Centerspace (CSR) 10-K 18 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 11, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35624
Entity Registrant Name	CENTERSPACE
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	45-0311232
Entity Address, Address Line One	3100 10th Street SW
Entity Address, Address Line Two	Post Office Box 1988
Entity Address, City or Town	Minot
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58702-1988
City Area Code	701
Local Phone Number	837-4738
Title of 12(b) Security	Common Shares of Beneficial Interest, no par value
Trading Symbol	CSR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,013,604,175
Entity Common Stock, Outstanding		16,726,594
Documents Incorporated by Reference	Portions of Centerspace’s definitive Proxy Statement for its 2025 Annual Meeting of Shareholders will be incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) hereof.
Entity Central Index Key	0000798359
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Minneapolis, Minnesota

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate investments
Property owned	$ 2,480,741	$ 2,420,146
Less accumulated depreciation	(625,980)	(530,703)
Total real estate investments	1,854,761	1,889,443
Cash and cash equivalents	12,030	8,630
Restricted cash	1,099	639
Other assets	45,817	27,649
TOTAL ASSETS	1,913,707	1,926,361
LIABILITIES
Accounts payable and accrued expenses	59,319	62,754
Revolving lines of credit	47,359	30,000
Notes payable, net of unamortized loan costs of $480 and $541, respectively	299,520	299,459
Mortgages payable, net of unamortized loan costs of $3,262 and $3,427, respectively	608,506	586,563
TOTAL LIABILITIES	1,014,704	978,776
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2024 and 2023, aggregate liquidation preference of $16,560)	16,560	16,560
Investors Real Estate Trust shareholders’ equity
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, no shares issued and outstanding at December 31, 2024 and 3,881 shares issued and outstanding at December 31, 2023)	0	93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 16,719 shares issued and outstanding at December 31, 2024 and 14,963 shares issued and outstanding at December 31, 2023)	1,269,549	1,165,694
Accumulated distributions in excess of net income	(615,242)	(548,273)
Accumulated other comprehensive loss	(407)	(1,119)
Total shareholders’ equity	653,900	709,832
Noncontrolling interests – Operating Partnership and Series E preferred units(1)	227,870	220,544
Noncontrolling interests – consolidated real estate entities	673	649
TOTAL EQUITY	882,443	931,025
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	$ 1,913,707	$ 1,926,361

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
LIABILITIES
Unamortized loan costs	$ 3,742	$ 3,968
EQUITY
Common stock issued (in shares)	16,719,000	14,963,000
Common shares outstanding (in shares)	16,719,000	14,963,000
Series D Preferred Units
EQUITY
Preferred units, par value (in dollars per share)	$ 100	$ 100
Preferred units, shares issued (in shares)	165,600	165,600
Preferred units, shares outstanding (in shares)	166,000	166,000
Preferred units, liquidation preference	$ 16,560	$ 16,560
Series C Preferred Shares Of Beneficial Interest
EQUITY
Liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred shares, issued (in shares)	0	3,881,000
Preferred shares, outstanding (in shares)	0	3,881,000
Term loans
LIABILITIES
Unamortized loan costs	$ 480	$ 541
Mortgages
LIABILITIES
Unamortized loan costs	$ 3,262	$ 3,427

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 260,983,000	$ 261,309,000	$ 256,716,000
EXPENSES
Property operating expenses, excluding real estate taxes	76,338,000	77,053,000	80,070,000
Real estate taxes	26,906,000	28,759,000	28,567,000
Property management expense	9,128,000	9,353,000	9,895,000
Casualty loss	3,307,000	2,095,000	1,591,000
Depreciation and amortization	106,450,000	101,678,000	105,257,000
Impairment of real estate investments	0	5,218,000	0
General and administrative expenses	17,802,000	20,080,000	17,516,000
TOTAL EXPENSES	239,931,000	244,236,000	242,896,000
Gain (loss) on sale of real estate and other investments	(577,000)	71,244,000	41,000
Loss on litigation settlement	0	(3,864,000)	0
Operating income	20,475,000	84,453,000	13,861,000
Interest expense	(37,280,000)	(36,429,000)	(32,750,000)
Interest and other income	2,613,000	1,207,000	1,248,000
NET INCOME (LOSS)	(14,192,000)	49,231,000	(17,641,000)
Dividends to Series D preferred unitholders	(640,000)	(640,000)	(640,000)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	3,635,000	(7,141,000)	4,299,000
Net income attributable to noncontrolling interests – consolidated real estate entities	(131,000)	(125,000)	(127,000)
Net income (loss) attributable to controlling interests	(11,328,000)	41,325,000	(14,109,000)
Dividends to preferred shareholders	(4,821,000)	(6,428,000)	(6,428,000)
Redemption of preferred shares	(3,511,000)	0	0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (19,660,000)	$ 34,897,000	$ (20,537,000)
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (1.27)	$ 2.33	$ (1.35)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ (1.27)	$ 2.32	$ (1.35)
Weighted average shares - basic (in shares)	15,504	14,994	15,216
Weighted average shares - diluted (in shares)	15,504	17,118	15,216

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (14,192)	$ 49,231	$ (17,641)
Other comprehensive income (loss):
Unrealized gain from derivative instrument	0	0	1,581
Loss on derivative instrument reclassified into earnings	712	936	799
Total comprehensive income (loss)	(13,480)	50,167	(15,261)
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	3,745	(6,985)	4,708
Net comprehensive income attributable to noncontrolling interests – consolidated real estate entities	(131)	(125)	(127)
Comprehensive income (loss) attributable to controlling interests	$ (9,866)	$ 43,057	$ (10,680)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Shares	Common Shares	Accumulated Distributions In Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Series C Preferred Stock	Series C Preferred Stock Accumulated Distributions In Excess of Net Income	Series E Preferred Stock	Series E Preferred Stock Common Shares	Series E Preferred Stock Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 996,280	$ 93,530	$ 1,157,255	$ (474,318)	$ (4,435)	$ 224,248
Beginning balance (in shares) at Dec. 31, 2021			15,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling interests and noncontrolling interests	(18,281)			(14,109)		(4,172)
Change in fair value of derivatives and amortization of swap settlements	2,380				2,380
Distributions - commons shares and units	(47,445)			(44,567)		(2,878)
Distributions – Series C preferred shares	(6,428)						$ (6,428)	$ (6,428)
Distributions - Series E preferred units									$ (7,029)		$ (7,029)
Share-based compensation, net of forfeitures (in shares)			25
Share-based compensation, net of forfeitures	2,615		$ 2,615
Sale of common shares, net (in shares)			321
Sale of common shares, net	31,439		$ 31,439
Issuance of Units	22,882		$ 13,023			9,859
Redemption of Units and Series E preferred units for common shares (in shares)			24							67
Redemption of Units and Series E preferred units for common shares	0		$ (1,353)			1,353			0	$ (3,667)	3,667
Redemption of Units for cash	(4,141)					(4,141)
Shares repurchased (in shares)			(432)
Shares repurchased	(29,059)		$ (29,059)
Change in value of Series D preferred units	8,771		8,771
Shares withheld for taxes	(1,284)		$ (1,284)
Other (in shares)			(1)
Other	(404)		$ (256)			(148)
Ending balance at Dec. 31, 2022	950,296	93,530	$ 1,177,484	(539,422)	(2,055)	220,759
Ending balance (in shares) at Dec. 31, 2022			15,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling interests and noncontrolling interests	48,591			41,325		7,266
Amortization of swap settlements	936				936
Distributions - commons shares and units	(46,442)			(43,748)		(2,694)
Distributions – Series C preferred shares	(6,428)						(6,428)	(6,428)
Distributions - Series E preferred units									(6,756)		(6,756)
Share-based compensation, net of forfeitures (in shares)			20
Share-based compensation, net of forfeitures	3,295		$ 3,295
Redemption of Units and Series E preferred units for common shares (in shares)			109							31
Redemption of Units and Series E preferred units for common shares	0		$ (1,910)			1,910			0	$ (1,390)	1,390
Shares repurchased (in shares)			(216)
Shares repurchased	(11,539)		$ (11,539)
Other (in shares)			(1)
Other	(928)		$ (246)			(682)
Ending balance at Dec. 31, 2023	931,025	93,530	$ 1,165,694	(548,273)	(1,119)	221,193
Ending balance (in shares) at Dec. 31, 2023			14,963
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling interests and noncontrolling interests	(14,832)			(11,328)		(3,504)
Amortization of swap settlements	712				712
Distributions - commons shares and units	(49,911)			(47,309)		(2,602)
Distributions – Series C preferred shares	(4,821)						$ (4,821)	$ (4,821)
Distributions - Series E preferred units									(6,615)		(6,615)
Share-based compensation, net of forfeitures (in shares)			14
Share-based compensation, net of forfeitures	3,014		$ 3,014
Sale of common shares, net (in shares)			1,587
Sale of common shares, net	112,003		$ 112,003
Issuance of Units	13,875		$ 5,296			8,579
Redemption of Units and Series E preferred units for common shares (in shares)			71							172
Redemption of Units and Series E preferred units for common shares	0		$ (2,663)			2,663			$ 0	$ (8,938)	$ 8,938
Shares repurchased (in shares)			(88)
Shares repurchased	(101,744)	(93,530)	$ (4,703)	(3,511)
Other (in shares)			0
Other	(263)		$ (154)			(109)
Ending balance at Dec. 31, 2024	$ 882,443	$ 0	$ 1,269,549	$ (615,242)	$ (407)	$ 228,543
Ending balance (in shares) at Dec. 31, 2024			16,719

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock, dividends declared (in dollar per share)	$ 3	$ 2.92	$ 2.92
Series C Preferred Stock
Preferred Stock, dividends declared (in dollar per share)	1.2421875	1.65625	1.65625
Series E Preferred Stock
Preferred Stock, dividends declared (in dollar per share)	$ 3.875	$ 3.875	$ 3.875

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (14,192)	$ 49,231	$ (17,641)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	107,648	103,172	106,208
(Gain) loss on sale of real estate and other investments	577	(71,240)	(41)
Share-based compensation expense	3,014	3,295	2,615
Impairment of real estate investments	0	5,218	0
(Gain) loss on interest rate swap termination, mark-to-market, and amortization	712	936	(118)
Provision for bad debt	945	340	1,355
Non-cash casualty loss	2,389	1,350	254
Other, net	611	86	(646)
Changes in other assets and liabilities:
Other assets	(4,898)	(760)	(645)
Accounts payable and accrued expenses	1,442	(2,108)	650
Net cash provided by operating activities	98,248	89,520	91,991
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in mortgages and real estate related notes receivable	(13,557)	(1,579)	0
Net proceeds from sale of real estate and other investments	18,251	223,259	41
Proceeds from insurance	1,949	328	1,668
Payments for acquisitions of real estate assets	(1,030)	(42,226)	(104,666)
Payments for improvements of real estate assets	(56,654)	(58,825)	(56,568)
Other investing activities	325	(748)	(569)
Net cash provided by (used by) investing activities	(50,716)	120,209	(160,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	0	90,000	0
Principal payments on mortgages payable	(10,860)	(46,749)	(28,960)
Proceeds from revolving lines of credit	130,537	135,104	191,860
Principal payments on revolving lines of credit	(113,178)	(218,604)	(154,360)
Net proceeds from notes payable and other debt	0	0	99,529
Principal payments on notes payable and other debt	0	(100,000)	0
Payments for termination of interest rate swaps	0	0	(3,209)
Proceeds from sale of common shares, net of issuance costs	112,071	0	31,439
Repurchase of common shares	(4,703)	(11,539)	(29,059)
Redemption of Series C preferred shares	(97,041)	0	0
Repurchase of partnership units	0	(38)	(4,141)
Distributions paid to common shareholders	(45,789)	(43,742)	(44,461)
Distributions paid to preferred shareholders	(4,821)	(6,428)	(6,428)
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units	(9,111)	(9,530)	(9,797)
Distributions paid to Series D preferred unitholders	(640)	(640)	(640)
Other financing activities	(137)	(185)	(404)
Net cash provided by (used by) financing activities	(43,672)	(212,351)	41,369
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	3,860	(2,622)	(26,734)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR	9,269	11,891	38,625
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR	13,129	9,269	11,891
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	2,992	9,747	6,008
Operating partnership units converted to common shares	(2,663)	(1,910)	(1,353)
Distributions declared but not paid	13,178	11,552	11,625
Retirement of shares withheld for taxes	122	190	1,284
Loss on litigation settlement	0	1,000	0
Involuntary conversion of assets	(3,306)	(4,224)	0
Real estate assets acquired through assumption of debt	39,000	52,723	41,623
Real estate assets and related notes receivable acquired through issuance of operating partnership units	13,875	0	22,882
Fair value adjustment to debt	(7,568)	(3,924)	1,224
Series E preferred units converted to common shares	(8,938)	(1,390)	(3,667)
Non-cash interest income	1,354	0	0
Change in value of Series D preferred units	0	0	8,771
Real estate assets acquired through exchange of note receivable	0	0	43,276
Note receivable exchanged through real estate acquisition	0	0	(43,276)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	33,537	34,182	31,272
Cash and cash equivalents	12,030	8,630	10,458
Restricted cash	1,099	639	1,433
Total cash, cash equivalents and restricted cash	$ 13,129	$ 9,269	$ 11,891

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Centerspace, collectively with its consolidated subsidiaries (“Centerspace,” “the Company,” “we,” “us,” or “our”) is a North Dakota real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2024, Centerspace owned interests in 71 apartment communities consisting of 13,012 apartment homes.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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 Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership, and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany balances and transactions are eliminated in consolidation. The Company’s interest in the Operating Partnership as of December 31, 2024 and 2023 was 85.3% and 83.6%, respectively, of the limited partnership units of the Operating Partnership (“Units”), which includes 100% of the general partnership interest. The Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income (loss) as reported in the Consolidated Statements of Operations, total assets, liabilities or equity as reported in the Consolidated Balance Sheets and the classifications within the Consolidated Statements of Cash Flows. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective and was adopted during the current year ended December 31, 2024. The ASU required additional disclosure but did not have a material impact on the Consolidated Financial Statements. ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion as of December 31, 2024 and 2023, respectively. Upon acquisitions of real estate, the Company assesses the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on the Company’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. The Company follows the real estate project costs guidance in Accounting Standards Codification (“ASC”) 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. The Company did not capitalize interest during the years ended December 31, 2024, 2023, and 2022. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the estimated future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is generally recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the years ended December 31, 2024 and 2022, the Company did not record a loss for impairment on real estate. During the year ended December 31, 2023, the Company incurred a loss of $5.2 million for the impairment of two apartment communities. The Company recognized impairments of $3.0 million on one apartment community in Richfield, MN and $2.2 million on one apartment community in New Hope, MN. These properties were written-down to estimated fair value based on receipt of market offers to purchase the apartment communities. The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. The Company had no properties classified as held for sale at December 31, 2024 and 2023. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts. As of December 31, 2024 and 2023, restricted cash consisted of $1.1 million and $639,000, respectively, in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. LEASES As a lessor, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with FASB ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2024, 2023, and 2022, rental income represents approximately 98.3%, 98.1%, and 97.7%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2024, 2023, and 2022, other property revenues represent the remaining 1.7%, 1.9%, and 2.3%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of the leases contain non-lease components for utility reimbursement from residents and common area maintenance from commercial tenants. Centerspace has elected the practical expedient to combine lease and non-lease components. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2024, was as follows: (in thousands) 2025 $ 2,670 2026 2,557 2027 2,308 2028 1,946 2029 1,626 Thereafter 6,045 Total scheduled lease income - operating leases $ 17,152 REVENUES AND GAINS OR LOSSES ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the Company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenues such as application fees and other miscellaneous items. Centerspace recognizes revenue for these rental related items not included as a component of a lease as earned. The following table presents the disaggregation of revenue streams for the years ended December 31, 2024, 2023, and 2022: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2024 2023 2022 Fixed lease income - operating leases Leases $ 243,008 $ 243,931 $ 240,031 Variable lease income - operating leases Leases 13,419 12,433 10,754 Other property revenue Revenue from contracts with customers 4,556 4,945 5,931 Total revenue $ 260,983 $ 261,309 $ 256,716 In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. For the years ended December 31, 2024, 2023, and 2022, the Company recognized a loss of $577,000, gain of $71.2 million, and gain of $41,000, respectively, on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. MARKET CONCENTRATION RISK The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2024, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. INCOME TAXES The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2024, 2023, and 2022, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). The Company has one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for the TRS for the years ended December 31, 2024, 2023, and 2022. The Company conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2024, 2023, and 2022: CALENDAR YEAR 2024 2023 2022 Tax status of distributions Capital gain — % 48.79 % — % Ordinary income 41.71 % 28.46 % 13.42 % Return of capital 58.29 % 22.75 % 86.58 % VARIABLE INTEREST ENTITY Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all the Company’s assets and liabilities are held through a VIE. OTHER ASSETS As of December 31, 2024 and 2023, other assets consisted of the following amounts: in thousands December 31, 2024 December 31, 2023 Receivable arising from straight line rents $ 408 $ 347 Accounts receivable, net of allowance 384 267 Real estate related notes receivable 25,092 7,039 Prepaid assets 8,271 7,828 Other assets (1) 4,626 5,294 Intangible assets, net of accumulated amortization 1,977 2,723 Property and equipment, net of accumulated depreciation 2,543 2,798 Goodwill 491 491 Deferred charges and leasing costs 2,025 862 Total Other Assets $ 45,817 $ 27,649 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here. Real estate related notes receivable. In connection with the acquisition of The Lydian, an apartment community in Denver, Colorado, the Company acquired a tax increment financing note receivable (“TIF”) with an initial principal balance of $4.1 million. As of December 31, 2024, the principal balance was $4.1 million, which appears within other assets in the Consolidated Balance Sheets at fair value. The note bears an interest rate of 6.0% with payments due periodically each year. In connection with the acquisition of Ironwood, an apartment community in New Hope, Minnesota, the Company acquired a tax increment financing note receivable (“TIF”) with an initial principal balance of $6.6 million. As of December 31, 2024 and 2023, the principal balance was $5.2 million and $5.7 million, respectively, which appears within other assets in the Consolidated Balance Sheets at fair value. The note bears an interest rate of 4.5% with payments due in February and August of each year. 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 which accrues interest that is added to the principal balance and is payable at maturity. As of December 31, 2024 and 2023, the Company had funded $15.1 million and $1.6 million of the mezzanine loan, which appears within other assets in the Consolidated Balance Sheets. The loan matures in December 2027 unless extended to December 2028 in accordance with the terms of the mezzanine loan agreement. The loan is secured by a pledge of and first priority security interest against 100% of the membership interests in the mezzanine borrower and the agreement provides the Company with an option to purchase the development 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 Consolidated Balance Sheets at fair value. Property and equipment. Property and equipment consists primarily of office equipment located at the Company’s corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. As of December 31, 2024 and 2023, property and equipment cost was $4.0 million and $4.6 million, respectively. The Consolidated Balance Sheets reflect these assets at cost, net of accumulated depreciation of $1.5 million and $1.8 million as of December 31, 2024 and 2023, respectively, and are included within other assets. Intangible Assets. Intangible assets consist of in-place leases valued at the time of acquisition. The amortization period reflects the average remaining term of in-place leases acquired, which are generally less than one year for multifamily apartment homes. For the years ended December 31, 2024, 2023, and 2022, the Company recognized $2.8 million, $2.6 million, and $12.3 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the Consolidated Statements of Operations. The intangible assets remaining at December 31, 2024 related to in-place leases of multifamily apartment homes will be fully amortized in 2025, while in-place leases related to commercial spaces at certain apartment communities will be fully amortized by 2036. ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the Property operating expenses, excluding real estate taxes line item. During the years ended December 31, 2024, 2023, and 2022 total advertising expense was $3.3 million, $3.2 million, and $3.2 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 our former CEO. During the year ended December 31, 2023, the Company incurred total severance costs of $2.2 million for the cash severance and benefits for the former CEO, $737,000 in share-based compensation expense for the acceleration of certain equity awards, and $306,000 in other CEO transition related expenses. These expenses are included within general and administrative expenses in the Consolidated Statements of Operations. Refer to Note 13 for additional information on the share-based compensation expense. During the year ended December 31, 2024, the Company had no severance and transition costs. INVOLUNTARY CONVERSION OF ASSETS During the year ended December 31, 2024, Centerspace recognized $2.8 million in casualty losses resulting from six new insurance events and updated estimates on four previously reported events. The Company also recorded $566,000 in offsetting insurance receivables for new insurance events which are recorded within other assets on the Consolidated Balance sheets. Any business interruption insurance proceeds will be recognized when received, in accordance with ASC 610-30. In April 2023, a portion of an apartment community was destroyed by fire. The Company recorded a write-down of the apartment community asset, in accordance with ASC 610-30 on involuntary conversion of non-monetary assets, totaling $1.3 million with an offsetting insurance receivable recorded within other assets on the Consolidated Balance Sheets. During the year ended December 31, 2024, the claim was settled for $1.6 million, including remediation and other operating expenses. During the year ended December 31, 2023, Centerspace recorded $2.0 million in additional write-downs to three apartment community assets due to separate insurance events with offsetting insurance receivables totaling $1.2 million recorded within other assets on the Consolidated Balance Sheets. LITIGATION SETTLEMENT

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 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 its 2015 Incentive Plan, Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on net income (loss) per share upon exercise of the RSUs, ISOs, or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the 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 Consolidated Financial Statements for the years ended December 31, 2024, 2023, and 2022: (in thousands, except per share data) Year Ended December 31, 2024 2023 2022 NUMERATOR Net income (loss) attributable to controlling interests (11,328) 41,325 (14,109) Dividends to preferred shareholders (4,821) (6,428) (6,428) Redemption of preferred shares (3,511) — — Numerator for basic income (loss) per share – net income (loss) available to common shareholders (19,660) 34,897 (20,537) Noncontrolling interests – Operating Partnership and Series E preferred units (1) — 4,877 — Dividends to preferred unitholders (2) — — — Numerator for diluted income (loss) per share $ (19,660) $ 39,774 $ (20,537) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 15,504 14,994 15,216 Effect of Series E preferred units — 2,100 — Effect of diluted restricted stock awards and restricted stock units — 24 — Denominator for diluted income (loss) per share 15,504 17,118 15,216 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (1.27) $ 2.33 $ (1.35) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (1.27) $ 2.32 $ (1.35) (1) For the years ended December 31, 2024 and 2022 , 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 years ended December 31, 2024, 2023, and 2022, dividends to preferred unitholders were excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive. For the year ended December 31, 2024, operating partnership units of 870,000, 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 24,000, and performance- based RSUs of 31,000 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 year ended December 31, 2023, operating partnership units of 925,000 and Series D preferred units of 228,000, as converted, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net income per share. For the year ended December 31, 2022, operating partnership units of 978,000, Series E preferred units of 2.2 million, as converted, Series D preferred Units of 228,000, as converted, stock options of 28,000, time-based RSUs of 10,000, and performance-based restricted stock awards of 30,000, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive as including these items would have improved net loss per share.

MEZZANINE EQUITY AND EQUITY

MEZZANINE EQUITY AND EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
MEZZANINE EQUITY AND EQUITY	MEZZANINE EQUITY AND EQUITY Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units as of December 31, 2024 and 2023. The Series D preferred units have a par value of $100 per preferred unit. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year and have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue price. Each Series D preferred unit is convertible, at the holder’s option, into 1.37931 Units. The Series D preferred units have an aggregate liquidation value of $16.6 million. Changes in the redemption value are based on changes in the trading value of common shares and are charged to common shares on the Consolidated Balance Sheets each quarter. The holders of the Series D preferred units do not have voting rights. Distributions to Series D unitholders are presented in the Consolidated Statements of Equity within net income (loss) attributable to controlling interests and noncontrolling interests. Series C Preferred Shares . On August 30, 2024, we delivered notice to holders of our 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 were $3.5 million in excess of the carrying value and are included in redemption of preferred shares on the Consolidated Statements of Operations. Such shares were no longer outstanding as of December 31, 2024. Series C preferred shares outstanding were 3.9 million 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. Outstanding Units in the Operating Partnership were 980,000 Units at December 31, 2024 and 861,000 Units at December 31, 2023. During the year ended December 31, 2024, Centerspace issued 190,000 Units as partial consideration for the acquisition of one apartment community located in Denver, Colorado. Exchange Rights. Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2024 and 2023 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2024 71 $ (2,663) Year ended December 31, 2023 109 $ (1,910) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2024 and 2023 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2024 — $ — $ — Year ended December 31, 2023 2 $ 130 $ 54.05 Series E Preferred Units (Noncontrolling interest). Centerspace had 1.6 million and 1.7 million Series E preferred units outstanding as of December 31, 2024 and 2023, respectively. Each Series E preferred unit has a par value of $100. The Series E preferred unit holders receive a preferred distribution at the rate of 3.875% per year. Each Series E preferred unit is convertible, at the holder’s option, into 1.20482 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 $158.2 million at December 31, 2024. The holders of the Series E preferred units do not have voting rights. The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2024 and 2023 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2024 143 172 $ 8,938 Year ended December 31, 2023 26 31 $ 1,390 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2024 and 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2024 — $ — $ — Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.20482 Units for each Series E preferred unit. Common Shares and Equity Awards . Common shares outstanding on December 31, 2024 and 2023 totaled 16.7 million and 15.0 million, respectively. During the years ended December 31, 2024 and 2023, Centerspace issued approximately 13,524 and 19,606 common shares, respectively, with a total grant-date value of $1.0 million and $1.8 million, respectively, under its 2015 Incentive Plan, as share-based compensation for employees and trustees. These shares vested based on performance and service criteria. Refer to Note 13 for additional details on share-based compensation. During the year ended December 31, 2024, approximately 200 common shares were forfeited under the 2015 Incentive Plan compared to 15,000 common shares forfeited during the year ended December 31, 2023. 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. As of December 31, 2024, common shares having an aggregate offering price of up to $262.9 million remained available under the ATM Program. The table below provides details on the sale of common shares under the ATM Program during the years ended December 31, 2024 and 2023. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2024 (2) 1,587 $ 112,613 $ 71.66 Year ended December 31, 2023 — $ — $ — (1) Total consideration is net of $1.1 million in commissions for the year ended December 31, 2024. (2) Includes 869,000 shares sold on a forward basis for $62.7 million which were physically settled during the year ended December 31, 2024. Share Repurchase Program . On March 10, 2022, the Board of Trustees approved a share repurchase program (the “ Share Repurchase Program”), providing for the repurchase of up to an aggregate of $50 million of the Company’s outstanding common shares. Under the Share Repurchase Program, the Company is authorized to repurchase common shares through open-market purchases, privately-negotiated transactions, block trades, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The specific timing and amount of repurchases will vary based on available capital resources or other financial and operational performance, market conditions, securities law limitations, and other factors. The table below provides details on the shares repurchased during the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company had $4.7 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2024 88 $ 4,703 $ 53.62 Year ended December 31, 2023 216 $ 11,539 $ 53.44 (1) Amount includes commissions.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. Centerspace reflects noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the Consolidated Statements of Operations. The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2024 and 2023 were as follows: (in thousands) December 31, 2024 December 31, 2023 IRET - Cypress Court Apartments, LLC $ 673 $ 649 Noncontrolling interests – consolidated real estate entities $ 673 $ 649

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s secured and unsecured debt at December 31, 2024 and December 31, 2023: (in thousands) December 31, 2024 December 31, 2023 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2024 Lines of credit (1) $ 47,359 5.86 % $ 30,000 6.74 % 3.37 Unsecured senior notes (2)(4) 300,000 3.12 % 300,000 3.12 % 5.62 Unsecured debt 347,359 330,000 5.31 Mortgages payable - Fannie Mae credit facility (4) 198,850 2.78 % 198,850 2.78 % 6.56 Mortgages payable - other (3)(4) 420,414 4.02 % 392,274 4.05 % 5.39 Secured debt $ 619,264 $ 591,124 5.76 Subtotal $ 966,623 3.58 % $ 921,124 3.54 % 5.60 Premiums and discounts, net $ (7,496) $ (1,134) Deferred financing costs, net $ (3,742) $ (3,968) Total debt $ 955,385 $ 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 Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 15 at December 31, 2024 and 14 at December 31, 2023. (4) Interest rate is fixed. As of December 31, 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 (the “Unsecured Credit Facility” or “Facility”) is a revolving, multi-bank line of credit, with Bank of Montreal serving as administrative agent. The line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of unencumbered properties. As of December 31, 2024, the Company had additional borrowing availability of $206.0 million beyond the $44.0 million drawn, priced at an interest rate of 5.81%. As of December 31, 2023, the Company had additional borrowing availability of $220.0 million beyond the $30.0 million drawn, priced at an interest rate of 7.82%. 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. 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 December 31, 2024. In September 2024, Centerspace entered into an operating line of credit agreement with US Bank, N.A. which has a 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. As of December 31, 2024 there was $3.4 million outstanding on this line of credit. Centerspace had a $6.0 million operating line of credit with Wells Fargo Bank, N.A. with pricing based on SOFR that matured on August 31, 2024. As of December 31, 2023, there was no outstanding balance on this line 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 had 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 the Company 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 December 31, 2024 and 2023. (in thousands) Amount Maturity Date Fixed Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 % Centerspace has a $198.9 million Fannie Mae Credit Facility Agreement (“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 fixed interest rate of 2.78%. As of December 31, 2024 and 2023, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Consolidated Balance Sheets. As of December 31, 2024, Centerspace owned 15 apartment communities that served as collateral for mortgage loans, in addition to the apartment communities secured by the FMCF. All of these mortgage loans were non-recourse to the Company other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.45% to 5.04%, and the mortgage loans have varying maturity dates from May 1, 2025, through February 1, 2037. As of December 31, 2024 and 2023, the mortgage loans had a balance of $420.4 million and $392.3 million, respectively, excluding unamortized premiums and discounts. As of December 31, 2024, the Company believes there are no material defaults or instances of material noncompliance in regard to any of these mortgage loans. The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2024 is as follows: (in thousands) 2025 $ 39,649 2026 102,809 2027 48,666 2028 162,321 2029 102,477 Thereafter 510,701 Total payments $ 966,623 Premiums and discounts, net (7,496) Deferred financing costs, net (3,742) Total 955,385

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 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 manage its exposure to interest rate fluctuations. To accomplish this objective, the Company primarily used interest rate swap contracts to fix variable rate interest debt. Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) will be reclassified to interest expense in the periods in which interest payments are incurred on variable rate debt. During the next 12 months, the Company estimates an additional $407,000 will be reclassified as an increase to interest expense. In February 2022, the Company paid $3.2 million to terminate its $75.0 million interest rate swap and its $70.0 million forward swap. As of December 31, 2024 and 2023, the Company had no remaining interest rate swaps. Derivatives not designated as hedges were not speculative and were used to manage the Company’s exposure to interest rate movements and other identified risks but did not meet the strict hedge accounting requirements. Changes in fair value of derivatives not designated in hedging relationships were recorded directly into earnings within other income (loss) in the Consolidated Statements of Operations. For the year ended December 31, 2022, the Company recorded a gain of $582,000 related to the interest rate swap not designated in a hedging relationship, prior to its termination. The effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2024, 2023, and 2022 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ — $ 1,581 Interest expense $ (712) $ (936) $ (799)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 and notes payable that re-price frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, Centerspace applies 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 data (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2024 Assets Real estate related notes receivable Other assets $ 25,092 $ — $ — $ 25,092 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 fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2024 Real estate related notes receivable $ 25,092 $ 23 $ 1,554 $ 1,577 Year ended December 31, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291 As of December 31, 2024 and 2023, Centerspace had investments totaling $2.7 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 the Consolidated Balance Sheets. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of December 31, 2024, the Company had 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 December 31, 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 mortgages payable and unsecured senior notes is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates, excluding any prepayment penalties (Level 3). The estimated fair values of the Company’s financial instruments as of December 31, 2024 and 2023 are as follows: (in thousands) December 31, 2024 December 31, 2023 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 12,030 $ 12,030 $ 8,630 $ 8,630 Restricted cash Restricted cash 1,099 1,099 639 639 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 47,359 47,359 30,000 30,000 Unsecured senior notes Notes payable 300,000 253,808 300,000 252,108 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 166,679 198,850 168,555 Mortgages payable - other (1) Mortgages payable 420,414 383,213 392,274 367,080 (1)

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired $53.4 million and $94.5 million of new real estate during the years ended December 31, 2024 and 2023, respectively. The Company’s acquisitions during the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Assets (4) Other (5) 129 homes - The Lydian - Denver, CO October 1, 2024 $ 53,359 $ 484 $ 13,875 $ 39,000 $ 4,804 $ 34,997 $ 2,263 $ 11,295 Total Acquisitions $ 53,359 $ 484 $ 13,875 $ 39,000 $ 4,804 $ 34,997 $ 2,263 $ 11,295 (1) Excludes $546,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition, including a $641,000 fair value adjustment. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage and TIF note acquired. Refer to Note 2 for further TIF note discussion. Year Ended December 31, 2023 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Other (2) Land Building Intangible Assets (3) Other (4) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Assumption of seller's debt upon closing. (3) Intangible assets consist of in-place leases valued at the time of acquisition. (4) Debt premium on assumed mortgage. DISPOSITIONS During the year ended December 31, 2024, Centerspace disposed of two apartment communities in two exchange transactions for an aggregate sales price of $19.0 million. During the year ended December 31, 2023, Centerspace disposed of 13 apartment communities and associated commercial space in five transactions for an aggregate sales price of $226.8 million. The dispositions for the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 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) Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 62 homes - Portage - Minneapolis, MN March 15, 2023 6,650 9,098 (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 82,500 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 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 executive officer and chief financial officer are the chief operating decision-makers. The CODMs evaluate each property’s operating results using net operating income (“NOI”) to make decisions about resources to be allocated, to assess property performance, and do not group the properties based on geography, size, or type for this purpose. The Company defines NOI as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important 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, including interest income and interest expense, property management expenses, loss on litigation settlement, casualty losses, and general and administrative expense. The apartment communities have similar long-term economic characteristics and similar operating characteristics, such as type and length of lease, services offered to residents, and property management practices. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment, Multifamily. “All other” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale, which did not meet the aggregation criteria. During the year ended December 31, 2024, two sold apartment communities were reclassified from the multifamily segment to all other for all periods presented. The following tables present NOI for the years ended December 31, 2024, 2023, and 2022, respectively, along with reconciliations to net income (loss) as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements. (in thousands) Year ended December 31, 2024 Multifamily All Other Total Revenue $ 257,865 $ 3,118 $ 260,983 Property operating expenses On-site compensation (1) 27,060 86 27,146 Repairs and maintenance (2) 15,142 259 15,401 Utilities 15,300 224 15,524 Administrative and marketing 7,147 36 7,183 Insurance 10,983 101 11,084 Real estate taxes 26,317 589 26,906 Net operating income $ 155,916 $ 1,823 $ 157,739 Property management expenses (9,128) Casualty loss (3,307) Depreciation and amortization (106,450) General and administrative expenses (17,802) Loss on sale of real estate and other investments (577) Interest expense (37,280) Interest and other income 2,613 Net loss $ (14,192) (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense. (in thousands) Year ended December 31, 2023 Multifamily All Other Total Revenue $ 243,515 $ 17,794 $ 261,309 Property operating expenses On-site compensation (1) 25,934 1,969 27,903 Repairs and maintenance (2) 13,953 1,727 15,680 Utilities 15,421 1,598 17,019 Administrative and marketing 5,804 425 6,229 Insurance 9,399 823 10,222 Real estate taxes 26,722 2,037 28,759 Net operating income $ 146,282 $ 9,215 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Interest expense (36,429) Interest and other income 1,207 Loss on litigation settlement (3,864) Net income $ 49,231 (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense. (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 221,836 $ 34,880 $ 256,716 Property operating expenses On-site compensation (1) 23,038 4,306 27,344 Repairs and maintenance (2) 14,300 3,396 17,696 Utilities 15,845 3,527 19,372 Administrative and marketing 5,130 784 5,914 Insurance 8,007 1,737 9,744 Real estate taxes 24,524 4,043 28,567 Net operating income $ 130,992 $ 17,087 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest income and other loss 1,248 Net loss $ (17,641) (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense. Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of December 31, 2024 and 2023, respectively, along with reconciliations to the Consolidated Financial Statements: (in thousands) As of December 31, 2024 Multifamily All Other Total Segment assets Property owned $ 2,462,762 $ 17,979 $ 2,480,741 Less accumulated depreciation (621,446) (4,534) (625,980) Total real estate investments $ 1,841,316 $ 13,445 $ 1,854,761 Cash and cash equivalents 12,030 Restricted cash 1,099 Other assets 45,817 Total Assets $ 1,913,707 (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

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Centerspace sponsors a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. Centerspace currently matches, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. Matching contributions are fully vested when made. Centerspace recognized expense of approximately $1.3 million during each of the years ended December 31, 2024, 2023, and 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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 Consolidated Financial Statements. Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claims a retaining wall at one of its apartment communities is causing water damage to the neighboring property. The claim was for damage to the property and monetary losses. During the year ended December 31, 2023, the Company recorded a loss on litigation settlement of $3.9 million due to a trial judgment against Centerspace. The original judgment was ordered on October 9, 2023 for $2.9 million which the Company immediately paid. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. Subsequent to December 31, 2023, the claimant was awarded an additional $1.0 million in judgment related interest and costs. The Company paid the additional amount and recorded the loss on litigation for the year ended December 31, 2023. After the additional judgment, the claimant’s appeal was dismissed. The Company believes this matter is settled. Environmental Matters . It is generally the Company’s policy to obtain a Phase I environmental assessment of each property that it seeks to acquire. Such assessments have not revealed, nor is the Company aware of, any environmental liabilities that it believes would have a material adverse effect on its financial position or results of operations. Centerspace owns properties that contain or potentially contain (based on the age of the property) asbestos, lead, or underground storage tanks. For certain of these properties, the Company estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, Centerspace has not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. The Company believes it does not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead, and/or underground storage tanks. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While the Company currently has no knowledge of any material violation of environmental laws, ordinances, or regulations at any of the properties, there can be no assurance that areas of contamination will not be identified at any of its properties or that changes in environmental laws, regulations, or cleanup requirements would not result in material costs. Insurance. Centerspace carries insurance coverage on its properties in amounts and types that it believes are customarily obtained by owners of similar properties and are sufficient to achieve its risk management objectives. Limitations on Taxable Dispositions. Twenty-eight properties, consisting of approximately 5,162 homes, are subject to limitations on taxable dispositions under agreements entered into with certain sellers or contributors of the properties and are effective for varying periods. Centerspace does not believe that the agreements materially affect the conduct of its business or its decisions whether to dispose of these properties during the limitation period because it generally holds these and other properties for investment purposes rather than for sale. In addition, where the Company deems it to be in the shareholders’ best interests to dispose of such properties, it generally seeks to structure sales of such properties as tax-deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, the Company may be required to provide tax indemnification payments to the parties to these agreements. Redemption Value of Units . Pursuant to a Unitholder’s exercise of its Exchange Rights, the Company has the right, in its sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for its common shares, on a one-for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of common shares for the ten Unfunded Commitments. Centerspace has unfunded commitments of $950,000 in two real estate technology venture funds. Refer to Note 8 - Fair Value Measurements for additional information regarding these investments.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 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 restricted stock units (“RSUs”) up to an aggregate of 775,000 shares over the ten-year period in which the plan is in effect. Under the 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan (“LTIP”), which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the revised program may vary from year to year. Through December 31, 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. Year Ended December 31, 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 RSUs 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 RSUs eligible to be earned is 37,752 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the TSR performance RSUs were an expected volatility of 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. Share-Based Compensation Expense Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2024, 2023, and 2022 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2024 2023 2022 Share-based compensation expense $ 3,014 $ 3,295 $ 2,615 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 our former CEO. This resulted in the acceleration of share-based compensation expense for those awards resulting in an additional $737,000 in expense during the year ended December 31, 2023. Any performance-based RSUs were prorated, in accordance with the award agreement, and will vest at the end of performance period based on actual performance. The remaining performance-based RSUs were forfeited. The former CEO exercised stock options prior to their expiration on June 30, 2023 in a cashless exercise with a net 425 shares issued. Restricted Stock Units During the year ended December 31, 2024, the Company issued 21,125 time-based RSUs to employees and 10,192 to trustees. The RSUs to employees generally vest over a three-year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the years ended December 31, 2024, 2023, and 2022 was $1.9 million, $1.8 million, and $1.5 million, respectively. The fair value of share awards at grant date for non-employee trustees was approximately $689,000, $545,000, and $618,000 for the years ended December 31, 2024, 2023, and 2022, respectively. All of these awards are classified as equity awards. The Company recognizes compensation expense associated with the time-based awards ratably over the requisite service period. The total compensation cost related to non-vested time-based RSUs not yet recognized is $966,000, which the Company expects to recognize over a weighted average period of 1.4 years. The unamortized value of RSUs with market conditions as of December 31, 2024, 2023, and 2022 was approximately $1.4 million, $1.0 million, and $1.7 million, respectively. The activity for the years ended December 31, 2024, 2023, and 2022 related to RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 Granted 31,317 61.28 18,876 80.60 Vested (15,626) 66.15 (9,771) 130.91 Forfeited (192) 58.42 — — Unvested at December 31, 2024 46,493 $ 61.16 31,171 $ 81.40 Stock Options During the year ended December 31, 2024, Centerspace did not issue any stock options to employees. Previously issued stock options vest over a four-year period. The total compensation costs related to non-vested stock options not yet recognized is $77,000, which the Company expects to recognize over a weighted average period of 1.78 years. The stock option activity for the years ended December 31, 2024, 2023, and 2022 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 66.94 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06 Outstanding at December 31, 2024 117,010 $ 71.41 Exercisable at December 31, 2024 85,433 $ 70.64 The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2024, stock options outstanding had $48,000 aggregate intrinsic value with a weighted average remaining contractual term of 5.2 years years.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Same-Store 71 France - Edina, MN $ 48,371 $ 4,721 $ 61,762 $ 2,274 $ 4,801 $ 63,956 $ 68,757 $ (23,424) 2014 2014 Up to 37 years Alps Park Apartments - Rapid City, SD — 287 5,551 605 336 6,107 6,443 (2,302) 1995 2013 Up to 37 years Arcata Apartments - Golden Valley, MN — 2,088 31,036 1,088 2,128 32,084 34,212 (12,789) 2013 2013 Up to 37 years Ashland Apartment Homes - Grand Forks, ND — 741 7,569 373 824 7,859 8,683 (3,401) 2010 2012 Up to 37 years Avalon Cove Townhomes - Rochester, MN — 1,616 34,074 5,612 1,808 39,494 41,302 (12,204) 2001 2016 Up to 37 years Bayberry Place - Eagan, MN 11,048 1,807 14,113 1,681 1,865 15,736 17,601 (2,004) 1995 2021 30 years Burgundy & Hillsboro - New Hope, MN 23,570 2,834 31,149 2,833 2,913 33,903 36,816 (4,508) 1968 2021 30 years Canyon Lake Apartments - Rapid City, SD — 305 3,958 2,308 420 6,151 6,571 (3,870) 1972 2001 Up to 37 years Cardinal Point Apartments - Grand Forks, ND — 1,600 33,400 619 1,729 33,890 35,619 (7,573) 2013 2013 Up to 37 years Cascade Shores Townhomes + Flats - Rochester, MN 42,522 6,588 67,072 11,491 6,776 78,375 85,151 (27,993) 2010 2015 Up to 37 years Castlerock Apartment Homes - Billings, MT — 736 4,864 1,999 1,069 6,530 7,599 (4,881) 1979 1998 Up to 37 years Civic Lofts - Denver, CO — 6,166 55,182 1,195 6,171 56,372 62,543 (6,818) 2019 2021 30 years Connelly on Eleven - Burnsville, MN — 2,401 11,515 15,572 3,206 26,282 29,488 (18,685) 1970 2003 Up to 37 years Cottonwood Apartment Homes - Bismarck, ND — 1,056 17,372 7,052 2,002 23,478 25,480 (14,904) 1998 1997 Up to 37 years Country Meadows Apartment Homes - Billings, MT — 491 7,809 1,527 612 9,215 9,827 (6,367) 1997 1995 Up to 37 years Cypress Court Apartments - St. Cloud, MN 10,359 1,583 18,879 1,164 1,625 20,001 21,626 (7,737) 2014 2012 Up to 37 years Deer Ridge Apartment Homes - Jamestown, ND — 711 24,129 840 790 24,890 25,680 (9,782) 2016 2013 Up to 37 years Donovan Apartment Homes - Lincoln, NE — 1,515 15,730 10,350 1,817 25,778 27,595 (10,837) 1992 2012 Up to 37 years Dylan at RiNo - Denver, CO — 12,155 77,215 1,699 12,241 78,828 91,069 (19,023) 2016 2017 30 years Elements of Linden Hills - Minneapolis, MN 5,676 941 7,853 275 949 8,120 9,069 (1,045) 2015 2022 30 years Evergreen Apartment Homes - Isanti, MN — 1,129 5,524 761 1,159 6,255 7,414 (2,953) 2006 2008 Up to 37 years FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 1,516 1,745 25,276 27,021 (4,972) 1900 2019 30 years Gardens Apartments - Grand Forks, ND — 518 8,702 179 535 8,864 9,399 (3,105) 2015 2015 Up to 37 years Grand Gateway Apartment Homes - St. Cloud, MN — 814 7,086 4,229 970 11,159 12,129 (4,862) 2002 2012 Up to 37 years Greenfield - Omaha, NE — 578 4,122 3,605 876 7,429 8,305 (4,207) 1992 2007 Up to 37 years Grove Ridge - Cottage Grove, MN 7,992 1,250 10,271 3,461 1,293 13,689 14,982 (1,659) 1973 2021 30 years Homestead Garden Apartments - Rapid City, SD — 655 14,139 2,836 792 16,838 17,630 (5,679) 2004 2014 Up to 37 years Ironwood - New Hope, MN — 2,165 36,874 1,278 2,167 38,150 40,317 (6,970) 2018 2020 30 years Lakeside Village Apartment Homes - Lincoln, NE — 1,215 15,837 7,437 1,476 23,013 24,489 (9,447) 2000 2012 Up to 37 years Legacy Apartments - Grand Forks, ND — 1,362 21,727 10,851 2,475 31,465 33,940 (22,042) 1996 1995 Up to 37 years Legacy Heights Apartment Homes - Bismarck, ND — 1,207 13,742 331 1,142 14,138 15,280 (4,454) 2015 2015 Up to 37 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 9,722 7,679 97,488 105,167 (20,144) 2010 2019 30 years Lyra Apartments - Centennial, CO 37,809 6,473 86,149 1,166 6,481 87,307 93,788 (7,972) 2022 2022 30 years Martin Blu - Eden Prairie, MN 25,909 3,547 45,212 1,418 3,560 46,617 50,177 (5,754) 2015 2022 30 years Meadows Apartments - Jamestown, ND — 590 4,519 2,059 733 6,435 7,168 (4,340) 1999 1998 Up to 37 years Monticello Crossings - Monticello, MN — 1,734 30,136 1,385 1,951 31,304 33,255 (9,351) 2017 2014 Up to 37 years Monticello Village - Monticello, MN — 490 3,756 1,410 655 5,001 5,656 (3,151) 2001 2004 Up to 37 years New Hope Garden & Village - New Hope, MN 9,943 1,603 12,578 1,631 1,651 14,161 15,812 (2,132) 1969 2021 30 years Noko Apartments - Minneapolis, MN — 1,915 42,636 622 1,918 43,255 45,173 (5,152) 2021 2022 30 years Northridge Apartments - Bismarck, ND — 884 7,515 306 1,057 7,648 8,705 (2,689) 2014 2014 Up to 37 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Olympic Village Apartments - Billings, MT — 1,164 10,441 4,216 1,976 13,845 15,821 (9,478) 2000 2000 Up to 37 years Oxbo Urban Rentals - St Paul, MN 15,760 5,809 51,586 971 5,822 52,544 58,366 (13,293) 2016 2017 30 years Palisades - Roseville, MN 19,723 6,919 46,577 12,115 6,959 58,652 65,611 (6,646) 1973 2021 30 years Park Place Apartments - Plymouth, MN — 10,609 80,781 21,392 10,819 101,963 112,782 (31,841) 1985 2017 30 years Parkhouse Apartment Homes - Thornton, CO 87,881 10,474 132,105 6,740 10,484 138,835 149,319 (23,403) 2016 2020 30 years Plymouth Pointe - Plymouth, MN 9,575 1,042 12,810 1,058 1,073 13,837 14,910 (1,905) 1968 2021 30 years Pointe West Apartments - Rapid City, SD — 240 3,538 1,953 463 5,268 5,731 (4,346) 1985 1994 Up to 37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 619 419 5,159 5,578 (2,206) 2008 2012 Up to 37 years Prosper West - Waite Park, MN 16,425 939 10,167 18,091 1,912 27,285 29,197 (19,088) 1989 1995 Up to 37 years Quarry Ridge Apartments - Rochester, MN — 2,254 30,024 9,967 2,412 39,833 42,245 (18,450) 2001 2006 Up to 37 years Red 20 Apartments - Minneapolis, MN 19,159 1,900 24,116 827 1,908 24,935 26,843 (9,822) 2013 2013 Up to 37 years Regency Park Estates - St. Cloud, MN 6,405 702 10,198 8,565 1,179 18,286 19,465 (8,899) 1994 2011 Up to 37 years Rimrock West Apartments - Billings, MT — 330 3,489 1,922 573 5,168 5,741 (3,802) 1975 1999 Up to 37 years River Pointe - Fridley, MN 25,412 3,346 33,118 5,837 3,426 38,875 42,301 (5,892) 1971 2021 30 years River Ridge Apartment Homes - Bismarck, ND — 576 24,670 2,279 936 26,589 27,525 (11,727) 2013 2008 Up to 37 years Rocky Meadows Apartments - Billings, MT — 656 5,726 1,672 868 7,186 8,054 (5,233) 1996 1995 Up to 37 years Rum River Apartments - Isanti, MN — 843 4,823 548 870 5,344 6,214 (2,877) 2005 2007 Up to 37 years Silver Springs Apartment Homes - Rapid City, SD — 215 3,007 1,093 273 4,042 4,315 (1,557) 1985 2014 Up to 37 years SouthFork Townhomes + Flats - Lakeville, MN 21,675 3,502 40,153 11,915 3,583 51,987 55,570 (15,973) 1988 2019 30 years Southpoint Apartments - Grand Forks, ND — 576 9,893 433 666 10,236 10,902 (3,799) 2013 2013 Up to 37 years Sunset Trail Apartment Homes - Rochester, MN — 336 12,814 6,840 826 19,164 19,990 (11,246) 2000 1999 Up to 37 years The Bosk - Woodbury, MN 31,673 5,367 40,422 18,580 5,449 58,920 64,369 (8,834) 1974 2021 30 years Union Pointe - Longmont, CO — 5,727 69,966 1,341 5,736 71,298 77,034 (11,212) 2019 2021 30 years Venue on Knox - Minneapolis, MN 11,660 3,438 14,743 6,562 3,530 21,213 24,743 (3,520) 1959 2021 30 years Westend - Denver, CO — 25,525 102,180 3,364 25,532 105,537 131,069 (24,749) 2015 2018 30 years Whispering Ridge - Omaha, NE 21,800 2,139 25,424 4,942 2,551 29,954 32,505 (12,710) 2010 2013 Up to 37 years Woodhaven - Minneapolis, MN 14,408 3,940 20,080 2,335 4,040 22,315 26,355 (2,963) 1974 2021 30 years Woodridge on Second - Rochester, MN — 370 6,028 6,340 761 11,977 12,738 (8,561) 1990 1997 Up to 37 years Zest - Minneapolis, MN 7,277 936 10,209 542 946 10,741 11,687 (1,360) 2016 2022 30 years Total Same-Store $ 532,032 $ 188,308 $ 1,855,791 $ 289,819 $ 200,389 $ 2,133,529 $ 2,333,918 $ (616,574) Non-Same-Store Lake Vista Apartments Homes - Loveland, CO $ 52,232 $ 6,618 $ 80,737 $ 1,930 $ 6,649 $ 82,636 $ 89,285 $ (4,529) 2011 2023 30 years Lydian - Denver, CO 35,000 4,852 34,680 26 4,852 34,706 39,558 (342) 2018 2024 30 years Total Non-Same-Store $ 87,232 $ 11,470 $ 115,417 $ 1,956 $ 11,501 $ 117,342 $ 128,843 $ (4,871) Total Multifamily $ 619,264 $ 199,778 $ 1,971,208 $ 291,775 $ 211,890 $ 2,250,871 $ 2,462,761 $ (621,445) Other - Mixed Use 71 France - Edina, MN (4) — $ — $ 5,879 $ 316 $ — $ 6,195 $ 6,195 $ (1,636) 2014 2014 Up to 37 years Civic Lofts - Denver, CO — — — — — — — — 2019 2021 30 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Lugano at Cherry Creek - Denver, CO — — 1,600 863 — 2,463 2,463 (466) 2010 2019 30 years Lydian - Denver, CO (4) — — 668 4 — 672 672 (28) 2018 2024 30 years Noko Apartments - Minneapolis, MN — — 118 — — 118 118 (25) 2021 2022 30 years Oxbo Urban Rentals- St Paul, MN (4) — — 3,472 54 — 3,526 3,526 (825) 2016 2017 30 years Red 20 Apartments - Minneapolis, MN (4) — — 2,525 434 — 2,959 2,959 (1,101) 2013 2013 Up to 37 years Zest - Minneapolis, MN (4) — — 52 1 — 53 53 (29) 2016 2022 30 years Total Other - Mixed Use — $ — $ 14,314 $ 1,672 $ — $ 15,986 $ 15,986 $ (4,110) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (118) $ 264 $ 1,730 $ 1,994 $ (425) 1980 2019 30 years Total Other - Commercial — $ 246 $ 1,866 $ (118) $ 264 $ 1,730 $ 1,994 $ (425) Total $ 619,264 $ 200,024 $ 1,987,388 $ 293,329 $ 212,154 $ 2,268,587 $ 2,480,741 $ (625,980) (1) Amounts in this column are the mortgages payable balance as of December 31, 2024. These amounts do not include amounts owing under the Company’s multi-bank line of credit or unsecured senior notes. (2) Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records. (3) Date of acquisition represents the date the Company acquired the property through purchase or acquisition. (4) Encumbrances are listed with the multifamily property description. (5) Costs capitalized subsequent to acquisition includes impairment charges, if any. Reconciliations of the carrying value of total property owned for the years ended December 31, 2024, 2023, and 2022 are as follows: (in thousands) Year Ended December 31, 2024 2023 2022 Balance at beginning of year $ 2,420,146 $ 2,534,124 $ 2,271,170 Additions during year Multifamily and Other 40,210 87,757 206,623 Improvements and Other 49,900 62,117 57,203 2,510,256 2,683,998 2,534,996 Deductions during year Cost of real estate sold (21,236) (243,889) — Impairment charge (1) — (5,218) — Other (2) (8,279) (14,745) (872) Balance at close of year $ 2,480,741 $ 2,420,146 $ 2,534,124 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2024, 2023, and 2022 are as follows: (in thousands) Year Ended December 31, 2024 2023 2022 Balance at beginning of year $ 530,703 $ 535,401 $ 443,592 Additions during year Provisions for depreciation 103,127 98,691 92,056 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (2,350) (92,239) — Other (2) (5,500) (11,150) (247) Balance at close of year $ 625,980 $ 530,703 $ 535,401 Total real estate investments, excluding mortgage notes receivable (3) $ 1,854,761 $ 1,889,443 $ 1,998,723 (1) During the year ended December 31, 2023, Centerspace recognized impairment on two apartment communities. (2) Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets. (3) The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion at December 31, 2024 and December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to controlling interests	$ (11,328)	$ 41,325	$ (14,109)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have an information security program designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. We regularly assess the threat landscape and take a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and mitigation. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. Our Board of Trustees oversees management’s process for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Board of Trustees has also delegated authority to its Audit Committee to review our internal controls relating to information technology, data privacy, including data protection and cybersecurity, including network security and cloud security. Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified. Our SVP of IT leads a team that is responsible for assessing and managing our cybersecurity risks. The SVP of IT has a B.S. in Management Information Systems, spent more than a decade with Microsoft before joining the Company, and is an active member of North Dakota State and Local Intelligence Center (NDSLIC), an affiliate of National Fusion Center Association (NFCA) and United States Homeland Security (DHS). Senior management, including the SVP of IT, conducts regular meetings to discuss technology initiatives and cybersecurity risks and strategies. A comprehensive approach to assessing, identifying, and managing cybersecurity risks is part of the Company’s overall risk management strategy. A combination of internal and external monitoring services help identify, manage, and assess how management responds within our enterprise risk management processes. Any known cybersecurity incidents would be reported to our board, chief executive officer, and disclosure committee for evaluation.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Trustees oversees management’s process for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Board of Trustees has also delegated authority to its Audit Committee to review our internal controls relating to information technology, data privacy, including data protection and cybersecurity, including network security and cloud security. Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified. Our SVP of IT leads a team that is responsible for assessing and managing our cybersecurity risks. The SVP of IT has a B.S. in Management Information Systems, spent more than a decade with Microsoft before joining the Company, and is an active member of North Dakota State and Local Intelligence Center (NDSLIC), an affiliate of National Fusion Center Association (NFCA) and United States Homeland Security (DHS). Senior management, including the SVP of IT, conducts regular meetings to discuss technology initiatives and cybersecurity risks and strategies. A comprehensive approach to assessing, identifying, and managing cybersecurity risks is part of the Company’s overall risk management strategy. A combination of internal and external monitoring services help identify, manage, and assess how management responds within our enterprise risk management processes. Any known cybersecurity incidents would be reported to our board, chief executive officer, and disclosure committee for evaluation. We engage third party experts to monitor for and identify cyber threats. Both management and the third party provider receive alerts regarding cyber threats. The third party provider has the ability to act on our behalf to respond to any threats it identifies. We also use, among other things, endpoint monitoring, anti-virus software, multi-factor authentication, and data encryption to assist with managing cyber risks and identifying cyber threats. In addition, we engage a cybersecurity consultant to regularly assess cyber risks and threats and provide recommendations and plans to mitigate those risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Trustees oversees management’s process for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Board of Trustees has also delegated authority to its Audit Committee to review our internal controls relating to information technology, data privacy, including data protection and cybersecurity, including network security and cloud security. Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Trustees oversees management’s process for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our Board of Trustees has also delegated authority to its Audit Committee to review our internal controls relating to information technology, data privacy, including data protection and cybersecurity, including network security and cloud security. Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified.
Cybersecurity Risk Role of Management [Text Block]	Our SVP of IT leads a team that is responsible for assessing and managing our cybersecurity risks. The SVP of IT has a B.S. in Management Information Systems, spent more than a decade with Microsoft before joining the Company, and is an active member of North Dakota State and Local Intelligence Center (NDSLIC), an affiliate of National Fusion Center Association (NFCA) and United States Homeland Security (DHS). Senior management, including the SVP of IT, conducts regular meetings to discuss technology initiatives and cybersecurity risks and strategies. A comprehensive approach to assessing, identifying, and managing cybersecurity risks is part of the Company’s overall risk management strategy. A combination of internal and external monitoring services help identify, manage, and assess how management responds within our enterprise risk management processes. Any known cybersecurity incidents would be reported to our board, chief executive officer, and disclosure committee for evaluation. We engage third party experts to monitor for and identify cyber threats. Both management and the third party provider receive alerts regarding cyber threats. The third party provider has the ability to act on our behalf to respond to any threats it identifies. We also use, among other things, endpoint monitoring, anti-virus software, multi-factor authentication, and data encryption to assist with managing cyber risks and identifying cyber threats. In addition, we engage a cybersecurity consultant to regularly assess cyber risks and threats and provide recommendations and plans to mitigate those risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Trustees has also delegated authority to its Audit Committee to review our internal controls relating to information technology, data privacy, including data protection and cybersecurity, including network security and cloud security. Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The SVP of IT has a B.S. in Management Information Systems, spent more than a decade with Microsoft before joining the Company, and is an active member of North Dakota State and Local Intelligence Center (NDSLIC), an affiliate of National Fusion Center Association (NFCA) and United States Homeland Security (DHS). Senior management, including the SVP of IT, conducts regular meetings to discuss technology initiatives and cybersecurity risks and strategies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Senior leadership, including our Senior Vice President of Information Technology (the “SVP of IT”), meets with the Board of Trustees at least annually to present and discuss strategies and cybersecurity initiatives. This meeting includes reporting of cybersecurity incidents at least annually or more often, if identified.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP, a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains a controlling interest, including the Operating Partnership, and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany balances and transactions are eliminated in consolidation.
CONSOLIDATION	The Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
USE OF ESTIMATES	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 Consolidated Statements of Operations, total assets, liabilities or equity as reported in the Consolidated Balance Sheets and the classifications within the Consolidated Statements of Cash Flows.
RECENT ACCOUNTING PRONOUNCEMENTS	The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective and was adopted during the current year ended December 31, 2024. The ASU required additional disclosure but did not have a material impact on the Consolidated Financial Statements. ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
REAL ESTATE INVESTMENTS	Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion as of December 31, 2024 and 2023, respectively. Upon acquisitions of real estate, the Company assesses the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on the Company’s determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon the Company’s evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. The Company follows the real estate project costs guidance in Accounting Standards Codification (“ASC”) 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. The Company did not capitalize interest during the years ended December 31, 2024, 2023, and 2022. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the estimated future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is generally recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
REAL ESTATE HELD FOR SALE	The Company classifies properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company generally considers these criteria met when the transaction has been approved by its Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. The Company had no properties classified as held for sale at December 31, 2024 and 2023. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale.
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts.
RESTRICED CASH	As of December 31, 2024 and 2023, restricted cash consisted of $1.1 million and $639,000, respectively, in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender
LEASES	As a lessor, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with FASB ASC 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2024, 2023, and 2022, rental income represents approximately 98.3%, 98.1%, and 97.7%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2024, 2023, and 2022, other property revenues represent the remaining 1.7%, 1.9%, and 2.3%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three
REVENUES AND GAINS OR LOSSES ON SALE OF REAL ESTATE	Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the Company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenues such as application fees and other miscellaneous items. Centerspace recognizes revenue for these rental related items not included as a component of a lease as earned. In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. For the years ended December 31, 2024, 2023, and 2022, the Company recognized a loss of $577,000, gain of $71.2 million, and gain of $41,000, respectively, on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition.
MARKET CONCENTRATION RISK	The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2024, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets.
INCOME TAXES	The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2024, 2023, and 2022, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). The Company has one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for the TRS for the years ended December 31, 2024, 2023, and 2022.
VARIABLE INTEREST ENTITY	Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because the Operating Partnership is a VIE, all the Company’s assets and liabilities are held through a VIE.
Property and equipment	Property and equipment consists primarily of office equipment located at the Company’s corporate offices in Minot, North Dakota and in Minneapolis, Minnesota.
Intangible Assets	Intangible assets consist of in-place leases valued at the time of acquisition. The amortization period reflects the average remaining term of in-place leases acquired, which are generally less than one year for multifamily apartment homes.
ADVERTISING COSTS	Advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the Property operating expenses, excluding real estate taxes line item.
DERIVATIVE INSTRUMENTS	Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) will be reclassified to interest expense in the periods in which interest payments are incurred on variable rate debt.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Recent Accounting Pronouncements	The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective and was adopted during the current year ended December 31, 2024. The ASU required additional disclosure but did not have a material impact on the Consolidated Financial Statements. ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
Schedule of Future Lease Income for Operating Leases	The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2024, was as follows: (in thousands) 2025 $ 2,670 2026 2,557 2027 2,308 2028 1,946 2029 1,626 Thereafter 6,045 Total scheduled lease income - operating leases $ 17,152
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the years ended December 31, 2024, 2023, and 2022: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2024 2023 2022 Fixed lease income - operating leases Leases $ 243,008 $ 243,931 $ 240,031 Variable lease income - operating leases Leases 13,419 12,433 10,754 Other property revenue Revenue from contracts with customers 4,556 4,945 5,931 Total revenue $ 260,983 $ 261,309 $ 256,716
Schedule of Federal Income Tax Distributions	The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2024, 2023, and 2022: CALENDAR YEAR 2024 2023 2022 Tax status of distributions Capital gain — % 48.79 % — % Ordinary income 41.71 % 28.46 % 13.42 % Return of capital 58.29 % 22.75 % 86.58 %
Schedule of Other Assets	As of December 31, 2024 and 2023, other assets consisted of the following amounts: in thousands December 31, 2024 December 31, 2023 Receivable arising from straight line rents $ 408 $ 347 Accounts receivable, net of allowance 384 267 Real estate related notes receivable 25,092 7,039 Prepaid assets 8,271 7,828 Other assets (1) 4,626 5,294 Intangible assets, net of accumulated amortization 1,977 2,723 Property and equipment, net of accumulated depreciation 2,543 2,798 Goodwill 491 491 Deferred charges and leasing costs 2,025 862 Total Other Assets $ 45,817 $ 27,649 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here.

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator used to Calculate Basic and Diluted Net Income (Loss) per Share	The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2024, 2023, and 2022: (in thousands, except per share data) Year Ended December 31, 2024 2023 2022 NUMERATOR Net income (loss) attributable to controlling interests (11,328) 41,325 (14,109) Dividends to preferred shareholders (4,821) (6,428) (6,428) Redemption of preferred shares (3,511) — — Numerator for basic income (loss) per share – net income (loss) available to common shareholders (19,660) 34,897 (20,537) Noncontrolling interests – Operating Partnership and Series E preferred units (1) — 4,877 — Dividends to preferred unitholders (2) — — — Numerator for diluted income (loss) per share $ (19,660) $ 39,774 $ (20,537) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 15,504 14,994 15,216 Effect of Series E preferred units — 2,100 — Effect of diluted restricted stock awards and restricted stock units — 24 — Denominator for diluted income (loss) per share 15,504 17,118 15,216 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ (1.27) $ 2.33 $ (1.35) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ (1.27) $ 2.32 $ (1.35) (1) For the years ended December 31, 2024 and 2022 , 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 years ended December 31, 2024, 2023, and 2022, dividends to preferred unitholders were excluded from the calculation of net income (loss) per common share - diluted as they were anti-dilutive.

MEZZANINE EQUITY AND EQUITY (Ta

MEZZANINE EQUITY AND EQUITY (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2024 and 2023 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2024 71 $ (2,663) Year ended December 31, 2023 109 $ (1,910) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2024 and 2023 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2024 — $ — $ — Year ended December 31, 2023 2 $ 130 $ 54.05 The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2024 and 2023 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2024 143 172 $ 8,938 Year ended December 31, 2023 26 31 $ 1,390 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2024 and 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2024 — $ — $ — Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.20482 Units for each Series E preferred unit.
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares under the ATM Program during the years ended December 31, 2024 and 2023. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2024 (2) 1,587 $ 112,613 $ 71.66 Year ended December 31, 2023 — $ — $ — (1) Total consideration is net of $1.1 million in commissions for the year ended December 31, 2024. (2) Includes 869,000 shares sold on a forward basis for $62.7 million which were physically settled during the year ended December 31, 2024.
Schedule of Repurchase Agreements	The table below provides details on the shares repurchased during the years ended December 31, 2024 and 2023. As of December 31, 2024, the Company had $4.7 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2024 88 $ 4,703 $ 53.62 Year ended December 31, 2023 216 $ 11,539 $ 53.44 (1) Amount includes commissions.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities	The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2024 and 2023 were as follows: (in thousands) December 31, 2024 December 31, 2023 IRET - Cypress Court Apartments, LLC $ 673 $ 649 Noncontrolling interests – consolidated real estate entities $ 673 $ 649

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s secured and unsecured debt at December 31, 2024 and December 31, 2023: (in thousands) December 31, 2024 December 31, 2023 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2024 Lines of credit (1) $ 47,359 5.86 % $ 30,000 6.74 % 3.37 Unsecured senior notes (2)(4) 300,000 3.12 % 300,000 3.12 % 5.62 Unsecured debt 347,359 330,000 5.31 Mortgages payable - Fannie Mae credit facility (4) 198,850 2.78 % 198,850 2.78 % 6.56 Mortgages payable - other (3)(4) 420,414 4.02 % 392,274 4.05 % 5.39 Secured debt $ 619,264 $ 591,124 5.76 Subtotal $ 966,623 3.58 % $ 921,124 3.54 % 5.60 Premiums and discounts, net $ (7,496) $ (1,134) Deferred financing costs, net $ (3,742) $ (3,968) Total debt $ 955,385 $ 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 Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 15 at December 31, 2024 and 14 at December 31, 2023. (4) Interest rate is fixed. (in thousands) Amount Maturity Date Fixed Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 %
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 December 31, 2024 is as follows: (in thousands) 2025 $ 39,649 2026 102,809 2027 48,666 2028 162,321 2029 102,477 Thereafter 510,701 Total payments $ 966,623 Premiums and discounts, net (7,496) Deferred financing costs, net (3,742) Total 955,385

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2024, 2023, and 2022 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2024 2023 2022 2024 2023 2022 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ — $ 1,581 Interest expense $ (712) $ (936) $ (799)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Assets Real estate related notes receivable Other assets $ 25,092 $ — $ — $ 25,092 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 December 31, 2024 and 2023 are as follows: (in thousands) December 31, 2024 December 31, 2023 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 12,030 $ 12,030 $ 8,630 $ 8,630 Restricted cash Restricted cash 1,099 1,099 639 639 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 47,359 47,359 30,000 30,000 Unsecured senior notes Notes payable 300,000 253,808 300,000 252,108 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 166,679 198,850 168,555 Mortgages payable - other (1) Mortgages payable 420,414 383,213 392,274 367,080 (1)
Schedule of Changes in Fair Value Receivables	Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2024 Real estate related notes receivable $ 25,092 $ 23 $ 1,554 $ 1,577 Year ended December 31, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291
Schedule of Fair Value Measurements on a Nonrecurring Basis	(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)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Acquisitions	The Company’s acquisitions during the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Assets (4) Other (5) 129 homes - The Lydian - Denver, CO October 1, 2024 $ 53,359 $ 484 $ 13,875 $ 39,000 $ 4,804 $ 34,997 $ 2,263 $ 11,295 Total Acquisitions $ 53,359 $ 484 $ 13,875 $ 39,000 $ 4,804 $ 34,997 $ 2,263 $ 11,295 (1) Excludes $546,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition, including a $641,000 fair value adjustment. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage and TIF note acquired. Refer to Note 2 for further TIF note discussion. Year Ended December 31, 2023 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Other (2) Land Building Intangible Assets (3) Other (4) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Assumption of seller's debt upon closing. (3) Intangible assets consist of in-place leases valued at the time of acquisition. (4) Debt premium on assumed mortgage.
Schedule of Dispositions	The dispositions for the years ended December 31, 2024 and 2023 are detailed below. Year Ended December 31, 2024 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 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) Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 62 homes - Portage - Minneapolis, MN March 15, 2023 6,650 9,098 (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 82,500 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Revenues and Net Operating Income (Loss) for Reportable Segments	The following tables present NOI for the years ended December 31, 2024, 2023, and 2022, respectively, along with reconciliations to net income (loss) as reported in the Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Consolidated Financial Statements. (in thousands) Year ended December 31, 2024 Multifamily All Other Total Revenue $ 257,865 $ 3,118 $ 260,983 Property operating expenses On-site compensation (1) 27,060 86 27,146 Repairs and maintenance (2) 15,142 259 15,401 Utilities 15,300 224 15,524 Administrative and marketing 7,147 36 7,183 Insurance 10,983 101 11,084 Real estate taxes 26,317 589 26,906 Net operating income $ 155,916 $ 1,823 $ 157,739 Property management expenses (9,128) Casualty loss (3,307) Depreciation and amortization (106,450) General and administrative expenses (17,802) Loss on sale of real estate and other investments (577) Interest expense (37,280) Interest and other income 2,613 Net loss $ (14,192) (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense. (in thousands) Year ended December 31, 2023 Multifamily All Other Total Revenue $ 243,515 $ 17,794 $ 261,309 Property operating expenses On-site compensation (1) 25,934 1,969 27,903 Repairs and maintenance (2) 13,953 1,727 15,680 Utilities 15,421 1,598 17,019 Administrative and marketing 5,804 425 6,229 Insurance 9,399 823 10,222 Real estate taxes 26,722 2,037 28,759 Net operating income $ 146,282 $ 9,215 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Interest expense (36,429) Interest and other income 1,207 Loss on litigation settlement (3,864) Net income $ 49,231 (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense. (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 221,836 $ 34,880 $ 256,716 Property operating expenses On-site compensation (1) 23,038 4,306 27,344 Repairs and maintenance (2) 14,300 3,396 17,696 Utilities 15,845 3,527 19,372 Administrative and marketing 5,130 784 5,914 Insurance 8,007 1,737 9,744 Real estate taxes 24,524 4,043 28,567 Net operating income $ 130,992 $ 17,087 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest income and other loss 1,248 Net loss $ (17,641) (1) On-site compensation for administration, leasing, and maintenance personnel. (2) Includes turnover expense.
Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of December 31, 2024 and 2023, respectively, along with reconciliations to the Consolidated Financial Statements: (in thousands) As of December 31, 2024 Multifamily All Other Total Segment assets Property owned $ 2,462,762 $ 17,979 $ 2,480,741 Less accumulated depreciation (621,446) (4,534) (625,980) Total real estate investments $ 1,841,316 $ 13,445 $ 1,854,761 Cash and cash equivalents 12,030 Restricted cash 1,099 Other assets 45,817 Total Assets $ 1,913,707 (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

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense Recognized	Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2024, 2023, and 2022 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2024 2023 2022 Share-based compensation expense $ 3,014 $ 3,295 $ 2,615
Schedule of Restricted Share Awards Activity	The activity for the years ended December 31, 2024, 2023, and 2022 related to RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 Granted 31,317 61.28 18,876 80.60 Vested (15,626) 66.15 (9,771) 130.91 Forfeited (192) 58.42 — — Unvested at December 31, 2024 46,493 $ 61.16 31,171 $ 81.40
Schedule of Stock Options Activity	The stock option activity for the years ended December 31, 2024, 2023, and 2022 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 66.94 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06 Outstanding at December 31, 2024 117,010 $ 71.41 Exercisable at December 31, 2024 85,433 $ 70.64

ORGANIZATION (Details)

ORGANIZATION (Details) - Apartment Properties	Dec. 31, 2024 apartmentCommunity apartmentHome
Real Estate Properties [Line Items]
Number of properties | apartmentCommunity	71
Number of apartment homes | apartmentHome	13,012

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Interest in operating partnership	85.30%	83.60%
Percentage of general interest partnership	100%	100%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Real estate investments	$ 1,854,761,000	$ 1,889,443,000
Construction period interest capitalized	0	0	$ 0
Impairment of real estate investments	$ 0	$ 5,218,000	$ 0
Number of apartment communities impaired during year | apartmentCommunity		2
Richfield, MN
Real Estate Properties [Line Items]
Impairment of real estate investments		$ 3,000,000
Number of apartment communities impaired during year | apartmentCommunity		1
New Hope, MN
Real Estate Properties [Line Items]
Impairment of real estate investments		$ 2,200,000
Number of apartment communities impaired during year | apartmentCommunity		1
Minimum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	10 years
Minimum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	5 years
Minimum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	5 years
Maximum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	37 years
Maximum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	10 years
Maximum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)	20 years

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) - apartmentProperty	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Held for sale criteria, transaction completion period, maximum	1 year
Assets Held for Sale
Real Estate Properties [Line Items]
Number of real estate properties classified as held for sale	0	0

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,099	$ 639	$ 1,433
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,100	$ 639

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minimum
Lessor, Lease, Description [Line Items]
Lease terms	3 years
Maximum
Lessor, Lease, Description [Line Items]
Lease terms	15 years
Rental Income | Revenue Benchmark | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	98.30%	98.10%	97.70%
Fee Income | Revenue Benchmark | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	1.70%	1.90%	2.30%

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Future Lease Income for Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
2025	$ 2,670
2026	2,557
2027	2,308
2028	1,946
2029	1,626
Thereafter	6,045
Total scheduled lease income - operating leases	$ 17,152

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Fixed lease income - operating leases	$ 243,008	$ 243,931	$ 240,031
Variable lease income - operating leases	13,419	12,433	10,754
Total revenue	260,983	261,309	256,716
(Loss) gain on sale of investments	(577)	71,244	41
Other Property Revenue
Disaggregation of Revenue [Line Items]
Other property revenue	$ 4,556	$ 4,945	$ 5,931

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - consolidatedEntity	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Minimum dividend distribution percentage	90%
Dividend distribution percentage	90%	90%	90%
Number of TRS	1
Capital gain	0%	48.79%	0%
Ordinary income	41.71%	28.46%	13.42%
Return of capital	58.29%	22.75%	86.58%

BASIS OF PRESENTATION AND SI_12

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Receivable arising from straight line rents	$ 408	$ 347
Accounts receivable, net of allowance	384	267
Real estate related notes receivable	25,092	7,039
Prepaid assets	8,271	7,828
Other assets	4,626	5,294
Intangible assets, net of accumulated amortization	1,977	2,723
Property and equipment, net of accumulated depreciation	2,543	2,798
Goodwill	491	491
Deferred charges and leasing costs	2,025	862
Total Other Assets	$ 45,817	$ 27,649

BASIS OF PRESENTATION AND SI_13

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Related Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Oct. 01, 2024	Mar. 31, 2020
MultiFamily Non-Same-Store | Lydian - Denver, CO | Tax Increment Financing
Real Estate Properties [Line Items]
Loan commitment	$ 4.1		$ 4.1
Notes receivable interest rate	6%
Multi Family Same-Store | Ironwood | Tax Increment Financing
Real Estate Properties [Line Items]
Loan commitment	$ 5.2	$ 5.7		$ 6.6
Notes receivable interest rate	4.50%
Multi Family Residential | Inver Grove Heights, Minnesota | Mezzanine Loan
Real Estate Properties [Line Items]
Notes receivable interest rate	10%
Increase (decrease) in finance receivables		15.1
Mortgage loans receivable	$ 15.1	$ 1.6

BASIS OF PRESENTATION AND SI_14

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Property and equipment cost	$ 4	$ 4.6
Accumulated depreciation	$ 1.5	$ 1.8

BASIS OF PRESENTATION AND SI_15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2.8	$ 2.6	$ 12.3
Leases, Acquired-In-Place, Multi-Family Residential
Finite-Lived Intangible Assets [Line Items]
Remaining amortization period (less than)	1 year

BASIS OF PRESENTATION AND SI_16

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising expense	$ 3.3	$ 3.2	$ 3.2

BASIS OF PRESENTATION AND SI_17

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Severance and Transition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Share-based compensation expense	$ 3,014,000	$ 3,295,000	$ 2,615,000
Severance and transition costs	$ 0
Former Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs		2,200,000
Share-based compensation expense		737,000
Executive office transition related expenses		$ 306,000

BASIS OF PRESENTATION AND SI_18

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) event	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Asset impairment charges		$ 3,306	$ 4,224	$ 0
Real Estate Investment, Apartment Community
Real Estate [Line Items]
Casualty loss		$ 2,800
New insurance events | event		6
Previously reported events with updated loss estimates | event		4
Insurance settlements receivable		$ 566	1,200
Asset impairment charges	$ 1,300		$ 2,000
Insurance recoveries		$ 1,600
Number of apartment community assets subject to insurance recoveries | apartmentCommunity			3

BASIS OF PRESENTATION AND SI_19

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Litigation Settlement (Details) - USD ($) $ in Thousands		2 Months Ended	12 Months Ended
	Oct. 09, 2023	Feb. 20, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Loss on litigation settlement			$ 0	$ (3,864)	$ 0
Payments for legal settlements	$ 2,900	$ 1,000
Damages awarded, value		$ 1,000

NET INCOME (LOSS) PER SHARE - N

NET INCOME (LOSS) PER SHARE - Narrative (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 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)	870	925	978
Series D Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	228	228	228
Series E Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	2,100		2,200
Time Based RSUs And Share-Based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	24
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)			28
Restricted Stock Units (RSU)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)			10
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	31		30

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation of Numerator and Denominator used to Calculate Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NUMERATOR
Net income (loss) attributable to controlling interests	$ (11,328)	$ 41,325	$ (14,109)
Dividends to preferred shareholders	(4,821)	(6,428)	(6,428)
Redemption of preferred shares	(3,511)	0	0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	(19,660)	34,897	(20,537)
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units	0	4,877	0
Dividends to preferred unitholders	0	0	0
Numerator for diluted income (loss) per share	$ (19,660)	$ 39,774	$ (20,537)
DENOMINATOR
Denominator for basic income (loss) per share weighted average shares (in shares)	15,504	14,994	15,216
Effect of diluted restricted stock awards and restricted stock units (in shares)	0	24	0
Denominator for diluted income (loss) per share (in shares)	15,504	17,118	15,216
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ (1.27)	$ 2.33	$ (1.35)
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ (1.27)	$ 2.32	$ (1.35)
Series E Preferred Stock
DENOMINATOR
Effect of Series E preferred units (in shares)	0	2,100	0

MEZZANINE EQUITY AND EQUITY - N

MEZZANINE EQUITY AND EQUITY - Narrative (Details)		12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) apartmentCommunity quarter $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Sep. 09, 2024 USD ($)	Sep. 08, 2024 USD ($)	Aug. 30, 2024 $ / shares shares	Mar. 10, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redemption of preferred shares		$ (3,511,000)	$ 0	$ 0
Noncontrolling interests - operating partnership (in shares) | shares		980,000	861,000
Noncontrolling interests , operating partnership, issued (in shares) | shares		190,000
Number of apartment communities acquired | apartmentCommunity		1
Common stock outstanding (in shares) | shares		16,719,000	14,963,000
Sale of common shares, net		$ 112,003,000		$ 31,439,000
Share repurchase of amount								$ 50,000,000
Remaining available repurchase amount		4,700,000
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price of common shares, authorized amount					$ 500,000,000	$ 250,000,000
Aggregate gross sales price of common shares, remaining authorized amount		$ 262,900,000
Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued (in shares) | shares		13,524	19,606
Sale of common shares, net		$ 1,000,000	$ 1,800,000
Common shares forfeited (in shares) | shares		200	15,000
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
Preferred units, par value (in dollars per share) | $ / shares		$ 100	$ 100
Temporary equity, distribution rate		3.862%
Conversion ratio		1.37931
Preferred units, liquidation preference		$ 16,560,000	$ 16,560,000
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
Liquidation preference per share (in dollars per share) | $ / shares		$ 25	$ 25				$ 25
Payment for redemption of preferred stock	$ 97,000,000
Redemption of preferred shares	$ (3,500,000)
Preferred shares, issued (in shares) | shares		0	3,881,000
Preferred shares of beneficial interest, shares outstanding (in shares) | shares		0	3,881,000
Distribution accrual rate (in dollars per share) | $ / shares		$ 1.65625
Distribution rate		6.625%
Series E Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares, issued (in shares) | shares		1,600,000	1,700,000
Distribution rate		3.875%
Preferred units, par value (in dollars per share) | $ / shares		$ 100
Preferred units, conversion ratio		1.20482
Preferred units, conversion exchange rate, minimum threshold (in dollars per share) | $ / shares		$ 83
Preferred stock, threshold trading days		15 days
Preferred stock, threshold consecutive trading days		30 days
Number of consecutive distribution periods | quarter		3
Minimum distribution rate (in dollars per share) | $ / shares		$ 0.804
Preferred shares, liquidation preference		$ 158,200,000

MEZZANINE EQUITY AND EQUITY - S

MEZZANINE EQUITY AND EQUITY - Schedule of Conversions of Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Conversion of Stock [Line Items]
Total book value	$ 0	$ 0	$ 0
Aggregate cost	8,938	1,390	3,667
Series E Preferred Stock
Conversion of Stock [Line Items]
Total book value	$ 0	$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Number of units redeemed (in shares)	71	109
Total book value	$ (2,663)	$ (1,910)
Redemption of Units for Cash
Conversion of Stock [Line Items]
Number of units converted (in shares)	0	2
Aggregate cost	$ 0	$ 130
Average net price per share (in dollars per share)	$ 0	$ 54.05
Redemption of Units for Cash | Series E Preferred Stock
Conversion of Stock [Line Items]
Number of units converted (in shares)	0	7
Aggregate cost	$ 0	$ 447
Average net price per share (in dollars per share)	$ 0	$ 52.45
Redemption of Units for Common Shares | Series E Preferred Stock
Conversion of Stock [Line Items]
Number of units converted (in shares)	143	26
Number of common shares issued (in shares)	172	31
Total value	$ 8,938	$ 1,390

MEZZANINE EQUITY AND EQUITY -_2

MEZZANINE EQUITY AND EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from sale of common shares, net of issuance costs	$ 112,071	$ 0	$ 31,439
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares (in shares)	1,587	0
Total consideration	$ 112,613	$ 0
Average net price per share (in dollars per share)	$ 71.66	$ 0
Commissions	$ 1,100
Sale of common shares, net (in shares)	869
Proceeds from sale of common shares, net of issuance costs	$ 62,700

MEZZANINE EQUITY AND EQUITY -_3

MEZZANINE EQUITY AND EQUITY - Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Number of common shares (in shares)	88	216
Aggregated cost	$ 4,703	$ 11,539
Average price per share (in dollars per share)	$ 53.62	$ 53.44

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 673	$ 649
IRET - Cypress Court Apartments, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 673	$ 649

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) apartmentCommunity apartmentProperty	Dec. 31, 2023 USD ($) apartmentProperty
Debt Instrument [Line Items]
Carrying Amount	$ 966,623	$ 921,124
Interest Rate	3.58%	3.54%
Weighted average maturity (in years)	5 years 7 months 6 days
Premiums and discounts, net	$ (7,496)	$ (1,134)
Deferred financing costs, net	(3,742)	(3,968)
Total debt	955,385	$ 916,022
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty		14
Mortgages
Debt Instrument [Line Items]
Carrying Amount	420,400	$ 392,300
Deferred financing costs, net	$ (3,262)	(3,427)
Number of real estate communities, serving as collateral for mortgage loans | apartmentCommunity	15
Mortgages | Mortgages payable - Fannie Mae credit facility
Debt Instrument [Line Items]
Carrying Amount	$ 198,850	$ 198,850
Interest Rate	2.78%	2.78%
Weighted average maturity (in years)	6 years 6 months 21 days
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty	11
Mortgages | Mortgages payable - other
Debt Instrument [Line Items]
Carrying Amount	$ 420,414	$ 392,274
Interest Rate	4.02%	4.05%
Weighted average maturity (in years)	5 years 4 months 20 days
Secured debt
Debt Instrument [Line Items]
Carrying Amount	$ 619,264	$ 591,124
Weighted average maturity (in years)	5 years 9 months 3 days
Unsecured debt
Debt Instrument [Line Items]
Carrying Amount	$ 347,359	330,000
Weighted average maturity (in years)	5 years 3 months 21 days
Unsecured debt | Line of Credit
Debt Instrument [Line Items]
Carrying Amount	$ 47,359	$ 30,000
Interest Rate	5.86%	6.74%
Weighted average maturity (in years)	3 years 4 months 13 days
Unsecured debt | Unsecured senior notes
Debt Instrument [Line Items]
Carrying Amount	$ 300,000	$ 300,000
Interest Rate	3.12%	3.12%
Weighted average maturity (in years)	5 years 7 months 13 days

DEBT - Narrative (Details)

DEBT - Narrative (Details)		12 Months Ended
	Jul. 26, 2024 USD ($) extensionOption	Dec. 31, 2024 USD ($) apartmentCommunity apartmentProperty loan	Dec. 31, 2023 USD ($) apartmentProperty	Oct. 28, 2024 USD ($)	Sep. 30, 2024 USD ($)	Aug. 30, 2024 USD ($)	Sep. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | apartmentProperty		45
Revolving lines of credit		$ 47,359,000	$ 30,000,000
Carrying principal value		$ 966,623,000	$ 921,124,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty			14
Interest Rate		3.58%	3.54%
Mortgages
Line of Credit Facility [Line Items]
Carrying principal value		$ 420,400,000	$ 392,300,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentCommunity		15
Number of loans in default | loan		0
Minimum | Mortgages
Line of Credit Facility [Line Items]
Interest rate		3.45%
Maximum | Mortgages
Line of Credit Facility [Line Items]
Interest rate		5.04%
Private Shelf Agreement | Unsecured debt
Line of Credit Facility [Line Items]
Carrying principal value		$ 175,000,000
Maximum borrowing capacity				$ 300,000,000
Original principal balance							$ 125,000,000
Note Purchase Agreement | Unsecured debt
Line of Credit Facility [Line Items]
Original principal balance		125,000,000
Mortgages payable - Fannie Mae credit facility | Mortgages
Line of Credit Facility [Line Items]
Carrying principal value		198,850,000	$ 198,850,000
Original principal balance		$ 198,900,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty		11
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		7 years
Mortgages payable - Fannie Mae credit facility | Mortgages | Interest Only Payment Date Two
Line of Credit Facility [Line Items]
Term		10 years
Mortgages payable - Fannie Mae credit facility | Mortgages | Interest Only Payment Date Three
Line of Credit Facility [Line Items]
Term		12 years
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
Remaining borrowing capacity		206,000,000	$ 220,000,000
Revolving lines of credit		$ 44,000,000	$ 30,000,000
Operating line of credit, interest rate		5.81%	7.82%
Number of extensions | extensionOption	2
Debt extension term	6 months
Accordion option	$ 400,000,000
Line of Credit | BMO Line of Credit | Minimum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	0.20%
Line of Credit | BMO Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	1.20%
Line of Credit | BMO Line of Credit | Maximum | Base Rate
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	0.80%
Line of Credit | BMO Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	1.80%
Operating Line of Credit | US Bank NA
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 10,000,000
Revolving lines of credit		$ 3,400,000
Operating Line of Credit | Wells Fargo Bank NA
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 6,000,000
Revolving lines of credit			$ 0

DEBT - Schedule of Private Shel

DEBT - Schedule of Private Shelf Agreement (Details) - Unsecured debt - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Series A
Line of Credit Facility [Line Items]
Original principal balance	$ 75,000	$ 75,000
Interest rate percentage	3.84%	3.84%
Series B
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000	$ 50,000
Interest rate percentage	3.69%	3.69%
Series C
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000	$ 50,000
Interest rate percentage	2.70%	2.70%
Series 2021-A
Line of Credit Facility [Line Items]
Original principal balance	$ 35,000	$ 35,000
Interest rate percentage	2.50%	2.50%
Series 2021-B
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000	$ 50,000
Interest rate percentage	2.62%	2.62%
Series 2021-C
Line of Credit Facility [Line Items]
Original principal balance	$ 25,000	$ 25,000
Interest rate percentage	2.68%	2.68%
Series 2021-D
Line of Credit Facility [Line Items]
Original principal balance	$ 15,000	$ 15,000
Interest rate percentage	2.78%	2.78%

DEBT - Schedule of Required Pay

DEBT - Schedule of Required Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 39,649
2026	102,809
2027	48,666
2028	162,321
2029	102,477
Thereafter	510,701
Carrying principal value	966,623	$ 921,124
Premiums and discounts, net	(7,496)	(1,134)
Deferred financing costs, net	(3,742)	(3,968)
Total payments	$ 955,385	$ 916,022

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details)	1 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($)	Dec. 31, 2024 USD ($) derivativeInstrument	Dec. 31, 2023 USD ($) derivativeInstrument	Dec. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months		$ 407,000
Payments to terminate derivative		$ 0	$ 0	$ 3,209,000
Designated as Hedging Instrument
Derivative [Line Items]
Payments to terminate derivative	$ 3,200,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount					$ 75,000,000
Number of instruments held | derivativeInstrument		0	0
Interest Rate Swap | Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on derivative				$ 582,000
Forward Contracts | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount					$ 70,000,000

DERIVATIVE INSTRUMENTS - Deriva

DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Swap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gain Recognized in OCI	$ 0	$ 0	$ 1,581
Interest Expense
Derivative [Line Items]
Loss Reclassified from Accumulated OCI into Net Income (Loss)	$ (712)	$ (936)	$ (799)

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	$ 25,092	$ 7,039
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate related notes receivable	$ 25,092	$ 7,039

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitments	$ 950,000
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	$ 2,700,000	$ 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 Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income	Interest and other income
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate related notes receivable	$ 25,092	$ 7,039
Changes in fair value of receivables	1,577	291
Fair Value, Recurring | Other Gains (Losses)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	$ 23	$ 19
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income	Interest and other income
Fair Value, Recurring | Interest Income
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	$ 1,554	$ 272
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income [Extensible Enumeration]	Interest and other income	Interest and other income

FAIR VALUE MEASUREMENTS - Fai_2

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

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
FINANCIAL LIABILITIES
Unsecured senior notes	$ 299,520	$ 299,459
Total debt	955,385	916,022
Amount
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	12,030	8,630
FINANCIAL LIABILITIES
Revolving lines of credit	47,359	30,000
Unsecured senior notes	300,000	300,000
Amount | Mortgages payable - Fannie Mae credit facility | Mortgages
FINANCIAL LIABILITIES
Total debt	198,850	198,850
Amount | Mortgages payable - other | Mortgages
FINANCIAL LIABILITIES
Total debt	420,414	392,274
Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	1,099	639
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	12,030	8,630
FINANCIAL LIABILITIES
Revolving lines of credit	47,359	30,000
Unsecured senior notes	253,808	252,108
Fair Value | Mortgages payable - Fannie Mae credit facility | Mortgages
FINANCIAL LIABILITIES
Total debt	166,679	168,555
Fair Value | Mortgages payable - other | Mortgages
FINANCIAL LIABILITIES
Total debt	383,213	367,080
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents and restricted cash	$ 1,099	$ 639

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Consideration transferred	$ 53.4	$ 94.5

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) apartmentHome apartmentCommunity	Dec. 31, 2023 USD ($) apartmentHome
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentCommunity	1
Consideration transferred	$ 53,400	$ 94,500
Investment Allocation
Other	7,496	1,134
2024 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Consideration transferred	53,359
Form of Consideration
Cash	484
Units	13,875
Other	39,000
Investment Allocation
Land	4,804
Building	34,997
Intangible Assets	2,263
Other	11,295
Capitalized transaction cost	546
Fair value of operating partnership units	$ 641
129 homes - The Lydian - Denver, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome	129
Consideration transferred	$ 53,359
Form of Consideration
Cash	484
Units	13,875
Other	39,000
Investment Allocation
Land	4,804
Building	34,997
Intangible Assets	2,263
Other	$ 11,295
2023 Acquisitions
Acquisitions and development projects placed in service [Abstract]
Consideration transferred		94,500
Form of Consideration
Cash		41,777
Other		52,723
Investment Allocation
Land		6,618
Building		80,737
Intangible Assets		3,221
Other		3,924
Capitalized transaction cost		$ 405
303 homes - Lake Vista Apartment Homes - Loveland, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment communities acquired | apartmentHome		303
Consideration transferred		$ 94,500
Form of Consideration
Cash		41,777
Other		52,723
Investment Allocation
Land		6,618
Building		80,737
Intangible Assets		3,221
Other		$ 3,924

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Dispositions Narrative (Details) - Disposed of by Sale $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) transaction apartmentCommunity	Dec. 31, 2023 USD ($) apartmentCommunity transaction
Asset Acquisition [Line Items]
Number of properties sold | apartmentCommunity	2	13
Number of disposal transactions during period | transaction	2	5
Divestiture of businesses | $	$ 19	$ 226.8

ACQUISITIONS AND DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) apartmentHome apartmentCommunity	Dec. 31, 2023 USD ($) apartmentHome apartmentCommunity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on sale of real estate and other investments
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentCommunity	2	13
Sales Price	$ 19,000	$ 226,755
Book Value and Sales Cost	19,577	155,515
Gain/(Loss)	$ (577)	$ 71,240
69 homes - Southdale Parc - Richfield, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	69
Sales Price	$ 6,200
Book Value and Sales Cost	6,497
Gain/(Loss)	$ (297)
136 homes - Wingate - New Hope, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome	136
Sales Price	$ 12,800
Book Value and Sales Cost	13,080
Gain/(Loss)	$ (280)
115 homes - Boulder Court - Eagan, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome		115
Sales Price		$ 14,605
Book Value and Sales Cost		4,971
Gain/(Loss)		$ 9,634
498 homes - 2 Nebraska apartment communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome		498
Sales Price		$ 48,500
Book Value and Sales Cost		15,025
Gain/(Loss)		$ 33,475
892 homes - 5 Minnesota apartment communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome		892
Sales Price		$ 74,500
Book Value and Sales Cost		55,186
Gain/(Loss)		$ 19,314
62 homes - Portage - Minneapolis, MN | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome		62
Sales Price		$ 6,650
Book Value and Sales Cost		9,098
Gain/(Loss)		$ (2,448)
712 homes - 4 North Dakota apartment communities | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | apartmentHome		712
Sales Price		$ 82,500
Book Value and Sales Cost		71,235
Gain/(Loss)		$ 11,265

SEGMENTS - Revenues and Net Ope

SEGMENTS - Revenues and Net Operating Income (Loss) for Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) apartmentCommunity segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 260,983,000	$ 261,309,000	$ 256,716,000
Property operating expenses
On-site compensation	27,146,000	27,903,000	27,344,000
Repairs and maintenance	15,401,000	15,680,000	17,696,000
Utilities	15,524,000	17,019,000	19,372,000
Administrative and marketing	7,183,000	6,229,000	5,914,000
Insurance	11,084,000	10,222,000	9,744,000
Real estate taxes	26,906,000	28,759,000	28,567,000
Net operating income	157,739,000	155,497,000	148,079,000
Property management expenses	(9,128,000)	(9,353,000)	(9,895,000)
Casualty loss	(3,307,000)	(2,095,000)	(1,591,000)
Depreciation and amortization	(106,450,000)	(101,678,000)	(105,257,000)
Impairment of real estate investments	0	(5,218,000)	0
General and administrative expenses	(17,802,000)	(20,080,000)	(17,516,000)
Gain (loss) on sale of real estate and other investments	(577,000)	71,244,000	41,000
Loss on litigation settlement	0	(3,864,000)	0
Interest expense	(37,280,000)	(36,429,000)	(32,750,000)
Interest and other income	2,613,000	1,207,000	1,248,000
NET INCOME (LOSS)	$ (14,192,000)	49,231,000	(17,641,000)
Disposed of by Sale
Segment Reporting Information [Line Items]
Number of properties sold, reclassified to other | apartmentCommunity	2
Operating Segments | Multifamily
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	$ 257,865,000	243,515,000	221,836,000
Property operating expenses
On-site compensation	27,060,000	25,934,000	23,038,000
Repairs and maintenance	15,142,000	13,953,000	14,300,000
Utilities	15,300,000	15,421,000	15,845,000
Administrative and marketing	7,147,000	5,804,000	5,130,000
Insurance	10,983,000	9,399,000	8,007,000
Real estate taxes	26,317,000	26,722,000	24,524,000
Net operating income	155,916,000	146,282,000	130,992,000
All Other
Segment Reporting Information, Profit (Loss) [Abstract]
Revenue	3,118,000	17,794,000	34,880,000
Property operating expenses
On-site compensation	86,000	1,969,000	4,306,000
Repairs and maintenance	259,000	1,727,000	3,396,000
Utilities	224,000	1,598,000	3,527,000
Administrative and marketing	36,000	425,000	784,000
Insurance	101,000	823,000	1,737,000
Real estate taxes	589,000	2,037,000	4,043,000
Net operating income	$ 1,823,000	$ 9,215,000	$ 17,087,000

SEGMENT REPORTING - Segment Ass

SEGMENT REPORTING - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property owned	$ 2,480,741	$ 2,420,146
Less accumulated depreciation	(625,980)	(530,703)
Total real estate investments	1,854,761	1,889,443
Cash and cash equivalents	12,030	8,630	$ 10,458
Restricted cash	1,099	639	$ 1,433
Other assets	45,817	27,649
TOTAL ASSETS	1,913,707	1,926,361
All Other
Segment Reporting Information [Line Items]
Property owned	17,979	38,685
Less accumulated depreciation	(4,534)	(6,339)
Total real estate investments	13,445	32,346
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Property owned	2,462,762	2,381,461
Less accumulated depreciation	(621,446)	(524,364)
Total real estate investments	$ 1,841,316	$ 1,857,097

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum contribution each employee, towards 401(k) plan	5%
Employer contribution towards profit sharing plan and 401(k) plan	$ 1.3	$ 1.3	$ 1.3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		2 Months Ended	12 Months Ended
	Oct. 09, 2023 USD ($)	Feb. 20, 2024 USD ($)	Dec. 31, 2024 USD ($) apartmentHome apartmentProperty realEstateTechnologyVentureFund	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Loss on litigation settlement			$ 0	$ (3,864)	$ 0
Payments for legal settlements	$ 2,900	$ 1,000
Damages awarded, value		$ 1,000
Redemption basis			1
Number of consecutive trading days for valuation			10 days	10 days
Aggregate redemption value of units of operating partnership owned by limited partners			$ 64,800	$ 50,400
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund			2
Fair Value, Recurring
Real Estate Properties [Line Items]
Unfunded commitments			$ 950
Subject To Restrictions On Taxable Dispositions
Real Estate Properties [Line Items]
Number of properties | apartmentProperty			28
Number of apartment homes (approximately) | apartmentHome			5,162

SHARE BASED COMPENSATION - Narr

SHARE BASED COMPENSATION - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Jan. 01, 2024	Sep. 15, 2015	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)		775,000
Term of award		10 years
Share price (in usd per share)	$ 58.20
Exercised (in shares)					20,061	0
Granted (in shares)				0	45,955	30,245
Stock options outstanding, aggregate intrinsic value				$ 48,000
Weighted average remaining contractual term				5 years 2 months 12 days
Former Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised (in shares)			425
Former Chief Executive Officer | Mr. Decker
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated cost					$ 737,000
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards at grant date				$ 1,900,000	1,800,000	$ 1,500,000
Total compensation cost related to non-vested share awards				$ 966,000
Weighted average period to recognize cost				1 year 4 months 24 days
Unamortized value				$ 1,400,000	1,000,000	1,700,000
Restricted Stock Units (RSU) | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				21,125
Award vesting period				3 years
Restricted Stock Units (RSU) | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				10,192
Award vesting period				1 year
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	21,059
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards at grant date				$ 689,000	$ 545,000	$ 618,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award	3 years
Shares eligible to be earned (in shares)	37,752
Shares eligible to be earned, percentage of awards granted	2
Expected volatility rate	27.21%
Risk -free rate	4.01%
Expected term	3 years
Performance Shares | Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	18,876
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Total compensation cost related to non-vested share awards				$ 77,000
Weighted average period to recognize cost				1 year 9 months 10 days

SHARE BASED COMPENSATION - Sche

SHARE BASED COMPENSATION - Schedule of Compensation Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 3,014	$ 3,295	$ 2,615

SHARE BASED COMPENSATION - Sc_2

SHARE BASED COMPENSATION - Schedule of Restricted Share Awards Activity (Details) - Restricted Stock Units (RSU) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RSUs with Service Conditions
Shares
Unvested, beginning of period (in shares)	30,994	21,414	20,974
Granted (in shares)	31,317	31,999	15,359
Vested (in shares)	(15,626)	(22,036)	(13,357)
Forfeited (in shares)	(192)	(383)	(1,562)
Unvested, ending of period (in shares)	46,493	30,994	21,414
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 65.54	$ 88.83	$ 69.97
Granted (in dollars per share)	61.28	57.21	96.29
Vested (in dollars per share)	66.15	78.74	69.24
Forfeited (in dollars per share)	58.42	73.85	76.49
Unvested, ending of period (in dollars per share)	$ 61.16	$ 65.54	$ 88.83
RSUs with Market Conditions
Shares
Unvested, beginning of period (in shares)	22,066	30,042	19,224
Granted (in shares)	18,876	20,497	13,559
Vested (in shares)	(9,771)	(13,820)	0
Forfeited (in shares)	0	(14,653)	(2,741)
Unvested, ending of period (in shares)	31,171	22,066	30,042
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 104.01	$ 106.90	$ 87.04
Granted (in dollars per share)	80.60	82.63	131.05
Vested (in dollars per share)	130.91	87.04	0
Forfeited (in dollars per share)	0	96.05	87.04
Unvested, ending of period (in dollars per share)	$ 81.40	$ 104.01	$ 106.90

SHARE BASED COMPENSATION - Sc_3

SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding at beginning of year (in shares)	117,010	196,623	182,677
Exercisable at beginning of year (in shares)	59,477	80,421	34,758
Granted (in shares)	0	45,955	30,245
Exercised (in shares)		(20,061)	0
Expired (in shares)		(103,768)
Forfeited (in shares)		(1,739)	(16,299)
Outstanding at ending of year (in shares)	117,010	117,010	196,623
Exercisable at ending of year (in shares)	85,433	59,477	80,421
Weighted Average Exercise Price
Outstanding at beginning of year (in usd per share)	$ 71.41	$ 74.02	$ 67.38
Exercisable at beginning of year (in usd per share)	70.06	66.94	66.36
Granted (in usd per share)		58.67	110.67
Exercised (in usd per share)		58.67	0
Expired (in usd per shares)		73.03
Forfeited (in usd per share)		80.66	67.59
Outstanding at ending of year (in usd per share)	71.41	71.41	74.02
Exercisable at ending of year (in usd per share)	$ 70.64	$ 70.06	$ 66.94

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) apartmentCommunity	Dec. 31, 2022 USD ($)
Gross amount at which carries at close of period [Abstract]
Total	$ 2,480,741	$ 2,420,146	$ 2,534,124
Accumulated Depreciation	(625,980)	(530,703)	(535,401)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	2,420,146	2,534,124	2,271,170
Multifamily and Other	40,210	87,757	206,623
Improvements and Other	49,900	62,117	57,203
Total additions including opening balance	2,510,256	2,683,998	2,534,996
Cost of real estate sold	(21,236)	(243,889)	0
Impairment charge	0	(5,218)	0
Other	(8,279)	(14,745)	(872)
Balance at close of year	2,480,741	2,420,146	2,534,124
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	530,703	535,401	443,592
Additions during year
Provisions for depreciation	103,127	98,691	92,056
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(2,350)	(92,239)	0
Other	(5,500)	(11,150)	(247)
Balance at close of year	625,980	530,703	535,401
Total real estate investments, excluding mortgage notes receivable	1,854,761	$ 1,889,443	$ 1,998,723
Number of apartment communities impaired during year | apartmentCommunity		2
Net basis of real estate investments for federal income tax purposes	1,400,000	$ 1,400,000
Multi Family Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	532,032
Initial Cost to Company
Land	188,308
Buildings & Improvements	1,855,791
Costs capitalized subsequent to acquisition	289,819
Gross amount at which carries at close of period [Abstract]
Land	200,389
Buildings & Improvements	2,133,529
Total	2,333,918
Accumulated Depreciation	(616,574)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,333,918
Deductions during year
Balance at close of year	616,574
Multi Family Same-Store | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	48,371
Initial Cost to Company
Land	4,721
Buildings & Improvements	61,762
Costs capitalized subsequent to acquisition	2,274
Gross amount at which carries at close of period [Abstract]
Land	4,801
Buildings & Improvements	63,956
Total	68,757
Accumulated Depreciation	(23,424)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	68,757
Deductions during year
Balance at close of year	$ 23,424
Multi Family Same-Store | 71 France - Edina, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	287
Buildings & Improvements	5,551
Costs capitalized subsequent to acquisition	605
Gross amount at which carries at close of period [Abstract]
Land	336
Buildings & Improvements	6,107
Total	6,443
Accumulated Depreciation	(2,302)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,443
Deductions during year
Balance at close of year	$ 2,302
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	2,088
Buildings & Improvements	31,036
Costs capitalized subsequent to acquisition	1,088
Gross amount at which carries at close of period [Abstract]
Land	2,128
Buildings & Improvements	32,084
Total	34,212
Accumulated Depreciation	(12,789)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	34,212
Deductions during year
Balance at close of year	$ 12,789
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	741
Buildings & Improvements	7,569
Costs capitalized subsequent to acquisition	373
Gross amount at which carries at close of period [Abstract]
Land	824
Buildings & Improvements	7,859
Total	8,683
Accumulated Depreciation	(3,401)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,683
Deductions during year
Balance at close of year	$ 3,401
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,616
Buildings & Improvements	34,074
Costs capitalized subsequent to acquisition	5,612
Gross amount at which carries at close of period [Abstract]
Land	1,808
Buildings & Improvements	39,494
Total	41,302
Accumulated Depreciation	(12,204)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	41,302
Deductions during year
Balance at close of year	$ 12,204
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Bayberry Place - Eagan, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 11,048
Initial Cost to Company
Land	1,807
Buildings & Improvements	14,113
Costs capitalized subsequent to acquisition	1,681
Gross amount at which carries at close of period [Abstract]
Land	1,865
Buildings & Improvements	15,736
Total	17,601
Accumulated Depreciation	$ (2,004)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 17,601
Deductions during year
Balance at close of year	2,004
Multi Family Same-Store | Burgundy & Hillsboro - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	23,570
Initial Cost to Company
Land	2,834
Buildings & Improvements	31,149
Costs capitalized subsequent to acquisition	2,833
Gross amount at which carries at close of period [Abstract]
Land	2,913
Buildings & Improvements	33,903
Total	36,816
Accumulated Depreciation	$ (4,508)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 36,816
Deductions during year
Balance at close of year	4,508
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	305
Buildings & Improvements	3,958
Costs capitalized subsequent to acquisition	2,308
Gross amount at which carries at close of period [Abstract]
Land	420
Buildings & Improvements	6,151
Total	6,571
Accumulated Depreciation	(3,870)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,571
Deductions during year
Balance at close of year	$ 3,870
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,600
Buildings & Improvements	33,400
Costs capitalized subsequent to acquisition	619
Gross amount at which carries at close of period [Abstract]
Land	1,729
Buildings & Improvements	33,890
Total	35,619
Accumulated Depreciation	(7,573)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	35,619
Deductions during year
Balance at close of year	$ 7,573
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 42,522
Initial Cost to Company
Land	6,588
Buildings & Improvements	67,072
Costs capitalized subsequent to acquisition	11,491
Gross amount at which carries at close of period [Abstract]
Land	6,776
Buildings & Improvements	78,375
Total	85,151
Accumulated Depreciation	(27,993)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	85,151
Deductions during year
Balance at close of year	$ 27,993
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	736
Buildings & Improvements	4,864
Costs capitalized subsequent to acquisition	1,999
Gross amount at which carries at close of period [Abstract]
Land	1,069
Buildings & Improvements	6,530
Total	7,599
Accumulated Depreciation	(4,881)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,599
Deductions during year
Balance at close of year	$ 4,881
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Civic Lofts - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	6,166
Buildings & Improvements	55,182
Costs capitalized subsequent to acquisition	1,195
Gross amount at which carries at close of period [Abstract]
Land	6,171
Buildings & Improvements	56,372
Total	62,543
Accumulated Depreciation	$ (6,818)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 62,543
Deductions during year
Balance at close of year	6,818
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	2,401
Buildings & Improvements	11,515
Costs capitalized subsequent to acquisition	15,572
Gross amount at which carries at close of period [Abstract]
Land	3,206
Buildings & Improvements	26,282
Total	29,488
Accumulated Depreciation	(18,685)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	29,488
Deductions during year
Balance at close of year	$ 18,685
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,056
Buildings & Improvements	17,372
Costs capitalized subsequent to acquisition	7,052
Gross amount at which carries at close of period [Abstract]
Land	2,002
Buildings & Improvements	23,478
Total	25,480
Accumulated Depreciation	(14,904)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,480
Deductions during year
Balance at close of year	$ 14,904
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	491
Buildings & Improvements	7,809
Costs capitalized subsequent to acquisition	1,527
Gross amount at which carries at close of period [Abstract]
Land	612
Buildings & Improvements	9,215
Total	9,827
Accumulated Depreciation	(6,367)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,827
Deductions during year
Balance at close of year	$ 6,367
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 10,359
Initial Cost to Company
Land	1,583
Buildings & Improvements	18,879
Costs capitalized subsequent to acquisition	1,164
Gross amount at which carries at close of period [Abstract]
Land	1,625
Buildings & Improvements	20,001
Total	21,626
Accumulated Depreciation	(7,737)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	21,626
Deductions during year
Balance at close of year	$ 7,737
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	711
Buildings & Improvements	24,129
Costs capitalized subsequent to acquisition	840
Gross amount at which carries at close of period [Abstract]
Land	790
Buildings & Improvements	24,890
Total	25,680
Accumulated Depreciation	(9,782)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,680
Deductions during year
Balance at close of year	$ 9,782
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,515
Buildings & Improvements	15,730
Costs capitalized subsequent to acquisition	10,350
Gross amount at which carries at close of period [Abstract]
Land	1,817
Buildings & Improvements	25,778
Total	27,595
Accumulated Depreciation	(10,837)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	27,595
Deductions during year
Balance at close of year	$ 10,837
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Dylan at RiNo - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	12,155
Buildings & Improvements	77,215
Costs capitalized subsequent to acquisition	1,699
Gross amount at which carries at close of period [Abstract]
Land	12,241
Buildings & Improvements	78,828
Total	91,069
Accumulated Depreciation	$ (19,023)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 91,069
Deductions during year
Balance at close of year	19,023
Multi Family Same-Store | Elements of Linden Hills - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	5,676
Initial Cost to Company
Land	941
Buildings & Improvements	7,853
Costs capitalized subsequent to acquisition	275
Gross amount at which carries at close of period [Abstract]
Land	949
Buildings & Improvements	8,120
Total	9,069
Accumulated Depreciation	$ (1,045)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 9,069
Deductions during year
Balance at close of year	1,045
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	1,129
Buildings & Improvements	5,524
Costs capitalized subsequent to acquisition	761
Gross amount at which carries at close of period [Abstract]
Land	1,159
Buildings & Improvements	6,255
Total	7,414
Accumulated Depreciation	(2,953)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,414
Deductions during year
Balance at close of year	$ 2,953
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,889
Buildings & Improvements	23,616
Costs capitalized subsequent to acquisition	1,516
Gross amount at which carries at close of period [Abstract]
Land	1,745
Buildings & Improvements	25,276
Total	27,021
Accumulated Depreciation	$ (4,972)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 27,021
Deductions during year
Balance at close of year	4,972
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	518
Buildings & Improvements	8,702
Costs capitalized subsequent to acquisition	179
Gross amount at which carries at close of period [Abstract]
Land	535
Buildings & Improvements	8,864
Total	9,399
Accumulated Depreciation	(3,105)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,399
Deductions during year
Balance at close of year	$ 3,105
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	814
Buildings & Improvements	7,086
Costs capitalized subsequent to acquisition	4,229
Gross amount at which carries at close of period [Abstract]
Land	970
Buildings & Improvements	11,159
Total	12,129
Accumulated Depreciation	(4,862)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	12,129
Deductions during year
Balance at close of year	$ 4,862
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Greenfield - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	578
Buildings & Improvements	4,122
Costs capitalized subsequent to acquisition	3,605
Gross amount at which carries at close of period [Abstract]
Land	876
Buildings & Improvements	7,429
Total	8,305
Accumulated Depreciation	(4,207)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,305
Deductions during year
Balance at close of year	$ 4,207
Multi Family Same-Store | Greenfield - Omaha, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Grove Ridge - Cottage Grove, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 7,992
Initial Cost to Company
Land	1,250
Buildings & Improvements	10,271
Costs capitalized subsequent to acquisition	3,461
Gross amount at which carries at close of period [Abstract]
Land	1,293
Buildings & Improvements	13,689
Total	14,982
Accumulated Depreciation	$ (1,659)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 14,982
Deductions during year
Balance at close of year	1,659
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	655
Buildings & Improvements	14,139
Costs capitalized subsequent to acquisition	2,836
Gross amount at which carries at close of period [Abstract]
Land	792
Buildings & Improvements	16,838
Total	17,630
Accumulated Depreciation	(5,679)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	17,630
Deductions during year
Balance at close of year	$ 5,679
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ironwood - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	2,165
Buildings & Improvements	36,874
Costs capitalized subsequent to acquisition	1,278
Gross amount at which carries at close of period [Abstract]
Land	2,167
Buildings & Improvements	38,150
Total	40,317
Accumulated Depreciation	$ (6,970)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 40,317
Deductions during year
Balance at close of year	6,970
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	1,215
Buildings & Improvements	15,837
Costs capitalized subsequent to acquisition	7,437
Gross amount at which carries at close of period [Abstract]
Land	1,476
Buildings & Improvements	23,013
Total	24,489
Accumulated Depreciation	(9,447)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	24,489
Deductions during year
Balance at close of year	$ 9,447
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,362
Buildings & Improvements	21,727
Costs capitalized subsequent to acquisition	10,851
Gross amount at which carries at close of period [Abstract]
Land	2,475
Buildings & Improvements	31,465
Total	33,940
Accumulated Depreciation	(22,042)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	33,940
Deductions during year
Balance at close of year	$ 22,042
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,207
Buildings & Improvements	13,742
Costs capitalized subsequent to acquisition	331
Gross amount at which carries at close of period [Abstract]
Land	1,142
Buildings & Improvements	14,138
Total	15,280
Accumulated Depreciation	(4,454)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,280
Deductions during year
Balance at close of year	$ 4,454
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	7,679
Buildings & Improvements	87,766
Costs capitalized subsequent to acquisition	9,722
Gross amount at which carries at close of period [Abstract]
Land	7,679
Buildings & Improvements	97,488
Total	105,167
Accumulated Depreciation	$ (20,144)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 105,167
Deductions during year
Balance at close of year	20,144
Multi Family Same-Store | Lyra Apartments - Centennial, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	37,809
Initial Cost to Company
Land	6,473
Buildings & Improvements	86,149
Costs capitalized subsequent to acquisition	1,166
Gross amount at which carries at close of period [Abstract]
Land	6,481
Buildings & Improvements	87,307
Total	93,788
Accumulated Depreciation	$ (7,972)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 93,788
Deductions during year
Balance at close of year	7,972
Multi Family Same-Store | Martin Blu - Eden Prairie, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	25,909
Initial Cost to Company
Land	3,547
Buildings & Improvements	45,212
Costs capitalized subsequent to acquisition	1,418
Gross amount at which carries at close of period [Abstract]
Land	3,560
Buildings & Improvements	46,617
Total	50,177
Accumulated Depreciation	$ (5,754)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 50,177
Deductions during year
Balance at close of year	5,754
Multi Family Same-Store | Meadows Apartments - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	590
Buildings & Improvements	4,519
Costs capitalized subsequent to acquisition	2,059
Gross amount at which carries at close of period [Abstract]
Land	733
Buildings & Improvements	6,435
Total	7,168
Accumulated Depreciation	(4,340)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,168
Deductions during year
Balance at close of year	$ 4,340
Multi Family Same-Store | Meadows Apartments - Jamestown, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Monticello Crossings - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,734
Buildings & Improvements	30,136
Costs capitalized subsequent to acquisition	1,385
Gross amount at which carries at close of period [Abstract]
Land	1,951
Buildings & Improvements	31,304
Total	33,255
Accumulated Depreciation	(9,351)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	33,255
Deductions during year
Balance at close of year	$ 9,351
Multi Family Same-Store | Monticello Crossings - Monticello, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Monticello Village - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	490
Buildings & Improvements	3,756
Costs capitalized subsequent to acquisition	1,410
Gross amount at which carries at close of period [Abstract]
Land	655
Buildings & Improvements	5,001
Total	5,656
Accumulated Depreciation	(3,151)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,656
Deductions during year
Balance at close of year	$ 3,151
Multi Family Same-Store | Monticello Village - Monticello, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | New Hope Garden & Village - New Hope, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 9,943
Initial Cost to Company
Land	1,603
Buildings & Improvements	12,578
Costs capitalized subsequent to acquisition	1,631
Gross amount at which carries at close of period [Abstract]
Land	1,651
Buildings & Improvements	14,161
Total	15,812
Accumulated Depreciation	$ (2,132)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 15,812
Deductions during year
Balance at close of year	2,132
Multi Family Same-Store | Noko Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	1,915
Buildings & Improvements	42,636
Costs capitalized subsequent to acquisition	622
Gross amount at which carries at close of period [Abstract]
Land	1,918
Buildings & Improvements	43,255
Total	45,173
Accumulated Depreciation	$ (5,152)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 45,173
Deductions during year
Balance at close of year	5,152
Multi Family Same-Store | Northridge Apartments - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	884
Buildings & Improvements	7,515
Costs capitalized subsequent to acquisition	306
Gross amount at which carries at close of period [Abstract]
Land	1,057
Buildings & Improvements	7,648
Total	8,705
Accumulated Depreciation	(2,689)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,705
Deductions during year
Balance at close of year	$ 2,689
Multi Family Same-Store | Northridge Apartments - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Olympic Village Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	1,164
Buildings & Improvements	10,441
Costs capitalized subsequent to acquisition	4,216
Gross amount at which carries at close of period [Abstract]
Land	1,976
Buildings & Improvements	13,845
Total	15,821
Accumulated Depreciation	(9,478)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,821
Deductions during year
Balance at close of year	$ 9,478
Multi Family Same-Store | Olympic Village Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Oxbo Urban Rentals - St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 15,760
Initial Cost to Company
Land	5,809
Buildings & Improvements	51,586
Costs capitalized subsequent to acquisition	971
Gross amount at which carries at close of period [Abstract]
Land	5,822
Buildings & Improvements	52,544
Total	58,366
Accumulated Depreciation	$ (13,293)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 58,366
Deductions during year
Balance at close of year	13,293
Multi Family Same-Store | Palisades - Roseville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	19,723
Initial Cost to Company
Land	6,919
Buildings & Improvements	46,577
Costs capitalized subsequent to acquisition	12,115
Gross amount at which carries at close of period [Abstract]
Land	6,959
Buildings & Improvements	58,652
Total	65,611
Accumulated Depreciation	$ (6,646)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 65,611
Deductions during year
Balance at close of year	6,646
Multi Family Same-Store | Park Place Apartments - Plymouth, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	10,609
Buildings & Improvements	80,781
Costs capitalized subsequent to acquisition	21,392
Gross amount at which carries at close of period [Abstract]
Land	10,819
Buildings & Improvements	101,963
Total	112,782
Accumulated Depreciation	$ (31,841)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 112,782
Deductions during year
Balance at close of year	31,841
Multi Family Same-Store | Parkhouse Apartment Homes - Thornton, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	87,881
Initial Cost to Company
Land	10,474
Buildings & Improvements	132,105
Costs capitalized subsequent to acquisition	6,740
Gross amount at which carries at close of period [Abstract]
Land	10,484
Buildings & Improvements	138,835
Total	149,319
Accumulated Depreciation	$ (23,403)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 149,319
Deductions during year
Balance at close of year	23,403
Multi Family Same-Store | Plymouth Pointe - Plymouth, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	9,575
Initial Cost to Company
Land	1,042
Buildings & Improvements	12,810
Costs capitalized subsequent to acquisition	1,058
Gross amount at which carries at close of period [Abstract]
Land	1,073
Buildings & Improvements	13,837
Total	14,910
Accumulated Depreciation	$ (1,905)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 14,910
Deductions during year
Balance at close of year	1,905
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	240
Buildings & Improvements	3,538
Costs capitalized subsequent to acquisition	1,953
Gross amount at which carries at close of period [Abstract]
Land	463
Buildings & Improvements	5,268
Total	5,731
Accumulated Depreciation	(4,346)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,731
Deductions during year
Balance at close of year	$ 4,346
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	395
Buildings & Improvements	4,564
Costs capitalized subsequent to acquisition	619
Gross amount at which carries at close of period [Abstract]
Land	419
Buildings & Improvements	5,159
Total	5,578
Accumulated Depreciation	(2,206)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,578
Deductions during year
Balance at close of year	$ 2,206
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Prosper West - Waite Park, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 16,425
Initial Cost to Company
Land	939
Buildings & Improvements	10,167
Costs capitalized subsequent to acquisition	18,091
Gross amount at which carries at close of period [Abstract]
Land	1,912
Buildings & Improvements	27,285
Total	29,197
Accumulated Depreciation	(19,088)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	29,197
Deductions during year
Balance at close of year	$ 19,088
Multi Family Same-Store | Prosper West - Waite Park, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	2,254
Buildings & Improvements	30,024
Costs capitalized subsequent to acquisition	9,967
Gross amount at which carries at close of period [Abstract]
Land	2,412
Buildings & Improvements	39,833
Total	42,245
Accumulated Depreciation	(18,450)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	42,245
Deductions during year
Balance at close of year	$ 18,450
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 19,159
Initial Cost to Company
Land	1,900
Buildings & Improvements	24,116
Costs capitalized subsequent to acquisition	827
Gross amount at which carries at close of period [Abstract]
Land	1,908
Buildings & Improvements	24,935
Total	26,843
Accumulated Depreciation	(9,822)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	26,843
Deductions during year
Balance at close of year	$ 9,822
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 6,405
Initial Cost to Company
Land	702
Buildings & Improvements	10,198
Costs capitalized subsequent to acquisition	8,565
Gross amount at which carries at close of period [Abstract]
Land	1,179
Buildings & Improvements	18,286
Total	19,465
Accumulated Depreciation	(8,899)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	19,465
Deductions during year
Balance at close of year	$ 8,899
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rimrock West Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	330
Buildings & Improvements	3,489
Costs capitalized subsequent to acquisition	1,922
Gross amount at which carries at close of period [Abstract]
Land	573
Buildings & Improvements	5,168
Total	5,741
Accumulated Depreciation	(3,802)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,741
Deductions during year
Balance at close of year	$ 3,802
Multi Family Same-Store | Rimrock West Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | River Pointe - Fridley, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 25,412
Initial Cost to Company
Land	3,346
Buildings & Improvements	33,118
Costs capitalized subsequent to acquisition	5,837
Gross amount at which carries at close of period [Abstract]
Land	3,426
Buildings & Improvements	38,875
Total	42,301
Accumulated Depreciation	$ (5,892)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 42,301
Deductions during year
Balance at close of year	5,892
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	576
Buildings & Improvements	24,670
Costs capitalized subsequent to acquisition	2,279
Gross amount at which carries at close of period [Abstract]
Land	936
Buildings & Improvements	26,589
Total	27,525
Accumulated Depreciation	(11,727)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	27,525
Deductions during year
Balance at close of year	$ 11,727
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	656
Buildings & Improvements	5,726
Costs capitalized subsequent to acquisition	1,672
Gross amount at which carries at close of period [Abstract]
Land	868
Buildings & Improvements	7,186
Total	8,054
Accumulated Depreciation	(5,233)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,054
Deductions during year
Balance at close of year	$ 5,233
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Rum River Apartments - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	843
Buildings & Improvements	4,823
Costs capitalized subsequent to acquisition	548
Gross amount at which carries at close of period [Abstract]
Land	870
Buildings & Improvements	5,344
Total	6,214
Accumulated Depreciation	(2,877)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,214
Deductions during year
Balance at close of year	$ 2,877
Multi Family Same-Store | Rum River Apartments - Isanti, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	215
Buildings & Improvements	3,007
Costs capitalized subsequent to acquisition	1,093
Gross amount at which carries at close of period [Abstract]
Land	273
Buildings & Improvements	4,042
Total	4,315
Accumulated Depreciation	(1,557)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	4,315
Deductions during year
Balance at close of year	$ 1,557
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | SouthFork Townhomes + Flats - Lakeville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 21,675
Initial Cost to Company
Land	3,502
Buildings & Improvements	40,153
Costs capitalized subsequent to acquisition	11,915
Gross amount at which carries at close of period [Abstract]
Land	3,583
Buildings & Improvements	51,987
Total	55,570
Accumulated Depreciation	$ (15,973)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 55,570
Deductions during year
Balance at close of year	15,973
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	576
Buildings & Improvements	9,893
Costs capitalized subsequent to acquisition	433
Gross amount at which carries at close of period [Abstract]
Land	666
Buildings & Improvements	10,236
Total	10,902
Accumulated Depreciation	(3,799)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	10,902
Deductions during year
Balance at close of year	$ 3,799
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	336
Buildings & Improvements	12,814
Costs capitalized subsequent to acquisition	6,840
Gross amount at which carries at close of period [Abstract]
Land	826
Buildings & Improvements	19,164
Total	19,990
Accumulated Depreciation	(11,246)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	19,990
Deductions during year
Balance at close of year	$ 11,246
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | The Bosk - Woodbury, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 31,673
Initial Cost to Company
Land	5,367
Buildings & Improvements	40,422
Costs capitalized subsequent to acquisition	18,580
Gross amount at which carries at close of period [Abstract]
Land	5,449
Buildings & Improvements	58,920
Total	64,369
Accumulated Depreciation	$ (8,834)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 64,369
Deductions during year
Balance at close of year	8,834
Multi Family Same-Store | Union Pointe - Longmont, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	5,727
Buildings & Improvements	69,966
Costs capitalized subsequent to acquisition	1,341
Gross amount at which carries at close of period [Abstract]
Land	5,736
Buildings & Improvements	71,298
Total	77,034
Accumulated Depreciation	$ (11,212)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 77,034
Deductions during year
Balance at close of year	11,212
Multi Family Same-Store | Venue on Knox - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	11,660
Initial Cost to Company
Land	3,438
Buildings & Improvements	14,743
Costs capitalized subsequent to acquisition	6,562
Gross amount at which carries at close of period [Abstract]
Land	3,530
Buildings & Improvements	21,213
Total	24,743
Accumulated Depreciation	$ (3,520)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 24,743
Deductions during year
Balance at close of year	3,520
Multi Family Same-Store | Westend - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	25,525
Buildings & Improvements	102,180
Costs capitalized subsequent to acquisition	3,364
Gross amount at which carries at close of period [Abstract]
Land	25,532
Buildings & Improvements	105,537
Total	131,069
Accumulated Depreciation	$ (24,749)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 131,069
Deductions during year
Balance at close of year	24,749
Multi Family Same-Store | Whispering Ridge - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	21,800
Initial Cost to Company
Land	2,139
Buildings & Improvements	25,424
Costs capitalized subsequent to acquisition	4,942
Gross amount at which carries at close of period [Abstract]
Land	2,551
Buildings & Improvements	29,954
Total	32,505
Accumulated Depreciation	(12,710)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	32,505
Deductions during year
Balance at close of year	$ 12,710
Multi Family Same-Store | Whispering Ridge - Omaha, NE | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Woodhaven - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 14,408
Initial Cost to Company
Land	3,940
Buildings & Improvements	20,080
Costs capitalized subsequent to acquisition	2,335
Gross amount at which carries at close of period [Abstract]
Land	4,040
Buildings & Improvements	22,315
Total	26,355
Accumulated Depreciation	$ (2,963)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 26,355
Deductions during year
Balance at close of year	2,963
Multi Family Same-Store | Woodridge on Second - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	370
Buildings & Improvements	6,028
Costs capitalized subsequent to acquisition	6,340
Gross amount at which carries at close of period [Abstract]
Land	761
Buildings & Improvements	11,977
Total	12,738
Accumulated Depreciation	(8,561)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	12,738
Deductions during year
Balance at close of year	$ 8,561
Multi Family Same-Store | Woodridge on Second - Rochester, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Multi Family Same-Store | Zest - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 7,277
Initial Cost to Company
Land	936
Buildings & Improvements	10,209
Costs capitalized subsequent to acquisition	542
Gross amount at which carries at close of period [Abstract]
Land	946
Buildings & Improvements	10,741
Total	11,687
Accumulated Depreciation	$ (1,360)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 11,687
Deductions during year
Balance at close of year	1,360
MultiFamily Non-Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	87,232
Initial Cost to Company
Land	11,470
Buildings & Improvements	115,417
Costs capitalized subsequent to acquisition	1,956
Gross amount at which carries at close of period [Abstract]
Land	11,501
Buildings & Improvements	117,342
Total	128,843
Accumulated Depreciation	(4,871)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	128,843
Deductions during year
Balance at close of year	4,871
MultiFamily Non-Same-Store | Lake Vista Apartments Homes - Loveland, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	52,232
Initial Cost to Company
Land	6,618
Buildings & Improvements	80,737
Costs capitalized subsequent to acquisition	1,930
Gross amount at which carries at close of period [Abstract]
Land	6,649
Buildings & Improvements	82,636
Total	89,285
Accumulated Depreciation	$ (4,529)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 89,285
Deductions during year
Balance at close of year	4,529
MultiFamily Non-Same-Store | Lydian - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	35,000
Initial Cost to Company
Land	4,852
Buildings & Improvements	34,680
Costs capitalized subsequent to acquisition	26
Gross amount at which carries at close of period [Abstract]
Land	4,852
Buildings & Improvements	34,706
Total	39,558
Accumulated Depreciation	$ (342)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 39,558
Deductions during year
Balance at close of year	342
Total Multifamily
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	619,264
Initial Cost to Company
Land	199,778
Buildings & Improvements	1,971,208
Costs capitalized subsequent to acquisition	291,775
Gross amount at which carries at close of period [Abstract]
Land	211,890
Buildings & Improvements	2,250,871
Total	2,462,761
Accumulated Depreciation	(621,445)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,462,761
Deductions during year
Balance at close of year	621,445
Other - Mixed Use
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	14,314
Costs capitalized subsequent to acquisition	1,672
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	15,986
Total	15,986
Accumulated Depreciation	(4,110)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,986
Deductions during year
Balance at close of year	4,110
Other - Mixed Use | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	5,879
Costs capitalized subsequent to acquisition	316
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	6,195
Total	6,195
Accumulated Depreciation	(1,636)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,195
Deductions during year
Balance at close of year	$ 1,636
Other - Mixed Use | 71 France - Edina, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Mixed Use | Civic Lofts - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings & Improvements	0
Costs capitalized subsequent to acquisition	0
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	0
Total	0
Accumulated Depreciation	$ 0
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 0
Deductions during year
Balance at close of year	0
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	1,600
Costs capitalized subsequent to acquisition	863
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	2,463
Total	2,463
Accumulated Depreciation	$ (466)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 2,463
Deductions during year
Balance at close of year	466
Other - Mixed Use | Zest - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	52
Costs capitalized subsequent to acquisition	1
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	53
Total	53
Accumulated Depreciation	$ (29)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 53
Deductions during year
Balance at close of year	29
Other - Mixed Use | Lydian - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	668
Costs capitalized subsequent to acquisition	4
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	672
Total	672
Accumulated Depreciation	$ (28)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 672
Deductions during year
Balance at close of year	28
Other - Mixed Use | Noko Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	118
Costs capitalized subsequent to acquisition	0
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	118
Total	118
Accumulated Depreciation	$ (25)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 118
Deductions during year
Balance at close of year	25
Other - Mixed Use | Oxbo Urban Rentals- St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	3,472
Costs capitalized subsequent to acquisition	54
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	3,526
Total	3,526
Accumulated Depreciation	$ (825)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 3,526
Deductions during year
Balance at close of year	825
Other - Mixed Use | Red 20 Apartments - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	0
Buildings & Improvements	2,525
Costs capitalized subsequent to acquisition	434
Gross amount at which carries at close of period [Abstract]
Land	0
Buildings & Improvements	2,959
Total	2,959
Accumulated Depreciation	(1,101)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,959
Deductions during year
Balance at close of year	$ 1,101
Other - Mixed Use | Red 20 Apartments - Minneapolis, MN | Maximum
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Commercial
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	$ 0
Initial Cost to Company
Land	246
Buildings & Improvements	1,866
Costs capitalized subsequent to acquisition	(118)
Gross amount at which carries at close of period [Abstract]
Land	264
Buildings & Improvements	1,730
Total	1,994
Accumulated Depreciation	(425)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	1,994
Deductions during year
Balance at close of year	425
Other - Commercial | 3100 10th St SW - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	0
Initial Cost to Company
Land	246
Buildings & Improvements	1,866
Costs capitalized subsequent to acquisition	(118)
Gross amount at which carries at close of period [Abstract]
Land	264
Buildings & Improvements	1,730
Total	1,994
Accumulated Depreciation	$ (425)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 1,994
Deductions during year
Balance at close of year	425
Total
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances	619,264
Initial Cost to Company
Land	200,024
Buildings & Improvements	1,987,388
Costs capitalized subsequent to acquisition	293,329
Gross amount at which carries at close of period [Abstract]
Land	212,154
Buildings & Improvements	2,268,587
Total	2,480,741
Accumulated Depreciation	(625,980)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,480,741
Deductions during year
Balance at close of year	$ 625,980