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SEGMENTS | 9 Months Ended
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Sep. 30, 2025
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 (“CODM”). The CODMs evaluate each property’s operating results, using net operating income (“NOI”) to make decisions about resources to be allocated and 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 investments, impairment, depreciation, amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, loss on litigation settlement, casualty gains (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. For the three and nine months ended September 30, 2025 and 2024, seven apartment communities designated as held for sale were included in “all other”. During the three and nine months ended September 30, 2025, the Company disposed of five apartment communities. During the nine months ended September 30, 2024, the Company disposed of two apartment communities. For the three and nine months ended September 30, 2025 and 2024, the disposed apartment communities were included in “all other”. The following tables present NOI for the three and nine months ended September 30, 2025 and 2024, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
| (in thousands)
Three Months Ended September 30, 2025 | Multifamily |  | All Other |  | Total
Revenue | $ | 63,821 |  |  | $ | 7,578 |  |  | $ | 71,399 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 6,522 |  |  | 918 |  |  | 7,440 |
Repairs and maintenance(2) | 4,157 |  |  | 511 |  |  | 4,668 |
Utilities | 3,822 |  |  | 544 |  |  | 4,366 |
Administrative and marketing | 1,722 |  |  | 205 |  |  | 1,927 |
Insurance | 2,490 |  |  | 319 |  |  | 2,809 |
Real estate taxes | 6,311 |  |  | 854 |  |  | 7,165 |
Net operating income | $ | 38,797 |  |  | $ | 4,227 |  |  | $ | 43,024 |
Property management expense |  |  |  |  | (2,489) |
Casualty loss |  |  |  |  | (127) |
Depreciation and amortization |  |  |  |  | (29,056) |
Impairment of real estate investments |  |  |  |  | (8,676) |
General and administrative expenses |  |  |  |  | (4,997) |
Gain on sale of real estate and other investments |  |  |  |  | 79,531 |
Interest expense |  |  |  |  | (12,989) |
Loss on debt extinguishment |  |  |  |  | (3) |
Interest and other income |  |  |  |  | 1,190 |
Net income |  |  |  |  | $ | 65,408 |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Three Months Ended September 30, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 57,896 |  |  | $ | 7,129 |  |  | $ | 65,025 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 5,922 |  |  | 885 |  |  | 6,807 |
Repairs and maintenance(2) | 3,589 |  |  | 510 |  |  | 4,099 |
Utilities | 3,340 |  |  | 509 |  |  | 3,849 |
Administrative and marketing | 1,603 |  |  | 278 |  |  | 1,881 |
Insurance | 2,609 |  |  | 383 |  |  | 2,992 |
Real estate taxes | 6,218 |  |  | 813 |  |  | 7,031 |
Net operating income | $ | 34,615 |  |  | $ | 3,751 |  |  | $ | 38,366 |
Property management expense |  |  |  |  | (2,242) |
Casualty gain |  |  |  |  | 412 |
Depreciation and amortization |  |  |  |  | (26,084) |
General and administrative expenses |  |  |  |  | (4,102) |
Interest expense |  |  |  |  | (8,946) |
Interest and other income |  |  |  |  | 645 |
Net loss |  |  |  |  | $ | (1,951) |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Nine Months Ended September 30, 2025 | Multifamily |  | All Other |  | Total
Revenue | $ | 183,999 |  |  | $ | 23,042 |  |  | $ | 207,041 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 18,742 |  |  | 2,659 |  |  | 21,401 |
Repairs and maintenance(2) | 10,235 |  |  | 1,536 |  |  | 11,771 |
Utilities | 11,148 |  |  | 1,840 |  |  | 12,988 |
Administrative and marketing | 4,629 |  |  | 653 |  |  | 5,282 |
Insurance | 6,700 |  |  | 989 |  |  | 7,689 |
Real estate taxes | 19,845 |  |  | 2,661 |  |  | 22,506 |
Net operating income | $ | 112,700 |  |  | $ | 12,704 |  |  | $ | 125,404 |
Property management expense |  |  |  |  | (7,315) |
Casualty loss |  |  |  |  | (1,058) |
Depreciation and amortization |  |  |  |  | (83,807) |
Impairment of real estate investments |  |  |  |  | (23,219) |
General and administrative expenses |  |  |  |  | (14,376) |
Gain on sale of real estate and other investments |  |  |  |  | 79,531 |
Interest expense |  |  |  |  | (33,348) |
Loss on debt extinguishment |  |  |  |  | (3) |
Interest and other income |  |  |  |  | 2,633 |
Net income |  |  |  |  | $ | 44,442 |
(1)On-site compensation for administration, leasing, and maintenance personnel. (2)Includes turnover expense.
| (in thousands)
Nine Months Ended September 30, 2024 | Multifamily |  | All Other |  | Total
Revenue | $ | 172,438 |  |  | $ | 22,136 |  |  | $ | 194,574 |
Property operating expenses |  |  |  |  |
On-site compensation(1) | 17,586 |  |  | 2,665 |  |  | 20,251 |
Repairs and maintenance(2) | 9,610 |  |  | 1,583 |  |  | 11,193 |
Utilities | 9,919 |  |  | 1,680 |  |  | 11,599 |
Administrative and marketing | 4,356 |  |  | 812 |  |  | 5,168 |
Insurance | 7,157 |  |  | 1,132 |  |  | 8,289 |
Real estate taxes | 17,953 |  |  | 2,464 |  |  | 20,417 |
Net operating income | $ | 105,857 |  |  | $ | 11,800 |  |  | $ | 117,657 |
Property management expense |  |  |  |  | (6,794) |
Casualty loss |  |  |  |  | (918) |
Depreciation and amortization |  |  |  |  | (78,810) |
General and administrative expenses |  |  |  |  | (12,941) |
Loss on sale of real estate and other investments |  |  |  |  | (577) |
Interest expense |  |  |  |  | (27,485) |
Interest and other income |  |  |  |  | 1,462 |
Net loss |  |  |  |  | $ | (8,406) |
(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 September 30, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
| (in thousands)
As of September 30, 2025 | Multifamily |  | All Other |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,518,111 |  |  | $ | 18,055 |  |  | $ | 2,536,166 |
Less accumulated depreciation | (633,194) |  |  | (5,023) |  |  | (638,217) |
Total real estate investments | $ | 1,884,917 |  |  | $ | 13,032 |  |  | $ | 1,897,949 |
Cash and cash equivalents |  |  |  |  | 12,896 |
Restricted cash |  |  |  |  | 52,943 |
Other assets |  |  |  |  | 47,516 |
Assets held for sale, net |  |  |  |  | 86,302 |
Total Assets |  |  |  |  | $ | 2,097,606 |
| (in thousands)
As of December 31, 2024 | Multifamily |  | All Other(1) |  | Total
Segment assets |  |  |  |  |
Property owned | $ | 2,245,097 |  |  | $ | 235,644 |  |  | $ | 2,480,741 |
Less accumulated depreciation | (561,001) |  |  | (64,979) |  |  | (625,980) |
Total real estate investments | $ | 1,684,096 |  |  | $ | 170,665 |  |  | $ | 1,854,761 |
Cash and cash equivalents |  |  |  |  | 12,030 |
Restricted cash |  |  |  |  | 1,099 |
Other assets |  |  |  |  | 45,817 |
Total Assets |  |  |  |  | $ | 1,913,707 |
(1)Includes the assets for the 7 apartment communities designated as held for sale.

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- Definition The entire disclosure for reporting segments including data and tables. 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