CENTERSPACE

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

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.

FY2025 · Filed Feb 17, 2026

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(5) · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Same-Store
71 France - Edina, MN	$47,022	$4,721	$61,762	$2,541	$4,801	$64,223	$69,024	$(25,662)	2014	2014	Up to 37	years
Alps Park Apartments - Rapid City, SD	—	287	5,551	610	336	6,112	6,448	(2,521)	1995	2013	Up to 37	years
Arcata Apartments - Golden Valley, MN	16,425	2,088	31,036	2,438	2,128	33,434	35,562	(13,929)	2013	2013	Up to 37	years
Ashland Apartment Homes - Grand Forks, ND	—	741	7,569	884	824	8,370	9,194	(3,694)	2010	2012	Up to 37	years
Avalon Cove Townhomes - Rochester, MN	—	1,616	34,074	5,892	1,808	39,774	41,582	(14,238)	2001	2016	Up to 37	years
Bayberry Place - Eagan, MN	11,048	1,807	14,113	1,403	1,865	15,458	17,323	(2,674)	1995	2021	30	years
Burgundy & Hillsboro - New Hope, MN	23,570	2,834	31,149	2,969	2,913	34,039	36,952	(5,969)	1968	2021	30	years
Canyon Lake Apartments - Rapid City, SD	—	305	3,958	2,542	420	6,385	6,805	(4,254)	1972	2001	Up to 37	years
Cardinal Point Apartments - Grand Forks, ND	—	1,600	33,400	2,626	1,729	35,897	37,626	(8,973)	2013	2013	Up to 37	years
Cascade Shores Townhomes + Flats - Rochester, MN	—	6,588	67,072	11,841	6,776	78,725	85,501	(32,262)	2010	2015	Up to 37	years
Castlerock Apartment Homes - Billings, MT	—	736	4,864	2,095	1,069	6,626	7,695	(5,080)	1979	1998	Up to 37	years
Civic Lofts - Denver, CO	—	6,166	55,182	(12,711)	6,171	42,466	48,637	(9,157)	2019	2021	30	years
Connelly on Eleven - Burnsville, MN	—	2,401	11,515	13,880	3,206	24,590	27,796	(18,325)	1970	2003	Up to 37	years
Cottonwood Apartment Homes - Bismarck, ND	—	1,056	17,372	7,154	2,002	23,580	25,582	(15,683)	1998	1997	Up to 37	years
Country Meadows Apartment Homes - Billings, MT	—	491	7,809	1,764	612	9,452	10,064	(6,703)	1997	1995	Up to 37	years
Deer Ridge Apartment Homes - Jamestown, ND	—	711	24,129	869	790	24,919	25,709	(10,683)	2016	2013	Up to 37	years
Donovan Apartment Homes - Lincoln, NE	—	1,515	15,730	11,484	1,817	26,912	28,729	(12,938)	1992	2012	Up to 37	years
Dylan at RiNo - Denver, CO	—	12,155	77,215	2,117	12,241	79,246	91,487	(21,848)	2016	2017	30	years
Evergreen Apartment Homes - Isanti, MN	—	1,129	5,524	785	1,159	6,279	7,438	(3,234)	2006	2008	Up to 37	years
Gardens Apartments - Grand Forks, ND	—	518	8,702	410	535	9,095	9,630	(3,452)	2015	2015	Up to 37	years
Greenfield - Omaha, NE	—	578	4,122	3,737	876	7,561	8,437	(4,756)	1992	2007	Up to 37	years
Homestead Garden Apartments - Rapid City, SD	—	655	14,139	3,903	792	17,905	18,697	(6,445)	2004	2014	Up to 37	years
Ironwood - New Hope, MN	—	2,165	36,874	1,539	2,167	38,411	40,578	(8,477)	2018	2020	30	years
Lake Vista Apartments Homes - Loveland, CO	51,220	6,618	80,737	3,194	6,649	83,900	90,549	(8,370)	2011	2023	30	years
Lakeside Village Apartment Homes - Lincoln, NE	—	1,215	15,837	8,109	1,476	23,685	25,161	(11,133)	2000	2012	Up to 37	years
Legacy Apartments - Grand Forks, ND	—	1,362	21,727	11,771	2,475	32,385	34,860	(22,750)	1996	1995	Up to 37	years
Legacy Heights Apartment Homes - Bismarck, ND	—	1,207	13,742	666	1,142	14,473	15,615	(4,971)	2015	2015	Up to 37	years
Lugano at Cherry Creek - Denver, CO	—	7,679	87,766	10,314	7,679	98,080	105,759	(24,883)	2010	2019	30	years
Lyra Apartments - Centennial, CO	37,809	6,473	86,149	1,301	6,481	87,442	93,923	(11,506)	2022	2022	30	years
Martin Blu - Eden Prairie, MN	25,186	3,547	45,212	2,021	3,560	47,220	50,780	(7,776)	2015	2022	30	years
Meadows Apartments - Jamestown, ND	—	590	4,519	2,438	733	6,814	7,547	(4,543)	1999	1998	Up to 37	years
Monticello Crossings - Monticello, MN	—	1,734	30,136	1,667	1,951	31,586	33,537	(10,416)	2017	2014	Up to 37	years
Monticello Village - Monticello, MN	—	490	3,756	1,461	655	5,052	5,707	(3,382)	2001	2004	Up to 37	years
Noko Apartments - Minneapolis, MN	—	1,915	42,636	762	1,918	43,395	45,313	(6,942)	2021	2022	30	years
Northridge Apartments - Bismarck, ND	—	884	7,515	540	1,057	7,882	8,939	(2,990)	2014	2014	Up to 37	years
Olympic Village Apartments - Billings, MT	—	1,164	10,441	4,335	1,976	13,964	15,940	(9,917)	2000	2000	Up to 37	years
Oxbo Urban Rentals - St Paul, MN	—	5,809	51,586	1,194	5,822	52,767	58,589	(14,783)	2016	2017	30	years
Palisades - Roseville, MN	19,377	6,919	46,577	12,355	6,959	58,892	65,851	(9,527)	1973	2021	30	years
Park Place Apartments - Plymouth, MN	—	10,609	80,781	23,691	10,819	104,262	115,081	(36,690)	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(5) · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Parkhouse Apartment Homes - Thornton, CO	86,454	10,474	132,105	7,389	10,484	139,484	149,968	(29,332)	2016	2020	30	years
Plymouth Pointe - Plymouth, MN	9,575	1,042	12,810	1,159	1,073	13,938	15,011	(2,599)	1968	2021	30	years
Pointe West Apartments - Rapid City, SD	—	240	3,538	2,405	463	5,720	6,183	(4,489)	1985	1994	Up to 37	years
Quarry Ridge Apartments - Rochester, MN	—	2,254	30,024	10,049	2,412	39,915	42,327	(20,826)	2001	2006	Up to 37	years
Red 20 Apartments - Minneapolis, MN	—	1,900	24,116	1,016	1,908	25,124	27,032	(10,579)	2013	2013	Up to 37	years
Rimrock West Apartments - Billings, MT	—	330	3,489	1,970	573	5,216	5,789	(4,012)	1975	1999	Up to 37	years
River Pointe - Fridley, MN	25,412	3,346	33,118	6,082	3,426	39,120	42,546	(8,093)	1971	2021	30	years
River Ridge Apartment Homes - Bismarck, ND	—	576	24,670	2,439	936	26,749	27,685	(12,646)	2013	2008	Up to 37	years
Rocky Meadows Apartments - Billings, MT	—	656	5,726	1,850	868	7,364	8,232	(5,488)	1996	1995	Up to 37	years
Rum River Apartments - Isanti, MN	—	843	4,823	587	870	5,383	6,253	(3,105)	2005	2007	Up to 37	years
Silver Springs Apartment Homes - Rapid City, SD	—	215	3,007	1,119	273	4,068	4,341	(1,735)	1985	2014	Up to 37	years
SouthFork Townhomes + Flats - Lakeville, MN	21,675	3,502	40,153	12,177	3,583	52,249	55,832	(18,808)	1988	2019	30	years
Southpoint Apartments - Grand Forks, ND	—	576	9,893	761	666	10,564	11,230	(4,189)	2013	2013	Up to 37	years
Sunset Trail Apartment Homes - Rochester, MN	—	336	12,814	6,943	826	19,267	20,093	(12,247)	2000	1999	Up to 37	years
Union Pointe - Longmont, CO	—	5,727	69,966	1,428	5,736	71,385	77,121	(14,164)	2019	2021	30	years
Westend - Denver, CO	—	25,525	102,180	6,261	25,532	108,434	133,966	(28,865)	2015	2018	30	years
Whispering Ridge - Omaha, NE	21,800	2,139	25,424	5,127	2,551	30,139	32,690	(14,034)	2010	2013	Up to 37	years
Woodridge on Second - Rochester, MN	—	370	6,028	6,285	761	11,922	12,683	(9,151)	1990	1997	Up to 37	years
Total Same-Store	$396,573	$171,129	$1,745,862	$231,638	$181,330	$1,967,299	$2,148,629	$(635,898)
Non-Same-Store
Lydian - Denver, CO	35,000	4,852	34,680	1,175	4,852	35,855	40,707	(1,779)	2018	2024	30	years
Railway Flats - Loveland, CO	75,975	10,415	94,483	129	10,415	94,612	105,027	(1,771)	2019	2025	30	years
Sugarmont - Salt Lake City, UT	59,763	20,232	125,632	68	20,232	125,700	145,932	(2,797)	2021	2025	30	years
The Bosk - Woodbury, MN	31,673	5,367	40,422	21,656	5,449	61,996	67,445	(13,173)	1974	2021	30	years
Total Non-Same-Store	$202,411	$40,866	$295,217	$23,028	$40,948	$318,163	$359,111	$(19,520)
Total Multifamily	$598,984	$211,995	$2,041,079	$254,666	$222,278	$2,285,462	$2,507,740	$(655,418)
Other - Mixed Use
71 France - Edina, MN(4)	$—	$—	$5,879	$531	$—	$6,410	$6,410	$(1,820)	2014	2014	Up to 37	years
Civic Lofts - Denver, CO	—	—	—	—	—	—	—	—	2019	2021	30	years
Lugano at Cherry Creek - Denver, CO	—	—	1,600	894	—	2,494	2,494	(581)	2010	2019	30	years
Lydian - Denver, CO(4)	—	—	668	48	—	716	716	(141)	2018	2024	30	years
Noko Apartments - Minneapolis, MN	—	—	118	—	—	118	118	(34)	2021	2022	30	years
Oxbo Urban Rentals- St Paul, MN	—	—	3,472	54	—	3,526	3,526	(921)	2016	2017	30	years
Red 20 Apartments - Minneapolis, MN	—	—	2,525	491	—	3,016	3,016	(1,209)	2013	2013	Up to 37	years
Total Other - Mixed Use	$—	$—	$14,262	$2,018	$—	$16,280	$16,280	$(4,706)

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(5) · Improvements · Improvements · Total · Depreciation · Construction(2) · Acquisition(3) · Computed
Total	$598,984	$211,995	$2,055,341	$256,684	$222,278	$2,301,742	$2,524,020	$(660,124)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2025. 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, 2025, 2024, and 2023 are as follows:

(in thousands)
	Year Ended December 31,
	2025	2024	2023
Balance at beginning of year	$2,480,741	$2,420,146	$2,534,124
Additions during year
Multifamily and Other	250,762	40,210	87,757
Improvements and Other	33,074	49,900	62,117
	2,764,577	2,510,256	2,683,998
Deductions during year
Cost of real estate sold	(197,856)	(21,236)	(243,889)
Impairment charge(1)	(37,719)	—	(5,218)
Other (2)	(4,982)	(8,279)	(14,745)
Balance at close of year	$2,524,020	$2,480,741	$2,420,146

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2025, 2024, and 2023 are as follows:

(in thousands)
	Year Ended December 31,
	2025	2024	2023
Balance at beginning of year	$625,980	$530,703	$535,401
Additions during year
Provisions for depreciation	104,557	103,127	98,691
Deductions during year
Accumulated depreciation on real estate sold	(66,854)	(2,350)	(92,239)
Other (2)	(3,559)	(5,500)	(11,150)
Balance at close of year	$660,124	$625,980	$530,703
Total real estate investments, excluding mortgage notes receivable (3)	$1,863,896	$1,854,761	$1,889,443

(1)During the years ended December 31, 2025 and 2023, Centerspace recognized impairment onsix andtwo apartment communities, respectively.

(2)Consists of the write off of fully depreciated assets and accumulated amortization, miscellaneous disposed assets, and involuntary conversion of assets written down in connection with casualty losses.

(3)The estimated net basis for Federal Income Tax purposes was $1.5 billion and $1.4 billion at December 31, 2025 and December 31, 2024, 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.