Centerspace (CSR) 10-Q 28 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35624
Entity Registrant Name	CENTERSPACE
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	45-0311232
Entity Address, Address Line One	3100 10th Street SW
Entity Address, Address Line Two	Post Office Box 1988
Entity Address, City or Town	Minot
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58702-1988
City Area Code	701
Local Phone Number	837-4738
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Shares of Beneficial Interest, no par value
Trading Symbol	CSR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		16,571,975
Entity Central Index Key	0000798359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate investments
Property owned	$ 2,438,255	$ 2,420,146
Less accumulated depreciation	(604,175)	(530,703)
Total real estate investments	1,834,080	1,889,443
Cash and cash equivalents	14,453	8,630
Restricted cash	2,794	639
Other assets	36,078	27,649
TOTAL ASSETS	1,887,405	1,926,361
LIABILITIES
Accounts payable and accrued expenses	61,000	62,754
Revolving lines of credit	39,000	30,000
Notes payable, net	299,506	299,459
Mortgages payable, net	582,760	586,563
TOTAL LIABILITIES	982,266	978,776
COMMITMENTS AND CONTINGENCIES (NOTE 10)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at September 30, 2024 and December 31, 2023, aggregate liquidation preference of $16,560)	16,560	16,560
EQUITY
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, no shares issued and outstanding at September 30, 2024 and 3,881 shares issued and outstanding December 31, 2023	0	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,568 shares issued and outstanding at September 30, 2024 and 14,963 shares issued and outstanding at December 31, 2023)	1,270,752	1,165,694
Accumulated distributions in excess of net income	(597,720)	(548,273)
Accumulated other comprehensive loss	(578)	(1,119)
Total shareholders’ equity	672,454	709,832
Noncontrolling interests – Operating Partnership and Series E preferred units	215,444	220,544
Noncontrolling interests – consolidated real estate entities	681	649
TOTAL EQUITY	888,579	931,025
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,887,405	$ 1,926,361

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred units, par value (in dollars per share)	$ 100	$ 100
Preferred units, shares issued (in shares)	166	166
Preferred units, shares outstanding (in shares)	166	166
Preferred units, liquidation preference	$ 16,560	$ 16,560
Preferred shares, liquidation preference (in dollars per share)		$ 25
Preferred shares of beneficial interest, shares issued (in shares)	0	3,881
Preferred shares of beneficial interest, shares outstanding (in shares)	0	3,881
Common shares of beneficial interest, shares issued (in shares)	16,568	14,963
Common shares of beneficial interest, shares outstanding (in shares)	16,568	14,963

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 65,025,000	$ 64,568,000	$ 194,574,000	$ 197,241,000
EXPENSES
Property operating expenses, excluding real estate taxes	19,628,000	19,602,000	56,500,000	58,816,000
Real estate taxes	7,031,000	7,143,000	20,417,000	21,898,000
Property management expense	2,242,000	2,197,000	6,794,000	7,012,000
Casualty (gain) loss	(412,000)	937,000	918,000	1,242,000
Depreciation and amortization	26,084,000	24,697,000	78,810,000	75,061,000
General and administrative expenses	4,102,000	3,832,000	12,941,000	15,717,000
TOTAL EXPENSES	58,675,000	58,408,000	176,380,000	179,746,000
Gain (loss) on sale of real estate and other investments	0	11,235,000	(577,000)	71,327,000
Loss on litigation settlement	0	0	0	(2,864,000)
Operating income	6,350,000	17,395,000	17,617,000	85,958,000
Interest expense	(8,946,000)	(8,556,000)	(27,485,000)	(27,516,000)
Interest and other income	645,000	330,000	1,462,000	674,000
Net income (loss)	(1,951,000)	9,169,000	(8,406,000)	59,116,000
Dividends to Series D preferred unitholders	(160,000)	(160,000)	(480,000)	(480,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	1,095,000	(1,204,000)	2,735,000	(9,058,000)
Net income attributable to noncontrolling interests – consolidated real estate entities	(32,000)	(31,000)	(98,000)	(96,000)
Net income (loss) attributable to controlling interests	(1,048,000)	7,774,000	(6,249,000)	49,482,000
Dividends to preferred shareholders	(1,607,000)	(1,607,000)	(4,821,000)	(4,821,000)
Redemption of preferred shares	(3,511,000)	0	(3,511,000)	0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (6,166,000)	$ 6,167,000	$ (14,581,000)	$ 44,661,000
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (0.40)	$ 0.41	$ (0.96)	$ 2.98
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ (0.40)	$ 0.41	$ (0.96)	$ 2.96
Weighted average shares - basic (in shares)	15,528	14,989	15,143	14,988
Weighted average shares - diluted (in shares)	15,528	18,018	15,143	17,344

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (1,951)	$ 9,169	$ (8,406)	$ 59,116
Other comprehensive loss:
Loss on derivative instrument reclassified into earnings	171	324	541	621
Total comprehensive income (loss)	(1,780)	9,493	(7,865)	59,737
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	1,121	(1,151)	2,821	(8,954)
Net income attributable to noncontrolling interests – consolidated real estate entities	(32)	(31)	(98)	(96)
Comprehensive income (loss) attributable to controlling interests	$ (691)	$ 8,311	$ (5,142)	$ 50,687

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Series C Preferred Stock	Series E Preferred Units	PREFERRED SHARES	COMMON SHARES	COMMON SHARES Series E Preferred Units	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME (LOSS)	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME (LOSS) Series C Preferred Stock	ACCUMULATED OTHER COMPREHENSIVE LOSS	NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Series E Preferred Units
Beginning balance at Dec. 31, 2022	$ 950,296			$ 93,530	$ 1,177,484		$ (539,422)		$ (2,055)	$ 220,759
Beginning balance (in shares) at Dec. 31, 2022					15,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	58,636						49,482			9,154
Amortization of swap settlements	621								621
Distributions - common shares and Units	(34,891)						(32,825)			(2,066)
Distributions - Series C preferred shares	(4,821)	$ (4,821)						$ (4,821)
Distributions - Series E preferred stock			$ (5,076)								$ (5,076)
Share-based compensation, net of forfeitures (in shares)					19
Share-based compensation, net of forfeitures	2,712				$ 2,712
Redemption of Units for common shares (in shares)					107	31
Redemption of Units for common shares	0		0		$ (1,919)	$ (2,296)				1,919	2,296
Shares repurchased (in shares)					(124)
Shares repurchased	(6,718)				$ (6,718)
Shares withheld for taxes	(182)				$ (182)
Other (in shares)					(1)
Other	(218)				$ (56)					(162)
Ending balance at Sep. 30, 2023	960,359			93,530	$ 1,169,025		(527,586)		(1,434)	226,824
Ending balance (in shares) at Sep. 30, 2023					15,052
Beginning balance at Jun. 30, 2023	965,408			93,530	$ 1,169,501		(522,796)		(1,758)	226,931
Beginning balance (in shares) at Jun. 30, 2023					14,949
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	9,009						7,774			1,235
Amortization of swap settlements	324								324
Distributions - common shares and Units	(11,615)						(10,957)			(658)
Distributions - Series C preferred shares	(1,607)	(1,607)						(1,607)
Distributions - Series E preferred stock			(1,682)								(1,682)
Share-based compensation, net of forfeitures	602				$ 602
Redemption of Units for common shares (in shares)					97	6
Redemption of Units for common shares	0		0		$ (898)	$ (176)				898	176
Other	(80)				(4)					(76)
Ending balance at Sep. 30, 2023	960,359			93,530	$ 1,169,025		(527,586)		(1,434)	226,824
Ending balance (in shares) at Sep. 30, 2023					15,052
Beginning balance at Dec. 31, 2023	931,025			93,530	$ 1,165,694		(548,273)		(1,119)	221,193
Beginning balance (in shares) at Dec. 31, 2023					14,963
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	(8,886)						(6,249)			(2,637)
Amortization of swap settlements	541								541
Distributions - common shares and Units	(36,734)						(34,866)			(1,868)
Distributions - Series C preferred shares	(4,821)	(4,821)						(4,821)
Distributions - Series E preferred stock			(4,980)								(4,980)
Share-based compensation, net of forfeitures (in shares)					14
Share-based compensation, net of forfeitures	$ 2,245				$ 2,245
Sale of common shares, net (in shares)	1,587
Sale of common shares, net	$ 112,151
Redemption of Units for common shares (in shares)					52	40
Redemption of Units for common shares	0		0		$ (2,212)	$ (2,271)				2,212	2,271
Shares repurchased (in shares)					(88)
Shares repurchased	(101,744)			(93,530)	$ (4,703)		(3,511)
Shares withheld for taxes	(122)				(122)
Other	(96)				(30)					(66)
Ending balance at Sep. 30, 2024	888,579			0	$ 1,270,752		(597,720)		(578)	216,125
Ending balance (in shares) at Sep. 30, 2024					16,568
Beginning balance at Jun. 30, 2024	898,297			93,530	$ 1,167,055		(579,139)		(749)	217,600
Beginning balance (in shares) at Jun. 30, 2024					15,057
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and noncontrolling interests	(2,111)						(1,048)			(1,063)
Amortization of swap settlements	171								171
Distributions - common shares and Units	(13,022)						(12,415)			(607)
Distributions - Series C preferred shares	(1,607)	$ (1,607)						$ (1,607)
Distributions - Series E preferred stock			(1,651)								(1,651)
Share-based compensation, net of forfeitures (in shares)					1
Share-based compensation, net of forfeitures	$ 764				$ 764
Sale of common shares, net (in shares)	1,477
Sale of common shares, net	$ 104,831
Redemption of Units for common shares (in shares)					19	15
Redemption of Units for common shares	0		$ 0		$ (845)	$ (1,051)				845	$ 1,051
Shares repurchased	(97,041)			(93,530)			(3,511)
Other (in shares)					(1)
Other	(52)				$ (2)					(50)
Ending balance at Sep. 30, 2024	$ 888,579			$ 0	$ 1,270,752		$ (597,720)		$ (578)	$ 216,125
Ending balance (in shares) at Sep. 30, 2024					16,568

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distributions - common shares and units (in dollars per share)	$ 0.75	$ 0.73	$ 2.25	$ 2.19
Series C Preferred Stock
Distributions - preferred shares and units (in dollars per share)	0.4140625	0.4140625	1.2421875	1.2421875
Series E Preferred Units
Distributions - preferred shares and units (in dollars per share)	$ 0.96875	$ 0.96875	$ 2.90625	$ 2.90625

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (1,951)	$ 9,169	$ (8,406)	$ 59,116
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs			79,694	76,265
(Gain) loss on sale of real estate and other investments			577	(71,323)
Loss on litigation settlement	0	0	0	2,864	$ 1,000
Share-based compensation expense			2,245	2,712
Loss on interest rate swap settlement amortization			541	621
Casualty loss write off			2,034	752
Other, net			1,411	50
Changes in other assets and liabilities:
Other assets			(227)	3,834
Accounts payable and accrued expenses			1,714	2,529
Net cash provided by operating activities			79,583	77,420
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from repayment of mortgage loans and notes receivable			450	430
Increase in mortgages and real estate related notes receivable			(13,557)	0
Net proceeds from sale of real estate and other investments			18,251	223,259
Proceeds from insurance			1,949	1,286
Payments for improvements of real estate investments			(47,436)	(39,404)
Other investing activities			(117)	(200)
Net cash provided by (used by) investing activities			(40,460)	185,371
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable			0	90,000
Principal payments on mortgages payable			(4,980)	(46,770)
Proceeds from revolving lines of credit			108,771	75,907
Principal payments on revolving lines of credit			(99,771)	(189,407)
Principal payments on notes payable			0	(100,000)
Net proceeds from issuance of common shares			112,218	0
Repurchase of common shares			(4,703)	(6,718)
Redemption of Series C preferred shares			(97,041)	0
Distributions paid to common shareholders			(33,374)	(32,785)
Distributions paid to preferred shareholders			(4,821)	(4,821)
Distributions paid to Series D preferred unitholders			(480)	(480)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units			(6,869)	(7,194)
Other financing activities			(95)	(217)
Net cash used by financing activities			(31,145)	(222,485)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH			7,978	40,306
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD			9,269	11,891	11,891
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	17,247	52,197	17,247	52,197	9,269
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures			4,916	4,369
Operating partnership units converted to common shares			(2,212)	(1,919)
Distributions declared but not paid to common shareholders	13,022	11,615	13,022	11,615
Series E preferred units converted to common shares			(2,271)	(2,296)
Retirement of shares withheld for taxes			122	182
Loss on litigation settlement	0	0	0	2,864	1,000
Involuntary conversion of assets			(2,785)	(1,986)
Non-cash interest income			718	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest			24,794	26,190
Cash and cash equivalents	14,453	29,701	14,453	29,701	8,630
Restricted cash	2,794	22,496	2,794	22,496	639
Total cash, cash equivalents and restricted cash	$ 17,247	$ 52,197	$ 17,247	$ 52,197	$ 9,269

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP, a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Condensed Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The Condensed Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Centerspace’s unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim Condensed Consolidated Financial Statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024. 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 (loss) as reported in the Condensed Consolidated Statements of Operations, total assets, liabilities or equity as reported in the Condensed Consolidated Balance Sheets and the classifications within the Condensed Consolidated Statements of Cash Flows. Centerspace reclassified certain items within the disaggregated revenue table included in Note 2 to conform to the current year presentation. 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 September 30, 2024 and December 31, 2023, restricted cash consisted of $2.8 million and $639,000, respectively, for real estate deposits and 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the three months ended September 30, 2024 and 2023, rental income represented approximately 98.1% and 97.9% of total revenues, respectively, and included gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the three months ended September 30, 2024 and 2023, other property revenues represented the remaining 1.9% and 2.1% of total revenues, respectively, and were primarily driven by other fee income, which is typically recognized when earned, at a point in time. For the nine months ended September 30, 2024 and 2023, rental income represented approximately 98.2% and 98.1% of total revenues, respectively. For the nine months ended September 30, 2024 and 2023, other property revenues represented the remaining 1.8% and 1.9% of total revenues, respectively. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of the leases contain non-lease components for utility reimbursement from residents and common area maintenance from commercial tenants. Centerspace has elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2024, was as follows: (in thousands) 2024 (remainder) $ 668 2025 2,690 2026 2,576 2027 2,308 2028 1,943 Thereafter 7,681 Total scheduled lease income - commercial operating leases $ 17,866 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 rental related items not included as a component of a lease, as earned. The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2024 and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2024 2023 2024 2023 Fixed lease income - operating leases Leases $ 60,637 $ 60,181 $ 181,066 $ 183,882 Variable lease income - operating leases Leases 3,172 3,006 10,017 9,523 Other property revenue Revenue from contracts with customers 1,216 1,381 3,491 3,836 Total revenue $ 65,025 $ 64,568 $ 194,574 $ 197,241 In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. During the three months ended September 30, 2024, the Company did not recognize a gain or loss on the sale of real estate and other investments, compared to a gain of $11.2 million during the three months ended September 30, 2023. During the nine months ended September 30, 2024, the Company recognized a loss of $577,000 on the sale of real estate and other investments, compared to a gain of $71.3 million during the nine months ended September 30, 2023. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. IN-PLACE LEASE AMORTIZATION The Company records in-place lease assets at the time of acquisition. The amortization periods reflects the average remaining term of in-place leases acquired, which are generally less than one year. During the three months ended September 30, 2024 and 2023, the Company recognized $37,000 and $48,000, respectively, of amortization expense related to intangibles. During the nine months ended September 30, 2024 and 2023, the Company recognized $1.7 million and $941,000, respectively, of amortization expense related to intangibles, included within depreciation and amortization in the Condensed Consolidated Statements of Operations. 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 September 30, 2024, Centerspace held more than 10% of the carrying value of its real estate portfolio in each of the Minneapolis, Minnesota and Denver, Colorado markets. IMPAIRMENT OF LONG-LIVED ASSETS The Company evaluates long-lived assets, including real estate investments, for impairment indicators at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, the Company compares the 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 the anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, the evaluation of impairment charges may be different and such differences could be material to the consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decreases the likelihood of recording impairment losses. During the three and nine months ended September 30, 2024 and 2023, the Company recorded no impairment charges. VARIABLE INTEREST ENTITIES Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE. REAL ESTATE RELATED NOTES RECEIVABLE The Company has a tax increment financing note receivable (“TIF”) with a principal balance of $5.2 million and $5.7 million at September 30, 2024 and December 31, 2023, respectively, which appears within other assets in the Condensed Consolidated Balance Sheets at fair value. The note bears an interest rate of 4.5% with payments due in February and August of each year. The note matures February 1, 2039 and may be prepaid in whole or in part at any time. 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 September 30, 2024 and December 31, 2023, the Company had funded $15.1 million and $1.6 million of the mezzanine loan, respectively. 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 at a discount to future appraised value. 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. The note receivable appears within other assets in the Condensed Consolidated Balance Sheets at fair value. ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Condensed Consolidated Statements of Operations within the property operating expenses, excluding real estate taxes line item. During the three months ended September 30, 2024 and 2023, total advertising expense was $899,000 and $878,000, respectively. During the nine months ended September 30, 2024 and 2023, total advertising expense was $2.4 million and $2.3 million, respectively. SEVERANCE AND TRANSITION On March 23, 2023, the Company entered into a Separation and General Release Agreement (the “Separation Agreement”) in connection with the departure of former CEO, Mark Decker, Jr. During the nine months ended September 30, 2023, the Company incurred total severance costs of $2.2 million for the cash severance and benefits for Mr. Decker, $737,000 in share-based compensation expense for the acceleration of certain equity awards, and $306,000 in other CEO transition related expenses. INVOLUNTARY CONVERSION OF ASSETS During the three and nine months ended September 30, 2024, Centerspace recorded a $981,000 write-down of an apartment community asset along with an insurance receivable of $2.1 million within other assets on the Condensed Consolidated Balance Sheets due to storm damage at one apartment community. During the three months ended September 30, 2024, Centerspace also recognized casualty losses of $546,000 resulting from two new insurance events and updated loss estimates on six previously reported events. During the nine months ended September 30, 2024, Centerspace recognized $1.3 million in casualty losses from two new insurance events and updated loss estimates on six previously reported events, excluding the storm damage claim discussed above. Any business interruption insurance proceeds will be recognized when received in accordance with ASC 610-30.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
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 the 2015 Incentive Plan, Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on net income (loss) per share upon vesting of the RSUs, upon exercising of ISOs, or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the Series D and the Series E preferred units). The Company calculates diluted net income (loss) per share using the treasury stock method for RSUs and ISOs and the if converted method for Series D preferred units and Series E preferred units. Other than the issuance of RSUs, ISOs, Series D preferred units, and Series E preferred units, there are no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional 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 Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NUMERATOR Net income (loss) attributable to controlling interests $ (1,048) $ 7,774 $ (6,249) $ 49,482 Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Redemption of preferred shares (3,511) — (3,511) — Numerator for basic income (loss) per share – net income (loss) available to common shareholders (6,166) 6,167 (14,581) 44,661 Noncontrolling interests – Operating Partnership and Series E preferred units (1) — 1,204 — 6,233 Dividends to Series D preferred unitholders (2) — — — 480 Numerator for diluted income (loss) per share $ (6,166) $ 7,371 $ (14,581) $ 51,374 DENOMINATOR Denominator for basic income (loss) per share weighted average shares 15,528 14,989 15,143 14,988 Effect of redeemable operating partnership units — 908 — — Effect of Series D preferred units — — — 228 Effect of Series E preferred units — 2,093 — 2,105 Effect of dilutive restricted stock units and stock options — 28 — 23 Denominator for diluted income (loss) per share 15,528 18,018 15,143 17,344 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (0.40) $ 0.41 $ (0.96) $ 2.98 NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (0.40) $ 0.41 $ (0.96) $ 2.96 (1) For the three and nine months ended September 30, 2024, the impact of Units and Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. (2) For the three and nine months ended September 30, 2024 and the three months ended September 30, 2023, dividends to preferred unitholders are excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. For the three months ended September 30, 2024, operating partnership units of 818,000, Series D preferred units of 228,000, as converted, Series E preferred units of 2.1 million, as converted, time-based RSUs and options of 49,000, and performance-based RSUs of 41,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net loss per share. For the three months ended September 30, 2023, Series D preferred units of 228,000, as converted and performance-based RSUs of 26,000 were excluded from the calculation of diluted income (loss) per share because they were anti-dilutive as including these items would have improved net income per share. For the nine months ended September 30, 2024, operating partnership units of 836,000, Series D preferred units of 228,000, as converted, Series E preferred units of 2.1 million, as converted, time-based RSUs and options of 32,000, and performance-based RSUs of 41,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net loss per share. For the nine months ended September 30, 2023, operating partnership units of 943,000 and performance-based RSUs of 26,000 were excluded from the calculation of diluted net income per share because they were anti-dilutive as including these items would have improved net income per share.

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units at September 30, 2024 and December 31, 2023. The Series D preferred units have a par value price of $100 per preferred unit. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issuance price. Each Series D preferred unit is convertible, at the holder’s option, into 1.37931 Units. The Series D preferred units have an aggregate liquidation 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 Condensed Consolidated Balance Sheets each quarter. The holders of the Series D preferred units do not have voting rights. Distributions to Series D unitholders are presented in the Condensed Consolidated Statements of Equity within net income (loss) attributable to controlling interests and noncontrolling interests. Series C Preferred Shares. On August 21, 2024, our Board of Trustees authorized the redemption of all of the Series C preferred shares. On August 30, 2024, we delivered notice to holders of the Series C preferred shares that we intended to redeem all 3.9 million Series C preferred shares at a redemption price equal to $25 per share plus any accrued but unpaid distributions per share up to and including the redemption date of September 30, 2024. On September 30, 2024, the Company completed the redemption of all the outstanding Series C preferred shares for an aggregate redemption price of $97.0 million, excluding distributions, which was $3.5 million in excess of the carrying value and is included in redemption of preferred shares on the Condense Consolidated Statement of Operations. Such shares were no longer outstanding as of September 30, 2024. Series C preferred shares outstanding were 3.9 million shares at December 31, 2023. The Series C preferred shares were nonvoting and redeemable for cash at $25 per share at Centerspace’s option. Holders of these shares were entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrued at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25 per share liquidation preference. Operating Partnership Units. The Operating Partnership had 809,000 and 861,000 outstanding Units at September 30, 2024 and December 31, 2023, respectively. Exchange Rights . Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the three and nine months ended September 30, 2024 and 2023 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2024 19 $ 845 2023 97 $ 898 Nine Months Ended September 30, 2024 52 $ 2,212 2023 107 $ 1,919 Series E Preferred Units (Noncontrolling Interests). Centerspace had 1.7 million Series E preferred units outstanding on September 30, 2024 and December 31, 2023. 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 $169.1 million as of September 30, 2024. The holders of the Series E preferred units do not have voting rights. (in thousands) Number of Series E Number of Total Three Months Ended September 30, Preferred Units Redeemed Common Shares Issued Value 2024 12 15 $ 1,051 2023 5 6 $ 176 Nine Months Ended September 30, 2024 33 40 $ 2,271 2023 25 31 $ 2,296 Common Shares and Equity Awards . Common shares outstanding on September 30, 2024 and December 31, 2023, totaled 16.6 million and 15.0 million, respectively. During the three and nine months ended September 30, 2024, Centerspace issued approximately 46 and 13,511 common shares, respectively, with a total grant-date fair value of $4,000 and $1.0 million, respectively, as share-based compensation for employees and trustees under its 2015 Incentive Plan. During the three and nine months ended September 30, 2023, Centerspace issued approximately 64 and 19,014 common shares, respectively, with a total grant-date fair value of $5,000 and $1.7 million, respectively, as share-based compensation for employees and trustees under its 2015 Incentive Plan. These shares vested based on performance and service criteria. Refer to Note 11 for additional details on share-based compensation. Equity Distribution Agreement. On September 9, 2024 Centerspace amended its equity distribution agreement in connection with the at-the-market offering (“ATM Program”) through which it may offer and sell common shares in amounts and at times determined by management. The amendment increased the maximum aggregate offering price of common shares available for offer and sale thereunder from $250.0 million to $500.0 million. Under the ATM Program, the Company may enter into separate forward sale agreements. The proceeds from the sale of common shares under the ATM Program may be used for general corporate purposes, including the funding of acquisitions, construction or mezzanine loans, community renovations, and the repayment of indebtedness. The table below provides details on the sale of common shares during the three and nine months ended September 30, 2024 under the ATM Program. There were no sales of common shares under the ATM Program during the three and nine months ended September 30, 2023. As of September 30, 2024, common shares having an aggregate offering price of up to $262.9 million remained available under the ATM Program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2024 1,477 $ 105,052 $ 71.12 Nine Months Ended September 30, 2024 1,587 $ 112,613 $ 71.66 (1) Includes 869,000 shares sold on a forward basis for $62.7 million which were physically settled during the three months ended September 30, 2024. (2) Total consideration is net of $1.0 million and $1.1 million in commissions during the three and nine months ended September 30, 2024, respectively. 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 $50.0 million of the Company’s outstanding common shares. Under the Share Repurchase Program, the Company is authorized to repurchase common shares through open market purchases, privately-negotiated transactions, block trades or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities and Exchange Act of 1934, as amended. The repurchases have no time limit and may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources or other financial and operational performance, market conditions, securities law limitations, and other factors. There were no common shares repurchased during the three months ended September 30, 2024 and 2023. The table below provides details on the shares repurchased during the nine months ended September 30, 2024 and 2023. As of September 30, 2024, the Company had $4.7 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Nine Months Ended September 30, Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) 2024 88 $ 4,703 $ 53.62 2023 124 $ 6,718 $ 54.19 (1) Amount includes commissions.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s secured and unsecured debt at September 30, 2024 and December 31, 2023. (in thousands) September 30, 2024 December 31, 2023 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2024 Lines of credit (1) $ 39,000 6.70 % $ 30,000 6.74 % 3.82 Unsecured senior notes (2)(4) 300,000 3.12 % 300,000 3.12 % 5.87 Unsecured debt 339,000 330,000 5.64 Mortgages payable - Fannie Mae credit facility (4) 198,850 2.78 % 198,850 2.78 % 6.81 Mortgages payable - other (3)(4) 387,294 4.05 % 392,274 4.05 % 5.03 Secured debt 586,144 591,124 5.63 Subtotal 925,144 3.59 % 921,124 3.54 % 5.63 Premiums and discounts, net (345) (1,134) Deferred financing costs, net (3,533) (3,968) Total debt $ 921,266 $ 916,022 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income (loss) into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Condensed Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at September 30, 2024 and December 31, 2023. (4) Interest rate is fixed. As of September 30, 2024, 45 apartment communities were not encumbered by mortgages and were available to provide credit support for the unsecured borrowings. The Company’s primary unsecured credit facility (“Unsecured Credit Facility” or “Facility”) is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. The line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of unencumbered properties. As of September 30, 2024, there was $39.0 million outstanding on this line of credit. Therefore the additional borrowing availability was $211.0 million. On July 26, 2024, the Unsecured Credit Facility was amended to extend maturity and to modify the leverage-based margin ratios applicable to borrowings. As amended, this credit facility matures in July 2028, with an option to extend maturity for up to two additional six-month periods and has an accordion option to increase borrowing capacity up to $400.0 million. The Secured Overnight Financing Rate (“SOFR”) is the benchmark alternative reference rate under the Facility. On July 26, 2024, the Unsecured Credit Facility was amended to extend the maturity of the facility to July 2028 and to modify the leverage-based margin rates applicable to borrowings. As amended, 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 20-80 basis points, or daily or term SOFR, plus a margin that ranges from 120-180 basis points with the consolidated leverage ratio described under the Third Amended and Restated Credit Agreement, as amended. The Unsecured Credit Facility and unsecured senior notes are subject to customary financial covenants and limitations. The Company believes that it was in compliance with all such financial covenants and limitations as of September 30, 2024. In September 2024, Centerspace entered into a line of credit agreement with borrowing capacity of up to $10.0 million and pricing based on SOFR. This operating line of credit terminates in September 2025 and is designed to enhance treasury management activities and more effectively manage cash balances. Centerspace had a $6.0 million operating line of credit with pricing based on SOFR that matured on August 31, 2024. As of September 30, 2024 and December 31, 2023, there was no outstanding balance on these lines of credit. Centerspace had 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 issued $175.0 million in unsecured senior promissory notes (“Unsecured Shelf Notes”). On October 28, 2024, the shelf agreement was amended to extend the period of time during which Centerspace may borrow money to October 2027 and to increase the borrowing capacity to $300.0 million. The Company also has a separate private note purchase agreement with PGIM and certain other lenders for the issuance of $125.0 million of senior unsecured promissory notes (“Unsecured Club Notes”, and, collectively with the Unsecured Shelf Notes, the “unsecured senior notes”), of which all $125.0 million was issued in September 2021. The following table shows the notes issued under both agreements as of September 30, 2024 and December 31, 2023. (in thousands) Amount Maturity Date Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 % Centerspace has a $198.9 million Fannie Mae Credit Facility Agreement (the “FMCF”). The FMCF is secured by mortgages on 11 apartment communities. The notes are interest-only, with varying maturity dates of 7, 10, and 12 years, and a blended, weighted average interest rate of 2.78%. As of September 30, 2024 and December 31, 2023, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Condensed Consolidated Balance Sheets. As of September 30, 2024, 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. As of September 30, 2024, the Company believes that there were no material defaults or instances of material noncompliance in regard to any of these mortgage loans. As of September 30, 2024 and December 31, 2023, the mortgage loans had a balance of $387.3 million and $392.3 million, respectively, excluding unamortized premiums and discounts. The mortgage loans are included within mortgages payable on the Condensed Consolidated Balance Sheets. The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable as of September 30, 2024, was as follows: (in thousands) 2024 (remainder) $ 1,880 2025 36,290 2026 102,809 2027 48,666 2028 157,321 Thereafter 578,178 Total payments 925,144 Premiums and discounts, net (345) Deferred financing costs, net (3,533) Total $ 921,266

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Centerspace had, in the past, used interest rate derivatives to stabilize interest expense and to manage its exposure to interest rate fluctuations. To accomplish this objective, the Company primarily used interest rate swap contracts to fix variable interest rate debt. Changes in the fair value of derivatives designated and that qualified as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) 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 twelve months, the Company estimates an additional $578,000 will be reclassified as an increase to interest expense. As of September 30, 2024 and December 31, 2023 the Company had no remaining interest rate swaps. The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of September 30, 2024 and 2023. (in thousands) Gain Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Income (Loss) Three months ended September 30, 2024 2023 2024 2023 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (171) $ (324) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (541) $ (621)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, Centerspace applies FASB ASC 820, “ Fair Value Measurement and Disclosures. ” Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 September 30, 2024 Assets Real estate related notes receivable Other assets $ 20,878 — — $ 20,878 December 31, 2023 Assets Real estate related notes receivable Other assets $ 7,039 — — $ 7,039 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 the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations. (in thousands) Fair Value Measurement Other Gains Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2024 Real estate related notes receivable $ 20,878 $ 14 $ 1,022 $ 1,036 Nine months ended September 30, 2023 Real estate related notes receivable $ 5,455 $ 14 $ 197 $ 211 As of September 30, 2024 and December 31, 2023, Centerspace had investments totaling $2.2 million and $2.1 million, respectively, in real estate technology venture funds consisting of privately held entities that develop technology related to the real estate industry. These investments appear within other assets on our Condensed Consolidated Balance Sheets. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of September 30, 2024, the Company had further unfunded commitments of $950,000. Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2024. 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. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Property owned $ 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 unsecured senior notes and mortgages payable are estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates, excluding any prepayment penalties (Level 3). The estimated fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023, respectively, are as follows: (in thousands) September 30, 2024 December 31, 2023 Balance Sheet Location Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 14,453 $ 14,453 $ 8,630 $ 8,630 Restricted cash Restricted cash $ 2,794 $ 2,794 $ 639 $ 639 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit $ 39,000 $ 39,000 $ 30,000 $ 30,000 Unsecured senior notes Notes payable $ 300,000 $ 259,103 $ 300,000 $ 252,108 Mortgages payable - Fannie Mae credit facility Mortgages payable $ 198,850 $ 172,708 $ 198,850 $ 168,555 Mortgages payable - other Mortgages payable $ 386,949 $ 369,209 $ 391,140 $ 367,080

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace did not acquire new real estate during the three and nine months ended September 30, 2024 and 2023. DISPOSITIONS Centerspace did not dispose of any real estate during the three months ended September 30, 2024. During the three months ended September 30, 2023, Centerspace disposed of four apartment communities and associated commercial space, in one transaction for an aggregate sales price of $82.5 million. During the nine months ended September 30, 2024, Centerspace disposed of two apartment communities in two exchange transactions for an aggregate sales price of $19.0 million. During the nine months ended September 30, 2023, Centerspace disposed of 13 apartment communities and associated commercial space, in five transactions for an aggregate sales price of $226.8 million. The dispositions for the nine months ended September 30, 2024 and 2023 are detailed below. Nine Months Ended September 30, 2024 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Costs Gain/(Loss) 69 homes - Southdale Parc - Richfield, MN February 29, 2024 $ 6,200 $ 6,497 $ (297) 136 homes - Wingate - New Hope, MN February 29, 2024 $ 12,800 $ 13,080 $ (280) Total Dispositions $ 19,000 $ 19,577 $ (577) Nine Months Ended September 30, 2023 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Costs Gain/(Loss) 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,970 $ 9,635 498 homes - 2 Nebraska apartment communities March 14, 2023 $ 48,500 $ 14,975 $ 33,525 892 homes - 5 Minnesota apartment communities March 15, 2023 $ 74,500 $ 55,053 $ 19,447 62 homes - Portage - Minneapolis, MN March 15, 2023 $ 6,650 $ 9,098 $ (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 $ 82,500 $ 71,218 $ 11,282 Total Dispositions $ 226,755 $ 155,314 $ 71,441

SEGMENTS

SEGMENTS	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. The chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. The apartment communities have similar long-term economic characteristics and provide similar products and services to residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment. “All other” includes non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale. For the nine months ended September 30, 2024, two sold apartment communities were reclassified from the multifamily segment to “all other” for all periods presented. For the nine months ended September 30, 2023, thirteen sold apartment communities were reclassified from the multifamily segment to “all other” for all periods presented. The members of the executive management team are the chief operating decision-makers. This team measures the performance of the reportable segment based on net operating income (“NOI”), a non-GAAP measure, which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other assets, impairment, depreciation, amortization, financing costs, property management overhead, casualty gains (losses), loss on litigation settlement, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the three and nine months ended September 30, 2024 and 2023, respectively, along with reconciliations to net income (loss) in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements. (in thousands) Three Months Ended September 30, 2024 Multifamily All Other Total Revenue $ 64,457 $ 568 $ 65,025 Property operating expenses, including real estate taxes 26,430 229 26,659 Net operating income $ 38,027 $ 339 $ 38,366 Property management expense (2,242) Casualty gain 412 Depreciation and amortization (26,084) General and administrative expenses (4,102) Interest expense (8,946) Interest and other income 645 Net loss $ (1,951) (in thousands) Three Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 60,789 $ 3,779 $ 64,568 Property operating expenses, including real estate taxes 25,018 1,727 26,745 Net operating income $ 35,771 $ 2,052 $ 37,823 Property management expense (2,197) Casualty loss (937) Depreciation and amortization (24,697) General and administrative expenses (3,832) Gain on sale of real estate and other investments 11,235 Interest expense (8,556) Interest and other income 330 Net income $ 9,169 (in thousands) Nine Months Ended September 30, 2024 Multifamily All Other Total Revenue $ 192,262 $ 2,312 $ 194,574 Property operating expenses, including real estate taxes 75,943 974 76,917 Net operating income $ 116,319 $ 1,338 $ 117,657 Property management expense (6,794) Casualty loss (918) Depreciation and amortization (78,810) General and administrative expenses (12,941) Loss on sale of real estate and other investments (577) Interest expense (27,485) Interest and other income 1,462 Net loss $ (8,406) (in thousands) Nine Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 180,759 $ 16,482 $ 197,241 Property operating expenses, including real estate taxes 72,771 7,943 80,714 Net operating income $ 107,988 $ 8,539 $ 116,527 Property management expense (7,012) Casualty loss (1,242) Depreciation and amortization (75,061) General and administrative expenses (15,717) Gain on sale of real estate and other investments 71,327 Loss on litigation settlement (2,864) Interest expense (27,516) Interest and other income 674 Net income $ 59,116 Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of September 30, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2024 Multifamily All Other Total Segment assets Property owned $ 2,420,947 $ 17,308 $ 2,438,255 Less accumulated depreciation (599,814) (4,361) (604,175) Total real estate investments $ 1,821,133 $ 12,947 $ 1,834,080 Cash and cash equivalents 14,453 Restricted cash 2,794 Other assets 36,078 Total Assets $ 1,887,405 (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,381,461 $ 38,685 $ 2,420,146 Less accumulated depreciation (524,364) (6,339) (530,703) Total real estate investments $ 1,857,097 $ 32,346 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. Centerspace is involved in various lawsuits arising in the normal course of business and believes that such matters will not have a material adverse effect on the condensed consolidated financial statements. Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claimed a retaining wall at one of its properties was causing water damage to the neighboring property. The claim was for damage to the property and monetary losses. During the nine months ended September 30, 2023, the Company recorded a loss on litigation settlement of $2.9 million due to a trial judgement entered against the Centerspace. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. The claimant was awarded an additional $1.0 million in judgment related interest and costs. The additional $1.0 million was a recognizable subsequent event for the year ended December 31, 2023 so was recorded as a loss during the year ended December 31, 2023. After the additional judgment, the claimant’s appeal was dismissed. The Company believes this matter is settled. Environmental Matters. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While the Company currently has no knowledge of any material violation of environmental laws, ordinances, or regulations at any of the properties, there can be no assurance that areas of contamination will not be identified at any of its properties or that changes in environmental laws, regulations, or cleanup requirements would not result in material costs. Limitations on Taxable Dispositions. Twenty-seven properties, consisting of 5,033 apartment homes, are subject to limitations on taxable dispositions under agreements entered into with certain of the sellers or contributors of the properties and are effective for varying periods. Centerspace does not believe that the agreements materially affect the conduct of its business or its decisions whether to dispose of 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. Unfunded Commitments. Centerspace has unfunded commitments of $950,000 in two real estate technology venture funds. Refer to Note 7 - Fair Value Measurements for additional information regarding these investments.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under the 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 18, 2021 (the “2015 Incentive Plan”), which allows for awards in the form of cash, unrestricted and restricted common shares, stock options, stock appreciation rights, and RSUs up to an aggregate of 775,000 shares over the ten-year period in which the plan is in effect. Under the 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan (“LTIP”), which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the revised program may vary from year to year. Through September 30, 2024, 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. 2024 LTIP Awards Awards granted to employees on January 1, 2024, consisted of an aggregate of 21,059 time-based RSU awards and 18,876 performance RSUs based on total shareholder return (“TSR”). The time-based awards vest as to one-third of the shares on each of January 1, 2025, January 1, 2026, and January 1, 2027. The performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Equity Index over a forward looking three-year period. The maximum number of performance RSUs eligible to be earned is 37,752 RSUs, which is 200% of the performance RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price and a select peer average volatility, the risk-free interest rate on the U.S. treasury bond rates 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 27.21%, a risk-free interest rate of 4.01%, and an expected life of 3 years. The share price at the grant date, January 1, 2024, was $58.20 per share. Awards granted to trustees on May 20, 2024 consist of 8,611 time-based RSUs, which vest on May 20, 2025. These awards are classified as equity awards. Share-Based Compensation Expense Share-based compensation expense recognized in the Condensed Consolidated Financial Statements for all outstanding share-based awards was $764,000 and $602,000 for the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.7 million for the nine months ended September 30, 2024 and 2023, respectively. On March 31, 2023, the Company accelerated the vesting of all unvested time-based RSUs and stock options in connection with the Separation Agreement with Mr. Decker. This resulted in the acceleration of share-based compensation expense for those awards resulting in an additional $737,000 in expense for the nine months ended September 30, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 1, 2024, Centerspace closed on the acquisition of The Lydian in Denver, CO, for total consideration of $54.0 million. The Lydian is a 129-home apartment community that also includes 23,000 square feet of fully leased office and street-level retail space. The acquisition was financed through the assumption of mortgage debt, issuance of common operating partnership units, and cash.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to controlling interests	$ (1,048)	$ 7,774	$ (6,249)	$ 49,482

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP, a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Condensed Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. The Condensed Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Centerspace’s unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim Condensed Consolidated Financial Statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024.
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
CASH, CASH EQUIVALENTS	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.
RESTRICTED CASH	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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the three months ended September 30, 2024 and 2023, rental income represented approximately 98.1% and 97.9% of total revenues, respectively, and included gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the three months ended September 30, 2024 and 2023, other property revenues represented the remaining 1.9% and 2.1% of total revenues, respectively, and were primarily driven by other fee income, which is typically recognized when earned, at a point in time. For the nine months ended September 30, 2024 and 2023, rental income represented approximately 98.2% and 98.1% of total revenues, respectively. For the nine months ended September 30, 2024 and 2023, other property revenues represented the remaining 1.8% and 1.9% of total revenues, respectively. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three
REVENUES AND GAINS ON SALE OF REAL ESTATE	REVENUES AND GAINS ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the Company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenues such as application fees and other miscellaneous items. Centerspace recognizes revenue, for rental related items not included as a component of a lease, as earned.
IN-PLACE LEASE AMORTIZATION	IN-PLACE LEASE AMORTIZATION
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 September 30, 2024, Centerspace held more than 10% of the carrying value of its real estate portfolio in each of the Minneapolis, Minnesota and Denver, Colorado markets.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG-LIVED ASSETS The Company evaluates long-lived assets, including real estate investments, for impairment indicators at least quarterly. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, the Company compares the 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 the anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, the evaluation of impairment charges may be different and such differences could be material to the consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decreases the likelihood of recording impairment losses.
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE.
ADVERTISING COSTS	ADVERTISING COSTS

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Future Lease Income for Operating Leases	The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2024, was as follows: (in thousands) 2024 (remainder) $ 668 2025 2,690 2026 2,576 2027 2,308 2028 1,943 Thereafter 7,681 Total scheduled lease income - commercial operating leases $ 17,866
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2024 and 2023: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Stream Applicable Standard 2024 2023 2024 2023 Fixed lease income - operating leases Leases $ 60,637 $ 60,181 $ 181,066 $ 183,882 Variable lease income - operating leases Leases 3,172 3,006 10,017 9,523 Other property revenue Revenue from contracts with customers 1,216 1,381 3,491 3,836 Total revenue $ 65,025 $ 64,568 $ 194,574 $ 197,241

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of 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 Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023. (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NUMERATOR Net income (loss) attributable to controlling interests $ (1,048) $ 7,774 $ (6,249) $ 49,482 Dividends to preferred shareholders (1,607) (1,607) (4,821) (4,821) Redemption of preferred shares (3,511) — (3,511) — Numerator for basic income (loss) per share – net income (loss) available to common shareholders (6,166) 6,167 (14,581) 44,661 Noncontrolling interests – Operating Partnership and Series E preferred units (1) — 1,204 — 6,233 Dividends to Series D preferred unitholders (2) — — — 480 Numerator for diluted income (loss) per share $ (6,166) $ 7,371 $ (14,581) $ 51,374 DENOMINATOR Denominator for basic income (loss) per share weighted average shares 15,528 14,989 15,143 14,988 Effect of redeemable operating partnership units — 908 — — Effect of Series D preferred units — — — 228 Effect of Series E preferred units — 2,093 — 2,105 Effect of dilutive restricted stock units and stock options — 28 — 23 Denominator for diluted income (loss) per share 15,528 18,018 15,143 17,344 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (0.40) $ 0.41 $ (0.96) $ 2.98 NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (0.40) $ 0.41 $ (0.96) $ 2.96 (1) For the three and nine months ended September 30, 2024, the impact of Units and Series E preferred units was excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. (2) For the three and nine months ended September 30, 2024 and the three months ended September 30, 2023, dividends to preferred unitholders are excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Conversions of Stock	Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the three and nine months ended September 30, 2024 and 2023 as detailed in the table below. (in thousands) Three Months Ended September 30, Number of Units Net Book Basis 2024 19 $ 845 2023 97 $ 898 Nine Months Ended September 30, 2024 52 $ 2,212 2023 107 $ 1,919 (in thousands) Number of Series E Number of Total Three Months Ended September 30, Preferred Units Redeemed Common Shares Issued Value 2024 12 15 $ 1,051 2023 5 6 $ 176 Nine Months Ended September 30, 2024 33 40 $ 2,271 2023 25 31 $ 2,296
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares during the three and nine months ended September 30, 2024 under the ATM Program. There were no sales of common shares under the ATM Program during the three and nine months ended September 30, 2023. As of September 30, 2024, common shares having an aggregate offering price of up to $262.9 million remained available under the ATM Program. (in thousands, except per share amounts) Three Months Ended September 30, Number of Common Shares Net Consideration (1) Average Net Price Per Share 2024 1,477 $ 105,052 $ 71.12 Nine Months Ended September 30, 2024 1,587 $ 112,613 $ 71.66 (1) Includes 869,000 shares sold on a forward basis for $62.7 million which were physically settled during the three months ended September 30, 2024. (2) Total consideration is net of $1.0 million and $1.1 million in commissions during the three and nine months ended September 30, 2024, respectively.
Schedule of Repurchased Shares	The table below provides details on the shares repurchased during the nine months ended September 30, 2024 and 2023. As of September 30, 2024, the Company had $4.7 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Nine Months Ended September 30, Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) 2024 88 $ 4,703 $ 53.62 2023 124 $ 6,718 $ 54.19 (1) Amount includes commissions.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s secured and unsecured debt at September 30, 2024 and December 31, 2023. (in thousands) September 30, 2024 December 31, 2023 Carrying Amount Weighted Average Interest Rate Carrying Amount Weighted Average Interest Rate Weighted Average Maturity in Years at September 30, 2024 Lines of credit (1) $ 39,000 6.70 % $ 30,000 6.74 % 3.82 Unsecured senior notes (2)(4) 300,000 3.12 % 300,000 3.12 % 5.87 Unsecured debt 339,000 330,000 5.64 Mortgages payable - Fannie Mae credit facility (4) 198,850 2.78 % 198,850 2.78 % 6.81 Mortgages payable - other (3)(4) 387,294 4.05 % 392,274 4.05 % 5.03 Secured debt 586,144 591,124 5.63 Subtotal 925,144 3.59 % 921,124 3.54 % 5.63 Premiums and discounts, net (345) (1,134) Deferred financing costs, net (3,533) (3,968) Total debt $ 921,266 $ 916,022 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income (loss) into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Condensed Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at September 30, 2024 and December 31, 2023. (4) Interest rate is fixed. (in thousands) Amount Maturity Date Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 %
Schedule of Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable as of September 30, 2024, was as follows: (in thousands) 2024 (remainder) $ 1,880 2025 36,290 2026 102,809 2027 48,666 2028 157,321 Thereafter 578,178 Total payments 925,144 Premiums and discounts, net (345) Deferred financing costs, net (3,533) Total $ 921,266

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of September 30, 2024 and 2023. (in thousands) Gain Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Income (Loss) Three months ended September 30, 2024 2023 2024 2023 Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (171) $ (324) Nine months ended September 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ — $ — Interest expense $ (541) $ (621)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values of Financial Instruments	Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 September 30, 2024 Assets Real estate related notes receivable Other assets $ 20,878 — — $ 20,878 December 31, 2023 Assets Real estate related notes receivable Other assets $ 7,039 — — $ 7,039 The estimated fair values of the Company’s financial instruments as of September 30, 2024 and December 31, 2023, respectively, are as follows: (in thousands) September 30, 2024 December 31, 2023 Balance Sheet Location Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 14,453 $ 14,453 $ 8,630 $ 8,630 Restricted cash Restricted cash $ 2,794 $ 2,794 $ 639 $ 639 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit $ 39,000 $ 39,000 $ 30,000 $ 30,000 Unsecured senior notes Notes payable $ 300,000 $ 259,103 $ 300,000 $ 252,108 Mortgages payable - Fannie Mae credit facility Mortgages payable $ 198,850 $ 172,708 $ 198,850 $ 168,555 Mortgages payable - other Mortgages payable $ 386,949 $ 369,209 $ 391,140 $ 367,080
Schedule of Changes in Fair Value Receivables	Changes in the fair value of these receivables from period to period are reported in interest and other income on the Condensed Consolidated Statements of Operations. (in thousands) Fair Value Measurement Other Gains Interest Income Total Changes in Fair Value Included in Current-Period Earnings Nine months ended September 30, 2024 Real estate related notes receivable $ 20,878 $ 14 $ 1,022 $ 1,036 Nine months ended September 30, 2023 Real estate related notes receivable $ 5,455 $ 14 $ 197 $ 211
Schedule of 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. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Property owned $ 19,250 $ — $ 19,250 $ —

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Dispositions	The dispositions for the nine months ended September 30, 2024 and 2023 are detailed below. Nine Months Ended September 30, 2024 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Costs Gain/(Loss) 69 homes - Southdale Parc - Richfield, MN February 29, 2024 $ 6,200 $ 6,497 $ (297) 136 homes - Wingate - New Hope, MN February 29, 2024 $ 12,800 $ 13,080 $ (280) Total Dispositions $ 19,000 $ 19,577 $ (577) Nine Months Ended September 30, 2023 (in thousands) Dispositions Date Sale Price Net Book Value and Transaction Costs Gain/(Loss) 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,970 $ 9,635 498 homes - 2 Nebraska apartment communities March 14, 2023 $ 48,500 $ 14,975 $ 33,525 892 homes - 5 Minnesota apartment communities March 15, 2023 $ 74,500 $ 55,053 $ 19,447 62 homes - Portage - Minneapolis, MN March 15, 2023 $ 6,650 $ 9,098 $ (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 $ 82,500 $ 71,218 $ 11,282 Total Dispositions $ 226,755 $ 155,314 $ 71,441

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the three and nine months ended September 30, 2024 and 2023, respectively, along with reconciliations to net income (loss) in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements. (in thousands) Three Months Ended September 30, 2024 Multifamily All Other Total Revenue $ 64,457 $ 568 $ 65,025 Property operating expenses, including real estate taxes 26,430 229 26,659 Net operating income $ 38,027 $ 339 $ 38,366 Property management expense (2,242) Casualty gain 412 Depreciation and amortization (26,084) General and administrative expenses (4,102) Interest expense (8,946) Interest and other income 645 Net loss $ (1,951) (in thousands) Three Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 60,789 $ 3,779 $ 64,568 Property operating expenses, including real estate taxes 25,018 1,727 26,745 Net operating income $ 35,771 $ 2,052 $ 37,823 Property management expense (2,197) Casualty loss (937) Depreciation and amortization (24,697) General and administrative expenses (3,832) Gain on sale of real estate and other investments 11,235 Interest expense (8,556) Interest and other income 330 Net income $ 9,169 (in thousands) Nine Months Ended September 30, 2024 Multifamily All Other Total Revenue $ 192,262 $ 2,312 $ 194,574 Property operating expenses, including real estate taxes 75,943 974 76,917 Net operating income $ 116,319 $ 1,338 $ 117,657 Property management expense (6,794) Casualty loss (918) Depreciation and amortization (78,810) General and administrative expenses (12,941) Loss on sale of real estate and other investments (577) Interest expense (27,485) Interest and other income 1,462 Net loss $ (8,406) (in thousands) Nine Months Ended September 30, 2023 Multifamily All Other Total Revenue $ 180,759 $ 16,482 $ 197,241 Property operating expenses, including real estate taxes 72,771 7,943 80,714 Net operating income $ 107,988 $ 8,539 $ 116,527 Property management expense (7,012) Casualty loss (1,242) Depreciation and amortization (75,061) General and administrative expenses (15,717) Gain on sale of real estate and other investments 71,327 Loss on litigation settlement (2,864) Interest expense (27,516) Interest and other income 674 Net income $ 59,116
Schedule of Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of September 30, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements: (in thousands) As of September 30, 2024 Multifamily All Other Total Segment assets Property owned $ 2,420,947 $ 17,308 $ 2,438,255 Less accumulated depreciation (599,814) (4,361) (604,175) Total real estate investments $ 1,821,133 $ 12,947 $ 1,834,080 Cash and cash equivalents 14,453 Restricted cash 2,794 Other assets 36,078 Total Assets $ 1,887,405 (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,381,461 $ 38,685 $ 2,420,146 Less accumulated depreciation (524,364) (6,339) (530,703) Total real estate investments $ 1,857,097 $ 32,346 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361

ORGANIZATION (Details)

ORGANIZATION (Details) - Residential Real Estate	Sep. 30, 2024 apartmentHome apartmentCommunity
Real Estate Properties [Line Items]
Number of real estate properties | apartmentCommunity	70
Number of apartment units | apartmentHome	12,883

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,794	$ 639	$ 22,496
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,800	$ 639

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	3 years		3 years
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	15 years		15 years
Rental Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	98.10%	97.90%	98.20%	98.10%
Fee Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	1.90%	2.10%	1.80%	1.90%

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Future Lease Income for Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Accounting Policies [Abstract]
2024	$ 668
2025	2,690
2026	2,576
2027	2,308
2028	1,943
Thereafter	7,681
Total scheduled lease income - commercial operating leases	$ 17,866

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Fixed lease income - operating leases	$ 60,637,000	$ 60,181,000	$ 181,066,000	$ 183,882,000
Variable lease income - operating leases	3,172,000	3,006,000	10,017,000	9,523,000
Other property revenue	1,216,000	1,381,000	3,491,000	3,836,000
Total revenue	65,025,000	64,568,000	194,574,000	197,241,000
Gain (loss) on sale of real estate and other investments	$ 0	$ 11,235,000	$ (577,000)	$ 71,327,000

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - In-Place Lease Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Amortization of intangible assets	$ 37	$ 48	$ 1,700	$ 941

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Impairment of real estate investments	$ 0	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Related Notes Receivable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Tax Increment Financing
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Loan commitment	$ 5.2	$ 5.7
Interest rate	4.50%
Mezzanine Loan | Multi-Family Residential | Inver Grove Heights Minnesota
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate	10%
Mortgage loans receivable face amount		15.1
Mortgage loans receivable at fair value	$ 15.1	$ 1.6
Percent of membership interest pledged as collateral	100%

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Advertising expense	$ 899	$ 878	$ 2,400	$ 2,300

BASIS OF PRESENTATION AND SI_12

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Severance and Transition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 764	$ 602	$ 2,200	$ 2,700
Former Chief Executive Officer
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Severance costs				2,200
Stock-based compensation expense				737
Transition related expenses				$ 306

BASIS OF PRESENTATION AND SI_13

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) event apartmentUnit	Sep. 30, 2024 USD ($) event	Sep. 30, 2023 USD ($)
Real Estate [Line Items]
Involuntary conversion of assets			$ 2,785	$ 1,986
Casualty loss		$ 546	$ 1,300
New insurance events | event		2	2
Previously reported events with updated loss estimates | event		6	6
Real Estate Investment, Apartment Community
Real Estate [Line Items]
Involuntary conversion of assets	$ 1,300	$ 981	$ 981
Insurance settlements receivable		$ 2,100	2,100
Number of apartment communities damaged | apartmentUnit		1
Insurance recovery			$ 1,600

NET INCOME (LOSS) PER SHARE - N

NET INCOME (LOSS) PER SHARE - Narrative (Details) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Sep. 30, 2024 shares	Sep. 30, 2023 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)	818		836	943
Series D Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	228	228	228
Series E Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	2,100		2,100
Time Based RSUs and Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	49		32
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	41	26	41	26

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation of Numerator and Denominator Used to Calculate Basic and Dilutes EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NUMERATOR
Net income (loss) attributable to controlling interests	$ (1,048)	$ 7,774	$ (6,249)	$ 49,482
Dividends to preferred shareholders	(1,607)	(1,607)	(4,821)	(4,821)
Redemption of preferred shares	(3,511)	0	(3,511)	0
Numerator for basic income (loss) per share – net income (loss) available to common shareholders	(6,166)	6,167	(14,581)	44,661
Noncontrolling interests – operating partnership and Series E preferred units	0	1,204	0	6,233
Dividends to Series D preferred unitholders	0	0	0	480
Numerator for diluted income (loss) per share	$ (6,166)	$ 7,371	$ (14,581)	$ 51,374
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares (in shares)	15,528	14,989	15,143	14,988
Effect of redeemable operating partnership units (in shares)	0	908	0	0
Effect of dilutive restricted stock units and stock options (in shares)	0	28	0	23
Denominator for diluted income (loss) per share (in shares)	15,528	18,018	15,143	17,344
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (0.40)	$ 0.41	$ (0.96)	$ 2.98
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ (0.40)	$ 0.41	$ (0.96)	$ 2.96
Series D Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	0	0	0	228
Series E Preferred Units
DENOMINATOR
Effect of preferred units (in shares)	0	2,093	0	2,105

EQUITY AND MEZZANINE EQUITY - N

EQUITY AND MEZZANINE EQUITY - Narrative (Details)		3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) quarter $ / shares shares	Sep. 30, 2024 USD ($) quarter $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) quarter $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 09, 2024 USD ($)	Sep. 08, 2024 USD ($)	Aug. 30, 2024 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Mar. 10, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred units, shares issued (in shares) | shares	166,000	166,000		166,000					166,000
Preferred units, par value (in dollars per share) | $ / shares	$ 100	$ 100		$ 100					$ 100
Preferred units, liquidation preference	$ 16,560,000	$ 16,560,000		$ 16,560,000					$ 16,560,000
Preferred shares, liquidation preference (in dollars per share) | $ / shares									$ 25
Redemption of preferred shares		$ (3,511,000)	$ 0	$ (3,511,000)	$ 0
Preferred shares of beneficial interest, shares outstanding (in shares) | shares	0	0		0					3,881,000
Noncontrolling interests , operating partnership, outstanding (in shares) | shares	809,000	809,000		809,000					861,000
Preferred shares of beneficial interest, shares issued (in shares) | shares	0	0		0					3,881,000
Common shares of beneficial interest, shares outstanding (in shares) | shares	16,568,000	16,568,000		16,568,000					14,963,000
Sale of common shares, net		$ 104,831,000		$ 112,151,000
Share repurchase program, authorized amount										$ 50,000,000
Number of common shares (in shares) | shares		0	0	88,000	124,000
Remaining authorized repurchase amount	$ 4,700,000	$ 4,700,000		$ 4,700,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of common shares, net			$ 0		$ 0
Aggregate gross sales price of common shares, authorized amount						$ 500,000,000	$ 250,000,000
Aggregate gross sales price of common shares, remaining authorized amount	$ 262,900,000	$ 262,900,000		$ 262,900,000
2015 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued (in shares) | shares		46	64	13,511	19,014
Sale of common shares, net		$ 4,000	$ 5,000	$ 1,000,000	$ 1,700,000
Series D Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred units, shares issued (in shares) | shares	165,600	165,600		165,600					165,600
Preferred units, par value (in dollars per share) | $ / shares	$ 100	$ 100		$ 100
Distribution rate				3.862%
Units converted, ratio	1.37931	1.37931		1.37931
Preferred units, liquidation preference	$ 16,600,000	$ 16,600,000		$ 16,600,000
Series C Preferred Shares Of Beneficial Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares redemption intended (in shares) | shares								3,900,000
Preferred shares, liquidation preference (in dollars per share) | $ / shares	$ 25	$ 25		$ 25				$ 25
Payment for redemption of preferred stock	$ 97,000,000
Redemption of preferred shares	$ (3,500,000)
Preferred shares of beneficial interest, shares outstanding (in shares) | shares	0	0		0					3,900,000
Preferred shares, annual distribution accrual rate (in dollars per share) | $ / shares				$ 1.65625
Preferred shares, dividend rate				6.625%
Series E Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares, dividend rate				3.875%
Preferred shares of beneficial interest, shares issued (in shares) | shares	1,700,000	1,700,000		1,700,000					1,700,000
Preferred units, par value (in dollars per share) | $ / shares	$ 100	$ 100		$ 100					$ 100
Preferred units, conversion ratio	1.2048	1.2048		1.2048
Preferred units, conversion exchange rate, minimum threshold (in dollars per share) | $ / shares	$ 83	$ 83		$ 83
Preferred stock, threshold trading days	15 days	15 days		15 days
Preferred stock, threshold consecutive trading days	30 days	30 days		30 days
Number of consecutive distribution periods | quarter	3	3		3
Minimum distribution rate (in dollars per share) | $ / shares	$ 0.804	$ 0.804		$ 0.804
Preferred shares liquidation preference	$ 169,100,000	$ 169,100,000		$ 169,100,000

EQUITY AND MEZZANINE EQUITY - S

EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Conversion of Stock [Line Items]
Net Book Basis	$ 0	$ 0	$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Number of units redeemed (in shares)	19	97	52	107
Net Book Basis	$ 845	$ 898	$ 2,212	$ 1,919
Series E Preferred Units
Conversion of Stock [Line Items]
Number of units converted (in shares)	12	5	33	25
COMMON SHARES
Conversion of Stock [Line Items]
Number of common shares issued (in shares)	15	6	40	31
Redemption Of Units For Common Shares
Conversion of Stock [Line Items]
Total value	$ 1,051	$ 176	$ 2,271	$ 2,296

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Schedule of Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of common shares, net (in shares)	1,477	1,587
Net proceeds from issuance of common shares		$ 112,218	$ 0
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares (in shares)	1,477	1,587
Net Consideration	$ 105,052	$ 112,613
Average price per unit (in dollars per share)	$ 71.12	$ 71.66
Sale of common shares, net (in shares)	869
Net proceeds from issuance of common shares	$ 62,700
Commissions	$ 1,000	$ 1,100

EQUITY AND MEZZANINE EQUITY -_3

EQUITY AND MEZZANINE EQUITY - Schedule of Repurchased Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Number of common shares (in shares)	0	0	88,000	124,000
Aggregate cost			$ 4,703	$ 6,718
Average price per share (in dollars per share)			$ 53.62	$ 54.19

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) apartmentCommunity	Dec. 31, 2023 USD ($) apartmentCommunity
Debt Instrument [Line Items]
Total debt	$ 925,144	$ 921,124
Weighted average interest rate	3.59%	3.54%
Weighted average maturity (in years)	5 years 7 months 17 days
Premiums and discounts, net	$ (345)	$ (1,134)
Deferred financing costs, net	(3,533)	(3,968)
Total debt	921,266	916,022
Mortgages
Debt Instrument [Line Items]
Total debt	$ 387,300	$ 392,300
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity	14	14
Mortgages | Mortgages payable - Fannie Mae credit facility
Debt Instrument [Line Items]
Total debt	$ 198,850	$ 198,850
Weighted average interest rate	2.78%	2.78%
Weighted average maturity (in years)	6 years 9 months 21 days
Mortgages | Mortgages payable - other
Debt Instrument [Line Items]
Total debt	$ 387,294	$ 392,274
Weighted average interest rate	4.05%	4.05%
Weighted average maturity (in years)	5 years 10 days
Secured debt
Debt Instrument [Line Items]
Total debt	$ 586,144	$ 591,124
Weighted average maturity (in years)	5 years 7 months 17 days
Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 339,000	330,000
Weighted average maturity (in years)	5 years 7 months 20 days
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Total debt	$ 39,000	$ 30,000
Weighted average interest rate	6.70%	6.74%
Weighted average maturity (in years)	3 years 9 months 25 days
Unsecured Debt | Unsecured Senior Notes
Debt Instrument [Line Items]
Total debt	$ 300,000	$ 300,000
Weighted average interest rate	3.12%	3.12%
Weighted average maturity (in years)	5 years 10 months 13 days

DEBT - Narrative (Details)

DEBT - Narrative (Details)		9 Months Ended
	Jul. 26, 2024 USD ($) extensionOption	Sep. 30, 2024 USD ($) apartmentCommunity loan	Oct. 28, 2024 USD ($)	Aug. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) apartmentCommunity	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | apartmentCommunity		45
Revolving lines of credit		$ 39,000,000			$ 30,000,000
Outstanding debt		$ 925,144,000			$ 921,124,000
Weighted average interest rate		3.59%			3.54%
Mortgages
Line of Credit Facility [Line Items]
Outstanding debt		$ 387,300,000			$ 392,300,000
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity		14			14
Number of material defaults or instances of noncompliance | loan		0
Private Shelf Agreement | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Outstanding debt		$ 175,000,000
Debt instrument, face amount						$ 125,000,000
Private Shelf Agreement | Unsecured Senior Notes | Subsequent Event
Line of Credit Facility [Line Items]
Debt instrument, maximum borrowing capacity			$ 300,000,000
Note Purchase Agreement | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		125,000,000
Mortgages payable - Fannie Mae credit facility | Mortgages
Line of Credit Facility [Line Items]
Outstanding debt		198,850,000			$ 198,850,000
Debt instrument, face amount		$ 198,900,000
Number of real estate properties secured by debt | apartmentCommunity		11
Weighted average interest rate		2.78%			2.78%
Mortgages payable - Fannie Mae credit facility | Mortgages | Interest Only Payment Date One
Line of Credit Facility [Line Items]
Term of debt		7 years
Mortgages payable - Fannie Mae credit facility | Mortgages | Interest Only Payment Date Two
Line of Credit Facility [Line Items]
Term of debt		10 years
Mortgages payable - Fannie Mae credit facility | Mortgages | Interest Only Payment Date Three
Line of Credit Facility [Line Items]
Term of debt		12 years
Line of Credit | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.20%
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.20%
Line of Credit | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.80%
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
Revolving lines of credit		39,000,000
Remaining borrowing capacity		211,000,000
Number of extensions | extensionOption	2
Debt extension term	6 months
Accordion option	$ 400,000,000
Operating Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		10,000,000		$ 6,000,000
Revolving lines of credit		$ 0			$ 0

DEBT - Schedule of Private Shel

DEBT - Schedule of Private Shelf Agreement (Details) - Unsecured Debt - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Series A
Line of Credit Facility [Line Items]
Amount	$ 75,000,000	$ 75,000,000
Interest Rate	3.84%	3.84%
Series B
Line of Credit Facility [Line Items]
Amount	$ 50,000,000	$ 50,000,000
Interest Rate	3.69%	3.69%
Series C
Line of Credit Facility [Line Items]
Amount	$ 50,000,000	$ 50,000,000
Interest Rate	2.70%	2.70%
Series 2021-A
Line of Credit Facility [Line Items]
Amount	$ 35,000,000	$ 35,000,000
Interest Rate	2.50%	2.50%
Series 2021-B
Line of Credit Facility [Line Items]
Amount	$ 50,000,000	$ 50,000,000
Interest Rate	2.62%	2.62%
Series 2021-C
Line of Credit Facility [Line Items]
Amount	$ 25,000,000	$ 25,000,000
Interest Rate	2.68%	2.68%
Series 2021-D
Line of Credit Facility [Line Items]
Amount	$ 15,000,000	$ 15,000,000
Interest Rate	2.78%	2.78%

DEBT - Schedule of Future Payme

DEBT - Schedule of Future Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (remainder)	$ 1,880
2025	36,290
2026	102,809
2027	48,666
2028	157,321
Thereafter	578,178
Total payments	925,144	$ 921,124
Premiums and discounts, net	(345)	(1,134)
Deferred financing costs, net	(3,533)	(3,968)
Total debt	$ 921,266	$ 916,022

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) derivativeInstrument	Dec. 31, 2023 derivativeInstrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months | $	$ 578
Interest Rate Swap
Derivative [Line Items]
Number of instruments held | derivativeInstrument	0	0

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Gain Recognized in OCI	$ 0	$ 0	$ 0	$ 0
Interest Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Income (Loss)	$ (171)	$ (324)	$ (541)	$ (621)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 20,878	$ 7,039	$ 5,455
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables	$ 20,878	$ 7,039

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate investment, unfunded commitments	$ 950,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonfinancial assets	0
Nonfinancial liabilities	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	$ 2,200,000	$ 2,100,000
Minimum | Level 3 | Fair Value, Recurring | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.0500
Minimum | Level 3 | Fair Value, Recurring | Credit Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.005
Maximum | Level 3 | Fair Value, Recurring | Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.0900
Maximum | Level 3 | Fair Value, Recurring | Credit Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, measurement input	0.010

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivables (Details) - Fair Value, Recurring - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	$ 20,878	$ 5,455	$ 7,039
Change in fair value of receivables	1,036	211
Other Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	14	14
Interest Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of receivables	$ 1,022	$ 197

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Nonrecurring Basis (Details) - Fair Value, 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	Sep. 30, 2024	Dec. 31, 2023
FINANCIAL LIABILITIES
Unsecured senior notes	$ 299,506	$ 299,459
Total debt	921,266	916,022
Carrying Amount
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	14,453	8,630
FINANCIAL LIABILITIES
Revolving lines of credit	39,000	30,000
Unsecured senior notes	300,000	300,000
Carrying Amount | Mortgages payable - Fannie Mae credit facility | Mortgages
FINANCIAL LIABILITIES
Total debt	198,850	198,850
Carrying Amount | Mortgages payable - other | Mortgages
FINANCIAL LIABILITIES
Total debt	386,949	391,140
Carrying Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	2,794	639
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	14,453	8,630
FINANCIAL LIABILITIES
Revolving lines of credit	39,000	30,000
Unsecured senior notes	259,103	252,108
Fair Value | Mortgages payable - Fannie Mae credit facility | Mortgages
FINANCIAL LIABILITIES
Total debt	172,708	168,555
Fair Value | Mortgages payable - other | Mortgages
FINANCIAL LIABILITIES
Total debt	369,209	367,080
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	$ 2,794	$ 639

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 apartmentCommunity acquisition	Sep. 30, 2023 USD ($) transaction acquisition apartmentCommunity	Sep. 30, 2024 USD ($) transaction acquisition apartmentCommunity	Sep. 30, 2023 USD ($) apartmentCommunity acquisition transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of acquisitions during period | acquisition	0	0	0	0
Number of exchange transactions | transaction		1	2	5
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentCommunity	0	4	2	13
Proceeds from Divestiture of Businesses | $		$ 82.5	$ 19	$ 226.8

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposed of by Sale $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) apartmentCommunity	Sep. 30, 2023 USD ($) apartmentCommunity	Sep. 30, 2024 USD ($) apartmentHome apartmentCommunity	Sep. 30, 2023 USD ($) apartmentCommunity apartmentHome
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentCommunity	0	4	2	13
Sale Price	$ 19,000	$ 226,755	$ 19,000	$ 226,755
Net Book Value and Transaction Costs	19,577	155,314	19,577	155,314
Gain/(Loss)			$ (577)	$ 71,441
69 homes - Southdale Parc - Richfield, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome			69
Sale Price	6,200		$ 6,200
Net Book Value and Transaction Costs	6,497		6,497
Gain/(Loss)			$ (297)
136 homes - Wingate - New Hope, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome			136
Sale Price	12,800		$ 12,800
Net Book Value and Transaction Costs	$ 13,080		13,080
Gain/(Loss)			$ (280)
115 homes - Boulder Court - Eagan, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome				115
Sale Price		14,605		$ 14,605
Net Book Value and Transaction Costs		4,970		4,970
Gain/(Loss)				$ 9,635
498 homes - 2 Nebraska apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome				498
Sale Price		48,500		$ 48,500
Net Book Value and Transaction Costs		14,975		14,975
Gain/(Loss)				$ 33,525
892 homes - 5 Minnesota apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome				892
Sale Price		74,500		$ 74,500
Net Book Value and Transaction Costs		55,053		55,053
Gain/(Loss)				$ 19,447
62 homes - Portage - Minneapolis, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome				62
Sale Price		6,650		$ 6,650
Net Book Value and Transaction Costs		9,098		9,098
Gain/(Loss)				$ (2,448)
712 homes - 4 North Dakota apartment communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome				712
Sale Price		82,500		$ 82,500
Net Book Value and Transaction Costs		$ 71,218		71,218
Gain/(Loss)				$ 11,282

SEGMENTS - Revenues and Net Ope

SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) apartmentCommunity	Sep. 30, 2023 USD ($) apartmentCommunity	Sep. 30, 2024 USD ($) segment apartmentCommunity	Sep. 30, 2023 USD ($) apartmentCommunity	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Segment revenues and net operating income [Abstract]
Revenue	$ 65,025,000	$ 64,568,000	$ 194,574,000	$ 197,241,000
Property operating expenses, including real estate taxes	26,659,000	26,745,000	76,917,000	80,714,000
Net operating income	38,366,000	37,823,000	117,657,000	116,527,000
Property management expense	(2,242,000)	(2,197,000)	(6,794,000)	(7,012,000)
Casualty gain (loss)	412,000	(937,000)	(918,000)	(1,242,000)
Depreciation and amortization	(26,084,000)	(24,697,000)	(78,810,000)	(75,061,000)
General and administrative expenses	(4,102,000)	(3,832,000)	(12,941,000)	(15,717,000)
Gain on sale of real estate and other investments	0	11,235,000	(577,000)	71,327,000
Loss on litigation settlement	0	0	0	(2,864,000)	$ (1,000,000)
Interest expense	(8,946,000)	(8,556,000)	(27,485,000)	(27,516,000)
Interest and other income	645,000	330,000	1,462,000	674,000
Net income (loss)	(1,951,000)	9,169,000	(8,406,000)	59,116,000
All Other
Segment revenues and net operating income [Abstract]
Revenue	568,000	3,779,000	2,312,000	16,482,000
Property operating expenses, including real estate taxes	229,000	1,727,000	974,000	7,943,000
Net operating income	$ 339,000	$ 2,052,000	$ 1,338,000	$ 8,539,000
Disposed of by Sale
Segment Reporting Information [Line Items]
Number of properties sold | apartmentCommunity	0	4	2	13
Multifamily | Operating Segments
Segment revenues and net operating income [Abstract]
Revenue	$ 64,457,000	$ 60,789,000	$ 192,262,000	$ 180,759,000
Property operating expenses, including real estate taxes	26,430,000	25,018,000	75,943,000	72,771,000
Net operating income	$ 38,027,000	$ 35,771,000	$ 116,319,000	$ 107,988,000

SEGMENTS - Segment Assets and A

SEGMENTS - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Segment Reporting Information [Line Items]
Property owned	$ 2,438,255	$ 2,420,146
Less accumulated depreciation	(604,175)	(530,703)
Total real estate investments	1,834,080	1,889,443
Cash and cash equivalents	14,453	8,630	$ 29,701
Restricted cash	2,794	639	$ 22,496
Other assets	36,078	27,649
TOTAL ASSETS	1,887,405	1,926,361
Multifamily
Segment Reporting Information [Line Items]
Property owned	2,420,947	2,381,461
Less accumulated depreciation	(599,814)	(524,364)
Total real estate investments	1,821,133	1,857,097
All Other
Segment Reporting Information [Line Items]
Property owned	17,308	38,685
Less accumulated depreciation	(4,361)	(6,339)
Total real estate investments	$ 12,947	$ 32,346

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) apartmentHome fund apartmentProperty	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) apartmentHome fund apartmentProperty	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Damages awarded, value			$ 1,000
Loss on litigation settlement	$ 0	$ 0	$ 0	$ 2,864	$ 1,000
Number of real estate technology venture funds with unfunded commitments | fund	2		2
Fair Value, Recurring
Real Estate Properties [Line Items]
Real estate investment, unfunded commitments	$ 950		$ 950
Subject to Restrictions on Taxable Dispositions
Real Estate Properties [Line Items]
Number of properties | apartmentProperty	27		27
Number of apartment units | apartmentHome	5,033		5,033

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	May 20, 2024	Jan. 01, 2024	Sep. 15, 2015	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)			775,000
Term of award			10 years
Share price at grant date (in dollars per share)		$ 58.20
Stock-based compensation expense				$ 764	$ 602	$ 2,200	$ 2,700
Mr. Decker
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense							$ 737
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award		3 years
Time-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		21,059
Time-based RSUs | Employee | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage		33%
Vesting period		1 year
Time-based RSUs | Employee | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage		33%
Vesting period		1 year
Time-based RSUs | Employee | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage		33%
Vesting period		1 year
Time-based RSUs | Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	8,611
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares eligible to be earned (in shares)		37,752
Shares eligible to be earned, percentage of awards granted		2
Expected volatility		27.21%
Risk -free rate		4.01%
Expected term		3 years
Performance-based RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		18,876

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - The Lydian, Denver CO - Subsequent Event ft² in Thousands, $ in Millions	Oct. 01, 2024 USD ($) apartmentHome ft²
Subsequent Event [Line Items]
Total consideration | $	$ 54
Number of apartment communities acquired | apartmentHome	129
Square footage of office and retail space acquired | ft²	23