ACQUISITIONS AND DISPOSITIONS (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisitions

The acquisitions during the three months ended March 31, 2022 are detailed below.

Three Months Ended March 31, 2022

	Date Acquired	(in thousands)
		Total Acquisition Cost(1)		Form of Consideration						Investment Allocation
Acquisitions				Cash		Units(2)		Other(3)		Land		Building		Intangible Assets(4)		Other(5)
191 homes - Martin Blu - Minneapolis, MN	January 4, 2022	$	49,825	$	3,031	$	18,885	$	27,909	$	3,547	$	45,212	$	1,813	$	(747)
31 homes - Elements - Minneapolis, MN	January 4, 2022	9,066		1,290		1,748		6,028		941		7,853		335		(63)
45 homes - Zest - Minneapolis, MN	January 4, 2022	11,364		1,429		2,249		7,686		936		10,261		574		(407)
130 homes - Noko Apartments - Minneapolis, MN	January 26, 2022	46,619		3,343		—		43,276		1,915		42,754		1,950		—
Total Acquisitions		$	116,874	$	9,093	$	22,882	$	84,899	$	7,339	$	106,080	$	4,672	$	(1,217)

(1)Excludes transaction costs.

(2)Fair value of operating partnership units issued on acquisition.

(3)Assumption of seller’s debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments.

(4)Intangible assets consist of in-place leases valued at the time of acquisition. During the three months ended March 31, 2023 and 2022, Centerspace recognized $844,000 and $8.3 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the Condensed Consolidated Statement of Operations.

(5)Debt discount on assumed mortgage.

Schedule of Dispositions

during the three months ended March 31, 2022. The dispositions for the three months ended March 31, 2023 are detailed below. Three Months Ended March 31, 2023

		(in thousands)
Dispositions	Date Disposed	Sale Price		Book Value and Sales Cost		Gain/(Loss)
115 homes - Boulder Court - Eagan, MN	March 8, 2023	$	14,605	$	4,970	$	9,635
498 homes - 2 Nebraska apartment communities	March 14, 2023	$	48,500	$	14,975	$	33,525
892 homes - 5 Minnesota apartment communities	March 15, 2023	$	74,500	$	55,053	$	19,447
62 homes - Portage - Minneapolis, MN	March 15, 2023	$	6,650	$	9,098	$	(2,448)
Total Dispositions		$	144,255	$	84,096	$	60,159