Centerspace (CSR) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 913,064,559
Entity Common Stock, Outstanding		14,908,674
Documents Incorporated by Reference	Documents Incorporated by Reference: Portions of Centerspace’s definitive Proxy Statement for its 2024 Annual Meeting of Shareholders will be incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) hereof.
Entity Central Index Key	0000798359
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Shares of Beneficial Interest, no par value
Document 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
Document Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Preferred Shares
Trading Symbol	CSR-PRC
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Property owned	$ 2,420,146	$ 2,534,124
Less accumulated depreciation	(530,703)	(535,401)
Total real estate investments	1,889,443	1,998,723
Cash and cash equivalents	8,630	10,458
Restricted cash	639	1,433
Other assets	27,649	22,687
TOTAL ASSETS	1,926,361	2,033,301
LIABILITIES
Accounts payable and accrued expenses	62,754	58,812
Revolving lines of credit	30,000	113,500
Notes payable, net of unamortized loan costs of $541 and $993, respectively	299,459	399,007
Mortgages payable, net of unamortized loan costs of $3,427 and $3,615, respectively	586,563	495,126
TOTAL LIABILITIES	978,776	1,066,445
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2023 and 2022, aggregate liquidation preference of $16,560)	16,560	16,560
Investors Real Estate Trust shareholders’ 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 December 31, 2023 and 2022, aggregate liquidation preference of $97,036)	93,530	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 14,963 shares issued and outstanding at December 31, 2023 and 15,020 shares issued and outstanding at December 31, 2022)	1,165,694	1,177,484
Accumulated distributions in excess of net income	(548,273)	(539,422)
Accumulated other comprehensive loss	(1,119)	(2,055)
Total shareholders’ equity	709,832	729,537
Noncontrolling interests – Operating Partnership and Series E preferred units	220,544	220,132
Noncontrolling interests – consolidated real estate entities	649	627
TOTAL EQUITY	931,025	950,296
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,926,361	$ 2,033,301

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
EQUITY
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, issued (in shares)	3,881	3,881
Liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred shares, outstanding (in shares)	3,881	3,881
Preferred shares, liquidation preference	$ 97,036	$ 97,036
Common stock issued (in shares)	14,963	15,020
Common shares outstanding (in shares)	14,963	15,020
Term loans
LIABILITIES
Unamortized loan costs	$ 541	$ 993
Mortgages
LIABILITIES
Unamortized loan costs	$ 3,427	$ 3,615

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 261,309,000	$ 256,716,000	$ 201,705,000
EXPENSES
Property operating expenses, excluding real estate taxes	77,053,000	80,070,000	57,753,000
Real estate taxes	28,759,000	28,567,000	24,104,000
Property management expense	9,353,000	9,895,000	8,752,000
Casualty loss	2,095,000	1,591,000	344,000
Depreciation and amortization	101,678,000	105,257,000	92,165,000
Impairment of real estate investments	5,218,000	0	0
General and administrative expenses	20,080,000	17,516,000	16,213,000
TOTAL EXPENSES	244,236,000	242,896,000	199,331,000
Gain on sale of real estate and other investments	71,244,000	41,000	27,518,000
Loss on litigation settlement	(3,864,000)	0	0
Operating income	84,453,000	13,861,000	29,892,000
Interest expense	(36,429,000)	(32,750,000)	(29,078,000)
Interest and other income (loss)	1,207,000	1,248,000	(2,915,000)
NET INCOME (LOSS)	49,231,000	(17,641,000)	(2,101,000)
Dividends to Series D preferred unitholders	(640,000)	(640,000)	(640,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	(7,141,000)	4,299,000	2,806,000
Net income attributable to noncontrolling interests – consolidated real estate entities	(125,000)	(127,000)	(94,000)
Net income (loss) attributable to controlling interests	41,325,000	(14,109,000)	(29,000)
Dividends to preferred shareholders	(6,428,000)	(6,428,000)	(6,428,000)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 34,897,000	$ (20,537,000)	$ (6,457,000)
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ 2.33	$ (1.35)	$ (0.47)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 2.32	$ (1.35)	$ (0.47)
Weighted average shares - basic (in shares)	14,994	15,216	13,803
Weighted average shares - diluted (in shares)	17,118	15,216	13,803

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 49,231	$ (17,641)	$ (2,101)
Other comprehensive income (loss):
Unrealized gain from derivative instrument	0	1,581	2,383
Loss on derivative instrument reclassified into earnings	936	799	9,087
Total comprehensive income (loss)	50,167	(15,261)	9,369
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	(6,985)	4,708	4,407
Net comprehensive income attributable to noncontrolling interests – consolidated real estate entities	(125)	(127)	(94)
Comprehensive income (loss) attributable to controlling interests	$ 43,057	$ (10,680)	$ 13,682

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Shares	Common Shares	Accumulated Distributions In Excess of Net Income	Accumulated Other Comprehensive Loss	Nonredeemable Noncontrolling Interest	Series C Preferred Stock	Series C Preferred Stock Accumulated Distributions In Excess of Net Income	Series E Preferred Stock	Series E Preferred Stock Common Shares	Series E Preferred Stock Nonredeemable Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 672,823	$ 93,530	$ 968,263	$ (427,681)	$ (15,905)	$ 54,616
Beginning balance (in shares) at Dec. 31, 2020			13,027
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to controlling interest and noncontrolling interests	(2,741)			(29)		(2,712)
Change in fair value of derivatives and amortization of swap settlements	11,470				11,470
Distributions - commons shares and units	(42,669)			(40,180)		(2,489)
Distributions – Series C preferred shares	(6,428)						$ (6,428)	$ (6,428)
Distributions - Series E preferred units									$ (2,343)		$ (2,343)
Share-based compensation, net of forfeitures (in shares)			28
Share-based compensation, net of forfeitures	2,689		$ 2,689
Sale of common shares, net (in shares)			1,817
Sale of common shares, net	156,038		$ 156,038
Issuance of Series E preferred units									217,513	$ 44,905	172,608
Redemption of Units for common shares (in shares)			144
Redemption of Units for common shares	0		$ (4,714)			4,714
Change in value of Series D preferred units	(8,771)		(8,771)
Other	(1,301)		(1,155)			(146)
Ending balance at Dec. 31, 2021	996,280	93,530	$ 1,157,255	(474,318)	(4,435)	224,248
Ending balance (in shares) at Dec. 31, 2021			15,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to controlling interest and noncontrolling interests	(18,281)			(14,109)		(4,172)
Change in fair value of derivatives and amortization of swap settlements	2,380				2,380
Distributions - commons shares and units	(47,445)			(44,567)		(2,878)
Distributions – Series C preferred shares	(6,428)						(6,428)	(6,428)
Distributions - Series E preferred units									(7,029)		(7,029)
Share-based compensation, net of forfeitures (in shares)			25
Share-based compensation, net of forfeitures	2,615		$ 2,615
Sale of common shares, net (in shares)			321
Sale of common shares, net	31,439		$ 31,439
Issuance of Series E preferred units	22,882		$ 13,023			9,859
Redemption of Units for common shares (in shares)			24							67
Redemption of Units for common shares	0		$ (1,353)			1,353			0	$ (3,667)	3,667
Redemption of Units for cash	(4,141)					(4,141)
Shares repurchased (in shares)			432
Shares repurchased	(29,059)		$ (29,059)
Change in value of Series D preferred units	8,771		8,771
Shares withheld for taxes	(1,284)		$ (1,284)
Other (in shares)			(1)
Other	(404)		$ (256)			(148)
Ending balance at Dec. 31, 2022	950,296	93,530	$ 1,177,484	(539,422)	(2,055)	220,759
Ending balance (in shares) at Dec. 31, 2022			15,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to controlling interest and noncontrolling interests	48,591			41,325		7,266
Amortization of swap settlements	936				936
Distributions - commons shares and units	(46,442)			(43,748)		(2,694)
Distributions – Series C preferred shares	(6,428)						$ (6,428)	$ (6,428)
Distributions - Series E preferred units									(6,756)		(6,756)
Share-based compensation, net of forfeitures (in shares)			20
Share-based compensation, net of forfeitures	3,295		$ 3,295
Redemption of Units for common shares (in shares)			109							31
Redemption of Units for common shares	0		$ (1,910)			1,910			$ 0	$ (1,390)	$ 1,390
Shares repurchased (in shares)			216
Shares repurchased	(11,539)		$ (11,539)
Other (in shares)			(1)
Other	(928)		$ (246)			(682)
Ending balance at Dec. 31, 2023	$ 931,025	$ 93,530	$ 1,165,694	$ (548,273)	$ (1,119)	$ 221,193
Ending balance (in shares) at Dec. 31, 2023			14,963

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock, dividends declared (in dollar per share)	$ 2.92	$ 2.92	$ 2.84
Series C Preferred Stock
Preferred Stock, dividends declared (in dollar per share)	1.65625	1.65625	1.65625
Series E Preferred Stock
Preferred Stock, dividends declared (in dollar per share)	$ 3.875	$ 3.875	$ 1.291667

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 49,231	$ (17,641)	$ (2,101)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	103,172	106,208	93,110
Gain on sale of real estate, land, and other investments	(71,240)	(41)	(27,518)
Share-based compensation expense	3,295	2,615	2,689
Impairment of real estate investments	5,218	0	0
(Gain) loss on interest rate swap termination, amortization, and mark-to-market	936	(118)	4,931
Provision for bad debt	340	1,355	2,304
Other, net	1,436	(392)	265
Changes in other assets and liabilities:
Other assets	(760)	(645)	(5,402)
Accounts payable and accrued expenses	(2,108)	650	15,750
Net cash provided by operating activities	89,520	91,991	84,028
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in mortgages and real estate related notes receivable	(1,579)	0	(18,614)
Net proceeds from sale of real estate and other investments	223,259	41	61,334
Payments for acquisitions of real estate assets	(42,226)	(104,666)	(273,566)
Payments for improvements of real estate assets	(58,825)	(56,568)	(31,303)
Payments for non-real estate assets	0	(122)	(1,264)
Other investing activities	(420)	1,221	(3,812)
Net cash provided by (used by) investing activities	120,209	(160,094)	(267,225)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	90,000	0	196,725
Principal payments on mortgages payable	(46,749)	(28,960)	(36,282)
Proceeds from revolving lines of credit	135,104	191,860	258,580
Principal payments on revolving lines of credit	(218,604)	(154,360)	(335,451)
Net proceeds from notes payable and other debt	0	99,529	174,544
Principal payments on notes payable and other debt	(100,000)	0	(145,000)
Payments for termination of interest rate swaps	0	(3,209)	(3,804)
Proceeds from sale of common shares, net of issuance costs	0	31,439	156,038
Repurchase of common shares	(11,539)	(29,059)	0
Repurchase of partnership units	(38)	(4,141)	0
Distributions paid to common shareholders	(43,742)	(44,461)	(38,487)
Distributions paid to preferred shareholders	(6,428)	(6,428)	(6,428)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units	(9,530)	(9,797)	(4,916)
Distributions paid to preferred unitholders	(640)	(640)	(640)
Other financing activities	(185)	(404)	(367)
Net cash provided by (used by) financing activities	(212,351)	41,369	214,512
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(2,622)	(26,734)	31,315
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR	11,891	38,625	7,310
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR	9,269	11,891	38,625
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	9,747	6,008	5,253
Operating partnership units converted to common shares	(1,910)	(1,353)	(4,714)
Distributions declared but not paid	11,552	11,625	11,411
Retirement of shares withheld for taxes	190	1,284	933
Loss on litigation settlement	1,000	0	0
Involuntary conversion of assets	(4,224)	0	0
Real estate assets acquired through assumption of debt	52,723	41,623	20,000
Real estate assets acquired through issuance of operating partnership units	0	22,882	0
Fair value adjustment to debt	(3,924)	1,224	2,367
Series E preferred units converted to common shares	(1,390)	(3,667)	0
Change in value of Series D preferred units	0	8,771	(8,771)
Real estate assets acquired through exchange of note receivable	0	43,276	0
Note receivable exchanged through real estate acquisition	0	(43,276)	0
Real estate acquired through issuance of Series E preferred units	0	0	217,513
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	34,182	31,272	26,528
Cash and cash equivalents	8,630	10,458	31,267
Restricted cash	639	1,433	7,358
Total cash, cash equivalents and restricted cash	$ 9,269	$ 11,891	$ 38,625

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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 December 31, 2023, Centerspace owned interests in 72 apartment communities consisting of 13,088 apartment homes.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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 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, and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany balances and transactions are eliminated in consolidation. The Company’s interest in the Operating Partnership as of December 31, 2023 and 2022 was 83.6% and 82.9%, respectively, of the limited partnership units of the Operating Partnership (“Units”), which includes 100% of the general partnership interest. The 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. 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. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the Consolidated Statement of Operations, total assets, liabilities or equity as reported in the Consolidated Balance Sheets and the classifications within the Consolidated Statements of Cash Flows. Centerspace reclassified certain items within the disaggregated revenue table included in Note 2. 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 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements and address requests from investors for more detailed information about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU will not have a material impact on the Consolidated Financial Statements. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion and $2.0 billion as of December 31, 2023 and 2022, respectively. Upon acquisitions of real estate, the Company assesses the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on the Company’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. The Company follows the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. The Company did not capitalize interest during the years ended December 31, 2023, 2022, and 2021. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. 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, we compare the estimated 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 our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the year ended December 31, 2023, the Company incurred a loss of $5.2 million for the impairment of two apartment communities. The Company recognized impairments of $3.0 million on one apartment community in Richfield, MN and $2.2 million on one apartment community in New Hope, MN. These properties were written-down to estimated fair value based on receipt of market offers to purchase the apartment communities. During the years ended December 31, 2022 and 2021, the Company did not record a loss for impairment on real estate. The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. The Company had no properties classified as held for sale at December 31, 2023 and 2022. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. 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 bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts. As of December 31, 2023 and 2022, restricted cash consisted of $639,000 and $1.4 million, respectively, in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. 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”) 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2023, 2022, and 2021, rental income represents approximately 98.1%, 97.7%, and 98.2%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2023, 2022, and 2021, other property revenues represent the remaining 1.9%, 2.3%, and 1.8%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of the leases contain non-lease components for utility reimbursement from residents and common area maintenance from commercial tenants. Centerspace has elected the practical expedient to combine lease and non-lease components. 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 December 31, 2023, was as follows: (in thousands) 2024 $ 1,824 2025 1,769 2026 1,608 2027 1,318 2028 929 Thereafter 5,366 Total scheduled lease income - operating leases $ 12,814 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 revenues 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 years ended December 31, 2023, 2022, and 2021: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2023 2022 2021 Fixed lease income - operating leases Leases $ 243,931 $ 240,031 $ 189,452 Variable lease income - operating leases Leases 12,433 10,754 8,565 Other property revenue Revenue from contracts with customers 4,945 5,931 3,688 Total revenue $ 261,309 $ 256,716 $ 201,705 In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments 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 years ended December 31, 2023, 2022, and 2021, the Company recognized $71.2 million, $41,000, and $27.5 million, respectively, as a gain on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. MARKET CONCENTRATION RISK The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2023, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. INCOME TAXES The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2023, 2022, and 2021, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). The Company has one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for the TRS for the years ended December 31, 2023, 2022, and 2021. The Company conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2023, 2022, and 2021: CALENDAR YEAR 2023 2022 2021 Tax status of distributions Capital gain 48.79 % — 0.92 % Ordinary income 28.46 % 13.42 % 7.82 % Return of capital 22.75 % 86.58 % 91.26 % VARIABLE INTEREST ENTITY 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. OTHER ASSETS As of December 31, 2023 and 2022, other assets consisted of the following amounts: in thousands December 31, 2023 December 31, 2022 Receivable arising from straight line rents $ 347 $ 556 Accounts receivable, net of allowance 267 217 Real estate related notes receivable 7,039 5,871 Prepaid assets 7,828 6,520 Other assets (1) 5,294 1,954 Intangible assets, net of accumulated amortization 2,723 2,112 Property and equipment, net of accumulated depreciation 2,798 3,120 Goodwill 491 866 Deferred charges and leasing costs 862 1,471 Total Other Assets $ 27,649 $ 22,687 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here. Intangible Assets. Intangible assets consist of in-place leases valued at the time of acquisition. For the years ended December 31, 2023, 2022, and 2021, the Company recognized $2.6 million, $12.3 million, and $13.5 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the Consolidated Statements of Operations. The intangible assets remaining at December 31, 2023 will be fully amortized in 2024. Property and equipment. Property and equipment consists primarily of office equipment located at the Company’s corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. As of December 31, 2023 and 2022, property and equipment cost was $4.6 million and $4.9 million, respectively. The Consolidated Balance Sheets reflect these assets at cost, net of accumulated depreciation of $1.8 million as of December 31, 2023 and 2022, and are included within other assets. Real estate related notes receivable. In connection with the acquisition of Ironwood, an apartment community in New Hope, Minnesota, the Company acquired a tax increment financing note receivable (“TIF”) with an initial principal balance of $6.6 million. As of December 31, 2023 and 2022, the principal balance was $5.7 million and $6.1 million, respectively, which appears within other assets in the 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. In 2023, the Company originated a $15.1 million mezzanine loan for the development of an apartment community located in Inver Grove Heights, Minnesota. The mezzanine loan bears interest at 10.0% per annum. As of December 31, 2023, the Company had funded $1.6 million of the mezzanine loan, which appears within other assets in the Consolidated Balance Sheets. The loan matures in December 2027 unless extended to December 2028 in accordance with the terms of the mezzanine loan agreement. The loan is secured by a pledge of and first priority security interest against 100% of the membership interests in the mezzanine borrower and the agreement provides the Company with an option to purchase the development. The loan represents an investment in an unconsolidated variable interest entity. The Company is not the primary beneficiary of the VIE as Centerspace does not have the power to direct the activities which most significantly impact the entity’s economic performance nor does Centerspace have significant influence over the entity. As of December 31, 2023, the note receivable appears within other assets in the Consolidated Balance Sheets at fair value. ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Consolidated Statement of Operations within the Property operating expenses, excluding real estate taxes line item. During the years ended December 31, 2023, 2022, and 2021 total advertising expense was $3.2 million, $3.2 million, and $2.5 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 year ended December 31, 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. These expenses are included within general and administrative expenses in the Consolidated Statements of Operations. Refer to Note 13 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 $1.3 million with an offsetting insurance receivable recorded within other assets on the Consolidated Balance Sheets. As of December 31, 2023, the estimated insurance claim was $1.9 million. Any amounts received in excess of the write-down will be recognized when received. During the year ended December 31, 2023, Centerspace recorded $2.0 million in write-downs to three apartment community assets due to separate insurance events with offsetting insurance receivables totaling $1.2 million recorded within other assets on the Consolidated Balance Sheets in accordance with ASC 610-30. LITIGATION SETTLEMENT During the year ended December 31, 2023, the Company recorded a loss on litigation settlement of $3.9 million due to a trial judgment entered against Centerspace 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. The original judgment was ordered on October 9, 2023 for $2.9 million which the Company immediately paid. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. Subsequent to December 31, 2023, the claimant was awarded an additional $1.0 million in judgment related interest and costs. The Company paid the additional amount and recorded the loss on litigation for the year ended December 31, 2023. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit as the matter is still ongoing.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE Basic net income (loss) 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 its 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 net income (loss) per share upon exercise of the RSUs, ISOs, or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the 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 common shares that would result in a dilution of net income (loss). 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 net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests 41,325 (14,109) (29) Dividends to preferred shareholders (6,428) (6,428) (6,428) Numerator for basic income per share – net income (loss) available to common shareholders 34,897 (20,537) (6,457) Noncontrolling interests – Operating Partnership and Series E preferred units 4,877 (4,299) (2,806) Dividends to preferred unitholders (1) — 640 640 Numerator for diluted income (loss) per share $ 39,774 $ (24,196) $ (8,623) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 14,994 15,216 13,803 Effect of Series E preferred units 2,100 — — Effect of diluted restricted stock awards and restricted stock units 24 — — Denominator for diluted income (loss) per share 17,118 15,216 13,803 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 2.33 $ (1.35) $ (0.47) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 2.32 $ (1.35) $ (0.47) (1) For the year ended December 31, 2023 , dividends to preferred unitholders of $640,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. For the year ended December 31, 2023, Units of 925,000 and Series D preferred units of 228,000, as converted, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) per share. For the year ended December 31, 2022, Units of 978,000, Series E preferred units of 2.2 million, as converted, Series D preferred units of 228,000, as converted, stock options of 28,000, time-based RSUs of 10,000, and performance-based restricted stock awards of 30,000, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) per share. For the year ended December 31, 2021, Units of 899,000, Series E preferred units of 729,000, as converted, Series D preferred Units of 228,000, as converted, stock options of 30,000, time-based RSUs of 15,000, and performance-based restricted stock awards of 32,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) per share.

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 861,000 Units at December 31, 2023 and 971,000 Units at December 31, 2022. During the year ended December 31, 2022, Centerspace issued 209,000 Units as partial consideration for the acquisition of three apartment communities located in Minneapolis, Minnesota. Exchange Rights. Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2023 109 $ (1,910) Year ended December 31, 2022 24 $ (1,353) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2023 2 $ 130 $ 54.05 Year ended December 31, 2022 46 $ 4,141 $ 90.18 Series E Preferred Units (Noncontrolling interest). Centerspace had 1.7 million and 1.8 million Series E preferred units outstanding as of December 31, 2023 and 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. Centerspace has the option, at its sole election, to convert Series E preferred units into Units if its stock has traded at or above $83 per share for 15 of 30 consecutive trading days and it has made at least three consecutive quarters of distributions with a rate of at least $0.804 per Unit. The Series E preferred units have an aggregate liquidation preference of $172.5 million at December 31, 2023. The holders of the Series E preferred units do not have voting rights. The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2023 26 31 $ 1,390 Year ended December 31, 2022 56 67 $ 3,667 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.2048 Units for each Series E preferred unit Common Shares and Equity Awards . Common shares outstanding on December 31, 2023 and 2022, totaled 15.0 million. During the years ended December 31, 2023 and 2022, Centerspace issued approximately 19,606 and 24,613 common shares, respectively, with a total grant-date value of $1.8 million and $1.3 million, respectively, under its 2015 Incentive Plan, as share-based compensation for employees and trustees. These shares vested based on performance and service criteria. Refer to Note 13 for additional details on share-based compensation. During the years ended December 31, 2023 and 2022, approximately 15,000 and 2,000 common shares were forfeited under the 2015 Incentive Plan, respectively. 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. As of December 31, 2023, common shares having an aggregate offering price of up to $126.6 million remained available under the 2021 ATM Program. The table below provides details on the sale of common shares under the 2021 ATM Program during the years ended December 31, 2023 and 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2023 — $ — $ — Year ended December 31, 2022 321 $ 31,732 $ 98.89 (1) Total consideration is net of $338,000 in commissions for the year ended December 31, 2022. Share Repurchase Program . On March 10, 2022, the Board of Trustees approved a share repurchase program (the “ Share Repurchase Program”), providing for the repurchase of up to an aggregate of $50 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 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 years ended December 31, 2023 and 2022. As of December 31, 2023, the Company had $9.4 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2023 216 $ 11,539 $ 53.44 Year ended December 31, 2022 432 $ 29,059 $ 67.23 (1) Amount includes commissions. Series C Preferred Shares . As of December 31, 2023 and 2022, the Company had 3.9 million Series C preferred shares outstanding. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at Centerspace’s option. 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, as of December 31, 2023 and 2022). Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units as of December 31, 2023 and 2022. The Series D preferred units have a par value of $100 per preferred unit. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year and have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue 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 value of $16.6 million. Changes in the redemption value are based on changes in the trading value of common shares and are charged to common shares on the Consolidated Balance Sheets each quarter. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the Consolidated Statements of Equity within net income (loss) attributable to controlling interests and noncontrolling interests.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. Centerspace reflects noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the Consolidated Statements of Operations. The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2023 and 2022 were as follows: (in thousands) December 31, 2023 December 31, 2022 IRET - Cypress Court Apartments, LLC $ 649 $ 627 Noncontrolling interests – consolidated real estate entities $ 649 $ 627

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s indebtedness, excluding deferred financing costs and premiums or discounts: (in thousands) December 31, 2023 December 31, 2022 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2023 Lines of credit (1) $ 30,000 6.74 % $ 113,500 5.61 % 1.75 Term loans (2) — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.63 Unsecured debt 330,000 513,500 6.19 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.56 Mortgages payable - other (3)(5) 391,140 4.05 % 299,427 3.85 % 5.80 Total debt (4) $ 919,990 3.54 % $ 1,011,777 3.62 % 6.30 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at December 31, 2023 and 15 at December 31, 2022. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. As of December 31, 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 (the “Unsecured Credit Facility”) is a revolving, multi-bank line of credit, with 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 December 31, 2023, the Company had additional borrowing availability of $220.0 million beyond the $30.0 million drawn, priced at an interest rate of 7.82%. As of December 31, 2022, the Company had additional borrowing availability of $136.5 million beyond the $113.5 million drawn, priced at an interest rate of 5.61%. This Unsecured Credit Facility was amended on September 30, 2021 to extend the maturity date to September 2025 and to provide an accordion option to increase borrowing capacity up to $400.0 million. On May 31, 2023, the Unsecured Credit Facility was 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. The interest rates on the line of credit are based on the consolidated leverage ratio, 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 with the consolidated leverage ratio described under the Third Amended and Restated Credit Agreement, as amended. Prior to the amendment, interest rates on the line of credit were based on the consolidated leverage ratio applying the same margins to LIBOR. 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 December 31, 2023. Centerspace also has a $6.0 million operating line of credit. As of December 31, 2023 and 2022, 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”) under which the Company has issued $200.0 million in unsecured senior promissory notes (“unsecured senior notes”). 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. The following table shows the notes issued under both agreements as of December 31, 2023 and 2022. (in thousands) Amount Maturity Date Fixed 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 Company’s consolidated leverage ratio. The Term Loan had a 364-day term with an option for an additional 364-day term. As of December 31, 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 (“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 fixed interest rate of 2.78%. As of December 31, 2023 and 2022, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Consolidated Balance Sheets. As of December 31, 2023, Centerspace owned 14 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. Interest rates on mortgage loans range from 3.45% to 5.04%, and the mortgage loans have varying maturity dates from May 1, 2025, through May 1, 2035. As of December 31, 2023, the Company believes there are no material defaults or instances of material noncompliance in regard to any of these mortgage loans. The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2023 is as follows: (in thousands) 2024 $ 6,860 2025 66,290 2026 99,120 2027 48,666 2028 118,365 Thereafter 580,689 Total payments $ 919,990

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Centerspace used interest rate derivatives to stabilize interest expense and manage its exposure to interest rate fluctuations. To accomplish this objective, the Company primarily used interest rate swap contracts to fix variable rate interest debt. Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported 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 12 months, the Company estimates an additional $713,000 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 December 31, 2023 and 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 into earnings within other income (loss) in the Consolidated Statements of Operations. For the year ended December 31, 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. In September 2021, the Company paid $3.8 million to terminate its $50.0 million interest rate swap and its $70.0 million interest rate swap in connection with the pay down of its term loans. The Company accelerated the reclassification of a $5.4 million loss from OCI into other income loss in Consolidated Statements of Operations as a result of the hedged transactions becoming probable not to occur. The effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2023, 2022, and 2021 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ 1,581 $ 2,383 Interest expense $ (936) $ (799) $ (9,087)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt and notes payable that re-price frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, Centerspace applies Financial Accounting Standard Board 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 data (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 December 31, 2023 Real estate related notes receivable Other assets $ 7,039 $ — $ — $ 7,039 December 31, 2022 Real estate related 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 unobservable inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 5.00% to 9.00%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291 Year ended December 31, 2022 Real estate related notes receivable $ 5,871 $ 16 $ 669 $ 685 As of December 31, 2023 and 2022, Centerspace had investments totaling $2.1 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 the Consolidated Balance Sheets. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of December 31, 2023, the Company had unfunded commitments of $1.0 million. Fair Value Measurements on a Nonrecurring Basis Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2023 consisted of real estate investments that were written-down to estimated fair value during the year ended December 31, 2023. There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Real estate investments $ 19,250 $ — $ 19,250 $ — As of December 31, 2023, the Company estimated the fair value of real estate investments using market offers to purchase and other market data. Financial Assets and Liabilities Not Measured at Fair Value The fair value of mortgages payable and unsecured senior notes is 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 December 31, 2023 and 2022 are as follows: (in thousands) December 31, 2023 December 31, 2022 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 8,630 $ 8,630 $ 10,458 $ 10,458 Restricted cash Restricted cash 639 639 1,433 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 30,000 30,000 113,500 113,500 Term loans Notes payable — — 100,000 100,000 Unsecured senior notes Notes payable 300,000 252,108 300,000 238,446 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 168,555 198,850 161,297 Mortgages payable - other Mortgages payable 391,140 367,080 299,427 274,029

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired $94.5 million and $211.9 million of new real estate during the years ended December 31, 2023 and 2022, respectively. The Company’s acquisitions during the years ended December 31, 2023 and 2022 are detailed below. Year Ended December 31, 2023 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) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage. Year Ended December 31, 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 $573,000 in capitalized transaction cost. (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. (5) Debt discount on assumed mortgage. DISPOSITIONS During the year ended December 31, 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 year ended December 31, 2022. The dispositions for the year ended December 31, 2023 are detailed below. Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 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 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 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” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale. During the year ended December 31, 2023, 13 sold apartment communities were reclassified from the multifamily segment to all other for all periods presented. The chief executive officer and chief financial officer 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 sale of real estate and other assets, impairment, depreciation, amortization, financing, property management overhead, loss on litigation, 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 years ended December 31, 2023, 2022, and 2021, respectively, along with reconciliations to net income as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements. (in thousands) Year ended December 31, 2023 Multifamily All Other Total Revenue $ 246,364 $ 14,945 $ 261,309 Property operating expenses, including real estate taxes 98,762 7,050 105,812 Net operating income $ 147,602 $ 7,895 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Loss on litigation settlement (3,864) Interest expense (36,429) Interest and other income 1,207 Net income $ 49,231 (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 224,375 $ 32,341 $ 256,716 Property operating expenses, including real estate taxes 92,327 16,310 108,637 Net operating income $ 132,048 $ 16,031 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income 1,248 Net loss $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 173,436 $ 28,269 $ 201,705 Property operating expenses, including real estate taxes 68,618 13,239 81,857 Net operating income $ 104,818 $ 15,030 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain on sale of real estate and other investments 27,518 Interest expense (29,078) Interest income and other loss (2,915) Net loss $ (2,101) Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,402,544 $ 17,602 $ 2,420,146 Less accumulated depreciation (526,565) (4,138) (530,703) Total real estate investments $ 1,875,979 $ 13,464 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361 (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 real estate investments $ 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

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Centerspace sponsors a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. Centerspace currently matches, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. Matching contributions are fully vested when made. Centerspace recognized expense of approximately $1.3 million, $1.3 million, and $1.0 million in the years ended December 31, 2023, 2022, and 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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 $3.9 million due to a trial judgment against Centerspace. The original judgment was ordered on October 9, 2023 for $2.9 million which the Company immediately paid. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. Subsequent to December 31, 2023, the claimant was awarded an additional $1.0 million in judgment related interest and costs. The Company paid the additional amount and recorded the loss on litigation for the year ended December 31, 2023. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit as the matter is ongoing. 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 Consolidated Financial Statements. Environmental Matters . It is generally the Company’s policy to obtain a Phase I environmental assessment of each property that it seeks to acquire. Such assessments have not revealed, nor is the Company aware of, any environmental liabilities that it believes would have a material adverse effect on its financial position or results of operations. Centerspace owns properties that contain or potentially contain (based on the age of the property) asbestos, lead, or underground storage tanks. For certain of these properties, the Company estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, Centerspace has not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. The Company believes it does not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead, and/or underground storage tanks. 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. Insurance. Centerspace carries insurance coverage on its properties in amounts and types that it believes are customarily obtained by owners of similar properties and are sufficient to achieve its risk management objectives. Limitations on Taxable Dispositions. Twenty-eight apartment communities, consisting of approximately 4,935 homes, are subject to limitations on taxable dispositions under agreements entered into with certain 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 these properties during the limitation 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. Redemption Value of Units . Pursuant to a Unitholder’s exercise of its Exchange Rights, the Company has the right, in its sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for its common shares, on a one-for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of common shares for the ten Unfunded Commitments. Centerspace has unfunded commitments of $1.0 million in two real estate technology venture funds. Refer to Note 8 - Fair Value Measurements for additional information regarding these investments.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 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 restricted stock units (“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 December 31, 2023, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. The Company accounts for forfeitures of restricted and unrestricted common shares, RSUs, and stock options when they occur instead of estimating the forfeitures. Year Ended December 31, 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 RSUs 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 and expire 10 years after grant date. 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 RSUs eligible to be earned is 40,994 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price, 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. Share-Based Compensation Expense Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Share-based compensation expense $ 3,295 $ 2,615 $ 2,689 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 year ended December 31, 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. Restricted Stock Units During the year ended December 31, 2023, the Company issued 22,799 time-based RSUs to employees and 9,200 to trustees. The RSUs to employees generally vest over a three-year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the years ended December 31, 2023, 2022, and 2021 was $1.8 million, $1.5 million, and $1.0 million, respectively. The fair value of share awards at grant date for non-employee trustees was approximately $545,000, $618,000, and $425,000 for the years ended December 31, 2023, 2022, and 2021, respectively. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The total compensation cost related to non-vested time-based RSUs not yet recognized is $798,000, which the Company expects to recognize over a weighted average period of 1.6 years. The unamortized value of RSUs with market conditions as of December 31, 2023, 2022, and 2021 was approximately $1.0 million, $1.7 million, and $1.1 million, respectively. The activity for the years ended December 31, 2023, 2022, and 2021 related to RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 Granted 13,693 71.54 19,224 87.04 Vested (17,065) 63.42 (35,920) 65.34 Change in awards (1) — — 8,926 — Forfeited (482) 70.44 — — Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period. Stock Options During the year ended December 31, 2023, Centerspace issued 45,955 stock options to employees. The stock options vest over a four-year period. The weighted average grant date fair value of the stock options granted during the year ended December 31, 2023 was $11.086 per share. The total compensation costs related to non-vested stock options not yet recognized is $203,000, which the Company expects to recognize over a weighted average period of 2.65 years. The stock option activity for the years ended December 31, 2023, 2022, and 2021 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2020 139,048 $ 66.36 Exercisable at December 31, 2020 — — Granted 43,629 70.64 Exercised — — Forfeited — — Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 66.94 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06 The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2023, stock options outstanding had no aggregate intrinsic value with a weighted average remaining contractual term of 5.61 years.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to December 31, 2023, Centerspace entered into definitive purchase and sale agreements for two communities with expected gross proceeds of $18.9 million. The Company believes the sales will close in the first quarter. The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects .

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Same-Store 71 France - Edina, MN $ 49,675 $ 4,721 $ 61,762 $ 1,653 $ 4,801 $ 63,335 $ 68,136 $ (21,322) 2014 2014 Up to 37 years Alps Park Apartments - Rapid City, SD — 287 5,551 671 336 6,173 6,509 (2,162) 1995 2013 Up to 37 years Arcata Apartments - Golden Valley, MN — 2,088 31,036 781 2,128 31,777 33,905 (11,660) 2013 2013 Up to 37 years Ashland Apartment Homes - Grand Forks, ND — 741 7,569 285 823 7,772 8,595 (3,120) 2010 2012 Up to 37 years Avalon Cove Townhomes - Rochester, MN — 1,616 34,074 4,984 1,808 38,866 40,674 (10,222) 2001 2016 Up to 37 years Bayberry Place - Eagan, MN 11,048 1,807 14,113 1,637 1,865 15,692 17,557 (1,347) 1995 2021 30 years Burgundy & Hillsboro - New Hope, MN 23,570 2,834 31,149 2,132 2,913 33,202 36,115 (3,066) 1968 2021 30 years Canyon Lake Apartments - Rapid City, SD — 305 3,958 2,335 420 6,178 6,598 (3,591) 1972 2001 Up to 37 years Cardinal Point Apartments - Grand Forks, ND — 1,600 33,400 (111) 1,727 33,162 34,889 (6,287) 2013 2013 Up to 37 years Cascade Shores Townhomes + Flats - Rochester, MN 43,835 6,588 67,072 10,705 6,776 77,589 84,365 (23,733) 2010 2015 Up to 37 years Castlerock Apartment Homes - Billings, MT — 736 4,864 2,075 1,045 6,630 7,675 (4,782) 1979 1998 Up to 37 years Civic Lofts - Denver, CO — 6,166 55,182 597 6,171 55,774 61,945 (4,525) 2019 2021 30 years Connelly on Eleven - Burnsville, MN — 2,401 11,515 16,844 3,206 27,554 30,760 (18,022) 1970 2003 Up to 37 years Cottonwood Apartment Homes - Bismarck, ND — 1,056 17,372 6,823 1,962 23,289 25,251 (14,117) 1998 1997 Up to 37 years Country Meadows Apartment Homes - Billings, MT — 491 7,809 1,437 599 9,138 9,737 (6,079) 1997 1995 Up to 37 years Cypress Court Apartments - St. Cloud, MN 10,697 1,583 18,879 1,074 1,625 19,911 21,536 (7,089) 2014 2012 Up to 37 years Deer Ridge Apartment Homes - Jamestown, ND — 711 24,129 814 785 24,869 25,654 (8,883) 2016 2013 Up to 37 years Donovan Apartment Homes - Lincoln, NE — 1,515 15,730 8,263 1,817 23,691 25,508 (8,980) 1992 2012 Up to 37 years Dylan at RiNo - Denver, CO — 12,155 77,215 1,376 12,241 78,505 90,746 (16,307) 2016 2017 30 years Evergreen Apartment Homes - Isanti, MN — 1,129 5,524 753 1,159 6,247 7,406 (2,666) 2006 2008 Up to 37 years FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 1,447 1,745 25,207 26,952 (4,006) 1900 2019 30 years Gardens Apartments - Grand Forks, ND — 518 8,702 152 535 8,837 9,372 (2,761) 2015 2015 Up to 37 years Grand Gateway Apartment Homes - St. Cloud, MN — 814 7,086 3,336 970 10,266 11,236 (4,460) 2002 2012 Up to 37 years Greenfield - Omaha, NE — 578 4,122 3,147 876 6,971 7,847 (3,653) 1992 2007 Up to 37 years Grove Ridge - Cottage Grove, MN 7,992 1,250 10,271 790 1,293 11,018 12,311 (981) 1973 2021 30 years Homestead Garden Apartments - Rapid City, SD — 655 14,139 1,783 792 15,785 16,577 (5,006) 2004 2014 Up to 37 years Ironwood - New Hope, MN — 2,165 36,874 764 2,167 37,636 39,803 (5,435) 2018 2020 30 years Lakeside Village Apartment Homes - Lincoln, NE — 1,215 15,837 5,945 1,476 21,521 22,997 (8,013) 2000 2012 Up to 37 years Legacy Apartments - Grand Forks, ND — 1,362 21,727 11,075 2,474 31,690 34,164 (21,434) 1996 1995 Up to 37 years Legacy Heights Apartment Homes - Bismarck, ND — 1,207 13,742 300 1,142 14,107 15,249 (3,961) 2015 2015 Up to 37 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 8,410 7,679 96,176 103,855 (15,386) 2010 2019 30 years Meadows Apartments - Jamestown, ND — 590 4,519 1,992 730 6,371 7,101 (4,133) 1999 1998 Up to 37 years Monticello Crossings - Monticello, MN — 1,734 30,136 556 1,951 30,475 32,426 (8,329) 2017 2014 Up to 37 years Monticello Village - Monticello, MN — 490 3,756 1,206 655 4,797 5,452 (2,924) 2001 2004 Up to 37 years New Hope Garden & Village - New Hope, MN 9,943 1,603 12,578 1,393 1,651 13,923 15,574 (1,419) 1969 2021 30 years Northridge Apartments - Bismarck, ND — 884 7,515 280 1,048 7,631 8,679 (2,412) 2014 2014 Up to 37 years Olympic Village Apartments - Billings, MT — 1,164 10,441 4,174 1,885 13,894 15,779 (9,224) 2000 2000 Up to 37 years Oxbo Urban Rentals - St Paul, MN — 5,809 51,586 711 5,822 52,284 58,106 (11,861) 2016 2017 30 years Palisades - Roseville, MN 21,622 6,919 46,577 4,806 6,959 51,343 58,302 (4,233) 1973 2021 30 years Park Place Apartments - Plymouth, MN — 10,609 80,781 20,098 10,819 100,669 111,488 (26,469) 1985 2017 30 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Parkhouse Apartment Homes - Thornton, CO 89,239 10,474 132,105 3,074 10,484 135,169 145,653 (17,666) 2016 2020 30 years Plymouth Pointe - Plymouth, MN 9,575 1,042 12,810 340 1,073 13,119 14,192 (1,261) 1968 2021 30 years Pointe West Apartments - Rapid City, SD — 240 3,538 2,075 463 5,390 5,853 (4,267) 1985 1994 Up to 37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 510 419 5,050 5,469 (2,059) 2008 2012 Up to 37 years Prosper West - Waite Park, MN 16,425 939 10,167 17,929 1,912 27,123 29,035 (16,762) 1989 1995 Up to 37 years Quarry Ridge Apartments - Rochester, MN — 2,254 30,024 9,493 2,412 39,359 41,771 (16,051) 2001 2006 Up to 37 years Red 20 Apartments - Minneapolis, MN 19,718 1,900 24,116 809 1,908 24,917 26,825 (9,063) 2013 2013 Up to 37 years Regency Park Estates - St. Cloud, MN 6,669 702 10,198 8,683 1,179 18,404 19,583 (7,676) 1994 2011 Up to 37 years Rimrock West Apartments - Billings, MT — 330 3,489 1,883 568 5,134 5,702 (3,588) 1975 1999 Up to 37 years River Pointe - Fridley, MN 25,412 3,346 33,118 5,515 3,426 38,553 41,979 (3,750) 1971 2021 30 years River Ridge Apartment Homes - Bismarck, ND — 576 24,670 1,432 922 25,756 26,678 (10,811) 2013 2008 Up to 37 years Rocky Meadows Apartments - Billings, MT — 656 5,726 1,511 840 7,053 7,893 (5,019) 1996 1995 Up to 37 years Rum River Apartments - Isanti, MN — 843 4,823 533 870 5,329 6,199 (2,632) 2005 2007 Up to 37 years Silver Springs Apartment Homes - Rapid City, SD — 215 3,007 1,046 273 3,995 4,268 (1,376) 1985 2014 Up to 37 years Southdale Parc - Richfield, MN (5) 5,301 1,569 7,740 (2,205) 1,618 5,486 7,104 (780) 1962 2021 30 years SouthFork Townhomes + Flats - Lakeville, MN 21,675 3,502 40,153 11,288 3,583 51,360 54,943 (12,684) 1988 2019 30 years Southpoint Apartments - Grand Forks, ND — 576 9,893 409 663 10,215 10,878 (3,432) 2013 2013 Up to 37 years Sunset Trail Apartment Homes - Rochester, MN — 336 12,814 5,961 826 18,285 19,111 (10,340) 2000 1999 Up to 37 years Union Pointe - Longmont, CO — 5,727 69,966 678 5,736 70,635 76,371 (8,307) 2019 2021 30 years Venue on Knox - Minneapolis, MN 11,660 3,438 14,743 5,997 3,530 20,648 24,178 (2,074) 1959 2021 30 years Westend - Denver, CO — 25,525 102,180 1,578 25,532 103,751 129,283 (20,846) 2015 2018 30 years Whispering Ridge - Omaha, NE 21,800 2,139 25,424 5,595 2,551 30,607 33,158 (11,771) 2010 2013 Up to 37 years Wingate - New Hope, MN (5) 10,459 1,480 13,530 (1,032) 1,526 12,452 13,978 (1,422) 1967 2021 30 years Woodhaven - Minneapolis, MN 14,408 3,940 20,080 1,891 4,040 21,871 25,911 (1,849) 1974 2021 30 years Woodland Pointe - Woodbury, MN 31,673 5,367 40,422 15,422 5,449 55,762 61,211 (5,160) 1974 2021 30 years Woodridge on Second - Rochester, MN — 370 6,028 6,062 761 11,699 12,460 (7,746) 1990 1997 Up to 37 years Total Same-Store $ 462,396 $ 177,545 $ 1,685,002 $ 243,970 $ 189,440 $ 1,917,077 $ 2,106,517 $ (512,452) Non-Same-Store Elements of Linden Hills - Minneapolis, MN 5,842 941 7,853 290 949 8,135 9,084 (686) 2015 2022 30 years Lake Vista Apartments Homes - Loveland, CO 49,033 6,618 80,737 434 6,649 81,140 87,789 (885) 2011 2023 30 years Lyra Apartments - Centennial, CO 37,809 6,473 86,149 423 6,481 86,564 93,045 (4,500) 2022 2022 30 years Martin Blu - Eden Prairie, MN 27,193 3,547 45,212 866 3,560 46,065 49,625 (3,756) 2015 2022 30 years Noko Apartments - Minneapolis, MN — 1,915 42,636 295 1,918 42,928 44,846 (3,401) 2021 2022 30 years Zest - Minneapolis, MN 7,717 936 10,209 493 946 10,692 11,638 (885) 2016 2022 30 years Total Non-Same-Store $ 127,594 $ 20,430 $ 272,796 $ 2,801 $ 20,503 $ 275,524 $ 296,027 $ (14,113) Total Multifamily $ 589,990 $ 197,975 $ 1,957,798 $ 246,771 $ 209,943 $ 2,192,601 $ 2,402,544 $ (526,565) Other - Mixed Use 71 France - Edina, MN (4) — $ — $ 5,879 $ 616 $ — $ 6,495 $ 6,495 $ (1,665) 2014 2014 Up to 37 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Civic Lofts - Denver, CO — — — — — — — — 2019 2021 30 years Lugano at Cherry Creek - Denver, CO — — 1,600 861 — 2,461 2,461 (350) 2010 2019 30 years Noko Apartments - Minneapolis, MN — — 118 — — 118 118 (17) 2021 2022 30 years Oxbo Urban Rentals- St Paul, MN — — 3,472 54 — 3,526 3,526 (728) 2016 2017 30 years Red 20 Apartments - Minneapolis, MN (4) — — 2,525 434 — 2,959 2,959 (997) 2013 2013 Up to 37 years Zest - Minneapolis, MN (4) — — 52 1 — 53 53 (19) 2016 2022 30 years Total Other - Mixed Use — $ — $ 13,646 $ 1,966 $ — $ 15,612 $ 15,612 $ (3,776) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (122) $ 246 $ 1,744 $ 1,990 $ (362) 1980 2019 30 years Total Other - Commercial — $ 246 $ 1,866 $ (122) $ 246 $ 1,744 $ 1,990 $ (362) Total $ 589,990 $ 198,221 $ 1,973,310 $ 248,615 $ 210,189 $ 2,209,957 $ 2,420,146 $ (530,703) (1) Amounts in this column are the mortgages payable balance as of December 31, 2023. These amounts do not include amounts owing under the Company’s multi-bank line of credit, term loan, or unsecured senior notes. (2) Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records. (3) Date of acquisition represents the date the Company acquired the property through purchase or acquisition. (4) Encumbrances are listed with the multifamily property description. (5) Costs capitalized subsequent to acquisition includes impairment charges. Reconciliations of the carrying value of total property owned for the years ended December 31, 2023, 2022, and 2021 are as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 2,534,124 $ 2,271,170 $ 1,812,557 Additions during year Multifamily and Other 87,757 206,623 491,648 Improvements and Other 62,117 57,203 34,427 2,683,998 2,534,996 2,338,632 Deductions during year Cost of real estate sold (243,889) — (57,698) Impairment charge (1) (5,218) — — Other (2) (14,745) (872) (9,764) Balance at close of year $ 2,420,146 $ 2,534,124 $ 2,271,170 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2023, 2022, and 2021 are as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 535,401 $ 443,592 $ 399,249 Additions during year Provisions for depreciation 98,691 92,056 78,268 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (92,239) — (24,161) Other (2) (11,150) (247) (9,764) Balance at close of year $ 530,703 $ 535,401 $ 443,592 Total real estate investments, excluding mortgage notes receivable (3) $ 1,889,443 $ 1,998,723 $ 1,827,578 (1) During the year ended December 31, 2023, Centerspace recognized impairment on two apartment communities. (2) Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets. (3) The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.5 billion at December 31, 2023 and December 31, 2022, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to controlling interests	$ 41,325	$ (14,109)	$ (29)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION
CONSOLIDATION	The 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.
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.
RECLASSIFICATIONS	RECLASSIFICATIONS
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 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements and address requests from investors for more detailed information about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU will not have a material impact on the Consolidated Financial Statements.
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion and $2.0 billion as of December 31, 2023 and 2022, respectively. Upon acquisitions of real estate, the Company assesses the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on the Company’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. The Company follows the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. The Company did not capitalize interest during the years ended December 31, 2023, 2022, and 2021. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. 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, we compare the estimated 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 our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
REAL ESTATE HELD FOR SALE	The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. The Company had no properties classified as held for sale at December 31, 2023 and 2022. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale.
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 bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts.
RESTRICED CASH	As of December 31, 2023 and 2022, restricted cash consisted of $639,000 and $1.4 million, respectively, in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender
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”) 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2023, 2022, and 2021, rental income represents approximately 98.1%, 97.7%, and 98.2%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2023, 2022, and 2021, other property revenues represent the remaining 1.9%, 2.3%, and 1.8%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three
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 revenues 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. In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments 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 years ended December 31, 2023, 2022, and 2021, the Company recognized $71.2 million, $41,000, and $27.5 million, respectively, as a gain on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition.
MARKET CONCENTRATION RISK	MARKET CONCENTRATION RISK The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2023, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets.
INCOME TAXES	INCOME TAXES The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2023, 2022, and 2021, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). The Company has one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for the TRS for the years ended December 31, 2023, 2022, and 2021.
VARIABLE INTEREST ENTITY	VARIABLE INTEREST ENTITY 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.
PROPERTY AND EQUIPMENT	Property and equipment.
ADVERTISING COSTS	ADVERTISING COSTS
DERIVATIVE INSTRUMENTS	Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported 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.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Future Scheduled Lease Income for Operating Leases	The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2023, was as follows: (in thousands) 2024 $ 1,824 2025 1,769 2026 1,608 2027 1,318 2028 929 Thereafter 5,366 Total scheduled lease income - operating leases $ 12,814
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the years ended December 31, 2023, 2022, and 2021: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2023 2022 2021 Fixed lease income - operating leases Leases $ 243,931 $ 240,031 $ 189,452 Variable lease income - operating leases Leases 12,433 10,754 8,565 Other property revenue Revenue from contracts with customers 4,945 5,931 3,688 Total revenue $ 261,309 $ 256,716 $ 201,705
Summary of Federal Income Tax Distributions	The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2023, 2022, and 2021: CALENDAR YEAR 2023 2022 2021 Tax status of distributions Capital gain 48.79 % — 0.92 % Ordinary income 28.46 % 13.42 % 7.82 % Return of capital 22.75 % 86.58 % 91.26 %
Schedule of Other Assets	As of December 31, 2023 and 2022, other assets consisted of the following amounts: in thousands December 31, 2023 December 31, 2022 Receivable arising from straight line rents $ 347 $ 556 Accounts receivable, net of allowance 267 217 Real estate related notes receivable 7,039 5,871 Prepaid assets 7,828 6,520 Other assets (1) 5,294 1,954 Intangible assets, net of accumulated amortization 2,723 2,112 Property and equipment, net of accumulated depreciation 2,798 3,120 Goodwill 491 866 Deferred charges and leasing costs 862 1,471 Total Other Assets $ 27,649 $ 22,687 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share	The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests 41,325 (14,109) (29) Dividends to preferred shareholders (6,428) (6,428) (6,428) Numerator for basic income per share – net income (loss) available to common shareholders 34,897 (20,537) (6,457) Noncontrolling interests – Operating Partnership and Series E preferred units 4,877 (4,299) (2,806) Dividends to preferred unitholders (1) — 640 640 Numerator for diluted income (loss) per share $ 39,774 $ (24,196) $ (8,623) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 14,994 15,216 13,803 Effect of Series E preferred units 2,100 — — Effect of diluted restricted stock awards and restricted stock units 24 — — Denominator for diluted income (loss) per share 17,118 15,216 13,803 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 2.33 $ (1.35) $ (0.47) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 2.32 $ (1.35) $ (0.47) (1) For the year ended December 31, 2023 , dividends to preferred unitholders of $640,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive.

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2023 109 $ (1,910) Year ended December 31, 2022 24 $ (1,353) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2023 2 $ 130 $ 54.05 Year ended December 31, 2022 46 $ 4,141 $ 90.18 The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2023 26 31 $ 1,390 Year ended December 31, 2022 56 67 $ 3,667 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.2048 Units for each Series E preferred unit
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares under the 2021 ATM Program during the years ended December 31, 2023 and 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2023 — $ — $ — Year ended December 31, 2022 321 $ 31,732 $ 98.89 (1) Total consideration is net of $338,000 in commissions for the year ended December 31, 2022.
Schedule of Repurchase Agreements	The table below provides details on the shares repurchased during the years ended December 31, 2023 and 2022. As of December 31, 2023, the Company had $9.4 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2023 216 $ 11,539 $ 53.44 Year ended December 31, 2022 432 $ 29,059 $ 67.23 (1) Amount includes commissions.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities	The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2023 and 2022 were as follows: (in thousands) December 31, 2023 December 31, 2022 IRET - Cypress Court Apartments, LLC $ 649 $ 627 Noncontrolling interests – consolidated real estate entities $ 649 $ 627

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s indebtedness, excluding deferred financing costs and premiums or discounts: (in thousands) December 31, 2023 December 31, 2022 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2023 Lines of credit (1) $ 30,000 6.74 % $ 113,500 5.61 % 1.75 Term loans (2) — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.63 Unsecured debt 330,000 513,500 6.19 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.56 Mortgages payable - other (3)(5) 391,140 4.05 % 299,427 3.85 % 5.80 Total debt (4) $ 919,990 3.54 % $ 1,011,777 3.62 % 6.30 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at December 31, 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 Fixed Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 %
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2023 is as follows: (in thousands) 2024 $ 6,860 2025 66,290 2026 99,120 2027 48,666 2028 118,365 Thereafter 580,689 Total payments $ 919,990

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2023, 2022, and 2021 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ 1,581 $ 2,383 Interest expense $ (936) $ (799) $ (9,087)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
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 December 31, 2023 Real estate related notes receivable Other assets $ 7,039 $ — $ — $ 7,039 December 31, 2022 Real estate related notes receivable Other assets $ 5,871 $ — $ — $ 5,871 The estimated fair values of the Company’s financial instruments as of December 31, 2023 and 2022 are as follows: (in thousands) December 31, 2023 December 31, 2022 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 8,630 $ 8,630 $ 10,458 $ 10,458 Restricted cash Restricted cash 639 639 1,433 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 30,000 30,000 113,500 113,500 Term loans Notes payable — — 100,000 100,000 Unsecured senior notes Notes payable 300,000 252,108 300,000 238,446 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 168,555 198,850 161,297 Mortgages payable - other Mortgages payable 391,140 367,080 299,427 274,029
Changes in Fair Value Receivables	Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291 Year ended December 31, 2022 Real estate related notes receivable $ 5,871 $ 16 $ 669 $ 685
Schedule of Fair Value Measurements on a Nonrecurring Basis	There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Real estate investments $ 19,250 $ — $ 19,250 $ —

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	The Company’s acquisitions during the years ended December 31, 2023 and 2022 are detailed below. Year Ended December 31, 2023 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) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage. Year Ended December 31, 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 $573,000 in capitalized transaction cost. (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. (5) Debt discount on assumed mortgage.
Schedule of Dispositions	The dispositions for the year ended December 31, 2023 are detailed below. Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 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 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the years ended December 31, 2023, 2022, and 2021, respectively, along with reconciliations to net income as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements. (in thousands) Year ended December 31, 2023 Multifamily All Other Total Revenue $ 246,364 $ 14,945 $ 261,309 Property operating expenses, including real estate taxes 98,762 7,050 105,812 Net operating income $ 147,602 $ 7,895 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Loss on litigation settlement (3,864) Interest expense (36,429) Interest and other income 1,207 Net income $ 49,231 (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 224,375 $ 32,341 $ 256,716 Property operating expenses, including real estate taxes 92,327 16,310 108,637 Net operating income $ 132,048 $ 16,031 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income 1,248 Net loss $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 173,436 $ 28,269 $ 201,705 Property operating expenses, including real estate taxes 68,618 13,239 81,857 Net operating income $ 104,818 $ 15,030 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain on sale of real estate and other investments 27,518 Interest expense (29,078) Interest income and other loss (2,915) Net loss $ (2,101)
Segment Assets and Accumulated Depreciation	Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,402,544 $ 17,602 $ 2,420,146 Less accumulated depreciation (526,565) (4,138) (530,703) Total real estate investments $ 1,875,979 $ 13,464 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361 (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 real estate investments $ 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)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value 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 %
Schedule of Compensation Expense Recognized	Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Share-based compensation expense $ 3,295 $ 2,615 $ 2,689
Schedule of Restricted Share Awards Activity	The activity for the years ended December 31, 2023, 2022, and 2021 related to RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 Granted 13,693 71.54 19,224 87.04 Vested (17,065) 63.42 (35,920) 65.34 Change in awards (1) — — 8,926 — Forfeited (482) 70.44 — — Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period.
Schedule of Stock Options Activity	The stock option activity for the years ended December 31, 2023, 2022, and 2021 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2020 139,048 $ 66.36 Exercisable at December 31, 2020 — — Granted 43,629 70.64 Exercised — — Forfeited — — Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 66.94 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2023 apartmentCommunity apartmentHome
Real Estate Properties [Line Items]
Number of properties | apartmentCommunity	72
Apartment Properties
Real Estate Properties [Line Items]
Number of apartment homes | apartmentHome	13,088

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Interest in operating partnership	83.60%	82.90%
Percentage of general interest partnership	100%	100%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Real estate investments	$ 1,889,443,000	$ 1,998,723,000
Construction period interest capitalized	0	0	$ 0
Impairment of real estate investments	$ 5,218,000	$ 0	$ 0
Number of apartment communities impaired during year | apartmentCommunity	2
Richfield, MN
Real Estate Properties [Line Items]
Impairment of real estate investments	$ 3,000,000
New Hope, MN
Real Estate Properties [Line Items]
Impairment of real estate investments	$ 2,200,000
Minimum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	10 years
Minimum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	5 years
Minimum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	5 years
Maximum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	37 years
Maximum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	10 years
Maximum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	20 years

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) - apartmentProperty	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price	1 year
Assets Held for Sale
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	0	0

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 639	$ 1,433	$ 7,358
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 639	$ 1,400

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2024	$ 1,824
2025	1,769
2026	1,608
2027	1,318
2028	929
Thereafter	5,366
Total scheduled lease income - operating leases	$ 12,814
Minimum
Lessor, Lease, Description [Line Items]
Term of lease contract	3 years
Maximum
Lessor, Lease, Description [Line Items]
Term of lease contract	15 years
Rental Income | Product Concentration Risk | Revenue Benchmark
Lessor, Lease, Description [Line Items]
Concentration risk	98.10%	97.70%	98.20%
Fee Income | Product Concentration Risk | Revenue Benchmark
Lessor, Lease, Description [Line Items]
Concentration risk	1.90%	2.30%	1.80%

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Fixed lease income - operating leases	$ 243,931	$ 240,031	$ 189,452
Variable lease income - operating leases	12,433	10,754	8,565
Total revenue	261,309	256,716	201,705
Gain on sale of investments	71,244	41	27,518
Other Property Revenue
Disaggregation of Revenue [Line Items]
Other property revenue	$ 4,945	$ 5,931	$ 3,688

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - consolidatedEntity	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Minimum dividend distribution percentage	90%
Dividend distribution percentage	90%	90%	90%
Number of TRS	1
Capital gain	48.79%	0%	0.92%
Ordinary income	28.46%	13.42%	7.82%
Return of capital	22.75%	86.58%	91.26%

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Receivable arising from straight line rents	$ 347	$ 556
Accounts receivable, net of allowance	267	217
Real estate related notes receivable	7,039	5,871
Prepaid assets	7,828	6,520
Other assets	5,294	1,954
Intangible assets, net of accumulated amortization	2,723	2,112
Property and equipment, net of accumulated depreciation	2,798	3,120
Goodwill	491	866
Deferred charges and leasing costs	862	1,471
Total Other Assets	$ 27,649	$ 22,687

BASIS OF PRESENTATION AND SI_12

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Amortization of intangible assets	$ 2.6	$ 12.3	$ 13.5

BASIS OF PRESENTATION AND SI_13

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Property and equipment cost	$ 4.6	$ 4.9
Accumulated depreciation	$ 1.8	$ 1.8

BASIS OF PRESENTATION AND SI_14

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2020
Multi Family Same-Store | Ironwood | Tax Increment Financing
Real Estate Properties [Line Items]
Loan commitment	$ 5.7	$ 6.1	$ 6.6
Interest rate on mortgages payable	4.50%
Multi Family Residential | Inver Grove Heights, Minnesota | Mezzanine Loan
Real Estate Properties [Line Items]
Interest rate on mortgages payable	10%
Mortgage loans receivable	$ 15.1
Multi Family Residential | Inver Grove Heights, Minnesota | Mezzanine Loan | Other Assets
Real Estate Properties [Line Items]
Mortgage loans receivable	$ 1.6

BASIS OF PRESENTATION AND SI_15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Advertising expense	$ 3.2	$ 3.2	$ 2.5

BASIS OF PRESENTATION AND SI_16

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Severance and Transition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense	$ 3,295	$ 2,615	$ 2,689
Former Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs	2,200
Share-based compensation expense	737
Executive office transition related expenses	$ 306

BASIS OF PRESENTATION AND SI_17

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Combination and Asset Acquisition [Abstract]
Asset impairment charges	$ 1,300	$ 4,224	$ 0	$ 0
Asset impairment charges, excluding insurance settlement receivable		2,000
Estimated insurance recoveries		$ 1,900
Number of apartment community assets subject to insurance recoveries | apartmentCommunity		3
Insurance settlements receivable		$ 1,200

BASIS OF PRESENTATION AND SI_18

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Litigation Settlement (Details) - USD ($) $ in Thousands		2 Months Ended	12 Months Ended
	Oct. 09, 2023	Feb. 20, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Loss on litigation settlement			$ 3,864	$ 0	$ 0
Payments for legal settlements	$ 2,900
Subsequent Event
Loss Contingencies [Line Items]
Damages awarded, value		$ 1,000

NET INCOME (LOSS) PER SHARE - N

NET INCOME (LOSS) PER SHARE - Narrative (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ratio of units exchanged for shares	1
Operating Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	925	978	899
Series D Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	228	228	228
Series E Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		2,200	729
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		28	30
Restricted Stock Units (RSU)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		10	15
Performance Shares And Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)		30	32

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
NUMERATOR
Net income (loss) attributable to controlling interests	$ 41,325	$ (14,109)	$ (29)
Dividends to preferred shareholders	6,428	6,428	6,428
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	34,897	(20,537)	(6,457)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	4,877	(4,299)	(2,806)
Dividends to preferred unitholders	0	640	640
Numerator for diluted income (loss) per share	$ 39,774	$ (24,196)	$ (8,623)
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares (in shares)	14,994	15,216	13,803
Effect of diluted restricted stock awards and restricted stock units (in shares)	24	0	0
Denominator for diluted income (loss) per share (in shares)	17,118	15,216	13,803
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ 2.33	$ (1.35)	$ (0.47)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ 2.32	$ (1.35)	$ (0.47)
Preferred Unitholders Dividends
DENOMINATOR
Antidilutive securities excluded from the computation of net income (loss) per share	$ 640
Series E Preferred Stock
DENOMINATOR
Effect of Series E preferred units (in shares)	2,100	0	0

EQUITY AND MEZZANINE EQUITY - N

EQUITY AND MEZZANINE EQUITY - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) qtr $ / shares shares	Dec. 31, 2022 USD ($) apartmentCommunity $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 10, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interests - operating partnership (in shares) | shares	861,000	971,000
Noncontrolling interests , operating partnership, issued (in shares) | shares		209,000
Number of apartment communities acquired | apartmentCommunity		3
Preferred units, shares issued (in shares) | shares	3,881,000	3,881,000
Preferred shares, liquidation preference | $	$ 97,036,000	$ 97,036,000
Common shares outstanding (in shares) | shares	14,963,000	15,020,000
Sale of common shares, net | $		$ 31,439,000	$ 156,038,000
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased | $				$ 50,000,000
Remaining available repurchase amount | $	$ 9,400,000
Preferred shares of beneficial interest, shares outstanding (in shares) | shares	3,881,000	3,881,000
Liquidation preference per share (in dollars per share) | $ / shares	$ 25	$ 25
Preferred units, shares issued (in shares) | shares	166,000	166,000
Preferred units, liquidation preference | $	$ 16,560,000	$ 16,560,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price of common shares, authorized amount | $			$ 250,000,000
Aggregate gross sales price of common shares, remaining authorized amount | $	$ 126,600,000
Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares forfeited (in shares) | shares	15,000	2,000
Performance Shares | Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued (in shares) | shares	19,606	24,613
Sale of common shares, net | $	$ 1,800,000	$ 1,300,000
Series E Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred units, shares issued (in shares) | shares	1,700,000	1,800,000
Preferred units, par value (in dollars per share) | $ / shares	$ 100
Distribution rate	3.875%
Preferred units, conversion ratio	1.2048
Preferred units, conversion exchange rate, minimum threshold (in dollars per share) | $ / shares	$ 83
Preferred stock, threshold trading days	15 days
Preferred stock, threshold consecutive trading days	30 days
Number of consecutive distribution periods | qtr	3
Minimum distribution rate (in dollars per share) | $ / shares	$ 0.804
Preferred shares, liquidation preference | $	$ 172,500,000
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution 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
Liquidation preference per share (in dollars per share) | $ / shares	$ 25	$ 25
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
Preferred units, issuance price (in dollars per share) | $ / shares	$ 100
Temporary equity, distribution rate	3.862%
Conversion ratio	1.37931
Preferred units, liquidation preference | $	$ 16,600,000

EQUITY AND MEZZANINE EQUITY - S

EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Conversion of Stock [Line Items]
Total book value	$ 0	$ 0	$ 0
Aggregate cost	1,390	3,667	$ 0
Series E Preferred Stock
Conversion of Stock [Line Items]
Total book value	$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Number of units redeemed (in shares)	109	24
Total book value	$ (1,910)	$ (1,353)
Redemption of Units for Cash
Conversion of Stock [Line Items]
Number of units converted (in shares)	2	46
Aggregate cost	$ 130	$ 4,141
Average net price per share (in dollars per share)	$ 54.05	$ 90.18
Redemption of Units for Cash | Series E Preferred Stock
Conversion of Stock [Line Items]
Number of units converted (in shares)	7
Aggregate cost	$ 447
Average net price per share (in dollars per share)	$ 52.45
Redemption of Units for Common Shares | Series E Preferred Stock
Conversion of Stock [Line Items]
Number of units converted (in shares)	26	56
Number of common shares issued (in shares)	31	67
Total value	$ 1,390	$ 3,667

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Commissions		$ 338
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares (in shares)	0	321
Total 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 - Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Number of common shares (in shares)	216	432
Aggregated cost	$ 11,539	$ 29,059
Average price per share (in dollars per share)	$ 53.44	$ 67.23

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 649	$ 627
IRET - Cypress Court Apartments, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 649	$ 627

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 919,990	$ 1,011,777
Mortgage loans, interest rate	3.54%	3.62%
Weighted Average Maturity in Years at December 31, 2023	6 years 3 months 18 days
Mortgages | Fannie Mae Credit Facility Agreement
Debt Instrument [Line Items]
Total debt	$ 198,850	$ 198,850
Mortgage loans, interest rate	2.78%	2.78%
Weighted Average Maturity in Years at December 31, 2023	7 years 6 months 21 days
Mortgages | Mortgages Payable
Debt Instrument [Line Items]
Total debt	$ 391,140	$ 299,427
Mortgage loans, interest rate	4.05%	3.85%
Weighted Average Maturity in Years at December 31, 2023	5 years 9 months 18 days
Unsecured debt
Debt Instrument [Line Items]
Total debt	$ 330,000	$ 513,500
Weighted Average Maturity in Years at December 31, 2023	6 years 2 months 8 days
Unsecured debt | Line of Credit
Debt Instrument [Line Items]
Total debt	$ 30,000	$ 113,500
Mortgage loans, interest rate	6.74%	5.61%
Weighted Average Maturity in Years at December 31, 2023	1 year 9 months
Unsecured debt | Term loans
Debt Instrument [Line Items]
Total debt	$ 0	$ 100,000
Mortgage loans, interest rate	0%	5.57%
Unsecured debt | Unsecured senior notes
Debt Instrument [Line Items]
Total debt	$ 300,000	$ 300,000
Mortgage loans, interest rate	3.12%	3.12%
Weighted Average Maturity in Years at December 31, 2023	6 years 7 months 17 days

DEBT - Narrative (Details)

DEBT - Narrative (Details)		1 Months Ended	12 Months Ended
	May 31, 2023	Nov. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) apartmentProperty loan	Dec. 31, 2022 USD ($) apartmentProperty	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | apartmentProperty			46
Revolving lines of credit			$ 30,000,000	$ 113,500,000
Carrying principal value			$ 919,990,000	$ 1,011,777,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty			14	15
Mortgage loans, interest rate			3.54%	3.62%
Mortgages
Line of Credit Facility [Line Items]
Number of loans in default | loan			0
Mortgages | Minimum
Line of Credit Facility [Line Items]
Mortgage loans, interest rate			3.45%
Mortgages | Maximum
Line of Credit Facility [Line Items]
Mortgage loans, interest rate			5.04%
Private Shelf Agreement | Unsecured debt
Line of Credit Facility [Line Items]
Carrying principal value			$ 200,000,000
Note Purchase Agreement | Unsecured debt
Line of Credit Facility [Line Items]
Original principal balance			125,000,000
Series 2021-C | Unsecured debt
Line of Credit Facility [Line Items]
Original principal balance			25,000,000
PNC Bank Term Loan Agreement | Unsecured debt
Line of Credit Facility [Line Items]
Carrying principal value				$ 100,000,000
Original principal balance		$ 100,000,000
Term		364 days
PNC Bank Term Loan Agreement | Unsecured debt | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)		1.20%
PNC Bank Term Loan Agreement | Unsecured debt | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)		1.75%
Fannie Mae Credit Facility Agreement | Mortgages
Line of Credit Facility [Line Items]
Carrying principal value			198,850,000	$ 198,850,000
Original principal balance			$ 198,900,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty			12
Weighted average interest rate			2.78%
Mortgage loans, interest rate			2.78%	2.78%
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date One
Line of Credit Facility [Line Items]
Term			7 years
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date Two
Line of Credit Facility [Line Items]
Term			10 years
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date Three
Line of Credit Facility [Line Items]
Term			12 years
Line of Credit | Minimum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	2,500%
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	12,500%
Line of Credit | Maximum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	8,000%
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	18,000%
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 250,000,000
Remaining borrowing capacity			220,000,000	$ 136,500,000
Revolving lines of credit			$ 30,000,000	$ 113,500,000
Operating line of credit, interest rate			7.82%	5.61%
Accordion option					$ 400,000,000
Operating Line of Credit
Line of Credit Facility [Line Items]
Revolving lines of credit			$ 0
Operating Line of Credit | Unsecured debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 6,000,000	$ 6,000,000

DEBT - September Note Purchase

DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured debt	Dec. 31, 2023 USD ($)
Series A
Line of Credit Facility [Line Items]
Original principal balance	$ 75,000,000
Interest rate percentage	3.84%
Series B
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000,000
Interest rate percentage	3.69%
Series C
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000,000
Interest rate percentage	2.70%
Series 2021-A
Line of Credit Facility [Line Items]
Original principal balance	$ 35,000,000
Interest rate percentage	2.50%
Series 2021-B
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000,000
Interest rate percentage	2.62%
Series 2021-C
Line of Credit Facility [Line Items]
Original principal balance	$ 25,000,000
Interest rate percentage	2.68%
Series 2021-D
Line of Credit Facility [Line Items]
Original principal balance	$ 15,000,000
Interest rate percentage	2.78%

DEBT - Schedule of Required Pay

DEBT - Schedule of Required Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 6,860
2025	66,290
2026	99,120
2027	48,666
2028	118,365
Thereafter	580,689
Total payments	$ 919,990

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	1 Months Ended		12 Months Ended
	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) derivativeInstrument	Dec. 31, 2022 USD ($) derivativeInstrument	Dec. 31, 2021 USD ($)	Jan. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months			$ 713,000
Payments to terminate derivative			$ 0	$ 3,209,000	$ 3,804,000
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on derivative				$ 582,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Payments to terminate derivative	$ 3,200,000	$ 3,800,000
Notional amount						$ 75,000,000	$ 50,000,000
Number of instruments held | derivativeInstrument			0	0
Accelerated reclassification loss from OCI		$ 5,400,000
Interest Rate Swap | Designated as Hedging Instrument | Unsecured debt | Term loans
Derivative [Line Items]
Notional amount							$ 70,000,000
Forward Contracts | Not 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 Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gain Recognized in OCI	$ 0	$ 1,581	$ 2,383
Interest Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Net Income (Loss)	$ (936)	$ (799)	$ (9,087)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - Real Estate Receivable - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	$ 7,039	$ 5,871
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	$ 7,039	$ 5,871

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments	$ 1,000,000
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets		$ 0
Fair Value Measured at Net Asset Value Per Share | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment, fair value disclosure	$ 2,100,000	$ 1,600,000
Minimum | Level 3 | Fair Value, Recurring | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.00000500
Minimum | Level 3 | Fair Value, Recurring | Credit Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.00005
Maximum | Level 3 | Fair Value, Recurring | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.00000900
Maximum | Level 3 | Fair Value, Recurring | Credit Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.00010

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income (loss)	Interest and other income (loss)
Fair Value, Recurring | Real Estate Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate related notes receivable	$ 7,039	$ 5,871
Changes in fair value of receivables	291	685
Fair Value, Recurring | Other Gains (Losses) | Real Estate Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	$ 19	$ 16
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income (loss)	Interest and other income (loss)
Fair Value, Recurring | Interest Income | Real Estate Receivable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	$ 272	$ 669
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income (loss)	Interest and other income (loss)

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Nonrecurring Basis (Details) - Nonrecurring $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments measured at fair value	$ 19,250
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments measured at fair value	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments measured at fair value	19,250
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investments measured at fair value	$ 0

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL LIABILITIES
Unsecured senior notes	$ 299,459	$ 399,007
Mortgages payable	919,990
Amount
FINANCIAL ASSETS
Cash and cash equivalents	8,630	10,458
FINANCIAL LIABILITIES
Revolving lines of credit	30,000	113,500
Term loans	0	100,000
Unsecured senior notes	300,000	300,000
Amount | Mortgages
FINANCIAL LIABILITIES
Mortgages payable	391,140	299,427
Amount | Fannie Mae Credit Facility Agreement | Mortgages
FINANCIAL LIABILITIES
Mortgages payable	198,850	198,850
Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents	639	1,433
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	8,630	10,458
FINANCIAL LIABILITIES
Revolving lines of credit	30,000	113,500
Term loans	0	100,000
Unsecured senior notes	252,108	238,446
Fair Value | Mortgages
FINANCIAL LIABILITIES
Mortgages payable	367,080	274,029
Fair Value | Fannie Mae Credit Facility Agreement | Mortgages
FINANCIAL LIABILITIES
Mortgages payable	168,555	161,297
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents	$ 639	$ 1,433

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
2023 Acquisitions
Asset Acquisition [Line Items]
Consideration transferred	$ 94,500
2022 Acquisitions
Asset Acquisition [Line Items]
Consideration transferred		$ 211,874

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartmentHome	Dec. 31, 2022 USD ($) apartmentHome apartmentCommunity	Dec. 31, 2021 USD ($)
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentCommunity		3
Form of Consideration
Cash	$ 0	$ 122	$ 1,264
2023 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Consideration transferred	94,500
Form of Consideration
Cash	41,777
Units	0
Other	52,723
Investment Allocation
Land	6,618
Building	80,737
Intangible Assets	3,221
Other	3,924
Capitalized transaction cost	$ 405
Lake Vista Apartment Homes - Loveland,CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome	303
Consideration transferred	$ 94,500
Form of Consideration
Cash	41,777
Units	0
Other	52,723
Investment Allocation
Land	6,618
Building	80,737
Intangible Assets	3,221
Other	$ 3,924
2022 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Consideration transferred		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)
Capitalized transaction cost		$ 573
Martin Blu - Eden Prairie, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		191
Consideration transferred		$ 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 of Linden Hills - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		31
Consideration transferred		$ 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
Consideration transferred		$ 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
Consideration transferred		$ 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
Consideration transferred		$ 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) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartmentHome transaction apartmentProperty	Dec. 31, 2022 apartmentCommunity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain on sale of real estate and other investments
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentProperty	13
Disposed of by Sale | 2023 Disposals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposal transactions during period | transaction	5
Sales Price	$ 226,755
Book Value and Sales Cost	155,515
Gain/(Loss)	$ 71,240
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
Boulder Court - Eagan, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	115
Sales Price	$ 14,605
Book Value and Sales Cost	4,971
Gain/(Loss)	$ 9,634
2 Nebraska apartment communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	498
Sales Price	$ 48,500
Book Value and Sales Cost	15,025
Gain/(Loss)	$ 33,475
5 Minnesota apartment communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	892
Sales Price	$ 74,500
Book Value and Sales Cost	55,186
Gain/(Loss)	$ 19,314
Portage - Minneapolis, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	62
Sales Price	$ 6,650
Book Value and Sales Cost	9,098
Gain/(Loss)	$ (2,448)
4 North Dakota Apartment Communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	712
Sales Price	$ 82,500
Book Value and Sales Cost	71,235
Gain/(Loss)	$ 11,265

SEGMENTS - Revenues and Net Ope

SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment apartmentCommunity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 261,309,000	$ 256,716,000	$ 201,705,000
Property operating expenses, including real estate taxes	105,812,000	108,637,000	81,857,000
Net operating income	155,497,000	148,079,000	119,848,000
Property management expenses	(9,353,000)	(9,895,000)	(8,752,000)
Casualty loss	(2,095,000)	(1,591,000)	(344,000)
Depreciation and amortization	(101,678,000)	(105,257,000)	(92,165,000)
Impairment of real estate investments	(5,218,000)	0	0
General and administrative expenses	(20,080,000)	(17,516,000)	(16,213,000)
Gain on sale of real estate and other investments	71,244,000	41,000	27,518,000
Loss on litigation settlement	(3,864,000)	0	0
Interest expense	(36,429,000)	(32,750,000)	(29,078,000)
Interest and other income (loss)	1,207,000	1,248,000	(2,915,000)
NET INCOME (LOSS)	$ 49,231,000	(17,641,000)	(2,101,000)
Disposed of by Sale | 2023 Diposals
Segment Reporting Information [Line Items]
Number of properties sold, reclassified to other | apartmentCommunity	13
Multifamily
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 246,364,000	224,375,000	173,436,000
Property operating expenses, including real estate taxes	98,762,000	92,327,000	68,618,000
Net operating income	147,602,000	132,048,000	104,818,000
All Other
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	14,945,000	32,341,000	28,269,000
Property operating expenses, including real estate taxes	7,050,000	16,310,000	13,239,000
Net operating income	$ 7,895,000	$ 16,031,000	$ 15,030,000

SEGMENT REPORTING - Segment Ass

SEGMENT REPORTING - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property owned	$ 2,420,146	$ 2,534,124
Less accumulated depreciation	(530,703)	(535,401)
Total real estate investments	1,889,443	1,998,723
Cash and cash equivalents	8,630	10,458	$ 31,267
Restricted cash	639	1,433	$ 7,358
Other assets	27,649	22,687
TOTAL ASSETS	1,926,361	2,033,301
Multifamily
Segment Reporting Information [Line Items]
Property owned	2,402,544	2,274,202
Less accumulated depreciation	(526,565)	(443,828)
Total real estate investments	1,875,979	1,830,374
All Other
Segment Reporting Information [Line Items]
Property owned	17,602	259,922
Less accumulated depreciation	(4,138)	(91,573)
Total real estate investments	$ 13,464	$ 168,349

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Maximum contribution each employee, towards 401(k) plan	5%
Employer contribution towards profit sharing plan and 401(k) plan	$ 1.3	$ 1.3	$ 1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		2 Months Ended	12 Months Ended
	Oct. 09, 2023 USD ($)	Feb. 20, 2024 USD ($)	Dec. 31, 2023 USD ($) apartmentCommunity realEstateTechnologyVentureFund apartmentProperty apartmentHome	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Loss on litigation settlement			$ 3,864	$ 0	$ 0
Payments for legal settlements	$ (2,900)
Number of properties | apartmentCommunity			72
Redemption basis			1
Number of consecutive trading days for valuation			10 days	10 days
Aggregate redemption value of units of operating partnership owned by limited partners			$ 50,400	$ 58,000
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund			2
Taxable Dispositions Limitations
Real Estate Properties [Line Items]
Number of properties | apartmentProperty			28
Number of apartment homes (approximately) | apartmentHome			4,935
Subsequent Event
Real Estate Properties [Line Items]
Damages awarded, value		$ 1,000
Fair Value, Recurring
Real Estate Properties [Line Items]
Unfunded commitments			$ 1,000

SHARE BASED COMPENSATION - Narr

SHARE BASED COMPENSATION - Narrative (Details)				12 Months Ended
	Mar. 31, 2023 shares	Jan. 01, 2023 $ / shares shares	Sep. 15, 2015 shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)			775,000
Term of award			10 years	3 years
Options granted (in shares)				45,955	30,245	43,629
Exercised (in shares)				20,061	0	0
Share price (in usd per share) | $ / shares		$ 58.67
Stock options outstanding, aggregate intrinsic value | $				$ 0
Weighted average remaining contractual term				5 years 7 months 9 days
Former Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised (in shares)				425
Former Chief Executive Officer | Mr. Decker
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated cost | $				$ 737,000
Tranche One | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33%
Tranche Two | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	67%
Share-Based Payment Arrangement, 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) | $ / shares				$ 11.086
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards at grant date | $				$ 1,800,000	$ 1,500,000	$ 1,000,000
Total compensation cost related to non-vested share awards | $				$ 798,000
Weighted average period to recognize cost				1 year 7 months 6 days
Unamortized value | $				$ 1,000,000	1,700,000	1,100,000
Restricted Stock Units (RSU) | President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	5,492
Restricted Stock Units (RSU) | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	2,746
Restricted Stock Units (RSU) | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				22,799
Award vesting period				3 years
Restricted Stock Units (RSU) | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				9,200
Award vesting period				1 year
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards at grant date | $				$ 545,000	$ 618,000	$ 425,000
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		14,256
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Performance Shares
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 Shares | Share-Based Payment Arrangement, 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]
Expiration period		10 years
Award vesting period				4 years
Total compensation cost related to non-vested share awards | $				$ 203,000
Weighted average period to recognize cost				2 years 7 months 24 days
Fair value of stock options granted (in usd per share) | $ / shares				$ 11.086
Stock Options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock Options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock Options | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock Options | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%

SHARE BASED COMPENSATION - Sche

SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details) - Stock Options - 2023 Long-term Incentive Plan ("LTIP") Awards	12 Months Ended
	Dec. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)	$ 58.67
Risk-free rate	3.97%
Expected term	6 years 3 months
Expected volatility	28.70%
Dividend yield	4.977%

SHARE BASED COMPENSATION - Sc_2

SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 3,295	$ 2,615	$ 2,689

SHARE BASED COMPENSATION - Acti

SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - Restricted Stock Units (RSU) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units with Service Conditions
Shares [Roll Forward]
Unvested, beginning of period (in shares)	21,414	20,974	24,828
Granted (in shares)	31,999	15,359	13,693
Vested (in shares)	(22,036)	(13,357)	(17,065)
Change in awards (in shares)			0
Forfeited (in shares)	(383)	(1,562)	(482)
Unvested, end of period (in shares)	30,994	21,414	20,974
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 88.83	$ 69.97	$ 65.03
Granted (in dollars per share)	57.21	96.29	71.54
Vested (in dollars per share)	78.74	69.24	63.42
Change in awards (in dollars per share)			0
Forfeited (in dollars per share)	73.85	76.49	70.44
Unvested, end of period (in dollars per share)	$ 65.54	$ 88.83	$ 69.97
Restricted Stock With Market Conditions
Shares [Roll Forward]
Unvested, beginning of period (in shares)	30,042	19,224	26,994
Granted (in shares)	20,497	13,559	19,224
Vested (in shares)	(13,820)	0	(35,920)
Change in awards (in shares)			8,926
Forfeited (in shares)	(14,653)	(2,741)	0
Unvested, end of period (in shares)	22,066	30,042	19,224
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 106.90	$ 87.04	$ 67.87
Granted (in dollars per share)	82.63	131.05	87.04
Vested (in dollars per share)	87.04	0	65.34
Change in awards (in dollars per share)			0
Forfeited (in dollars per share)	96.05	87.04	0
Unvested, end of period (in dollars per share)	$ 104.01	$ 106.90	$ 87.04

SHARE BASED COMPENSATION - Sc_3

SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding at beginning of year (in shares)	196,623	182,677	139,048
Granted (in shares)	45,955	30,245	43,629
Exercised (in shares)	(20,061)	0	0
Expired (in shares)	(103,768)
Forfeited (in shares)	(1,739)	(16,299)	0
Outstanding at end of year (in shares)	117,010	196,623	182,677
Exercisable at end of year (in shares)	59,477	80,421	34,758	0
Weighted Average Exercise Price (in usd per share)
Outstanding at beginning of year (in usd per share)	$ 74.02	$ 67.38	$ 66.36
Granted (in usd per share)	58.67	110.67	70.64
Exercised (in usd per share)	58.67	0	0
Expired (in usd per shares)	73.03
Forfeited (in usd per share)	80.66	67.59	0
Outstanding at end of year (in usd per share)	71.41	74.02	67.38
Exercisable at end of year (in usd per share)	$ 70.06	$ 66.94	$ 66.36	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 20, 2024 USD ($) apartmentCommunity $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Consideration for shares repurchased		$ 11,539	$ 29,059
Subsequent Event
Subsequent Event [Line Items]
Shares repurchased (in shares) | shares	87,722
Consideration for shares repurchased	$ 4,700
Average price per share (in dollars per share) | $ / shares	$ 53.62
Scenario, Forecast
Subsequent Event [Line Items]
Number of apartment communities to be sold | apartmentCommunity	2
Proceeds from sale of assets	$ 18,900

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Gross amount at which carries at close of period [Abstract]
Total	$ 2,420,146	$ 2,534,124	$ 2,271,170
Accumulated Depreciation	(530,703)	(535,401)	(443,592)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	2,534,124	2,271,170	1,812,557
Multifamily and Other	87,757	206,623	491,648
Improvements and Other	62,117	57,203	34,427
Total additions including opening balance	2,683,998	2,534,996	2,338,632
Cost of real estate sold	(243,889)	0	(57,698)
Impairment charge	(5,218)	0	0
Other	(14,745)	(872)	(9,764)
Balance at close of year	2,420,146	2,534,124	2,271,170
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	535,401	443,592	399,249
Additions during year
Provisions for depreciation	98,691	92,056	78,268
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(92,239)	0	(24,161)
Other	(11,150)	(247)	(9,764)
Balance at close of year	530,703	535,401	443,592
Total real estate investments, excluding mortgage notes receivable	$ 1,889,443	1,998,723	$ 1,827,578
Number of apartment communities impaired during year | apartmentCommunity	2
Net basis of real estate investments for federal income tax purposes	$ 1,400,000	$ 1,500,000
Multi Family Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	462,396
Initial Cost to Company [Abstract]
Land	177,545
Buildings & Improvements	1,685,002
Costs capitalized subsequent to acquisition	243,970
Gross amount at which carries at close of period [Abstract]
Land	189,440
Buildings & Improvements	1,917,077
Total	2,106,517
Accumulated Depreciation	(512,452)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,106,517
Deductions during year
Balance at close of year	512,452
Multi Family Same-Store | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	49,675
Initial Cost to Company [Abstract]
Land	4,721
Buildings & Improvements	61,762
Costs capitalized subsequent to acquisition	1,653
Gross amount at which carries at close of period [Abstract]
Land	4,801
Buildings & Improvements	63,335
Total	68,136
Accumulated Depreciation	(21,322)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	68,136
Deductions during year
Balance at close of year	$ 21,322
Multi Family Same-Store | 71 France - Edina, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	287
Buildings & Improvements	5,551
Costs capitalized subsequent to acquisition	671
Gross amount at which carries at close of period [Abstract]
Land	336
Buildings & Improvements	6,173
Total	6,509
Accumulated Depreciation	(2,162)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,509
Deductions during year
Balance at close of year	$ 2,162
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	2,088
Buildings & Improvements	31,036
Costs capitalized subsequent to acquisition	781
Gross amount at which carries at close of period [Abstract]
Land	2,128
Buildings & Improvements	31,777
Total	33,905
Accumulated Depreciation	(11,660)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	33,905
Deductions during year
Balance at close of year	$ 11,660
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	741
Buildings & Improvements	7,569
Costs capitalized subsequent to acquisition	285
Gross amount at which carries at close of period [Abstract]
Land	823
Buildings & Improvements	7,772
Total	8,595
Accumulated Depreciation	(3,120)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,595
Deductions during year
Balance at close of year	$ 3,120
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,616
Buildings & Improvements	34,074
Costs capitalized subsequent to acquisition	4,984
Gross amount at which carries at close of period [Abstract]
Land	1,808
Buildings & Improvements	38,866
Total	40,674
Accumulated Depreciation	(10,222)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	40,674
Deductions during year
Balance at close of year	$ 10,222
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Bayberry Place - Eagan, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 11,048
Initial Cost to Company [Abstract]
Land	1,807
Buildings & Improvements	14,113
Costs capitalized subsequent to acquisition	1,637
Gross amount at which carries at close of period [Abstract]
Land	1,865
Buildings & Improvements	15,692
Total	17,557
Accumulated Depreciation	$ (1,347)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 17,557
Deductions during year
Balance at close of year	1,347
Multi Family Same-Store | Burgandy & Hillsboro - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	23,570
Initial Cost to Company [Abstract]
Land	2,834
Buildings & Improvements	31,149
Costs capitalized subsequent to acquisition	2,132
Gross amount at which carries at close of period [Abstract]
Land	2,913
Buildings & Improvements	33,202
Total	36,115
Accumulated Depreciation	$ (3,066)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 36,115
Deductions during year
Balance at close of year	3,066
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	305
Buildings & Improvements	3,958
Costs capitalized subsequent to acquisition	2,335
Gross amount at which carries at close of period [Abstract]
Land	420
Buildings & Improvements	6,178
Total	6,598
Accumulated Depreciation	(3,591)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,598
Deductions during year
Balance at close of year	$ 3,591
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,600
Buildings & Improvements	33,400
Costs capitalized subsequent to acquisition	(111)
Gross amount at which carries at close of period [Abstract]
Land	1,727
Buildings & Improvements	33,162
Total	34,889
Accumulated Depreciation	(6,287)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	34,889
Deductions during year
Balance at close of year	$ 6,287
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 43,835
Initial Cost to Company [Abstract]
Land	6,588
Buildings & Improvements	67,072
Costs capitalized subsequent to acquisition	10,705
Gross amount at which carries at close of period [Abstract]
Land	6,776
Buildings & Improvements	77,589
Total	84,365
Accumulated Depreciation	(23,733)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	84,365
Deductions during year
Balance at close of year	$ 23,733
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	736
Buildings & Improvements	4,864
Costs capitalized subsequent to acquisition	2,075
Gross amount at which carries at close of period [Abstract]
Land	1,045
Buildings & Improvements	6,630
Total	7,675
Accumulated Depreciation	(4,782)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,675
Deductions during year
Balance at close of year	$ 4,782
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Civic Lofts - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	6,166
Buildings & Improvements	55,182
Costs capitalized subsequent to acquisition	597
Gross amount at which carries at close of period [Abstract]
Land	6,171
Buildings & Improvements	55,774
Total	61,945
Accumulated Depreciation	$ (4,525)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 61,945
Deductions during year
Balance at close of year	4,525
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	2,401
Buildings & Improvements	11,515
Costs capitalized subsequent to acquisition	16,844
Gross amount at which carries at close of period [Abstract]
Land	3,206
Buildings & Improvements	27,554
Total	30,760
Accumulated Depreciation	(18,022)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	30,760
Deductions during year
Balance at close of year	$ 18,022
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,056
Buildings & Improvements	17,372
Costs capitalized subsequent to acquisition	6,823
Gross amount at which carries at close of period [Abstract]
Land	1,962
Buildings & Improvements	23,289
Total	25,251
Accumulated Depreciation	(14,117)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,251
Deductions during year
Balance at close of year	$ 14,117
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	491
Buildings & Improvements	7,809
Costs capitalized subsequent to acquisition	1,437
Gross amount at which carries at close of period [Abstract]
Land	599
Buildings & Improvements	9,138
Total	9,737
Accumulated Depreciation	(6,079)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,737
Deductions during year
Balance at close of year	$ 6,079
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 10,697
Initial Cost to Company [Abstract]
Land	1,583
Buildings & Improvements	18,879
Costs capitalized subsequent to acquisition	1,074
Gross amount at which carries at close of period [Abstract]
Land	1,625
Buildings & Improvements	19,911
Total	21,536
Accumulated Depreciation	(7,089)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	21,536
Deductions during year
Balance at close of year	$ 7,089
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	711
Buildings & Improvements	24,129
Costs capitalized subsequent to acquisition	814
Gross amount at which carries at close of period [Abstract]
Land	785
Buildings & Improvements	24,869
Total	25,654
Accumulated Depreciation	(8,883)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,654
Deductions during year
Balance at close of year	$ 8,883
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,515
Buildings & Improvements	15,730
Costs capitalized subsequent to acquisition	8,263
Gross amount at which carries at close of period [Abstract]
Land	1,817
Buildings & Improvements	23,691
Total	25,508
Accumulated Depreciation	(8,980)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,508
Deductions during year
Balance at close of year	$ 8,980
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Dylan at RiNo - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	12,155
Buildings & Improvements	77,215
Costs capitalized subsequent to acquisition	1,376
Gross amount at which carries at close of period [Abstract]
Land	12,241
Buildings & Improvements	78,505
Total	90,746
Accumulated Depreciation	$ (16,307)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 90,746
Deductions during year
Balance at close of year	16,307
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	1,129
Buildings & Improvements	5,524
Costs capitalized subsequent to acquisition	753
Gross amount at which carries at close of period [Abstract]
Land	1,159
Buildings & Improvements	6,247
Total	7,406
Accumulated Depreciation	(2,666)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,406
Deductions during year
Balance at close of year	$ 2,666
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,889
Buildings & Improvements	23,616
Costs capitalized subsequent to acquisition	1,447
Gross amount at which carries at close of period [Abstract]
Land	1,745
Buildings & Improvements	25,207
Total	26,952
Accumulated Depreciation	$ (4,006)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 26,952
Deductions during year
Balance at close of year	4,006
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	518
Buildings & Improvements	8,702
Costs capitalized subsequent to acquisition	152
Gross amount at which carries at close of period [Abstract]
Land	535
Buildings & Improvements	8,837
Total	9,372
Accumulated Depreciation	(2,761)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,372
Deductions during year
Balance at close of year	$ 2,761
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	814
Buildings & Improvements	7,086
Costs capitalized subsequent to acquisition	3,336
Gross amount at which carries at close of period [Abstract]
Land	970
Buildings & Improvements	10,266
Total	11,236
Accumulated Depreciation	(4,460)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	11,236
Deductions during year
Balance at close of year	$ 4,460
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Greenfield - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	578
Buildings & Improvements	4,122
Costs capitalized subsequent to acquisition	3,147
Gross amount at which carries at close of period [Abstract]
Land	876
Buildings & Improvements	6,971
Total	7,847
Accumulated Depreciation	(3,653)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,847
Deductions during year
Balance at close of year	$ 3,653
Multi Family Same-Store | Greenfield - Omaha, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Grove Ridge - Cottage Grove, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 7,992
Initial Cost to Company [Abstract]
Land	1,250
Buildings & Improvements	10,271
Costs capitalized subsequent to acquisition	790
Gross amount at which carries at close of period [Abstract]
Land	1,293
Buildings & Improvements	11,018
Total	12,311
Accumulated Depreciation	$ (981)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 12,311
Deductions during year
Balance at close of year	981
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	655
Buildings & Improvements	14,139
Costs capitalized subsequent to acquisition	1,783
Gross amount at which carries at close of period [Abstract]
Land	792
Buildings & Improvements	15,785
Total	16,577
Accumulated Depreciation	(5,006)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	16,577
Deductions during year
Balance at close of year	$ 5,006
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ironwood - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	2,165
Buildings & Improvements	36,874
Costs capitalized subsequent to acquisition	764
Gross amount at which carries at close of period [Abstract]
Land	2,167
Buildings & Improvements	37,636
Total	39,803
Accumulated Depreciation	$ (5,435)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 39,803
Deductions during year
Balance at close of year	5,435
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	1,215
Buildings & Improvements	15,837
Costs capitalized subsequent to acquisition	5,945
Gross amount at which carries at close of period [Abstract]
Land	1,476
Buildings & Improvements	21,521
Total	22,997
Accumulated Depreciation	(8,013)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	22,997
Deductions during year
Balance at close of year	$ 8,013
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,362
Buildings & Improvements	21,727
Costs capitalized subsequent to acquisition	11,075
Gross amount at which carries at close of period [Abstract]
Land	2,474
Buildings & Improvements	31,690
Total	34,164
Accumulated Depreciation	(21,434)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	34,164
Deductions during year
Balance at close of year	$ 21,434
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,207
Buildings & Improvements	13,742
Costs capitalized subsequent to acquisition	300
Gross amount at which carries at close of period [Abstract]
Land	1,142
Buildings & Improvements	14,107
Total	15,249
Accumulated Depreciation	(3,961)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,249
Deductions during year
Balance at close of year	$ 3,961
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	7,679
Buildings & Improvements	87,766
Costs capitalized subsequent to acquisition	8,410
Gross amount at which carries at close of period [Abstract]
Land	7,679
Buildings & Improvements	96,176
Total	103,855
Accumulated Depreciation	$ (15,386)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 103,855
Deductions during year
Balance at close of year	15,386
Multi Family Same-Store | Meadows Apartments - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	590
Buildings & Improvements	4,519
Costs capitalized subsequent to acquisition	1,992
Gross amount at which carries at close of period [Abstract]
Land	730
Buildings & Improvements	6,371
Total	7,101
Accumulated Depreciation	(4,133)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,101
Deductions during year
Balance at close of year	$ 4,133
Multi Family Same-Store | Meadows Apartments - Jamestown, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Monticello Crossings - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,734
Buildings & Improvements	30,136
Costs capitalized subsequent to acquisition	556
Gross amount at which carries at close of period [Abstract]
Land	1,951
Buildings & Improvements	30,475
Total	32,426
Accumulated Depreciation	(8,329)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	32,426
Deductions during year
Balance at close of year	$ 8,329
Multi Family Same-Store | Monticello Crossings - Monticello, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Monticello Village - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	490
Buildings & Improvements	3,756
Costs capitalized subsequent to acquisition	1,206
Gross amount at which carries at close of period [Abstract]
Land	655
Buildings & Improvements	4,797
Total	5,452
Accumulated Depreciation	(2,924)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,452
Deductions during year
Balance at close of year	$ 2,924
Multi Family Same-Store | Monticello Village - Monticello, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | New Hope Garden & Village - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 9,943
Initial Cost to Company [Abstract]
Land	1,603
Buildings & Improvements	12,578
Costs capitalized subsequent to acquisition	1,393
Gross amount at which carries at close of period [Abstract]
Land	1,651
Buildings & Improvements	13,923
Total	15,574
Accumulated Depreciation	$ (1,419)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 15,574
Deductions during year
Balance at close of year	1,419
Multi Family Same-Store | Northridge Apartments - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	884
Buildings & Improvements	7,515
Costs capitalized subsequent to acquisition	280
Gross amount at which carries at close of period [Abstract]
Land	1,048
Buildings & Improvements	7,631
Total	8,679
Accumulated Depreciation	(2,412)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,679
Deductions during year
Balance at close of year	$ 2,412
Multi Family Same-Store | Northridge Apartments - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Olympic Village Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	1,164
Buildings & Improvements	10,441
Costs capitalized subsequent to acquisition	4,174
Gross amount at which carries at close of period [Abstract]
Land	1,885
Buildings & Improvements	13,894
Total	15,779
Accumulated Depreciation	(9,224)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,779
Deductions during year
Balance at close of year	$ 9,224
Multi Family Same-Store | Olympic Village Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Oxbo Urban Rentals - St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	5,809
Buildings & Improvements	51,586
Costs capitalized subsequent to acquisition	711
Gross amount at which carries at close of period [Abstract]
Land	5,822
Buildings & Improvements	52,284
Total	58,106
Accumulated Depreciation	$ (11,861)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 58,106
Deductions during year
Balance at close of year	11,861
Multi Family Same-Store | Palisades - Roseville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	21,622
Initial Cost to Company [Abstract]
Land	6,919
Buildings & Improvements	46,577
Costs capitalized subsequent to acquisition	4,806
Gross amount at which carries at close of period [Abstract]
Land	6,959
Buildings & Improvements	51,343
Total	58,302
Accumulated Depreciation	$ (4,233)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 58,302
Deductions during year
Balance at close of year	4,233
Multi Family Same-Store | Park Place Apartments - Plymouth, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	10,609
Buildings & Improvements	80,781
Costs capitalized subsequent to acquisition	20,098
Gross amount at which carries at close of period [Abstract]
Land	10,819
Buildings & Improvements	100,669
Total	111,488
Accumulated Depreciation	(26,469)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	111,488
Deductions during year
Balance at close of year	26,469
Multi Family Same-Store | Parkhouse Apartment Homes - Thornton, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	89,239
Initial Cost to Company [Abstract]
Land	10,474
Buildings & Improvements	132,105
Costs capitalized subsequent to acquisition	3,074
Gross amount at which carries at close of period [Abstract]
Land	10,484
Buildings & Improvements	135,169
Total	145,653
Accumulated Depreciation	$ (17,666)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 145,653
Deductions during year
Balance at close of year	17,666
Multi Family Same-Store | Plymouth Pointe - Plymouth, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	9,575
Initial Cost to Company [Abstract]
Land	1,042
Buildings & Improvements	12,810
Costs capitalized subsequent to acquisition	340
Gross amount at which carries at close of period [Abstract]
Land	1,073
Buildings & Improvements	13,119
Total	14,192
Accumulated Depreciation	$ (1,261)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 14,192
Deductions during year
Balance at close of year	1,261
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	240
Buildings & Improvements	3,538
Costs capitalized subsequent to acquisition	2,075
Gross amount at which carries at close of period [Abstract]
Land	463
Buildings & Improvements	5,390
Total	5,853
Accumulated Depreciation	(4,267)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,853
Deductions during year
Balance at close of year	$ 4,267
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	395
Buildings & Improvements	4,564
Costs capitalized subsequent to acquisition	510
Gross amount at which carries at close of period [Abstract]
Land	419
Buildings & Improvements	5,050
Total	5,469
Accumulated Depreciation	(2,059)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,469
Deductions during year
Balance at close of year	$ 2,059
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Prosper West - Waite Park, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 16,425
Initial Cost to Company [Abstract]
Land	939
Buildings & Improvements	10,167
Costs capitalized subsequent to acquisition	17,929
Gross amount at which carries at close of period [Abstract]
Land	1,912
Buildings & Improvements	27,123
Total	29,035
Accumulated Depreciation	(16,762)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	29,035
Deductions during year
Balance at close of year	$ 16,762
Multi Family Same-Store | Prosper West - Waite Park, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	2,254
Buildings & Improvements	30,024
Costs capitalized subsequent to acquisition	9,493
Gross amount at which carries at close of period [Abstract]
Land	2,412
Buildings & Improvements	39,359
Total	41,771
Accumulated Depreciation	(16,051)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	41,771
Deductions during year
Balance at close of year	$ 16,051
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 19,718
Initial Cost to Company [Abstract]
Land	1,900
Buildings & Improvements	24,116
Costs capitalized subsequent to acquisition	809
Gross amount at which carries at close of period [Abstract]
Land	1,908
Buildings & Improvements	24,917
Total	26,825
Accumulated Depreciation	(9,063)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	26,825
Deductions during year
Balance at close of year	$ 9,063
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 6,669
Initial Cost to Company [Abstract]
Land	702
Buildings & Improvements	10,198
Costs capitalized subsequent to acquisition	8,683
Gross amount at which carries at close of period [Abstract]
Land	1,179
Buildings & Improvements	18,404
Total	19,583
Accumulated Depreciation	(7,676)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	19,583
Deductions during year
Balance at close of year	$ 7,676
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rimrock West Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	330
Buildings & Improvements	3,489
Costs capitalized subsequent to acquisition	1,883
Gross amount at which carries at close of period [Abstract]
Land	568
Buildings & Improvements	5,134
Total	5,702
Accumulated Depreciation	(3,588)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,702
Deductions during year
Balance at close of year	$ 3,588
Multi Family Same-Store | Rimrock West Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | River Pointe - Fridley, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 25,412
Initial Cost to Company [Abstract]
Land	3,346
Buildings & Improvements	33,118
Costs capitalized subsequent to acquisition	5,515
Gross amount at which carries at close of period [Abstract]
Land	3,426
Buildings & Improvements	38,553
Total	41,979
Accumulated Depreciation	$ (3,750)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 41,979
Deductions during year
Balance at close of year	3,750
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	576
Buildings & Improvements	24,670
Costs capitalized subsequent to acquisition	1,432
Gross amount at which carries at close of period [Abstract]
Land	922
Buildings & Improvements	25,756
Total	26,678
Accumulated Depreciation	(10,811)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	26,678
Deductions during year
Balance at close of year	$ 10,811
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	656
Buildings & Improvements	5,726
Costs capitalized subsequent to acquisition	1,511
Gross amount at which carries at close of period [Abstract]
Land	840
Buildings & Improvements	7,053
Total	7,893
Accumulated Depreciation	(5,019)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,893
Deductions during year
Balance at close of year	$ 5,019
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rum River Apartments - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	843
Buildings & Improvements	4,823
Costs capitalized subsequent to acquisition	533
Gross amount at which carries at close of period [Abstract]
Land	870
Buildings & Improvements	5,329
Total	6,199
Accumulated Depreciation	(2,632)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,199
Deductions during year
Balance at close of year	$ 2,632
Multi Family Same-Store | Rum River Apartments - Isanti, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	215
Buildings & Improvements	3,007
Costs capitalized subsequent to acquisition	1,046
Gross amount at which carries at close of period [Abstract]
Land	273
Buildings & Improvements	3,995
Total	4,268
Accumulated Depreciation	(1,376)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	4,268
Deductions during year
Balance at close of year	$ 1,376
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Southdale Parc - Richfield, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 5,301
Initial Cost to Company [Abstract]
Land	1,569
Buildings & Improvements	7,740
Costs capitalized subsequent to acquisition	(2,205)
Gross amount at which carries at close of period [Abstract]
Land	1,618
Buildings & Improvements	5,486
Total	7,104
Accumulated Depreciation	$ (780)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 7,104
Deductions during year
Balance at close of year	780
Multi Family Same-Store | SouthFork Townhomes + Flats - Lakeville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	21,675
Initial Cost to Company [Abstract]
Land	3,502
Buildings & Improvements	40,153
Costs capitalized subsequent to acquisition	11,288
Gross amount at which carries at close of period [Abstract]
Land	3,583
Buildings & Improvements	51,360
Total	54,943
Accumulated Depreciation	$ (12,684)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 54,943
Deductions during year
Balance at close of year	12,684
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	576
Buildings & Improvements	9,893
Costs capitalized subsequent to acquisition	409
Gross amount at which carries at close of period [Abstract]
Land	663
Buildings & Improvements	10,215
Total	10,878
Accumulated Depreciation	(3,432)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	10,878
Deductions during year
Balance at close of year	$ 3,432
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	336
Buildings & Improvements	12,814
Costs capitalized subsequent to acquisition	5,961
Gross amount at which carries at close of period [Abstract]
Land	826
Buildings & Improvements	18,285
Total	19,111
Accumulated Depreciation	(10,340)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	19,111
Deductions during year
Balance at close of year	$ 10,340
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Union Pointe - Longmont, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	5,727
Buildings & Improvements	69,966
Costs capitalized subsequent to acquisition	678
Gross amount at which carries at close of period [Abstract]
Land	5,736
Buildings & Improvements	70,635
Total	76,371
Accumulated Depreciation	$ (8,307)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 76,371
Deductions during year
Balance at close of year	8,307
Multi Family Same-Store | Venue on Knox - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	11,660
Initial Cost to Company [Abstract]
Land	3,438
Buildings & Improvements	14,743
Costs capitalized subsequent to acquisition	5,997
Gross amount at which carries at close of period [Abstract]
Land	3,530
Buildings & Improvements	20,648
Total	24,178
Accumulated Depreciation	$ (2,074)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 24,178
Deductions during year
Balance at close of year	2,074
Multi Family Same-Store | Westend - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	25,525
Buildings & Improvements	102,180
Costs capitalized subsequent to acquisition	1,578
Gross amount at which carries at close of period [Abstract]
Land	25,532
Buildings & Improvements	103,751
Total	129,283
Accumulated Depreciation	$ (20,846)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 129,283
Deductions during year
Balance at close of year	20,846
Multi Family Same-Store | Whispering Ridge - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	21,800
Initial Cost to Company [Abstract]
Land	2,139
Buildings & Improvements	25,424
Costs capitalized subsequent to acquisition	5,595
Gross amount at which carries at close of period [Abstract]
Land	2,551
Buildings & Improvements	30,607
Total	33,158
Accumulated Depreciation	(11,771)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	33,158
Deductions during year
Balance at close of year	$ 11,771
Multi Family Same-Store | Whispering Ridge - Omaha, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Wingate - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 10,459
Initial Cost to Company [Abstract]
Land	1,480
Buildings & Improvements	13,530
Costs capitalized subsequent to acquisition	(1,032)
Gross amount at which carries at close of period [Abstract]
Land	1,526
Buildings & Improvements	12,452
Total	13,978
Accumulated Depreciation	$ (1,422)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 13,978
Deductions during year
Balance at close of year	1,422
Multi Family Same-Store | Woodhaven - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	14,408
Initial Cost to Company [Abstract]
Land	3,940
Buildings & Improvements	20,080
Costs capitalized subsequent to acquisition	1,891
Gross amount at which carries at close of period [Abstract]
Land	4,040
Buildings & Improvements	21,871
Total	25,911
Accumulated Depreciation	$ (1,849)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 25,911
Deductions during year
Balance at close of year	1,849
Multi Family Same-Store | Woodland Pointe - Woodbury, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	31,673
Initial Cost to Company [Abstract]
Land	5,367
Buildings & Improvements	40,422
Costs capitalized subsequent to acquisition	15,422
Gross amount at which carries at close of period [Abstract]
Land	5,449
Buildings & Improvements	55,762
Total	61,211
Accumulated Depreciation	$ (5,160)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 61,211
Deductions during year
Balance at close of year	5,160
Multi Family Same-Store | Woodridge on Second - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	370
Buildings & Improvements	6,028
Costs capitalized subsequent to acquisition	6,062
Gross amount at which carries at close of period [Abstract]
Land	761
Buildings & Improvements	11,699
Total	12,460
Accumulated Depreciation	(7,746)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	12,460
Deductions during year
Balance at close of year	$ 7,746
Multi Family Same-Store | Woodridge on Second - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Non-Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 127,594
Initial Cost to Company [Abstract]
Land	20,430
Buildings & Improvements	272,796
Costs capitalized subsequent to acquisition	2,801
Gross amount at which carries at close of period [Abstract]
Land	20,503
Buildings & Improvements	275,524
Total	296,027
Accumulated Depreciation	(14,113)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	296,027
Deductions during year
Balance at close of year	14,113
MultiFamily Non-Same-Store | Elements of Linden Hills - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	5,842
Initial Cost to Company [Abstract]
Land	941
Buildings & Improvements	7,853
Costs capitalized subsequent to acquisition	290
Gross amount at which carries at close of period [Abstract]
Land	949
Buildings & Improvements	8,135
Total	9,084
Accumulated Depreciation	$ (686)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 9,084
Deductions during year
Balance at close of year	686
MultiFamily Non-Same-Store | Lake Vista Apartments Homes - Loveland, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	49,033
Initial Cost to Company [Abstract]
Land	6,618
Buildings & Improvements	80,737
Costs capitalized subsequent to acquisition	434
Gross amount at which carries at close of period [Abstract]
Land	6,649
Buildings & Improvements	81,140
Total	87,789
Accumulated Depreciation	$ (885)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 87,789
Deductions during year
Balance at close of year	885
MultiFamily Non-Same-Store | Lyra Apartments - Centennial, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	37,809
Initial Cost to Company [Abstract]
Land	6,473
Buildings & Improvements	86,149
Costs capitalized subsequent to acquisition	423
Gross amount at which carries at close of period [Abstract]
Land	6,481
Buildings & Improvements	86,564
Total	93,045
Accumulated Depreciation	$ (4,500)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 93,045
Deductions during year
Balance at close of year	4,500
MultiFamily Non-Same-Store | Martin Blu - Eden Prairie, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	27,193
Initial Cost to Company [Abstract]
Land	3,547
Buildings & Improvements	45,212
Costs capitalized subsequent to acquisition	866
Gross amount at which carries at close of period [Abstract]
Land	3,560
Buildings & Improvements	46,065
Total	49,625
Accumulated Depreciation	$ (3,756)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 49,625
Deductions during year
Balance at close of year	3,756
MultiFamily Non-Same-Store | Noko Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	1,915
Buildings & Improvements	42,636
Costs capitalized subsequent to acquisition	295
Gross amount at which carries at close of period [Abstract]
Land	1,918
Buildings & Improvements	42,928
Total	44,846
Accumulated Depreciation	$ (3,401)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 44,846
Deductions during year
Balance at close of year	3,401
MultiFamily Non-Same-Store | Zest - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	7,717
Initial Cost to Company [Abstract]
Land	936
Buildings & Improvements	10,209
Costs capitalized subsequent to acquisition	493
Gross amount at which carries at close of period [Abstract]
Land	946
Buildings & Improvements	10,692
Total	11,638
Accumulated Depreciation	$ (885)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 11,638
Deductions during year
Balance at close of year	885
Total Multifamily
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	589,990
Initial Cost to Company [Abstract]
Land	197,975
Buildings & Improvements	1,957,798
Costs capitalized subsequent to acquisition	246,771
Gross amount at which carries at close of period [Abstract]
Land	209,943
Buildings & Improvements	2,192,601
Total	2,402,544
Accumulated Depreciation	(526,565)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,402,544
Deductions during year
Balance at close of year	526,565
Other - Mixed Use
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	13,646
Costs capitalized subsequent to acquisition	1,966
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	15,612
Total	15,612
Accumulated Depreciation	(3,776)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,612
Deductions during year
Balance at close of year	3,776
Other - Mixed Use | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	5,879
Costs capitalized subsequent to acquisition	616
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	6,495
Total	6,495
Accumulated Depreciation	(1,665)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,495
Deductions during year
Balance at close of year	$ 1,665
Other - Mixed Use | 71 France - Edina, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Mixed Use | Civic Lofts - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	0
Total	0
Accumulated Depreciation	$ 0
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 0
Deductions during year
Balance at close of year	0
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	1,600
Costs capitalized subsequent to acquisition	861
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	2,461
Total	2,461
Accumulated Depreciation	$ (350)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 2,461
Deductions during year
Balance at close of year	350
Other - Mixed Use | Zest - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	52
Costs capitalized subsequent to acquisition	1
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	53
Total	53
Accumulated Depreciation	$ (19)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 53
Deductions during year
Balance at close of year	19
Other - Mixed Use | Noko - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	118
Costs capitalized subsequent to acquisition	0
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	118
Total	118
Accumulated Depreciation	$ (17)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 118
Deductions during year
Balance at close of year	17
Other - Mixed Use | 191 homes - Oxbo - St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	3,472
Costs capitalized subsequent to acquisition	54
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	3,526
Total	3,526
Accumulated Depreciation	$ (728)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 3,526
Deductions during year
Balance at close of year	728
Other - Mixed Use | Red 20 - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	0
Buildings & Improvements	2,525
Costs capitalized subsequent to acquisition	434
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	2,959
Total	2,959
Accumulated Depreciation	(997)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,959
Deductions during year
Balance at close of year	$ 997
Other - Mixed Use | Red 20 - Minneapolis, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Commercial
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company [Abstract]
Land	246
Buildings & Improvements	1,866
Costs capitalized subsequent to acquisition	(122)
Gross amount at which carries at close of period [Abstract]
Land	246
Buildings & Improvements	1,744
Total	1,990
Accumulated Depreciation	(362)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	1,990
Deductions during year
Balance at close of year	362
Other - Commercial | 3100 10th St SW - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company [Abstract]
Land	246
Buildings & Improvements	1,866
Costs capitalized subsequent to acquisition	(122)
Gross amount at which carries at close of period [Abstract]
Land	246
Buildings & Improvements	1,744
Total	1,990
Accumulated Depreciation	$ (362)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 1,990
Deductions during year
Balance at close of year	362
Total
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	589,990
Initial Cost to Company [Abstract]
Land	198,221
Buildings & Improvements	1,973,310
Costs capitalized subsequent to acquisition	248,615
Gross amount at which carries at close of period [Abstract]
Land	210,189
Buildings & Improvements	2,209,957
Total	2,420,146
Accumulated Depreciation	(530,703)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,420,146
Deductions during year
Balance at close of year	$ 530,703