(Adopted by the Board of Trustees of Centerspace

on January 14, 2004, and last amended on February 18, 2025)

This Code of Conduct applies to all officers, employees, trustees, directors, and persons holding similar positions of Centerspace (the “Company”) and its subsidiaries (the “Covered Persons”). This Code covers a wide range of business practices and procedures and is designed to deter wrongdoing, to promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest, and to promote compliance with applicable governmental laws, rules, and regulations. It does not cover every issue that may arise, but it sets out basic principles to guide all Covered Persons. All Covered Persons must conduct themselves accordingly and seek to avoid even the appearance of improper behavior. The Code should also be provided to and followed by the Company’s agents, representatives, vendors, suppliers, manufacturers, and other business partners.

The Code may be revised or supplemented from time to time to reflect changing laws and ethical standards. Each Covered Person is responsible for maintaining a working knowledge and understanding of this Code of Conduct as modified from time to time, as well as all other Company policies and procedures, including but not limited to the employee handbook, as the same may be modified from time to time.

Those who violate the standards in this Code will be subject to disciplinary action, including termination of employment in the case of an officer or employee of the Company or any subsidiary, and including, in the case of a director or trustee, removal from the Board of Trustees or Board of Directors.

We expect all employees, as well as our business partners, including our agents, representatives, vendors, suppliers, and manufacturers, to comply with U.S. and local laws and regulatory requirements. Violation of governing laws and regulations subjects the Company and its employees to significant risk in the form of fines, penalties and damaged reputation. Obeying the law, both in letter and spirit, is a fundamental principle of the Company and is the foundation on which the Company’s ethical standards are built.

Each Covered Person owes a duty of loyalty to the Company and must in the performance of his or her duties, put the interests of the Company ahead of personal interests. Covered Persons are expected to make or participate in business decisions and actions in the course of their association with the Company based on the best interests of the Company as a whole, and not based on personal relationships or benefits. A conflict of interest exists when a person’s private interest interferes in any way with the interests of the Company.

A conflict situation can arise when a Covered Person takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when a Covered Person, or members of his or her family, receives improper personal benefits as a result of his or her position in the Company.

Covered Persons should avoid any relationship that would cause a conflict of interest with their duties and responsibilities at the Company. Employees are expected to disclose to the Company any situations that may involve conflicts of interest affecting them personally or affecting other employees or those with whom we do business. Waivers of conflicts of interest involving executive officers require the approval of the Board of Trustees or an appropriate committee of the Board. Trustees are expected to disclose to their fellow trustees any personal interest they may have in a transaction upon which the Board passes and to recuse themselves from participation in any decision in which there is a conflict between their personal interests and the interest of the Company. See the Company’s Corporate Opportunity and Conflict of Interest Policy.

Covered Persons who are aware of material non-public information may not trade in Company securities or use the information for any other purpose except the conduct of Company business. To trade in Company securities while aware of material non-public information for personal financial benefit, or to “tip” others who might make an investment decision on the basis of this information, is not only unethical but also illegal. In order to assist with compliance with laws against insider trading, the Company has adopted an Insider Trading Policy, which has been distributed to every Covered Person. See the Company’s Insider Trading Policy.

Covered Persons are prohibited from taking for themselves personally opportunities that are discovered through the use of Company property, information or position without the consent of the Board of Trustees. No Covered Person may use Company property, information or position for improper personal gain, and no Covered Person may compete with the Company directly or indirectly. Covered Persons owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. See the Company’s Corporate Opportunity and Conflict of Interest Policy.

Each Covered Person should endeavor to respect the rights of and deal fairly with the Company’s residents, suppliers, competitors and employees. No employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other intentional unfair-dealing practice.

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage with customers.

No gift or entertainment should ever be offered, given, provided or accepted by any Covered Person, family member of a Covered Person or agent unless it: (1) is not a cash gift, loan, or stock, (2) is consistent with customary business practices, (3) is of nominal value in the judgment of management, (4) cannot be construed as a bribe or payoff and (5) does not violate any laws or regulations and would not harm the Company’s image or reputation.

The Company is firmly committed to providing a safe and respectful workplace. It does not tolerate illegal discrimination or harassment of any kind, including unwelcome sexual advances or derogatory comments based on age, race, ethnic background, sexual orientation, gender identity, national origin or religious beliefs. All Covered Persons are expected to comply with wage and hour standards, safety guidelines, laws prohibiting discrimination and harassment, and requirements of equal employment opportunity.

The Company prohibits behavior that undermines employee safety, including acts or threats of violence or other forms of intimidation. It also prohibits weapons or firearms in the Company’s offices. Employees who feel threatened, or observe threatening behavior, should immediately report the situation to building security, if appropriate, and their supervisor or human resources.

The Company requires honest and accurate recording and reporting of information in order to make responsible business decisions. All of the Company’s books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company’s transactions and must conform both to applicable legal requirements and to the Company’s system of internal controls. The Company does not condone and will not tolerate any act or omission by any employee that results in materially misleading financial statements.

As a public company, it is of critical importance that the Company’s filings with the Securities and Exchange Commission be accurate and timely. Employees may be called upon to provide information to assure that the Company’s public reports are complete, fair and understandable. The Company expects all of its personnel to take this responsibility very seriously and to provide prompt and accurate answers to inquiries related to the Company’s public disclosure requirements.

Employees must maintain the confidentiality of non-public information entrusted to them by the Company or its shareholders, residents, customers, suppliers and agents (“Confidential Information”), except when disclosure is authorized by the Company, required by laws and regulations, or permitted by laws and regulations to report possible violations to a government agency. Confidential Information includes all non-public information about the Company or its shareholders, residents, customers, suppliers and agents. Confidential Information includes, without limitation, financial data, plans for acquisitions, plans for sales of Company assets, personal information about employees, material contracts, financing transactions, major management changes and other corporate developments. The obligation to preserve Confidential Information continues even after employment ends. Each employee will be required to sign a confidentiality agreement at the time he or she begins employment with the Company.

Furthermore, Covered Persons have an obligation not to trade in the Company’s securities while aware of material non-public information, in accordance with the Company’s Insider Trading Policy.

The Company expects Covered Persons to use their personal social media accounts in a responsible way that does not reveal the Company’s Confidential Information, expose the Company to reputational risk or legal liability, or otherwise harm the Company or others. Covered Persons may not represent or speak on behalf of the Company on their personal social media accounts. Company social media accounts should be lawful, approved by the marketing department and managed responsibly.

Every employee is responsible for protecting the Company’s assets and ensuring their efficient use. Employees are personally responsible for safeguarding and accounting for all Company property that is entrusted to their personal control, including, without limitation, cash, checks, company credit cards and similar cash equivalents; tangible and intangible property such as equipment, supplies, records and reports, computer software and data; and each employee’s time at work. Theft, carelessness and waste have a direct impact on the Company’s profitability. Any suspected incident of fraud or theft should be immediately reported for investigation.

Company equipment should not be used for non-Company business, though incidental personal use may be permitted.

Any waiver of this Code of Conduct for executive officers or trustees may be made only by the

Board or a Board committee and will be promptly disclosed as required by law or regulation.

Employees are expected to talk to supervisors, the General Counsel, other Company officers or other appropriate personnel about observed illegal or unethical behavior and, when in doubt, about the best course of action in a particular situation. In addition, Employees may report any suspected illegal or unethical behavior in accordance with the Company’s Whistleblower Policy. If a report of a violation which relates to financial statement disclosures or accounting, internal controls or auditing matters is made to the General Counsel or other Company officer, the General Counsel or other officer shall promptly forward such complaint to the chair of the Company’s Audit Committee. It is the policy of the Company not to allow retaliation for reports of misconduct by others made in good faith by employees. Employees are expected to cooperate in internal investigations of misconduct.

The Company’s applicable Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Chief Accounting Officer and other senior financial officers (the “Senior Financial Officers”) have a special responsibility for ensuring the fair and timely reporting of the Company’s financial results and condition. Because of this special role, the Company’s Senior Financial Officers are bound by the “Code of Ethics for Senior Financial Officers” attached as Appendix A to this Code of Conduct. Violations of this Code of Ethics for Senior Financial Officers by those subject to it will be viewed as a disciplinary matter that may result in personnel action, up to and including termination of employment. If a Covered Person believes that a violation of the Code of Ethics for Senior Financial Officers has occurred, the Company’s General Counsel should be contacted. The Audit Committee of the Board of Trustees may also be contacted. If an employee or officer is concerned about maintaining anonymity, they may contact the Company’s Audit Committee by following the procedures established for the anonymous submission of complaints outlined in the Company’s Whistleblower Policy.

Employees must read the Company’s Whistleblower Policy, which describes the Company’s procedures for the receipt, retention, and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters. Any employee may submit a good faith concern regarding questionable accounting or auditing matters without fear of dismissal or retaliation of any kind.

(Adopted by the Board of Trustees of Centerspace on

January 14, 2004, and last amended on February 18, 2025

This Code of Ethics for Senior Financial Officers applies to the applicable Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Chief Accounting Officer and other senior financial officers performing similar functions who have been identified by the Chief Executive Officer (collectively, the “Senior Financial Officers”). This Code of Ethics is intended to supplement the Centerspace (the “Company”) Code of Conduct.

Each Senior Financial Officer, in addition to being bound by all provisions of the Centerspace Code of Conduct, is subject to the following standards:

Senior Financial Officers will exhibit and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships (for example, a conflict between what is in the best interests of the Company and what could result in material personal gain for a Senior Financial Officer). In the event that a Senior Financial Officer becomes aware of any such conflict, he or she should promptly report the same to the Company’s General Counsel and the Chair of the Audit Committee of the Company’s Board of Trustees.

The Chief Executive Officer and all Senior Financial Officers are responsible for full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with or submits to the Securities and Exchange Commission and other regulators, and in other public communications made by the Company. Accordingly, it is the responsibility of Senior Financial Officers promptly to bring to the attention of the General Counsel or the Chief Executive Officer any material information of which he or she may be aware that affects the disclosures made by the Company in such filings and communications.

Senior Financial Officers will comply with all applicable laws, rules and regulations of federal, state and local governments and other private and public regulatory agencies in the conduct of the Company’s business and the Company’s financial reporting. Senior Financial Officers will promptly report and correct any identified deviations from applicable federal, state or local law, rule or regulation.

Senior Financial Officers will promptly report to the General Counsel and/or the Chief Executive Officer and to the Chair of the Audit Committee of the Company’s Board of Trustees (i) any violation or suspected violation of this Code of Ethics; (ii) significant deficiencies in the design or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize and report financial data; (iii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s financial reporting, disclosures or internal controls; or (c) other matters which could compromise the integrity of the Company’s financial statements. The Senior Financial Officers must identify to the Company’s Independent Registered Public Accountant any material weaknesses in internal controls. Senior Financial Officers will be held accountable for their adherence to this Code of Ethics.

The Audit Committee of the Board of Trustees shall consider any requested waivers of this Code of Ethics and any amendments to this Code, and all such waivers or amendments shall be disclosed promptly as required by law.

In the event that the Audit Committee confirms that a violation of this Code of Ethics has occurred, the Board of Trustees shall determine any appropriate disciplinary and remedial actions. Such actions shall be designed to deter wrongdoing and to promote accountability for adherence to this Code of Ethics, and written notice to the Senior Financial Officer involved shall be sent upon any determination by the Board of Trustees that there has been a violation. In determining what disciplinary action is appropriate in a particular case, the Board of Trustees shall take into account all relevant information, including the nature and severity of the violation, whether the violation was a single occurrence or repeated occurrences, whether the violation appears to have been intentional or inadvertent, whether the officer in question had been advised prior to the violation as to the proper course of action and whether or not the officer in question had committed other violations in the past. Violations of this Code of Ethics may also constitute violations of law and may result in civil and criminal penalties.

 

 

MINNEAPOLIS, MN, February 18, 2025 – Centerspace (NYSE: CSR) announced today its financial and operating results for the year ended December 31, 2024. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the year ended December 31, 2024; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 and the twelve months ended December 31, 2024 and 2023.

(1)NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to “Non-GAAP Financial Measures and Reconciliations” and “Non-GAAP Financial Measures and Other Terms” in the Supplemental Financial and Operating Data below.

(2)Same-store results are updated for disposition activity. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental and Financial Operating Data within.

(3)Blended lease rate growth is weighted by lease count.

•Net Loss was $1.27 per diluted share for the year ended December 31, 2024, compared to Net Income of $2.32 per diluted share for the year ended December 31, 2023;

•Core FFO(1) increased to $4.88 or 2.1% per diluted share for the year ended December 31, 2024, compared to $4.78 for the year ended December 31, 2023;

•Same-store year-over-year NOI(1) grew 3.7% driven by same-store revenue growth of 3.3%;

•Centerspace issued approximately 1.6 million common shares for net consideration of $112.6 million and an average

price of $71.66 per share under the at-the-market offering program, compared to 87,722 of repurchases at an average price of $53.62 per share, excluding commissions The Company used the issuance proceeds to redeem all of the outstanding Series C preferred shares for $97.0 million, which had a distribution equal to 6.625%;

•Continued to grow our Colorado portfolio through the acquisition of an apartment community in Denver, Colorado consisting of 129 homes for an aggregate purchase price of $54 million which was financed through the assumption of mortgage debt, issuance of common operating partnership units, and cash; and

•Sold two non-core apartment communities for an aggregate sales price of $19.0 million..

At December 31, 2024, Centerspace had $224.6 million of total liquidity on its balance sheet, including $212.6 million available on its lines of credit.

Centerspace’s Board of Trustees announced a quarterly distribution of $0.77 per share/unit, payable on April 8, 2025, to common shareholders and unitholders of record at the close of business on March 28, 2025.

Centerspace is providing the following guidance for its 2025 performance.

Additional assumptions:

•Same-store capital expenditures of $1,125 per home to $1,175 per home

•Value-add expenditures of $16.0 million to $18.0 million

FFO and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, please refer to "2025 Financial Outlook" in the Supplemental Financial and Operating Data below.

Centerspace is attending the Citi Global Property CEO conference March 2-4.

Supplemental Operating and Financial Data for the year ended December 31, 2024, is available in the Investors section on Centerspace’s website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of December 31, 2024, Centerspace owned 71 apartment communities consisting of 13,012 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a top workplace for the fifth consecutive year in 2024 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission (“SEC”), including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company's Annual Report on Form 10-K, in quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Investor Relations

Josh Klaetsch

E-mail: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

E-mail: kweber@centerspacehomes.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)

This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by the Company may not be comparable to non-GAAP measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does. The non-GAAP financial measures are defined and further explained on pages S-19 through S-23, “Non-GAAP Financial Measures and Other Terms.”

The Company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or stabilized for substantially all of the periods being compared, and, in the case of newly-acquired or constructed communities, have achieved a target level of physical occupancy of 90%, or re-positioned communities when they have achieved stabilized operations. 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, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows the company to evaluate the performance of existing apartment communities and their contribution to net operating income (“NOI”). The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI (defined and reconciled below), raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements.

For the comparison of the years ended December 31, 2024 and 2023, two apartment communities and one apartment community, respectively, were non-same-store. Sold communities are included in “Dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties.

(1)Net Operating Income is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(1)Net Operating Income is a non-GAAP measure. Refer to pages S-19 through S-23 “Reconciliations of non-GAAP Financial Measures and Other Terms” for additional information.

RECONCILIATIONS OF SAME-STORE CONTROLLABLE EXPENSES TO TOTAL PROPERTY OPERATING EXPENSES, INCLUDING REAL ESTATE TAXES (1)

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)On-site compensation for administration, leasing, and maintenance personnel.

(3)Includes turnover expense.

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS AND CORE FUNDS FROM OPERATIONS (1)

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of $37,000 in associated trial costs related to the litigation matter for the year ended December 31, 2024. Consists of $3.9 million loss on litigation settlement for a trial judgment entered against the Company and $406,000 in associated trial costs related to the litigation matter during the year ended December 31, 2023.

(3)Consists of (gain) loss on investments and one-time professional fees.

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of $37,000 in associated trial costs related to the litigation matter for the year ended December 31, 2024. Consists of $3.9 million loss on litigation settlement for a trial judgment entered against the Company and $406,000 in associated trial costs related to the litigation matter during the year ended December 31, 2023.

(3)Consists of (gain) loss on investments and one-time professional fees.

(1)Weighted average interest rate of debt that matures during the year.

(1)     Excludes premiums, discounts, and deferred financing costs.

(2)     Interest rate excludes any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps, as shown in the table below.

(1)Excludes deferred financing costs and debt premiums and discounts.

(2)Total debt to total market capitalization is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information.