Form 8-K

8-K — CENTERSPACE

Accession: 0000798359-26-000095

Filed: 2026-11-02

Period: 2026-11-02

CIK: 0000798359

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — iret-20261102.htm (Primary)

EX-99.1 (centerspace093026exhibit991.htm)

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8-K

8-K (Primary)

Filename: iret-20261102.htm · Sequence: 1

iret-20261102

0000798359false00007983592026-11-022026-11-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2026

CENTERSPACE

(Exact name of Registrant as specified in its charter)

North Dakota 001-35624 45-0311232

(State or Other Jurisdiction

of Incorporation or Organization) (Commission File Number) (I.R.S. Employer Identification No.)

1324 20th Avenue SW, Post Office Box 1988, Minot, ND 58702-1988

(Address of principal executive offices) (Zip code)

(701) 837-4738

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares of Beneficial Interest, no par value CSR New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Centerspace (the "Company") issued an earnings release on November 2, 2026, announcing certain financial and operational results for the three and nine months ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02 and the earnings release furnished as Exhibit 99.1 under Item 9.01, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit

Number Description

99.1

Earnings Release and Supplemental Operating and Financial Data, dated November 2, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Centerspace

By /s/ Anne Olson

Anne Olson

Date: November 2, 2026 President and Chief Executive Officer

EX-99.1

Filename: centerspace093026exhibit991.htm · Sequence: 2

Document

Exhibit 99.1

Earnings Release

Centerspace Reports Third Quarter 2026 Financial & Operating Results

MINNEAPOLIS, MN, November 2, 2026 – Centerspace (NYSE: CSR) (the “Company”) announced today its financial and operating results for the three and nine months ended September 30, 2026. The tables below show Net Income, Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three and nine months ended September 30, 2026; 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, 2026, June 30, 2026, and September 30, 2025 and the nine months ended September 30, 2026 and 2025.

Three Months Ended September 30, Nine Months Ended September 30,

Per Common Share 2026 2025 2026 2025

Net income - diluted

$ 7.28 $ 3.19 $ 6.46 $ 2.12

FFO - diluted(1)

$ 0.83 $ 1.19 $ 3.10 $ 3.60

Core FFO - diluted(1)

$ 1.11 $ 1.19 $ 3.51 $ 3.68

Year-Over-Year

Comparison Sequential

Comparison YTD Comparison

Same-Store Results(2)

Q3 2026 vs. Q3 2025

Q3 2026 vs. Q2 2026

2026 vs. 2025

Revenues —% —% —%

Expenses 4.2% 8.1% 2.7%

NOI(1)

(2.7)% (4.9)% (1.7)%

Three months ended Nine months ended

Same-Store Results(2)

September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Weighted Average Occupancy 95.0% 96.0% 95.7% 95.5% 95.8%

Effective New Lease Rate Growth

(1.9)% (0.8)% (3.7)% (1.7)% (1.2)%

Effective Renewal Lease Rate Growth

3.4% 3.4% 2.8% 3.3% 2.8%

Effective Blended Lease Rate Growth (3)

1.7% 1.8% 0.5% 1.3% 1.2%

Retention Rate 61.5% 61.8% 61.9% 60.2% 62.3%

(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 changes including acquisitions, dispositions, changes in held for sale classification, and repositioning activity. The current same-store results include 44 apartment communities. During the nine months ended September 30, 2026, we disposed of fourteen apartment communities. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental Financial and Operating Data within.

(3)Effective blended lease rate growth is weighted by lease count.

Overview of the Third Quarter

•Disposed of thirteen apartment communities consisting of 1,634 homes for an aggregate sales price of $288.8 million, bringing total aggregate sales price on dispositions during the year to $318.8 million;

•Fully repaid the line of credit balances and reduced borrowing capacity by $150.0 million to $250.0 million, contributing to a $4.6 million decrease in interest expense compared to the same period in the prior year and driving net debt to Adjusted EBITDA of 6.3x;

•Revenue decreased by $11.9 million or 16.6% to $59.5 million, compared to $71.4 million for the same period of the prior year, primarily due to the sale of 14 apartment communities during the nine months ended September 30, 2026 and 12 apartment communities in the prior year, offset by increased revenue from non-same-store communities;

•Same-store revenues were flat year over year, while property operating expenses increased by 4.2%, partially due to a large one-time utility expense of $200,000, resulting in a 2.7% decrease in same-store NOI compared to the same period of the prior year;

•Net income was $7.28 per diluted share, compared to net income of $3.19 per diluted share for the same period of the prior year primarily due to the higher gain on sale of real estate and other investments of $150.3 million compared to $79.5 million in the same period of the prior year; and

•Core FFO per diluted share decreased 6.7% to $1.11, compared to $1.19 for the same period of the prior year, primarily reflecting dispositions in 2026 and 2025, partially offset by higher NOI from non-same-store communities and lower casualty loss and lower interest expense.

Balance Sheet

At the end of the third quarter, Centerspace had $366.2 million of total liquidity on its balance sheet, consisting of $250.0 million available under its line of credit and cash and cash equivalents of $116.2 million.

Pending IRT Business Combination

On September 8, 2026, Centerspace entered into a merger agreement with Independence Realty Trust, Inc. (“IRT”) and the other parties thereto. Under the agreement, as amended, each outstanding Centerspace common share, other than specified excluded shares, will be converted into the right to receive 3.8 shares of IRT common stock, subject to adjustments provided in the agreement, with cash paid in lieu of fractional shares. Completion remains subject to required shareholder approvals and other closing conditions. Centerspace has scheduled a special meeting of shareholders for November 10, 2026. Additional information is available in the definitive joint proxy statement/prospectus and the Company’s SEC filings.

2026 Financial Outlook

In light of the proposed merger with IRT announced on September 8, 2026, Centerspace will no longer provide guidance nor is it affirming past guidance.

Upcoming Events

Centerspace to hold a special meeting of shareholders on November 10, 2026 at 9:30 a.m. Central Time.

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended September 30, 2026 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.

About Centerspace

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, 2026, Centerspace owned 47 apartment communities consisting of 10,456 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and Utah. Centerspace was named a Top Workplace in 2026 by USA Today and for the seventh consecutive year in 2026 by the Minnesota Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

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 in the Company’s 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” sections of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025, and in its other filings with the SEC. In addition, such risks, uncertainties and other factors include, but are not limited to: the ability to complete the proposed business combination with Independence Realty Trust, Inc. (“IRT”) on the terms or timeline currently contemplated, or at all; the ability to obtain required shareholder approvals and satisfy or obtain waivers of the other closing conditions; IRT’s right to defer Closing under specified circumstances relating to lender consents; changes in the market price of IRT common stock and the resulting market value of the consideration payable to Centerspace shareholders; adjustments to the exchange ratio resulting from certain special distributions; substantial transaction costs and the potential obligation to pay a termination fee if the merger agreement is terminated under specified circumstances; restrictions on the Company’s operations, financing and capital allocation activities and its ability to pursue alternative transactions during the pendency of the business combination; disruption of business relationships and uncertainty affecting employee recruitment and retention; diversion of management’s attention from ongoing operations and other business opportunities; litigation or other proceedings relating to the business combination; adverse effects on the Company’s business, financial condition, results of operations, share price and reputation if the business combination is delayed or not completed; the ability to realize the anticipated benefits of the business combination and manage transition and integration risks; Centerspace's ability to realize the anticipated benefits of its recently completed dispositions; and other risks described in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, its Annual Report on Form 10-K for the year ended December 31, 2025 and its other filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor Relations

Justin Ziegler

Phone: 952-401-6600

Email: IR@centerspacehomes.com

Marketing & Media

Kelly Weber

Phone: 952-401-6600

Email: kweber@centerspacehomes.com

Supplemental Financial and Operating Data

Table of Contents

September 30, 2026

Page

Common Share Data

S-1

Key Financial Data

Condensed Consolidated Statements of Operations

S-2

Condensed Consolidated Balance Sheets

S-3

Non-GAAP Financial Measures and Reconciliations

Net Operating Income

S-5

Same-Store Controllable Expenses

S-7

Funds From Operations and Core Funds From Operations

S-8

Adjusted EBITDA

S-9

Debt and Capital Analysis

Debt Analysis

S-10

Capital Analysis

S-11

Portfolio Analysis

Same-Store Comparisons

S-12

Portfolio Summary

S-15

Capital Expenditures

S-16

Non-GAAP Financial Measures and Other Terms

S-17

CENTERSPACE

COMMON SHARE DATA (NYSE: CSR)

Three Months Ended

September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025

High closing price $ 58.62 $ 68.89 $ 67.00 $ 67.73 $ 61.09

Low closing price $ 52.39 $ 54.89 $ 57.05 $ 57.41 $ 53.18

Average closing price $ 55.33 $ 63.04 $ 62.88 $ 62.84 $ 57.79

Closing price at end of quarter $ 54.40 $ 56.19 $ 57.45 $ 66.72 $ 58.90

Common share distributions – annualized $ 3.08 $ 3.08 $ 3.08 $ 3.08 $ 3.08

Closing price dividend yield – annualized

5.7 % 5.5 % 5.4 % 4.6 % 5.2 %

Closing common shares outstanding (thousands)

16,824 16,792 16,803 16,761 16,703

Closing limited partnership units outstanding (thousands)

878 882 901 920 963

Closing Series E preferred units, as converted (thousands)

1,852 1,878 1,884 1,892 1,894

Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)

19,554 19,552 19,588 19,573 19,560

Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units and Series E preferred units, as converted (thousands)

$ 1,063,738 $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084

S-1

CENTERSPACE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands)

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

REVENUE $ 59,515 $ 65,782 $ 65,069 $ 66,621 $ 71,399 $ 190,366 $ 207,041

EXPENSES

Property operating expenses, excluding real estate taxes 17,506 17,625 18,242 18,496 21,210 53,373 59,131

Real estate taxes 6,157 7,022 7,332 6,140 7,165 20,511 22,506

Property management expense 1,986 2,094 2,379 2,323 2,489 6,459 7,315

Casualty loss, net of recoveries (441) (206) (21) (242) 127 (668) 1,058

Depreciation and amortization 23,127 25,075 26,498 29,424 29,056 74,700 83,807

Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219

General and administrative expenses 4,995 5,659 6,332 6,542 4,997 16,986 14,376

Merger related costs 5,020 — — — — 5,020 —

TOTAL EXPENSES $ 58,350 $ 57,269 $ 70,462 $ 77,183 $ 73,720 $ 186,081 $ 211,412

Gain (loss) on sale of real estate and other investments

150,308 271 — (61) 79,531 150,579 79,531

Operating income (loss)

151,473 8,784 (5,393) (10,623) 77,210 154,864 75,160

Interest expense (8,412) (10,623) (10,470) (11,536) (12,989) (29,505) (33,348)

Loss on extinguishment of debt (526) — — (95) (3) (526) (3)

Interest and other income

1,112 709 890 776 1,190 2,711 2,633

NET INCOME (LOSS)

$ 143,647 $ (1,130) $ (14,973) $ (21,478) $ 65,408 $ 127,544 $ 44,442

Distributions to Series D preferred unitholders (57) (58) (57) (57) (109) (172) (429)

Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units

(20,262) 168 2,141 3,102 (9,197) (17,953) (6,071)

Net income attributable to noncontrolling interests – consolidated real estate entities

— — — — (2,319) — (2,408)

NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

$ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534

Per Share Data - Basic

Net income (loss) per common share – basic

$ 7.32 $ (0.07) $ (0.77) $ (1.10) $ 3.22 $ 6.49 $ 2.12

Per Share Data - Diluted

Net income (loss) per common share – diluted

$ 7.28 $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ 6.46 $ 2.12

S-2

CENTERSPACE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

ASSETS

Real estate investments

Property owned $ 2,266,599 $ 2,261,220 $ 2,518,162 $ 2,524,020 $ 2,536,166

Less accumulated depreciation (628,285) (605,402) (685,769) (660,124) (638,217)

Total real estate investments 1,638,314 1,655,818 1,832,393 1,863,896 1,897,949

Cash and cash equivalents 116,235 8,560 7,555 12,833 12,896

Restricted cash 2,846 1,883 2,710 2,818 52,943

Other assets 36,635 38,993 44,928 46,620 47,516

Assets held for sale, net — 135,111 — — 86,302

TOTAL ASSETS $ 1,794,030 $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606

LIABILITIES, MEZZANINE EQUITY, AND EQUITY

LIABILITIES

Accounts payable and accrued expenses $ 54,048 $ 51,370 $ 55,872 $ 59,247 $ 66,124

Revolving lines of credit — 176,000 150,429 154,925 222,500

Notes payable, net 299,623 299,608 299,594 299,579 299,564

Mortgages payable, net 512,984 513,975 565,611 566,660 622,074

Liabilities held for sale, net — 1,460 — — 420

TOTAL LIABILITIES $ 866,655 $ 1,042,413 $ 1,071,506 $ 1,080,411 $ 1,210,682

SERIES D PREFERRED UNITS $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940

EQUITY

Common Shares of Beneficial Interest 1,371,928 1,369,753 1,370,461 1,368,834 1,366,980

Accumulated distributions in excess of net income (579,173) (689,530) (675,493) (649,678) (618,341)

Total shareholders’ equity $ 792,755 $ 680,223 $ 694,968 $ 719,156 $ 748,639

Noncontrolling interests – Operating Partnership and Series E preferred units 128,680 111,789 115,172 120,660 128,038

Noncontrolling interests – consolidated real estate entities — — — — 4,307

TOTAL EQUITY $ 921,435 $ 792,012 $ 810,140 $ 839,816 $ 880,984

TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,794,030 $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606

S-3

CENTERSPACE

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-17 through S-21, “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 sold, 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 nine months ended September 30, 2026 and 2025, 44 apartment communities were same-store and three apartment communities 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. During the nine months ended September 30, 2026, the Company disposed of fourteen apartment communities consisting of 1,810 apartment homes. During the year ended December 31, 2025, the Company disposed of 12 apartment communities consisting of 1,511 apartment homes.

S-4

CENTERSPACE

RECONCILIATIONS OF OPERATING INCOME TO NET OPERATING INCOME (1)

(dollars in thousands)

Three Months Ended Sequential Year-Over-Year

9/30/2026 6/30/2026 9/30/2025 $ Change % Change $ Change % Change

Operating income $ 151,473 $ 8,784 $ 77,210 $ 142,689 1,624.4 % $ 74,263 96.2 %

Adjustments:

Property management expenses 1,986 2,094 2,489 (108) (5.2) % (503) (20.2) %

Casualty loss, net of recoveries (441) (206) 127 (235) 114.1 % (568) (447.2) %

Depreciation and amortization 23,127 25,075 29,056 (1,948) (7.8) % (5,929) (20.4) %

Impairment of real estate investments — — 8,676 — N/A (8,676) (100.0) %

General and administrative expenses 4,995 5,659 4,997 (664) (11.7) % (2) — %

Merger related costs 5,020 — — 5,020 N/A 5,020 N/A

Gain on sale of real estate and other investments

(150,308) (271) (79,531) (150,037) * (70,777) 89.0 %

Net operating income(1)

$ 35,852 $ 41,135 $ 43,024 $ (5,283) (12.8) % $ (7,172) (16.7) %

Revenue

Same-store $ 49,974 $ 49,996 $ 49,965 $ (22) — % $ 9 — %

Non-same-store 6,199 6,087 4,992 112 * 1,207 *

Other properties 793 818 789 (25) (3.1) % 4 0.5 %

Dispositions 2,549 8,881 15,653 (6,332) * (13,104) *

Total 59,515 65,782 71,399 (6,267) (9.5) % (11,884) (16.6) %

Property operating expenses, including real estate taxes

Same-store 20,306 18,790 19,488 1,516 8.1 % 818 4.2 %

Non-same-store 2,171 2,187 2,023 (16) * 148 *

Other properties 222 264 261 (42) (15.9) % (39) (14.9) %

Dispositions 964 3,406 6,603 (2,442) * (5,639) *

Total 23,663 24,647 28,375 (984) (4.0) % (4,712) (16.6) %

Net operating income(1)

Same-store 29,668 31,206 30,477 (1,538) (4.9) % (809) (2.7) %

Non-same-store 4,028 3,900 2,969 128 * 1,059 *

Other properties 571 554 528 17 3.1 % 43 8.1 %

Dispositions 1,585 5,475 9,050 (3,890) * (7,465) *

Total $ 35,852 $ 41,135 $ 43,024 $ (5,283) (12.8) % $ (7,172) (16.7) %

(1)Net operating income is a non-GAAP measure. Refer to pages S-17 through S-21 “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.

* Not a meaningful percentage.

S-5

(dollars in thousands)

Nine Months Ended September 30,

2026 2025 $ Change % Change

Operating income $ 154,864 $ 75,160 $ 79,704 106.0 %

Adjustments:

Property management expenses 6,459 7,315 (856) (11.7) %

Casualty loss, net of recoveries (668) 1,058 (1,726) (163.1) %

Depreciation and amortization 74,700 83,807 (9,107) (10.9) %

Impairment of real estate investments 9,700 23,219 (13,519) (58.2) %

General and administrative expenses 16,986 14,376 2,610 18.2 %

Merger related costs 5,020 — 5,020 N/A

Gain on sale of real estate and other investments

(150,579) (79,531) (71,048) 89.3 %

Net operating income(1)

$ 116,482 $ 125,404 $ (8,922) (7.1) %

Revenue

Same-store $ 149,401 $ 149,429 $ (28) — %

Non-same-store 18,244 8,158 10,086 *

Other properties 2,418 2,184 234 10.7 %

Dispositions 20,303 47,270 (26,967) *

Total 190,366 207,041 (16,675) (8.1) %

Property operating expenses, including real estate taxes

Same-store 58,742 57,173 1,569 2.7 %

Non-same-store 6,725 3,462 3,263 *

Other properties 767 773 (6) (0.8) %

Dispositions 7,650 20,229 (12,579) *

Total 73,884 81,637 (7,753) (9.5) %

Net operating income(1)

Same-store 90,659 92,256 (1,597) (1.7) %

Non-same-store 11,519 4,696 6,823 *

Other properties 1,651 1,411 240 17.0 %

Dispositions 12,653 27,041 (14,388) *

Total $ 116,482 $ 125,404 $ (8,922) (7.1) %

* Not a meaningful percentage.

S-6

CENTERSPACE

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

(dollars in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 $ Change % Change 2026 2025 $ Change % Change

Same-store controllable expenses

On-site compensation(2)

$ 5,318 $ 5,092 $ 226 4.4 % $ 15,353 $ 15,088 $ 265 1.8 %

Repairs and maintenance(3)

3,293 3,255 38 1.2 % 8,313 8,125 188 2.3 %

Utilities 3,290 2,987 303 10.1 % 9,355 8,871 484 5.5 %

Administrative and marketing 1,250 1,330 (80) (6.0) % 3,867 3,653 214 5.9 %

Total $ 13,151 $ 12,664 $ 487 3.8 % $ 36,888 $ 35,737 $ 1,151 3.2 %

Same-store non-controllable expenses

Real estate taxes $ 5,235 $ 4,845 $ 390 8.0 % $ 16,224 $ 15,995 $ 229 1.4 %

Insurance 1,920 1,979 (59) (3.0) % 5,630 5,441 189 3.5 %

Total $ 7,155 $ 6,824 $ 331 4.9 % $ 21,854 $ 21,436 $ 418 1.9 %

Total property operating expenses, including real estate taxes - same-store $ 20,306 $ 19,488 $ 818 4.2 % $ 58,742 $ 57,173 $ 1,569 2.7 %

Property operating expenses, including real estate taxes - non-same-store $ 2,171 $ 2,023 $ 148 * $ 6,725 $ 3,462 $ 3,263 *

Property operating expenses, including real estate taxes - other properties 222 261 (39) (14.9) % 767 773 (6) (0.8) %

Property operating expenses, including real estate taxes - dispositions 964 6,603 (5,639) * 7,650 20,229 (12,579) *

Total property operating expenses, including real estate taxes $ 23,663 $ 28,375 $ (4,712) (16.6) % $ 73,884 $ 81,637 $ (7,753) (9.5) %

(1)Same-store controllable expenses is a non-GAAP measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

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

(3)Includes turnover expense.

* Not a meaningful percentage.

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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

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Funds from Operations(1)

Net income (loss) available to common shareholders

$ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534

Adjustments:

Noncontrolling interests – Operating Partnership and Series E preferred units 20,262 (168) (2,141) (3,102) 9,197 17,953 6,071

Depreciation and amortization 23,127 25,075 26,498 29,424 29,056 74,700 83,807

Less depreciation – non real estate (64) (67) (67) (83) (85) (198) (252)

Less depreciation – partially owned entities — — — — — — (43)

Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219

(Gain) loss on sale of real estate and other investments

(150,308) (271) — 61 (79,531) (150,579) (79,531)

Less gain on sale of real estate - partially owned entities — — — 1 2,251 — 2,251

Loss on sale of non real estate assets (174) — — (50) — (174) —

FFO applicable to common shares and Units $ 16,171 $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 60,821 $ 71,056

Adjustments to Core FFO(1):

Non-cash casualty loss (recovery)

(555) (65) (193) 229 (123) (813) 308

Loss on extinguishment of debt 526 — — 95 3 526 3

Loss on sale of non real estate assets 174 — — — — 174 —

Amortization of assumed debt 214 489 365 593 530 1,068 1,365

Severance and related costs 197 880 — — — 1,077 —

Legal and other costs related to strategic review 126 127 977 1,336 — 1,230 —

Merger related costs 5,020 — — — — 5,020 —

Other miscellaneous items(2)

(34) — (209) (4) (397) (243) (96)

Core FFO applicable to common shares and Units $ 21,839 $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 68,860 $ 72,636

FFO applicable to common shares and Units $ 16,171 $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 60,821 $ 71,056

Distributions to Series D preferred unitholders 57 58 57 57 109 172 429

FFO applicable to common shares and Units - diluted $ 16,228 $ 23,607 $ 21,158 $ 22,375 $ 23,456 $ 60,993 $ 71,485

Core FFO applicable to common shares and Units $ 21,839 $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 68,860 $ 72,636

Distributions to Series D preferred unitholders 57 58 57 57 109 172 429

Core FFO applicable to common shares and Units - diluted $ 21,896 $ 25,038 $ 22,098 $ 24,624 $ 23,469 $ 69,032 $ 73,065

Per Share Data

Net income (loss) per share and Unit - diluted $ 7.28 $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ 6.46 $ 2.12

FFO per share and Unit - diluted(1)

$ 0.83 $ 1.20 $ 1.07 $ 1.14 $ 1.19 $ 3.10 $ 3.60

Core FFO per share and Unit - diluted(1)

$ 1.11 $ 1.27 $ 1.12 $ 1.25 $ 1.19 $ 3.51 $ 3.68

Weighted average shares - basic for net income (loss) 16,796 16,810 16,775 16,719 16,726 16,793 16,731

Effect of operating partnership Units for net income, FFO and Core FFO 881 895 914 948 966 897 972

Effect of Series D preferred units for net income, FFO and Core FFO 82 82 82 82 155 82 204

Effect of Series E preferred units for net income, FFO and Core FFO 1,877 1,883 1,892 1,894 1,898 1,884 1,903

Effect of dilutive restricted stock units and stock options for net income, FFO and Core FFO(3)

24 29 29 56 26 26 25

Weighted average shares and Units for net income, FFO and Core FFO - diluted 19,660 19,699 19,692 19,699 19,771 19,682 19,835

(1)Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of (gain) loss on investments and interest rate swap amortization.

(3)Includes participating and nonparticipating restricted stock units.

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CENTERSPACE

RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

TO ADJUSTED EBITDA(1)

(in thousands)

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Adjusted EBITDA

Net income (loss) attributable to common shareholders

$ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534

Adjustments:

Distributions to Series D preferred unitholders 57 58 57 57 109 172 429

Noncontrolling interests – Operating Partnership and Series E preferred units 20,262 (168) (2,141) (3,102) 9,197 17,953 6,071

Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units

$ 143,647 $ (1,130) $ (14,973) $ (21,478) $ 63,089 $ 127,544 $ 42,034

Adjustments:

Interest expense 8,412 10,623 10,470 11,537 12,989 29,505 33,330

Loss on extinguishment of debt 526 — — 95 3 526 3

Depreciation and amortization related to real estate investments 23,127 25,075 26,498 29,424 29,056 74,700 83,764

Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219

Non-cash casualty loss (recovery) (555) (65) (193) 229 (123) (813) 308

Interest income (1,035) (658) (644) (757) (724) (2,337) (2,069)

(Gain) loss on sale of real estate

(150,482) (271) — 12 (77,280) (150,753) (77,280)

Severance related costs 197 880 — — — 1,077 —

Legal and other costs related to strategic review 126 127 977 1,336 — 1,230 —

Merger related costs 5,020 — — — — 5,020 —

Other miscellaneous items(2)

(34) — (209) (4) (455) (243) (503)

Adjusted EBITDA $ 28,949 $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 95,156 $ 102,806

(1)Adjusted EBITDA is a non-GAAP measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(2)Consists of (gain) loss on investments.

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DEBT ANALYSIS

(in thousands)

Debt Maturity Schedule

by Expiration

Future Maturities of Debt

Secured Fixed

Debt Unsecured Fixed

Debt Unsecured Variable Debt Total

Debt % of

Total Debt

Weighted

Average Interest Rate(1)

2026 (remainder) $ — $ — $ — $ — — % — %

2027 45,979 — — 45,979 5.4 % 3.47 %

2028 60,000 50,000 — 110,000 13.0 % 3.10 %

2029 19,108 75,000 — 94,108 11.2 % 3.94 %

2030 — 85,000 — 85,000 10.1 % 2.62 %

Thereafter 418,732 90,000 — 508,732 60.3 % 3.45 %

Subtotal 543,819 300,000 — 843,819 100.0 % 3.37 %

Premiums and discounts, net (28,320) — — (28,320)

Deferred financing costs, net (2,515) (377) — (2,892)

Total debt $ 512,984 $ 299,623 $ — $ 812,607

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

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Debt Balances Outstanding

Secured fixed rate - mortgages payable - other $ 344,969 $ 346,297 $ 398,567 $ 400,134 $ 455,934

Secured fixed rate - mortgages payable - Fannie Mae credit facility 198,850 198,850 198,850 198,850 198,850

Unsecured variable rate line of credit — 176,000 150,429 154,925 222,500

Unsecured senior notes 300,000 300,000 300,000 300,000 300,000

Subtotal(1)

$ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284

Premiums and discounts, net (28,320) (28,533) (29,023) (29,387) (29,763)

Deferred financing costs, net (2,892) (3,031) (3,189) (3,358) (3,383)

Debt total $ 812,607 $ 989,583 $ 1,015,634 $ 1,021,164 $ 1,144,138

Weighted average interest rates

Mortgages payable - other rate 3.94 % 3.94 % 3.88 % 3.88 % 3.87 %

Mortgages payable - Fannie Mae credit facility rate 2.78 % 2.78 % 2.78 % 2.78 % 2.78 %

Lines of credit rate(2)

4.87 % 4.87 % 4.88 % 5.12 % 5.51 %

Unsecured senior notes rate 3.12 % 3.12 % 3.12 % 3.12 % 3.12 %

Total debt 3.37 % 3.63 % 3.60 % 3.64 % 3.80 %

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

(2)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.

Three Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Reclassified from Accumulated OCI into interest expense $ — $ — $ — $ — $ 58

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CAPITAL ANALYSIS

(in thousands, except per share and unit amounts)

Three Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Equity Capitalization

Common shares outstanding 16,824 16,792 16,803 16,761 16,703

Operating partnership units outstanding 878 882 901 920 963

Series E preferred units (as converted) 1,852 1,878 1,884 1,892 1,894

Total common shares, Units, and Series E preferred units, as converted, outstanding 19,554 19,552 19,588 19,573 19,560

Market price per common share (closing price at end of period) $ 54.40 $ 56.19 $ 57.45 $ 66.72 $ 58.90

Equity capitalization-common shares and Units

$ 1,063,738 $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084

Series D preferred units $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940

Debt Capitalization

Total debt(1)

$ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284

Total market capitalization

$ 1,913,497 $ 2,125,714 $ 2,179,117 $ 2,365,760 $ 2,335,308

Total debt to total market capitalization(2)

44.1 % 48.0 % 48.1 % 44.5 % 50.4 %

(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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Debt service coverage ratio(1)

2.97 x 2.86 x 2.63 x 2.59 x 2.35 x 2.81 x 2.63 x

Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization(1)

2.95 x 2.84 x 2.62 x 2.58 x 2.33 x 2.79 x 2.60 x

Net debt/Adjusted EBITDA(1)

6.28 x 7.32 x 8.22 x 7.46 x 7.90 x 5.73 x 8.12 x

Net debt and preferred equity/Adjusted EBITDA(1)

6.33 x 7.36 x 8.27 x 7.50 x 7.94 x 5.78 x 8.17 x

Distribution Data

Common shares and Units outstanding at record date (in thousands)

17,677 17,685 17,692 17,679 17,662 17,677 17,662

Total common distribution declared (in thousands)

$ 13,611 $ 13,618 $ 13,624 $ 13,613 $ 13,600 $ 40,853 $ 40,875

Common distribution per share and Unit

$ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 2.31 $ 2.31

Payout ratio (Core FFO per diluted share and unit basis)(1)

69.4 % 60.6 % 68.8 % 61.6 % 64.7 % 65.8 % 62.8 %

(1)Debt service coverage ratio, adjusted EBITDA divided by interest expense plus preferred distributions and principal amortization, net debt divided by adjusted EBITDA, net debt and preferred equity divided by adjusted EBITDA, and payout ratio are non-GAAP financial measures. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

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CENTERSPACE

SAME-STORE THIRD QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

Apartment Homes Included Revenues Expenses

NOI(3)

Regions Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change

Denver, CO 1,801 $ 10,871 $ 11,594 (6.2) % $ 4,695 $ 4,081 15.0 % $ 6,176 $ 7,513 (17.8) %

Minneapolis, MN 3,433 18,019 17,779 1.3 % 7,649 7,591 0.8 % 10,370 10,188 1.8 %

Boulder/Ft. Collins, CO 559 3,365 3,450 (2.5) % 1,147 1,092 5.0 % 2,218 2,358 (5.9) %

North Dakota(1)

865 4,033 3,761 7.2 % 1,502 1,495 0.5 % 2,531 2,266 11.7 %

Omaha, NE 872 3,928 3,832 2.5 % 1,592 1,631 (2.4) % 2,336 2,201 6.1 %

Rochester, MN 1,129 6,382 6,217 2.7 % 2,510 2,433 3.2 % 3,872 3,784 2.3 %

Other Mountain West(2)

748 3,376 3,332 1.3 % 1,211 1,165 3.9 % 2,165 2,167 (0.1) %

Same-Store Total 9,407 $ 49,974 $ 49,965 — % $ 20,306 $ 19,488 4.2 % $ 29,668 $ 30,477 (2.7) %

% of NOI

Weighted Average Occupancy (4)

Average Monthly

Rental Rate (4)

Average Monthly

Revenue per Occupied Home (4)

Regions Q3 2026 Q3 2025 Growth Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change

Denver, CO 20.8 % 93.4 % 94.7 % (1.3) % $ 1,978 $ 1,980 (0.1) % $ 2,154 $ 2,266 (4.9) %

Minneapolis, MN 34.9 % 95.1 % 96.3 % (1.2) % 1,639 1,590 3.1 % 1,839 1,792 2.6 %

Boulder/Ft. Collins, CO 7.5 % 93.5 % 96.4 % (2.9) % 1,956 1,905 2.7 % 2,145 2,133 0.6 %

North Dakota(1)

8.5 % 97.3 % 96.1 % 1.2 % 1,443 1,364 5.8 % 1,598 1,508 6.0 %

Omaha, NE 7.9 % 94.0 % 93.9 % 0.1 % 1,453 1,401 3.7 % 1,598 1,560 2.4 %

Rochester, MN 13.1 % 96.7 % 95.8 % 0.9 % 1,834 1,799 1.9 % 1,948 1,916 1.7 %

Other Mountain West(2)

7.3 % 95.7 % 96.3 % (0.6) % 1,398 1,371 2.0 % 1,571 1,542 1.9 %

Same-Store Total 100.0 % 95.0 % 95.7 % (0.7) % $ 1,692 $ 1,653 2.4 % $ 1,865 $ 1,850 0.8 %

(1)Includes apartment communities in Grand Forks, North Dakota.

(2)Includes apartment communities in Billings, Montana.

(3)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

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SAME-STORE SEQUENTIAL QUARTER COMPARISONS

(in thousands, except property data amounts and percentages)

Apartment Homes Included Revenues Expenses

NOI(3)

Regions Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change

Denver, CO 1,801 $ 10,871 $ 10,935 (0.6) % $ 4,695 $ 4,133 13.6 % $ 6,176 $ 6,802 (9.2) %

Minneapolis, MN 3,433 18,019 18,141 (0.7) % 7,649 7,053 8.5 % 10,370 11,088 (6.5) %

Boulder/Ft. Collins, CO 559 3,365 3,367 (0.1) % 1,147 1,174 (2.3) % 2,218 2,193 1.1 %

North Dakota(1)

865 4,033 3,969 1.6 % 1,502 1,404 7.0 % 2,531 2,565 (1.3) %

Omaha, NE 872 3,928 3,861 1.7 % 1,592 1,483 7.3 % 2,336 2,378 (1.8) %

Rochester, MN 1,129 6,382 6,369 0.2 % 2,510 2,409 4.2 % 3,872 3,960 (2.2) %

Other Mountain West(2)

748 3,376 3,354 0.7 % 1,211 1,134 6.8 % 2,165 2,220 (2.5) %

Same-Store Total 9,407 $ 49,974 $ 49,996 — % $ 20,306 $ 18,790 8.1 % $ 29,668 $ 31,206 (4.9) %

% of NOI

Weighted Average Occupancy (4)

Average Monthly

Rental Rate (4)

Average Monthly

Revenue per Occupied Home (4)

Regions Q3 2026 Q2 2026 Growth Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change

Denver, CO 20.8 % 93.4 % 94.6 % (1.2) % $ 1,978 $ 1,962 0.8 % $ 2,154 $ 2,140 0.7 %

Minneapolis, MN 34.9 % 95.1 % 96.7 % (1.6) % 1,639 1,611 1.7 % 1,839 1,822 0.9 %

Boulder/Ft. Collins, CO 7.5 % 93.5 % 95.7 % (2.2) % 1,956 1,921 1.8 % 2,145 2,097 2.3 %

North Dakota(1)

8.5 % 97.3 % 97.0 % 0.3 % 1,443 1,409 2.4 % 1,598 1,577 1.3 %

Omaha, NE 7.9 % 94.0 % 94.6 % (0.6) % 1,453 1,428 1.8 % 1,598 1,561 2.4 %

Rochester, MN 13.1 % 96.7 % 97.4 % (0.7) % 1,834 1,814 1.1 % 1,948 1,930 0.9 %

Other Mountain West(2)

7.3 % 95.7 % 95.1 % 0.6 % 1,398 1,390 0.6 % 1,571 1,572 (0.1) %

Same-Store Total 100.0 % 95.0 % 96.0 % (1.0) % $ 1,692 $ 1,668 1.4 % $ 1,865 $ 1,846 1.0 %

(1)Includes apartment communities in Grand Forks, North Dakota.

(2)Includes apartment communities in Billings, Montana.

(3)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

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CENTERSPACE

SAME-STORE YEAR TO DATE COMPARISONS

(in thousands, except property data amounts and percentages)

Apartment Homes Included Revenues Expenses

NOI(3)

Regions 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change

Denver, CO 1,801 $ 32,916 $ 34,836 (5.5) % $ 13,136 $ 12,801 2.6 % $ 19,780 $ 22,034 (10.2) %

Minneapolis, MN 3,433 53,948 53,120 1.6 % 22,211 21,778 2.0 % 31,737 31,342 1.3 %

Boulder/Ft. Collins, CO 559 10,116 10,383 (2.6) % 3,563 3,304 7.8 % 6,553 7,079 (7.4) %

North Dakota(1)

865 11,834 11,181 5.8 % 4,574 4,479 2.1 % 7,260 6,702 8.3 %

Omaha, NE 872 11,674 11,354 2.8 % 4,410 4,547 (3.0) % 7,264 6,807 6.7 %

Rochester, MN 1,129 18,931 18,632 1.6 % 7,376 6,946 6.2 % 11,555 11,686 (1.1) %

Other Mountain West(2)

748 9,982 9,923 0.6 % 3,472 3,318 4.6 % 6,510 6,605 (1.4) %

Same-Store Total 9,407 $ 149,401 $ 149,429 — % $ 58,742 $ 57,173 2.7 % $ 90,659 $ 92,255 (1.7) %

% of NOI

Weighted Average Occupancy (4)

Average Monthly

Rental Rate (4)

Average Monthly

Revenue per Occupied Home (4)

Regions 2026 2025 Growth 2026 2025 % Change 2026 2025 % Change

Denver, CO 21.8 % 93.9 % 94.4 % (0.5) % $ 1,971 $ 1,999 (1.4) % $ 2,162 $ 2,276 (5.0) %

Minneapolis, MN 35.1 % 96.0 % 96.5 % (0.5) % 1,618 1,581 2.3 % 1,820 1,782 2.1 %

Boulder/Ft. Collins, CO 7.2 % 94.9 % 96.1 % (1.2) % 1,930 1,906 1.3 % 2,119 2,148 (1.4) %

North Dakota(1)

8.0 % 96.8 % 97.1 % (0.3) % 1,417 1,333 6.3 % 1,571 1,479 6.2 %

Omaha, NE 8.0 % 94.7 % 94.1 % 0.6 % 1,436 1,391 3.2 % 1,571 1,538 2.1 %

Rochester, MN 12.7 % 97.0 % 96.7 % 0.3 % 1,818 1,780 2.1 % 1,920 1,897 1.2 %

Other Mountain West(2)

7.2 % 94.9 % 96.4 % (1.5) % 1,390 1,364 1.9 % 1,562 1,529 2.2 %

Same-Store Total 100.0 % 95.5 % 95.8 % (0.3) % $ 1,675 $ 1,646 1.8 % $ 1,849 $ 1,842 0.4 %

(1)Includes apartment communities in Grand Forks, North Dakota.

(2)Includes apartment communities in Billings, Montana.

(3)NOI is a non-GAAP financial measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information.

(4)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

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PORTFOLIO SUMMARY(1)

As of and for the Three Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Number of Apartment Homes at Period End

Same-Store 9,407 9,407 11,214 11,084 11,084

Non-Same-Store and Held for Sale(2)

1,049 2,683 1,049 1,178 1,178

All Communities(2)

10,456 12,090 12,263 12,262 12,262

Average Monthly Rental Rate(3)

Same-Store $ 1,692 $ 1,668 $ 1,643 $ 1,639 $ 1,629

Non-Same-Store and Held for Sale(2)

1,874 1,662 1,848 1,842 1,858

All Communities(2)

$ 1,710 $ 1,666 $ 1,660 $ 1,658 $ 1,649

Average Monthly Revenue per Occupied Apartment Home(3)

Same-Store $ 1,865 $ 1,846 $ 1,813 $ 1,818 $ 1,823

Non-Same-Store and Held for Sale(2)

2,067 1,840 2,058 2,080 2,090

All Communities(2)

$ 1,881 $ 1,844 $ 1,834 $ 1,843 $ 1,846

Weighted Average Occupancy(3)

Same-Store 95.0 % 96.0 % 95.4 % 95.3 % 95.8 %

Non-Same-Store and Held for Sale(2)

95.3 % 95.9 % 92.0 % 89.7 % 87.5 %

All Communities(2)

95.2 % 96.0 % 95.1 % 94.7 % 95.0 %

Property Operating Expenses, including Real Estate Taxes as a % of Scheduled Rent(3)

Same-Store 40.6 % 39.9 % 41.5 % 38.3 % 41.6 %

Non-Same-Store and Held for Sale(2)

35.0 % 38.8 % 40.7 % 39.3 % 42.6 %

All Communities(2)

40.0 % 39.7 % 41.4 % 38.4 % 41.7 %

Capital Expenditures

Total Recurring Capital Expenditures(3) per Apartment Home – Same-Store

$ 452 $ 303 $ 198 $ 269 $ 350

(1)Previously reported amounts are not revised for changes in the composition of the same-store properties pool.

(2)Includes apartment communities classified as held for sale as of June 30, 2026 and excludes apartment communities classified as held for sale as of September 30, 2025, and June 30, 2025.

(3)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

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CENTERSPACE

CAPITAL EXPENDITURES

(dollars in thousands, except per home amounts)

Three Months Ended Nine Months Ended

Capital Expenditures 9/30/2026 9/30/2025 9/30/2026 9/30/2025

Total Same-Store Apartment Homes 9,407 9,406 9,407 9,406

All Properties - Weighted Average Apartment Homes(3)

10,919 13,281 11,695 13,140

Same-Store

Building - Exterior $ 1,688 $ 870 $ 2,623 $ 2,210

Building - Interior 16 16 113 165

Mechanical, Electrical, & Plumbing 642 646 1,798 1,519

Furniture & Equipment 83 206 236 418

Landscaping & Grounds 315 537 582 758

Turnover Replacements 961 908 2,485 2,212

Work in progress - net change 549 434 1,067 894

Recurring Capital Expenditures(1) - Same-Store

$ 4,254 $ 3,617 $ 8,904 $ 8,176

Recurring Capital Expenditures(1) per Apartment Home - Same-Store

$ 452 $ 385 $ 947 $ 869

Recurring Capital Expenditures(1) - All Properties

$ 4,364 $ 4,389 $ 10,096 $ 11,712

Recurring Capital Expenditures(1) per Weighted Average Apartment Home - All Properties

$ 400 $ 330 $ 863 $ 891

Value Add(1)

Same-Store

Interior - Units

$ 1,509 $ 913 $ 2,111 $ 1,932

Common Areas and Exteriors

177 2,526 2,283 4,202

Work in Progress - net change

(1,026) (229) (894) 119

Total Value Add - Same Store $ 660 $ 3,210 $ 3,500 $ 6,253

All Properties

Interior - Units

$ 1,537 $ 1,580 $ 2,138 $ 3,920

Common Areas and Exteriors

178 2,789 2,825 5,227

Work in Progress - net change

(1,047) (184) (1,077) (13)

Total Value Add - All Properties $ 668 $ 4,185 $ 3,886 $ 9,134

Total Same-Store Capital Spend(2)

Capital Spend - Same-Store(2)

$ 4,914 $ 6,827 $ 12,404 $ 14,429

Capital Spend per Apartment Home - Same-Store(2)

$ 522 $ 726 $ 1,319 $ 1,534

Acquisition and Other Capital Expenditures(1)

All Properties

$ 1,002 $ 805 $ 4,995 $ 3,460

Total Capital Spend

Total Capital Spend - All Properties $ 6,034 $ 9,379 $ 18,977 $ 24,306

Total Capital Spend per Weighted Average Apartment Home - All Properties $ 553 $ 706 $ 1,623 $ 1,850

(1)Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions.

(2)Includes value-add and excludes acquisition and other capital expenditures on same-store communities.

(3)Includes all properties, including held for sale and dispositions for the period owned.

S-16

CENTERSPACE

NON-GAAP FINANCIAL MEASURES AND OTHER TERMS

Acquisition and Other Capital Expenditures

Acquisition and other non-routine capital expenditures represent capital additions contemplated in the underwriting at recently acquired communities. These amounts are considered when determining expected returns. Other capital expenditures includes casualty and other non-routine capital items including, but not limited to, tenant improvements, real estate special assessments, and capital expenditures incurred to dispose of properties. Casualty represents capitalized costs incurred in connection with the restoration of an apartment community after a casualty event.

Adjusted EBITDA

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The Company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, financing costs, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.

Average Monthly Rental Rate

Average monthly rental rate is scheduled rent divided by the total number of apartment homes.

Average Monthly Revenue per Occupied Home

Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.

Debt Service Coverage Ratio

Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

As of and for the

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Adjusted EBITDA $ 28,949 $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 95,156 $ 102,806

Interest Expense 8,412 10,623 10,470 11,537 12,989 29,505 33,330

Principal Amortization 1,328 1,488 1,567 1,939 2,000 4,383 5,759

Total Interest Expense and Principal Amortization 9,740 12,111 12,037 13,476 14,989 33,888 39,089

Distributions paid to Series D preferred unitholders 57 58 57 57 109 172 429

Total Interest Expense, Principal Amortization, and preferred distributions 9,797 12,169 12,094 13,533 15,098 34,060 39,518

Debt Service Coverage Ratio 2.97 2.86 2.63 2.59 2.35 2.81 2.63

Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization 2.95 2.84 2.62 2.58 2.33 2.79 2.60

Effective Blended Lease Rate Growth

Effective blended lease rate growth is the weighted average of effective new lease rate growth and effective renewal lease rate growth within the given timeframe.

Effective New Lease Rate Growth

Effective new lease rate growth is the growth in gross rents after the effect of leasing concessions for new leases that became effective within the given timeframe as compared to the prior lease.

S-17

Effective Renewal Lease Rate Growth

Effective renewal lease rate growth is the growth in gross rents after the effect of leasing concessions for renewal leases that became effective within the given timeframe as compared to the prior lease.

Funds From Operations and Core Funds From Operations

The Company believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation and amortization.

The Company uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:

•depreciation and amortization related to real estate;

•gains and losses from the sale of certain real estate assets;

•gains and losses from change in control;

•impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity; and

•similar adjustments for partially owned consolidated real estate entities.

The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the Company's investments, and assists management and investors in comparing those operating results between periods.

Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The Company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.

While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.

Core Funds from Operations (“Core FFO”), a non-GAAP measure, is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the Company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income (loss), or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the Company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.

Held For Sale

The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year.

S-18

Net Debt Divided by Adjusted EBITDA

Net debt is the total outstanding debt balance less cash and cash equivalents and net tax deferred proceeds held in restricted cash for exchanges under section 1031(b) of the Internal Revenue Code. Preferred equity is the value of Series D preferred units outstanding. Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section.

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Total debt(1)

$ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 843,819 $ 1,177,284

Less: cash and cash equivalents 116,235 8,560 7,555 12,833 12,896 116,235 12,896

Less: 1031 funds in restricted cash — — — — 50,941 — 50,941

Net debt $ 727,584 $ 1,012,587 $ 1,040,291 $ 1,041,076 $ 1,113,447 $ 727,584 $ 1,113,447

Adjusted EBITDA(2)

$ 115,796 $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 126,875 $ 137,075

Net debt/Adjusted EBITDA 6.28 7.32 8.22 7.46 7.90 5.73 8.12

Preferred Equity

$ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940

Net debt and preferred equity $ 733,524 $ 1,018,527 $ 1,046,231 $ 1,047,016 $ 1,119,387 $ 733,524 $ 1,119,387

Adjusted EBITDA(2)

$ 115,796 $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 126,875 $ 137,075

Net debt and preferred equity/Adjusted EBITDA 6.33 7.36 8.27 7.50 7.94 5.78 8.17

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

(2)Annualized for periods less than one year.

Net Operating Income

Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. The Company believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other investments, impairment, depreciation and amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, casualty losses net of recoveries, loss on litigation settlement, merger related costs, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and 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.

Non-stabilized Community

A non-stabilized community is a development community that is either currently under construction or undergoing lease-up or is a recent acquisition prior to reaching overall occupancy of 90%.

Payout Ratio (Core FFO per Diluted Share and Unit Basis)

Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Core FFO definition included within this Non-GAAP Financial Measures and Other Terms section.

Three Months Ended Nine Months Ended

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025

Common distribution per share and unit $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 2.31 $ 2.31

Core FFO per common share and unit diluted 1.11 1.27 1.12 1.25 1.19 3.51 3.68

Payout ratio 69.4 % 60.6 % 68.8 % 61.6 % 64.7 % 65.8 % 62.8 %

S-19

Recurring Capital Expenditures

Recurring capital expenditures represent expenditures necessary to help preserve the value of and maintain the functionality at communities. Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities such as appliances, mechanical equipment, flooring to roof replacement, paving, siding, and major landscaping.

Repositioned Community

The Company defines a re-positioned community as having significant development and construction activity on existing buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of improved community cash flow and competitive position through extensive unit and amenity upgrades. We categorize a re-positioned community as same-store when the development and construction activity has been completed, and operations have stabilized. This is typically reaching an overall occupancy of 90%. Not all communities undergoing value add are considered a re-positioned community.

Retention Rate

Retention rate is the percentage of leases expiring within the given timeframe that were converted to a term renewal.

Same-Store Controllable Expenses

The Company defines same-store controllable expenses as property operating expenses excluding real estate taxes and insurance. Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses and real estate taxes.

Scheduled Rental Revenue

Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.

Stabilized Community

The Company defines stabilized communities as communities past development lease-up or a recent acquisition reaching an overall occupancy of 90%. A re-positioned community is considered stabilized when substantial redevelopment activities are complete and operations have stabilized. This is typically reaching an overall occupancy of 90% occupancy or is consistent occupancy for 90 days.

Total Debt to Total Market Capitalization

Total debt to total market capitalization, a non-GAAP financial measure, is total debt not adjusted for unamortized deferred financing costs or unamortized debt premiums and discounts from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and Series D preferred units outstanding at the end of the period. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP.

Value Add

Value add represents expenditures that are expected to result in increased income generation or decreased expense growth over time to improve a community’s cash flow and competitive position. This includes elective capital expenditures such as full-scale renovations including new amenities, interior unit turn renovations, enhanced clubhouses and common area hallways and certain resource management initiatives including smart home automation as well as environmental and sustainability initiatives for higher rental levels or expense savings in their respective markets.

S-20

Weighted Average Occupancy

Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rental revenue. Scheduled rental revenue represents the value of all apartment homes, with occupied homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes. The Company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy, and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs and other real estate companies.

S-21

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CENTERSPACE

Entity Incorporation, State or Country Code

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Entity Tax Identification Number

45-0311232

Entity Address, Address Line One

1324 20th Avenue SW

Entity Address, Address Line Two

Post Office Box 1988

Entity Address, City or Town

Minot

Entity Address, State or Province

Entity Address, Postal Zip Code

58702

City Area Code

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Local Phone Number

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