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SEGMENTS
 9 Months Ended
Sep. 30, 2026
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.
During the second quarter of 2026, the Company reevaluated its reportable segments under ASC 280, Segment Reporting, including the aggregation of operating segments. As a result of planned dispositions, including Held for Sale properties, and the impact of those dispositions, the Company changed the presentation of certain operating results within its segment disclosures. The Company continues to have one reportable segment, Multifamily. Activities that do not meet the criteria for inclusion in the Multifamily segment are presented in All Other or Unallocated, as applicable. The Company determined that this revised presentation is consistent with the manner in which the chief operating decision-makers (“CODM”) evaluates the business. In accordance with ASC 280, prior-period segment information presented herein has been recast to conform to the current-period presentation. The recast had no impact on the Company’s Condensed Consolidated Financial Statements.
The chief executive officer and chief financial officer are the CODMs. 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 investments, impairment, depreciation, amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, loss on litigation settlement, casualty losses net of recoveries, merger related costs, 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 and non-multifamily components of mixed-use properties, which did not meet the aggregation criteria. For the nine months ended September 30, 2026, the Company disposed of 14 apartment communities and associated commercial space which are included in “Unallocated”. During the year ended December 31, 2025, the Company disposed of 12 communities which are included in “Unallocated,” as they no longer contribute to segment revenues or operating expenses.
The following tables present NOI for the three and nine months ended September 30, 2026 and 2025, respectively, along with reconciliations to net income 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 September 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$56,173 $793 $2,549 $59,515 
Property operating expenses
On-site compensation(1)
5,929 — 341 6,270 
Repairs and maintenance(2)
3,560 16 150 3,726 
Utilities3,617 33 138 3,788 
Administrative and marketing1,392 — 41 1,433 
Insurance2,123 14 152 2,289 
Real estate taxes5,856 159 142 6,157 
Net operating income $33,696 $571 $1,585 $35,852 
Property management expense(1,986)
Casualty loss, net of recoveries441 
Depreciation and amortization(23,127)
General and administrative expenses(4,995)
Merger related costs(5,020)
Gain on sale of real estate and other investments
150,308 
Interest expense(8,412)
Loss on extinguishment of debt(526)
Interest and other income1,112 
Net income
$143,647 
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Three Months Ended September 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$54,957 $789 $15,653 $71,399 
Property operating expenses
On-site compensation(1)
5,604 — 1,836 7,440 
Repairs and maintenance(2)
3,616 60 992 4,668 
Utilities3,267 39 1,061 4,367 
Administrative and marketing1,475 2 449 1,926 
Insurance2,205 19 585 2,809 
Real estate taxes5,344 141 1,680 7,165 
Net operating income$33,446 $528 $9,050 $43,024 
Property management expense(2,489)
Casualty loss, net of recoveries(127)
Depreciation and amortization(29,056)
Impairment of real estate investments(8,676)
General and administrative expenses(4,997)
Gain on sale of real estate and other investments
79,531 
Interest expense(12,989)
Loss on extinguishment of debt(3)
Interest and other income
1,190 
Net income
$65,408 
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Nine Months Ended September 30, 2026MultifamilyAll Other
Unallocated(3)
Total
Revenue$167,645 $2,418 $20,303 $190,366 
Property operating expenses
On-site compensation(1)
17,213 — 2,137 19,350 
Repairs and maintenance(2)
8,962 105 1,073 10,140 
Utilities10,338 93 1,371 11,802 
Administrative and marketing4,448 — 477 4,925 
Insurance6,340 46 770 7,156 
Real estate taxes18,166 523 1,822 20,511 
Net operating income$102,178 $1,651 $12,653 $116,482 
Property management expense(6,459)
Casualty loss, net of recoveries668 
Depreciation and amortization(74,700)
Impairment of real estate investments(9,700)
General and administrative expenses(16,986)
Merger related costs(5,020)
Gain on sale of real estate and other investments
150,579 
Interest expense(29,505)
Loss on extinguishment of debt(526)
Interest and other income2,711 
Net income
$127,544 
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
(in thousands)
Nine Months Ended September 30, 2025MultifamilyAll Other
Unallocated(3)
Total
Revenue$157,587 $2,184 $47,270 $207,041 
Property operating expenses
On-site compensation(1)
16,033 — 5,367 21,400 
Repairs and maintenance(2)
8,653 144 2,976 11,773 
Utilities9,377 109 3,501 12,987 
Administrative and marketing3,929 6 1,348 5,283 
Insurance5,798 58 1,832 7,688 
Real estate taxes16,845 456 5,205 22,506 
Net operating income$96,952 $1,411 $27,041 $125,404 
Property management expense(7,315)
Casualty loss, net of recoveries(1,058)
Depreciation and amortization(83,807)
Impairment of real estate investments(23,219)
General and administrative expenses(14,376)
Gain on sale of real estate and other investments
79,531 
Interest expense(33,348)
Loss on extinguishment of debt(3)
Interest and other income2,633 
Net income
$44,442 
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
(3)Apartment communities that have been sold are classified as unallocated, as they no longer contribute to segment revenues or operating expenses.
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of September 30, 2026, and December 31, 2025, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
(in thousands)
As of September 30, 2026MultifamilyAll OtherUnallocatedTotal
Segment assets
Property owned$2,253,292 $13,307 $— $2,266,599 
Less accumulated depreciation(624,377)(3,908)— (628,285)
Total real estate investments$1,628,915 $9,399 $— $1,638,314 
Cash and cash equivalents116,235 
Restricted cash2,846 
Other assets36,635 
Total Assets$1,794,030 
(in thousands)
As of December 31, 2025MultifamilyAll Other
Unallocated(1)
Total
Segment assets
Property owned$2,237,941 $13,264 $272,815 $2,524,020 
Less accumulated depreciation(556,243)(3,499)(100,382)(660,124)
Total real estate investments$1,681,698 $9,765 $172,433 $1,863,896 
Cash and cash equivalents12,833 
Restricted cash2,818 
Other assets46,620 
Total Assets$1,926,167 
(1)Apartment communities sold during the nine months ended September 30, 2026 were recast to Unallocated as they are no longer segment assets.