CENTERSPACE

Previous wording

“may,” “projects,” “outlook,” “future,” and variations of those words and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial condition, or plans expressed or implied by the forward-looking statements. Although we believe the expectations reflected in these forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from actual results and performance.

Current wording

This discussion and analysis and other sections of this Report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to the expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of those words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial condition, or plans expressed or implied by the forward-looking statements. Although we believe the expectations reflected in these forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from actual results and performance.

Previous wording

•price volatility in the global economy;

Current wording

•inflation and price volatility in the global economy;

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•rental conditions in our markets, including occupancy levels and rental rates, potential inability to renew residents or obtain new residents upon expiration of existing leases, changes in tax and housing laws, include rent control laws, or other factors;

Current wording

•rental conditions in our markets, including occupancy levels and rental rates, our potential inability to renew residents or obtain new residents upon expiration of existing leases, changes in tax and housing laws, including rent control laws, or other factors;

Previous wording

•adverse changes in our markets, including future demand for apartment homes in those markets, barriers of entry into new markets, limitations on the ability to increase rental rates, our inability to identify and consummate attractive acquisitions and dispositions on favorable terms, our ability to reinvest sales proceeds successfully, and inability to accommodate any significant decline in the market value of real estate serving as collateral for debt and mortgage obligations;

Current wording

•adverse changes in our markets, including future demand for apartment homes in those markets, barriers of entry into new markets, limitations on our ability to increase rental rates, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, our ability to reinvest sales proceeds successfully, and inability to accommodate any significant decline in the market value of real estate serving as collateral for our debt and mortgage obligations;

Previous wording

•the impact of the conflicts between Russia and Ukraine, as well as Israel, Gaza, and Iran, on inflation, trade, and general economic conditions;

Current wording

•the impact of conflicts in Ukraine and the Middle East, including sanctions imposed by the U.S. and other countries, on inflation, trade, and general economic conditions;

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•inability to expand operations into new or existing markets successfully;

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•inability to expand our operations into new or existing markets successfully;

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•inability to complete lease-up of projects on schedule and on budget;

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•inability to complete lease-up of our projects on schedule and on budget;

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•inability to pay, or need to reduce, dividends on common shares;

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•inability to pay, or need to reduce, dividends on our common shares;

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•financing risks, including the potential inability to meet existing covenants in existing credit facilities or to obtain new debt or equity financing on favorable terms, or at all;

Current wording

•financing risks, including our potential inability to meet existing covenants in existing credit facilities or to obtain new debt or equity financing on favorable terms, or at all;

Previous wording

•inability to continue to satisfy complex tax rules in order to maintain status as a REIT for federal income tax purposes, inability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes, and the risk of changes in laws affecting REITs;

Current wording

•inability to continue to satisfy complex tax rules in order to maintain our status as a REIT for federal income tax purposes, inability of the Operating Partnership to satisfy the rules to maintain its status as a partnership for tax purposes, and the risk of changes in laws affecting REITs;

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•cyber liability or potential liability for breaches of privacy or information security systems;

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•cyber liability or potential liability for breaches of our privacy or information security systems;

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•inability to comply with laws and regulations, including those related to the environment, applicable to the business and any related investigations or litigation; and

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•inability to comply with laws and regulations, including those related to the environment, applicable to our business and any related investigations or litigation; and

Previous wording

•other risks identified in this Report, in other SEC reports, or in other documents that we publicly disseminate.

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•other risks identified in this Report, in our other SEC reports, or in other documents that we publicly disseminate.

Previous wording

New factors may also arise from time to time that could have an adverse effect on our business and results of operations. Except as otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements to reflect events, circumstances, or changes in expectations after the date on which this Report is filed. Readers also should review the risks and uncertainties detailed from time to time in filings with the SEC, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

Current wording

New factors may also arise from time to time that could have an adverse effect on our business and results of operations. Except as otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect events, circumstances, or changes in expectations after the date on which this Report is filed. Readers also should review the risks and uncertainties detailed from time to time in filings with the SEC, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

Previous wording

We are a real estate investment trust, or REIT, that owns, manages, acquires, redevelops, and develops apartment communities. We primarily focus on investing in markets characterized by stable and growing economies, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for apartment homes and retention of our residents. As of September 30, 2024, we owned interests in 70 apartment communities consisting of 12,883 apartment homes. Property owned, as presented in our Condensed Consolidated Balance Sheets at historical cost, was $2.4 billion at September 30, 2024 and December 31, 2023.

Current wording

We are a real estate investment trust, or REIT, that owns, manages, acquires, redevelops, and develops apartment communities. We primarily focus on investing in markets characterized by stable and growing economies, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for apartment homes and retention of our residents. As of March 31, 2025, we owned interests in 71 apartment communities consisting of 13,012 apartment homes. Property owned, as presented in our Condensed Consolidated Balance Sheets at historical cost, was $2.5 billion at March 31, 2025 and December 31, 2024.

Previous wording

•For the three months ended September 30, 2024, revenue increased by $457,000 or 0.7% to $65.0 million, compared to $64.6 million for the three months ended September 30, 2023, due to increased revenue from same-store and non-same-store communities, offset by decreased revenue from dispositions.

Current wording

•For the three months ended March 31, 2025, revenue increased by $2.6 million or 4.0% to $67.1 million, compared to $64.5 million for the three months ended March 31, 2024, due to increased revenue from same-store and non-same-store communities, offset by decreased revenue from dispositions.

Previous wording

•Same-store revenues increased by 3.0% for the three months ended September 30, 2024, compared to the same period of the prior year, driving a 2.8% increase in same-store NOI compared to the same period of the prior year.

Current wording

•Same-store revenues increased by 3.5% for the three months ended March 31, 2025, compared to the same period of the prior year, driving a 2.1% increase in same-store NOI compared to the same period of the prior year.

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•Net loss was $0.40 per diluted share for the three months ended September 30, 2024, compared to net income of $0.41 per diluted share for the same period of the prior year.

Current wording

•Net loss was $0.22 per diluted share for the three months ended March 31, 2025, compared to net loss of $0.37 per diluted share for the same period of the prior year.

Previous wording

•Non-GAAP Core Funds from Operations (“Core FFO”) applicable to common shares and Units for the three months ended September 30, 2024 increased by $245,000 or 1.1% to $22.0 million compared to $21.7 million for the three months ended September 30, 2023. See the description of Core FFO on pages 31 and 32 and the reconciliation of net income (loss) available to common shareholders to FFO and Core FFO on page 33. This increase was primarily due to increased NOI from same-store and non-same-store communities and interest income on a real estate related note receivable that did not exist in the same period of the prior year, offset by decreased NOI from dispositions. The drivers of these changes are discussed in more detail in the “Results of Operations” section below.

Current wording

•Non-GAAP Core Funds from Operations (“Core FFO”) per diluted share decreased 1.6% to $1.21 for the three months ended March 31, 2025, compared to $1.23 for the three months ended March 31, 2024. See the description of Core FFO on page 25 and the reconciliation of net loss available to common shareholders to FFO and Core FFO on page 26. This decrease was primarily due to a one-time property tax refund that occurred in the prior year that did not occur in the current year. The drivers of these changes are discussed in more detail in the “Results of Operations” section below.

Previous wording

We have provided certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, we determine the composition of our same- store pool for that year as well as adjust the previous year, which allows us to evaluate the performance of existing apartment communities and their contribution to net income (loss). We believe that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of communities are performing year-over-year. We use this measure to assess whether or not we have been successful in increasing NOI, raising average rental revenue, renewing the leases with existing residents, controlling operating costs, and making prudent capital improvements. The discussion below focuses on the main factors affecting real estate revenue and expenses from same-store apartment communities because changes from one year to another in real estate revenue and expenses from non-same-store apartment communities are generally due to the addition of those properties to the real estate portfolio, and accordingly provide less useful information for evaluating ongoing operational performance of the real estate portfolio.

Current wording

On the first day of each calendar year, we determine the composition of our same-store pool for that year as well as adjust the previous year, which allows us to evaluate the performance of existing apartment communities and their contribution to net income (loss). We believe that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of communities are performing year-over-year. We use this measure to assess whether or not we have been successful in increasing NOI, raising average rental revenue, renewing the leases with existing residents, controlling operating costs, and making prudent capital improvements. The discussion below focuses on the main factors affecting real estate revenue and real estate expenses from same-store apartment communities because changes from one year to another in real estate revenue and expenses from non-same-store communities are generally due to the addition of those communities to our real estate portfolio, and accordingly provide less useful information for evaluating the ongoing operational performance of our real estate portfolio.

Previous wording

For the comparison of the nine months ended September 30, 2024 and 2023, one apartment community was non-same-store. Sold communities are included in “Dispositions,” for all periods presented, while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties. During the nine months ended September 30, 2024 and 2023, we disposed of two and thirteen apartment communities, respectively, consisting of 205 and 2,279 apartment homes, respectively.

Current wording

For the comparison of the three months ended March 31, 2025 and 2024, two apartment communities and one apartment community, respectively, were non-same-store. Sold communities are included in “Dispositions,” for all periods presented, while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties. During the three months ended March 31, 2024, we disposed of two apartment communities, consisting of 205 apartment homes.

Previous wording

The following consolidated results of operations, including GAAP and non-GAAP metrics, cover the three and nine months ended September 30, 2024 and 2023.

Current wording

The following consolidated results of operations, including GAAP and non-GAAP metrics, cover the three months ended March 31, 2025 and 2024.

Previous wording

Same-store analysis. Revenue from same-store communities increased 3.0%, or $1.8 million, in the three months ended September 30, 2024, compared to the same period in the prior year. The increase was attributable to 2.2% growth in average monthly revenue per occupied home for the three months ended September 30, 2024 and an increase of 0.7% in occupancy as weighted average occupancy increased from 94.6% for the three months ended September 30, 2023 to 95.3% for the three months ended September 30, 2024. Property operating expenses, including real estate taxes, at same-store communities increased by 3.2% or $807,000 in the three months ended September 30, 2024, compared to the same period in the prior year. At same-store communities, controllable expenses (which exclude insurance and real estate taxes) increased by $124,000, primarily due to increases in administrative and marketing costs and utilities, offset by decreases in compensation and repairs and maintenance. Non-controllable expenses at same-store communities increased by $683,000, due to higher insurance premiums and real estate taxes. Same-store NOI increased by $1.0 million to $36.8 million for the three months ended September 30, 2024 compared to $35.8 million in the same period of the prior year.

Current wording

Same-store analysis. Revenue from same-store communities increased 3.5%, or $2.2 million, in the three months ended March 31, 2025, compared to the same period in the prior year. The increase was attributable to 2.2% growth in average monthly revenue per occupied home for the three months ended March 31, 2025 and an increase of 1.2% in occupancy as weighted average occupancy increased from 94.6% for the three months ended March 31, 2024 to 95.8% for the three months ended March 31, 2025. Property operating expenses, including real estate taxes, at same-store communities increased by 5.8% or $1.4 million in the three months ended March 31, 2025, compared to the same period in the prior year. At same-store communities, controllable expenses (which exclude insurance and real estate taxes) increased by $316,000, primarily due to an increase in utilities, offset by decreases in repairs and maintenance and administrative and marketing expenses. Non-controllable expenses at same-store communities increased by $1.1 million, due to real estate taxes, including a refund resulting from a tax appeal in the first quarter of 2024 that did not occur in the first quarter of 2025. Same-store NOI increased by $781,000 to $38.9 million for the three months ended March 31, 2025, compared to $38.1 million in the same period of the prior year.

Previous wording

Non-same-store analysis. Revenue from non-same-store communities increased by $1.8 million in the three months ended September 30, 2024, compared to the same period in the prior year. Property operating expenses, including real estate taxes at non-same-store communities increased by $605,000. NOI at non-same-store communities increased by $1.2 million for the three months ended September 30, 2024 compared to the same period of the prior year. The increase in revenue, property operating expenses, and NOI from non-same-store communities is due to the addition of an apartment community during the fourth quarter of the prior year.

Current wording

Non-same-store analysis. Revenue from non-same-store communities increased by $744,000 in the three months ended March 31, 2025, compared to the same period in the prior year. Property operating expenses, including real estate taxes at non-same-store communities increased by $450,000. NOI at non-same-store communities increased by $294,000 for the three months ended March 31, 2025, compared to the same period of the prior year. The increase in revenue, property operating expenses, and NOI from non-same-store communities is due to the addition of an apartment community during the fourth quarter of the prior year, offset by a $104,000 decrease in NOI from a community going through repositioning with lower occupancy resulting from full unit upgrades requiring relocation of residents.

Previous wording

Other properties and dispositions analysis. Revenue from dispositions decreased by $3.1 million while revenue from other properties decreased by $108,000 in the three months ended September 30, 2024, compared to the same period in the prior year. Property operating expenses, including real estate taxes, at other properties decreased by $42,000 while such expenses decreased by $1.5 million for dispositions, compared to the same period in the prior year. NOI at other properties decreased by $66,000 and NOI on dispositions decreased $1.6 million, compared to the same period in the prior year. We disposed of four apartment communities and associated commercial space in the third quarter of 2023 and two apartment communities in the first quarter of 2024.

Current wording

Other properties and dispositions analysis. Revenue from other properties, which encompasses our commercial and mixed-use activity, increased by $211,000 while revenue from dispositions decreased by $529,000 in the three months ended March 31, 2025, compared to the same period in the prior year. Property operating expenses, including real estate taxes, at other properties increased by $158,000 while such expenses decreased by $326,000 for dispositions, compared to the same period in the prior year. NOI at other properties increased by $53,000 and NOI on dispositions decreased $203,000, compared to the same period in the prior year. We disposed of two apartment communities in the first quarter of 2024.

Previous wording

Property management expense, consisting of property management overhead and property management fees paid to third parties decreased by 3.1% to $6.8 million in the nine months ended September 30, 2024, compared to $7.0 million in the same period of the prior year. The decrease is primarily due to fewer properties and a lower number of apartment homes due to dispositions.

Current wording

Property management expenses. Property management expense, consisting of property management overhead and property management fees paid to third parties, increased by 4.4% to $2.4 million in the three months ended March 31, 2025, compared to $2.3 million in the same period of the prior year. The increase was primarily due to higher compensation costs resulting from new positions and increased pay rates compared to the same period of the prior year.

Previous wording

Casualty loss was $918,000 in the nine months ended September 30, 2024, compared to $1.2 million in the same period of the prior year. The decrease is primarily due to increased claim activity with losses in excess of our deductibles resulting in estimated recoveries in the current period compared to prior year combined with revised loss estimates from previous casualty events. See Note 2 of the Notes to the Condensed Consolidated Financial Statements in the report for more details.

Current wording

Casualty loss. Casualty loss was $532,000 in the three months ended March 31, 2025, compared to $820,000 in the same period of the prior year. The decrease is primarily due to less claim activity in the current period compared to the same period of the prior year. See Note 2 of the Notes to the Condensed Consolidated Financial Statements in the report for more details.

Previous wording

Depreciation and amortization. Depreciation and amortization increased by 5.6% to $26.1 million in the three months ended September 30, 2024, compared to $24.7 million in the same period of the prior year, primarily attributable to an increase in depreciation on same-store and non-same-store apartment communities driven by the addition of an apartment community in the fourth quarter of the prior year along with value add and acquisition capital projects, offset by a decrease in depreciation from sold properties.

Current wording

Depreciation and amortization. Depreciation and amortization increased by 2.4% to $27.7 million in the three months ended March 31, 2025, compared to $27.0 million in the same period of the prior year, primarily attributable to an increase in depreciation on apartment communities driven by the addition of an apartment community in the fourth quarter of the prior year along with value add and acquisition capital projects, offset by a decrease in amortization of in-place leases and a decrease in depreciation from sold properties.

Previous wording

General and administrative expenses. General and administrative expenses increased by $270,000 to $4.1 million in the three months ended September 30, 2024, compared to $3.8 million in the same period of the prior year. Compensation costs, legal and consulting fees increased in the three months ended September 30, 2024 compared to the same period of the prior year.

Current wording

General and administrative expenses. General and administrative expenses increased by $374,000 to $5.0 million in the three months ended March 31, 2025, compared to $4.6 million in the same period of the prior year. Compensation costs from higher share-based compensation and consulting fees increased in the three months ended March 31, 2025, compared to the same period of the prior year.

Previous wording

Gain (loss) on sale of real estate and other investments. There was no gain (loss) on sale of real estate and other investments in the three months ended September 30, 2024, compared to a gain of $11.2 million in the same period of the prior year. Refer to Note 8 in the Condensed Consolidated Financial Statements for more information.

Current wording

Loss on sale of real estate and other investments. There was no gain or loss on the sale of real estate and other investments in the three months ended March 31, 2025, compared to a loss of $577,000 in the same period of the prior year. Refer to Note 8 in the Condensed Consolidated Financial Statements for more information.

Previous wording

Interest expense. Interest expense increased by 4.6% to $8.9 million in the three months ended September 30, 2024, compared to $8.6 million in the same period of the prior year, primarily due to higher mortgage interest and amortization of debt discount resulting from the assumption of a mortgage in connection with an acquisition in the fourth quarter of the prior year, offset by lower interest on our line of credit due to lower average outstanding balance.

Current wording

Interest expense. Interest expense increased by 4.6% to $9.6 million in the three months ended March 31, 2025, compared to $9.2 million in the same period of the prior year, primarily due to higher mortgage interest and amortization of debt discount resulting from the assumption of a mortgage in connection with an acquisition in the fourth quarter of the prior year.

Previous wording

Interest and other income. Interest and other income increased to $645,000 in the three months ended September 30, 2024, compared to $330,000 in the same period of the prior year. The increase was primarily due to interest income on a real estate related note receivable in the current period that did not exist in the same period of the prior year.

Current wording

Interest and other income. Interest and other income increased to $708,000 in the three months ended March 31, 2025, compared to $340,000 in the same period of the prior year. The increase was primarily due to interest income on a real estate related note receivable in the current period that was not fully funded by the end of first quarter of 2024.

Previous wording

Net income (loss) available to common shareholders. Net loss available to common shareholders decreased to $6.2 million for the three months ended September 30, 2024, compared to a net income of $6.2 million in the three months ended September 30, 2023.

Current wording

Net loss available to common shareholders. Net loss available to common shareholders was $3.7 million for the three months ended March 31, 2025, compared to a net loss of $5.5 million in the three months ended March 31, 2024.

Previous wording

While FFO is widely used by us as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including our ability to service indebtedness or make distributions to shareholders.

Current wording

While FFO is widely used by us as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash needs, including our ability to service indebtedness or make distributions to shareholders.

Previous wording

Net loss available to common shareholders for the three months ended September 30, 2024, decreased to $6.2 million compared to net income of $6.2 million for the same period of the prior year. FFO applicable to common shares and Units for the three months ended September 30, 2024, decreased to $18.7 million compared to $20.8 million for the comparable period of the prior year, representing a decrease of 9.8%. This FFO decrease was primarily due to the redemption of our Series C preferred shares during the current period, increased general and administrative expense and interest expense, and decreased NOI from dispositions, offset by increased NOI from same-store communities and non-same-store communities and casualty gain activity.

Current wording

Net loss available to common shareholders for the three months ended March 31, 2025, was $3.7 million compared to net loss of $5.5 million for the same period of the prior year. FFO applicable to common shares and Units for the three months ended March 31, 2025, increased to $23.2 million compared to $20.9 million for the comparable period of the prior year, representing an increase of 10.9%. This FFO increase was primarily due to dividends to preferred shareholders that occurred in the prior year that did not occur in the same period of the current year along with increased NOI from same-store communities and non-same-store communities, lower casualty loss activity, and an increase in interest in other income, offset by decreased NOI from dispositions and increased general and administrative expense and interest expense.

Previous wording

(2)Consists of (gain) loss on investments and one-time professional fees.

Current wording

(1)Consists of (gain) loss on investments and one-time professional fees.

Previous wording

(3)Refer to Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional details on net income (loss) per share.

Current wording

(2)Refer to Note 3 of the Notes to the Condensed Consolidated Financial Statements for additional details on net income (loss) per share.

Previous wording

Distributions of $0.75 and $0.73 per common share and Unit were declared during the three months ended September 30, 2024 and 2023, respectively. Distributions of $2.25 and $2.19 were declared during the nine months ended September 30, 2024 and 2023, respectively. Distributions of $0.4140625 per Series C preferred share were declared during the three months ended September 30, 2024 and 2023 and $1.2421875 per Series C preferred share for the nine months ended September 30, 2024 and 2023. Distributions of $0.9655 per Series D preferred unit were declared during the three months ended September 30, 2024 and 2023 and $2.8965 per Series D preferred unit for the nine months ended September 30, 2024 and 2023. Distributions of $0.96875 per Series E preferred unit were declared during the three months ended September 30, 2024 and 2023 and $2.90625 per Series E preferred unit for the nine months ended September 30, 2024 and 2023.

Current wording

Distributions of $0.77 and $0.75 per common share and Unit were declared during the three months ended March 31, 2025 and 2024, respectively. Distributions of $0.4140625 per Series C preferred share were declared during the three months ended March 31, 2024. Distributions of $0.9655 per Series D preferred unit were declared during the three months ended March 31, 2025 and 2024. Distributions of $0.96875 per Series E preferred unit were declared during the three months ended March 31, 2025 and 2024.

Previous wording

Our primary sources of liquidity are cash and cash equivalents on hand and cash flows generated from operations. Other sources include availability under the unsecured lines of credit, proceeds from property dispositions, including restricted cash related to net tax deferred proceeds, offerings of preferred and common shares, including offerings of common shares under the ATM Program, and long-term unsecured debt and secured mortgages.

Current wording

Our primary sources of liquidity are cash and cash equivalents on hand and cash flows generated from operations. Other sources include availability under our unsecured lines of credit, proceeds from property dispositions, including restricted cash related to net tax deferred proceeds, offerings of preferred and common shares under our shelf registration statement, including offerings of common shares under our ATM Program, and long-term unsecured debt and secured mortgages.

Previous wording

Our primary liquidity demands are normally-recurring operating and overhead expenses, debt service and repayments, capital improvements to communities, distributions to the holders of preferred shares, common shares, Series D and Series E preferred units, and Units, value-add redevelopment, common and preferred share buybacks and Unit redemptions, funding of mezzanine loans or real estate related notes, and acquisitions of additional communities.

Current wording

Our primary liquidity demands are normally-recurring operating and overhead expenses, debt service and repayments, capital improvements to our communities, distributions to the holders of our preferred shares, common shares, Series D and Series E preferred units, and Units, value-add redevelopment, common and preferred share buybacks and Unit redemptions, funding of mezzanine loans or real estate related notes, and acquisitions of additional communities.