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. In that case, 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 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, 2025 The following table presents information regarding our 61 apartment communities held for investment, as of December 31, 2025. 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 22 Table of Contents 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 real estate through our wholly-owned subsidiaries. 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, 2025 SAME-STORE 71 France - Edina, MN (1) 241 $ 69,024 98.3 % Alps Park Apartments - Rapid City, SD 71 6,448 98.6 % Arcata Apartments - Golden Valley, MN (1) 165 35,562 96.4 % Ashland Apartment Homes - Grand Forks, ND 84 9,194 95.2 % Avalon Cove Townhomes - Rochester, MN 187 41,582 97.9 % Bayberry Place - Eagan, MN (2)(3) 120 17,323 84.2 % Burgundy & Hillsboro - New Hope, MN (2) 250 36,952 96.4 % Canyon Lake Apartments - Rapid City, SD 109 6,805 92.7 % Cardinal Point Apartments - Grand Forks, ND 251 37,626 95.6 % Cascade Shores Townhomes + Flats - Rochester, MN 366 85,501 94.8 % Castlerock Apartment Homes - Billings, MT 165 7,695 94.6 % Civic Lofts - Denver, CO 176 48,637 90.3 % Connelly on Eleven - Burnsville, MN 240 27,796 96.3 % Cottonwood Apartment Homes - Bismarck, ND 268 25,582 94.0 % Country Meadows Apartment Homes - Billings, MT 133 10,064 91.7 % Deer Ridge Apartment Homes - Jamestown, ND 163 25,709 93.9 % Donovan Apartment Homes - Lincoln, NE 232 28,729 94.8 % Dylan at RiNo - Denver, CO 274 91,487 94.5 % Evergreen Apartment Homes - Isanti, MN 72 7,438 95.8 % Gardens Apartments - Grand Forks, ND 74 9,630 98.7 % Greenfield - Omaha, NE 96 8,437 94.8 % Homestead Garden Apartments - Rapid City, SD 152 18,697 96.1 % Ironwood - New Hope, MN 182 40,578 96.2 % Lake Vista Apartment Homes - Loveland, CO (1) 303 90,549 97.7 % Lakeside Village Apartment Homes - Lincoln, NE 208 25,161 93.8 % Legacy Apartments - Grand Forks, ND 360 34,860 97.2 % Legacy Heights Apartment Homes - Bismarck, ND 119 15,615 98.3 % Lugano at Cherry Creek - Denver, CO 328 105,759 93.0 % Lyra Apartments - Centennial, CO (2) 215 93,923 95.8 % Martin Blu - Eden Prairie, MN (1) 191 50,780 95.3 % Meadows Apartments - Jamestown, ND 81 7,547 92.9 % Monticello Crossings - Monticello, MN 202 33,537 91.6 % Monticello Village - Monticello, MN 60 5,707 95.0 % Noko Apartments - Minneapolis, MN 130 45,313 95.4 % Northridge Apartments - Bismarck, ND 68 8,939 94.1 % Olympic Village Apartments - Billings, MT 274 15,940 96.7 % Oxbo Urban Rentals - St Paul, MN 191 58,589 92.7 % Palisades - Roseville, MN (1) 330 65,851 96.4 % Park Place Apartments - Plymouth, MN 500 115,081 97.4 % Parkhouse Apartment Homes - Thornton, CO (1) 465 149,968 91.6 % Plymouth Pointe - Plymouth, MN (2) 96 15,011 95.8 % Pointe West Apartments - Rapid City, SD 90 6,183 93.3 % 23 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, 2025 Quarry Ridge Apartments - Rochester, MN 320 42,327 96.9 % Red 20 Apartments - Minneapolis, MN 130 27,032 96.2 % Rimrock West Apartments - Billings, MT 78 5,789 93.6 % River Pointe - Fridley, MN (2) 300 42,546 96.3 % River Ridge Apartment Homes - Bismarck, ND 146 27,685 98.0 % Rocky Meadows Apartments - Billings, MT 98 8,232 89.8 % Rum River Apartments - Isanti, MN 72 6,253 94.4 % Silver Springs Apartment Homes - Rapid City, SD 52 4,341 96.2 % SouthFork Townhomes + Flats - Lakeville, MN (1) 272 55,832 96.3 % Southpoint Apartments - Grand Forks, ND 96 11,230 95.8 % Sunset Trail Apartment Homes - Rochester, MN 146 20,093 96.6 % Union Pointe - Longmont, CO 256 77,121 93.4 % Westend - Denver, CO 390 133,966 94.6 % Whispering Ridge - Omaha, NE (1) 336 32,690 95.2 % Woodridge on Second - Rochester, MN 110 12,683 91.8 % TOTAL SAME-STORE 11,084 $ 2,148,629 NON-SAME-STORE Lydian - Denver, CO (1) 129 40,707 91.5 % Railway Flats - Loveland, CO (1) 420 105,027 92.1 % Sugarmont - Salt Lake City, UT (2) 341 145,932 94.4 % The Bosk - Woodbury, MN (2) 288 67,445 77.8 % TOTAL NON-SAME-STORE 1,178 $ 359,111 TOTAL MULTIFAMILY 12,262 $ 2,507,740 (in thousands) Investment Physical Net Rentable (initial cost plus Occupancy Square improvements less as of Property Name and Location Footage impairment) December 31, 2025 OTHER - MIXED USE COMMERCIAL 71 France - Edina, MN (1) 20,963 $ 6,410 100.0 % Civic Lofts - Denver, CO 1,600 — 100.0 % Lugano at Cherry Creek - Denver, CO 11,998 2,494 100.0 % Lydian - Denver, CO (1) 22,676 716 100.0 % Noko Apartments - Minneapolis, MN 23,988 118 100.0 % Oxbo Urban Rentals- St Paul, MN 11,477 3,526 100.0 % Red 20 Apartments - Minneapolis, MN 10,508 3,016 100.0 % TOTAL OTHER - MIXED USE COMMERCIAL 103,210 $ 16,280 TOTAL GROSS REAL ESTATE INVESTMENTS $ 2,524,020 (1) Encumbered by mortgage debt. (2) Encumbered by mortgage in our Fannie Mae Credit Facility. (3) Apartment community’s physical occupancy decreased due to casualty event. 24 Table of Contents Properties by State The following table presents, as of December 31, 2025, the total property owned by state: (in thousands) State Total % of Total Minnesota $ 1,038,906 41.0 % Colorado 940,354 37.3 % North Dakota 213,617 8.5 % Utah 145,932 5.8 % Nebraska 95,017 3.8 % Montana 47,720 1.9 % South Dakota 42,474 1.7 % Total $ 2,524,020 100.0 % 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. 25 Table of Contents PART II