v3.25.2
SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS 
Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information.
The chief executive officer and chief financial officer are the chief operating decision-makers (“CODM”). The CODMs evaluate each property’s operating results, using net operating income (“NOI”) to make decisions about resources to be allocated and to assess property performance, and do not group the properties based on geography, size, or type for this purpose. The Company defines NOI as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important 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 assets, impairment, depreciation, amortization, financing, including interest income and interest expense, property management expenses, loss on litigation settlement, casualty losses, and general and administrative expense.
The apartment communities have similar long-term economic characteristics and similar operating characteristics, such as type and length of lease, services offered to residents, and property management practices. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment, Multifamily. “All other” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale, which did not meet the aggregation criteria. For the three and six months ended June 30, 2025 and 2024, 12 apartment communities designated as held for sale were included in “all other”.
The following tables present NOI for the three and six months ended June 30, 2025 and 2024, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
 (in thousands)
Three Months Ended June 30, 2025MultifamilyAll OtherTotal
Revenue$60,774 $7,775 $68,549 
Property operating expenses
On-site compensation(1)
6,208 882 7,090 
Repairs and maintenance(2)
3,347 568 3,915 
Utilities3,197 567 3,764 
Administrative and marketing1,556 240 1,796 
Insurance1,995 293 2,288 
Real estate taxes6,804 874 7,678 
Net operating income $37,667 $4,351 $42,018 
Property management expense(2,393)
Casualty loss
(399)
Depreciation and amortization(27,097)
Impairment of real estate investments(14,543)
General and administrative expenses(4,382)
Interest expense(10,724)
Interest and other income735 
Net loss
$(16,785)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
 (in thousands)
Three Months Ended June 30, 2024MultifamilyAll OtherTotal
Revenue$57,796 $7,247 $65,043 
Property operating expenses
On-site compensation(1)
5,820 826 6,646 
Repairs and maintenance(2)
3,200 515 3,715 
Utilities2,997 494 3,491 
Administrative and marketing1,380 277 1,657 
Insurance2,236 363 2,599 
Real estate taxes6,281 800 7,081 
Net operating income$35,882 $3,972 $39,854 
Property management expense(2,222)
Casualty loss
(510)
Depreciation and amortization(25,714)
General and administrative expenses(4,216)
Interest expense(9,332)
Interest and other income
477 
Net loss
$(1,663)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(in thousands)
Six Months Ended June 30, 2025MultifamilyAll OtherTotal
Revenue$120,177 $15,465 $135,642 
Property operating expenses
On-site compensation(1)
12,220 1,740 13,960 
Repairs and maintenance(2)
6,078 1,026 7,104 
Utilities7,326 1,295 8,621 
Administrative and marketing2,907 449 3,356 
Insurance4,210 670 4,880 
Real estate taxes13,534 1,807 15,341 
Net operating income$73,902 $8,478 $82,380 
Property management expense(4,826)
Casualty loss
(931)
Depreciation and amortization(54,751)
Impairment of real estate investments(14,543)
General and administrative expenses(9,379)
Interest expense(20,359)
Interest and other income1,443 
Net loss
$(20,966)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(in thousands)
Six Months Ended June 30, 2024MultifamilyAll OtherTotal
Revenue$114,541 $15,008 $129,549 
Property operating expenses
On-site compensation(1)
11,665 1,778 13,443 
Repairs and maintenance(2)
6,021 1,073 7,094 
Utilities6,580 1,170 7,750 
Administrative and marketing2,753 535 3,288 
Insurance4,548 749 5,297 
Real estate taxes11,735 1,651 13,386 
Net operating income$71,239 $8,052 $79,291 
Property management expense(4,552)
Casualty loss
(1,330)
Depreciation and amortization(52,726)
General and administrative expenses(8,839)
Loss on sale of real estate and other investments
(577)
Interest expense(18,539)
Interest and other income817 
Net loss
$(6,455)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of June 30, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
 (in thousands)
As of June 30, 2025MultifamilyAll OtherTotal
Segment assets   
Property owned$2,404,396 $18,039 $2,422,435 
Less accumulated depreciation(607,977)(4,850)(612,827)
Total real estate investments$1,796,419 $13,189 $1,809,608 
Cash and cash equivalents12,378 
Restricted cash5,815 
Other assets48,072 
Assets held for sale, net137,366 
Total Assets$2,013,239 
 (in thousands)
As of December 31, 2024Multifamily
All Other(1)
Total
Segment assets   
Property owned$2,245,097 $235,644 $2,480,741 
Less accumulated depreciation(561,001)(64,979)(625,980)
Total real estate investments$1,684,096 $170,665 $1,854,761 
Cash and cash equivalents12,030 
Restricted cash1,099 
Other assets45,817 
Total Assets$1,913,707 
(1)Includes the assets for the 12 apartment communities designated as held for sale.