CENTERSPACE

For the period ended Dec 31, 2024. Filed Feb 18, 2025.

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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.

FY2024 · Filed Feb 18, 2025

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	$48,371	$4,721	$61,762	$2,274	$4,801	$63,956	$68,757	$(23,424)	2014	2014	Up to 37	years
Alps Park Apartments - Rapid City, SD	—	287	5,551	605	336	6,107	6,443	(2,302)	1995	2013	Up to 37	years
Arcata Apartments - Golden Valley, MN	—	2,088	31,036	1,088	2,128	32,084	34,212	(12,789)	2013	2013	Up to 37	years
Ashland Apartment Homes - Grand Forks, ND	—	741	7,569	373	824	7,859	8,683	(3,401)	2010	2012	Up to 37	years
Avalon Cove Townhomes - Rochester, MN	—	1,616	34,074	5,612	1,808	39,494	41,302	(12,204)	2001	2016	Up to 37	years
Bayberry Place - Eagan, MN	11,048	1,807	14,113	1,681	1,865	15,736	17,601	(2,004)	1995	2021	30	years
Burgundy & Hillsboro - New Hope, MN	23,570	2,834	31,149	2,833	2,913	33,903	36,816	(4,508)	1968	2021	30	years
Canyon Lake Apartments - Rapid City, SD	—	305	3,958	2,308	420	6,151	6,571	(3,870)	1972	2001	Up to 37	years
Cardinal Point Apartments - Grand Forks, ND	—	1,600	33,400	619	1,729	33,890	35,619	(7,573)	2013	2013	Up to 37	years
Cascade Shores Townhomes + Flats - Rochester, MN	42,522	6,588	67,072	11,491	6,776	78,375	85,151	(27,993)	2010	2015	Up to 37	years
Castlerock Apartment Homes - Billings, MT	—	736	4,864	1,999	1,069	6,530	7,599	(4,881)	1979	1998	Up to 37	years
Civic Lofts - Denver, CO	—	6,166	55,182	1,195	6,171	56,372	62,543	(6,818)	2019	2021	30	years
Connelly on Eleven - Burnsville, MN	—	2,401	11,515	15,572	3,206	26,282	29,488	(18,685)	1970	2003	Up to 37	years
Cottonwood Apartment Homes - Bismarck, ND	—	1,056	17,372	7,052	2,002	23,478	25,480	(14,904)	1998	1997	Up to 37	years
Country Meadows Apartment Homes - Billings, MT	—	491	7,809	1,527	612	9,215	9,827	(6,367)	1997	1995	Up to 37	years
Cypress Court Apartments - St. Cloud, MN	10,359	1,583	18,879	1,164	1,625	20,001	21,626	(7,737)	2014	2012	Up to 37	years
Deer Ridge Apartment Homes - Jamestown, ND	—	711	24,129	840	790	24,890	25,680	(9,782)	2016	2013	Up to 37	years
Donovan Apartment Homes - Lincoln, NE	—	1,515	15,730	10,350	1,817	25,778	27,595	(10,837)	1992	2012	Up to 37	years
Dylan at RiNo - Denver, CO	—	12,155	77,215	1,699	12,241	78,828	91,069	(19,023)	2016	2017	30	years
Elements of Linden Hills - Minneapolis, MN	5,676	941	7,853	275	949	8,120	9,069	(1,045)	2015	2022	30	years
Evergreen Apartment Homes - Isanti, MN	—	1,129	5,524	761	1,159	6,255	7,414	(2,953)	2006	2008	Up to 37	years
FreightYard Townhomes & Flats - Minneapolis, MN	—	1,889	23,616	1,516	1,745	25,276	27,021	(4,972)	1900	2019	30	years
Gardens Apartments - Grand Forks, ND	—	518	8,702	179	535	8,864	9,399	(3,105)	2015	2015	Up to 37	years
Grand Gateway Apartment Homes - St. Cloud, MN	—	814	7,086	4,229	970	11,159	12,129	(4,862)	2002	2012	Up to 37	years
Greenfield - Omaha, NE	—	578	4,122	3,605	876	7,429	8,305	(4,207)	1992	2007	Up to 37	years
Grove Ridge - Cottage Grove, MN	7,992	1,250	10,271	3,461	1,293	13,689	14,982	(1,659)	1973	2021	30	years
Homestead Garden Apartments - Rapid City, SD	—	655	14,139	2,836	792	16,838	17,630	(5,679)	2004	2014	Up to 37	years
Ironwood - New Hope, MN	—	2,165	36,874	1,278	2,167	38,150	40,317	(6,970)	2018	2020	30	years
Lakeside Village Apartment Homes - Lincoln, NE	—	1,215	15,837	7,437	1,476	23,013	24,489	(9,447)	2000	2012	Up to 37	years
Legacy Apartments - Grand Forks, ND	—	1,362	21,727	10,851	2,475	31,465	33,940	(22,042)	1996	1995	Up to 37	years
Legacy Heights Apartment Homes - Bismarck, ND	—	1,207	13,742	331	1,142	14,138	15,280	(4,454)	2015	2015	Up to 37	years
Lugano at Cherry Creek - Denver, CO	—	7,679	87,766	9,722	7,679	97,488	105,167	(20,144)	2010	2019	30	years
Lyra Apartments - Centennial, CO	37,809	6,473	86,149	1,166	6,481	87,307	93,788	(7,972)	2022	2022	30	years
Martin Blu - Eden Prairie, MN	25,909	3,547	45,212	1,418	3,560	46,617	50,177	(5,754)	2015	2022	30	years
Meadows Apartments - Jamestown, ND	—	590	4,519	2,059	733	6,435	7,168	(4,340)	1999	1998	Up to 37	years
Monticello Crossings - Monticello, MN	—	1,734	30,136	1,385	1,951	31,304	33,255	(9,351)	2017	2014	Up to 37	years
Monticello Village - Monticello, MN	—	490	3,756	1,410	655	5,001	5,656	(3,151)	2001	2004	Up to 37	years
New Hope Garden & Village - New Hope, MN	9,943	1,603	12,578	1,631	1,651	14,161	15,812	(2,132)	1969	2021	30	years
Noko Apartments - Minneapolis, MN	—	1,915	42,636	622	1,918	43,255	45,173	(5,152)	2021	2022	30	years
Northridge Apartments - Bismarck, ND	—	884	7,515	306	1,057	7,648	8,705	(2,689)	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
Olympic Village Apartments - Billings, MT	—	1,164	10,441	4,216	1,976	13,845	15,821	(9,478)	2000	2000	Up to 37	years
Oxbo Urban Rentals - St Paul, MN	15,760	5,809	51,586	971	5,822	52,544	58,366	(13,293)	2016	2017	30	years
Palisades - Roseville, MN	19,723	6,919	46,577	12,115	6,959	58,652	65,611	(6,646)	1973	2021	30	years
Park Place Apartments - Plymouth, MN	—	10,609	80,781	21,392	10,819	101,963	112,782	(31,841)	1985	2017	30	years
Parkhouse Apartment Homes - Thornton, CO	87,881	10,474	132,105	6,740	10,484	138,835	149,319	(23,403)	2016	2020	30	years
Plymouth Pointe - Plymouth, MN	9,575	1,042	12,810	1,058	1,073	13,837	14,910	(1,905)	1968	2021	30	years
Pointe West Apartments - Rapid City, SD	—	240	3,538	1,953	463	5,268	5,731	(4,346)	1985	1994	Up to 37	years
Ponds at Heritage Place - Sartell, MN	—	395	4,564	619	419	5,159	5,578	(2,206)	2008	2012	Up to 37	years
Prosper West - Waite Park, MN	16,425	939	10,167	18,091	1,912	27,285	29,197	(19,088)	1989	1995	Up to 37	years
Quarry Ridge Apartments - Rochester, MN	—	2,254	30,024	9,967	2,412	39,833	42,245	(18,450)	2001	2006	Up to 37	years
Red 20 Apartments - Minneapolis, MN	19,159	1,900	24,116	827	1,908	24,935	26,843	(9,822)	2013	2013	Up to 37	years
Regency Park Estates - St. Cloud, MN	6,405	702	10,198	8,565	1,179	18,286	19,465	(8,899)	1994	2011	Up to 37	years
Rimrock West Apartments - Billings, MT	—	330	3,489	1,922	573	5,168	5,741	(3,802)	1975	1999	Up to 37	years
River Pointe - Fridley, MN	25,412	3,346	33,118	5,837	3,426	38,875	42,301	(5,892)	1971	2021	30	years
River Ridge Apartment Homes - Bismarck, ND	—	576	24,670	2,279	936	26,589	27,525	(11,727)	2013	2008	Up to 37	years
Rocky Meadows Apartments - Billings, MT	—	656	5,726	1,672	868	7,186	8,054	(5,233)	1996	1995	Up to 37	years
Rum River Apartments - Isanti, MN	—	843	4,823	548	870	5,344	6,214	(2,877)	2005	2007	Up to 37	years
Silver Springs Apartment Homes - Rapid City, SD	—	215	3,007	1,093	273	4,042	4,315	(1,557)	1985	2014	Up to 37	years
SouthFork Townhomes + Flats - Lakeville, MN	21,675	3,502	40,153	11,915	3,583	51,987	55,570	(15,973)	1988	2019	30	years
Southpoint Apartments - Grand Forks, ND	—	576	9,893	433	666	10,236	10,902	(3,799)	2013	2013	Up to 37	years
Sunset Trail Apartment Homes - Rochester, MN	—	336	12,814	6,840	826	19,164	19,990	(11,246)	2000	1999	Up to 37	years
The Bosk - Woodbury, MN	31,673	5,367	40,422	18,580	5,449	58,920	64,369	(8,834)	1974	2021	30	years
Union Pointe - Longmont, CO	—	5,727	69,966	1,341	5,736	71,298	77,034	(11,212)	2019	2021	30	years
Venue on Knox - Minneapolis, MN	11,660	3,438	14,743	6,562	3,530	21,213	24,743	(3,520)	1959	2021	30	years
Westend - Denver, CO	—	25,525	102,180	3,364	25,532	105,537	131,069	(24,749)	2015	2018	30	years
Whispering Ridge - Omaha, NE	21,800	2,139	25,424	4,942	2,551	29,954	32,505	(12,710)	2010	2013	Up to 37	years
Woodhaven - Minneapolis, MN	14,408	3,940	20,080	2,335	4,040	22,315	26,355	(2,963)	1974	2021	30	years
Woodridge on Second - Rochester, MN	—	370	6,028	6,340	761	11,977	12,738	(8,561)	1990	1997	Up to 37	years
Zest - Minneapolis, MN	7,277	936	10,209	542	946	10,741	11,687	(1,360)	2016	2022	30	years
Total Same-Store	$532,032	$188,308	$1,855,791	$289,819	$200,389	$2,133,529	$2,333,918	$(616,574)
Non-Same-Store
Lake Vista Apartments Homes - Loveland, CO	$52,232	$6,618	$80,737	$1,930	$6,649	$82,636	$89,285	$(4,529)	2011	2023	30	years
Lydian - Denver, CO	35,000	4,852	34,680	26	4,852	34,706	39,558	(342)	2018	2024	30	years
Total Non-Same-Store	$87,232	$11,470	$115,417	$1,956	$11,501	$117,342	$128,843	$(4,871)
Total Multifamily	$619,264	$199,778	$1,971,208	$291,775	$211,890	$2,250,871	$2,462,761	$(621,445)
Other - Mixed Use
71 France - Edina, MN(4)	—	$—	$5,879	$316	$—	$6,195	$6,195	$(1,636)	2014	2014	Up to 37	years
Civic Lofts - Denver, CO	—	—	—	—	—	—	—	—	2019	2021	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
Lugano at Cherry Creek - Denver, CO	—	—	1,600	863	—	2,463	2,463	(466)	2010	2019	30	years
Lydian - Denver, CO(4)	—	—	668	4	—	672	672	(28)	2018	2024	30	years
Noko Apartments - Minneapolis, MN	—	—	118	—	—	118	118	(25)	2021	2022	30	years
Oxbo Urban Rentals- St Paul, MN(4)	—	—	3,472	54	—	3,526	3,526	(825)	2016	2017	30	years
Red 20 Apartments - Minneapolis, MN(4)	—	—	2,525	434	—	2,959	2,959	(1,101)	2013	2013	Up to 37	years
Zest - Minneapolis, MN(4)	—	—	52	1	—	53	53	(29)	2016	2022	30	years
Total Other - Mixed Use	—	$—	$14,314	$1,672	$—	$15,986	$15,986	$(4,110)
Other - Commercial
3100 10th St SW - Minot, ND	—	$246	$1,866	$(118)	$264	$1,730	$1,994	$(425)	1980	2019	30	years
Total Other - Commercial	—	$246	$1,866	$(118)	$264	$1,730	$1,994	$(425)
Total	$619,264	$200,024	$1,987,388	$293,329	$212,154	$2,268,587	$2,480,741	$(625,980)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2024. These amounts do not include amounts owing under the Company’s multi-bank line of credit 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, if any.

Reconciliations of the carrying value of total property owned for the years ended December 31, 2024, 2023, and 2022 are as follows:

(in thousands)
	Year Ended December 31,
	2024	2023	2022
Balance at beginning of year	$2,420,146	$2,534,124	$2,271,170
Additions during year
Multifamily and Other	40,210	87,757	206,623
Improvements and Other	49,900	62,117	57,203
	2,510,256	2,683,998	2,534,996
Deductions during year
Cost of real estate sold	(21,236)	(243,889)	—
Impairment charge(1)	—	(5,218)	—
Other (2)	(8,279)	(14,745)	(872)
Balance at close of year	$2,480,741	$2,420,146	$2,534,124

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2024, 2023, and 2022 are as follows:

(in thousands)
	Year Ended December 31,
	2024	2023	2022
Balance at beginning of year	$530,703	$535,401	$443,592
Additions during year
Provisions for depreciation	103,127	98,691	92,056
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(2,350)	(92,239)	—
Other (2)	(5,500)	(11,150)	(247)
Balance at close of year	$625,980	$530,703	$535,401
Total real estate investments, excluding mortgage notes receivable (3)	$1,854,761	$1,889,443	$1,998,723

(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 at December 31, 2024 and December 31, 2023.

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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.