Centerspace (CSR) 10-Q 31 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35624
Entity Registrant Name	CENTERSPACE
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	45-0311232
Entity Address, Address Line One	3100 10th Street SW
Entity Address, Address Line Two	Post Office Box 1988
Entity Address, City or Town	Minot
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58702-1988
City Area Code	701
Local Phone Number	837-4738
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,068,988
Entity Central Index Key	0000798359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Shares of Beneficial Interest, no par value
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, no par value
Trading Symbol	CSR
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Preferred Shares
Trading Symbol	CSR-PRC
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate investments
Property owned	$ 2,513,470	$ 2,271,170
Less accumulated depreciation	(511,000)	(443,592)
Total property owned	2,002,470	1,827,578
Mortgage loans receivable at fair value	0	43,276
Total real estate investments	2,002,470	1,870,854
Cash and cash equivalents	14,957	31,267
Restricted cash	1,417	7,358
Other assets	19,742	30,582
TOTAL ASSETS	2,038,586	1,940,061
LIABILITIES
Accounts payable and accrued expenses	58,322	62,403
Revolving lines of credit	171,500	76,000
Notes payable, net of unamortized loan costs of $612 and $656, respectively	299,388	299,344
Mortgages payable, net of unamortized loan costs of $3,624 and $3,187, respectively	496,530	480,703
TOTAL LIABILITIES	1,025,740	918,450
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at September 30, 2022 and December 31, 2021, aggregate liquidation preference of $16,560)	16,560	25,331
EQUITY
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 3,881 shares issued and outstanding at September 30, 2022 and December 31, 2021, aggregate liquidation preference of $97,036)	93,530	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,376 shares issued and outstanding at September 30, 2022 and 15,016 shares issued and outstanding at December 31, 2021)	1,209,732	1,157,255
Accumulated distributions in excess of net income	(524,905)	(474,318)
Accumulated other comprehensive income (loss)	(2,158)	(4,435)
Total shareholders’ equity	776,199	772,032
Noncontrolling interests – Operating Partnership and Series E preferred units	219,466	223,600
Noncontrolling interests – consolidated real estate entities	621	648
TOTAL EQUITY	996,286	996,280
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 2,038,586	$ 1,940,061

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
EQUITY
Preferred units, par value (in dollars per share)	$ 100	$ 100
Preferred units, shares issued (in shares)	166	166
Preferred units, shares outstanding (in shares)	166	166
Preferred units, liquidation preference	$ 16,560	$ 16,560
Preferred shares, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred shares of beneficial interest, shares issued (in shares)	3,881	3,881
Preferred shares of beneficial interest, shares outstanding (in shares)	3,881	3,881
Preferred shares of beneficial interest, liquidation preference	$ 97,036	$ 97,036
Common shares of beneficial interest, shares issued (in shares)	15,376	15,016
Common shares of beneficial interest, shares outstanding (in shares)	15,376	15,016
Term Loans
LIABILITIES
Unamortized loan costs	$ 612	$ 656
Mortgages
LIABILITIES
Unamortized loan costs	$ 3,624	$ 3,187

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
REVENUE	$ 65,438	$ 50,413	$ 188,868	$ 143,717
EXPENSES
Property operating expenses, excluding real estate taxes	20,290	14,434	58,315	40,901
Real estate taxes	7,039	5,916	21,103	17,450
Property management expense	2,563	2,203	7,537	6,055
Casualty (gain) loss	276	(10)	1,256	64
Depreciation and amortization	23,720	22,447	79,489	61,747
General and administrative expenses	4,519	4,279	14,240	11,982
TOTAL EXPENSES	58,407	49,269	181,940	138,199
Gain (loss) on sale of real estate and other investments	0	0	27	26,840
Operating income (loss)	7,031	1,144	6,955	32,358
Interest expense	(7,871)	(7,302)	(23,147)	(21,622)
Interest and other income (loss)	70	(5,082)	1,116	(4,032)
NET INCOME (LOSS)	(770)	(11,240)	(15,076)	6,704
Dividends to Series D preferred unitholders	(160)	(160)	(480)	(480)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	439	1,930	3,546	1,013
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities	(32)	(22)	(93)	(58)
Net income (loss) attributable to controlling interests	(523)	(9,492)	(12,103)	7,179
Dividends to preferred shareholders	(1,607)	(1,607)	(4,821)	(4,821)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (2,130)	$ (11,099)	$ (16,924)	$ 2,358
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (0.14)	$ (0.79)	$ (1.11)	$ 0.17
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ (0.14)	$ (0.79)	$ (1.11)	$ 0.12

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (770)	$ (11,240)	$ (15,076)	$ 6,704
Other comprehensive income (loss):
Unrealized gain (loss) from derivative instrument	0	(70)	1,581	1,555
(Gain) loss on derivative instrument reclassified into earnings	204	6,350	696	8,566
Total comprehensive income (loss)	(566)	(4,960)	(12,799)	16,825
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	473	3,055	3,937	2,389
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities	(32)	(22)	(93)	(58)
Comprehensive income (loss) attributable to controlling interests	$ (125)	$ (1,927)	$ (8,955)	$ 19,156

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Series C Preferred Stock	Series E Preferred Units	PREFERRED SHARES	COMMON SHARES	COMMON SHARES Series E Preferred Units	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME Series C Preferred Stock	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Series E Preferred Units
Beginning balance at Dec. 31, 2020	$ 672,823			$ 93,530	$ 968,263		$ (427,681)		$ (15,905)	$ 54,616
Beginning balance (in shares) at Dec. 31, 2020					13,027
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	6,224						7,179			(955)
Change in fair value of derivatives	10,121								10,121
Distributions - common shares and units	(31,259)						(29,368)			(1,891)
Distributions - Series C preferred shares	(4,821)	$ (4,821)						$ (4,821)
Distributions - Series E preferred stock			$ (585)								$ (585)
Share-based compensation, net of forfeitures (in shares)					28
Share-based compensation, net of forfeitures	2,088				$ 2,088
Sale of common shares, net (in shares)					1,095
Sale of common shares, net	85,864				$ 85,864
Issuance of units			217,513			$ 44,905					172,608
Redemption of units for common shares (in shares)					131
Redemption of units for common shares	0				$ (2,815)					2,815
Change in redemption value of Series D preferred units	(5,025)				(5,025)
Other	(1,263)				(1,150)					(113)
Ending balance at Sep. 30, 2021	951,680			93,530	$ 1,092,130		(454,691)		(5,784)	226,495
Ending balance (in shares) at Sep. 30, 2021					14,281
Beginning balance at Jun. 30, 2021	735,886			93,530	$ 1,033,940		(433,310)		(12,064)	53,790
Beginning balance (in shares) at Jun. 30, 2021					14,045
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	(11,400)						(9,492)			(1,908)
Change in fair value of derivatives	6,280								6,280
Distributions - common shares and units	(10,891)						(10,282)			(609)
Distributions - Series C preferred shares	(1,607)	(1,607)						(1,607)
Distributions - Series E preferred stock			(585)								(585)
Share-based compensation, net of forfeitures (in shares)					1
Share-based compensation, net of forfeitures	600				$ 600
Sale of common shares, net (in shares)					199
Sale of common shares, net	19,508				$ 19,508
Issuance of units			217,513			$ 44,905					172,608
Redemption of units for common shares (in shares)					36
Redemption of units for common shares	0				$ (3,233)					3,233
Change in redemption value of Series D preferred units	(3,563)				(3,563)
Other	(61)				(27)					(34)
Ending balance at Sep. 30, 2021	951,680			93,530	$ 1,092,130		(454,691)		(5,784)	226,495
Ending balance (in shares) at Sep. 30, 2021					14,281
Beginning balance at Dec. 31, 2021	996,280			93,530	$ 1,157,255		(474,318)		(4,435)	224,248
Beginning balance (in shares) at Dec. 31, 2021					15,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	(15,556)						(12,103)			(3,453)
Change in fair value of derivatives	2,277								2,277
Distributions - common shares and units	(35,832)						(33,663)			(2,169)
Distributions - Series C preferred shares	(4,821)	(4,821)						(4,821)
Distributions - Series E preferred stock			(5,272)								(5,272)
Share-based compensation, net of forfeitures (in shares)					25
Share-based compensation, net of forfeitures	1,908				$ 1,908
Sale of common shares, net (in shares)					321
Sale of common shares, net	31,499				$ 31,499
Issuance of units	22,882				$ 13,023					9,859
Redemption of units for common shares (in shares)					19
Redemption of units for common shares	0				$ (831)					831
Redemption of units for cash	(3,837)									(3,837)
Shares repurchased	(359)				$ (359)
Shares repurchased (in shares)					(5)
Change in redemption value of Series D preferred units	8,771				$ 8,771
Shares withheld for taxes	(1,280)				(1,280)
Other	(374)				(254)					(120)
Ending balance at Sep. 30, 2022	996,286			93,530	$ 1,209,732		(524,905)		(2,158)	220,087
Ending balance (in shares) at Sep. 30, 2022					15,376
Beginning balance at Jun. 30, 2022	1,010,618			93,530	$ 1,207,849		(511,552)		(2,362)	223,153
Beginning balance (in shares) at Jun. 30, 2022					15,373
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	(930)						(523)			(407)
Change in fair value of derivatives	204								204
Distributions - common shares and units	(11,938)						(11,223)			(715)
Distributions - Series C preferred shares	(1,607)	$ (1,607)						$ (1,607)
Distributions - Series E preferred stock			$ (1,757)								$ (1,757)
Share-based compensation, net of forfeitures	709				$ 709
Redemption of units for common shares (in shares)					8
Redemption of units for common shares	0				$ (456)					456
Redemption of units for cash	(607)									(607)
Shares repurchased	(359)				$ (359)
Shares repurchased (in shares)					(5)
Change in redemption value of Series D preferred units	2,067				$ 2,067
Other	(114)				(78)					(36)
Ending balance at Sep. 30, 2022	$ 996,286			$ 93,530	$ 1,209,732		$ (524,905)		$ (2,158)	$ 220,087
Ending balance (in shares) at Sep. 30, 2022					15,376

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Distributions - common shares and units (in dollars per share)	$ 0.73	$ 0.72		$ 2.12
Series C Preferred Stock
Distributions - preferred shares and units (in dollars per share)	0.4140625	0.4140625	$ 1.2421875	1.2421875
Series E Preferred Units
Distributions - preferred shares and units (in dollars per share)	$ 0.96875	$ 0.322917	$ 2.90625	$ 0.322917

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (15,076)	$ 6,704
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	80,104	62,527
(Gain) loss on sale of real estate and other investments	0	(26,840)
Share-based compensation expense	1,908	2,088
(Gain) loss on interest rate swap termination, amortization, and mark-to-market	(221)	5,343
Other, net	660	3,275
Changes in other assets and liabilities:
Other assets	4,158	(4,550)
Accounts payable and accrued expenses	(2,560)	7,808
Net cash provided by (used by) operating activities	68,973	56,355
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from repayment of mortgage loans and notes receivable	353	139
Increase in mortgages and notes receivable	0	(17,498)
Proceeds from sale of real estate and other investments	0	59,233
Payments for acquisitions of real estate investments	(104,666)	(209,669)
Payments for improvements of real estate investments	(33,625)	(20,655)
Other investing activities	798	(441)
Net cash provided by (used by) investing activities	(137,140)	(188,891)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from mortgages payable	0	196,725
Principal payments on mortgages payable	(27,426)	(27,650)
Proceeds from revolving lines of credit	150,000	173,733
Principal payments on revolving lines of credit	(54,500)	(269,604)
Net proceeds from notes payable	0	174,544
Principal payments on notes payable	0	(145,000)
Payment for termination of interest rate swap	(3,209)	(3,804)
Net proceeds from issuance of common shares	31,499	85,864
Repurchase of common shares	(359)	0
Redemption of partnership units	(3,837)	0
Distributions paid to common shareholders	(33,252)	(28,205)
Distributions paid to preferred shareholders	(4,821)	(4,821)
Distributions paid to preferred unitholders	(480)	(480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units	(7,325)	(2,550)
Other financing activities	(374)	(334)
Net cash provided by (used by) financing activities	45,916	148,418
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(22,251)	15,882
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	38,625	7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	16,374	23,192
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	2,458	1,239
Operating partnership units converted to shares	(831)	(2,815)
Distributions declared but not paid to common shareholders	11,938	10,891
Retirement of shares withheld for taxes	1,280	929
Real estate assets acquired through assumption of debt	41,623	20,000
Fair value adjustment to debt	1,224	2,367
Note receivable exchanged through real estate acquisition	43,276	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	21,856	20,050
Cash and cash equivalents	14,957	20,816
Restricted cash	1,417	2,376
Total cash, cash equivalents and restricted cash	16,374	23,192
Operating Partnership Units
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Real estate assets acquired through issuance of units	22,882	0
Series E Preferred Units
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Real estate assets acquired through issuance of units	$ 0	$ 217,513

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Centerspace, collectively with its consolidated subsidiaries (“Centerspace,” “the Company,” “we,” “us,” or “our”), is a North Dakota real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of September 30, 2022, Centerspace owned interests in 84 apartment communities consisting of 15,064 apartment homes.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP (f/k/a IRET Properties), a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Condensed Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The Condensed Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Centerspace’s interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim Condensed Consolidated Financial Statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH As of September 30, 2022 and December 31, 2021, restricted cash consisted primarily of deposits for real estate acquisitions and escrows held by lenders for real estate taxes, insurance, and capital additions. LEASES As a lessor, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 97.8% of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 2.2% of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of the leases contain non-lease components for utility reimbursement from residents and common area maintenance from commercial tenants. Centerspace has elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2022, was as follows: (in thousands) 2022 (remainder) $ 566 2023 2,630 2024 2,566 2025 2,511 2026 1,905 Thereafter 1,505 Total scheduled lease income - commercial operating leases $ 11,683 REVENUES AND GAINS ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the Company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenue such as application fees and other miscellaneous items. Centerspace recognizes revenue for these rental related items not included as a component of a lease as earned. The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2022 and 2021: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2022 2021 2022 2021 Fixed lease income - operating leases Leases $ 60,851 $ 47,292 $ 176,911 $ 134,817 Variable lease income - operating leases Leases 2,905 2,171 7,728 6,243 Other property revenue Revenue from contracts with customers 1,682 950 4,229 2,657 Total revenue $ 65,438 $ 50,413 $ 188,868 $ 143,717 In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. For the nine months ended September 30, 2022 and 2021, we recognized $27,000 and $26.8 million, respectively, as a gain on the sale of real estate and other assets. IMPAIRMENT OF LONG-LIVED ASSETS The Company evaluates long-lived assets, including investments in real estate, for impairment indicators at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. If the anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, the evaluation of impairment charges may be different and such differences could be material to the consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Reducing planned property holding periods may increase the likelihood of recording impairment losses. During the three and nine months ended September 30, 2022 and 2021, the Company recorded no impairment charges. MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE The Company has a tax increment financing note receivable (“TIF”) with a principal balance of $6.1 million and $6.4 million at September 30, 2022 and December 31, 2021, respectively, which appears within other assets in the Condensed Consolidated Balance Sheets. The note bears an interest rate of 4.5% with payments due in February and August of each year. Centerspace originated a $29.9 million construction loan and a $15.3 million mezzanine loan for the development of a multifamily community located in Minneapolis, Minnesota. The construction and mezzanine loans bore and accrued interest at 4.5% and 11.5%, respectively. The Company exercised its option to purchase the apartment community in exchange for the loans and cash, during the nine months ended September 30, 2022. As of September 30, 2022, the loans had no remaining balance. As of December 31, 2021, the Company had fully funded the $29.9 million construction loan and $13.4 million of the mezzanine loan, both of which appear within mortgage loans receivable in the Condensed Consolidated Balance Sheets. VARIABLE INTEREST ENTITIES Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares of beneficial interest (“common shares”) outstanding during the period. Centerspace has issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under the 2015 Incentive Plan, Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on the earnings per share upon exercise of the RSUs or ISOs or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the Series D and the Series E preferred units). Other than the issuance of RSUs, ISOs, Series D preferred units, and Series E preferred units, there are no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in Centerspace’s sole discretion, it may issue common shares in exchange for Units on a one-for-one basis. For the three months ended September 30, 2022, operating partnership units of 984,000, Series D preferred units of 228,000, as converted, Series E preferred units of 2.2 million, time-based RSUs of 7,000, weighted average stock options of 23,000, and performance-based RSUs of 30,000, were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the three months ended September 30, 2021, operating partnership units of 865,000, Series D preferred units of 228,000, as converted, Series E preferred units of 705,000, time-based RSUs of 13,000, weighted average stock options of 46,000, and performance-based RSUs of 32,000 were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2022, operating partnership units of 980,000, Series D preferred units of 228,000, as converted, Series E preferred units of 2.2 million, time-based RSUs of 10,000, weighted average stock options of 38,000, and performance-based RSUs of 33,000, were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the nine months ended September 30, 2021, performance-based RSUs of 32,000, were excluded from the calculation of diluted earnings per share because they were anti-dilutive. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022 and 2021. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests $ (523) $ (9,492) $ (12,103) $ 7,179 Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Numerator for basic earnings (loss) per share – net income available to common shareholders (2,130) (11,099) (16,924) 2,358 Noncontrolling interests – Operating Partnership and Series E preferred units (439) (1,930) (3,546) (1,013) Dividends to preferred unitholders 160 160 480 480 Numerator for diluted earnings (loss) per share $ (2,409) $ (12,869) $ (19,990) $ 1,825 DENOMINATOR Denominator for basic earnings per share weighted average shares 15,373 14,065 15,280 13,501 Effect of redeemable operating partnership units — — — 917 Effect of Series D preferred units — — — 228 Effect of Series E preferred units — — — 239 Effect of dilutive restricted stock units and stock options — — — 32 Denominator for diluted earnings per share 15,373 14,065 15,280 14,917 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (0.14) $ (0.79) $ (1.11) $ 0.17 NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (0.14) $ (0.79) $ (1.11) $ 0.12

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Operating Partnership Units. The Operating Partnership had 980,000 and 832,000 outstanding Units at September 30, 2022 and December 31, 2021, respectively. During the nine months ended September 30, 2022, we issued 209,000 Units as partial consideration for the acquisition of three apartment communities. Exchange Rights . Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the three and nine months ended September 30, 2022 and 2021 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2022 8 $ 456 2021 36 $ (3,233) Nine Months Ended September 30, 2022 19 $ 831 2021 131 $ (2,815) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the three and nine months ended September 30, 2022 and 2021 as detailed in the table below. (in thousands, except per Unit data) Three Months Ended September 30, Number of Units Aggregate Cost Average Price Per Unit 2022 7 $ 607 $ 81.18 2021 — $ — $ — Nine Months Ended September 30, 2022 42 $ 3,837 $ 90.93 2021 — $ — $ — Series E Preferred Units (Noncontrolling Interests). On September 1, 2021, Centerspace issued 1.8 million Series E preferred units with a par value of $100 per Series E preferred unit as partial consideration for the acquisition of 17 apartment communities. The Series E preferred unit holders receive a preferred distribution at the rate of 3.875% per year. Each Series E preferred unit is convertible, at the holder’s option, into 1.2048 Units. The Series E preferred units have an aggregate liquidation preference of $181.4 million. The holders of the Series E preferred units do not have voting rights. Common Shares and Equity Awards . Common shares outstanding on September 30, 2022 and December 31, 2021, totaled 15.4 million and 15.0 million, respectively. There were 199 and 24,496 shares issued upon the vesting of equity awards under the 2015 Incentive Plan during the three and nine months ended September 30, 2022, respectively, with a total grant-date fair value of $18,000 and $637,000, respectively. There were 578 and 26,764 shares issued upon the vesting of equity awards under the 2015 Incentive Plan during the three and nine months ended September 30, 2021, respectively, with a total grant-date fair value of $32,000 and $946,000, respectively. These shares vested based on performance and service criteria. Equity Distribution Agreement. Centerspace had an equity distribution agreement in connection with an at-the-market offering (“2019 ATM Program”) through which it could offer and sell common shares having an aggregate sales price of up to $150.0 million. In September 2021, the Company replaced the 2019 ATM Program with a new at-the-market offering (“2021 ATM Program”) through which it may offer and sell common shares having an aggregate sales price of up to $250.0 million, in amounts and at times determined by management. Under the 2021 ATM Program, the Company may enter into separate forward sale agreements. The proceeds from the sale of common shares under the 2021 ATM Program may be used for general corporate purposes, including the funding of acquisitions, construction or mezzanine loans, community renovations, and the repayment of indebtedness. The table below provides details on the sale of common shares during the three and nine months ended September 30, 2022 and 2021 under both the 2019 and 2021 ATM Programs. As of September 30, 2022, common shares having an aggregate offering price of up to $126.6 million remained available under the 2021 ATM Program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2022 — $ — $ — 2021 199 $ 19,632 $ 98.58 Nine Months Ended September 30, 2022 321 $ 31,732 $ 98.89 2021 1,095 $ 86,127 $ 78.63 (1) Total consideration is net of $338 in commissions and issuance costs during the nine months ended September 30, 2022 and $299 and $1.0 million for the three and nine months ended September 30, 2021, respectively. Share Repurchase Program. On June 13, 2022, the Board of Trustees approved a new share repurchase program (the “Share Repurchase Program”), providing for the repurchase of up to an aggregate of $50.0 million of the Company's outstanding common shares. Under the Share Repurchase Program, the Company is authorized to repurchase common shares through open market purchases, privately-negotiated transactions, block trades or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities and Exchange Act of 1934, as amended. The repurchases have no time limit and may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources or other financial and operational performance, market conditions, securities law limitations, and other factors. The table below provides details on the shares repurchased during the three and nine months ended September 30, 2022. As of September 30, 2022, the Company had $49.6 million remaining authorized for purchase under this program. Refer to Note 12 for repurchases made subsequent to September 30, 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Net Price Per Share (1) Three and Nine Months Ended September 30, 2022 5 $ 359 $ 65.97 (1) Amount includes commissions. Series C Preferred Shares. Series C preferred shares outstanding were 3.9 million shares at September 30, 2022 and December 31, 2021. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at Centerspace’s option after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ($97.0 million liquidation preference in the aggregate). Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units at September 30, 2022 and December 31, 2021. The Series D preferred units have a par value price of $100 per preferred unit. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT The following is a summary of our secured and unsecured debt at September 30, 2022 and December 31, 2021. (in thousands) September 30, 2022 December 31, 2021 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2022 Lines of credit (1) $ 171,500 3.28 % $ 76,000 2.74 % 3.00 Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 7.88 Unsecured debt 471,500 376,000 6.11 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 8.82 Mortgages payable - other (3)(5) 300,956 3.85 % 284,934 3.81 % 5.03 Total debt (4) $ 971,306 3.45 % $ 859,784 3.26 % 6.33 (1) The interest rate swap was terminated in February 2022. Refer to Note 6 - Derivative Instruments for additional information. Interest rates on lines of credit are variable. (2) Included within notes payable on the Condensed Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 15 at September 30, 2022 and 14 at December 31, 2021. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. As of September 30, 2022, 53 apartment communities were not encumbered by mortgages and were available to provide credit support for the unsecured borrowings. The Company’s primary unsecured credit facility (“unsecured credit facility”) is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. The line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of unencumbered properties. As of September 30, 2022, the additional borrowing availability was $78.5 million beyond the $171.5 million drawn. This unsecured credit facility was amended on September 30, 2021 to extend the maturity date to September 2025 and to provide for an accordion option to increase borrowing capacity up to $400.0 million. The interest rates on the line of credit is based, at the Company’s option, on either the lender’s base rate plus a margin, ranging from 25-80 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 125-180 basis points based on the consolidated leverage ratio, as defined under the Third Amended and Restated Credit Agreement. The unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. The Company believes that it was in compliance with all such financial covenants and limitations as of September 30, 2022. In January 2021, Centerspace amended and expanded its private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. (collectively, “PGIM”) to increase the aggregate amount available for issuance of unsecured senior promissory notes (“unsecured senior notes”) to $225.0 million. In September 2021, the Company entered into a note purchase agreement for the issuance of $125.0 million senior unsecured promissory notes, of which $25.0 million was issued under the private shelf agreement with PGIM. Under the private shelf agreement with PGIM, the Company has issued $200.0 million unsecured senior notes with $25.0 million remaining available as of September 30, 2022. The following table shows the notes issued under both private shelf agreements. (in thousands) Amount Maturity Date Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 % In September 2021, Centerspace entered into a $198.9 million Fannie Mae Credit Facility Agreement (the “FMCF”) for the acquisition of 16 apartment communities. The FMCF is currently secured by mortgages on those apartment communities. The notes are interest-only, with varying maturity dates of 7, 10, and 12 years, and a blended, weighted average interest rate of 2.78%. As of September 30, 2022 and December 31, 2021, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Condensed Consolidated Balance Sheets. As of September 30, 2022, Centerspace owned 15 apartment communities that served as collateral for mortgage loans, in addition to the apartment communities secured by the FMCF. All of these mortgage loans were non-recourse to the Company other than for standard carve-out obligations. As of September 30, 2022, the Company believes that there were no material defaults or instances of noncompliance in regards to any of these mortgages payable. Centerspace also has a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line matures on November 29, 2022, with pricing based on a market spread plus the one-month LIBOR index rate. The aggregate amount of required future principal payments as of September 30, 2022, was as follows: (in thousands) 2022 (remainder) $ 1,413 2023 45,988 2024 5,012 2025 205,350 2026 50,088 Thereafter 663,455 Total payments $ 971,306

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Centerspace used interest rate derivatives to stabilize interest expense and to manage its exposure to interest rate fluctuations. To accomplish this objective, the Company primarily used interest rate swap contracts to fix variable interest rate debt. Changes in the fair value of derivatives designated and that qualified as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”). Amounts recorded in accumulated other comprehensive income will be reclassified to interest expense in the periods in which interest payments are incurred on variable rate debt. During the next twelve months, the Company estimates an additional $724,000 will be reclassified as an increase to interest expense. In February 2022, the Company paid $3.2 million to terminate its $75.0 million interest rate swap and its $70.0 million forward swap. As of September 30, 2022 the Company had no remaining interest rate swaps. Derivatives not designated as hedges were not speculative and were used to manage the Company’s exposure to interest rate movements and other identified risks but did not meet the strict hedge accounting requirements. Changes in fair value of derivatives not designated in hedging relationships were recorded directly to earnings within other income (loss) in the Condensed Consolidated Statement of Operations. During the nine months ended September 30, 2022 and 2021, the Company recorded a gain of $582,000 and $60,000, respectively, related to the interest rate swap not designated in a hedging relationship, prior to its termination. During the three months ended September 30, 2021, the Company paid $3.8 million to terminate its $50.0 million interest rate swap and its $70.0 million interest rate swap. The Company accelerated the reclassification of a $5.4 million loss from OCI into other income (loss) in the Condensed Consolidated Statement of Operations as a result of the hedged transactions becoming probable not to occur. As of December 31, 2021 , Centerspace had one interest rate swap contract designated as a cash flow hedge of interest rate risk with a notional amount of $75.0 million to fix the interest rate on the line of credit. The Company also had one additional interest rate swap with an effective date of January 31, 2023 and a notional amount of $70.0 million which was not designated as a hedge in a qualifying hedging relationship. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 . (in thousands) September 30, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 4,610 Total derivative instruments not designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 1,097 The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of September 30, 2022 and 2021. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Three months ended September 30, 2022 2021 2022 2021 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ (70) Interest expense $ (204) $ (940) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ 1,581 $ 1,555 Interest expense $ (696) $ (3,156)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, Centerspace applies FASB ASC 820, “ Fair Value Measurement and Disclosures. ” Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis (in thousands) Total Level 1 Level 2 Level 3 September 30, 2022 Assets Notes receivable $ 5,865 — — $ 5,865 December 31, 2021 Assets Mortgages and notes receivable $ 49,484 — — $ 49,484 Liabilities Derivative instruments - interest rate swaps $ 5,707 $ — — $ 5,707 The fair value of the interest rate swaps was determined using the market standard methodology of netting discounted expected variable cash payments and receipts. The variable cash payments and receipts were based on an expectation of future interest rates (a forward curve) derived from observable market interest rate curves. The Company also considered both its own nonperformance risk and the counterparty’s nonperformance risk in the fair value measurement (Level 3). Centerspace utilizes an income approach with Level 3 inputs based on expected future cash flows to value mortgages and notes receivable. The inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 3.75% to 10.75%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2022 Notes receivable $ 5,865 $ 11 $ 600 $ 611 Nine months ended September 30, 2021 Mortgage loans and notes receivable $ 48,364 $ 11 $ 1,759 $ 1,770 As of September 30, 2022 and December 31, 2021, Centerspace had investments totaling $1.4 million and $903,000, respectively, in real estate technology venture funds consisting of privately held entities that develop technology related to the real estate industry. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of September 30, 2022, the Company had total unfunded commitments of $1.6 million. Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. Financial Assets and Liabilities Not Measured at Fair Value The fair value of unsecured senior notes and mortgages payable are estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates, excluding any prepayment penalties (Level 3). The estimated fair values of the Company’s financial instruments as of September 30, 2022 and December 31, 2021, respectively, are as follows: (in thousands) September 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 14,957 $ 14,957 $ 31,267 $ 31,267 Restricted cash $ 1,417 $ 1,417 $ 7,358 $ 7,358 FINANCIAL LIABILITIES Revolving lines of credit (1) $ 171,500 $ 171,500 $ 76,000 $ 76,000 Unsecured senior notes $ 300,000 $ 236,540 $ 300,000 $ 308,302 Mortgages payable - Fannie Mae $ 198,850 $ 161,006 $ 198,850 $ 198,850 Mortgages payable - other $ 300,956 $ 275,060 $ 284,934 $ 284,546 (1) Excluding the effect of interest rate swap agreements. Refer to Note 6 for discussion on the fair value of the interest rate swap agreements.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired a new apartment community for $95.0 million during the three months ended September 30, 2022 compared to acquisitions of $359.9 million during the three months ended September 30, 2021. The acquisitions during the nine months ended September 30, 2022 and 2021 are detailed below. Nine Months Ended September 30, 2022 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 191 homes - Martin Blu - Minneapolis, MN January 4, 2022 $ 49,825 $ 3,031 $ 18,885 $ 27,909 $ 3,547 $ 45,212 $ 1,813 $ (747) 31 homes - Elements - Minneapolis, MN January 4, 2022 9,066 1,290 1,748 6,028 941 7,853 335 (63) 45 homes - Zest - Minneapolis, MN January 4, 2022 11,364 1,429 2,249 7,686 936 10,261 574 (407) 130 homes - Noko Apartments - Minneapolis, MN January 26, 2022 46,619 3,343 — 43,276 1,915 42,754 1,950 — 215 homes - Lyra Apartments - Centennial, CO September 30, 2022 95,000 95,000 — — 6,473 86,149 2,378 — Total Acquisitions $ 211,874 $ 104,093 $ 22,882 $ 84,899 $ 13,812 $ 192,229 $ 7,050 $ (1,217) (1) Excludes transaction costs. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments. (4) Debt discount on assumed mortgage. Nine Months Ended September 30, 2021 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 256 homes - Union Pointe - Longmont, CO January 6, 2021 $ 76,900 $ 76,900 $ — $ — $ 5,727 $ 69,966 $ 1,207 $ — 120 homes - Bayberry Place - Minneapolis, MN September 1, 2021 16,673 898 9,855 5,920 1,807 14,113 753 — 251 homes - Burgandy & Hillsboro Court - Minneapolis, MN September 1, 2021 35,569 2,092 22,542 10,935 2,834 31,148 1,587 — 97 homes - Venue on Knox - Minneapolis, MN September 1, 2021 18,896 500 11,375 7,021 3,438 14,743 715 — 120 homes - Gatewood - St. Cloud, MN September 1, 2021 7,781 378 3,388 4,015 327 6,858 596 — 84 homes - Grove Ridge - Minneapolis, MN September 1, 2021 12,060 121 8,579 3,360 1,250 10,271 539 — 119 homes - The Legacy - St. Cloud, MN September 1, 2021 10,560 229 5,714 4,617 412 9,556 592 — 151 homes - New Hope Garden & Village - Minneapolis, MN September 1, 2021 15,006 1,435 10,812 2,759 1,603 12,578 825 — 330 homes - Palisades - Minneapolis, MN September 1, 2021 53,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353) 96 homes - Plymouth Pointe - Minneapolis, MN September 1, 2021 14,450 370 9,061 5,019 1,042 12,809 599 — 93 homes - Pointe West - St. Cloud, MN September 1, 2021 7,558 91 3,605 3,862 246 6,849 463 — 301 homes - River Pointe - Minneapolis MN September 1, 2021 38,348 2,249 21,653 14,446 3,346 33,117 1,885 — 70 homes - Southdale Parc - Minneapolis, MN September 1, 2021 9,670 165 7,907 1,598 1,569 7,740 361 — 62 homes - Portage - Minneapolis, MN September 1, 2021 9,171 323 5,588 3,260 2,133 6,685 353 — 200 homes - Windsor Gates - Minneapolis, MN September 1, 2021 22,231 1,122 12,080 9,029 2,140 18,943 1,148 — 136 homes - Wingate - Minneapolis, MN September 1, 2021 15,784 723 10,246 4,815 1,480 13,530 774 — 178 homes - Woodhaven - Minneapolis, MN September 1, 2021 25,009 1,682 15,200 8,127 3,940 20,080 989 — 288 homes - Woodland Pointe - Minneapolis, MN September 1, 2021 47,796 437 29,438 17,921 5,367 40,422 2,007 — Total Acquisitions $ 436,816 $ 92,599 $ 217,513 $ 126,704 $ 45,580 $ 375,985 $ 17,604 $ (2,353) (1) Includes $36.1 million for additional fair value of Series E preferred units for the September 1, 2021 portfolio acquisition (2) Fair value of Series E preferred units at the acquisition date (3) Payoff of debt or assumption of seller's debt upon closing (4) Debt discount on assumed mortgage DISPOSITIONS During the nine months ended September 30, 2022, Centerspace did not dispose of any real estate. The dispositions during the nine months ended September 30, 2021 are detailed below. Nine Months Ended September 30, 2021 (in thousands) Dispositions Date Sale Price Book Value and Sales Cost Gain/(Loss) 76 homes - Crystal Bay-Rochester, MN May 25, 2021 $ 13,650 $ 10,255 $ 3,395 40 homes - French Creek-Rochester, MN May 25, 2021 6,700 4,474 2,226 182 homes - Heritage Manor-Rochester, MN May 25, 2021 14,125 4,892 9,233 140 homes - Olympik Village-Rochester, MN May 25, 2021 10,725 6,529 4,196 151 homes-Winchester/Village Green-Rochester, MN May 25, 2021 14,800 7,010 7,790 Total Dispositions $ 60,000 $ 33,160 $ 26,840

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2022
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 operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. The apartment communities have similar long-term economic characteristics and provide similar products and services to residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment. “All other” includes non-multifamily components of mixed-use properties and apartment communities the Company has sold. The members of the executive management team are the chief operating decision-makers. This team measures the performance of the reportable segment based on net operating income (“NOI”), a non-GAAP measure, which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expense. 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. The following tables present NOI for the three and nine months ended September 30, 2022 and 2021, respectively, along with reconciliations to net income 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, 2022 Multifamily All Other Total Revenue $ 64,404 $ 1,034 $ 65,438 Property operating expenses, including real estate taxes 27,009 320 27,329 Net operating income $ 37,395 $ 714 $ 38,109 Property management (2,563) Casualty gain (loss) (276) Depreciation and amortization (23,720) General and administrative expenses (4,519) Interest expense (7,871) Interest and other income 70 Net income (loss) $ (770) (in thousands) Three Months Ended September 30, 2021 Multifamily All Other Total Revenue $ 49,088 $ 1,325 $ 50,413 Property operating expenses, including real estate taxes 20,066 284 20,350 Net operating income $ 29,022 $ 1,041 $ 30,063 Property management (2,203) Casualty gain (loss) 10 Depreciation and amortization (22,447) General and administrative expenses (4,279) Interest expense (7,302) Interest and other income (5,082) Net income (loss) $ (11,240) (in thousands) Nine Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 186,002 $ 2,866 $ 188,868 Property operating expenses, including real estate taxes 78,539 879 79,418 Net operating income $ 107,463 $ 1,987 $ 109,450 Property management expenses (7,537) Casualty gain (loss) (1,256) Depreciation and amortization (79,489) General and administrative expenses (14,240) Gain (loss) on sale of real estate and other investments 27 Interest expense (23,147) Interest and other income 1,116 Net income (loss) $ (15,076) (in thousands) Nine Months Ended September 30, 2021 Multifamily All Other Total Revenue $ 138,287 $ 5,430 $ 143,717 Property operating expenses, including real estate taxes 55,907 2,444 58,351 Net operating income $ 82,380 $ 2,986 $ 85,366 Property management expenses (6,055) Casualty gain (loss) (64) Depreciation and amortization (61,747) General and administrative expenses (11,982) Gain (loss) on sale of real estate and other investments 26,840 Interest expense (21,622) Interest and other income (4,032) Net income (loss) $ 6,704 Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of September 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2022 Multifamily All Other Total Segment assets Property owned $ 2,486,836 $ 26,634 $ 2,513,470 Less accumulated depreciation (503,038) (7,962) (511,000) Total property owned $ 1,983,798 $ 18,672 $ 2,002,470 Cash and cash equivalents 14,957 Restricted cash 1,417 Other assets 19,742 Total Assets $ 2,038,586 (in thousands) As of December 31, 2021 Multifamily All Other Total Segment assets Property owned $ 2,244,250 $ 26,920 $ 2,271,170 Less accumulated depreciation (436,004) (7,588) (443,592) Total property owned $ 1,808,246 $ 19,332 $ 1,827,578 Mortgage loans receivable 43,276 Cash and cash equivalents 31,267 Restricted cash 7,358 Other assets 30,582 Total Assets $ 1,940,061

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. In the ordinary course of operations, Centerspace becomes involved in litigation. At this time, the Company knows of no material pending or threatened legal proceedings, or other proceedings contemplated by governmental authorities, that would have a material impact on it. Environmental Matters. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While the Company currently has no knowledge of any material violation of environmental laws, ordinances, or regulations at any of the properties, there can be no assurance that areas of contamination will not be identified at any of its properties or that changes in environmental laws, regulations, or cleanup requirements would not result in material costs. Restrictions on Taxable Dispositions. Thirty-eight properties, consisting of 6,969 apartment homes, are subject to restrictions on taxable dispositions under agreements entered into with certain of the sellers or contributors of the properties and are effective for varying periods. Centerspace does not believe that the agreements materially affect the conduct of its business or its decisions whether to dispose of restricted properties during the restriction period because it generally holds these and other properties for investment purposes rather than for sale. In addition, where the Company deems it to be in the shareholders’ best interests to dispose of such properties, it generally seeks to structure sales of such properties as tax-deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, the Company may be required to provide tax indemnification payments to the parties to these agreements. Unfunded Commitments. Centerspace has unfunded commitments of $1.6 million in two real estate technology venture funds. Refer to Note 7 - Fair Value Measurements for additional information regarding these investments.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under the 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 18, 2021 (the “2015 Incentive Plan”) which allows for awards in the form of cash, unrestricted and restricted common shares, stock options, stock appreciation rights, and RSUs up to an aggregate of 775,000 shares over the ten-year period in which the plan is in effect. Under the 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan (“LTIP”), which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the revised program may vary from year to year. 2022 LTIP Awards Awards granted to employees on January 1, 2022, consisted of an aggregate of 5,849 time-based RSU awards, 13,407 performance RSUs based on total shareholder return (“TSR”), and 30,002 stock options. The time-based awards vest as to one-third of the shares on each of January 1, 2023, January 1, 2024, and January 1, 2025. The stock options vest as to 25% on each of January 1, 2023, January 1, 2024, January 1, 2025, and January 1, 2026. The fair value of stock options was $17.094 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2022 Exercise price $ 110.90 Risk-free rate 1.44 % Expected term 6.25 years Expected volatility 21.2 % Dividend yield 2.597 % The TSR performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Apartment Index over a forward looking three-year period. The maximum number of RSUs eligible to be earned is 26,814 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price and a select peer average volatility, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the TSR performance RSUs were an expected volatility of 22.40%, a risk-free interest rate of 0.97%, and an expected life of 3 years. The share price at the grant date, January 1, 2022, was $110.90 per share. Awards granted to employees on February 1, 2022, consist of an aggregate of 1,295 time-based RSU awards which vest as to one-third of the RSUs on each of February 1, 2023, February 1, 2024, and February 1, 2025. Awards granted to trustees on May 17, 2022 consist of 6,563 time-based RSUs, which vest on May 17, 2023. These awards are classified as equity awards. Share-Based Compensation Expense Share-based compensation expense recognized in the consolidated financial statements for all outstanding share-based awards was $709,000 and $600,000 for the three months ended September 30, 2022 and 2021, respectively and $1.9 million and $2.1 million for the nine months ended September 30, 2022 and 2021, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThrough October 31, 2022, Centerspace repurchased 426,773 common shares for total consideration of $28.7 million and an average of $67.25 per share.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP (f/k/a IRET Properties), a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Condensed Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The Condensed Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Centerspace’s interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim Condensed Consolidated Financial Statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022.
USE OF ESTIMATES	USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	CASH, CASH EQUIVALENTS, AND RESTRICTED CASH As of September 30, 2022 and December 31, 2021, restricted cash consisted primarily of deposits for real estate acquisitions and escrows held by lenders for real estate taxes, insurance, and capital additions.
LEASES	LEASES As a lessor, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 97.8% of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 2.2% of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. three
REVENUES AND GAINS ON SALE OF REAL ESTATE	REVENUES AND GAINS ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the Company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenue such as application fees and other miscellaneous items. Centerspace recognizes revenue for these rental related items not included as a component of a lease as earned.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG-LIVED ASSETS The Company evaluates long-lived assets, including investments in real estate, for impairment indicators at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. If the anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, the evaluation of impairment charges may be different and such differences could be material to the consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Reducing planned property holding periods may increase the likelihood of recording impairment losses.
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Future Scheduled Lease Income for Operating Leases	The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2022, was as follows: (in thousands) 2022 (remainder) $ 566 2023 2,630 2024 2,566 2025 2,511 2026 1,905 Thereafter 1,505 Total scheduled lease income - commercial operating leases $ 11,683
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2022 and 2021: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2022 2021 2022 2021 Fixed lease income - operating leases Leases $ 60,851 $ 47,292 $ 176,911 $ 134,817 Variable lease income - operating leases Leases 2,905 2,171 7,728 6,243 Other property revenue Revenue from contracts with customers 1,682 950 4,229 2,657 Total revenue $ 65,438 $ 50,413 $ 188,868 $ 143,717

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted EPS	The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2022 and 2021. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests $ (523) $ (9,492) $ (12,103) $ 7,179 Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Numerator for basic earnings (loss) per share – net income available to common shareholders (2,130) (11,099) (16,924) 2,358 Noncontrolling interests – Operating Partnership and Series E preferred units (439) (1,930) (3,546) (1,013) Dividends to preferred unitholders 160 160 480 480 Numerator for diluted earnings (loss) per share $ (2,409) $ (12,869) $ (19,990) $ 1,825 DENOMINATOR Denominator for basic earnings per share weighted average shares 15,373 14,065 15,280 13,501 Effect of redeemable operating partnership units — — — 917 Effect of Series D preferred units — — — 228 Effect of Series E preferred units — — — 239 Effect of dilutive restricted stock units and stock options — — — 32 Denominator for diluted earnings per share 15,373 14,065 15,280 14,917 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (0.14) $ (0.79) $ (1.11) $ 0.17 NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (0.14) $ (0.79) $ (1.11) $ 0.12

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Conversions of Stock	Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the three and nine months ended September 30, 2022 and 2021 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2022 8 $ 456 2021 36 $ (3,233) Nine Months Ended September 30, 2022 19 $ 831 2021 131 $ (2,815) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the three and nine months ended September 30, 2022 and 2021 as detailed in the table below. (in thousands, except per Unit data) Three Months Ended September 30, Number of Units Aggregate Cost Average Price Per Unit 2022 7 $ 607 $ 81.18 2021 — $ — $ — Nine Months Ended September 30, 2022 42 $ 3,837 $ 90.93 2021 — $ — $ —
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares during the three and nine months ended September 30, 2022 and 2021 under both the 2019 and 2021 ATM Programs. As of September 30, 2022, common shares having an aggregate offering price of up to $126.6 million remained available under the 2021 ATM Program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2022 — $ — $ — 2021 199 $ 19,632 $ 98.58 Nine Months Ended September 30, 2022 321 $ 31,732 $ 98.89 2021 1,095 $ 86,127 $ 78.63
Schedule of Repurchased Shares	The table below provides details on the shares repurchased during the three and nine months ended September 30, 2022. As of September 30, 2022, the Company had $49.6 million remaining authorized for purchase under this program. Refer to Note 12 for repurchases made subsequent to September 30, 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Net Price Per Share (1) Three and Nine Months Ended September 30, 2022 5 $ 359 $ 65.97 (1) Amount includes commissions.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our secured and unsecured debt at September 30, 2022 and December 31, 2021. (in thousands) September 30, 2022 December 31, 2021 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2022 Lines of credit (1) $ 171,500 3.28 % $ 76,000 2.74 % 3.00 Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 7.88 Unsecured debt 471,500 376,000 6.11 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 8.82 Mortgages payable - other (3)(5) 300,956 3.85 % 284,934 3.81 % 5.03 Total debt (4) $ 971,306 3.45 % $ 859,784 3.26 % 6.33 (1) The interest rate swap was terminated in February 2022. Refer to Note 6 - Derivative Instruments for additional information. Interest rates on lines of credit are variable. (2) Included within notes payable on the Condensed Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 15 at September 30, 2022 and 14 at December 31, 2021. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. (in thousands) Amount Maturity Date Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 %
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments as of September 30, 2022, was as follows: (in thousands) 2022 (remainder) $ 1,413 2023 45,988 2024 5,012 2025 205,350 2026 50,088 Thereafter 663,455 Total payments $ 971,306

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 . (in thousands) September 30, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 4,610 Total derivative instruments not designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 1,097
Schedule of Derivative Instruments	The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of September 30, 2022 and 2021. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Three months ended September 30, 2022 2021 2022 2021 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ (70) Interest expense $ (204) $ (940) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ 1,581 $ 1,555 Interest expense $ (696) $ (3,156)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	Fair Value Measurements on a Recurring Basis (in thousands) Total Level 1 Level 2 Level 3 September 30, 2022 Assets Notes receivable $ 5,865 — — $ 5,865 December 31, 2021 Assets Mortgages and notes receivable $ 49,484 — — $ 49,484 Liabilities Derivative instruments - interest rate swaps $ 5,707 $ — — $ 5,707 The estimated fair values of the Company’s financial instruments as of September 30, 2022 and December 31, 2021, respectively, are as follows: (in thousands) September 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 14,957 $ 14,957 $ 31,267 $ 31,267 Restricted cash $ 1,417 $ 1,417 $ 7,358 $ 7,358 FINANCIAL LIABILITIES Revolving lines of credit (1) $ 171,500 $ 171,500 $ 76,000 $ 76,000 Unsecured senior notes $ 300,000 $ 236,540 $ 300,000 $ 308,302 Mortgages payable - Fannie Mae $ 198,850 $ 161,006 $ 198,850 $ 198,850 Mortgages payable - other $ 300,956 $ 275,060 $ 284,934 $ 284,546 (1) Excluding the effect of interest rate swap agreements. Refer to Note 6 for discussion on the fair value of the interest rate swap agreements.
Changes in Fair Value Receivables	Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2022 Notes receivable $ 5,865 $ 11 $ 600 $ 611 Nine months ended September 30, 2021 Mortgage loans and notes receivable $ 48,364 $ 11 $ 1,759 $ 1,770

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisitions	The acquisitions during the nine months ended September 30, 2022 and 2021 are detailed below. Nine Months Ended September 30, 2022 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 191 homes - Martin Blu - Minneapolis, MN January 4, 2022 $ 49,825 $ 3,031 $ 18,885 $ 27,909 $ 3,547 $ 45,212 $ 1,813 $ (747) 31 homes - Elements - Minneapolis, MN January 4, 2022 9,066 1,290 1,748 6,028 941 7,853 335 (63) 45 homes - Zest - Minneapolis, MN January 4, 2022 11,364 1,429 2,249 7,686 936 10,261 574 (407) 130 homes - Noko Apartments - Minneapolis, MN January 26, 2022 46,619 3,343 — 43,276 1,915 42,754 1,950 — 215 homes - Lyra Apartments - Centennial, CO September 30, 2022 95,000 95,000 — — 6,473 86,149 2,378 — Total Acquisitions $ 211,874 $ 104,093 $ 22,882 $ 84,899 $ 13,812 $ 192,229 $ 7,050 $ (1,217) (1) Excludes transaction costs. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments. (4) Debt discount on assumed mortgage. Nine Months Ended September 30, 2021 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 256 homes - Union Pointe - Longmont, CO January 6, 2021 $ 76,900 $ 76,900 $ — $ — $ 5,727 $ 69,966 $ 1,207 $ — 120 homes - Bayberry Place - Minneapolis, MN September 1, 2021 16,673 898 9,855 5,920 1,807 14,113 753 — 251 homes - Burgandy & Hillsboro Court - Minneapolis, MN September 1, 2021 35,569 2,092 22,542 10,935 2,834 31,148 1,587 — 97 homes - Venue on Knox - Minneapolis, MN September 1, 2021 18,896 500 11,375 7,021 3,438 14,743 715 — 120 homes - Gatewood - St. Cloud, MN September 1, 2021 7,781 378 3,388 4,015 327 6,858 596 — 84 homes - Grove Ridge - Minneapolis, MN September 1, 2021 12,060 121 8,579 3,360 1,250 10,271 539 — 119 homes - The Legacy - St. Cloud, MN September 1, 2021 10,560 229 5,714 4,617 412 9,556 592 — 151 homes - New Hope Garden & Village - Minneapolis, MN September 1, 2021 15,006 1,435 10,812 2,759 1,603 12,578 825 — 330 homes - Palisades - Minneapolis, MN September 1, 2021 53,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353) 96 homes - Plymouth Pointe - Minneapolis, MN September 1, 2021 14,450 370 9,061 5,019 1,042 12,809 599 — 93 homes - Pointe West - St. Cloud, MN September 1, 2021 7,558 91 3,605 3,862 246 6,849 463 — 301 homes - River Pointe - Minneapolis MN September 1, 2021 38,348 2,249 21,653 14,446 3,346 33,117 1,885 — 70 homes - Southdale Parc - Minneapolis, MN September 1, 2021 9,670 165 7,907 1,598 1,569 7,740 361 — 62 homes - Portage - Minneapolis, MN September 1, 2021 9,171 323 5,588 3,260 2,133 6,685 353 — 200 homes - Windsor Gates - Minneapolis, MN September 1, 2021 22,231 1,122 12,080 9,029 2,140 18,943 1,148 — 136 homes - Wingate - Minneapolis, MN September 1, 2021 15,784 723 10,246 4,815 1,480 13,530 774 — 178 homes - Woodhaven - Minneapolis, MN September 1, 2021 25,009 1,682 15,200 8,127 3,940 20,080 989 — 288 homes - Woodland Pointe - Minneapolis, MN September 1, 2021 47,796 437 29,438 17,921 5,367 40,422 2,007 — Total Acquisitions $ 436,816 $ 92,599 $ 217,513 $ 126,704 $ 45,580 $ 375,985 $ 17,604 $ (2,353) (1) Includes $36.1 million for additional fair value of Series E preferred units for the September 1, 2021 portfolio acquisition (2) Fair value of Series E preferred units at the acquisition date (3) Payoff of debt or assumption of seller's debt upon closing (4) Debt discount on assumed mortgage
Schedule of Dispositions	The dispositions during the nine months ended September 30, 2021 are detailed below. Nine Months Ended September 30, 2021 (in thousands) Dispositions Date Sale Price Book Value and Sales Cost Gain/(Loss) 76 homes - Crystal Bay-Rochester, MN May 25, 2021 $ 13,650 $ 10,255 $ 3,395 40 homes - French Creek-Rochester, MN May 25, 2021 6,700 4,474 2,226 182 homes - Heritage Manor-Rochester, MN May 25, 2021 14,125 4,892 9,233 140 homes - Olympik Village-Rochester, MN May 25, 2021 10,725 6,529 4,196 151 homes-Winchester/Village Green-Rochester, MN May 25, 2021 14,800 7,010 7,790 Total Dispositions $ 60,000 $ 33,160 $ 26,840

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the three and nine months ended September 30, 2022 and 2021, respectively, along with reconciliations to net income 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, 2022 Multifamily All Other Total Revenue $ 64,404 $ 1,034 $ 65,438 Property operating expenses, including real estate taxes 27,009 320 27,329 Net operating income $ 37,395 $ 714 $ 38,109 Property management (2,563) Casualty gain (loss) (276) Depreciation and amortization (23,720) General and administrative expenses (4,519) Interest expense (7,871) Interest and other income 70 Net income (loss) $ (770) (in thousands) Three Months Ended September 30, 2021 Multifamily All Other Total Revenue $ 49,088 $ 1,325 $ 50,413 Property operating expenses, including real estate taxes 20,066 284 20,350 Net operating income $ 29,022 $ 1,041 $ 30,063 Property management (2,203) Casualty gain (loss) 10 Depreciation and amortization (22,447) General and administrative expenses (4,279) Interest expense (7,302) Interest and other income (5,082) Net income (loss) $ (11,240) (in thousands) Nine Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 186,002 $ 2,866 $ 188,868 Property operating expenses, including real estate taxes 78,539 879 79,418 Net operating income $ 107,463 $ 1,987 $ 109,450 Property management expenses (7,537) Casualty gain (loss) (1,256) Depreciation and amortization (79,489) General and administrative expenses (14,240) Gain (loss) on sale of real estate and other investments 27 Interest expense (23,147) Interest and other income 1,116 Net income (loss) $ (15,076) (in thousands) Nine Months Ended September 30, 2021 Multifamily All Other Total Revenue $ 138,287 $ 5,430 $ 143,717 Property operating expenses, including real estate taxes 55,907 2,444 58,351 Net operating income $ 82,380 $ 2,986 $ 85,366 Property management expenses (6,055) Casualty gain (loss) (64) Depreciation and amortization (61,747) General and administrative expenses (11,982) Gain (loss) on sale of real estate and other investments 26,840 Interest expense (21,622) Interest and other income (4,032) Net income (loss) $ 6,704
Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of September 30, 2022, and December 31, 2021, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2022 Multifamily All Other Total Segment assets Property owned $ 2,486,836 $ 26,634 $ 2,513,470 Less accumulated depreciation (503,038) (7,962) (511,000) Total property owned $ 1,983,798 $ 18,672 $ 2,002,470 Cash and cash equivalents 14,957 Restricted cash 1,417 Other assets 19,742 Total Assets $ 2,038,586 (in thousands) As of December 31, 2021 Multifamily All Other Total Segment assets Property owned $ 2,244,250 $ 26,920 $ 2,271,170 Less accumulated depreciation (436,004) (7,588) (443,592) Total property owned $ 1,808,246 $ 19,332 $ 1,827,578 Mortgage loans receivable 43,276 Cash and cash equivalents 31,267 Restricted cash 7,358 Other assets 30,582 Total Assets $ 1,940,061

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value of Stock Options	The fair value of stock options was $17.094 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2022 Exercise price $ 110.90 Risk-free rate 1.44 % Expected term 6.25 years Expected volatility 21.2 % Dividend yield 2.597 %

ORGANIZATION (Details)

ORGANIZATION (Details) - Residential Real Estate	Sep. 30, 2022 apartmentHome apartmentCommunity
Real Estate Properties [Line Items]
Number of real estate properties | apartmentCommunity	84
Number of apartment units | apartmentHome	15,064

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2022 (remainder)	$ 566
2023	2,630
2024	2,566
2025	2,511
2026	1,905
Thereafter	1,505
Total scheduled lease income - commercial operating leases	$ 11,683
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	3 years
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	15 years
Rental Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	97.80%
Fee Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	2.20%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Fixed lease income - operating leases	$ 60,851	$ 47,292	$ 176,911	$ 134,817
Variable lease income - operating leases	2,905	2,171	7,728	6,243
Revenue from contracts with customers	1,682	950	4,229	2,657
Total revenue	65,438	50,413	188,868	143,717
Gain on sale of real estate and other investments	$ 0	$ 0	$ 27	$ 26,840

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Impairment of real estate investments	$ 0	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Receivable and Notes Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Mortgage loans receivable at fair value	$ 0	$ 43,276
Multi Family Same-Store | Ironwood Apartments - New Hope, MN | Tax Increment Financing
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Loan commitment	$ 6,100	6,400
Multi-Family Residential | Ironwood Apartments - New Hope, MN | Tax Increment Financing
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate	4.50%
Multi-Family Residential | Minneapolis, Minnesota | Construction Loans
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate	4.50%
Mortgage loans receivable at fair value	$ 29,900	29,900
Multi-Family Residential | Minneapolis, Minnesota | Mezzanine Loan
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate	11.50%
Mortgage loans receivable at fair value	$ 15,300	$ 13,400

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 shares	Sep. 30, 2021 shares	Sep. 30, 2022 shares	Sep. 30, 2021 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ratio of units exchanged for shares			1
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	984	865	980
Series D Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	228	228	228
Series E Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	2,200	705	2,200
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	7	13	10
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	23	46	38
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	30	32	33	32

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Numerator and Denominator Used To Calculate Basic and Dilutes EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NUMERATOR
Net income (loss) attributable to controlling interests	$ (523)	$ (9,492)	$ (12,103)	$ 7,179
Dividends to preferred shareholders	(1,607)	(1,607)	(4,821)	(4,821)
Numerator for basic earnings (loss) per share – net income available to common shareholders	(2,130)	(11,099)	(16,924)	2,358
Noncontrolling interests – Operating Partnership and Series E preferred units	(439)	(1,930)	(3,546)	(1,013)
Dividends to preferred unitholders	160	160	480	480
Numerator for diluted earnings (loss) per share	$ (2,409)	$ (12,869)	$ (19,990)	$ 1,825
DENOMINATOR
Denominator for basic earnings per share weighted average shares (in shares)	15,373	14,065	15,280	13,501
Effect of redeemable operating partnership units (in shares)	0	0	0	917
Effect of dilutive restricted stock units and stock options (in shares)	0	0	0	32
Denominator for diluted earnings per share (in shares)	15,373	14,065	15,280	14,917
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (0.14)	$ (0.79)	$ (1.11)	$ 0.17
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ (0.14)	$ (0.79)	$ (1.11)	$ 0.12
Series D Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	0	0	0	228
Series E Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	0	0	0	239

EQUITY AND MEZZANINE EQUITY - A

EQUITY AND MEZZANINE EQUITY - Additional Information (Details)		3 Months Ended		9 Months Ended
	Sep. 01, 2021 USD ($) apartmentCommunity $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) apartmentCommunity $ / shares shares	Sep. 30, 2021 USD ($) shares	Jun. 13, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interests , operating partnership, outstanding (in shares) | shares		980,000		980,000			832,000
Noncontrolling interests , operating partnership, issued (in shares) | shares				209,000
Preferred shares, shares issued (in shares) | shares		3,881,000		3,881,000			3,881,000
Preferred shares liquidation preference		$ 97,036,000		$ 97,036,000			$ 97,036,000
Common stock outstanding (in shares) | shares		15,376,000		15,376,000			15,016,000
Sale of common shares, net			$ 19,508,000	$ 31,499,000	$ 85,864,000
Stock repurchase program, authorized amount						$ 50,000,000
Remaining authorized repurchase amount		$ 49,600,000		$ 49,600,000
Preferred shares of beneficial interest, shares outstanding (in shares) | shares		3,881,000		3,881,000			3,881,000
Preferred shares, liquidation preference (in dollars per share) | $ / shares		$ 25		$ 25			$ 25
Preferred units, shares issued (in shares) | shares		166,000		166,000			166,000
Preferred units, par value (in dollars per share) | $ / shares		$ 100		$ 100			$ 100
Preferred units, liquidation preference		$ 16,560,000		$ 16,560,000			$ 16,560,000
2022 Acquisitions, Three Apartment Communities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of apartment homes acquired | apartmentCommunity				3
2021 Acquisitions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of apartment homes acquired | apartmentCommunity	17
Series E Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares, shares issued (in shares) | shares	1,800,000
Preferred units, par value (in dollars per share) | $ / shares	$ 100
Preferred shares, dividend rate	0.03875%
Preferred units, conversion ratio	1.2048
Preferred shares liquidation preference	$ 181,400,000
Series C Preferred Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares, dividend rate				6.625%
Preferred shares liquidation preference		$ 97,000,000		$ 97,000,000
Preferred shares of beneficial interest, shares outstanding (in shares) | shares		3,900,000		3,900,000			3,900,000
Preferred shares, liquidation preference (in dollars per share) | $ / shares		$ 25		$ 25
Preferred shares, annual distribution accrual rate (in dollars per share) | $ / shares				$ 1.65625
Series D Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred units, shares issued (in shares) | shares		165,600		165,600			165,600
Preferred units, par value (in dollars per share) | $ / shares		$ 100		$ 100
Distribution rate				3.862%
Units converted, ratio		1.37931		1.37931
Preferred units, liquidation preference		$ 16,600,000		$ 16,600,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price of common shares, authorized amount			$ 250,000,000		$ 250,000,000			$ 150,000,000
Aggregate gross sales price of common shares, remaining authorized amount		$ 126,600,000		$ 126,600,000
2015 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued (in shares) | shares		199	578	24,496	26,764
Sale of common shares, net		$ 18,000	$ 32,000	$ 637,000	$ 946,000

EQUITY AND MEZZANINE EQUITY - S

EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Conversion of Stock [Line Items]
Net Book Basis	$ 0	$ 0	$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Number of units redeemed (in shares)	8	36	19	131
Net Book Basis	$ 456	$ (3,233)	$ 831	$ (2,815)
Redemption Of Units For Cash
Conversion of Stock [Line Items]
Number of units converted (in shares)	7	0	42	0
Aggregate Cost	$ 607	$ 0	$ 3,837	$ 0
Average Price Per Unit (in dollars per share)	$ 81.18	$ 0	$ 90.93	$ 0

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission and issuance costs		$ 299	$ 338	$ 1,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares (in shares)	0	199	321	1,095
Net Consideration	$ 0	$ 19,632	$ 31,732	$ 86,127
Average Net Price Per Share (in dollars per share)	$ 0	$ 98.58	$ 98.89	$ 78.63

EQUITY AND MEZZANINE EQUITY -_3

EQUITY AND MEZZANINE EQUITY - Schedule of Repurchased Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Equity [Abstract]
Number of Common Shares (in shares)	5	5
Total Consideration	$ 359	$ 359
Average Net Price Per Share (in dollars per share)	$ 65.97	$ 65.97

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) apartmentCommunity	Dec. 31, 2021 USD ($) apartmentCommunity
Debt Instrument [Line Items]
Total debt	$ 971,306	$ 859,784
Weighted average interest rate	3.45%	3.26%
Weighted average maturity (in years)	6 years 3 months 29 days
Mortgages
Debt Instrument [Line Items]
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity	15	14
Mortgages payable - Fannie Mae | Mortgages
Debt Instrument [Line Items]
Total debt	$ 198,850	$ 198,850
Weighted average interest rate	2.78%	2.78%
Weighted average maturity (in years)	8 years 9 months 25 days
Mortgages payable - other | Mortgages
Debt Instrument [Line Items]
Total debt	$ 300,956	$ 284,934
Weighted average interest rate	3.85%	3.81%
Weighted average maturity (in years)	5 years 10 days
Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 471,500	$ 376,000
Weighted average maturity (in years)	6 years 1 month 9 days
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Total debt	$ 171,500	76,000
Weighted average maturity (in years)	3 years
Unsecured Debt | Unsecured senior notes
Debt Instrument [Line Items]
Total debt	$ 300,000	$ 300,000
Weighted average interest rate	3.12%	3.12%
Weighted average maturity (in years)	7 years 10 months 17 days
Unsecured Debt | Primary Line Of Credit | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate	3.28%	2.74%

DEBT - Narrative (Details)

DEBT - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) loan apartmentCommunity	Dec. 31, 2021 USD ($) apartmentCommunity	Sep. 30, 2021 USD ($) apartmentCommunity	Jan. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | apartmentCommunity	53
Revolving lines of credit	$ 171,500,000	$ 76,000,000
Outstanding debt	$ 971,306,000	$ 859,784,000
Weighted average interest rate	3.45%	3.26%
Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.80%
Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%
Operating Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 6,000,000
BMO Line of Credit | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000
Remaining borrowing capacity	78,500,000
Revolving lines of credit	171,500,000
Accordion option			$ 400,000,000
Unsecured Senior Notes | Private Shelf Agreement
Line of Credit Facility [Line Items]
Debt available for issuance	25,000,000			$ 225,000,000
Amount			25,000,000
Outstanding debt	$ 200,000,000
Unsecured Senior Notes | Note Purchase Agreement
Line of Credit Facility [Line Items]
Amount			125,000,000
Mortgages
Line of Credit Facility [Line Items]
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity	15	14
Number of material defaults or instances of noncompliance | loan	0
Mortgages | Mortgages payable - Fannie Mae
Line of Credit Facility [Line Items]
Amount			$ 198,900,000
Outstanding debt	$ 198,850,000	$ 198,850,000
Weighted average interest rate	2.78%	2.78%
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date One
Line of Credit Facility [Line Items]
Term	7 years
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date Two
Line of Credit Facility [Line Items]
Term	10 years
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date Three
Line of Credit Facility [Line Items]
Term	12 years
Mortgages | Mortgages payable - Fannie Mae | 2021 Acquisitions
Line of Credit Facility [Line Items]
Number of apartment units | apartmentCommunity			16

DEBT - September Note Purchase

DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured Debt	Sep. 30, 2022 USD ($)
Series A
Line of Credit Facility [Line Items]
Amount	$ 75,000,000
Interest Rate	3.84%
Series B
Line of Credit Facility [Line Items]
Amount	$ 50,000,000
Interest Rate	3.69%
Series C
Line of Credit Facility [Line Items]
Amount	$ 50,000,000
Interest Rate	2.70%
Series 2021-A
Line of Credit Facility [Line Items]
Amount	$ 35,000,000
Interest Rate	2.50%
Series 2021-B
Line of Credit Facility [Line Items]
Amount	$ 50,000,000
Interest Rate	2.62%
Series 2021-C
Line of Credit Facility [Line Items]
Amount	$ 25,000,000
Interest Rate	2.68%
Series 2021-D
Line of Credit Facility [Line Items]
Amount	$ 15,000,000
Interest Rate	2.78%

DEBT - Schedule of future payme

DEBT - Schedule of future payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (remainder)	$ 1,413
2023	45,988
2024	5,012
2025	205,350
2026	50,088
Thereafter	663,455
Total payments	$ 971,306

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) derivativeInstrument	Sep. 30, 2021 USD ($)	Jan. 31, 2023 USD ($) derivativeInstrument	Dec. 31, 2021 USD ($) derivativeInstrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 724,000
Payments to terminate derivative			$ 3,209,000	$ 3,804,000
Interest Rate Swap
Derivative [Line Items]
Number of instruments held | derivativeInstrument			0
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Payments to terminate derivative	$ 3,200,000	$ 3,800,000
Notional amount	75,000,000	50,000,000		50,000,000		$ 75,000,000
Number of instruments held | derivativeInstrument						1
Accelerated reclassification loss from OCI		5,400,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount		$ 70,000,000		70,000,000
Gain on derivative			$ 582,000	$ 60,000
Interest Rate Swap | Not Designated as Hedging Instrument | Scenario, Forecast
Derivative [Line Items]
Notional amount					$ 70,000,000
Number of instruments held | derivativeInstrument					1
Forward Swap | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 70,000,000

DERIVATIVE INSTRUMENTS - Fair V

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Financial Instruments (Details) - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Total derivative instruments	$ 0	$ 4,610
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Total derivative instruments	$ 0	$ 1,097

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 0	$ (70)	$ 1,581	$ 1,555
Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (204)	$ (940)	$ (696)	$ (3,156)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 5,865	$ 49,484	$ 48,364
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps		5,707
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 1 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 5,865	49,484
Level 3 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps		$ 5,707

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment, unfunded commitments	$ 1,600,000
Fair Value, Recurring | Level 3 | Interest Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.0375
Fair Value, Recurring | Level 3 | Interest Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.1075
Fair Value, Recurring | Level 3 | Credit Risk | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.005
Fair Value, Recurring | Level 3 | Credit Risk | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.010
Fair Value, Recurring | Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment, fair value disclosure	$ 1,400,000	$ 903,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial liabilities	0	0
Nonfinancial assets	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivables (Details) - Fair Value, Recurring - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans and notes receivable	$ 5,865	$ 48,364	$ 49,484
Change in fair value of receivables	611	1,770
Other Gains (Losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	11	11
Interest Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	$ 600	$ 1,759

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
FINANCIAL LIABILITIES
Unsecured senior notes	$ 299,388	$ 299,344
Mortgages payable	971,306
Carrying Amount
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	14,957	31,267
FINANCIAL LIABILITIES
Revolving lines of credit	171,500	76,000
Unsecured senior notes	300,000	300,000
Carrying Amount | Mortgages | Mortgages payable - Fannie Mae
FINANCIAL LIABILITIES
Mortgages payable	198,850	198,850
Carrying Amount | Mortgages | Mortgages payable - other
FINANCIAL LIABILITIES
Mortgages payable	300,956	284,934
Carrying Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	1,417	7,358
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	14,957	31,267
FINANCIAL LIABILITIES
Revolving lines of credit	171,500	76,000
Unsecured senior notes	236,540	308,302
Fair Value | Mortgages | Mortgages payable - Fannie Mae
FINANCIAL LIABILITIES
Mortgages payable	161,006	198,850
Fair Value | Mortgages | Mortgages payable - other
FINANCIAL LIABILITIES
Mortgages payable	275,060	284,546
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	$ 1,417	$ 7,358

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 01, 2021 USD ($) apartmentCommunity	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) apartmentHome	Sep. 30, 2021 USD ($) apartmentHome
2022 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Total acquisition cost				$ 211,874
Form of Consideration
Cash				104,093
Units				22,882
Other				84,899
Investment Allocation
Land		$ 13,812		13,812
Building		192,229		192,229
Intangible Assets		7,050		7,050
Other		(1,217)		$ (1,217)
Martin Blu - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome				191
Total acquisition cost				$ 49,825
Form of Consideration
Cash				3,031
Units				18,885
Other				27,909
Investment Allocation
Land		3,547		3,547
Building		45,212		45,212
Intangible Assets		1,813		1,813
Other		(747)		$ (747)
Elements - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome				31
Total acquisition cost				$ 9,066
Form of Consideration
Cash				1,290
Units				1,748
Other				6,028
Investment Allocation
Land		941		941
Building		7,853		7,853
Intangible Assets		335		335
Other		(63)		$ (63)
Zest - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome				45
Total acquisition cost				$ 11,364
Form of Consideration
Cash				1,429
Units				2,249
Other				7,686
Investment Allocation
Land		936		936
Building		10,261		10,261
Intangible Assets		574		574
Other		(407)		$ (407)
Noko Apartments - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome				130
Total acquisition cost				$ 46,619
Form of Consideration
Cash				3,343
Units				0
Other				43,276
Investment Allocation
Land		1,915		1,915
Building		42,754		42,754
Intangible Assets		1,950		1,950
Other		0		$ 0
Lyra Apartments - Centennial, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome				215
Total acquisition cost		95,000		$ 95,000
Form of Consideration
Cash				95,000
Units				0
Other				0
Investment Allocation
Land		6,473		6,473
Building		86,149		86,149
Intangible Assets		2,378		2,378
Other		$ 0		$ 0
2021 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentCommunity	17
Total acquisition cost	$ 36,100				$ 436,816
Form of Consideration
Cash					92,599
Units					217,513
Other					126,704
Investment Allocation
Land			$ 45,580		45,580
Building			375,985		375,985
Intangible Assets			17,604		17,604
Other			(2,353)		$ (2,353)
2021 Quarterly Acquisitions
Acquisitions and development projects placed in service [Abstract]
Total acquisition cost			359,900
Union Pointe Apartment Homes - Longmont, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					256
Total acquisition cost					$ 76,900
Form of Consideration
Cash					76,900
Units					0
Other					0
Investment Allocation
Land			5,727		5,727
Building			69,966		69,966
Intangible Assets			1,207		1,207
Other			0		$ 0
Bayberry Place - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					120
Total acquisition cost					$ 16,673
Form of Consideration
Cash					898
Units					9,855
Other					5,920
Investment Allocation
Land			1,807		1,807
Building			14,113		14,113
Intangible Assets			753		753
Other			0		$ 0
Burgandy & Hillsboro Court - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					251
Total acquisition cost					$ 35,569
Form of Consideration
Cash					2,092
Units					22,542
Other					10,935
Investment Allocation
Land			2,834		2,834
Building			31,148		31,148
Intangible Assets			1,587		1,587
Other			0		$ 0
Venue on Knox - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					97
Total acquisition cost					$ 18,896
Form of Consideration
Cash					500
Units					11,375
Other					7,021
Investment Allocation
Land			3,438		3,438
Building			14,743		14,743
Intangible Assets			715		715
Other			0		$ 0
Gatewood - St. Cloud, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					120
Total acquisition cost					$ 7,781
Form of Consideration
Cash					378
Units					3,388
Other					4,015
Investment Allocation
Land			327		327
Building			6,858		6,858
Intangible Assets			596		596
Other			0		$ 0
Grove Ridge - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					84
Total acquisition cost					$ 12,060
Form of Consideration
Cash					121
Units					8,579
Other					3,360
Investment Allocation
Land			1,250		1,250
Building			10,271		10,271
Intangible Assets			539		539
Other			0		$ 0
The Legacy - St. Cloud, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					119
Total acquisition cost					$ 10,560
Form of Consideration
Cash					229
Units					5,714
Other					4,617
Investment Allocation
Land			412		412
Building			9,556		9,556
Intangible Assets			592		592
Other			0		$ 0
New Hope Garden & Village - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					151
Total acquisition cost					$ 15,006
Form of Consideration
Cash					1,435
Units					10,812
Other					2,759
Investment Allocation
Land			1,603		1,603
Building			12,578		12,578
Intangible Assets			825		825
Other			0		$ 0
Palisades - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					330
Total acquisition cost					$ 53,354
Form of Consideration
Cash					2,884
Units					30,470
Other					20,000
Investment Allocation
Land			6,919		6,919
Building			46,577		46,577
Intangible Assets			2,211		2,211
Other			(2,353)		$ (2,353)
Plymouth Pointe - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					96
Total acquisition cost					$ 14,450
Form of Consideration
Cash					370
Units					9,061
Other					5,019
Investment Allocation
Land			1,042		1,042
Building			12,809		12,809
Intangible Assets			599		599
Other			0		$ 0
Pointe West - St. Cloud, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					93
Total acquisition cost					$ 7,558
Form of Consideration
Cash					91
Units					3,605
Other					3,862
Investment Allocation
Land			246		246
Building			6,849		6,849
Intangible Assets			463		463
Other			0		$ 0
River Pointe - Minneapolis MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					301
Total acquisition cost					$ 38,348
Form of Consideration
Cash					2,249
Units					21,653
Other					14,446
Investment Allocation
Land			3,346		3,346
Building			33,117		33,117
Intangible Assets			1,885		1,885
Other			0		$ 0
Southdale Parc - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					70
Total acquisition cost					$ 9,670
Form of Consideration
Cash					165
Units					7,907
Other					1,598
Investment Allocation
Land			1,569		1,569
Building			7,740		7,740
Intangible Assets			361		361
Other			0		$ 0
Portage - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					62
Total acquisition cost					$ 9,171
Form of Consideration
Cash					323
Units					5,588
Other					3,260
Investment Allocation
Land			2,133		2,133
Building			6,685		6,685
Intangible Assets			353		353
Other			0		$ 0
Windsor Gates - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					200
Total acquisition cost					$ 22,231
Form of Consideration
Cash					1,122
Units					12,080
Other					9,029
Investment Allocation
Land			2,140		2,140
Building			18,943		18,943
Intangible Assets			1,148		1,148
Other			0		$ 0
Wingate - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					136
Total acquisition cost					$ 15,784
Form of Consideration
Cash					723
Units					10,246
Other					4,815
Investment Allocation
Land			1,480		1,480
Building			13,530		13,530
Intangible Assets			774		774
Other			0		$ 0
Woodhaven - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					178
Total acquisition cost					$ 25,009
Form of Consideration
Cash					1,682
Units					15,200
Other					8,127
Investment Allocation
Land			3,940		3,940
Building			20,080		20,080
Intangible Assets			989		989
Other			0		$ 0
Woodland Pointe - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes acquired | apartmentHome					288
Total acquisition cost					$ 47,796
Form of Consideration
Cash					437
Units					29,438
Other					17,921
Investment Allocation
Land			5,367		5,367
Building			40,422		40,422
Intangible Assets			2,007		2,007
Other			$ 0		$ 0

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposed of by Sale $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) apartmentHome	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	$ 60,000	$ 0
Book Value and Sales Cost	33,160
Gain/(Loss)	$ 26,840
Crystal Bay - Rochester, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	76
Sale Price	$ 13,650
Book Value and Sales Cost	10,255
Gain/(Loss)	$ 3,395
French Creek - Rochester, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	40
Sale Price	$ 6,700
Book Value and Sales Cost	4,474
Gain/(Loss)	$ 2,226
Heritage Manor- Rochester, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	182
Sale Price	$ 14,125
Book Value and Sales Cost	4,892
Gain/(Loss)	$ 9,233
Olympik Village - Rochester, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	140
Sale Price	$ 10,725
Book Value and Sales Cost	6,529
Gain/(Loss)	$ 4,196
Winchester/Village Green-Rochester, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	151
Sale Price	$ 14,800
Book Value and Sales Cost	7,010
Gain/(Loss)	$ 7,790

SEGMENTS - Revenues and Net Ope

SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Segment revenues and net operating income [Abstract]
Revenue	$ 65,438	$ 50,413	$ 188,868	$ 143,717
Property operating expenses, including real estate taxes	27,329	20,350	79,418	58,351
Net operating income	38,109	30,063	109,450	85,366
Property management	(2,563)	(2,203)	(7,537)	(6,055)
Casualty gain (loss)	(276)	10	(1,256)	(64)
Depreciation and amortization	(23,720)	(22,447)	(79,489)	(61,747)
General and administrative expenses	(4,519)	(4,279)	(14,240)	(11,982)
Gain (loss) on sale of real estate and other investments	0	0	27	26,840
Interest expense	(7,871)	(7,302)	(23,147)	(21,622)
Interest and other income (loss)	70	(5,082)	1,116	(4,032)
Net income (loss)	(770)	(11,240)	(15,076)	6,704
Multifamily
Segment revenues and net operating income [Abstract]
Revenue	64,404	49,088	186,002	138,287
Property operating expenses, including real estate taxes	27,009	20,066	78,539	55,907
Net operating income	37,395	29,022	107,463	82,380
All Other
Segment revenues and net operating income [Abstract]
Revenue	1,034	1,325	2,866	5,430
Property operating expenses, including real estate taxes	320	284	879	2,444
Net operating income	$ 714	$ 1,041	$ 1,987	$ 2,986

SEGMENTS - Segment Assets and A

SEGMENTS - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Segment Reporting Information [Line Items]
Property owned	$ 2,513,470	$ 2,271,170
Less accumulated depreciation	(511,000)	(443,592)
Total property owned	2,002,470	1,827,578
Mortgage loans receivable	0	43,276
Cash and cash equivalents	14,957	31,267	$ 20,816
Restricted cash	1,417	7,358	$ 2,376
Other assets	19,742	30,582
Total Assets	2,038,586	1,940,061
Multifamily
Segment Reporting Information [Line Items]
Property owned	2,486,836	2,244,250
Less accumulated depreciation	(503,038)	(436,004)
Total property owned	1,983,798	1,808,246
All Other
Segment Reporting Information [Line Items]
Property owned	26,634	26,920
Less accumulated depreciation	(7,962)	(7,588)
Total property owned	$ 18,672	$ 19,332

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2022 apartmentProperty apartmentHome realEstateTechnologyVentureFund
Real Estate Properties [Line Items]
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund	2
Subject to Restrictions on Taxable Dispositions
Real Estate Properties [Line Items]
Number of properties | apartmentProperty	38
Number of apartment units | apartmentHome	6,969

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Thousands						3 Months Ended		9 Months Ended
	May 17, 2022 shares	Feb. 01, 2022 shares	Jan. 01, 2022 $ / shares shares	Jan. 01, 2021 shares	Sep. 15, 2015 shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)					775,000
Term of award					10 years			3 years
Share price at grant date (in dollars per share) | $ / shares			$ 110.90
Stock-based compensation expense | $						$ 709	$ 600	$ 1,900	$ 2,100
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			30,002
Fair value of stock options (in dollars per share) | $ / shares			$ 17.094
Time-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		1,295	5,849
Restricted shares vesting percentage		33%	33%
Time-based RSUs | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	6,563
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares eligible to be earned (in shares)				26,814
Shares eligible to be earned, percentage of awards granted				2
Expected volatility								22.40%
Risk-free rate								0.97%
Expected term								3 years
Performance-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			13,407
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			25%

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Assumptions Used in Black-Scholes Pricing Model (Details) - Stock Options - 2022 LTIP Awards	9 Months Ended
	Sep. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 110.90
Risk-free rate	1.44%
Expected term	6 years 3 months
Expected volatility	21.20%
Dividend yield	2.597%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2022
Subsequent Event [Line Items]
Shares repurchased		$ 359	$ 359
Subsequent Event
Subsequent Event [Line Items]
Shares repurchased (in shares)	426,773
Shares repurchased	$ 28,700
Shares repurchased (USD per share)	$ 67,250