SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

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

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Same-Store
71 France - Edina, MN	$	48,371	$	4,721	$	61,762	$	2,274	$	4,801	$	63,956	$	68,757	$	(23,424)	2014	2014	Up to 37	years
Alps Park Apartments - Rapid City, SD	—		287		5,551		605		336		6,107		6,443		(2,302)		1995	2013	Up to 37	years
Arcata Apartments - Golden Valley, MN	—		2,088		31,036		1,088		2,128		32,084		34,212		(12,789)		2013	2013	Up to 37	years
Ashland Apartment Homes - Grand Forks, ND	—		741		7,569		373		824		7,859		8,683		(3,401)		2010	2012	Up to 37	years
Avalon Cove Townhomes - Rochester, MN	—		1,616		34,074		5,612		1,808		39,494		41,302		(12,204)		2001	2016	Up to 37	years
Bayberry Place - Eagan, MN	11,048		1,807		14,113		1,681		1,865		15,736		17,601		(2,004)		1995	2021	30	years
Burgundy & Hillsboro - New Hope, MN	23,570		2,834		31,149		2,833		2,913		33,903		36,816		(4,508)		1968	2021	30	years
Canyon Lake Apartments - Rapid City, SD	—		305		3,958		2,308		420		6,151		6,571		(3,870)		1972	2001	Up to 37	years
Cardinal Point Apartments - Grand Forks, ND	—		1,600		33,400		619		1,729		33,890		35,619		(7,573)		2013	2013	Up to 37	years
Cascade Shores Townhomes + Flats - Rochester, MN	42,522		6,588		67,072		11,491		6,776		78,375		85,151		(27,993)		2010	2015	Up to 37	years
Castlerock Apartment Homes - Billings, MT	—		736		4,864		1,999		1,069		6,530		7,599		(4,881)		1979	1998	Up to 37	years
Civic Lofts - Denver, CO	—		6,166		55,182		1,195		6,171		56,372		62,543		(6,818)		2019	2021	30	years
Connelly on Eleven - Burnsville, MN	—		2,401		11,515		15,572		3,206		26,282		29,488		(18,685)		1970	2003	Up to 37	years
Cottonwood Apartment Homes - Bismarck, ND	—		1,056		17,372		7,052		2,002		23,478		25,480		(14,904)		1998	1997	Up to 37	years
Country Meadows Apartment Homes - Billings, MT	—		491		7,809		1,527		612		9,215		9,827		(6,367)		1997	1995	Up to 37	years
Cypress Court Apartments - St. Cloud, MN	10,359		1,583		18,879		1,164		1,625		20,001		21,626		(7,737)		2014	2012	Up to 37	years
Deer Ridge Apartment Homes - Jamestown, ND	—		711		24,129		840		790		24,890		25,680		(9,782)		2016	2013	Up to 37	years
Donovan Apartment Homes - Lincoln, NE	—		1,515		15,730		10,350		1,817		25,778		27,595		(10,837)		1992	2012	Up to 37	years
Dylan at RiNo - Denver, CO	—		12,155		77,215		1,699		12,241		78,828		91,069		(19,023)		2016	2017	30	years
Elements of Linden Hills - Minneapolis, MN	5,676		941		7,853		275		949		8,120		9,069		(1,045)		2015	2022	30	years
Evergreen Apartment Homes - Isanti, MN	—		1,129		5,524		761		1,159		6,255		7,414		(2,953)		2006	2008	Up to 37	years
FreightYard Townhomes & Flats - Minneapolis, MN	—		1,889		23,616		1,516		1,745		25,276		27,021		(4,972)		1900	2019	30	years
Gardens Apartments - Grand Forks, ND	—		518		8,702		179		535		8,864		9,399		(3,105)		2015	2015	Up to 37	years
Grand Gateway Apartment Homes - St. Cloud, MN	—		814		7,086		4,229		970		11,159		12,129		(4,862)		2002	2012	Up to 37	years
Greenfield - Omaha, NE	—		578		4,122		3,605		876		7,429		8,305		(4,207)		1992	2007	Up to 37	years
Grove Ridge - Cottage Grove, MN	7,992		1,250		10,271		3,461		1,293		13,689		14,982		(1,659)		1973	2021	30	years
Homestead Garden Apartments - Rapid City, SD	—		655		14,139		2,836		792		16,838		17,630		(5,679)		2004	2014	Up to 37	years
Ironwood - New Hope, MN	—		2,165		36,874		1,278		2,167		38,150		40,317		(6,970)		2018	2020	30	years
Lakeside Village Apartment Homes - Lincoln, NE	—		1,215		15,837		7,437		1,476		23,013		24,489		(9,447)		2000	2012	Up to 37	years
Legacy Apartments - Grand Forks, ND	—		1,362		21,727		10,851		2,475		31,465		33,940		(22,042)		1996	1995	Up to 37	years
Legacy Heights Apartment Homes - Bismarck, ND	—		1,207		13,742		331		1,142		14,138		15,280		(4,454)		2015	2015	Up to 37	years
Lugano at Cherry Creek - Denver, CO	—		7,679		87,766		9,722		7,679		97,488		105,167		(20,144)		2010	2019	30	years
Lyra Apartments - Centennial, CO	37,809		6,473		86,149		1,166		6,481		87,307		93,788		(7,972)		2022	2022	30	years
Martin Blu - Eden Prairie, MN	25,909		3,547		45,212		1,418		3,560		46,617		50,177		(5,754)		2015	2022	30	years
Meadows Apartments - Jamestown, ND	—		590		4,519		2,059		733		6,435		7,168		(4,340)		1999	1998	Up to 37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		1,385		1,951		31,304		33,255		(9,351)		2017	2014	Up to 37	years
Monticello Village - Monticello, MN	—		490		3,756		1,410		655		5,001		5,656		(3,151)		2001	2004	Up to 37	years
New Hope Garden & Village - New Hope, MN	9,943		1,603		12,578		1,631		1,651		14,161		15,812		(2,132)		1969	2021	30	years
Noko Apartments - Minneapolis, MN	—		1,915		42,636		622		1,918		43,255		45,173		(5,152)		2021	2022	30	years
Northridge Apartments - Bismarck, ND	—		884		7,515		306		1,057		7,648		8,705		(2,689)		2014	2014	Up to 37	years

									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Olympic Village Apartments - Billings, MT	—		1,164		10,441		4,216		1,976		13,845		15,821		(9,478)		2000	2000	Up to 37	years
Oxbo Urban Rentals - St Paul, MN	15,760		5,809		51,586		971		5,822		52,544		58,366		(13,293)		2016	2017	30	years
Palisades - Roseville, MN	19,723		6,919		46,577		12,115		6,959		58,652		65,611		(6,646)		1973	2021	30	years
Park Place Apartments - Plymouth, MN	—		10,609		80,781		21,392		10,819		101,963		112,782		(31,841)		1985	2017	30	years
Parkhouse Apartment Homes - Thornton, CO	87,881		10,474		132,105		6,740		10,484		138,835		149,319		(23,403)		2016	2020	30	years
Plymouth Pointe - Plymouth, MN	9,575		1,042		12,810		1,058		1,073		13,837		14,910		(1,905)		1968	2021	30	years
Pointe West Apartments - Rapid City, SD	—		240		3,538		1,953		463		5,268		5,731		(4,346)		1985	1994	Up to 37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		619		419		5,159		5,578		(2,206)		2008	2012	Up to 37	years
Prosper West - Waite Park, MN	16,425		939		10,167		18,091		1,912		27,285		29,197		(19,088)		1989	1995	Up to 37	years
Quarry Ridge Apartments - Rochester, MN	—		2,254		30,024		9,967		2,412		39,833		42,245		(18,450)		2001	2006	Up to 37	years
Red 20 Apartments - Minneapolis, MN	19,159		1,900		24,116		827		1,908		24,935		26,843		(9,822)		2013	2013	Up to 37	years
Regency Park Estates - St. Cloud, MN	6,405		702		10,198		8,565		1,179		18,286		19,465		(8,899)		1994	2011	Up to 37	years
Rimrock West Apartments - Billings, MT	—		330		3,489		1,922		573		5,168		5,741		(3,802)		1975	1999	Up to 37	years
River Pointe - Fridley, MN	25,412		3,346		33,118		5,837		3,426		38,875		42,301		(5,892)		1971	2021	30	years
River Ridge Apartment Homes - Bismarck, ND	—		576		24,670		2,279		936		26,589		27,525		(11,727)		2013	2008	Up to 37	years
Rocky Meadows Apartments - Billings, MT	—		656		5,726		1,672		868		7,186		8,054		(5,233)		1996	1995	Up to 37	years
Rum River Apartments - Isanti, MN	—		843		4,823		548		870		5,344		6,214		(2,877)		2005	2007	Up to 37	years
Silver Springs Apartment Homes - Rapid City, SD	—		215		3,007		1,093		273		4,042		4,315		(1,557)		1985	2014	Up to 37	years
SouthFork Townhomes + Flats - Lakeville, MN	21,675		3,502		40,153		11,915		3,583		51,987		55,570		(15,973)		1988	2019	30	years
Southpoint Apartments - Grand Forks, ND	—		576		9,893		433		666		10,236		10,902		(3,799)		2013	2013	Up to 37	years
Sunset Trail Apartment Homes - Rochester, MN	—		336		12,814		6,840		826		19,164		19,990		(11,246)		2000	1999	Up to 37	years
The Bosk - Woodbury, MN	31,673		5,367		40,422		18,580		5,449		58,920		64,369		(8,834)		1974	2021	30	years
Union Pointe - Longmont, CO	—		5,727		69,966		1,341		5,736		71,298		77,034		(11,212)		2019	2021	30	years
Venue on Knox - Minneapolis, MN	11,660		3,438		14,743		6,562		3,530		21,213		24,743		(3,520)		1959	2021	30	years
Westend - Denver, CO	—		25,525		102,180		3,364		25,532		105,537		131,069		(24,749)		2015	2018	30	years
Whispering Ridge - Omaha, NE	21,800		2,139		25,424		4,942		2,551		29,954		32,505		(12,710)		2010	2013	Up to 37	years
Woodhaven - Minneapolis, MN	14,408		3,940		20,080		2,335		4,040		22,315		26,355		(2,963)		1974	2021	30	years
Woodridge on Second - Rochester, MN	—		370		6,028		6,340		761		11,977		12,738		(8,561)		1990	1997	Up to 37	years
Zest - Minneapolis, MN	7,277		936		10,209		542		946		10,741		11,687		(1,360)		2016	2022	30	years
Total Same-Store	$	532,032	$	188,308	$	1,855,791	$	289,819	$	200,389	$	2,133,529	$	2,333,918	$	(616,574)
Non-Same-Store
Lake Vista Apartments Homes - Loveland, CO	$	52,232	$	6,618	$	80,737	$	1,930	$	6,649	$	82,636	$	89,285	$	(4,529)	2011	2023	30	years
Lydian - Denver, CO	35,000		4,852		34,680		26		4,852		34,706		39,558		(342)		2018	2024	30	years
Total Non-Same-Store	$	87,232	$	11,470	$	115,417	$	1,956	$	11,501	$	117,342	$	128,843	$	(4,871)
Total Multifamily	$	619,264	$	199,778	$	1,971,208	$	291,775	$	211,890	$	2,250,871	$	2,462,761	$	(621,445)
Other - Mixed Use
71 France - Edina, MN(4)	—		$	—	$	5,879	$	316	$	—	$	6,195	$	6,195	$	(1,636)	2014	2014	Up to 37	years
Civic Lofts - Denver, CO	—		—		—		—		—		—		—		—		2019	2021	30	years

									Gross Amount at Which Carried at										Life on Which
			Initial Cost to Company						Close of Period										Depreciation in
							Costs Capitalized												Latest Income
					Buildings &		Subsequent to		Land &		Buildings &				Accumulated		Date of	Date of	Statement is
Description	Encumbrances(1)		Land		Improvements		Acquisition		Improvements		Improvements		Total		Depreciation		Construction(2)	Acquisition(3)	Computed
Lugano at Cherry Creek - Denver, CO	—		—		1,600		863		—		2,463		2,463		(466)		2010	2019	30	years
Lydian - Denver, CO(4)	—		—		668		4		—		672		672		(28)		2018	2024	30	years
Noko Apartments - Minneapolis, MN	—		—		118		—		—		118		118		(25)		2021	2022	30	years
Oxbo Urban Rentals- St Paul, MN(4)	—		—		3,472		54		—		3,526		3,526		(825)		2016	2017	30	years
Red 20 Apartments - Minneapolis, MN(4)	—		—		2,525		434		—		2,959		2,959		(1,101)		2013	2013	Up to 37	years
Zest - Minneapolis, MN(4)	—		—		52		1		—		53		53		(29)		2016	2022	30	years
Total Other - Mixed Use	—		$	—	$	14,314	$	1,672	$	—	$	15,986	$	15,986	$	(4,110)
Other - Commercial
3100 10th St SW - Minot, ND	—		$	246	$	1,866	$	(118)	$	264	$	1,730	$	1,994	$	(425)	1980	2019	30	years
Total Other - Commercial	—		$	246	$	1,866	$	(118)	$	264	$	1,730	$	1,994	$	(425)
Total	$	619,264	$	200,024	$	1,987,388	$	293,329	$	212,154	$	2,268,587	$	2,480,741	$	(625,980)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2024. These amounts do not include amounts owing under the Company’s multi-bank line of credit or unsecured senior notes.

(2)Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records.

(3)Date of acquisition represents the date the Company acquired the property through purchase or acquisition.

(4)Encumbrances are listed with the multifamily property description.

(5)Costs capitalized subsequent to acquisition includes impairment charges, if any.

Reconciliations of the carrying value of total property owned for the years ended December 31, 2024, 2023, and 2022 are as follows:

	(in thousands)
	Year Ended December 31,
	2024		2023		2022
Balance at beginning of year	$	2,420,146	$	2,534,124	$	2,271,170
Additions during year
Multifamily and Other	40,210		87,757		206,623
Improvements and Other	49,900		62,117		57,203
	2,510,256		2,683,998		2,534,996
Deductions during year
Cost of real estate sold	(21,236)		(243,889)		—
Impairment charge(1)	—		(5,218)		—
Other (2)	(8,279)		(14,745)		(872)
Balance at close of year	$	2,480,741	$	2,420,146	$	2,534,124

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2024, 2023, and 2022 are as follows:

	(in thousands)
	Year Ended December 31,
	2024		2023		2022
Balance at beginning of year	$	530,703	$	535,401	$	443,592
Additions during year
Provisions for depreciation	103,127		98,691		92,056
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(2,350)		(92,239)		—
Other (2)	(5,500)		(11,150)		(247)
Balance at close of year	$	625,980	$	530,703	$	535,401
Total real estate investments, excluding mortgage notes receivable (3)	$	1,854,761	$	1,889,443	$	1,998,723

(1)During the year ended December 31, 2023, Centerspace recognized impairment on two apartment communities.

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

(3)The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion at December 31, 2024 and December 31, 2023.