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NET INCOME (LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares of beneficial interest (“common shares”) outstanding during the period. Centerspace has issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under its 2015 Incentive Plan, RSUs under its 2025 Incentive Plan (as defined below), Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on net income (loss) per share upon the vesting of the RSUs, exercise of the ISOs, or conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the Series D and the Series E preferred units). Additionally, under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in Centerspace’s sole discretion, it may issue common shares in exchange for Units on a one-for-one-basis.The Company calculates diluted net income (loss) per share using the treasury stock method for RSUs and ISOs and the if converted method for Series D preferred units and Series E preferred units. Other than the issuance of RSUs, ISOs, Units, Series D preferred units, and Series E preferred units, there are no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of net income (loss). The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2025, 2024, and 2023:
|  | (in thousands, except per share data)
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
NUMERATOR |  |  |  |  |  |
Net income (loss) attributable to controlling interests |  | $ | 17,101 |  |  | $ | (11,328) |  |  | $ | 41,325 |
Distributions to Series C preferred shareholders |  | — |  |  | (4,821) |  |  | (6,428) |
Redemption of Series C preferred shares |  | — |  |  | (3,511) |  |  | — |
Numerator for basic income (loss) per share – net income (loss) available to common shareholders |  | 17,101 |  |  | (19,660) |  |  | 34,897 |
Noncontrolling interests – Operating Partnership and Series E preferred units(1) |  | — |  |  | — |  |  | 4,877 |
Numerator for diluted income (loss) per share |  | $ | 17,101 |  |  | $ | (19,660) |  |  | $ | 39,774 |
DENOMINATOR |  |  |  |  |  |
Denominator for basic income (loss) per share weighted average shares |  | 16,728 |  |  | 15,504 |  |  | 14,994 |
Effect of Series E preferred units(1) |  | — |  |  | — |  |  | 2,100 |
Effect of diluted restricted stock awards and restricted stock units |  | 47 |  |  | — |  |  | 24 |
Denominator for diluted income (loss) per share |  | 16,775 |  |  | 15,504 |  |  | 17,118 |
NET INCOME (LOSS) PER COMMON SHARE – BASIC |  | $ | 1.02 |  |  | $ | (1.27) |  |  | $ | 2.33 |
NET INCOME (LOSS) PER COMMON SHARE – DILUTED |  | $ | 1.02 |  |  | $ | (1.27) |  |  | $ | 2.32 |
(1)For the years ended December 31, 2025, 2024, and 2023, the impact of Units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. For the years ended December 31, 2025 and 2024, the impact of Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. For the year ended December 31, 2025, operating partnership units of 966,000, weighted average Series D preferred units of 173,000, as converted, and Series E preferred units of 1.9 million, as converted, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net income per share. For the year ended December 31, 2024, operating partnership units of 870,000, Series D preferred units of 228,000, as converted, Series E preferred units of 2.1 million, as converted, time-based RSUs and options of 24,000, and performance-based RSUs of 31,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net loss per share. For the year ended December 31, 2023, operating partnership units of 925,000 and Series D preferred Units of 228,000, as converted, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net income per share.

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