MINNEAPOLIS, MN, November 3, 2025 – Centerspace (NYSE: CSR) (the “Company”) announced today its financial and operating results for the three and nine months ended September 30, 2025. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three and nine months ended September 30, 2025; 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 each of the three months ended September 30, 2025, June 30, 2025, and September 30, 2024 and the nine months ended September 30, 2025 and 2024.

(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 annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning 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.

•Acquired Railway Flats in Loveland, Colorado consisting of 420 homes for an aggregate purchase price of $132.2 million, which includes the assumption of $76.5 million in mortgage debt;

•Sold five apartment communities in St. Cloud, Minnesota for an aggregate sale price of $124.0 million;

•Revenue increased by $6.4 million or 9.8% to $71.4 million, compared to $65.0 million for the same period of the prior year;

•Same-store revenues increased by 2.4%, driving a 4.5% increase in same-store NOI compared to the same period of the prior year;

•Net income was $3.19 per diluted share, compared to net loss of $0.40 per diluted share for the same period of the prior year;

•Core FFO per diluted share increased 0.8% to $1.19, compared to $1.18 for the same period of the prior year; and

•Repurchased 62,973 common shares for total consideration of $3.5 million and an average price of $54.86 per share.

At the end of the third quarter, Centerspace had $200.4 million of total liquidity on its balance sheet, consisting of $187.5 million available under lines of credit and cash and cash equivalents of $12.9 million.

Centerspace updated its 2025 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended September 30, 2025 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.

Additional assumptions:

•Same-store recurring capital expenditures of $1,150 per home to $1,200 per home

•Value-add expenditures of $14.0 million to $16.0 million

•Proceeds from dispositions of $210.0 million to $215.0 million

Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to “2025 Financial Outlook” in the Supplemental Financial and Operating Data within.

Centerspace is schedule to participate in the UBS Conference, December 1-4, 2025.

Supplemental Operating and Financial Data for the quarter ended September 30, 2025 included herein (“Supplemental Information”) 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 September 30, 2025, Centerspace owned 68 apartment communities consisting of 12,941 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 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 for the year ended December 31, 2024, in its subsequent 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

Email: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Email: kweber@centerspacehomes.com

COMMON SHARE DATA (NYSE: CSR)

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 three and nine months ended September 30, 2025 and 2024, four apartment communities and one apartment community, respectively, were non-same-store. Sold communities and communities designated as held for sale are included in “Held for sale and dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties. For the three and nine months ended September 30, 2025 and 2024, seven apartment communities were designated as held for sale and included in “Held for sale and dispositions.” During the three and nine months ended September 30, 2025, the Company disposed of five apartment communities, consisting of 832 apartment homes. During the nine months ended September 30, 2024, the Company disposed of two apartment communities consisting of 205 apartment homes.

RECONCILIATIONS OF OPERATING INCOME (LOSS) TO NET OPERATING INCOME (1)

(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. Non-GAAP financial measures should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

(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.

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)

						(in thousands, except per share amounts)
						Three Months Ended																																	Nine Months Ended
						9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024									9/30/2025						9/30/2024
Funds from Operations(1)
Net income (loss) available to common shareholders						$	53,783					$	(14,515)					$	(3,734)					$	(5,079)					$	(6,166)								$	35,534					$	(14,581)
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units						9,197						(2,483)						(643)						(900)						(1,095)									6,071						(2,735)
Depreciation and amortization						29,056						27,097						27,654						27,640						26,084									83,807						78,810
Less depreciation – non real estate						(85)						(84)						(83)						(79)						(81)									(252)						(248)
Less depreciation – partially owned entities						—						(21)						(22)						(24)						(25)									(43)						(74)
Impairment of real estate investments						8,676						14,543						—						—						—									23,219						—
(Gain) loss on sale of real estate						(79,531)						—						—						—						—									(79,531)						577
Less gain on sale of real estate - partially owned entities						2,251						—						—						—						—									2,251						—
FFO applicable to common shares and Units						$	23,347					$	24,537					$	23,172					$	21,558					$	18,717								$	71,056					$	61,749
Adjustments to Core FFO(1):
Non-cash casualty loss (recovery)						(123)						149						282						2,171						(632)									308						261
Loss on extinguishment of debt						3						—						—						—						—									3						—
Interest rate swap amortization						58						174						175						171						171									407						542
Amortization of assumed debt						530						418						417						417						263									1,365						789
Redemption of preferred shares						—						—						—						—						3,511									—						3,511
Other miscellaneous items(2)						(455)						19						(67)						(454)						(61)									(503)						(35)
Core FFO applicable to common shares and Units						$	23,360					$	25,297					$	23,979					$	23,863					$	21,969								$	72,636					$	66,817
FFO applicable to common shares and Units						$	23,347					$	24,537					$	23,172					$	21,558					$	18,717								$	71,056					$	61,749
Distributions to Series D preferred unitholders						109						160						160						160						160									429						480
FFO applicable to common shares and Units - diluted						$	23,456					$	24,697					$	23,332					$	21,718					$	18,877								$	71,485					$	62,229
Core FFO applicable to common shares and Units						$	23,360					$	25,297					$	23,979					$	23,863					$	21,969								$	72,636					$	66,817
Distributions to Series D preferred unitholders						109						160						160						160						160									429						480
Core FFO applicable to common shares and Units - diluted						$	23,469					$	25,457					$	24,139					$	24,023					$	22,129								$	73,065					$	67,297
Per Share Data
Net income (loss) per share and Unit - diluted						$	3.19					$	(0.87)					$	(0.22)					$	(0.31)					$	(0.40)								$	2.12					$	(0.96)
FFO per share and Unit - diluted(1)						$	1.19					$	1.24					$	1.17					$	1.09					$	1.01								$	3.60					$	3.40
Core FFO per share and Unit - diluted(1)						$	1.19					$	1.28					$	1.21					$	1.21					$	1.18								$	3.68					$	3.68
Weighted average shares - basic for net income (loss)						16,726						16,741						16,727						16,583						15,528									16,731						15,143
Effect of operating partnership Units for net income, FFO and Core FFO						966						971						980						939						818									972						836
Effect of Series D preferred units for net income, FFO and Core FFO						155						228						228						228						228									204						228
Effect of Series E preferred units for net income, FFO and Core FFO						1,898						1,905						1,906						2,033						2,053									1,903						2,064
Effect of dilutive restricted stock units and stock options for net income, FFO and Core FFO						26						25						35						56						49									25						32
Weighted average shares and Units for net income, FFO and Core FFO - diluted						19,771						19,870						19,876						19,839						18,676									19,835						18,303

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

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS

TO ADJUSTED EBITDA(1)

						(in thousands)
						Three Months Ended																																	Nine Months Ended
						9/30/2025						6/30/2025						3/31/2025						12/31/2024						9/30/2024									9/30/2025						9/30/2024
Adjusted EBITDA
Net income (loss) attributable to controlling interests						$	53,783					$	(14,515)					$	(3,734)					$	(5,079)					$	(1,048)								$	35,534					$	(6,249)
Adjustments:
Distributions to Series D preferred unitholders						109						160						160						160						160									429						480
Noncontrolling interests – Operating Partnership and Series E preferred units						9,197						(2,483)						(643)						(900)						(1,095)									6,071						(2,735)
Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units						$	63,089					$	(16,838)					$	(4,217)					$	(5,819)					$	(1,983)								$	42,034					$	(8,504)
Adjustments:
Interest expense						12,989						10,719						9,622						9,782						8,932									33,330						27,443
Loss on extinguishment of debt						3						—						—						—						—									3						—
Depreciation and amortization related to real estate investments						29,056						27,076						27,632						27,616						26,059									83,764						78,736
Impairment of real estate investments						8,676						14,543						—						—						—									23,219						—
Non-cash casualty loss (recovery)						(123)						149						282						2,171						(632)									308						261
Interest income						(724)						(729)						(616)						(662)						(558)									(2,069)						(1,300)
(Gain) loss on sale of real estate						(77,280)						—						—						—						—									(77,280)						577
Other miscellaneous items(2)						(455)						19						(67)						(455)						(61)									(503)						(35)
Adjusted EBITDA						$	35,231					$	34,939					$	32,636					$	32,633					$	31,757								$	102,806					$	97,178

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

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

(2)Includes secured fixed rate mortgages payable of $12.7 million as of September 30, 2025, associated with apartment communities classified as held for sale.

(1)Includes mortgages payable of $12.7 million as of September 30, 2025, associated with apartment communities classified as held for sale.

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

(3)Interest rate excludes any unused facility fees and amounts reclassified from accumulated other comprehensive income (loss) 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.