CENTERSPACE
For the period ended May 1, 2025. Filed May 1, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
May 1, 2025 · Filed May 1, 2025
Contents
EX-99.1 · Same-Store Comparisons
SAME-STORE FIRST QUARTER COMPARISONS
(in thousands, except property data amounts and percentages)
| Apartment Homes Included · Revenues · Expenses · NOI(2) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Regions · Q1 2025 · Q1 2024 · % Change · Q1 2025 · Q1 2024 · % Change · Q1 2025 · Q1 2024 · % Change | ||||||||||
| Denver, CO | 1,848 | $11,839 | $11,802 | 0.3% | $4,463 | $4,105 | 8.7% | $7,376 | $7,697 | (4.2)% |
| Minneapolis, MN | 4,423 | 22,482 | 21,736 | 3.4% | 9,744 | 8,854 | 10.1% | 12,738 | 12,882 | (1.1)% |
| Boulder/Ft. Collins, CO | 559 | 3,461 | 3,355 | 3.2% | 1,050 | 1,049 | 0.1% | 2,411 | 2,306 | 4.6% |
| North Dakota | 1,710 | 7,516 | 6,995 | 7.4% | 3,003 | 2,972 | 1.0% | 4,513 | 4,023 | 12.2% |
| Omaha, NE | 872 | 3,751 | 3,568 | 5.1% | 1,418 | 1,474 | (3.8)% | 2,333 | 2,094 | 11.4% |
| Rochester, MN | 1,129 | 6,143 | 5,915 | 3.9% | 2,194 | 2,103 | 4.3% | 3,949 | 3,812 | 3.6% |
| St. Cloud, MN | 832 | 3,734 | 3,626 | 3.0% | 1,598 | 1,614 | (1.0)% | 2,136 | 2,012 | 6.2% |
| Other Mountain West(1) | 1,222 | 5,332 | 5,100 | 4.5% | 1,910 | 1,829 | 4.4% | 3,422 | 3,271 | 4.6% |
| Same-Store Total | 12,595 | $64,258 | $62,097 | 3.5% | $25,380 | $24,000 | 5.8% | $38,878 | $38,097 | 2.1% |
| % of NOI · Weighted Average Occupancy (3) · Average MonthlyRental Rate (3) · Average MonthlyRevenue per Occupied Home (3) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Regions · Q1 2025 · Q1 2024 · Growth · Q1 2025 · Q1 2024 · % Change · Q1 2025 · Q1 2024 · % Change | ||||||||||
| Denver, CO | 19.0% | 94.8% | 95.2% | (0.4)% | $1,986 | $1,990 | (0.2)% | $2,252 | $2,236 | 0.7% |
| Minneapolis, MN | 32.8% | 96.2% | 94.5% | 1.7% | 1,557 | 1,540 | 1.1% | 1,761 | 1,733 | 1.6% |
| Boulder/Ft. Collins, CO | 6.1% | 96.2% | 96.2% | —% | 1,910 | 1,881 | 1.5% | 2,145 | 2,079 | 3.2% |
| North Dakota | 11.6% | 96.9% | 95.6% | 1.3% | 1,380 | 1,303 | 5.9% | 1,513 | 1,426 | 6.1% |
| Omaha, NE | 6.0% | 94.1% | 93.3% | 0.8% | 1,378 | 1,326 | 3.9% | 1,524 | 1,462 | 4.2% |
| Rochester, MN | 10.2% | 96.6% | 94.6% | 2.0% | 1,763 | 1,730 | 1.9% | 1,878 | 1,846 | 1.7% |
| St. Cloud, MN | 5.5% | 93.9% | 93.8% | 0.1% | 1,390 | 1,353 | 2.7% | 1,593 | 1,549 | 2.8% |
| Other Mountain West(1) | 8.8% | 95.9% | 93.1% | 2.8% | 1,345 | 1,340 | 0.4% | 1,517 | 1,494 | 1.5% |
| Same-Store Total | 100.0% | 95.8% | 94.6% | 1.2% | $1,586 | $1,559 | 1.7% | $1,775 | $1,737 | 2.2% |
(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.
(2)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.
(3)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.
SAME-STORE SEQUENTIAL QUARTER COMPARISONS
(in thousands, except property data amounts and percentages)
| Apartment Homes Included · Revenues · Expenses · NOI(2) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Regions · Q1 2025 · Q4 2024 · % Change · Q1 2025 · Q4 2024 · % Change · Q1 2025 · Q4 2024 · % Change | ||||||||||
| Denver, CO | 1,848 | $11,839 | $11,975 | (1.1)% | $4,463 | $4,327 | 3.1% | $7,376 | $7,648 | (3.6)% |
| Minneapolis, MN | 4,423 | 22,482 | 22,055 | 1.9% | 9,744 | 10,169 | (4.2)% | 12,738 | 11,886 | 7.2% |
| Boulder/Ft. Collins, CO | 559 | 3,461 | 3,379 | 2.4% | 1,050 | 999 | 5.1% | 2,411 | 2,380 | 1.3% |
| North Dakota | 1,710 | 7,516 | 7,463 | 0.7% | 3,003 | 2,986 | 0.6% | 4,513 | 4,477 | 0.8% |
| Omaha, NE | 872 | 3,751 | 3,787 | (1.0)% | 1,418 | 1,042 | 36.1% | 2,333 | 2,745 | (15.0)% |
| Rochester, MN | 1,129 | 6,143 | 6,046 | 1.6% | 2,194 | 2,294 | (4.4)% | 3,949 | 3,752 | 5.3% |
| St. Cloud, MN | 832 | 3,734 | 3,629 | 2.9% | 1,598 | 1,479 | 8.0% | 2,136 | 2,150 | (0.7)% |
| Other Mountain West(1) | 1,222 | 5,332 | 5,366 | (0.6)% | 1,910 | 1,819 | 5.0% | 3,422 | 3,547 | (3.5)% |
| Same-Store Total | 12,595 | $64,258 | $63,700 | 0.9% | $25,380 | $25,115 | 1.1% | $38,878 | $38,585 | 0.8% |
| % of NOI · Weighted Average Occupancy (3) · Average MonthlyRental Rate (3) · Average MonthlyRevenue per Occupied Home (3) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Regions · Q1 2025 · Q4 2024 · Growth · Q1 2025 · Q4 2024 · % Change · Q1 2025 · Q4 2024 · % Change | ||||||||||
| Denver, CO | 19.0% | 94.8% | 95.4% | (0.6)% | $1,986 | $2,000 | (0.7)% | $2,252 | $2,263 | (0.5)% |
| Minneapolis, MN | 32.7% | 96.2% | 95.4% | 0.8% | 1,557 | 1,554 | 0.2% | 1,761 | 1,743 | 1.0% |
| Boulder/Ft. Collins, CO | 6.2% | 96.2% | 95.2% | 1.0% | 1,910 | 1,905 | 0.3% | 2,145 | 2,116 | 1.4% |
| North Dakota | 11.6% | 96.9% | 96.7% | 0.2% | 1,380 | 1,374 | 0.4% | 1,513 | 1,505 | 0.5% |
| Omaha, NE | 6.0% | 94.1% | 96.3% | (2.2)% | 1,378 | 1,369 | 0.7% | 1,524 | 1,503 | 1.4% |
| Rochester, MN | 10.2% | 96.6% | 96.0% | 0.6% | 1,763 | 1,759 | 0.2% | 1,878 | 1,859 | 1.0% |
| St. Cloud, MN | 5.5% | 93.9% | 93.9% | —% | 1,390 | 1,378 | 0.9% | 1,593 | 1,549 | 2.8% |
| Other Mountain West(1) | 8.8% | 95.9% | 95.7% | 0.2% | 1,345 | 1,352 | (0.5)% | 1,517 | 1,530 | (0.8)% |
| Same-Store Total | 100.0% | 95.8% | 95.6% | 0.2% | $1,586 | $1,585 | 0.1% | $1,775 | $1,764 | 0.6% |
(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.
(2)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.
(3)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.
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