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Our current emphasis is on making operational enhancements that will improve our residents’ experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St.
−Removed: Paul and Denver metropolitan areas.
+Added: Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas.
We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents.
−Removed: As of December 31, 2024, we owned interests in 71 apartment communities, containing 13,012 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion.
+Added: As of December 31, 2025, we owned 61 apartment communities, containing 12,262 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion.
Our corporate headquarters is located in Minot, North Dakota.
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On February 1, 1997, we were restructured as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”), and we conduct our daily business operations primarily through our operating partnership, Centerspace, LP (the “Operating Partnership”).
−Removed: The sole general partner of Centerspace, LP
−Removed: is Centerspace, Inc., a North Dakota corporation and our wholly owned subsidiary.
+Added: The sole general partner of Centerspace, LP is Centerspace, Inc., a North Dakota corporation and our wholly owned subsidiary.
All of our assets and liabilities have been contributed to Centerspace, LP, through Centerspace, Inc., in exchange for the sole general partnership interest in Centerspace, LP.
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To fund our investment and capital activities, we rely on a combination of issuance of common shares, preferred shares, Units in exchange for property, and borrowed funds.
−Removed: We regularly issue dividends to our shareholders and Unitholders.
+Added: We regularly issue distributions to our shareholders and Unitholders.
Each of these is described below.
At-the-Market Offering Program
−Removed: We have an equity distribution agreement in connection with an at-the-market offering program (“ATM Program”).
−Removed: On September 9, 2024 we amended our equity distribution agreement to increase the maximum aggregate offering price of common shares available for offer and sale thereunder from $250.0 million to $500.0 million, in amounts and at times determined by management.
+Added: We have entered into an equity distribution agreement in connection with an at-the-market offering program (“ATM Program”) through which we may offer and sell common shares in amounts and at times determined by management.
+Added: The maximum aggregate offering price of common shares available for offer and sale under the ATM Program is $500.0 million.
Under the ATM Program, we may enter into separate forward sale agreements.
The proceeds from the sale of common shares under the ATM Program may be used for general corporate purposes, including the funding of acquisitions, construction or mezzanine loans, community renovations, and the repayment of indebtedness.
+Added: There were no sales of common shares under the ATM Program during the year ended December 31, 2025.
During the year ended December 31, 2024, we issued 1.6 million common shares under the ATM Program at an average price of $71.66 per share, net of commissions.
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As of December 31, 2025, we had common shares having an aggregate offering price of up to $262.9 million remaining available under the ATM Program.
−Removed: Redemption of Series C Preferred Shares
−Removed: On August 30, 2024, we delivered notice to holders of our Series C preferred shares that we intended to redeem all 3.9 million Series C preferred shares at a redemption price equal to $25 per share plus any accrued but unpaid distributions per share up to and including the redemption date of September 30, 2024.
−Removed: On September 30, 2024, we completed the redemption of all the outstanding Series C preferred shares for an aggregate redemption price of $97.0 million, excluding distributions, which were $3.5 million in excess of the carrying value and are included in redemption of preferred shares on the Consolidated Statements
−Removed: of Operations.
−Removed: Such shares were no longer outstanding as of December 31, 2024.
−Removed: Series C preferred shares outstanding were 3.9 million at December 31, 2023.
−Removed: The Series C preferred shares were nonvoting and redeemable for cash at $25.00 at our option.
−Removed: Holders of these shares were entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees).
−Removed: Distributions accrued at an annual rate of $1.65625, which is equal to 6.625% of the $25.00 per share liquidation preference.
Bank Financing and Other Debt
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Our primary unsecured credit facility (the “Unsecured Credit Facility” or “Facility”) is a revolving, multi-bank line of credit, with Bank of Montreal serving as administrative agent.
−Removed: Our line of credit has total commitments and borrowing capacity of up to $250.0 million, based on the value of unencumbered properties.
+Added: In May 2025, we exercised the accordion feature of the Facility, expanding the borrowing capacity by $150.0 million to $400.0 million.
+Added: Prior to the exercise of the accordion feature, the line of credit had total commitments and borrowing capacity of up to $250.0 million, based on the value of unencumbered properties.
As of December 31, 2025, the additional borrowing availability was $246.0 million beyond the $154.0 million drawn, priced at an interest rate of 5.12%.
−Removed: On July 26, 2024, the Unsecured Credit Facility was amended to extend maturity and to modify the leverage-based margin ratios applicable to borrowings (as described below).
−Removed: As amended, this credit facility matures in July 2028, with an option to extend maturity for up to two additional six-month periods, and has an accordion option to increase borrowing capacity up to $400.0 million.
+Added: As of December 31, 2024, the Company had additional borrowing availability of $206.0 million beyond the $44.0 million drawn under the Facility, priced at an interest rate of 5.81%.
+Added: This Facility matures in July 2028, with an option to extend maturity for up to two additional six-month periods.
The Secured Overnight Financing Rate (“SOFR”) is the benchmark alternative reference rate under the Facility.
As amended, the interest rates on the line of credit are based on the consolidated leverage ratio, at our option, on either the lender’s base rate plus a margin, ranging from 20-80 basis points, or daily or term SOFR, plus a margin that ranges from 120-180 basis points with the consolidated leverage ratio described under the Third Amended and Restated Credit Agreement, as amended.
−Removed: The Unsecured Credit Facility and unsecured senior notes are subject to customary financial covenants and limitations.
−Removed: We believe we were in compliance with all such financial covenants and limitations as of December 31, 2024.
−Removed: In September 2024, we entered into an operating line of credit agreement with US Bank, N.A.
+Added: We have an operating line of credit agreement with US Bank, N.A.
which has a borrowing capacity of up to $10.0 million and pricing based on SOFR.
This operating line of credit terminates in September 2026 and is designed to enhance treasury management activities and more effectively manage cash balances.
−Removed: As of December 31, 2024, there was $3.4 million outstanding on this line of credit.
−Removed: We previously had a $6.0 million operating line of credit with Wells Fargo Bank, N.A.
−Removed: with pricing based on SOFR that matured on August 31, 2024.
−Removed: As of December 31, 2023, there was no outstanding balance on this line of credit.
+Added: As of December 31, 2025, there was $925,000 outstanding on this line of credit, priced at an interest rate of 5.91%, compared to $3.4 million outstanding as of December 31, 2024, priced at an interest rate of 6.56%.
We have a private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc.
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On October 28, 2024, the shelf agreement was amended to extend the period of time during which we may borrow money to October 2027 and to increase the borrowing capacity to $300.0 million.
−Removed: We also have a separate private note purchase agreement with PGIM and certain other lenders for the issuance of $125.0 million of senior unsecured promissory notes (“Unsecured Club Notes”, and, collectively with the Unsecured Shelf Notes, the “unsecured senior notes”), of which all $125.0 million was issued in September 2021.
−Removed: The following table shows the notes issued under both agreements as of December 31, 2024.
+Added: We issued $125.0 million of senior unsecured promissory notes (“Unsecured Club Notes”, and, collectively with the Unsecured Shelf Notes, the “unsecured senior notes”) under a separate private note purchase agreement with PGIM and certain other lenders.
+Added: The following table shows the notes issued under both agreements as of December 31, 2025 and 2024.
(in thousands)
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All of these mortgage loans were non-recourse to us other than for standard carve-out obligations.
−Removed: Interest rates on mortgage loans range from 3.45% to 5.04%, and the mortgage loans have varying maturity dates from May 1, 2025, through February 1, 2037.
+Added: Interest rates on mortgage loans range from 2.78% to 5.04%, and the mortgage loans have varying maturity dates from June 1, 2026, through June 1, 2060.
As of December 31, 2025, our ratio of total indebtedness to total gross real estate investments was 41.8%.
+Added: Our borrowings are subject to customary covenants and limitations.
+Added: We believe we were in compliance with all such covenants and limitations as of December 31, 2025.
Issuance of Securities in Exchange for Property
4 unchanged sentences
As a result, any decision to do so is vested solely in our Board of Trustees.
−Removed: In October 2024, we issued 190,000 Units as partial consideration for the acquisition of an apartment community located in Denver, Colorado.
We had 59,400 Series D preferred units outstanding as of December 31, 2025.
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Training our team members is important, and we facilitate that through a learning management system which allows us to provide custom training as well as utilize a library of multifamily focused courses specializing in customer service, sales, leadership, diversity, fair housing, safety, and cyber security.
−Removed: We partnered with Interplay Learning to bring a library of maintenance courses that provide immersive, hands-on learning using virtual reality to complete training
−Removed: designed for continuing education and onboarding.
−Removed: During the year ended December 31, 2024, team members completed approximately 24,700 training courses and attended 3,965 live training events.
+Added: We partnered with Interplay Learning to bring a library of maintenance courses that provide immersive, hands-on learning using virtual reality to complete training designed for continuing education and onboarding.
+Added: During the year ended December 31, 2025, team members completed approximately 14,800 training courses and attended nearly 6,600 online training events.
Team member engagement.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.