Earnings release
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Exhibit 99.1
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Earnings Release Centerspace Reports Second Quarter 2026 Financial & Operating Results and Updates Financial Outlook Due to Disposition Activity MINNEAPOLIS, MN, August 3, 2026 – Centerspace (NYSE: CSR) (the “Company”) announced today its financial and operating results for the three and six months ended June 30, 2026. The tables below show Net Loss, Funds from Operations (“FFO”) , and Core FFO, all on a per diluted share basis, for the three and six months ended June 30, 2026; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”) over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for each of the three months ended June 30, 2026, March 31, 2026, and June 30, 2025 and the six months ended June 30, 2026 and 2025. Three Months Ended June 30, Six Months Ended June 30, Per Common Share 2026 2025 2026 2025 Net loss - diluted $ (0.07)$ (0.87)$ (0.83)$ (1.09) FFO - diluted $ 1.20 $ 1.24 $ 2.27 $ 2.42 Core FFO - diluted $ 1.27 $ 1.28 $ 2.39 $ 2.50 Year-Over-YearComparison SequentialComparison YTD Comparison Same-Store Results Q2 2026 vs. Q2 2025Q2 2026 vs. Q1 2026 2026 vs. 2025 Revenues 0.1% 1.1% —% Expenses (0.1)% (4.4)% 2.0% NOI 0.3% 4.8% (1.3)% Three months ended Six months ended Same-Store Results June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Weighted Average Occupancy 96.0% 95.4% 95.9% 95.7% 95.9% Effective New Lease Rate Growth (0.6)% (2.5)% 1.5% (1.4)% 0.2% Effective Renewal Lease Rate Growth3.4% 2.8% 2.6% 3.2% 2.8% Effective Blended Lease Rate Growth1.8% —% 2.2% 1.2% 1.6% Retention Rate 61.3% 54.0% 62.2% 58.9% 60.0% (1) NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures refer to “Non-GAAP Financial Measures and Reconciliations” and “Non-GAAP Financial Measures and Other Terms” in the Supplemental Financial and Operating Data below. (2) Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. The current same-store results include 44 apartment communities. During the six months ended June 30, 2026, we reclassified 13 apartment communities from same-store to held for sale and disposed of one apartment community. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental Financial and Operating Data within. (3) Effective blended lease rate growth is weighted by lease count. Overview of the Second Quarter • Disposed of an apartment community consisting of 176 homes in Denver, Colorado for an aggregate sales price of $30.0 million; • Revenue decreased by $2.8 million or 4.0% to $65.8 million, compared to $68.5 million for the same period of the prior year, primarily due to the sale of 12 apartment communities in the prior year; 1 1 1 (1) (1) (2) (1) (2) (3) 1
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• Same-store revenues and expenses remained relatively unchanged with a 0.3% increase in same-store NOI compared to the same period of the prior year; • Net loss was $0.07 per diluted share, compared to net loss of $0.87 per diluted share for the same period of the prior year primarily due to impairment recognized in the prior year; • Core FFO per diluted share decreased 0.8% to $1.27, compared to $1.28 for the same period of the prior year, primarily due to the sale of 12 apartment communities in the prior year, offset by increased NOI from non-same-store communities and decreased casualty loss; and • Repurchased 45,310 common shares for an average of $55.54 per share. Balance Sheet At the end of the second quarter, Centerspace had $242.6 million of total liquidity on its balance sheet, consisting of $234.0 million available under lines of credit and cash and cash equivalents of $8.6 million. Subsequent Events On July 9, 2026, Centerspace completed the disposition of five apartment communities, consisting of 474 homes, located in Rapid City, South Dakota, for an aggregate sale price of $66.0 million. On July 14, 2026, Centerspace completed the disposition of two apartment communities, consisting of 312 homes, located in Minneapolis, Minnesota, with associated commercial space and tax increment financing note receivable for an aggregate sale price of $73.8 million. The Company expects to use the proceeds from these dispositions to paydown its line of credit and for general working capital purposes. Updated 2026 Financial Outlook Centerspace updated its 2026 financial outlook. The updated outlook includes the impact of expected dispositions and the deleveraging plan. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June 30, 2026 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook. Updated Outlook for 2026 Low High Net income per Share – diluted $6.42 $6.82 Same-Store Growth Revenue 0.00% 1.00% Expenses 1.50% 2.50% NOI (1.00)% 0.00% FFO per Share – diluted $4.37 $4.50 Core FFO per Share – diluted $4.58 $4.68 (1) Updated same-store outlook excludes 13 apartment communities designated as held for sale as of June 30, 2026 and one community disposed during the three months ended June 30, 2026. Additional assumptions: • Same-store recurring capital expenditures of $1,250 per home to $1,350 per home • Value-add expenditures of $3.5 million to $6.0 million • Gross proceeds from dispositions of $315.0 million to $320.0 million • Potential special distributions to common shareholders and operating partnership unitholders of $50.0 million to $60.0 million Previous Outlook for 2026 Low High FFO per Share – diluted $4.65 $4.92 Core FFO per Share – diluted $4.81 $5.05 (1) Previous same-store information is not comparable due to dispositions and apartment communities designated as held for sale and accordingly is not included. (1) (1) 2
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Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to “2026 Financial Outlook” in the Supplemental Financial and Operating Data within. Earnings Call Management will host a conference call to discuss those results on Tuesday, August 4, 2026, at 10:00 a.m. Eastern Time. Interested parties may access the conference call via the following: Live Webcast: https://events.q4inc.com/attendee/119929565 Operator Assisted Dial-In: 1-833-461-5787 Meeting ID: 119929565 Replay Details: Following the conclusion of the earnings call, a replay of the webcast will be hosted at ir.centerspacehomes.com and at https://events.q4inc.com/attendee/119929565 for one year. Supplemental Information Supplemental Operating and Financial Data for the quarter ended June 30, 2026 included herein (“Supplemental Information”) is available in the Investors section on Centerspace’s website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release. About Centerspace Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of June 30, 2026, Centerspace owned 60 apartment communities consisting of 12,090 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a Top Workplace in 2026 by USA Today and for the seventh consecutive year in 2026 by the Minnesota Star Tribune. For more information, please visit www.centerspacehomes.com. Forward-Looking Statements Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company's control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission (“SEC”), including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in its subsequent quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. In addition, such risks, uncertainties, and other factors include, but are not limited to, the ability of the Company to complete its proposed dispositions on a timely basis, or at all, risks that the Company's completed or proposed dispositions disrupt current plans and operations; the anticipated costs related to the Company's recently completed and proposed dispositions; the ability of the Company to realize the anticipated benefits of its recently completed and proposed dispositions and the intended use of proceeds therefrom, as well as the Company's strategic review. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. 3
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Contact Information Investor Relations Justin Ziegler Phone: 952-401-6600 Email: IR@centerspacehomes.com Marketing & Media Kelly Weber Phone: 952-401-6600 Email: kweber@centerspacehomes.com 4
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Supplemental Financial and Operating Data Table of Contents June 30, 2026 Page Common Share Data S-1 Key Financial Data Condensed Consolidated Statements of Operations S-2 Condensed Consolidated Balance Sheets S-3 Non-GAAP Financial Measures and Reconciliations Net Operating Income S-5 Same-Store Controllable Expenses S-7 Funds From Operations and Core Funds From Operations S-8 Adjusted EBITDA S-9 Debt and Capital Analysis Debt Analysis S-10 Capital Analysis S-11 Portfolio Analysis Same-Store Comparisons S-12 Portfolio Summary S-15 Capital Expenditures S-16 2026 Revised Financial Outlook S-17 Non-GAAP Financial Measures and Other Terms S-19
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CENTERSPACE COMMON SHARE DATA (NYSE: CSR) Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 High closing price $ 68.89 $ 67.00 $ 67.73 $ 61.09 $ 65.22 Low closing price $ 54.89 $ 57.05 $ 57.41 $ 53.18 $ 56.21 Average closing price $ 63.04 $ 62.88 $ 62.84 $ 57.79 $ 61.34 Closing price at end of quarter $ 56.19 $ 57.45 $ 66.72 $ 58.90 $ 60.19 Common share distributions – annualized $ 3.08 $ 3.08 $ 3.08 $ 3.08 $ 3.08 Closing price dividend yield – annualized 5.5 % 5.4 % 4.6 % 5.2 % 5.1 % Closing common shares outstanding (thousands) 16,792 16,803 16,761 16,703 16,757 Closing limited partnership units outstanding(thousands) 882 901 920 963 968 Closing Series E preferred units, as converted(thousands) 1,878 1,884 1,892 1,894 1,898 Total closing common shares, limited partnershipunits, and Series E preferred units, as converted,outstanding (thousands) 19,552 19,588 19,573 19,560 19,623 Closing market value of outstanding commonshares, plus imputed closing market value ofoutstanding limited partnership units and Series Epreferred units, as converted (thousands) $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084 $ 1,181,108 S-1
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CENTERSPACE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands) Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 REVENUE $ 65,782 $ 65,069 $ 66,621 $ 71,399 $ 68,549 $ 130,851 $ 135,642 EXPENSES Property operating expenses, excluding realestate taxes 17,625 18,242 18,496 21,210 18,853 35,867 37,921 Real estate taxes 7,022 7,332 6,140 7,165 7,678 14,354 15,341 Property management expense 2,094 2,379 2,323 2,489 2,393 4,473 4,826 Casualty loss, net of recoveries (206) (21) (242) 127 399 (227) 931 Depreciation and amortization 25,075 26,498 29,424 29,056 27,097 51,573 54,751 Impairment of real estate investments — 9,700 14,500 8,676 14,543 9,700 14,543 General and administrative expenses 5,659 6,332 6,542 4,997 4,382 11,991 9,379 TOTAL EXPENSES $ 57,269 $ 70,462 $ 77,183 $ 73,720 $ 75,345 $ 127,731 $ 137,692 Gain (loss) on sale of real estate and otherinvestments 271 — (61) 79,531 — 271 — Operating income (loss) 8,784 (5,393) (10,623) 77,210 (6,796) 3,391 (2,050) Interest expense (10,623) (10,470) (11,536) (12,989) (10,724) (21,093) (20,359) Loss on extinguishment of debt — — (95) (3) — — — Interest and other income 709 890 776 1,190 735 1,599 1,443 NET INCOME (LOSS) $ (1,130) $ (14,973) $ (21,478) $ 65,408 $ (16,785) $ (16,103) $ (20,966) Distributions to Series D preferred unitholders (58) (57) (57) (109) (160) (115) (320) Net (income) loss attributable tononcontrolling interest – Operating Partnershipand Series E preferred units 168 2,141 3,102 (9,197) 2,483 2,309 3,126 Net income attributable to noncontrollinginterests – consolidated real estate entities — — — (2,319) (53) — (89) NET INCOME (LOSS) AVAILABLE TOCOMMON SHAREHOLDERS $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ (14,515) $ (13,909) $ (18,249) Per Share Data - Basic Net income (loss) per common share – basic $ (0.07) $ (0.77) $ (1.10) $ 3.22 $ (0.87) $ (0.83) $ (1.09) Per Share Data - Diluted Net income (loss) per common share – diluted $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ (0.87) $ (0.83) $ (1.09) S-2
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CENTERSPACE CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 ASSETS Real estate investments Property owned $ 2,261,220 $ 2,518,162 $ 2,524,020 $ 2,536,166 $ 2,422,435 Less accumulated depreciation (605,402) (685,769) (660,124) (638,217) (612,827) Total real estate investments 1,655,818 1,832,393 1,863,896 1,897,949 1,809,608 Cash and cash equivalents 8,560 7,555 12,833 12,896 12,378 Restricted cash 1,883 2,710 2,818 52,943 5,815 Other assets 38,993 44,928 46,620 47,516 48,072 Assets held for sale, net 135,111 — — 86,302 137,366 TOTAL ASSETS $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606 $ 2,013,239 LIABILITIES, MEZZANINE EQUITY, AND EQUITY LIABILITIES Accounts payable and accrued expenses $ 51,370 $ 55,872 $ 59,247 $ 66,124 $ 56,070 Revolving lines of credit 176,000 150,429 154,925 222,500 216,030 Notes payable, net 299,608 299,594 299,579 299,564 299,550 Mortgages payable, net 513,975 565,611 566,660 622,074 595,668 Liabilities held for sale, net 1,460 — — 420 1,029 TOTAL LIABILITIES $ 1,042,413 $ 1,071,506 $ 1,080,411 $ 1,210,682 $ 1,168,347 SERIES D PREFERRED UNITS $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 11,310 EQUITY Common Shares of Beneficial Interest 1,369,753 1,370,461 1,368,834 1,366,980 1,369,376 Accumulated distributions in excess of net income (689,530) (675,493) (649,678) (618,341) (659,266) Accumulated other comprehensive loss — — — — (58) Total shareholders’ equity $ 680,223 $ 694,968 $ 719,156 $ 748,639 $ 710,052 Noncontrolling interests – Operating Partnership and Series E preferred units 111,789 115,172 120,660 128,038 121,439 Noncontrolling interests – consolidated real estate entities — — — 4,307 2,091 TOTAL EQUITY $ 792,012 $ 810,140 $ 839,816 $ 880,984 $ 833,582 TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606 $ 2,013,239 S-3
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CENTERSPACE NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited) This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by the Company, may not be comparable to non-GAAP measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does. The non- GAAP financial measures are defined and further explained on pages S-19 through S-23, “Non-GAAP Financial Measures and Other Terms.” The Company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or stabilized for substantially all of the periods being compared and, in the case of newly-acquired or constructed communities, have achieved a target level of physical occupancy of 90%, or re-positioned communities when they have achieved stabilized operations. Non- same store communities are communities not owned or stabilized as of the beginning of the previous year, including re-positioned communities, and excluding communities held for sale and the non-multifamily components of mixed-use properties. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows the Company to evaluate the performance of existing apartment communities and their contribution to net operating income (“NOI”). The Company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the Company has been successful in increasing NOI (defined and reconciled below), raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements. For the comparison of the six months ended June 30, 2026 and 2025, 44 apartment communities were same-store and three apartment communities and two apartment community were non-same-store, respectively. Communities designated as held for sale are included in “Non-same-store and held for sale.” For the six months ended June 30, 2026, 13 apartment communities were designated as held for sale and included in “Non-same-store and held for sale.” Sold communities are included in “Dispositions,” while “Other properties” includes non-multifamily properties and the non-multifamily components of mixed-use properties. During the three and six months ended June 30, 2026, the Company disposed of one apartment community consisting of 176 apartment homes. During the year ended December 31, 2025, the Company disposed of 12 apartment communities consisting of 1,511 apartment homes. S-4
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CENTERSPACE RECONCILIATIONS OF OPERATING INCOME (LOSS) TO NET OPERATING INCOME (dollars in thousands) Three Months Ended Sequential Year-Over-Year 6/30/2026 3/31/2026 6/30/2025 $ Change % Change $ Change % Change Operating income (loss) $ 8,784 $ (5,393) $ (6,796) $ 14,177 (262.9)% $ 15,580 (229.3)% Adjustments: Property management expenses 2,094 2,379 2,393 (285) (12.0)% (299) (12.5)% Casualty loss, net of recoveries (206) (21) 399 (185) 881.0 % (605) (151.6)% Depreciation and amortization 25,075 26,498 27,097 (1,423) (5.4)% (2,022) (7.5)% Impairment of real estate investments — 9,700 14,543 (9,700) (100.0)% (14,543) (100.0)% General and administrative expenses 5,659 6,332 4,382 (673) (10.6)% 1,277 29.1 % Gain on sale of real estate and other investments (271) — — (271) N/A (271) N/A Net operating income $ 41,135 $ 39,495 $ 42,018 $ 1,640 4.2 % $ (883) (2.1)% Revenue Same-store $ 49,996 $ 49,430 $ 49,931 $ 566 1.1 % $ 65 0.1 % Non-same-store and held for sale 14,212 13,925 9,909 287 * 4,303 * Other properties 917 911 779 6 0.7 % 138 17.7 % Dispositions 657 803 7,930 (146) * (7,273) * Total 65,782 65,069 68,549 713 1.1 % (2,767) (4.0)% Property operating expenses, including real estatetaxes Same-store 18,790 19,647 18,809 (857) (4.4)% (19) (0.1)% Non-same-store and held for sale 5,190 5,275 3,797 (85) * 1,393 * Other properties 295 302 237 (7) (2.3)% 58 24.5 % Dispositions 372 350 3,688 22 * (3,316) * Total 24,647 25,574 26,531 (927) (3.6)% (1,884) (7.1)% Net operating income Same-store 31,206 29,783 31,122 1,423 4.8 % 84 0.3 % Non-same-store and held for sale 9,022 8,650 6,112 372 * 2,910 * Other properties 622 609 542 13 2.1 % 80 14.8 % Dispositions 285 453 4,242 (168) * (3,957) * Total $ 41,135 $ 39,495 $ 42,018 $ 1,640 4.2 % $ (883) (2.1)% (1) Net operating income is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. Non- GAAP financial measures should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance. * Not a meaningful percentage. (1) (1) (1) S-5
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(dollars in thousands) Six Months Ended June 30, 2026 2025 $ Change % Change Operating income (loss) $ 3,391 $ (2,050) $ 5,441 (265.4)% Adjustments: Property management expenses 4,473 4,826 (353) (7.3)% Casualty loss, net of recoveries (227) 931 (1,158) (124.4)% Depreciation and amortization 51,573 54,751 (3,178) (5.8)% Impairment of real estate investments 9,700 14,543 (4,843) (33.3)% General and administrative expenses 11,991 9,379 2,612 27.8 % Gain on sale of real estate and other investments (271) — (271) N/A Net operating income $ 80,630 $ 82,380 $ (1,750) (2.1)% Revenue Same-store $ 99,426 $ 99,464 $ (38) — % Non-same-store and held for sale 28,137 18,823 9,314 * Other properties 1,828 1,580 248 15.7 % Dispositions 1,460 15,775 (14,315) * Total 130,851 135,642 (4,791) (3.5)% Property operating expenses, including real estate taxes Same-store 38,437 37,685 752 2.0 % Non-same-store and held for sale 10,467 7,617 2,850 * Other properties 596 564 32 5.7 % Dispositions 721 7,396 (6,675) * Total 50,221 53,262 (3,041) (5.7)% Net operating income Same-store 60,989 61,779 (790) (1.3)% Non-same-store and held for sale 17,670 11,206 6,464 * Other properties 1,232 1,016 216 21.3 % Dispositions 739 8,379 (7,640) * Total $ 80,630 $ 82,380 $ (1,750) (2.1)% (1) Net operating income is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. Non- GAAP financial measures should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance. * Not a meaningful percentage. (1) (1) S-6
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CENTERSPACE RECONCILIATIONS OF SAME-STORE CONTROLLABLE EXPENSES TO TOTAL PROPERTY OPERATING EXPENSES, INCLUDING REAL ESTATE TAXES (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Same-store controllable expenses On-site compensation $ 5,096 $ 5,053 $ 43 0.9 % $ 10,037 $ 9,996 $ 41 0.4 % Repairs and maintenance 2,612 2,731 (119) (4.4)% 5,019 4,871 148 3.0 % Utilities 2,625 2,571 54 2.1 % 6,066 5,883 183 3.1 % Administrative and marketing 1,282 1,237 45 3.6 % 2,616 2,323 293 12.6 % Total $ 11,615 $ 11,592 $ 23 0.2 % $ 23,738 $ 23,073 $ 665 2.9 % Same-store non-controllable expenses Real estate taxes $ 5,361 $ 5,553 $ (192) (3.5)% $ 10,989 $ 11,150 $ (161) (1.4)% Insurance 1,814 1,664 150 9.0 % 3,710 3,462 248 7.2 % Total $ 7,175 $ 7,217 $ (42) (0.6)% $ 14,699 $ 14,612 $ 87 0.6 % Total property operating expenses, includingreal estate taxes - same-store $ 18,790 $ 18,809 $ (19) (0.1)% $ 38,437 $ 37,685 $ 752 2.0 % Property operating expenses, including realestate taxes - non-same-store and held for sale $ 5,190 $ 3,797 $ 1,393 * $ 10,467 $ 7,617 $ 2,850 * Property operating expenses, including realestate taxes - other properties 295 237 58 24.5 % 596 564 32 5.7 % Property operating expenses, including realestate taxes - dispositions 372 3,688 (3,316) * 721 7,396 (6,675) * Total property operating expenses,including real estate taxes $ 24,647 $ 26,531 $ (1,884) (7.1)% $ 50,221 $ 53,262 $ (3,041) (5.7)% (1) Same-store controllable expenses is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) On-site compensation for administration, leasing, and maintenance personnel. (3) Includes turnover expense. * Not a meaningful percentage. (1) (2) (3) S-7
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CENTERSPACE RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS AND CORE FUNDS FROM OPERATIONS (in thousands, except per share amounts) Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Funds from Operations Net income (loss) available to common shareholders $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ (14,515) $ (13,909) $ (18,249) Adjustments: Noncontrolling interests – Operating Partnershipand Series E preferred units (168) (2,141) (3,102) 9,197 (2,483) (2,309) (3,126) Depreciation and amortization 25,075 26,498 29,424 29,056 27,097 51,573 54,751 Less depreciation – non real estate (67) (67) (83) (85) (84) (134) (167) Less depreciation – partially owned entities — — — — (21) — (43) Impairment of real estate investments — 9,700 14,500 8,676 14,543 9,700 14,543 (Gain) loss on sale of real estate (271) — 61 (79,531) — (271) — Less gain on sale of real estate - partially ownedentities — — 1 2,251 — — — Add loss on sale of non real estate assets — — (50) — — — — FFO applicable to common shares and Units $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 24,537 $ 44,650 $ 47,709 Adjustments to Core FFO : Non-cash casualty loss (recovery) (65) (193) 229 (123) 149 (258) 431 Loss on extinguishment of debt — — 95 3 — — — Interest rate swap amortization — — — 58 174 — 349 Amortization of assumed debt 489 365 593 530 418 854 835 Severance and related costs 880 — — — — 880 — Legal and other costs related to strategic review 127 977 1,336 — — 1,104 — Other miscellaneous items — (209) (4) (455) 19 (209) (48) Core FFO applicable to common shares and Units $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 25,297 $ 47,021 $ 49,276 FFO applicable to common shares and Units $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 24,537 $ 44,650 $ 47,709 Distributions to Series D preferred unitholders 58 57 57 109 160 115 320 FFO applicable to common shares and Units - diluted $ 23,607 $ 21,158 $ 22,375 $ 23,456 $ 24,697 $ 44,765 $ 48,029 Core FFO applicable to common shares and Units $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 25,297 $ 47,021 $ 49,276 Distributions to Series D preferred unitholders 58 57 57 109 160 115 320 Core FFO applicable to common shares and Units -diluted $ 25,038 $ 22,098 $ 24,624 $ 23,469 $ 25,457 $ 47,136 $ 49,596 Per Share Data Net income (loss) per share and Unit - diluted $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ (0.87) $ (0.83) $ (1.09) FFO per share and Unit - diluted $ 1.20 $ 1.07 $ 1.14 $ 1.19 $ 1.24 $ 2.27 $ 2.42 Core FFO per share and Unit - diluted $ 1.27 $ 1.12 $ 1.25 $ 1.19 $ 1.28 $ 2.39 $ 2.50 Weighted average shares - basic for net income (loss) 16,810 16,775 16,719 16,726 16,741 16,792 16,734 Effect of operating partnership Units for net income,FFO and Core FFO 895 914 948 966 971 905 975 Effect of Series D preferred units for net income, FFOand Core FFO 82 82 82 155 228 82 228 Effect of Series E preferred units for net income, FFOand Core FFO 1,883 1,892 1,894 1,898 1,905 1,888 1,906 Effect of dilutive restricted stock units and stockoptions for net income, FFO and Core FFO 29 29 56 26 25 29 25 Weighted average shares and Units for net income,FFO and Core FFO - diluted 19,699 19,692 19,699 19,771 19,870 19,696 19,868 (1) Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) Consists of (gain) loss on investments. (1) (1) (1) (2) (1) (1) S-8
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CENTERSPACE RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO CONTROLLING INTERESTS TO ADJUSTED EBITDA (in thousands) Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Adjusted EBITDA Net income (loss) attributable to controlling interests $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ (14,515) $ (13,909) $ (18,249) Adjustments: Distributions to Series D preferred unitholders 58 57 57 109 160 115 320 Noncontrolling interests – Operating Partnership andSeries E preferred units (168) (2,141) (3,102) 9,197 (2,483) (2,309) (3,126) Income (loss) before noncontrolling interests –Operating Partnership and Series E preferred units $ (1,130) $ (14,973) $ (21,478) $ 63,089 $ (16,838) $ (16,103) $ (21,055) Adjustments: Interest expense 10,623 10,470 11,537 12,989 10,719 21,093 20,341 Loss on extinguishment of debt — — 95 3 — — — Depreciation and amortization related to real estateinvestments 25,075 26,498 29,424 29,056 27,076 51,573 54,708 Impairment of real estate investments — 9,700 14,500 8,676 14,543 9,700 14,543 Non-cash casualty loss (recovery) (65) (193) 229 (123) 149 (258) 431 Interest income (658) (644) (757) (724) (729) (1,302) (1,345) (Gain) loss on sale of real estate (271) — 12 (77,280) — (271) — Severance related costs 880 — — — — 880 — Legal and other costs related to strategic review 127 977 1,336 — — 1,104 — Other miscellaneous items — (209) (4) (455) 19 (209) (48) Adjusted EBITDA $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 34,939 $ 66,207 $ 67,575 (1) Adjusted EBITDA is a non-GAAP measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) Consists of (gain) loss on investments and one-time professional fees. (1) (2) S-9
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CENTERSPACE DEBT ANALYSIS (in thousands) Debt Maturity Schedule by Expiration Future Maturities of Debt Secured FixedDebt Unsecured FixedDebt UnsecuredVariable Debt TotalDebt % ofTotal Debt WeightedAverage InterestRate 2026 (remainder) $ — $ — $ — $ — — % — % 2027 46,330 — — 46,330 4.5 % 3.47 % 2028 60,000 50,000 176,000 286,000 28.0 % 4.19 % 2029 19,198 75,000 — 94,198 9.2 % 3.94 % 2030 — 85,000 — 85,000 8.3 % 2.62 % Thereafter 419,619 90,000 — 509,619 50.0 % 3.45 % Subtotal 545,147 300,000 176,000 1,021,147 100.0 % 3.63 % Premiums and discounts, net (28,533) — — (28,533) Deferred financing costs, net (2,639) (392) — (3,031) Total debt $ 513,975 $ 299,608 $ 176,000 $ 989,583 (1) Weighted average interest rate of debt that matures during the year. 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Debt Balances Outstanding Secured fixed rate - mortgages payable - other $ 346,297 $ 398,567 $ 400,134 $ 455,934 $ 406,412 Secured fixed rate - mortgages payable - Fannie Mae credit facility 198,850 198,850 198,850 198,850 198,850 Unsecured variable rate line of credit 176,000 150,429 154,925 222,500 216,030 Unsecured senior notes 300,000 300,000 300,000 300,000 300,000 Subtotal $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 1,121,292 Premiums and discounts, net (28,533) (29,023) (29,387) (29,763) (6,661) Deferred financing costs, net (3,031) (3,189) (3,358) (3,383) (3,383) Debt total $ 989,583 $ 1,015,634 $ 1,021,164 $ 1,144,138 $ 1,111,248 Weighted average interest rates Mortgages payable - other rate 3.94 % 3.88 % 3.88 % 3.87 % 4.03 % Mortgages payable - Fannie Mae credit facility rate 2.78 % 2.78 % 2.78 % 2.78 % 2.78 % Lines of credit rate 4.87 % 4.88 % 5.12 % 5.51 % 5.75 % Unsecured senior notes rate 3.12 % 3.12 % 3.12 % 3.12 % 3.12 % Total debt 3.63 % 3.60 % 3.64 % 3.80 % 3.90 % (1) Excludes premiums, discounts, and deferred financing costs. (2) Interest rate excludes any unused facility fees and amounts reclassified from accumulated other comprehensive income (loss) into interest expense from terminated interest rate swaps, as shown in the table below. Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Reclassified from Accumulated OCI into interest expense $ — $ — $ — $ 58 $ 174 (1) (1) (2) S-10
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CENTERSPACE CAPITAL ANALYSIS (in thousands, except per share and unit amounts) Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Equity Capitalization Common shares outstanding 16,792 16,803 16,761 16,703 16,757 Operating partnership units outstanding 882 901 920 963 968 Series E preferred units (as converted) 1,878 1,884 1,892 1,894 1,898 Total common shares, Units, and Series E preferred units, asconverted, outstanding 19,552 19,588 19,573 19,560 19,623 Market price per common share (closing price at end of period) $ 56.19 $ 57.45 $ 66.72 $ 58.90 $ 60.19 Equity capitalization-common shares and Units $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084 $ 1,181,108 Series D preferred units $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 11,310 Debt Capitalization Total debt $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 1,121,292 Total market capitalization $ 2,125,714 $ 2,179,117 $ 2,365,760 $ 2,335,308 $ 2,313,710 Total debt to total market capitalization 48.0 % 48.1 % 44.5 % 50.4 % 48.5 % (1) Excludes deferred financing costs and debt premiums and discounts. (2) Total debt to total market capitalization is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Debt service coverage ratio 2.86 x 2.63 x 2.59 x 2.35 x 2.78 x 2.74 x 2.80 x Adjusted EBITDA/Interest expense plus preferreddistributions and principal amortization 2.84 x 2.62 x 2.58 x 2.33 x 2.74 x 2.73 x 2.77 x Net debt/Adjusted EBITDA 7.32 x 8.22 x 7.46 x 7.90 x 7.93 x 7.65 x 8.21 x Net debt and preferred equity/Adjusted EBITDA 7.36 x 8.27 x 7.50 x 7.94 x 8.02 x 7.69 x 8.29 x Distribution Data Common shares and Units outstanding at recorddate (in thousands) 17,685 17,692 17,679 17,662 17,717 17,685 17,717 Total common distribution declared (in thousands) $ 13,618 $ 13,624 $ 13,613 $ 13,600 $ 13,642 $ 27,242 $ 27,275 Common distribution per share and Unit $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 1.54 $ 1.54 Payout ratio (FFO per share and Unit basis) Payout ratio (Core FFO per diluted share and unitbasis) 60.6 % 68.8 % 61.6 % 64.7 % 60.2 % 64.4 % 61.6 % (1) Debt service coverage ratio, adjusted EBITDA divided by interest expense plus preferred distributions and principal amortization, net debt divided by adjusted EBITDA, net debt and preferred equity divided by adjusted EBITDA, and payout ratio are non-GAAP financial measures. Refer to pages S-19 through S-23 “Non- GAAP Financial Measures and Other Terms” for additional information. (1) (2) (1) (1) (1) (1) (1) S-11
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CENTERSPACE SAME-STORE SECOND QUARTER COMPARISONS (in thousands, except property data amounts and percentages) Apartment HomesIncluded Revenues Expenses NOI Regions Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change Denver, CO 1,801 $ 10,935 $ 11,585 (5.6)% $ 4,133 $ 4,351 (5.0)% $ 6,802 $ 7,234 (6.0)% Minneapolis, MN 3,433 18,141 17,780 2.0 % 7,053 6,964 1.3 % 11,088 10,816 2.5 % Boulder/Ft. Collins, CO 559 3,367 3,472 (3.0)% 1,174 1,162 1.0 % 2,193 2,310 (5.1)% North Dakota 865 3,969 3,754 5.7 % 1,404 1,378 1.9 % 2,565 2,376 8.0 % Omaha, NE 872 3,861 3,771 2.4 % 1,483 1,499 (1.1)% 2,378 2,272 4.7 % Rochester, MN 1,129 6,369 6,271 1.6 % 2,409 2,319 3.9 % 3,960 3,952 0.2 % Other Mountain West 748 3,354 3,298 1.7 % 1,134 1,136 (0.2)% 2,220 2,162 2.7 % Same-Store Total 9,407 $ 49,996 $ 49,931 0.1 % $ 18,790 $ 18,809 (0.1)% $ 31,206 $ 31,122 0.3 % % of NOI Weighted Average Occupancy Average Monthly Rental Rate Average Monthly Revenue per Occupied Home Regions Q2 2026 Q2 2025 Growth Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change Denver, CO 21.8 % 94.6 % 93.9 % 0.7 % $ 1,962 $ 2,000 (1.9)% $ 2,140 $ 2,284 (6.3)% Minneapolis, MN 35.6 % 96.7 % 96.8 % (0.1)% 1,611 1,581 1.9 % 1,822 1,785 2.1 % Boulder/Ft. Collins, CO 7.0 % 95.7 % 95.6 % 0.1 % 1,921 1,902 1.0 % 2,097 2,167 (3.2)% North Dakota 8.2 % 97.0 % 96.9 % 0.1 % 1,409 1,339 5.2 % 1,577 1,498 5.3 % Omaha, NE 7.6 % 94.6 % 94.2 % 0.4 % 1,428 1,393 2.5 % 1,561 1,530 2.0 % Rochester, MN 12.7 % 97.4 % 97.6 % (0.2)% 1,814 1,779 2.0 % 1,930 1,896 1.8 % Other Mountain West 7.1 % 95.1 % 96.5 % (1.4)% 1,390 1,364 1.9 % 1,572 1,524 3.1 % Same-Store Total 100.0 % 96.0 % 95.9 % 0.1 % $ 1,668 $ 1,647 1.3 % $ 1,846 $ 1,845 0.1 % (1) Includes apartment communities in Grand Forks, North Dakota. (2) Includes apartment communities in Billings, Montana. (3) NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions. (5) Same-store comparisons exclude 13 communities designated as held for sale. (3) (1) (2) (5) (4) (4) (4) (1) (2) (5) S-12
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CENTERSPACE SAME-STORE SEQUENTIAL QUARTER COMPARISONS (in thousands, except property data amounts and percentages) Apartment HomesIncluded Revenues Expenses NOI Regions Q2 2026 Q1 2026 % Change Q2 2026 Q1 2026 % Change Q2 2026 Q1 2026 % Change Denver, CO 1,801 $ 10,935 $ 11,110 (1.6)% $ 4,133 $ 4,308 (4.1)% $ 6,802 $ 6,802 — % Minneapolis, MN 3,433 18,141 17,788 2.0 % 7,053 7,510 (6.1)% 11,088 10,278 7.9 % Boulder/Ft. Collins, CO 559 3,367 3,384 (0.5)% 1,174 1,242 (5.5)% 2,193 2,142 2.4 % North Dakota 865 3,969 3,832 3.6 % 1,404 1,667 (15.8)% 2,565 2,165 18.5 % Omaha, NE 872 3,861 3,884 (0.6)% 1,483 1,336 11.0 % 2,378 2,548 (6.7)% Rochester, MN 1,129 6,369 6,180 3.1 % 2,409 2,457 (2.0)% 3,960 3,723 6.4 % Other Mountain West 748 3,354 3,252 3.1 % 1,134 1,127 0.6 % 2,220 2,125 4.5 % Same-Store Total 9,407 $ 49,996 $ 49,430 1.1 % $ 18,790 $ 19,647 (4.4)% $ 31,206 $ 29,783 4.8 % % of NOI Weighted Average Occupancy Average MonthlyRental Rate Average MonthlyRevenue per Occupied Home Regions Q2 2026 Q1 2026 Growth Q2 2026 Q1 2026 % Change Q2 2026 Q1 2026 % Change Denver, CO 21.8 % 94.6 % 93.8 % 0.8 % $ 1,962 $ 1,973 (0.6)% $ 2,140 $ 2,193 (2.4)% Minneapolis, MN 35.6 % 96.7 % 96.1 % 0.6 % 1,611 1,605 0.4 % 1,822 1,798 1.3 % Boulder/Ft. Collins, CO 7.0 % 95.7 % 95.4 % 0.3 % 1,921 1,913 0.4 % 2,097 2,114 (0.8)% North Dakota 8.2 % 97.0 % 96.1 % 0.9 % 1,409 1,399 0.7 % 1,577 1,537 2.6 % Omaha, NE 7.6 % 94.6 % 95.5 % (0.9)% 1,428 1,427 0.1 % 1,561 1,554 0.5 % Rochester, MN 12.7 % 97.4 % 97.0 % 0.4 % 1,814 1,806 0.4 % 1,930 1,881 2.6 % Other Mountain West 7.1 % 95.1 % 93.9 % 1.2 % 1,390 1,382 0.6 % 1,572 1,543 1.9 % Same-Store Total 100.0 % 96.0 % 95.4 % 0.6 % $ 1,668 $ 1,665 0.2 % $ 1,846 $ 1,835 0.6 % (1) Includes apartment communities in Grand Forks, North Dakota. (2) Includes apartment communities in Billings, Montana. (3) NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions. (5) Same-store comparisons exclude 13 communities designated as held for sale. (3) (1) (2) (5) (4) (4) (4) (1) (2) (5) S-13
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CENTERSPACE SAME-STORE YEAR TO DATE COMPARISONS (in thousands, except property data amounts and percentages) ApartmentHomes Included Revenues Expenses NOI Regions 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Denver, CO 1,801 $ 22,045 $ 23,243 (5.2)% $ 8,441 $ 8,720 (3.2)% $ 13,604 $ 14,523 (6.3)% Minneapolis, MN 3,433 35,929 35,341 1.7 % 14,563 14,186 2.7 % 21,366 21,155 1.0 % Boulder/Ft. Collins, CO 559 6,751 6,933 (2.6)% 2,416 2,212 9.2 % 4,335 4,721 (8.2)% North Dakota 865 7,801 7,420 5.1 % 3,071 2,984 2.9 % 4,730 4,436 6.6 % Omaha, NE 872 7,745 7,522 3.0 % 2,819 2,917 (3.4)% 4,926 4,605 7.0 % Rochester, MN 1,129 12,549 12,414 1.1 % 4,866 4,513 7.8 % 7,683 7,901 (2.8)% Other Mountain West 748 6,606 6,591 0.2 % 2,261 2,153 5.0 % 4,345 4,438 (2.1)% Same-Store Total 9,407 $ 99,426 $ 99,464 — % $ 38,437 $ 37,685 2.0 % $ 60,989 $ 61,779 (1.3)% % of NOI Weighted Average Occupancy Average Monthly Rental Rate Average Monthly Revenue per Occupied Home Regions 2026 2025 Growth 2026 2025 % Change 2026 2025 % Change Denver, CO 22.3 % 94.2 % 94.3 % (0.1)% $ 1,968 $ 2,008 (2.0)% $ 2,166 $ 2,281 (5.0)% Minneapolis, MN 35.0 % 96.4 % 96.5 % (0.1)% 1,608 1,577 2.0 % 1,810 1,778 1.8 % Boulder/Ft. Collins, CO 7.1 % 95.6 % 95.9 % (0.3)% 1,917 1,906 0.6 % 2,106 2,156 (2.3)% North Dakota 7.8 % 96.5 % 97.6 % (1.1)% 1,404 1,322 6.2 % 1,557 1,470 5.9 % Omaha, NE 8.1 % 95.0 % 94.2 % 0.8 % 1,427 1,386 3.0 % 1,558 1,527 2.0 % Rochester, MN 12.6 % 97.2 % 97.1 % 0.1 % 1,810 1,771 2.2 % 1,906 1,887 1.0 % Other Mountain West 7.1 % 94.5 % 96.4 % (1.9)% 1,386 1,360 1.9 % 1,557 1,523 2.2 % Same-Store Total 100.0 % 95.7 % 95.9 % (0.2)% $ 1,666 $ 1,644 1.3 % $ 1,840 $ 1,838 0.1 % (1) Includes apartment communities in Grand Forks, North Dakota. (2) Includes apartment communities in Billings, Montana. (3) NOI is a non-GAAP financial measure. Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions. (5) Same-store comparisons exclude 13 communities designated as held for sale. (3) (1) (2) (5) (4) (4) (4) (1) (2) (5) S-14
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CENTERSPACE PORTFOLIO SUMMARY As of and for the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Number of Apartment Homes at Period End Same-Store 9,407 11,214 11,084 11,084 11,084 Non-Same-Store and Held for Sale 2,683 1,049 1,178 1,178 758 All Communities 12,090 12,263 12,262 12,262 11,842 Average Monthly Rental Rate Same-Store $ 1,668 $ 1,643 $ 1,639 $ 1,629 $ 1,621 Non-Same-Store and Held for Sale 1,662 1,848 1,842 1,858 1,731 All Communities $ 1,666 $ 1,660 $ 1,658 $ 1,649 $ 1,625 Average Monthly Revenue per Occupied Apartment Home Same-Store $ 1,846 $ 1,813 $ 1,818 $ 1,823 $ 1,818 Non-Same-Store and Held for Sale 1,840 2,058 2,080 2,090 1,951 All Communities $ 1,844 $ 1,834 $ 1,843 $ 1,846 $ 1,844 Weighted Average Occupancy Same-Store 96.0 % 95.4 % 95.3 % 95.8 % 96.1 % Non-Same-Store and Held for Sale 95.9 % 92.0 % 89.7 % 87.5 % 85.9 % All Communities 96.0 % 95.1 % 94.7 % 95.0 % 94.5 % Property Operating Expenses, including Real Estate Taxes as a % ofScheduled Rent Same-Store 39.9 % 41.5 % 38.3 % 41.6 % 40.6 % Non-Same-Store and Held for Sale 38.8 % 40.7 % 39.3 % 42.6 % 44.0 % All Communities 39.7 % 41.4 % 38.4 % 41.7 % 40.8 % Capital Expenditures Total Recurring Capital Expenditures per Apartment Home – Same-Store $ 303 $ 198 $ 269 $ 350 $ 370 (1) Previously reported amounts are not revised for changes in the composition of the same-store properties pool. (2) Includes apartment communities classified as held for sale as of June 30, 2026 and excludes apartment communities classified as held for sale as of September 30, 2025, and June 30, 2025. (3) Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions. (1) (2) (2) (3) (2) (2) (3) (2) (2) (3) (2) (2) (3) (2) (2) (3) S-15
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CENTERSPACE CAPITAL EXPENDITURES (dollars in thousands, except per home amounts) Three Months Ended Six Months Ended Capital Expenditures 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Total Same-Store Apartment Homes 9,407 9,406 9,407 9,406 All Properties - Weighted Average Apartment Homes 12,262 13,132 12,264 13,072 Same-Store Building - Exterior $ 667 $ 1,218 $ 935 $ 1,340 Building - Interior 23 13 97 149 Mechanical, Electrical, & Plumbing 595 526 1,157 874 Furniture & Equipment 90 195 153 212 Landscaping & Grounds 215 139 266 221 Turnover Replacements 817 665 1,524 1,303 Work in progress - net change 448 281 518 460 Recurring Capital Expenditures - Same-Store $ 2,855 $ 3,037 $ 4,650 $ 4,559 Recurring Capital Expenditures per Apartment Home - Same-Store $ 303 $ 323 $ 494 $ 485 Recurring Capital Expenditures - All Properties $ 3,562 $ 5,105 $ 5,731 $ 7,323 Recurring Capital Expenditures per Weighted Average Apartment Home - All Properties $ 290 $ 389 $ 467 $ 560 Value Add Same-Store Interior - Units $ 42 $ 642 $ 36 $ 1,019 Common Areas and Exteriors 1,162 546 2,672 1,675 Work in Progress - net change 647 1,309 131 348 Total Value Add - Same Store $ 1,851 $ 2,497 $ 2,839 $ 3,042 All Properties Interior - Units $ 42 $ 1,557 $ 36 $ 2,341 Common Areas and Exteriors 1,497 983 3,213 2,437 Work in Progress - net change 438 1,320 (30) 171 Total Value Add - All Properties $ 1,977 $ 3,860 $ 3,219 $ 4,949 Total Same-Store Capital Spend Capital Spend - Same-Store $ 4,706 $ 5,534 $ 7,489 $ 7,601 Capital Spend per Apartment Home - Same-Store $ 500 $ 588 $ 796 $ 808 Acquisition and Other Capital Expenditures All Properties $ 2,548 $ 2,091 $ 3,993 $ 2,655 Total Capital Spend Total Capital Spend - All Properties $ 8,087 $ 11,056 $ 12,943 $ 14,927 Total Capital Spend per Weighted Average Apartment Home - All Properties $ 660 $ 842 $ 1,055 $ 1,142 (1) Refer to pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for definitions. (2) Includes value-add and excludes acquisition and other capital expenditures on same-store communities. (3) Includes all properties, including held for sale and dispositions. (3) (1) (1) (1) (1) (1) (2) (2) (2) (1) S-16
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CENTERSPACE 2026 Revised Financial Outlook (in thousands, except per share and per home amounts) Centerspace updated its financial outlook for 2026 in the table below. The updated outlook includes the impact of expected dispositions and the deleveraging plan. 2026 Updated Outlook Range Six Months Ended Low High June 30, 2026 Amount Amount Same-store growth Revenue $ 99,426 0.00 % 1.00 % Controllable expenses 23,738 0.50 % 1.50 % Non-controllable expenses 14,699 3.50 % 4.50 % Total Expenses $ 38,437 1.50 % 2.50 % Same-store NOI $ 60,989 (1.00)% 0.00 % Components of NOI Same-store $ 60,989 $ 122,600 $ 123,900 Non-same-store and held for sale 17,670 27,150 27,350 Other properties 1,232 2,200 2,300 Dispositions 739 — — Total NOI $ 80,630 $ 151,950 $ 153,550 Other operating income and expenses General and administrative and property management (16,464) (30,950) (30,300) Casualty loss, net of recoveries 227 (650) (550) Non-real estate depreciation and amortization (134) (300) (250) Loss on sale of non real estate assets — (179) (184) Total other operating income and expenses $ (16,371) $ (32,079) $ (31,284) Interest expense $ (21,093) (37,700) (37,600) Interest and other income 1,599 3,800 4,100 FFO applicable to common shares and Units - diluted $ 44,765 $ 85,971 $ 88,766 Non-core income and expenses Non-cash casualty loss (recovery) $ (258) $ 250 $ 150 Amortization of assumed debt 854 1,284 1,284 Severance and related costs 880 1,050 1,000 Legal and other costs related to strategic review 1,104 1,600 1,100 Other miscellaneous items (209) (71) (16) Total non-core income and expenses $ 2,371 $ 4,113 $ 3,518 Core FFO applicable to common shares and Units - diluted $ 47,136 $ 90,084 $ 92,284 Net loss per share - diluted $ (0.83) $ 6.42 $ 6.82 FFO per diluted share $ 2.27 $ 4.37 $ 4.50 Core FFO per diluted share $ 2.39 $ 4.58 $ 4.68 Weighted average shares outstanding - diluted 19,696 19,690 19,715 Additional Assumptions Same-store recurring capital expenditures (per home) $ 494 $ 1,250 $ 1,350 Value-add expenditures $ 3,219 $ 3,500 $ 6,000 Gross proceeds from dispositions $ 30,000 $ 315,000 $ 320,000 Potential special distributions to common shares and operatingpartnership units $ — $ 50,000 $ 60,000 (1) Updated same-store pool as a result of the disposition of one community during the three months ended June 30, 2026 and 13 apartment communities designated as held for sale as of June 30, 2026. (2) Updated outlook range has new same-store pool which excludes apartment communities designated as held for sale or disposed and includes expected impact of dispositions and deleveraging. (3) NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage, components, and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above and pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (1) (2) (3) (3) (2)(3) (3) (3) (3) (3) S-17
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Reconciliations of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO The outlook and projections provided below are based on current expectations and are forward-looking statements under applicable U.S. federal securities laws. Updated Outlook Six Months Ended 12 Months Ended June 30, 2026 December 31, 2026 Actual Low High Net loss available to common shareholders $ (13,909) $ 129,226 $ 136,331 Noncontrolling interests - Operating Partnership and Series Epreferred units (2,309) (2,795) (1,950) Depreciation and amortization 51,573 96,590 96,390 Less depreciation - non real estate (134) (300) (250) Impairment of real estate investments 9,700 9,700 9,700 Gain on sale of real estate (271) (146,500) (151,500) Loss on sale of non real estate assets — (179) (184) Distributions to Series D preferred unitholders 115 229 229 FFO applicable to common shares and Units - diluted $ 44,765 $ 85,971 $ 88,766 Adjustments to Core FFO: Non-cash casualty loss (recovery) (258) 250 150 Amortization of assumed debt 854 1,284 1,284 Severance and related costs 880 1,050 1,000 Legal and other costs related to strategic review 1,104 1,600 1,100 Other miscellaneous items (209) (71) (16) Core FFO applicable to common shares and Units - diluted $ 47,136 $ 90,084 $ 92,284 Net loss per share - diluted $ (0.83) $ 6.42 $ 6.82 FFO per share - diluted $ 2.27 $ 4.37 $ 4.50 Core FFO per share - diluted $ 2.39 $ 4.58 $ 4.68 (1) FFO and Core FFO are non-GAAP financial measures. For more information on their usage, components, and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above and pages S-19 through S-23 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) Updated outlook range has new same-store pool which excludes apartment communities designated as held for sale or disposed and includes expected impact of dispositions and deleveraging. Reconciliations of Operating Income to Net Operating Income The outlook and projections provided below are based on current expectations and are forward-looking statements under applicable U.S. federal securities laws. Updated Outlook Six Months Ended 12 Months Ended June 30, 2026 December 31, 2026 Actual Low High Operating income $ 3,391 $ 160,560 $ 168,110 Adjustments: General and administrative and property management expenses 16,464 30,950 30,300 Casualty loss, net of recoveries (227) 650 550 Depreciation and amortization 51,573 96,590 96,390 Impairment of real estate investments 9,700 9,700 9,700 Gain on sale of real estate and other assets (271) (146,500) (151,500) Net operating income $ 80,630 $ 151,950 $ 153,550 (1) NOI is a non-GAAP financial measure. For more information on its usage, components, and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above and pages S-19 through S-23 “Non- GAAP Financial Measures and Other Terms” for additional information. (2) Updated outlook range has new same-store pool which excludes apartment communities designated as held for sale or disposed and includes expected impact of dispositions and deleveraging. (2) (1) (1) (2) (1) S-18
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CENTERSPACE NON-GAAP FINANCIAL MEASURES AND OTHER TERMS Acquisition and Other Capital Expenditures Acquisition and other non-routine capital expenditures represent capital additions contemplated in the underwriting at recently acquired communities. These amounts are considered when determining expected returns. Other capital expenditures includes casualty and other non-routine capital items including, but not limited to, tenant improvements, real estate special assessments, and capital expenditures incurred to dispose of properties. Casualty represents capitalized costs incurred in connection with the restoration of an apartment community after a casualty event. Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The Company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, financing costs, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Average Monthly Rental Rate Average monthly rental rate is scheduled rent divided by the total number of apartment homes. Average Monthly Revenue per Occupied Home Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period. Debt Service Coverage Ratio Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non- GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section. As of and for the Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Adjusted EBITDA $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 34,939 $ 66,207 $ 67,575 Interest Expense 10,623 10,470 11,537 12,989 10,719 21,093 20,341 Principal Amortization 1,488 1,567 1,939 2,000 1,853 3,055 3,759 Total Interest Expense and Principal Amortization 12,111 12,037 13,476 14,989 12,572 24,148 24,100 Distributions paid to Series D preferred unitholders 58 57 57 109 160 115 320 Total Interest Expense, Principal Amortization, andpreferred distributions 12,169 12,094 13,533 15,098 12,732 24,263 24,420 Debt Service Coverage Ratio 2.86 2.63 2.59 2.35 2.78 2.74 2.80 Adjusted EBITDA/Interest expense plus preferreddistributions and principal amortization 2.84 2.62 2.58 2.33 2.74 2.73 2.77 Effective Blended Lease Rate Growth Effective blended lease rate growth is the weighted average of effective new lease rate growth and effective renewal lease rate growth within the given timeframe. Effective New Lease Rate Growth Effective new lease rate growth is the growth in gross rents after the effect of leasing concessions for new leases that became effective within the given timeframe as compared to the prior lease. S-19
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Effective Renewal Lease Rate Growth Effective renewal lease rate growth is the growth in gross rents after the effect of leasing concessions for renewal leases that became effective within the given timeframe as compared to the prior lease. Funds From Operations and Core Funds From Operations The Company believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation and amortization. The Company uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding: • depreciation and amortization related to real estate; • gains and losses from the sale of certain real estate assets; • gains and losses from change in control; • impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity; and • similar adjustments for partially owned consolidated real estate entities. The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the Company's investments, and assists management and investors in comparing those operating results between periods. Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The Company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business. While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income (loss) or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders. Core Funds from Operations (“Core FFO”), a non-GAAP measure, is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the Company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income (loss), or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the Company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP. 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. S-20
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Net Debt Divided by Adjusted EBITDA Net debt is the total outstanding debt balance less cash and cash equivalents and net tax deferred proceeds held in restricted cash for exchanges under section 1031(b) of the Internal Revenue Code. Preferred equity is the value of Series D preferred units outstanding. Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within this Non-GAAP Financial Measures and Other Terms section. Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Total debt $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 1,121,292 $ 1,021,147 $ 1,121,292 Less: cash and cash equivalents 8,560 7,555 12,833 12,896 12,378 8,560 12,378 Less: 1031 funds in restricted cash — — — 50,941 — — — Net debt $ 1,012,587 $ 1,040,291 $ 1,041,076 $ 1,113,447 $ 1,108,914 $ 1,012,587 $ 1,108,914 Adjusted EBITDA $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 139,756 $ 132,414 $ 135,150 Net debt/Adjusted EBITDA 7.32 8.22 7.46 7.90 7.93 7.65 8.21 Preferred Equity $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 11,310 $ 5,940 $ 11,310 Net debt and preferred equity $ 1,018,527 $ 1,046,231 $ 1,047,016 $ 1,119,387 $ 1,120,224 $ 1,018,527 $ 1,120,224 Adjusted EBITDA $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 139,756 $ 132,414 $ 135,150 Net debt and preferred equity/Adjusted EBITDA 7.36 8.27 7.50 7.94 8.02 7.69 8.29 (1) Excludes premiums, discounts, and deferred financing costs. (2) Annualized for periods less than one year. Net Operating Income Net operating income, or NOI, is a non-GAAP financial measure which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. The Company believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other investments, impairment, depreciation and amortization, financing costs, including interest and other income, losses on extinguishment of debt, and interest expense, property management expenses, casualty losses net of recoveries, loss on litigation settlement, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance. Non-stabilized Community A non-stabilized community is a development community that is either currently under construction or undergoing lease-up or is a recent acquisition prior to reaching overall occupancy of 90%. Payout Ratio (Core FFO per Diluted Share and Unit Basis) Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Core FFO definition included within this Non-GAAP Financial Measures and Other Terms section. Three Months Ended Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Common distribution per share and unit $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 1.54 $ 1.54 Core FFO per common share and unit diluted 1.27 1.12 1.25 1.19 1.28 2.39 2.50 Payout ratio 60.6 % 68.8 % 61.6 % 64.7 % 60.2 % 64.4 % 61.6 % (1) (2) (2) S-21
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Recurring Capital Expenditures Recurring capital expenditures represent expenditures necessary to help preserve the value of and maintain the functionality at communities. Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities such as appliances, mechanical equipment, flooring to roof replacement, paving, siding, and major landscaping. Repositioned Community The Company defines a re-positioned community as having significant development and construction activity on existing buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of improved community cash flow and competitive position through extensive unit and amenity upgrades. We categorize a re-positioned community as same-store when the development and construction activity has been completed, and operations have stabilized. This is typically reaching an overall occupancy of 90%. Not all communities undergoing value add are considered a re- positioned community. Retention Rate Retention rate is the percentage of leases expiring within the given timeframe that were converted to a term renewal. Same-Store Controllable Expenses The Company defines same-store controllable expenses as property operating expenses excluding real estate taxes and insurance. Same- store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses and real estate taxes. Scheduled Rental Revenue Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes. Stabilized Community The Company defines stabilized communities as communities past development lease-up or a recent acquisition reaching an overall occupancy of 90%. A re-positioned community is considered stabilized when substantial redevelopment activities are complete and operations have stabilized. This is typically reaching an overall occupancy of 90% occupancy or is consistent occupancy for 90 days. Total Debt to Total Market Capitalization Total debt to total market capitalization, a non-GAAP financial measure, is total debt not adjusted for unamortized deferred financing costs or unamortized debt premiums and discounts from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and Series D preferred units outstanding at the end of the period. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP. Value Add Value add represents expenditures that are expected to result in increased income generation or decreased expense growth over time to improve a community’s cash flow and competitive position. This includes elective capital expenditures such as full-scale renovations including new amenities, interior unit turn renovations, enhanced clubhouses and common area hallways and certain resource management initiatives including smart home automation as well as environmental and sustainability initiatives for higher rental levels or expense savings in their respective markets. S-22
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Weighted Average Occupancy Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rental revenue. Scheduled rental revenue represents the value of all apartment homes, with occupied homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes. The Company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy, and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs and other real estate companies. S-23