Centerspace (CSR) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		15,052,549
Entity Central Index Key	0000798359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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 Cumulative Redeemable Preferred Shares
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 - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate investments
Property owned	$ 2,326,408	$ 2,534,124
Less accumulated depreciation	(516,673)	(535,401)
Total real estate investments	1,809,735	1,998,723
Cash and cash equivalents	29,701	10,458
Restricted cash	22,496	1,433
Other assets	16,349	22,687
TOTAL ASSETS	1,878,281	2,033,301
LIABILITIES
Accounts payable and accrued expenses	62,674	58,812
Revolving lines of credit	0	113,500
Notes payable, net of unamortized loan costs of $557 and $993, respectively	299,443	399,007
Mortgages payable, net of unamortized loan costs of $3,314 and $3,615, respectively	539,245	495,126
TOTAL LIABILITIES	901,362	1,066,445
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at September 30, 2023 and December 31, 2022, aggregate liquidation preference of $16,560)	16,560	16,560
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, 2023 and December 31, 2022, aggregate liquidation preference of $97,036)	93,530	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,052 shares issued and outstanding at September 30, 2023 and 15,020 shares issued and outstanding at December 31, 2022)	1,169,025	1,177,484
Accumulated distributions in excess of net income	(527,586)	(539,422)
Accumulated other comprehensive loss	(1,434)	(2,055)
Total shareholders’ equity	733,535	729,537
Noncontrolling interests – Operating Partnership and Series E preferred units	226,205	220,132
Noncontrolling interests – consolidated real estate entities	619	627
TOTAL EQUITY	960,359	950,296
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,878,281	$ 2,033,301

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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)	15,052	15,020
Common shares of beneficial interest, shares outstanding (in shares)	15,052	15,020
Term Loans
LIABILITIES
Unamortized loan costs	$ 557	$ 993
Mortgages
LIABILITIES
Unamortized loan costs	$ 3,314	$ 3,615

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
REVENUE	$ 64,568,000	$ 65,438,000	$ 197,241,000	$ 188,868,000
EXPENSES
Property operating expenses, excluding real estate taxes	19,602,000	20,290,000	58,816,000	58,315,000
Real estate taxes	7,143,000	7,039,000	21,898,000	21,103,000
Property management expense	2,197,000	2,563,000	7,012,000	7,537,000
Casualty loss	937,000	276,000	1,242,000	1,256,000
Depreciation and amortization	24,697,000	23,720,000	75,061,000	79,489,000
General and administrative expenses	3,832,000	4,519,000	15,717,000	14,240,000
TOTAL EXPENSES	58,408,000	58,407,000	179,746,000	181,940,000
Gain on sale of real estate and other investments	11,235,000	0	71,327,000	27,000
Loss on litigation settlement	0	0	(2,864,000)	0
Operating income	17,395,000	7,031,000	85,958,000	6,955,000
Interest expense	(8,556,000)	(7,871,000)	(27,516,000)	(23,147,000)
Interest and other income	330,000	70,000	674,000	1,116,000
NET INCOME (LOSS)	9,169,000	(770,000)	59,116,000	(15,076,000)
Dividends to Series D preferred unitholders	(160,000)	(160,000)	(480,000)	(480,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	(1,204,000)	439,000	(9,058,000)	3,546,000
Net income attributable to noncontrolling interests – consolidated real estate entities	(31,000)	(32,000)	(96,000)	(93,000)
Net income (loss) attributable to controlling interests	7,774,000	(523,000)	49,482,000	(12,103,000)
Dividends to preferred shareholders	(1,607,000)	(1,607,000)	(4,821,000)	(4,821,000)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 6,167,000	$ (2,130,000)	$ 44,661,000	$ (16,924,000)
NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	$ 0.41	$ (0.14)	$ 2.98	$ (1.11)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 0.41	$ (0.14)	$ 2.96	$ (1.11)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,169	$ (770)	$ 59,116	$ (15,076)
Other comprehensive income (loss):
Unrealized gain from derivative instrument	0	0	0	1,581
Loss on derivative instrument reclassified into earnings	324	204	621	696
Total comprehensive income (loss)	9,493	(566)	59,737	(12,799)
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	(1,151)	473	(8,954)	3,937
Net income attributable to noncontrolling interests – consolidated real estate entities	(31)	(32)	(96)	(93)
Comprehensive income (loss) attributable to controlling interests	$ 8,311	$ (125)	$ 50,687	$ (8,955)

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	Series D Preferred Units	PREFERRED SHARES	COMMON SHARES	COMMON SHARES Series E Preferred Units	COMMON SHARES Series D Preferred Units	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME (LOSS)	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME (LOSS) Series C Preferred Stock	ACCUMULATED OTHER COMPREHENSIVE LOSS	NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Series E Preferred Units
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 (loss) income attributable to controlling interests and noncontrolling interests	(15,556)								(12,103)			(3,453)
Change in fair value of derivatives and amortization of swap settlements	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 (in shares)						(5)
Shares repurchased	(359)					$ (359)
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 (loss) income attributable to controlling interests and noncontrolling interests	(930)								(523)			(407)
Change in fair value of derivatives and amortization of swap settlements	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 (in shares)						(5)
Shares repurchased	(359)					$ (359)
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
Beginning balance at Dec. 31, 2022	950,296				93,530	$ 1,177,484			(539,422)		(2,055)	220,759
Beginning balance (in shares) at Dec. 31, 2022						15,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to controlling interests and noncontrolling interests	58,636								49,482			9,154
Change in fair value of derivatives and amortization of swap settlements	621										621
Distributions - common shares and units	(34,891)								(32,825)			(2,066)
Distributions - Series C preferred shares	(4,821)	(4,821)								(4,821)
Distributions - Series E preferred stock			(5,076)										(5,076)
Share-based compensation, net of forfeitures (in shares)						19
Share-based compensation, net of forfeitures	2,712					$ 2,712
Redemption of Units for common shares (in shares)						107	31
Redemption of Units for common shares	0		0			$ (1,919)	$ (2,296)					1,919	2,296
Shares repurchased (in shares)						(124)
Shares repurchased	(6,718)					$ (6,718)
Shares withheld for taxes	(182)					$ (182)
Other (in shares)						(1)
Other	(218)					$ (56)						(162)
Ending balance at Sep. 30, 2023	960,359				93,530	$ 1,169,025			(527,586)		(1,434)	226,824
Ending balance (in shares) at Sep. 30, 2023						15,052
Beginning balance at Jun. 30, 2023	965,408				93,530	$ 1,169,501			(522,796)		(1,758)	226,931
Beginning balance (in shares) at Jun. 30, 2023						14,949
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income attributable to controlling interests and noncontrolling interests	9,009								7,774			1,235
Change in fair value of derivatives and amortization of swap settlements	324										324
Distributions - common shares and units	(11,615)								(10,957)			(658)
Distributions - Series C preferred shares	(1,607)	$ (1,607)								$ (1,607)
Distributions - Series E preferred stock			(1,682)										(1,682)
Share-based compensation, net of forfeitures	602					$ 602
Redemption of Units for common shares (in shares)						97	6
Redemption of Units for common shares	0		$ 0			$ (898)	$ (176)					898	$ 176
Other	(80)					(4)						(76)
Ending balance at Sep. 30, 2023	$ 960,359				$ 93,530	$ 1,169,025			$ (527,586)		$ (1,434)	$ 226,824
Ending balance (in shares) at Sep. 30, 2023						15,052

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Distributions - common shares and units (in dollars per share)	$ 0.73	$ 0.73	$ 2.19	$ 2.19
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	$ 0.96875	$ 2.90625	$ 2.90625

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 59,116	$ (15,076)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	76,265	80,104
Gain on sale of real estate and other investments	(71,323)	0
Loss on litigation settlement	2,864
Share-based compensation expense	2,712	1,908
(Gain) loss on interest rate swap mark-to-market and settlement amortization	621	(221)
Other, net	802	660
Changes in other assets and liabilities:
Other assets	3,834	4,158
Accounts payable and accrued expenses	2,529	(2,560)
Net cash provided by operating activities	77,420	68,973
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from repayment of mortgage loans and notes receivable	430	353
Net proceeds from sale of real estate and other investments	223,259	0
Payments for acquisitions of real estate investments	0	(104,666)
Payments for improvements of real estate investments	(39,404)	(33,625)
Other investing activities	1,086	798
Net cash provided by (used by) investing activities	185,371	(137,140)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	90,000	0
Principal payments on mortgages payable	(46,770)	(27,426)
Proceeds from revolving lines of credit	75,907	150,000
Principal payments on revolving lines of credit	(189,407)	(54,500)
Principal payments on notes payable	(100,000)	0
Payment for termination of interest rate swap	0	(3,209)
Net proceeds from issuance of common shares	0	31,499
Repurchase of common shares	(6,718)	(359)
Redemption of partnership units	(38)	(3,837)
Distributions paid to common shareholders	(32,785)	(33,252)
Distributions paid to preferred shareholders	(4,821)	(4,821)
Distributions paid to Series D preferred unitholders	(480)	(480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units	(7,194)	(7,325)
Other financing activities	(179)	(374)
Net cash provided by (used by) financing activities	(222,485)	45,916
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	40,306	(22,251)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	11,891	38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	52,197	16,374
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	4,369	2,458
Operating partnership units converted to shares	(1,919)	(831)
Distributions declared but not paid to common shareholders	11,615	11,938
Series E preferred units converted to common shares	(2,296)	0
Retirement of shares withheld for taxes	182	1,280
Loss on litigation settlement	2,864	0
Involuntary conversion of assets	(1,986)	0
Real estate assets acquired through assumption of debt	0	41,623
Fair value adjustment to debt	0	1,224
Real estate assets acquired through exchange of note receivable	0	43,276
Note receivable exchanged through real estate acquisition	0	(43,276)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	26,190	21,856
Cash and cash equivalents	29,701	14,957
Restricted cash	22,496	1,417
Total cash, cash equivalents and restricted cash	52,197	16,374
Operating Partnership Units
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Real estate assets acquired through issuance of operating partnership units	$ 0	$ 22,882

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2023
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, 2023, Centerspace owned interests in 71 apartment communities consisting of 12,785 apartment homes.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
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, 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, 2022, as filed with the SEC on February 21, 2023. 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. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 This ASU extends the sunset date of Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform to December 31, 2024. This ASU is effective immediately for all companies. The ASU will not have a material impact on the Condensed Consolidated Financial Statements. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and our deposits in a money market mutual fund. As of September 30, 2023 restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions, real estate deposits, and escrows held by lenders. As of December 31, 2022, restricted cash consisted primarily of escrows held by lenders for real estate taxes, insurance, and capital additions. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although recent bank failures have increased the risk of loss in such accounts, we have not experienced any losses in such accounts. 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 FASB Accounting Standards Codification (“ASC”) ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the three months ended September 30, 2023 and 2022, rental income represented approximately 98.1% and 97.4% of total revenues, respectively, and included gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the three months ended September 30, 2023 and 2022, other property revenues represented the remaining 1.9% and 2.6% of total revenues, respectively, and were primarily driven by other fee income, which is typically recognized when earned, at a point in time. For the nine months ended September 30, 2023 and 2022, rental income represented approximately 98.2% and 97.8% of total revenues, respectively. For the nine months ended September 30, 2023 and 2022, other property revenues represented the remaining 1.8% and 2.2% of total revenues, respectively. 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, 2023, was as follows: (in thousands) 2023 (remainder) $ 539 2024 2,130 2025 2,076 2026 1,908 2027 1,444 Thereafter 6,170 Total scheduled lease income - commercial operating leases $ 14,267 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, 2023 and 2022: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2023 2022 2023 2022 Fixed lease income - operating leases Leases $ 60,324 $ 60,851 $ 184,256 $ 176,911 Variable lease income - operating leases Leases 3,006 2,905 9,523 7,728 Other property revenue Revenue from contracts with customers 1,238 1,682 3,462 4,229 Total revenue $ 64,568 $ 65,438 $ 197,241 $ 188,868 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 three months ended September 30, 2023, the Company recognized $11.2 million as a gain on the sale of real estate and other investments. For the three months ended September 30, 2022, the Company did not recognize any gain on the sale of real estate and other investments. For the nine months ended September 30, 2023 and 2022, the Company recognized $71.3 million and $27,000, respectively, as a gain on the sale of real estate and other investments. MARKET CONCENTRATION RISK We are subject to increased exposure from economic and other competitive factors specific to markets where we hold a significant percentage of the carrying value of our real estate portfolio. As of September 30, 2023, we held more than 10% of the carrying value of our real estate portfolio in each of the following markets: Minneapolis, Minnesota and Denver, Colorado. 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 generally 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, 2023 and 2022, the Company recorded no impairment charges. NOTES RECEIVABLE The Company has a tax increment financing note receivable (“TIF”) with a principal balance of $5.7 million and $6.1 million at September 30, 2023 and December 31, 2022, respectively, which appears within other assets in the Condensed Consolidated Balance Sheets at fair value. 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, 2023 and December 31, 2022, the loans had no remaining balance. ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Condensed Consolidated Statements of Operations within the Property operating expenses, excluding real estate taxes line item. During the three months ended September 30, 2023 and 2022, total advertising expense was $878,000 and $795,000, respectively. During the nine months ended September 30, 2023 and 2022, total advertising expense was $2.3 million and $2.4 million, respectively. SEVERANCE AND TRANSITION On March 23, 2023, the Company entered into a Separation and General Release Agreement (the “Separation Agreement”) in connection with the departure of former CEO, Mark Decker, Jr. During the nine months ended September 30, 2023, the Company incurred total severance costs of $2.2 million for the cash severance and benefits for Mr. Decker, $737,000 in share-based compensation expense for the acceleration of certain equity awards, and $306,000 in other CEO transition related expenses. Refer to Note 11 for additional information on the share-based compensation expense. INVOLUNTARY CONVERSION OF ASSETS In April 2023, a portion of an apartment community was destroyed by fire. The Company recorded a write-down of the apartment community asset, in accordance with ASC 610-30 on involuntary conversion of non-monetary assets, totaling $1.0 million with an offsetting insurance receivable recorded within other assets on the Condensed Consolidated Balance Sheets. As of September 30, 2023, the estimated insurance claim was $1.3 million. Any amounts received in excess of the write-down will be recognized when received. During the three months ended September 30, 2023, Centerspace recorded a $695,000 write-down to an apartment community asset as a result of extensive damage to the pool. Any insurance funds received will be recognized when received in accordance with ASC 610-30. LITIGATION SETTLEMENT During the nine months ended, September 30, 2023, the Company recorded a loss on litigation settlement of $2.9 million due to a trial judgment entered against Centerspace on May 8, 2023 for property damage, resulting in monetary losses. Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claimed a retaining wall at one of the Company’s properties was causing water damage to the neighboring property. Subsequent to September 30, 2023, the judgement was ordered and the Company paid the settlement of $2.9 million. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit. 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, 2023
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 the vesting of the RSUs or exercise of the 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. 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, 2023 and 2022. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 NUMERATOR Net income (loss) attributable to controlling interests $ 7,774 $ (523) $ 49,482 $ (12,103) Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Numerator for basic earnings (loss) per share – net income (loss) available to common shareholders 6,167 (2,130) 44,661 (16,924) Noncontrolling interests – Operating Partnership and Series E preferred units (1) 1,204 (439) 6,233 (3,546) Dividends to preferred unitholders (2) — 160 480 480 Numerator for diluted earnings (loss) per share $ 7,371 $ (2,409) $ 51,374 $ (19,990) DENOMINATOR Denominator for basic earnings per share weighted average shares 14,989 15,373 14,988 15,280 Effect of redeemable operating partnership units (1) 908 — — — Effect of Series D preferred units (2) — — 228 — Effect of Series E preferred units 2,093 — 2,105 — Effect of dilutive restricted stock units and stock options 28 — 23 — Denominator for diluted earnings per share 18,018 15,373 17,344 15,280 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 0.41 $ (0.14) $ 2.98 $ (1.11) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 0.41 $ (0.14) $ 2.96 $ (1.11) (1) For the nine months ended September 30, 2023, the impact of Units was excluded from the calculation of calculation of net income (loss) per common share - diluted as they were anti-dilutive. (2) For the three months ended September 30, 2023, dividends to preferred unitholders and the effect of Series D preferred units are excluded in the calculation of net income (loss) per common share - diluted as they were anti-dilutive. For the three months ended September 30, 2023, Series D preferred units of 228,000, as converted and performance-based RSUs of 26,000 were excluded from the calculation of diluted earnings per share because they were anti-dilutive. 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, as converted, 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 nine months ended September 30, 2023, operating partnership units of 943,000 and performance-based RSUs of 26,000 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, as converted, 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.

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Operating Partnership Units. The Operating Partnership had 864,000 and 971,000 outstanding Units at September 30, 2023 and December 31, 2022, 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, 2023 and 2022 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2023 97 $ 898 2022 8 $ 456 Nine Months Ended September 30, 2023 107 $ 1,919 2022 19 $ 831 Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the three and nine months ended September 30, 2023 and 2022 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 2023 — $ 28 $ 63.37 2022 7 $ 607 $ 81.18 Nine Months Ended September 30, 2023 1 $ 38 $ 61.40 2022 42 $ 3,837 $ 90.93 Series E Preferred Units (Noncontrolling Interests). Centerspace had 1.7 million and 1.8 million Series E preferred units outstanding on September 30, 2023 and December 31, 2022, respectively. Each Series E preferred unit has a par value of $100. 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 $173.3 million. The holders of the Series E preferred units do not have voting rights. (in thousands) Number of Series E Number of Total Three Months Ended September 30, Preferred Units Redeemed Common Shares Issued Value 2023 5 6 $ 176 Nine Months Ended September 30, 2023 25 31 $ 2,296 Common Shares and Equity Awards . Common shares outstanding on September 30, 2023 and December 31, 2022, totaled 15.1 million and 15.0 million, respectively. There were 64 and 19,014 shares issued upon the vesting of equity awards under the 2015 Incentive Plan during the three and nine months ended September 30, 2023, respectively, with a total grant-date fair value of $5,000 and $1.7 million, respectively. There were 199 and 24,296 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. These shares vested based on performance and service criteria. Refer to Note 11 for additional details on share-based compensation. Equity Distribution Agreement. Centerspace has an equity distribution agreement in connection with an 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 nine months ended September 30, 2023 and 2022 under the 2021 ATM Program. There were no sales of common shares under the 2021 ATM Program during the three months ended September 30, 2023 and 2022. As of September 30, 2023, 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) Nine Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2023 — $ — $ — 2022 321 $ 31,732 $ 98.89 (1) Consideration is net of $338 in commissions and issuance costs during the nine months ended September 30, 2022. Share Repurchase Program. On March 10, 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, 2023 and 2022. As of September 30, 2023, the Company had $14.2 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) 2023 — $ — $ — 2022 5 $ 359 $ 65.97 Nine Months Ended September 30, 2023 124 $ 6,718 $ 54.19 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022. 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 issuance price. Each Series D preferred unit is convertible, at the holder’s option, into 1.37931 Units. The Series D preferred units have an aggregate liquidation preference of $16.6 million. Changes in the redemption value are charged to common shares on the Condensed Consolidated Balance Sheets from period to period. The holders of the Series D preferred units do not have voting rights. Distributions to Series D unitholders are presented in the Condensed Consolidated Statements of Equity within net income (loss) attributable to controlling interests and noncontrolling interests.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The following is a summary of our secured and unsecured debt at September 30, 2023 and December 31, 2022. (in thousands) September 30, 2023 December 31, 2022 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2023 Lines of credit (1) $ — — $ 113,500 4.12 % — Term loans — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.88 Unsecured debt 300,000 513,500 6.88 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.81 Mortgages payable - other (3)(5) 343,709 4.14 % 299,427 3.85 % 6.53 Total debt (4) $ 842,559 3.46 % $ 1,011,777 3.62 % 6.96 (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; 13 at September 30, 2023 and 15 at December 31, 2022. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. As of September 30, 2023, 46 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” or “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, 2023, there was no outstanding balance on this line of credit, therefore the additional borrowing availability was $250.0 million. 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. On May 31, 2023, the unsecured credit facility was further amended to replace the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”) as the benchmark alternative reference rate under the Facility. Loans under the Facility outstanding as of the effective date of the Amendment that accrue interest at a rate determined by reference to LIBOR will continue to accrue interest at a rate determined by reference to LIBOR for the interest period applicable to such loans. The line of credit has an interest rate equal to daily SOFR plus a margin of 135 basis points and a spread adjustment of 10 basis points. The interest rates on the line of credit are based, at the Company’s option, on either the lender’s base rate plus a margin, ranging from 25-80 basis points, or daily or term SOFR, plus a margin that ranges from 125-180 basis points based on the consolidated leverage ratio, as defined under the First Amendment to Third Amended and Restated Credit Agreement. Prior to the amendment, interest rates on the line of credit were based, at the Company’s option, on either the lender’s base rate plus a margin, ranging from 25-80 basis points, or 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, 2023. Centerspace also has a $6.0 million operating line of credit. As of September 30, 2023, there was no outstanding balance on this 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 September 30, 2024, with pricing based on SOFR. Centerspace has a private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. (collectively, “PGIM”) with an aggregate amount of $225.0 million of unsecured senior promissory notes (“unsecured senior notes”) available for issuance. The Company also has a separate 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, 2023. 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 November 2022, the Company entered into a $100.0 million term loan agreement (“Term Loan”) with PNC Bank, National Association as administrative agent. The interest rate on the Term Loan was based on SOFR, plus a margin that ranged from 120 to 175 basis points based on the consolidated leverage ratio. The Term Loan had a 364-day term with an option for an additional 364-day term. As of September 30, 2023, the term loan was paid in full. As of December 31, 2022, the term loan had a balance of $100.0 million. Centerspace has a $198.9 million Fannie Mae Credit Facility Agreement (the “FMCF”). The FMCF is secured by mortgages on 12 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, 2023 and December 31, 2022, 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, 2023, Centerspace owned 13 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, 2023, the Company believes that there were no material defaults or instances of noncompliance in regards to any of these mortgages payable. On April 26, 2023, Centerspace closed on a $90.0 million secured note payable, which is included in the mortgages payable discussion above, with an interest rate of 5.04% and a term of 12 years. The aggregate amount of required future principal payments on all debt as of September 30, 2023, was as follows: (in thousands) 2023 (remainder) $ 1,486 2024 6,369 2025 35,277 2026 51,590 2027 48,666 Thereafter 699,171 Total payments $ 842,559

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
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 (loss) 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 $857,000 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, 2023 and December 31, 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 interest and other income (loss) in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2022, the Company recorded a gain of $582,000, related to the interest rate swap not designated in a hedging relationship, prior to its termination. The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of September 30, 2023 and 2022. (in thousands) Gain Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Income (Loss) Three months ended September 30, 2023 2022 2023 2022 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (324) $ (204) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ 1,581 Interest expense $ (621) $ (696)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, other assets, 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) Balance Sheet Location Total Level 1 Level 2 Level 3 September 30, 2023 Assets Notes receivable Other assets $ 5,455 — — $ 5,455 December 31, 2022 Assets Notes receivable Other assets $ 5,871 — — $ 5,871 Centerspace utilizes an income approach with Level 3 inputs based on expected future cash flows to value the notes receivable. The inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 3.75% to 5.50%), and instrument specific credit risk of 0.5%. 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 Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2023 Notes receivable $ 5,455 $ 14 $ 197 $ 211 Nine months ended September 30, 2022 Notes receivable $ 5,865 $ 11 $ 600 $ 611 As of September 30, 2023 and December 31, 2022, Centerspace had investments totaling $1.8 million and $1.6 million, respectively, in real estate technology venture funds consisting of privately held entities that develop technology related to the real estate industry. These investments appear within other assets on our Condensed Consolidated Balance Sheets. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of September 30, 2023, the Company had total unfunded commitments of $1.2 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022, respectively, are as follows: (in thousands) September 30, 2023 December 31, 2022 Balance Sheet Location Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 29,701 $ 29,701 $ 10,458 $ 10,458 Restricted cash Restricted cash $ 22,496 $ 22,496 $ 1,433 $ 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit $ — $ — $ 113,500 $ 113,500 Term loans Notes payable $ — $ — $ 100,000 $ 100,000 Unsecured senior notes Notes payable $ 300,000 $ 234,675 $ 300,000 $ 238,446 Mortgages payable - Fannie Mae Mortgages payable $ 198,850 $ 157,180 $ 198,850 $ 161,297 Mortgages payable - other Mortgages payable $ 343,709 $ 306,678 $ 299,427 $ 274,029

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace did not acquire new real estate during the three months ended September 30, 2023 compared to acquisitions of $95.0 million during the three months ended September 30, 2022. Centerspace did not acquire new real estate during the nine months ended September 30, 2023 compared to acquisitions of $211.9 million during the nine months ended September 30, 2022. The acquisitions during the nine months ended September 30, 2022 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 Assets (4) Other (5) 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) Intangible assets consist of in-place leases valued at the time of acquisition. During the nine months ended September 30, 2023 and 2022, Centerspace recognized $941,000 and $11.1 million, respectively, of amortization expense related to intangibles, included within depreciation and amortization in the Condensed Consolidated Statement of Operations. (5) Debt discount on assumed mortgage. DISPOSITIONS During the three months ended September 30, 2023, Centerspace disposed of four apartment communities and associated commercial space, in one transaction for an aggregate sales price of $82.5 million. Centerspace did not dispose of any real estate during the three months ended September 30, 2022. During the nine months ended September 30, 2023, Centerspace disposed of 13 apartment communities and associated commercial space, in five transactions for an aggregate sales price of $226.8 million. Centerspace did not dispose of any real estate during the nine months ended September 30, 2022. The dispositions for the nine months ended September 30, 2023 are detailed below. Nine Months Ended September 30, 2023 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Cost Gain/(Loss) 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,970 $ 9,635 498 homes - 2 Nebraska apartment communities March 14, 2023 $ 48,500 $ 14,975 $ 33,525 892 homes - 5 Minnesota apartment communities March 15, 2023 $ 74,500 $ 55,053 $ 19,447 62 homes - Portage - Minneapolis, MN March 15, 2023 $ 6,650 $ 9,098 $ (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 $ 82,500 $ 71,218 $ 11,282 Total Dispositions $ 226,755 $ 155,314 $ 71,441

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2023
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 disposed or designated as held for sale. During the nine months ended September 30, 2023, 13 sold apartment communities were reclassified from the multifamily segment to all other for all periods presented. 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 excludes gain (loss) on the same of real estate and other assets, 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, 2023 and 2022, 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, 2023 Multifamily All Other Total Revenue $ 61,505 $ 3,063 $ 64,568 Property operating expenses, including real estate taxes 25,375 1,370 26,745 Net operating income $ 36,130 $ 1,693 $ 37,823 Property management (2,197) Casualty loss (937) Depreciation and amortization (24,697) General and administrative expenses (3,832) Gain on sale of real estate and other investments 11,235 Interest expense (8,556) Interest and other income 330 Net income $ 9,169 (in thousands) Three Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 57,057 $ 8,381 $ 65,438 Property operating expenses, including real estate taxes 23,339 3,990 27,329 Net operating income $ 33,718 $ 4,391 $ 38,109 Property management (2,563) Casualty loss (276) Depreciation and amortization (23,720) General and administrative expenses (4,519) Interest expense (7,871) Interest and other income 70 Net loss $ (770) (in thousands) Nine Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 182,893 $ 14,348 $ 197,241 Property operating expenses, including real estate taxes 73,917 6,797 80,714 Net operating income $ 108,976 $ 7,551 $ 116,527 Property management (7,012) Casualty loss (1,242) Depreciation and amortization (75,061) General and administrative expenses (15,717) Gain on sale of real estate and other investments 71,327 Loss on litigation settlement (2,864) Interest expense (27,516) Interest and other income 674 Net income $ 59,116 (in thousands) Nine Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 164,823 $ 24,045 $ 188,868 Property operating expenses, including real estate taxes 67,747 11,671 79,418 Net operating income $ 97,076 $ 12,374 $ 109,450 Property management (7,537) Casualty loss (1,256) Depreciation and amortization (79,489) General and administrative expenses (14,240) Gain on sale of real estate and other investments 27 Interest expense (23,147) Interest and other income 1,116 Net loss $ (15,076) Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of September 30, 2023, and December 31, 2022, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2023 Multifamily All Other Total Segment assets Property owned $ 2,308,818 $ 17,590 $ 2,326,408 Less accumulated depreciation (512,688) (3,985) (516,673) Total property owned $ 1,796,130 $ 13,605 $ 1,809,735 Cash and cash equivalents 29,701 Restricted cash 22,496 Other assets 16,349 Total Assets $ 1,878,281 (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,274,202 $ 259,922 $ 2,534,124 Less accumulated depreciation (443,828) (91,573) (535,401) Total property owned $ 1,830,374 $ 168,349 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claims a retaining wall at one of its properties is causing water damage to the neighboring property. The claim was for damage to the property and monetary losses. The Company recorded a loss on litigation settlement of $2.9 million due to a trial judgment against Centerspace for property damage and monetary losses. Subsequent to September 30, 2023, the judgement was ordered and the Company paid the settlement of $2.9 million. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit. Centerspace is involved in various lawsuits arising in the normal course of business and believes that such matters will not have a material adverse effect on the condensed consolidated financial statements. 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. Twenty-eight properties, consisting of 4,935 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 $1.2 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, 2023
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. Through September 30, 2023, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. We account for forfeitures of restricted and unrestricted common shares, RSUs, and stock options when they occur instead of estimating the forfeitures. 2023 LTIP Awards Awards granted to employees on January 1, 2023, consisted of an aggregate of 14,256 time-based RSU awards, 20,497 performance RSUs based on total shareholder return (“TSR”), and 45,955 stock options. The time-based awards vest as to one-third of the shares on each of January 1, 2024, January 1, 2025, and January 1, 2026. The stock options vest as to 25% on each of January 1, 2024, January 1, 2025, January 1, 2026, and January 1, 2027. The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2023 Exercise price $ 58.67 Risk-free rate 3.97 % Expected term 6.25 years Expected volatility 28.7 % Dividend yield 4.977 % The performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Equity Index over a forward looking three-year period. The maximum number of performance RSUs eligible to be earned is 40,994 RSUs, which is 200% of the performance 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 37.20%, a risk-free interest rate of 4.22%, and an expected life of 3 years. The share price at the grant date, January 1, 2023, was $58.67 per share. On March 31, 2023, in connection with her appointment to President and Chief Executive Officer, Anne Olson received a one-time stock award of 5,492 RSUs, which will vest in full on March 31, 2026. On March 31, 2023, in connection with the change in executive management, Bhairav Patel, CFO, received a one-time stock award of 2,746 RSUs. One-third of the RSUs will vest on March 31, 2025 and the remaining two-thirds will vest on March 31, 2026. Awards granted to trustees on May 16, 2023 consist of 9,200 time-based RSUs, which vest on May 16, 2024. These awards are classified as equity awards. Share-Based Compensation Expense Share-based compensation expense recognized in the condensed consolidated financial statements for all outstanding share-based awards was $602,000 and $709,000 for the three months ended September 30, 2023 and 2022, respectively, and $2.7 million and $1.9 million for the nine months ended September 30, 2023 and 2022, respectively. On March 31, 2023, the Company accelerated the vesting of all unvested time-based RSUs and stock options in connection with the Separation Agreement with Mr. Decker. This resulted in the acceleration of share-based compensation expense for those awards resulting in an additional $737,000 in expense during the nine months ended September 30, 2023. Any performance-based RSUs were prorated, in accordance with the award agreement, and will vest at the end of performance period based on actual performance. The remaining performance-based RSUs were forfeited. Mr. Decker exercised stock options, prior to their expiration on June 30, 2023, in a cashless exercise with a net 425 shares issued.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn October 11, 2023, the Company acquired Lake Vista Apartment Homes in Loveland, Colorado, for an aggregate purchase price of $94.5 million, which was financed through the assumption of $52.7 million in mortgage debt and cash.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to controlling interests	$ 7,774	$ (523)	$ 49,482	$ (12,103)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP, 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, 2022, as filed with the SEC on February 21, 2023.
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.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 This ASU extends the sunset date of Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform to December 31, 2024. This ASU is effective immediately for all companies. The ASU will not have a material impact on the Condensed Consolidated Financial Statements.
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and our deposits in a money market mutual fund. As of September 30, 2023 restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions, real estate deposits, and escrows held by lenders. As of December 31, 2022, restricted cash consisted primarily of escrows held by lenders for real estate taxes, insurance, and capital additions. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although recent bank failures have increased the risk of loss in such accounts, we have not experienced any losses in such accounts.
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 FASB Accounting Standards Codification (“ASC”) ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the three months ended September 30, 2023 and 2022, rental income represented approximately 98.1% and 97.4% of total revenues, respectively, and included gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the three months ended September 30, 2023 and 2022, other property revenues represented the remaining 1.9% and 2.6% of total revenues, respectively, and were primarily driven by other fee income, which is typically recognized when earned, at a point in time. For the nine months ended September 30, 2023 and 2022, rental income represented approximately 98.2% and 97.8% of total revenues, respectively. For the nine months ended September 30, 2023 and 2022, other property revenues represented the remaining 1.8% and 2.2% of total revenues, respectively. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from 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.
MARKET CONCENTRATION RISK	MARKET CONCENTRATION RISK We are subject to increased exposure from economic and other competitive factors specific to markets where we hold a significant percentage of the carrying value of our real estate portfolio. As of September 30, 2023, we held more than 10% of the carrying value of our real estate portfolio in each of the following markets: Minneapolis, Minnesota and Denver, Colorado.
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 generally 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.
ADVERTISING COSTS	ADVERTISING COSTSAdvertising costs are expensed as incurred and reported on the Condensed Consolidated Statements of Operations within the Property operating expenses, excluding real estate taxes line item.
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, 2023
Accounting Policies [Abstract]
Schedule of Recent Accounting Pronouncements	The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 This ASU extends the sunset date of Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform to December 31, 2024. This ASU is effective immediately for all companies. The ASU will not have a material impact on the Condensed Consolidated Financial Statements.
Schedule of Future 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, 2023, was as follows: (in thousands) 2023 (remainder) $ 539 2024 2,130 2025 2,076 2026 1,908 2027 1,444 Thereafter 6,170 Total scheduled lease income - commercial operating leases $ 14,267
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2023 and 2022: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2023 2022 2023 2022 Fixed lease income - operating leases Leases $ 60,324 $ 60,851 $ 184,256 $ 176,911 Variable lease income - operating leases Leases 3,006 2,905 9,523 7,728 Other property revenue Revenue from contracts with customers 1,238 1,682 3,462 4,229 Total revenue $ 64,568 $ 65,438 $ 197,241 $ 188,868

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of 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, 2023 and 2022. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 NUMERATOR Net income (loss) attributable to controlling interests $ 7,774 $ (523) $ 49,482 $ (12,103) Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Numerator for basic earnings (loss) per share – net income (loss) available to common shareholders 6,167 (2,130) 44,661 (16,924) Noncontrolling interests – Operating Partnership and Series E preferred units (1) 1,204 (439) 6,233 (3,546) Dividends to preferred unitholders (2) — 160 480 480 Numerator for diluted earnings (loss) per share $ 7,371 $ (2,409) $ 51,374 $ (19,990) DENOMINATOR Denominator for basic earnings per share weighted average shares 14,989 15,373 14,988 15,280 Effect of redeemable operating partnership units (1) 908 — — — Effect of Series D preferred units (2) — — 228 — Effect of Series E preferred units 2,093 — 2,105 — Effect of dilutive restricted stock units and stock options 28 — 23 — Denominator for diluted earnings per share 18,018 15,373 17,344 15,280 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 0.41 $ (0.14) $ 2.98 $ (1.11) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 0.41 $ (0.14) $ 2.96 $ (1.11) (1) For the nine months ended September 30, 2023, the impact of Units was excluded from the calculation of calculation of net income (loss) per common share - diluted as they were anti-dilutive. (2) For the three months ended September 30, 2023, dividends to preferred unitholders and the effect of Series D preferred units are excluded in the calculation of net income (loss) per common share - diluted as they were anti-dilutive.

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2023 97 $ 898 2022 8 $ 456 Nine Months Ended September 30, 2023 107 $ 1,919 2022 19 $ 831 Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the three and nine months ended September 30, 2023 and 2022 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 2023 — $ 28 $ 63.37 2022 7 $ 607 $ 81.18 Nine Months Ended September 30, 2023 1 $ 38 $ 61.40 2022 42 $ 3,837 $ 90.93 (in thousands) Number of Series E Number of Total Three Months Ended September 30, Preferred Units Redeemed Common Shares Issued Value 2023 5 6 $ 176 Nine Months Ended September 30, 2023 25 31 $ 2,296
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares during the nine months ended September 30, 2023 and 2022 under the 2021 ATM Program. There were no sales of common shares under the 2021 ATM Program during the three months ended September 30, 2023 and 2022. As of September 30, 2023, 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) Nine Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2023 — $ — $ — 2022 321 $ 31,732 $ 98.89
Schedule of Repurchased Shares	The table below provides details on the shares repurchased during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, the Company had $14.2 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) 2023 — $ — $ — 2022 5 $ 359 $ 65.97 Nine Months Ended September 30, 2023 124 $ 6,718 $ 54.19 2022 5 $ 359 $ 65.97 (1) Amount includes commissions.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following is a summary of our secured and unsecured debt at September 30, 2023 and December 31, 2022. (in thousands) September 30, 2023 December 31, 2022 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2023 Lines of credit (1) $ — — $ 113,500 4.12 % — Term loans — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.88 Unsecured debt 300,000 513,500 6.88 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.81 Mortgages payable - other (3)(5) 343,709 4.14 % 299,427 3.85 % 6.53 Total debt (4) $ 842,559 3.46 % $ 1,011,777 3.62 % 6.96 (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; 13 at September 30, 2023 and 15 at December 31, 2022. (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 %
Schedule of Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on all debt as of September 30, 2023, was as follows: (in thousands) 2023 (remainder) $ 1,486 2024 6,369 2025 35,277 2026 51,590 2027 48,666 Thereafter 699,171 Total payments $ 842,559

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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, 2023 and 2022. (in thousands) Gain Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Income (Loss) Three months ended September 30, 2023 2022 2023 2022 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (324) $ (204) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ 1,581 Interest expense $ (621) $ (696)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 September 30, 2023 Assets Notes receivable Other assets $ 5,455 — — $ 5,455 December 31, 2022 Assets Notes receivable Other assets $ 5,871 — — $ 5,871 The estimated fair values of the Company’s financial instruments as of September 30, 2023 and December 31, 2022, respectively, are as follows: (in thousands) September 30, 2023 December 31, 2022 Balance Sheet Location Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 29,701 $ 29,701 $ 10,458 $ 10,458 Restricted cash Restricted cash $ 22,496 $ 22,496 $ 1,433 $ 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit $ — $ — $ 113,500 $ 113,500 Term loans Notes payable $ — $ — $ 100,000 $ 100,000 Unsecured senior notes Notes payable $ 300,000 $ 234,675 $ 300,000 $ 238,446 Mortgages payable - Fannie Mae Mortgages payable $ 198,850 $ 157,180 $ 198,850 $ 161,297 Mortgages payable - other Mortgages payable $ 343,709 $ 306,678 $ 299,427 $ 274,029
Schedule of 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 Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2023 Notes receivable $ 5,455 $ 14 $ 197 $ 211 Nine months ended September 30, 2022 Notes receivable $ 5,865 $ 11 $ 600 $ 611

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisitions	The acquisitions during the nine months ended September 30, 2022 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 Assets (4) Other (5) 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) Intangible assets consist of in-place leases valued at the time of acquisition. During the nine months ended September 30, 2023 and 2022, Centerspace recognized $941,000 and $11.1 million, respectively, of amortization expense related to intangibles, included within depreciation and amortization in the Condensed Consolidated Statement of Operations. (5) Debt discount on assumed mortgage.
Schedule of Dispositions	The dispositions for the nine months ended September 30, 2023 are detailed below. Nine Months Ended September 30, 2023 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Cost Gain/(Loss) 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,970 $ 9,635 498 homes - 2 Nebraska apartment communities March 14, 2023 $ 48,500 $ 14,975 $ 33,525 892 homes - 5 Minnesota apartment communities March 15, 2023 $ 74,500 $ 55,053 $ 19,447 62 homes - Portage - Minneapolis, MN March 15, 2023 $ 6,650 $ 9,098 $ (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 $ 82,500 $ 71,218 $ 11,282 Total Dispositions $ 226,755 $ 155,314 $ 71,441

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the three and nine months ended September 30, 2023 and 2022, 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, 2023 Multifamily All Other Total Revenue $ 61,505 $ 3,063 $ 64,568 Property operating expenses, including real estate taxes 25,375 1,370 26,745 Net operating income $ 36,130 $ 1,693 $ 37,823 Property management (2,197) Casualty loss (937) Depreciation and amortization (24,697) General and administrative expenses (3,832) Gain on sale of real estate and other investments 11,235 Interest expense (8,556) Interest and other income 330 Net income $ 9,169 (in thousands) Three Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 57,057 $ 8,381 $ 65,438 Property operating expenses, including real estate taxes 23,339 3,990 27,329 Net operating income $ 33,718 $ 4,391 $ 38,109 Property management (2,563) Casualty loss (276) Depreciation and amortization (23,720) General and administrative expenses (4,519) Interest expense (7,871) Interest and other income 70 Net loss $ (770) (in thousands) Nine Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 182,893 $ 14,348 $ 197,241 Property operating expenses, including real estate taxes 73,917 6,797 80,714 Net operating income $ 108,976 $ 7,551 $ 116,527 Property management (7,012) Casualty loss (1,242) Depreciation and amortization (75,061) General and administrative expenses (15,717) Gain on sale of real estate and other investments 71,327 Loss on litigation settlement (2,864) Interest expense (27,516) Interest and other income 674 Net income $ 59,116 (in thousands) Nine Months Ended September 30, 2022 Multifamily All Other Total Revenue $ 164,823 $ 24,045 $ 188,868 Property operating expenses, including real estate taxes 67,747 11,671 79,418 Net operating income $ 97,076 $ 12,374 $ 109,450 Property management (7,537) Casualty loss (1,256) Depreciation and amortization (79,489) General and administrative expenses (14,240) Gain on sale of real estate and other investments 27 Interest expense (23,147) Interest and other income 1,116 Net loss $ (15,076)
Schedule of Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of September 30, 2023, and December 31, 2022, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2023 Multifamily All Other Total Segment assets Property owned $ 2,308,818 $ 17,590 $ 2,326,408 Less accumulated depreciation (512,688) (3,985) (516,673) Total property owned $ 1,796,130 $ 13,605 $ 1,809,735 Cash and cash equivalents 29,701 Restricted cash 22,496 Other assets 16,349 Total Assets $ 1,878,281 (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,274,202 $ 259,922 $ 2,534,124 Less accumulated depreciation (443,828) (91,573) (535,401) Total property owned $ 1,830,374 $ 168,349 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value of Stock Options	The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2023 Exercise price $ 58.67 Risk-free rate 3.97 % Expected term 6.25 years Expected volatility 28.7 % Dividend yield 4.977 %

ORGANIZATION (Details)

ORGANIZATION (Details) - Residential Real Estate	Sep. 30, 2023 apartmentCommunity apartmentHome
Real Estate Properties [Line Items]
Number of real estate properties | apartmentCommunity	71
Number of apartment units | apartmentHome	12,785

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2023	$ 539		$ 539
2024	2,130		2,130
2025	2,076		2,076
2026	1,908		1,908
2027	1,444		1,444
Thereafter	6,170		6,170
Total scheduled lease income - commercial operating leases	$ 14,267		$ 14,267
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	3 years		3 years
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	15 years		15 years
Rental Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	98.10%	97.40%	98.20%	97.80%
Fee Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	1.90%	2.60%	1.80%	2.20%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Fixed lease income - operating leases	$ 60,324,000	$ 60,851,000	$ 184,256,000	$ 176,911,000
Variable lease income - operating leases	3,006,000	2,905,000	9,523,000	7,728,000
Other property revenue	1,238,000	1,682,000	3,462,000	4,229,000
Total revenue	64,568,000	65,438,000	197,241,000	188,868,000
Gain on sale of real estate and other investments	$ 11,235,000	$ 0	$ 71,327,000	$ 27,000

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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 Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Multi Family Same-Store | Ironwood Apartments - New Hope, MN | Tax Increment Financing
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Loan commitment	$ 5.7		$ 6.1
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	$ 0	$ 29.9
Multi-Family Residential | Minneapolis, Minnesota | Mezzanine Loan
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate		11.50%
Mortgage loans receivable at fair value		$ 15.3	$ 0

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Advertising expense	$ 878	$ 795	$ 2,300	$ 2,400

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Severance and Transition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 602	$ 709	$ 2,700	$ 1,900
Chief Executive Officer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance costs			2,200
Stock-based compensation expense			737
Transition related expenses			$ 306

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Involuntary conversion of assets	$ 1,000	$ 695	$ 1,986	$ 0
Estimated insurance claim	$ 1,300

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Litigation Settlement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Loss on litigation settlement		$ 0	$ 0	$ 2,864	$ 0
Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlement	$ 2,900

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2022 shares	Sep. 30, 2023 shares	Sep. 30, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ratio of units exchanged for shares			1
Series D Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	228	228		228
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	26	30	26	33
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		984	943	980
Series E Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		2,200		2,200
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		7		10
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		23		38

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss) attributable to controlling interests	$ 7,774	$ (523)	$ 49,482	$ (12,103)
Dividends to preferred shareholders	(1,607)	(1,607)	(4,821)	(4,821)
Numerator for basic earnings (loss) per share – net income (loss) available to common shareholders	6,167	(2,130)	44,661	(16,924)
Noncontrolling interests – Operating Partnership and Series E preferred units	1,204	(439)	6,233	(3,546)
Dividends to preferred unitholders	0	160	480	480
Numerator for diluted earnings (loss) per share	$ 7,371	$ (2,409)	$ 51,374	$ (19,990)
DENOMINATOR
Denominator for basic earnings per share weighted average shares (in shares)	14,989	15,373	14,988	15,280
Effect of redeemable operating partnership units (in shares)	908	0	0	0
Effect of dilutive restricted stock units and stock options (in shares)	28	0	23	0
Denominator for diluted earnings per share (in shares)	18,018	15,373	17,344	15,280
NET INCOME (LOSS) PER COMMON SHARE - BASIC (in dollars per share)	$ 0.41	$ (0.14)	$ 2.98	$ (1.11)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 0.41	$ (0.14)	$ 2.96	$ (1.11)
Series D Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	0	0	228	0
Series E Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	2,093	0	2,105	0

EQUITY AND MEZZANINE EQUITY - N

EQUITY AND MEZZANINE EQUITY - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) apartmentCommunity shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 10, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interests , operating partnership, outstanding (in shares) | shares	864,000		864,000		971,000
Noncontrolling interests , operating partnership, issued (in shares) | shares				209,000
Number of apartment communities acquired | apartmentCommunity				3
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	15,052,000		15,052,000		15,020,000
Sale of common shares, net				$ 31,499,000
Share repurchase program, authorized amount						$ 50,000,000
Remaining authorized repurchase amount	$ 14,200,000		$ 14,200,000
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
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of common shares, net	0	$ 0
Aggregate gross sales price of common shares, authorized amount	250,000,000		250,000,000
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	64	199	19,014	24,296
Sale of common shares, net	$ 5,000	$ 18,000	$ 1,700,000	$ 637,000
Series E Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares, shares issued (in shares) | shares	1,700,000		1,700,000		1,800,000
Preferred units, par value (in dollars per share) | $ / shares	$ 100		$ 100		$ 100
Preferred shares, dividend rate			0.03875%
Preferred units, conversion ratio	1.2048		1.2048
Preferred shares liquidation preference	$ 173,300,000		$ 173,300,000
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

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Conversion of Stock [Line Items]
Net Book Basis	$ 0	$ 0	$ 0	$ 0
Aggregate Cost			$ 2,296	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Number of units redeemed (in shares)	97	8	107	19
Net Book Basis	$ 898	$ 456	$ 1,919	$ 831
Redemption Of Units For Cash
Conversion of Stock [Line Items]
Number of units converted (in shares)	0	7	1	42
Aggregate Cost	$ 28	$ 607	$ 38	$ 3,837
Average price per unit (in dollars per share)	$ 63.37	$ 81.18	$ 61.40	$ 90.93
Series E Preferred Units
Conversion of Stock [Line Items]
Number of units converted (in shares)	5		25
COMMON SHARES
Conversion of Stock [Line Items]
Number of common shares issued (in shares)	6		31
Redemption Of Units For Common Shares
Conversion of Stock [Line Items]
Total value	$ 176		$ 2,296

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commission and issuance costs		$ 338
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares (in shares)	0	321
Net consideration	$ 0	$ 31,732
Average net price per share (in dollars per share)	$ 0	$ 98.89

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of common shares (in shares)	0	5	124	5
Aggregate cost	$ 0	$ 359	$ 6,718	$ 359
Average price per share (in dollars per share)	$ 0	$ 65.97	$ 54.19	$ 65.97

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) apartmentCommunity	Apr. 26, 2023	Dec. 31, 2022 USD ($) apartmentCommunity
Debt Instrument [Line Items]
Total debt	$ 842,559		$ 1,011,777
Weighted average interest rate	3.46%		3.62%
Weighted average maturity (in years)	6 years 11 months 15 days
Mortgages
Debt Instrument [Line Items]
Weighted average interest rate		5.04%
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity	13		15
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)	7 years 9 months 21 days
Mortgages payable - other | Mortgages
Debt Instrument [Line Items]
Total debt	$ 343,709		$ 299,427
Weighted average interest rate	4.14%		3.85%
Weighted average maturity (in years)	6 years 6 months 10 days
Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 300,000		$ 513,500
Weighted average maturity (in years)	6 years 10 months 17 days
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Total debt	$ 0		113,500
Unsecured Debt | Term loans
Debt Instrument [Line Items]
Total debt	$ 0		$ 100,000
Weighted average interest rate	0%		5.57%
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)	6 years 10 months 17 days
Unsecured Debt | Primary Line Of Credit | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate	0%		4.12%

DEBT - Narrative (Details)

DEBT - Narrative (Details)				1 Months Ended	9 Months Ended
	May 31, 2023	May 30, 2023	Apr. 26, 2023 USD ($)	Nov. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) loan apartmentCommunity	Dec. 31, 2022 USD ($) apartmentCommunity	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | apartmentCommunity					46
Revolving lines of credit					$ 0	$ 113,500,000
Outstanding debt					$ 842,559,000	$ 1,011,777,000
Weighted average interest rate					3.46%	3.62%
Mortgages
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 90,000,000
Term			12 years
Weighted average interest rate			5.04%
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity					13	15
Number of material defaults or instances of noncompliance | loan					0
Private Shelf Agreement | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Debt available for issuance					$ 225,000,000
Debt instrument, face amount					25,000,000
Outstanding debt					200,000,000
Remaining available for issuance					25,000,000
Note Purchase Agreement | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 125,000,000
PNC Bank Term Loan Agreement | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 100,000,000
Outstanding debt						$ 100,000,000
Term				364 days	364 days
PNC Bank Term Loan Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.20%
PNC Bank Term Loan Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.75%
Mortgages payable - Fannie Mae | Mortgages
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 198,900,000
Outstanding debt					$ 198,850,000	$ 198,850,000
Number of apartment units | apartmentCommunity					12
Weighted average interest rate					2.78%	2.78%
Mortgages payable - Fannie Mae | Mortgages | Interest Only Payment Date One
Line of Credit Facility [Line Items]
Term					7 years
Mortgages payable - Fannie Mae | Mortgages | Interest Only Payment Date Two
Line of Credit Facility [Line Items]
Term					10 years
Mortgages payable - Fannie Mae | Mortgages | Interest Only Payment Date Three
Line of Credit Facility [Line Items]
Term					12 years
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	13,500%
Basis spread adjustment	1,000%
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	12,500%
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	18,000%
Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2,500%	0.25%
Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	8,000%	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%
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 250,000,000
Revolving lines of credit					0
Remaining borrowing capacity					250,000,000
Accordion option							$ 400,000,000
Operating Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					6,000,000
Revolving lines of credit					$ 0

DEBT - September Note Purchase

DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured Debt	Sep. 30, 2023 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, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder)	$ 1,486
2024	6,369
2025	35,277
2026	51,590
2027	48,666
Thereafter	699,171
Total payments	$ 842,559

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	1 Months Ended	9 Months Ended
	Feb. 28, 2022 USD ($)	Sep. 30, 2023 USD ($) derivativeInstrument	Sep. 30, 2022 USD ($)	Dec. 31, 2022 derivativeInstrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months		$ 857,000
Interest Rate Swap
Derivative [Line Items]
Number of instruments held | derivativeInstrument		0		0
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Payments to terminate derivative	$ 3,200,000
Notional amount	75,000,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on derivative			$ 582,000
Forward Swap | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 70,000,000

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Gain Recognized in OCI	$ 0	$ 0	$ 0	$ 1,581
Interest Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Income (Loss)	$ (324)	$ (204)	$ (621)	$ (696)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 5,455	$ 5,871	$ 5,865
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 5,455	$ 5,871

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment, unfunded commitments	$ 1,200,000
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	0.0550
Fair Value, Recurring | Level 3 | Credit Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.005
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	$ 1,800,000	$ 1,600,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	0	0
Nonfinancial liabilities	$ 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, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	$ 5,455	$ 5,865	$ 5,871
Change in fair value of receivables	211	611
Other Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	14	11
Interest Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	$ 197	$ 600

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
FINANCIAL LIABILITIES
Unsecured senior notes	$ 299,443	$ 399,007
Mortgages payable	842,559
Carrying Amount
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	29,701	10,458
FINANCIAL LIABILITIES
Revolving lines of credit	0	113,500
Term loans	0	100,000
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	343,709	299,427
Carrying Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	22,496	1,433
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	29,701	10,458
FINANCIAL LIABILITIES
Revolving lines of credit	0	113,500
Term loans	0	100,000
Unsecured senior notes	234,675	238,446
Fair Value | Mortgages | Mortgages payable - Fannie Mae
FINANCIAL LIABILITIES
Mortgages payable	157,180	161,297
Fair Value | Mortgages | Mortgages payable - other
FINANCIAL LIABILITIES
Mortgages payable	306,678	274,029
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	$ 22,496	$ 1,433

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) acquisition apartmentCommunity transaction	Sep. 30, 2022 USD ($) apartmentCommunity	Sep. 30, 2023 USD ($) transaction apartmentCommunity acquisition	Sep. 30, 2022 USD ($) apartmentCommunity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition costs				$ 211,874
2023 Quarter To Date Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of exchange transactions | transaction	1
2023 Year To Date Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of exchange transactions | transaction			5
2023 Acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of acquisitions during period | acquisition	0		0
2022 Acquisitions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition costs		$ 95,000		$ 211,900
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	$ 226,755		$ 226,755
Disposed of by Sale | 2023 Quarter To Date Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	$ 82,500		82,500
Number of properties sold | apartmentCommunity	4
Disposed of by Sale | 2022 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentCommunity		0		0
Disposed of by Sale | 2023 Year To Date Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	$ 226,800		$ 226,800
Number of properties sold | apartmentCommunity			13

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) apartmentCommunity apartmentHome
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentCommunity		3
Total acquisition cost		$ 211,874
Form of Consideration
Cash		104,093
Units		22,882
Other		84,899
Investment Allocation
Land		13,812
Building		192,229
Intangible assets		7,050
Other		(1,217)
Amortization of intangible assets	$ 941	$ 11,100
Martin Blu - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities 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
Building		45,212
Intangible assets		1,813
Other		$ (747)
Elements - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		31
Total acquisition cost		$ 9,066
Form of Consideration
Cash		1,290
Units		1,748
Other		6,028
Investment Allocation
Land		941
Building		7,853
Intangible assets		335
Other		$ (63)
Zest - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		45
Total acquisition cost		$ 11,364
Form of Consideration
Cash		1,429
Units		2,249
Other		7,686
Investment Allocation
Land		936
Building		10,261
Intangible assets		574
Other		$ (407)
Noko Apartments - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		130
Total acquisition cost		$ 46,619
Form of Consideration
Cash		3,343
Units		0
Other		43,276
Investment Allocation
Land		1,915
Building		42,754
Intangible assets		1,950
Other		$ 0
Lyra Apartments - Centennial, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		215
Total acquisition cost		$ 95,000
Form of Consideration
Cash		95,000
Units		0
Other		0
Investment Allocation
Land		6,473
Building		86,149
Intangible assets		2,378
Other		$ 0

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposed of by Sale $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) apartmentHome
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	$ 226,755
Net Book Value and Transaction Cost	155,314
Gain/(Loss)	$ 71,441
115 homes - Boulder Court - Eagan, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	115
Sale Price	$ 14,605
Net Book Value and Transaction Cost	4,970
Gain/(Loss)	$ 9,635
498 homes - 2 Nebraska apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	498
Sale Price	$ 48,500
Net Book Value and Transaction Cost	14,975
Gain/(Loss)	$ 33,525
892 homes - 5 Minnesota apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	892
Sale Price	$ 74,500
Net Book Value and Transaction Cost	55,053
Gain/(Loss)	$ 19,447
62 homes - Portage - Minneapolis, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	62
Sale Price	$ 6,650
Net Book Value and Transaction Cost	9,098
Gain/(Loss)	$ (2,448)
712 homes - 4 North Dakota apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	712
Sale Price	$ 82,500
Net Book Value and Transaction Cost	71,218
Gain/(Loss)	$ 11,282

SEGMENTS - Revenues and Net Ope

SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment apartmentCommunity	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Segment revenues and net operating income [Abstract]
Revenue	$ 64,568,000	$ 65,438,000	$ 197,241,000	$ 188,868,000
Property operating expenses, including real estate taxes	26,745,000	27,329,000	80,714,000	79,418,000
Net operating income	37,823,000	38,109,000	116,527,000	109,450,000
Property management	(2,197,000)	(2,563,000)	(7,012,000)	(7,537,000)
Casualty loss	(937,000)	(276,000)	(1,242,000)	(1,256,000)
Depreciation and amortization	(24,697,000)	(23,720,000)	(75,061,000)	(79,489,000)
General and administrative expenses	(3,832,000)	(4,519,000)	(15,717,000)	(14,240,000)
Gain on sale of real estate and other investments	11,235,000	0	71,327,000	27,000
Loss on litigation settlement	0	0	(2,864,000)	0
Interest expense	(8,556,000)	(7,871,000)	(27,516,000)	(23,147,000)
Interest and other income	330,000	70,000	674,000	1,116,000
Net income (loss)	9,169,000	(770,000)	$ 59,116,000	(15,076,000)
Disposed of by Sale | 2023 Year To Date Disposals
Segment Reporting Information [Line Items]
Number of properties sold | apartmentCommunity			13
Multifamily
Segment revenues and net operating income [Abstract]
Revenue	61,505,000	57,057,000	$ 182,893,000	164,823,000
Property operating expenses, including real estate taxes	25,375,000	23,339,000	73,917,000	67,747,000
Net operating income	36,130,000	33,718,000	108,976,000	97,076,000
All Other
Segment revenues and net operating income [Abstract]
Revenue	3,063,000	8,381,000	14,348,000	24,045,000
Property operating expenses, including real estate taxes	1,370,000	3,990,000	6,797,000	11,671,000
Net operating income	$ 1,693,000	$ 4,391,000	$ 7,551,000	$ 12,374,000

SEGMENTS - Segment Assets and A

SEGMENTS - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Segment Reporting Information [Line Items]
Property owned	$ 2,326,408	$ 2,534,124
Less accumulated depreciation	(516,673)	(535,401)
Total property owned	1,809,735	1,998,723
Cash and cash equivalents	29,701	10,458	$ 14,957
Restricted cash	22,496	1,433	$ 1,417
Other assets	16,349	22,687
TOTAL ASSETS	1,878,281	2,033,301
Multifamily
Segment Reporting Information [Line Items]
Property owned	2,308,818	2,274,202
Less accumulated depreciation	(512,688)	(443,828)
Total property owned	1,796,130	1,830,374
All Other
Segment Reporting Information [Line Items]
Property owned	17,590	259,922
Less accumulated depreciation	(3,985)	(91,573)
Total property owned	$ 13,605	$ 168,349

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) apartmentProperty apartmentHome realEstateTechnologyVentureFund	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) apartmentProperty apartmentHome realEstateTechnologyVentureFund	Sep. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Loss on litigation settlement		$ 0	$ 0	$ 2,864	$ 0
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund		2		2
Subsequent Event
Real Estate Properties [Line Items]
Payments for legal settlement	$ 2,900
Fair Value, Recurring
Real Estate Properties [Line Items]
Real estate investment, unfunded commitments		$ 1,200		$ 1,200
Subject to Restrictions on Taxable Dispositions
Real Estate Properties [Line Items]
Number of properties | apartmentProperty		28		28
Number of apartment units | apartmentHome		4,935		4,935

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	May 16, 2023	Mar. 31, 2023	Jan. 01, 2023	Sep. 15, 2015	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)				775,000
Term of award				10 years
Share price at grant date (in dollars per share)			$ 58.67
Stock-based compensation expense					$ 602	$ 709	$ 2,700	$ 1,900
President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		5,492
Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		2,746
Chief Financial Officer | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage		33%
Chief Financial Officer | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage		67%
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense							$ 737
Exercised in period (in shares)							425
Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			45,955
Fair value of stock options (in dollars per share)			$ 11.086
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award			3 years
Time-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			14,256
Time-based RSUs | Employee | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33%
Time-based RSUs | Employee | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33%
Time-based RSUs | Employee | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33%
Time-based RSUs | Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	9,200
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares eligible to be earned (in shares)			40,994
Shares eligible to be earned, percentage of awards granted			2
Expected volatility			37.20%
Risk-free rate			4.22%
Expected term			3 years
Performance-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			20,497
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility							28.70%
Risk-free rate							3.97%
Expected term							6 years 3 months
Stock Options | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			25%
Stock Options | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			25%
Stock Options | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			25%
Stock Options | Vesting Period Four
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	9 Months Ended
	Sep. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)	$ 58.67
Risk-free rate	3.97%
Expected term	6 years 3 months
Expected volatility	28.70%
Dividend yield	4.977%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 11, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Aggregate purchase price		$ 211,874
Subsequent Event
Subsequent Event [Line Items]
Mortgage debt and cash	$ 52,700
Subsequent Event | Lake Vista Apartment Homes
Subsequent Event [Line Items]
Aggregate purchase price	$ 94,500

Uncategorized Items - csr-20230

Label	Element	Value
Gain (Loss) Related to Litigation Settlement, Non-Cash Portion	csr_GainLossRelatedtoLitigationSettlementNonCashPortion	$ 0