CENTERSPACE 10-K

Item 2. Properties Communities We are organized as a REIT under Sections 856-858 of the Code and are structured as an UPREIT, which allows us to accept the contribution of real estate to our Operating Partnership in exchange for Units. Our business is focused on the ownership, management, acquisition, redevelopment, and development of apartment communities, which we own and operate through our Operating Partnership. We are a fully integrated owner-operator of apartment communities. Certain Lending Requirements In certain instances, in connection with the financing of investment properties, the lender may require, as a condition of the loan, that the properties be owned by a “single asset entity.” Accordingly, we have organized a number of wholly-owned subsidiary entities for the purpose of holding title in an entity that complies with such lending conditions. All financial statements of these subsidiaries are consolidated into our financial statements. Management and Leasing of Our Real Estate Assets We conduct our corporate operations from offices in Minot, North Dakota, and Minneapolis, Minnesota. The day-to-day management of our properties is generally carried out by our own employees. When properties acquired have effective pre-existing property management in place or when particular properties are, in our judgment, not attractive candidates for self-management, we may utilize third-party professional management companies for day-to-day management. However, all decisions relating to purchase, sale, insurance coverage, major capital improvements, annual operating budgets, and major renovations are made exclusively by our employees and implemented by the third-party management companies. Generally, our third-party management contracts are for terms of one year or less and provide for compensation ranging from 2.5% to 5.0% of 21 Table of Contents gross rent collections and, typically, we may terminate these contracts upon 60 days or less notice for cause or upon the property manager’s failure to meet certain specified financial performance goals. Summary of Communities Owned as of December 31, 2024 The following table presents information regarding our 71 apartment communities held for investment, as of December 31, 2024. We provide certain information on a same-store and non-same-store basis. Same-store communities are owned or stabilized for substantially all of the periods being compared, and, in the case of newly-acquired or constructed properties, have achieved a target level of physical occupancy of 90%, or re-positioned communities when they have achieved stabilized operations. We define re-positioned communities as having significant development and construction activity on existing buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of improved community cash flow and competitive position through extensive unit and amenity upgrades. We categorize a re-positioned community as same-store when the development and construction activity has been completed, and operations have stabilized. This is typically reaching an overall occupancy of 90%. Not all communities undergoing value add are considered a re-positioned community.Non-same store communities are communities not owned or stabilized as of the beginning of the previous year, including re-positioned communities, and excluding communities held for sale and the non-multifamily components of mixed-use properties. 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. “Other” includes non-multifamily properties and non-multifamily components of mixed use properties. We own the following interests in real estate either through our wholly-owned subsidiaries or by ownership of a controlling interest in an entity owning the real estate. We account for these interests on a consolidated basis. Additional information is included in Schedule III to our financial statements included in this Report. (in thousands) Investment Physical Number of (initial cost plus Occupancy Apartment improvements less as of Community Name and Location Homes impairment) December 31, 2024 SAME-STORE 71 France - Edina, MN (1) 241 $ 68,757 93.8 % Alps Park Apartments - Rapid City, SD 71 6,443 88.7 % Arcata Apartments - Golden Valley, MN 165 34,212 97.6 % Ashland Apartment Homes - Grand Forks, ND 84 8,683 98.8 % Avalon Cove Townhomes - Rochester, MN 187 41,302 92.5 % Bayberry Place - Eagan, MN (2) 120 17,601 91.7 % Burgundy & Hillsboro - New Hope, MN (2) 250 36,816 94.0 % Canyon Lake Apartments - Rapid City, SD 109 6,571 92.7 % Cardinal Point Apartments - Grand Forks, ND 251 35,619 98.0 % Cascade Shores Townhomes + Flats - Rochester, MN (1) 366 85,151 96.2 % Castlerock Apartment Homes - Billings, MT 165 7,599 92.7 % Civic Lofts - Denver, CO 176 62,543 92.6 % Connelly on Eleven - Burnsville, MN 240 29,488 95.4 % Cottonwood Apartment Homes - Bismarck, ND 268 25,480 94.4 % Country Meadows Apartment Homes - Billings, MT 133 9,827 95.5 % Cypress Court Apartments - St. Cloud, MN (1) (3) 196 21,626 94.9 % Deer Ridge Apartment Homes - Jamestown, ND 163 25,680 94.5 % Donovan Apartment Homes - Lincoln, NE 232 27,595 94.0 % Dylan at RiNo - Denver, CO 274 91,069 94.5 % Elements of Linden Hills - Minneapolis, MN (1) 31 9,069 96.8 % Evergreen Apartment Homes - Isanti, MN 72 7,414 88.9 % FreightYard Townhomes & Flats - Minneapolis, MN 96 27,021 96.9 % Gardens Apartments - Grand Forks, ND 74 9,399 96.0 % Grand Gateway Apartment Homes - St. Cloud, MN 116 12,129 90.5 % Greenfield - Omaha, NE 96 8,305 95.8 % Grove Ridge - Cottage Grove, MN (2) 84 14,982 86.9 % Homestead Garden Apartments - Rapid City, SD 152 17,630 97.4 % Ironwood - New Hope, MN 182 40,317 96.2 % Lakeside Village Apartment Homes - Lincoln, NE 208 24,489 92.8 % 22 Table of Contents (in thousands) Investment Physical Number of (initial cost plus Occupancy Apartment improvements less as of Community Name and Location Homes impairment) December 31, 2024 Legacy Apartments - Grand Forks, ND 360 33,940 96.7 % Legacy Heights Apartment Homes - Bismarck, ND 119 15,280 96.6 % Lugano at Cherry Creek - Denver, CO 328 105,167 93.3 % Lyra Apartments - Centennial, CO (2) 215 93,788 93.0 % Martin Blu - Eden Prairie, MN (1) 191 50,177 95.8 % Meadows Apartments - Jamestown, ND 81 7,168 93.8 % Monticello Crossings - Monticello, MN 202 33,255 94.6 % Monticello Village - Monticello, MN 60 5,656 90.0 % New Hope Garden & Village - New Hope, MN (2) 150 15,812 99.3 % Noko Apartments - Minneapolis, MN 130 45,173 95.4 % Northridge Apartments - Bismarck, ND 68 8,705 95.6 % Olympic Village Apartments - Billings, MT 274 15,821 96.0 % Oxbo Urban Rentals - St Paul, MN (2) 191 58,366 94.8 % Palisades - Roseville, MN (1) 330 65,611 92.7 % Park Place Apartments - Plymouth, MN 500 112,782 95.0 % Parkhouse Apartment Homes - Thornton, CO (1) 465 149,319 94.6 % Plymouth Pointe - Plymouth, MN (2) 96 14,910 99.0 % Pointe West Apartments - Rapid City, SD 90 5,731 96.7 % Ponds at Heritage Place - Sartell, MN 58 5,578 98.3 % Prosper West - Waite Park, MN (1) 313 29,197 94.3 % Quarry Ridge Apartments - Rochester, MN 320 42,245 95.3 % Red 20 Apartments - Minneapolis, MN (1) 130 26,843 93.9 % Regency Park Estates - St. Cloud, MN (1) 149 19,465 94.0 % Rimrock West Apartments - Billings, MT 78 5,741 94.9 % River Pointe - Fridley, MN (2) 300 42,301 96.7 % River Ridge Apartment Homes - Bismarck, ND 146 27,525 92.5 % Rocky Meadows Apartments - Billings, MT 98 8,054 94.9 % Rum River Apartments - Isanti, MN 72 6,214 91.7 % Silver Springs Apartment Homes - Rapid City, SD 52 4,315 90.4 % SouthFork Townhomes + Flats - Lakeville, MN (1) 272 55,570 96.0 % Southpoint Apartments - Grand Forks, ND 96 10,902 100.0 % Sunset Trail Apartment Homes - Rochester, MN 146 19,990 95.9 % The Bosk - Woodbury, MN (2) 288 64,369 91.7 % Union Pointe - Longmont, CO 256 77,034 93.4 % Venue on Knox - Minneapolis, MN (2) 97 24,743 92.8 % Westend - Denver, CO 390 131,069 96.9 % Whispering Ridge - Omaha, NE (1) 336 32,505 95.5 % Woodhaven - Minneapolis, MN (2) 176 26,355 97.7 % Woodridge on Second - Rochester, MN 110 12,738 93.6 % Zest - Minneapolis, MN (1) 45 11,687 97.8 % TOTAL SAME-STORE 12,580 $ 2,333,918 NON-SAME-STORE Lake Vista Apartment Homes - Loveland, CO (1) 303 89,285 96.7 % Lydian - Denver, CO (1) 129 39,558 89.9 % TOTAL NON-SAME-STORE 432 $ 128,843 TOTAL MULTIFAMILY 13,012 $ 2,462,761 23 Table of Contents (in thousands) Investment Physical Net Rentable (initial cost plus Occupancy Square improvements less as of Property Name and Location Footage impairment) December 31, 2024 OTHER - MIXED USE COMMERCIAL 71 France - Edina, MN (1) 20,922 $ 6,195 60.5 % Civic Lofts - Denver, CO 1,600 — 100.0 % Lugano at Cherry Creek - Denver, CO 11,998 2,463 100.0 % Lydian - Denver, CO (1) 22,676 672 100.0 % Noko Apartments - Minneapolis, MN 23,988 118 100.0 % Oxbo Urban Rentals- St Paul, MN (2) 11,477 3,526 100.0 % Red 20 Apartments - Minneapolis, MN (1) 10,508 2,959 100.0 % Zest - Minneapolis, MN (1) 3,200 53 100.0 % TOTAL OTHER - MIXED USE COMMERCIAL 106,369 $ 15,986 OTHER - COMMERCIAL 3100 10th St SW - Minot, ND (4) 9,603 $ 1,994 N/A TOTAL OTHER - COMMERCIAL 9,603 $ 1,994 TOTAL SQUARE FOOTAGE - OTHER 115,972 TOTAL GROSS REAL ESTATE INVESTMENTS $ 2,480,741 (1) Encumbered by mortgage debt. (2) Encumbered by mortgage in our Fannie Mae Credit Facility. (3) Owned by a joint venture entity and consolidated in our financial statements. We have an approximately 86.1% ownership in Cypress Court. (4) This is our Minot corporate office building. Properties by State The following table presents, as of December 31, 2024, the total property owned by state: (in thousands) State Total % of Total Minnesota $ 1,247,773 50.4 % Colorado 841,967 33.9 % North Dakota 210,375 8.5 % Nebraska 92,894 3.7 % Montana 47,042 1.9 % South Dakota 40,690 1.6 % Total $ 2,480,741 100.0 % Item 3. Legal Proceedings In the ordinary course of our operations, we become involved in litigation. At this time, we know of no material pending or threatened legal proceedings to which we are a party or of which any of our properties are the subject. Item 4. Mine Safety Disclosures Not Applicable. 24 Table of Contents PART II