,372 
Administrative and marketing5,130 784 5,914 
Insurance8,007 1,737 9,744 
Real estate taxes24,524 4,043 28,567 
Net operating income$130,992 $17,087 $148,079 
Property management expenses(9,895)
Casualty loss(1,591)
Depreciation and amortization  (105,257)
General and administrative expenses  (17,516)
Gain on sale of real estate and other investments
41 
Interest expense  (32,750)
Interest income and other loss  1,248 
Net loss
  $(17,641)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
Segment Assets and Accumulated Depreciation 
Segment assets are summarized as follows as of December 31, 2024 and 2023, respectively, along with reconciliations to the Consolidated Financial Statements:
 (in thousands)
As of December 31, 2024MultifamilyAll OtherTotal
Segment assets   
Property owned$2,462,762 $17,979 $2,480,741 
Less accumulated depreciation(621,446)(4,534)(625,980)
Total real estate investments$1,841,316 $13,445 $1,854,761 
Cash and cash equivalents12,030 
Restricted cash1,099 
Other assets45,817 
Total Assets$1,913,707 

 (in thousands)
As of December 31, 2023MultifamilyAll OtherTotal
Segment assets   
Property owned$2,381,461 $38,685 $2,420,146 
Less accumulated depreciation(524,364)(6,339)(530,703)
Total real estate investments$1,857,097 $32,346 $1,889,443 
Cash and cash equivalents  8,630 
Restricted cash639 
Other assets  27,649 
Total Assets  $1,926,361