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DERIVATIVE INSTRUMENTS | 3 Months Ended
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Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Centerspace had, in the past, used interest rate derivatives to stabilize interest expense and to manage its exposure to interest rate fluctuations. To accomplish this objective, the Company primarily used interest rate swap contracts to fix variable interest rate debt. Changes in the fair value of derivatives designated and that qualified as cash flow hedges were recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive loss were reclassified to interest expense in the periods in which interest payments were incurred on variable rate debt. As of March 31, 2026 and December 31, 2025 the Company had no remaining interest rate swaps and all amounts in accumulated other comprehensive loss were fully amortized during the prior year. The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as of March 31, 2026 and 2025.
| (in thousands)
| Gain Recognized in OCI |  | Location of Loss Reclassified from Accumulated OCI into Income |  | Loss Reclassified from Accumulated OCI into Income (Loss)
Three months ended March 31, | 2026 |  | 2025 |  |  |  | 2026 |  | 2025
Total derivatives in cash flow hedging relationships - Interest rate contracts | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | — |  |  | $ | (175) |

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