SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Same-Store
71 France - Edina, MN	$	52,149	$	4,721	$	61,762	$	625	$	4,801	$	62,307	$	67,108	$	(17,093)	2016	30-37	years
Alps Park - Rapid City, SD	—		287		5,551		691		336		6,193		6,529		(1,817)		2013	30-37	years
Arcata - Golden Valley, MN	—		2,088		31,036		413		2,128		31,409		33,537		(9,627)		2015	30-37	years
Ashland - Grand Forks, ND	—		741		7,569		364		823		7,851		8,674		(2,688)		2012	30-37	years
Avalon Cove - Rochester, MN	—		1,616		34,074		825		1,808		34,707		36,515		(7,327)		2016	30-37	years
Boulder Court - Eagan, MN	—		1,067		5,498		3,124		1,576		8,113		9,689		(4,590)		2003	30-37	years
Canyon Lake - Rapid City, SD	—		305		3,958		2,285		420		6,128		6,548		(3,287)		2001	30-37	years
Cardinal Point - Grand Forks, ND	—		1,600		33,400		400		1,727		33,673		35,400		(4,132)		2013	30-37	years
Castlerock - Billings, MT	—		736		4,864		2,257		1,045		6,812		7,857		(4,582)		1998	30-37	years
Chateau - Minot, ND	—		301		20,058		1,185		326		21,218		21,544		(6,880)		2013	30-37	years
Cimarron Hills - Omaha, NE	8,700		706		9,588		4,684		1,639		13,339		14,978		(7,998)		2001	30-37	years
Commons and Landing at Southgate - Minot, ND	—		5,945		47,512		2,448		6,424		49,481		55,905		(15,690)		2015	30-37	years
Connelly on Eleven - Burnsville, MN	—		2,401		11,515		16,010		3,206		26,720		29,926		(14,315)		2003	30-37	years
Cottonwood - Bismarck, ND	—		1,056		17,372		5,799		1,962		22,265		24,227		(13,046)		1997	30-37	years
Country Meadows - Billings, MT	—		491		7,809		1,623		599		9,324		9,923		(5,872)		1995	30-37	years
Cypress Court - St. Cloud, MN	11,338		1,583		18,879		545		1,625		19,382		21,007		(5,995)		2012	30-37	years
Deer Ridge - Jamestown, ND	—		711		24,129		348		785		24,403		25,188		(7,292)		2013	30-37	years
Donovan - Lincoln, NE	11,270		1,515		15,730		4,952		1,817		20,380		22,197		(6,531)		2012	30-37	years
Dylan - Denver, CO	—		12,155		77,215		1,138		12,241		78,267		90,508		(10,892)		2018	30	years
Evergreen - Isanti, MN	—		1,129		5,524		628		1,159		6,122		7,281		(2,290)		2008	30-37	years
Freightyard - Minneapolis, MN	—		1,889		23,616		1,296		1,895		24,906		26,801		(2,091)		2019	30	years
Gardens - Grand Forks, ND	—		518		8,702		141		535		8,826		9,361		(2,100)		2015	30-37	years
Grand Gateway - St. Cloud, MN	—		814		7,086		2,152		970		9,082		10,052		(3,972)		2012	30-37	years
GrandeVille Shores - Rochester, MN	46,320		6,588		67,072		5,741		6,776		72,625		79,401		(16,311)		2015	30-37	years
Greenfield - Omaha, NE	—		578		4,122		3,007		876		6,831		7,707		(2,769)		2007	30-37	years
Homestead Garden - Rapid City, SD	—		655		14,139		1,219		792		15,221		16,013		(3,944)		2015	30-37	years
Lakeside Village - Lincoln, NE	11,158		1,215		15,837		3,369		1,476		18,945		20,421		(6,098)		2012	30-37	years
Legacy - Grand Forks, ND	—		1,362		21,727		10,958		2,474		31,573		34,047		(19,735)		1995-2005	30-37	years
Legacy Heights - Bismarck, ND	—		1,207		13,742		290		1,142		14,097		15,239		(3,102)		2015	30-37	years
Lugano at Cherry Creek - Denver, CO	—		7,679		87,766		1,317		7,679		89,083		96,762		(7,670)		2019	30	years
Meadows - Jamestown, ND	—		590		4,519		2,075		730		6,454		7,184		(4,101)		1998	30-37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		649		1,951		30,568		32,519		(6,660)		2017	30-37	years
Monticello Village - Monticello, MN	—		490		3,756		1,211		655		4,802		5,457		(2,655)		2004	30-37	years
Northridge - Bismarck, ND	—		884		7,515		296		1,048		7,647		8,695		(1,912)		2015	30-37	years
Olympic Village - Billings, MT	—		1,164		10,441		4,047		1,885		13,767		15,652		(8,539)		2000	30-37	years
Oxbo - St Paul, MN	—		5,809		51,586		263		5,822		51,836		57,658		(8,896)		2018	30	years
Park Meadows - Waite Park, MN	—		1,143		9,099		9,976		2,140		18,078		20,218		(13,170)		1997	30-37	years
Park Place - Plymouth, MN	—		10,609		80,781		13,587		10,819		94,158		104,977		(15,767)		2018	30	years

CENTERSPACE AND SUBSIDIARIES

December 31, 2021

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Plaza - Minot, ND	—		867		12,784		3,118		1,011		15,758		16,769		(6,270)		2009	30-37	years
Pointe West - Rapid City, SD	—		240		3,538		2,209		463		5,524		5,987		(4,044)		1994	30-37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		540		419		5,080		5,499		(1,773)		2012	30-37	years
Quarry Ridge - Rochester, MN	23,409		2,254		30,024		5,223		2,412		35,089		37,501		(12,114)		2006	30-37	years
Red 20 - Minneapolis, MN	20,775		1,900		24,116		521		1,908		24,629		26,537		(7,560)		2015	30-37	years
Regency Park Estates - St. Cloud, MN	7,167		702		10,198		6,155		1,179		15,876		17,055		(5,205)		2011	30-37	years
Rimrock West - Billings, MT	—		330		3,489		2,044		568		5,295		5,863		(3,403)		1999	30-37	years
River Ridge - Bismarck, ND	—		576		24,670		1,154		922		25,478		26,400		(9,018)		2008	30-37	years
Rocky Meadows - Billings, MT	—		656		5,726		1,632		840		7,174		8,014		(4,817)		1995	30-37	years
Rum River - Isanti, MN	—		843		4,823		515		870		5,311		6,181		(2,358)		2007	30-37	years
Silver Springs - Rapid City, SD	—		215		3,007		1,077		273		4,026		4,299		(1,142)		2015	30-37	years
South Pointe - Minot, ND	—		550		9,548		5,814		1,489		14,423		15,912		(10,819)		1995	30-37	years
Southpoint - Grand Forks, ND	—		576		9,893		284		663		10,090		10,753		(2,696)		2013	30-37	years
Southfork - Lakeville, MN	21,675		3,502		40,153		8,626		3,583		48,698		52,281		(6,292)		2019	30	years
Sunset Trail - Rochester, MN	—		336		12,814		3,429		826		15,753		16,579		(9,579)		1999	30-37	years
Thomasbrook - Lincoln, NE	13,100		600		10,306		5,474		1,710		14,670		16,380		(9,080)		1999	30-37	years
West Stonehill - Waite Park, MN	16,425		939		10,167		10,933		1,912		20,127		22,039		(12,812)		1995	30-37	years
Westend - Denver, CO	—		25,525		102,180		935		25,532		103,108		128,640		(13,525)		2018	30	years
Whispering Ridge - Omaha, NE	19,187		2,139		25,424		3,715		2,551		28,727		31,278		(9,162)		2012	30-37	years
Woodridge - Rochester, MN	—		370		6,028		5,380		761		11,017		11,778		(6,625)		1997	30-37	years
Total Same-Store	$	262,673	$	129,597	$	1,258,137	$	180,716	$	146,004	$	1,422,446	$	1,568,450	$	(419,730)
Non-Same-Store
Bayberry Place - Minneapolis, MN	11,048		1,807		14,113		538		1,865		14,593		16,458		(177)		2021	30	years
Burgundy and Hillsboro Court - Minneapolis, MN	23,570		2,834		31,149		1,177		2,913		32,247		35,160		(398)		2021	30	years
Civic Lofts - Denver, CO	—		6,166		55,182		51		6,171		55,228		61,399		(148)		2021	30	years
Gatewood - St Cloud, MN	5,156		327		6,858		348		342		7,191		7,533		(95)		2021	30	years
Grove Ridge - Minneapolis, MN	7,992		1,250		10,271		405		1,293		10,633		11,926		(133)		2021	30	years
Ironwood - Minneapolis, MN	—		2,165		36,874		238		2,167		37,110		39,277		(2,564)		2020	30	years
Legacy Waite Park - St Cloud, MN	6,923		412		9,556		428		426		9,970		10,396		(135)		2021	30	years
New Hope Garden and Village - Minneapolis, MN	9,943		1,603		12,578		480		1,651		13,010		14,661		(170)		2021	30	years
Palisades - Minneapolis, MN	22,260		6,919		46,577		386		6,959		46,923		53,882		(574)		2021	30	years
Parkhouse - Thornton, CO	—		10,474		132,105		987		10,484		133,082		143,566		(6,922)		2020	30	years
Plymouth Pointe - Minneapolis, MN	9,575		1,042		12,810		526		1,073		13,305		14,378		(174)		2021	30	years
Pointe West St Cloud - St Cloud, MN	5,008		246		6,850		437		260		7,273		7,533		(98)		2021	30	years
Portage - Minneapolis, MN	5,991		2,133		6,685		415		2,226		7,007		9,233		(83)		2021	30	years
River Pointe - Minneapolis, MN	25,412		3,346		33,118		951		3,426		33,989		37,415		(422)		2021	30	years
Southdale Parc - Minneapolis, MN	5,301		1,569		7,740		302		1,618		7,993		9,611		(96)		2021	30	years
Union Pointe - Denver, CO	—		5,727		69,966		336		5,736		70,293		76,029		(2,723)		2021	30	years
Venue on Knox - Minneapolis, MN	11,660		3,438		14,743		548		3,530		15,199		18,729		(177)		2021	30	years
Windsor - Minneapolis, MN	14,731		2,140		18,943		738		2,204		19,617		21,821		(243)		2021	30	years
Wingate - Minneapolis, MN	$	10,459	$	1,480	$	13,530	$	503	$	1,526	$	13,987	$	15,513	$	(180)	2021	30	years
Woodhaven - Minneapolis, MN	14,408		3,940		20,080		627		4,040		20,607		24,647		(245)		2021	30	years
Woodland Pointe - Minneapolis, MN	31,673		5,367		40,422		843		5,449		41,183		46,632		(516)		2021	30	years
Total Non-Same-Store	$	221,110	$	64,385	$	600,150	$	11,264	$	65,359	$	610,440	$	675,799	$	(16,273)
Total Multifamily	$	483,783	$	193,982	$	1,858,287	$	191,980	$	211,363	$	2,032,886	$	2,244,249	$	(436,003)

CENTERSPACE AND SUBSIDIARIES

December 31, 2021

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Other - Mixed Use
71 France - Edina, MN	—		$	—	$	5,879	$	867	$	—	$	6,746	$	6,746	$	(1,399)	2016	30-37	years
Lugano at Cherry Creek - Denver, CO	—		—		1,600		657		—		2,257		2,257		(148)		2019	30	years
Oxbo - St Paul, MN	—		—		3,472		54		—		3,526		3,526		(541)		2015	30	years
Plaza - Minot, ND	—		389		5,444		3,447		607		8,673		9,280		(4,303)		2009	30-37	years
Red 20 - Minneapolis, MN	—		—		2,525		475		—		3,000		3,000		(810)		2015	30-37	years
Total Other - Mixed Use	—		$	389	$	18,920	$	5,500	$	607	$	24,202	$	24,809	$	(7,201)
Other - Commercial
3100 10th St SW - Minot, ND	—		$	246	$	1,866	$	—	$	246	$	1,866	$	2,112	$	(388)	2019	30	years
Total Other - Commercial	—		$	246	$	1,866	$	—	$	246	$	1,866	$	2,112	$	(388)
Total	$	483,783	$	194,617	$	1,879,073	$	197,480	$	212,216	$	2,058,954	$	2,271,170	$	(443,592)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2021. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loans, or unsecured senior notes.

CENTERSPACE AND SUBSIDIARIES

December 31, 2021 and 2020

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of the carrying value of total property owned for the years ended December 31, 2021 and 2020 are as follows:

	(in thousands)
	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	1,812,557	$	1,643,078
Additions during year
Multifamily and Other	491,648		181,771
Improvements and Other	34,427		27,460
	2,338,632		1,852,309
Deductions during year
Cost of real estate sold	(57,698)		(38,111)
Other (1)	(9,764)		(1,641)
Balance at close of year	$	2,271,170	$	1,812,557

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2021 and 2020 are as follows:

	(in thousands)
	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	399,249	$	349,122
Additions during year
Provisions for depreciation	78,268		72,051
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(24,161)		(21,440)
Other (1)	(9,764)		(484)
Balance at close of year	$	443,592	$	399,249

CENTERSPACE AND SUBSIDIARIES

December 31, 2021 and 2020

Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of unimproved land for the years ended December 31, 2021 and 2020 are as follows: 

	(in thousands)
	Year Ended December 31,
	2021		2020
Balance at beginning of year	$	—	$	1,376
Deductions during year
Cost of real estate sold	—		(1,376)
Balance at close of year	—		—
Total real estate investments, excluding mortgage notes receivable (2)	$	1,827,578	$	1,413,308

(1)Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets.

(2)The net basis, including held for sale properties, for Federal Income Tax purposes was $1.8 billion and $1.4 billion at December 31, 2021 and December 31, 2020, respectively.