CENTERSPACE

For the period ended Dec 31, 2023. Filed Feb 20, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 20, 2024

CSR$57.17-0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III - Real Estate and Accumulated Depreciation

Gross Amount at Which Carried at · Life on Which
Initial Cost to Company · Close of Period · Depreciation in
Costs Capitalized · Latest Income
Buildings & · Subsequent to · Land & · Buildings & · Accumulated · Date of · Date of · Statement is
Description · Encumbrances(1) · Land · Improvements · Acquisition · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Same-Store
71 France - Edina, MN	$49,675	$4,721	$61,762	$1,653	$4,801	$63,335	$68,136	$(21,322)	2014	2014	Up to 37	years
Alps Park Apartments - Rapid City, SD	—	287	5,551	671	336	6,173	6,509	(2,162)	1995	2013	Up to 37	years
Arcata Apartments - Golden Valley, MN	—	2,088	31,036	781	2,128	31,777	33,905	(11,660)	2013	2013	Up to 37	years
Ashland Apartment Homes - Grand Forks, ND	—	741	7,569	285	823	7,772	8,595	(3,120)	2010	2012	Up to 37	years
Avalon Cove Townhomes - Rochester, MN	—	1,616	34,074	4,984	1,808	38,866	40,674	(10,222)	2001	2016	Up to 37	years
Bayberry Place - Eagan, MN	11,048	1,807	14,113	1,637	1,865	15,692	17,557	(1,347)	1995	2021	30	years
Burgundy & Hillsboro - New Hope, MN	23,570	2,834	31,149	2,132	2,913	33,202	36,115	(3,066)	1968	2021	30	years
Canyon Lake Apartments - Rapid City, SD	—	305	3,958	2,335	420	6,178	6,598	(3,591)	1972	2001	Up to 37	years
Cardinal Point Apartments - Grand Forks, ND	—	1,600	33,400	(111)	1,727	33,162	34,889	(6,287)	2013	2013	Up to 37	years
Cascade Shores Townhomes + Flats - Rochester, MN	43,835	6,588	67,072	10,705	6,776	77,589	84,365	(23,733)	2010	2015	Up to 37	years
Castlerock Apartment Homes - Billings, MT	—	736	4,864	2,075	1,045	6,630	7,675	(4,782)	1979	1998	Up to 37	years
Civic Lofts - Denver, CO	—	6,166	55,182	597	6,171	55,774	61,945	(4,525)	2019	2021	30	years
Connelly on Eleven - Burnsville, MN	—	2,401	11,515	16,844	3,206	27,554	30,760	(18,022)	1970	2003	Up to 37	years
Cottonwood Apartment Homes - Bismarck, ND	—	1,056	17,372	6,823	1,962	23,289	25,251	(14,117)	1998	1997	Up to 37	years
Country Meadows Apartment Homes - Billings, MT	—	491	7,809	1,437	599	9,138	9,737	(6,079)	1997	1995	Up to 37	years
Cypress Court Apartments - St. Cloud, MN	10,697	1,583	18,879	1,074	1,625	19,911	21,536	(7,089)	2014	2012	Up to 37	years
Deer Ridge Apartment Homes - Jamestown, ND	—	711	24,129	814	785	24,869	25,654	(8,883)	2016	2013	Up to 37	years
Donovan Apartment Homes - Lincoln, NE	—	1,515	15,730	8,263	1,817	23,691	25,508	(8,980)	1992	2012	Up to 37	years
Dylan at RiNo - Denver, CO	—	12,155	77,215	1,376	12,241	78,505	90,746	(16,307)	2016	2017	30	years
Evergreen Apartment Homes - Isanti, MN	—	1,129	5,524	753	1,159	6,247	7,406	(2,666)	2006	2008	Up to 37	years
FreightYard Townhomes & Flats - Minneapolis, MN	—	1,889	23,616	1,447	1,745	25,207	26,952	(4,006)	1900	2019	30	years
Gardens Apartments - Grand Forks, ND	—	518	8,702	152	535	8,837	9,372	(2,761)	2015	2015	Up to 37	years
Grand Gateway Apartment Homes - St. Cloud, MN	—	814	7,086	3,336	970	10,266	11,236	(4,460)	2002	2012	Up to 37	years
Greenfield - Omaha, NE	—	578	4,122	3,147	876	6,971	7,847	(3,653)	1992	2007	Up to 37	years
Grove Ridge - Cottage Grove, MN	7,992	1,250	10,271	790	1,293	11,018	12,311	(981)	1973	2021	30	years
Homestead Garden Apartments - Rapid City, SD	—	655	14,139	1,783	792	15,785	16,577	(5,006)	2004	2014	Up to 37	years
Ironwood - New Hope, MN	—	2,165	36,874	764	2,167	37,636	39,803	(5,435)	2018	2020	30	years
Lakeside Village Apartment Homes - Lincoln, NE	—	1,215	15,837	5,945	1,476	21,521	22,997	(8,013)	2000	2012	Up to 37	years
Legacy Apartments - Grand Forks, ND	—	1,362	21,727	11,075	2,474	31,690	34,164	(21,434)	1996	1995	Up to 37	years
Legacy Heights Apartment Homes - Bismarck, ND	—	1,207	13,742	300	1,142	14,107	15,249	(3,961)	2015	2015	Up to 37	years
Lugano at Cherry Creek - Denver, CO	—	7,679	87,766	8,410	7,679	96,176	103,855	(15,386)	2010	2019	30	years
Meadows Apartments - Jamestown, ND	—	590	4,519	1,992	730	6,371	7,101	(4,133)	1999	1998	Up to 37	years
Monticello Crossings - Monticello, MN	—	1,734	30,136	556	1,951	30,475	32,426	(8,329)	2017	2014	Up to 37	years
Monticello Village - Monticello, MN	—	490	3,756	1,206	655	4,797	5,452	(2,924)	2001	2004	Up to 37	years
New Hope Garden & Village - New Hope, MN	9,943	1,603	12,578	1,393	1,651	13,923	15,574	(1,419)	1969	2021	30	years
Northridge Apartments - Bismarck, ND	—	884	7,515	280	1,048	7,631	8,679	(2,412)	2014	2014	Up to 37	years
Olympic Village Apartments - Billings, MT	—	1,164	10,441	4,174	1,885	13,894	15,779	(9,224)	2000	2000	Up to 37	years
Oxbo Urban Rentals - St Paul, MN	—	5,809	51,586	711	5,822	52,284	58,106	(11,861)	2016	2017	30	years
Palisades - Roseville, MN	21,622	6,919	46,577	4,806	6,959	51,343	58,302	(4,233)	1973	2021	30	years
Park Place Apartments - Plymouth, MN	—	10,609	80,781	20,098	10,819	100,669	111,488	(26,469)	1985	2017	30	years

Gross Amount at Which Carried at · Life on Which
Initial Cost to Company · Close of Period · Depreciation in
Costs Capitalized · Latest Income
Buildings & · Subsequent to · Land & · Buildings & · Accumulated · Date of · Date of · Statement is
Description · Encumbrances(1) · Land · Improvements · Acquisition · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Parkhouse Apartment Homes - Thornton, CO	89,239	10,474	132,105	3,074	10,484	135,169	145,653	(17,666)	2016	2020	30	years
Plymouth Pointe - Plymouth, MN	9,575	1,042	12,810	340	1,073	13,119	14,192	(1,261)	1968	2021	30	years
Pointe West Apartments - Rapid City, SD	—	240	3,538	2,075	463	5,390	5,853	(4,267)	1985	1994	Up to 37	years
Ponds at Heritage Place - Sartell, MN	—	395	4,564	510	419	5,050	5,469	(2,059)	2008	2012	Up to 37	years
Prosper West - Waite Park, MN	16,425	939	10,167	17,929	1,912	27,123	29,035	(16,762)	1989	1995	Up to 37	years
Quarry Ridge Apartments - Rochester, MN	—	2,254	30,024	9,493	2,412	39,359	41,771	(16,051)	2001	2006	Up to 37	years
Red 20 Apartments - Minneapolis, MN	19,718	1,900	24,116	809	1,908	24,917	26,825	(9,063)	2013	2013	Up to 37	years
Regency Park Estates - St. Cloud, MN	6,669	702	10,198	8,683	1,179	18,404	19,583	(7,676)	1994	2011	Up to 37	years
Rimrock West Apartments - Billings, MT	—	330	3,489	1,883	568	5,134	5,702	(3,588)	1975	1999	Up to 37	years
River Pointe - Fridley, MN	25,412	3,346	33,118	5,515	3,426	38,553	41,979	(3,750)	1971	2021	30	years
River Ridge Apartment Homes - Bismarck, ND	—	576	24,670	1,432	922	25,756	26,678	(10,811)	2013	2008	Up to 37	years
Rocky Meadows Apartments - Billings, MT	—	656	5,726	1,511	840	7,053	7,893	(5,019)	1996	1995	Up to 37	years
Rum River Apartments - Isanti, MN	—	843	4,823	533	870	5,329	6,199	(2,632)	2005	2007	Up to 37	years
Silver Springs Apartment Homes - Rapid City, SD	—	215	3,007	1,046	273	3,995	4,268	(1,376)	1985	2014	Up to 37	years
Southdale Parc - Richfield, MN(5)	5,301	1,569	7,740	(2,205)	1,618	5,486	7,104	(780)	1962	2021	30	years
SouthFork Townhomes + Flats - Lakeville, MN	21,675	3,502	40,153	11,288	3,583	51,360	54,943	(12,684)	1988	2019	30	years
Southpoint Apartments - Grand Forks, ND	—	576	9,893	409	663	10,215	10,878	(3,432)	2013	2013	Up to 37	years
Sunset Trail Apartment Homes - Rochester, MN	—	336	12,814	5,961	826	18,285	19,111	(10,340)	2000	1999	Up to 37	years
Union Pointe - Longmont, CO	—	5,727	69,966	678	5,736	70,635	76,371	(8,307)	2019	2021	30	years
Venue on Knox - Minneapolis, MN	11,660	3,438	14,743	5,997	3,530	20,648	24,178	(2,074)	1959	2021	30	years
Westend - Denver, CO	—	25,525	102,180	1,578	25,532	103,751	129,283	(20,846)	2015	2018	30	years
Whispering Ridge - Omaha, NE	21,800	2,139	25,424	5,595	2,551	30,607	33,158	(11,771)	2010	2013	Up to 37	years
Wingate - New Hope, MN(5)	10,459	1,480	13,530	(1,032)	1,526	12,452	13,978	(1,422)	1967	2021	30	years
Woodhaven - Minneapolis, MN	14,408	3,940	20,080	1,891	4,040	21,871	25,911	(1,849)	1974	2021	30	years
Woodland Pointe - Woodbury, MN	31,673	5,367	40,422	15,422	5,449	55,762	61,211	(5,160)	1974	2021	30	years
Woodridge on Second - Rochester, MN	—	370	6,028	6,062	761	11,699	12,460	(7,746)	1990	1997	Up to 37	years
Total Same-Store	$462,396	$177,545	$1,685,002	$243,970	$189,440	$1,917,077	$2,106,517	$(512,452)
Non-Same-Store
Elements of Linden Hills - Minneapolis, MN	5,842	941	7,853	290	949	8,135	9,084	(686)	2015	2022	30	years
Lake Vista Apartments Homes - Loveland, CO	49,033	6,618	80,737	434	6,649	81,140	87,789	(885)	2011	2023	30	years
Lyra Apartments - Centennial, CO	37,809	6,473	86,149	423	6,481	86,564	93,045	(4,500)	2022	2022	30	years
Martin Blu - Eden Prairie, MN	27,193	3,547	45,212	866	3,560	46,065	49,625	(3,756)	2015	2022	30	years
Noko Apartments - Minneapolis, MN	—	1,915	42,636	295	1,918	42,928	44,846	(3,401)	2021	2022	30	years
Zest - Minneapolis, MN	7,717	936	10,209	493	946	10,692	11,638	(885)	2016	2022	30	years
Total Non-Same-Store	$127,594	$20,430	$272,796	$2,801	$20,503	$275,524	$296,027	$(14,113)
Total Multifamily	$589,990	$197,975	$1,957,798	$246,771	$209,943	$2,192,601	$2,402,544	$(526,565)
Other - Mixed Use
71 France - Edina, MN(4)	—	$—	$5,879	$616	$—	$6,495	$6,495	$(1,665)	2014	2014	Up to 37	years

Gross Amount at Which Carried at · Life on Which
Initial Cost to Company · Close of Period · Depreciation in
Costs Capitalized · Latest Income
Buildings & · Subsequent to · Land & · Buildings & · Accumulated · Date of · Date of · Statement is
Description · Encumbrances(1) · Land · Improvements · Acquisition · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Civic Lofts - Denver, CO	—	—	—	—	—	—	—	—	2019	2021	30	years
Lugano at Cherry Creek - Denver, CO	—	—	1,600	861	—	2,461	2,461	(350)	2010	2019	30	years
Noko Apartments - Minneapolis, MN	—	—	118	—	—	118	118	(17)	2021	2022	30	years
Oxbo Urban Rentals- St Paul, MN	—	—	3,472	54	—	3,526	3,526	(728)	2016	2017	30	years
Red 20 Apartments - Minneapolis, MN(4)	—	—	2,525	434	—	2,959	2,959	(997)	2013	2013	Up to 37	years
Zest - Minneapolis, MN(4)	—	—	52	1	—	53	53	(19)	2016	2022	30	years
Total Other - Mixed Use	—	$—	$13,646	$1,966	$—	$15,612	$15,612	$(3,776)
Other - Commercial
3100 10th St SW - Minot, ND	—	$246	$1,866	$(122)	$246	$1,744	$1,990	$(362)	1980	2019	30	years
Total Other - Commercial	—	$246	$1,866	$(122)	$246	$1,744	$1,990	$(362)
Total	$589,990	$198,221	$1,973,310	$248,615	$210,189	$2,209,957	$2,420,146	$(530,703)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2023. These amounts do not include amounts owing under the Company’s multi-bank line of credit, term loan, or unsecured senior notes.

(2)Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records.

(3)Date of acquisition represents the date the Company acquired the property through purchase or acquisition.

(4)Encumbrances are listed with the multifamily property description.

(5)Costs capitalized subsequent to acquisition includes impairment charges.

Reconciliations of the carrying value of total property owned for the years ended December 31, 2023, 2022, and 2021 are as follows:

(in thousands)
	Year Ended December 31,
	2023	2022	2021
Balance at beginning of year	$2,534,124	$2,271,170	$1,812,557
Additions during year
Multifamily and Other	87,757	206,623	491,648
Improvements and Other	62,117	57,203	34,427
	2,683,998	2,534,996	2,338,632
Deductions during year
Cost of real estate sold	(243,889)	—	(57,698)
Impairment charge(1)	(5,218)	—	—
Other (2)	(14,745)	(872)	(9,764)
Balance at close of year	$2,420,146	$2,534,124	$2,271,170

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2023, 2022, and 2021 are as follows:

(in thousands)
	Year Ended December 31,
	2023	2022	2021
Balance at beginning of year	$535,401	$443,592	$399,249
Additions during year
Provisions for depreciation	98,691	92,056	78,268
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(92,239)	—	(24,161)
Other (2)	(11,150)	(247)	(9,764)
Balance at close of year	$530,703	$535,401	$443,592
Total real estate investments, excluding mortgage notes receivable (3)	$1,889,443	$1,998,723	$1,827,578

(1)During the year ended December 31, 2023, Centerspace recognized impairment ontwo apartment communities.

(2)Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets.

(3)The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.5 billion at December 31, 2023 and December 31, 2022, respectively.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.