PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents Centerspace's unaudited condensed consolidated financial statements, detailing balance sheets, operations, and cash flows, highlighting asset stability, net loss, and acquisition-related financing [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly increased to **$1.948 billion**, driven by property investments, while total liabilities remained stable and equity grew to **$1.011 billion** due to share issuances | Balance Sheet Items | June 30, 2022 (in thousands) | December 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Total real estate investments** | $1,913,593 | $1,870,854 | | Cash and cash equivalents | $13,156 | $31,267 | | **TOTAL ASSETS** | **$1,947,613** | **$1,940,061** | | **TOTAL LIABILITIES** | **$918,368** | **$918,450** | | **Total equity** | **$1,010,618** | **$996,280** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a **net loss of $3.7 million** for Q2 2022, a shift from prior-year net income, primarily due to the absence of a large gain on real estate sales | Metric (in thousands, except EPS) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Revenue** | $63,116 | $46,656 | | **Total Expenses** | $59,308 | $43,923 | | Gain on sale of real estate | $27 | $26,840 | | **Operating Income** | $3,835 | $29,573 | | **Net Income (Loss)** | $(3,743) | $23,103 | | **Net Loss Available to Common Shareholders** | $(4,598) | $19,931 | | **Diluted EPS** | $(0.30) | $1.48 | | Metric (in thousands, except EPS) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Revenue** | $123,430 | $93,304 | | **Total Expenses** | $123,533 | $88,930 | | Gain on sale of real estate | $27 | $26,840 | | **Operating Loss** | $(76) | $31,214 | | **Net Loss** | $(14,306) | $17,944 | | **Net Loss Available to Common Shareholders** | $(14,794) | $13,457 | | **Diluted EPS** | $(0.97) | $1.02 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$34.5 million**, while investing and financing activities resulted in net cash usage, reflecting acquisitions and debt payments | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $34,491 | $30,574 | | Net cash used by investing activities | $(23,547) | $(40,792) | | Net cash used by financing activities | $(34,499) | $16,546 | | **Net decrease in cash** | **$(23,555)** | **$6,328** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt structure of **$874.2 million**, termination of interest rate swaps, and **$116.9 million** in property acquisitions, operating as a multifamily REIT - As of June 30, 2022, Centerspace owned interests in **83 apartment communities** comprising **14,838 apartment homes**[33](index=33&type=chunk) - During the six months ended June 30, 2022, the company acquired **four apartment communities** in Minneapolis, MN, for a total cost of **$116.9 million**; there were no dispositions in the period[102](index=102&type=chunk)[104](index=104&type=chunk) - In February 2022, the company paid **$3.2 million** to terminate its remaining interest rate swaps, and as of June 30, 2022, the company had no interest rate swaps[85](index=85&type=chunk) | Debt Summary | June 30, 2022 (in thousands) | | :--- | :--- | | Unsecured debt | $373,000 | | Mortgages payable | $501,210 | | **Total debt** | **$874,210** | | Weighted average interest rate | 3.27% | | Weighted average maturity | 6.96 years | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2022 financial results, highlighting strong revenue growth, a net loss due to non-recurring gains, **11.5% same-store NOI growth**, and a **$196.2 million liquidity position** [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2022 saw **total revenue increase 35.3% to $63.1 million** and **NOI grow 32.3%**, driven by acquisitions and same-store revenue growth, despite a net loss due to prior-year gains | Performance Metric | Three Months Ended June 30, 2022 (in thousands) | Three Months Ended June 30, 2021 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $63,116 | $46,656 | 35.3% | | Same-Store Revenue | $48,867 | $43,762 | 11.7% | | **Total NOI** | $36,900 | $27,896 | 32.3% | | Same-Store NOI | $29,167 | $26,152 | 11.5% | | Same-Store Avg. Occupancy | 94.8% | 94.9% | (0.1)% | - The increase in same-store revenue for Q2 2022 was primarily driven by an **11.8% growth in average monthly revenue per occupied home**[147](index=147&type=chunk) - General and administrative expenses increased by **37.5%** in Q2 2022, mainly due to **$1.1 million** in abandoned pursuit costs and higher professional fees and travel costs[157](index=157&type=chunk) [Funds from Operations (FFO)](index=27&type=section&id=Funds%20from%20Operations%20(FFO)) **FFO increased 39.6% to $19.1 million** for Q2 2022, with Core FFO at **$21.0 million**, driven by higher NOI from both same-store and non-same-store communities | FFO Metric (in thousands, except per share) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net Loss Available to Common Shareholders | $(4,598) | $19,931 | | **FFO applicable to common shares and Units** | **$19,085** | **$13,674** | | **Core FFO applicable to common shares and units** | **$21,016** | **$14,124** | | FFO per share and Unit - diluted | $1.02 | $0.95 | | Core FFO per share and Unit - diluted | $1.12 | $0.98 | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity stood at **$196.2 million**, comprising cash and available credit, with capital used for acquisitions, debt repayments, and improvements, partially offset by ATM program proceeds - Total liquidity was approximately **$196.2 million** as of June 30, 2022, down from **$211.3 million** at year-end 2021[182](index=182&type=chunk) - The company has a **$250.0 million** revolving line of credit with an accordion option to increase capacity to **$400.0 million**, with **$177.0 million** available as of June 30, 2022[183](index=183&type=chunk) - On June 13, 2022, the Board approved a new share repurchase program authorizing the repurchase of up to **$50.0 million** of common shares, with no shares repurchased under this program as of June 30, 2022[191](index=191&type=chunk)[69](index=69&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure to interest rate fluctuations has increased due to the termination of all interest rate swaps, impacting variable-rate debt - Centerspace's exposure to market risk from interest rate fluctuations has increased as of June 30, 2022, due to the termination of its interest rate swaps which previously fixed the variable rate on its line of credit[202](index=202&type=chunk)[203](index=203&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2022, the company's disclosure controls and procedures were effective[205](index=205&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[206](index=206&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings beyond routine litigation incidental to its business operations - As of the filing date, Centerspace is not involved in any material pending legal proceedings[209](index=209&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights the potential negative impact of inflation and price volatility, where rising costs may outpace the ability to increase rents - A new risk factor has been added regarding the impact of inflation and price volatility, noting that rising operating and borrowing costs could adversely affect results if they increase faster than the company's ability to raise rents[210](index=210&type=chunk)[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued **615 unregistered Common Shares** in exchange for Operating Partnership Units and purchased **3,552 units** for cash at an average price of **$92.03** - On April 30, 2022, the Company issued **615 unregistered Common Shares** in exchange for Operating Partnership Units under the private offering exemption[213](index=213&type=chunk) | Period | Total Units Purchased | Average Price Paid per Unit | | :--- | :--- | :--- | | April 1 - 30, 2022 | 2,899 | $93.67 | | May 1 - 31, 2022 | 353 | $85.85 | | June 1 - 30, 2022 | 300 | $83.45 | | **Total** | **3,552** | **$92.03** | [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q report, including corporate governance documents and officer certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-35624 CENTERSPACE (Exact name of registrant as specified in its charter) North Dakota (State or other jurisdiction ...

Centerspace (NYSE:CSR) Q4 2021 Earnings Conference Call March 1, 2022 10:00 AM ET Company Participants Mark Decker - President and CEO Anne Olson - COO Bhairav Patel - EVP and CFO John Kirchmann - EVP Conference Call Participants Rob Stevenson - Janney Alexander Goldfarb - Piper Sandler John Kim - BMO Capital Markets Buck Horne - Raymond James Operator Good day and welcome to the Centerspace Q4 2021 Earnings Call. My name is Brica and I'll be today's event specialist. [Operator Instructions] I would now lik ...

Employee and Team Dynamics - As of December 31, 2021, the company had 462 employees, comprising 394 full-time and 68 part-time[44] - The average tenure of team members is 4.3 years, with 52% of total team members being female[46] - Over 12,000 training courses were completed by team members, indicating a strong focus on employee development[46] - The company has a pay-for-performance strategy, aligning team members' compensation with overall company performance[45] Financial Performance and Risks - The ongoing COVID-19 pandemic has materially impacted the company's financial condition, cash flow, and results of operations[57] - The concentration of investments in the multifamily sector makes the company vulnerable to downturns in this asset class[70] - Competition from various institutions, including other REITs and private partnerships, may negatively impact the company's earnings due to their greater financial resources[73] - Short-term leases expose the company to quicker impacts from declining market rents, affecting rental revenues[75] - Adverse changes in taxes and laws, including recent property tax increases, may affect cash available for distributions and the ability to pay debt[78] - The company faces risks associated with cybersecurity breaches, which could lead to significant costs and reputational damage[81] - The company faces risks related to employee theft or fraud, which could result in significant financial or reputational harm[102] Growth and Market Strategy - The company intends to explore acquisitions or developments in new and existing geographic markets, which introduces various risks[63] - The company may face challenges in managing growth effectively, particularly through the acquisition of additional real estate properties[77] Legal and Regulatory Risks - Changes in federal or state laws regarding climate change could result in increased costs for the company without a corresponding increase in revenue[69] - Environmental laws may impose liabilities for hazardous substances, potentially affecting the ability to sell or rent properties[85] - The company may incur substantial costs related to compliance with laws benefiting disabled persons, impacting investment strategies[95] - Joint ventures may present risks that could adversely affect financial performance and operational results due to shared decision-making authority[96] - Legislative or regulatory changes affecting REITs could adversely impact the company and its shareholders, as tax laws are subject to review and potential amendments[129] Debt and Financing - The company reported outstanding borrowings of approximately $859.8 million as of December 31, 2021[106] - The company anticipates needing to refinance a significant portion of its outstanding debt as it matures, which may not be possible on favorable terms[103] - Rising interest rates could increase the company's interest costs and affect its ability to refinance fixed-rate debt[107] - The company is required to make distributions of at least 90% of its REIT taxable income, limiting its ability to retain cash for future growth[119] - The company has a private shelf agreement for issuing up to $225.0 million of unsecured senior promissory notes, with $200.0 million already issued and $25.0 million remaining available as of December 31, 2021[252] - As of December 31, 2021, the company had a balance of $198.9 million under the Fannie Mae Credit Facility Agreement, secured by mortgages on 16 apartment communities, with a blended weighted average interest rate of 2.78%[254] - The company prepaid two variable rate term loans and terminated two interest rate swaps during the year ended December 31, 2021, with a remaining swap notional of $75.0 million at an average pay rate of 2.81%[251] - The aggregate fair value of the company's interest rate swaps was a liability of $5.7 million as of December 31, 2021[251] - The company has no variable-rate mortgage debt outstanding and $76.0 million of variable-rate borrowings under its line of credit, with $75.0 million fixed through interest rate swaps[255] - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, and failure to do so could result in corporate income tax on undistributed income[127] - If the company fails to qualify as a REIT, it would be subject to federal income tax at regular corporate rates, which could materially adversely affect its ability to make distributions to shareholders[127] - The company has tax protection agreements in place on thirty-four properties, which require it to make unitholders whole if those properties are sold in a taxable transaction[133] - The company is exposed to credit risk from interest rate swaps in the event of non-performance by the counterparty[251] Debt Structure and Interest Rates - Mortgage loan indebtedness decreased by $13.5 million as of December 31, 2021, compared to December 31, 2020, primarily due to loan maturities and prepayments[256] - 100.0% of the $284.9 million mortgage debt was at fixed rates of interest as of December 31, 2021, with a weighted average interest rate of 3.81%, down from 3.93% in 2020[256] - The total fixed-rate debt for 2022 is $27,113,000, with future principal payments of $45,067,000 in 2023 and $4,054,000 in 2024[258] - The average interest rate for fixed-rate debt is 3.85% for 2022, decreasing to 3.80% for 2024 and thereafter[258] - The company has $76,000,000 in variable-rate debt, with an average interest rate of 2.74%[258] - The total fair value of fixed-rate debt is $791,698,000[258] - The company aims to maintain low exposure to interest rate risk but acknowledges potential vulnerabilities to fluctuations in interest rates[256] Market Perception and Stock Performance - The company has experienced an increase in online reputation management scores from 3.46 to 3.48 out of 5 stars[46] - The company’s stock price may fluctuate significantly due to various market conditions and investor perceptions[112] - The company’s ability to pay distributions is not guaranteed and may be affected by operating and financial results[116] - Material weaknesses in internal control over financial reporting could adversely affect investor confidence and the company's stock price[121]

Centerspace (NYSE:CSR) Q3 2021 Earnings Conference Call November 2, 2021 10:00 AM ET Company Participants Mark Decker - CEO Anne Olson - COO John Kirchmann - CFO Conference Call Participants John Kim - BMO Capital Markets Gaurav Mehta - National Securities Rob Stevenson - Janney Daniel Santos - Piper Sandler Buck Horne - Raymond James Amanda Sweitzer - Baird Operator Good morning, and welcome to the Centerspace Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note, this event is b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-35624 CENTERSPACE (Exact name of registrant as specified in its charter) North Dakota (State or other jurisdict ...

Investor Presentation September 2021 SAFE HARBOR STATEMENT AND LEGAL DISCLOSURE Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expected results. These statements may be identified by our use of words such as "expects," "plans," "estimates," "anticipates," "projects," "int ...

Exhibit 99.1 centerspace 2nd Quarter 2021 EARNINGS RELEASE AND SUPPLEMENTAL OPERATING & FINANCIAL DATA Union Pointe // Longmont, CO Earnings Release Centerspace Reports Strong Second Quarter 2021 Financial Results; Improved Financial Outlook MINNEAPOLIS, MN, August 2, 2021 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June 30, 2021. The tables below show Net Income, Funds from Operations ("FFO")1, and Core FFO1, all on a per share basis, for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 001-35624 CENTERSPACE (Exact name of registrant as specified in its charter) North Dakota (State or other jurisdiction o ...

Investors Real Estate Trust (NYSE:CSR) Q1 2021 Earnings Conference Call May 4, 2021 10:00 AM ET Company Participants Mark Decker - CEO Anne Olson - COO John Kirchmann - CFO Conference Call Participants Gaurav Mehta - National Securities Rob Stevenson - Janney Montgomery Scott Daniel Santos - Piper Sandler Amanda Sweitzer - Robert W. Baird Buck Horne - Raymond James & Associates Operator Good day, and welcome to the Centerspace's First Quarter Earnings Conference Call. Today, all participants will be in a li ...