Earnings release
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Exhibit 99.1
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Earnings Release Centerspace Reports Third Quarter 2026 Financial & Operating Results MINNEAPOLIS, MN, November 2, 2026 – Centerspace (NYSE: CSR) (the “Company”) announced today its financial and operating results for the three and nine months ended September 30, 2026. The tables below show Net Income, Funds from Operations (“FFO”) , and Core FFO, all on a per diluted share basis, for the three and nine months ended September 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 September 30, 2026, June 30, 2026, and September 30, 2025 and the nine months ended September 30, 2026 and 2025. Three Months Ended September 30, Nine Months Ended September 30, Per Common Share 2026 2025 2026 2025 Net income - diluted $ 7.28 $ 3.19 $ 6.46 $ 2.12 FFO - diluted $ 0.83 $ 1.19 $ 3.10 $ 3.60 Core FFO - diluted $ 1.11 $ 1.19 $ 3.51 $ 3.68 Year-Over-YearComparison SequentialComparison YTD Comparison Same-Store Results Q3 2026 vs. Q3 2025Q3 2026 vs. Q2 2026 2026 vs. 2025 Revenues —% —% —% Expenses 4.2% 8.1% 2.7% NOI (2.7)% (4.9)% (1.7)% Three months ended Nine months ended Same-Store Results September 30,2026 June 30, 2026 September 30,2025 September 30,2026 September 30,2025 Weighted Average Occupancy 95.0% 96.0% 95.7% 95.5% 95.8% Effective New Lease Rate Growth (1.9)% (0.8)% (3.7)% (1.7)% (1.2)% Effective Renewal Lease Rate Growth3.4% 3.4% 2.8% 3.3% 2.8% Effective Blended Lease Rate Growth1.7% 1.8% 0.5% 1.3% 1.2% Retention Rate 61.5% 61.8% 61.9% 60.2% 62.3% (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 changes including acquisitions, dispositions, changes in held for sale classification, and repositioning activity. The current same-store results include 44 apartment communities. During the nine months ended September 30, 2026, we disposed of fourteen apartment communities. 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 Third Quarter • Disposed of thirteen apartment communities consisting of 1,634 homes for an aggregate sales price of $288.8 million, bringing total aggregate sales price on dispositions during the year to $318.8 million; • Fully repaid the line of credit balances and reduced borrowing capacity by $150.0 million to $250.0 million, contributing to a $4.6 million decrease in interest expense compared to the same period in the prior year and driving net debt to Adjusted EBITDA of 6.3x; 1 1 1 (1) (1) (2) (1) (2) (3) 1
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• Revenue decreased by $11.9 million or 16.6% to $59.5 million, compared to $71.4 million for the same period of the prior year, primarily due to the sale of 14 apartment communities during the nine months ended September 30, 2026 and 12 apartment communities in the prior year, offset by increased revenue from non-same-store communities; • Same-store revenues were flat year over year, while property operating expenses increased by 4.2%, partially due to a large one- time utility expense of $200,000, resulting in a 2.7% decrease in same-store NOI compared to the same period of the prior year; • Net income was $7.28 per diluted share, compared to net income of $3.19 per diluted share for the same period of the prior year primarily due to the higher gain on sale of real estate and other investments of $150.3 million compared to $79.5 million in the same period of the prior year; and • Core FFO per diluted share decreased 6.7% to $1.11, compared to $1.19 for the same period of the prior year, primarily reflecting dispositions in 2026 and 2025, partially offset by higher NOI from non-same-store communities and lower casualty loss and lower interest expense. Balance Sheet At the end of the third quarter, Centerspace had $366.2 million of total liquidity on its balance sheet, consisting of $250.0 million available under its line of credit and cash and cash equivalents of $116.2 million. Pending IRT Business Combination On September 8, 2026, Centerspace entered into a merger agreement with Independence Realty Trust, Inc. (“IRT”) and the other parties thereto. Under the agreement, as amended, each outstanding Centerspace common share, other than specified excluded shares, will be converted into the right to receive 3.8 shares of IRT common stock, subject to adjustments provided in the agreement, with cash paid in lieu of fractional shares. Completion remains subject to required shareholder approvals and other closing conditions. Centerspace has scheduled a special meeting of shareholders for November 10, 2026. Additional information is available in the definitive joint proxy statement/prospectus and the Company’s SEC filings. 2026 Financial Outlook In light of the proposed merger with IRT announced on September 8, 2026, Centerspace will no longer provide guidance nor is it affirming past guidance. Upcoming Events Centerspace to hold a special meeting of shareholders on November 10, 2026 at 9:30 a.m. Central Time. Supplemental Information Supplemental Operating and Financial Data for the quarter ended September 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 September 30, 2026, Centerspace owned 47 apartment communities consisting of 10,456 homes located in Colorado, Minnesota, Montana, Nebraska, North 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 2
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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 in the Company’s 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” sections of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 and Annual Report on Form 10-K for the year ended December 31, 2025, and in its other filings with the SEC. In addition, such risks, uncertainties and other factors include, but are not limited to: the ability to complete the proposed business combination with Independence Realty Trust, Inc. (“IRT”) on the terms or timeline currently contemplated, or at all; the ability to obtain required shareholder approvals and satisfy or obtain waivers of the other closing conditions; IRT’s right to defer Closing under specified circumstances relating to lender consents; changes in the market price of IRT common stock and the resulting market value of the consideration payable to Centerspace shareholders; adjustments to the exchange ratio resulting from certain special distributions; substantial transaction costs and the potential obligation to pay a termination fee if the merger agreement is terminated under specified circumstances; restrictions on the Company’s operations, financing and capital allocation activities and its ability to pursue alternative transactions during the pendency of the business combination; disruption of business relationships and uncertainty affecting employee recruitment and retention; diversion of management’s attention from ongoing operations and other business opportunities; litigation or other proceedings relating to the business combination; adverse effects on the Company’s business, financial condition, results of operations, share price and reputation if the business combination is delayed or not completed; the ability to realize the anticipated benefits of the business combination and manage transition and integration risks; Centerspace's ability to realize the anticipated benefits of its recently completed dispositions; and other risks described in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, its Annual Report on Form 10-K for the year ended December 31, 2025 and its other filings with the SEC. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events. 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 3
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Supplemental Financial and Operating Data Table of Contents September 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 Non-GAAP Financial Measures and Other Terms S-17
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CENTERSPACE COMMON SHARE DATA (NYSE: CSR) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 High closing price $ 58.62 $ 68.89 $ 67.00 $ 67.73 $ 61.09 Low closing price $ 52.39 $ 54.89 $ 57.05 $ 57.41 $ 53.18 Average closing price $ 55.33 $ 63.04 $ 62.88 $ 62.84 $ 57.79 Closing price at end of quarter $ 54.40 $ 56.19 $ 57.45 $ 66.72 $ 58.90 Common share distributions – annualized $ 3.08 $ 3.08 $ 3.08 $ 3.08 $ 3.08 Closing price dividend yield – annualized 5.7 % 5.5 % 5.4 % 4.6 % 5.2 % Closing common shares outstanding (thousands) 16,824 16,792 16,803 16,761 16,703 Closing limited partnership units outstanding(thousands) 878 882 901 920 963 Closing Series E preferred units, as converted(thousands) 1,852 1,878 1,884 1,892 1,894 Total closing common shares, limited partnershipunits, and Series E preferred units, as converted,outstanding (thousands) 19,554 19,552 19,588 19,573 19,560 Closing market value of outstanding commonshares, plus imputed closing market value ofoutstanding limited partnership units and Series Epreferred units, as converted (thousands) $ 1,063,738 $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084 S-1
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CENTERSPACE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands) Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 REVENUE $ 59,515 $ 65,782 $ 65,069 $ 66,621 $ 71,399 $ 190,366 $ 207,041 EXPENSES Property operating expenses, excluding realestate taxes 17,506 17,625 18,242 18,496 21,210 53,373 59,131 Real estate taxes 6,157 7,022 7,332 6,140 7,165 20,511 22,506 Property management expense 1,986 2,094 2,379 2,323 2,489 6,459 7,315 Casualty loss, net of recoveries (441) (206) (21) (242) 127 (668) 1,058 Depreciation and amortization 23,127 25,075 26,498 29,424 29,056 74,700 83,807 Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219 General and administrative expenses 4,995 5,659 6,332 6,542 4,997 16,986 14,376 Merger related costs 5,020 — — — — 5,020 — TOTAL EXPENSES $ 58,350 $ 57,269 $ 70,462 $ 77,183 $ 73,720 $ 186,081 $ 211,412 Gain (loss) on sale of real estate and otherinvestments 150,308 271 — (61) 79,531 150,579 79,531 Operating income (loss) 151,473 8,784 (5,393) (10,623) 77,210 154,864 75,160 Interest expense (8,412) (10,623) (10,470) (11,536) (12,989) (29,505) (33,348) Loss on extinguishment of debt (526) — — (95) (3) (526) (3) Interest and other income 1,112 709 890 776 1,190 2,711 2,633 NET INCOME (LOSS) $ 143,647 $ (1,130) $ (14,973) $ (21,478) $ 65,408 $ 127,544 $ 44,442 Distributions to Series D preferred unitholders (57) (58) (57) (57) (109) (172) (429) Net (income) loss attributable tononcontrolling interest – OperatingPartnership and Series E preferred units (20,262) 168 2,141 3,102 (9,197) (17,953) (6,071) Net income attributable to noncontrollinginterests – consolidated real estate entities — — — — (2,319) — (2,408) NET INCOME (LOSS) AVAILABLE TOCOMMON SHAREHOLDERS $ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534 Per Share Data - Basic Net income (loss) per common share – basic $ 7.32 $ (0.07) $ (0.77) $ (1.10) $ 3.22 $ 6.49 $ 2.12 Per Share Data - Diluted Net income (loss) per common share – diluted $ 7.28 $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ 6.46 $ 2.12 S-2
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CENTERSPACE CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 ASSETS Real estate investments Property owned $ 2,266,599 $ 2,261,220 $ 2,518,162 $ 2,524,020 $ 2,536,166 Less accumulated depreciation (628,285) (605,402) (685,769) (660,124) (638,217) Total real estate investments 1,638,314 1,655,818 1,832,393 1,863,896 1,897,949 Cash and cash equivalents 116,235 8,560 7,555 12,833 12,896 Restricted cash 2,846 1,883 2,710 2,818 52,943 Other assets 36,635 38,993 44,928 46,620 47,516 Assets held for sale, net — 135,111 — — 86,302 TOTAL ASSETS $ 1,794,030 $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606 LIABILITIES, MEZZANINE EQUITY, AND EQUITY LIABILITIES Accounts payable and accrued expenses $ 54,048 $ 51,370 $ 55,872 $ 59,247 $ 66,124 Revolving lines of credit — 176,000 150,429 154,925 222,500 Notes payable, net 299,623 299,608 299,594 299,579 299,564 Mortgages payable, net 512,984 513,975 565,611 566,660 622,074 Liabilities held for sale, net — 1,460 — — 420 TOTAL LIABILITIES $ 866,655 $ 1,042,413 $ 1,071,506 $ 1,080,411 $ 1,210,682 SERIES D PREFERRED UNITS $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 EQUITY Common Shares of Beneficial Interest 1,371,928 1,369,753 1,370,461 1,368,834 1,366,980 Accumulated distributions in excess of net income (579,173) (689,530) (675,493) (649,678) (618,341) Total shareholders’ equity $ 792,755 $ 680,223 $ 694,968 $ 719,156 $ 748,639 Noncontrolling interests – Operating Partnership and Series E preferred units 128,680 111,789 115,172 120,660 128,038 Noncontrolling interests – consolidated real estate entities — — — — 4,307 TOTAL EQUITY $ 921,435 $ 792,012 $ 810,140 $ 839,816 $ 880,984 TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 1,794,030 $ 1,840,365 $ 1,887,586 $ 1,926,167 $ 2,097,606 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-17 through S-21, “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 sold, 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 nine months ended September 30, 2026 and 2025, 44 apartment communities were same-store and three apartment communities were non-same-store. Sold communities are included in “Dispositions,” while “Other properties” includes non- multifamily properties and the non-multifamily components of mixed-use properties. During the nine months ended September 30, 2026, the Company disposed of fourteen apartment communities consisting of 1,810 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 TO NET OPERATING INCOME (dollars in thousands) Three Months Ended Sequential Year-Over-Year 9/30/2026 6/30/2026 9/30/2025 $ Change % Change $ Change % Change Operating income $ 151,473 $ 8,784 $ 77,210 $ 142,689 1,624.4 % $ 74,263 96.2 % Adjustments: Property management expenses 1,986 2,094 2,489 (108) (5.2)% (503) (20.2)% Casualty loss, net of recoveries (441) (206) 127 (235) 114.1 % (568) (447.2)% Depreciation and amortization 23,127 25,075 29,056 (1,948) (7.8)% (5,929) (20.4)% Impairment of real estate investments — — 8,676 — N/A (8,676) (100.0)% General and administrative expenses 4,995 5,659 4,997 (664) (11.7)% (2) — % Merger related costs 5,020 — — 5,020 N/A 5,020 N/A Gain on sale of real estate and other investments (150,308) (271) (79,531) (150,037) * (70,777) 89.0 % Net operating income $ 35,852 $ 41,135 $ 43,024 $ (5,283) (12.8)% $ (7,172) (16.7)% Revenue Same-store $ 49,974 $ 49,996 $ 49,965 $ (22) — % $ 9 — % Non-same-store 6,199 6,087 4,992 112 * 1,207 * Other properties 793 818 789 (25) (3.1)% 4 0.5 % Dispositions 2,549 8,881 15,653 (6,332) * (13,104) * Total 59,515 65,782 71,399 (6,267) (9.5)% (11,884) (16.6)% Property operating expenses, including real estatetaxes Same-store 20,306 18,790 19,488 1,516 8.1 % 818 4.2 % Non-same-store 2,171 2,187 2,023 (16) * 148 * Other properties 222 264 261 (42) (15.9)% (39) (14.9)% Dispositions 964 3,406 6,603 (2,442) * (5,639) * Total 23,663 24,647 28,375 (984) (4.0)% (4,712) (16.6)% Net operating income Same-store 29,668 31,206 30,477 (1,538) (4.9)% (809) (2.7)% Non-same-store 4,028 3,900 2,969 128 * 1,059 * Other properties 571 554 528 17 3.1 % 43 8.1 % Dispositions 1,585 5,475 9,050 (3,890) * (7,465) * Total $ 35,852 $ 41,135 $ 43,024 $ (5,283) (12.8)% $ (7,172) (16.7)% (1) Net operating income is a non-GAAP measure. Refer to pages S-17 through S-21 “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) Nine Months Ended September 30, 2026 2025 $ Change % Change Operating income $ 154,864 $ 75,160 $ 79,704 106.0 % Adjustments: Property management expenses 6,459 7,315 (856) (11.7)% Casualty loss, net of recoveries (668) 1,058 (1,726) (163.1)% Depreciation and amortization 74,700 83,807 (9,107) (10.9)% Impairment of real estate investments 9,700 23,219 (13,519) (58.2)% General and administrative expenses 16,986 14,376 2,610 18.2 % Merger related costs 5,020 — 5,020 N/A Gain on sale of real estate and other investments (150,579) (79,531) (71,048) 89.3 % Net operating income $ 116,482 $ 125,404 $ (8,922) (7.1)% Revenue Same-store $ 149,401 $ 149,429 $ (28) — % Non-same-store 18,244 8,158 10,086 * Other properties 2,418 2,184 234 10.7 % Dispositions 20,303 47,270 (26,967) * Total 190,366 207,041 (16,675) (8.1)% Property operating expenses, including real estate taxes Same-store 58,742 57,173 1,569 2.7 % Non-same-store 6,725 3,462 3,263 * Other properties 767 773 (6) (0.8)% Dispositions 7,650 20,229 (12,579) * Total 73,884 81,637 (7,753) (9.5)% Net operating income Same-store 90,659 92,256 (1,597) (1.7)% Non-same-store 11,519 4,696 6,823 * Other properties 1,651 1,411 240 17.0 % Dispositions 12,653 27,041 (14,388) * Total $ 116,482 $ 125,404 $ (8,922) (7.1)% (1) Net operating income is a non-GAAP measure. Refer to pages S-17 through S-21 “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 September 30, Nine Months Ended September 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Same-store controllable expenses On-site compensation $ 5,318 $ 5,092 $ 226 4.4 % $ 15,353 $ 15,088 $ 265 1.8 % Repairs and maintenance 3,293 3,255 38 1.2 % 8,313 8,125 188 2.3 % Utilities 3,290 2,987 303 10.1 % 9,355 8,871 484 5.5 % Administrative and marketing 1,250 1,330 (80) (6.0)% 3,867 3,653 214 5.9 % Total $ 13,151 $ 12,664 $ 487 3.8 % $ 36,888 $ 35,737 $ 1,151 3.2 % Same-store non-controllable expenses Real estate taxes $ 5,235 $ 4,845 $ 390 8.0 % $ 16,224 $ 15,995 $ 229 1.4 % Insurance 1,920 1,979 (59) (3.0)% 5,630 5,441 189 3.5 % Total $ 7,155 $ 6,824 $ 331 4.9 % $ 21,854 $ 21,436 $ 418 1.9 % Total property operating expenses, includingreal estate taxes - same-store $ 20,306 $ 19,488 $ 818 4.2 % $ 58,742 $ 57,173 $ 1,569 2.7 % Property operating expenses, including realestate taxes - non-same-store $ 2,171 $ 2,023 $ 148 * $ 6,725 $ 3,462 $ 3,263 * Property operating expenses, including realestate taxes - other properties 222 261 (39) (14.9)% 767 773 (6) (0.8)% Property operating expenses, including realestate taxes - dispositions 964 6,603 (5,639) * 7,650 20,229 (12,579) * Total property operating expenses,including real estate taxes $ 23,663 $ 28,375 $ (4,712) (16.6)% $ 73,884 $ 81,637 $ (7,753) (9.5)% (1) Same-store controllable expenses is a non-GAAP measure. Refer to pages S-17 through S-21 “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 Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Funds from Operations Net income (loss) available to common shareholders $ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534 Adjustments: Noncontrolling interests – Operating Partnership and Series Epreferred units 20,262 (168) (2,141) (3,102) 9,197 17,953 6,071 Depreciation and amortization 23,127 25,075 26,498 29,424 29,056 74,700 83,807 Less depreciation – non real estate (64) (67) (67) (83) (85) (198) (252) Less depreciation – partially owned entities — — — — — — (43) Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219 (Gain) loss on sale of real estate and other investments (150,308) (271) — 61 (79,531) (150,579) (79,531) Less gain on sale of real estate - partially owned entities — — — 1 2,251 — 2,251 Loss on sale of non real estate assets (174) — — (50) — (174) — FFO applicable to common shares and Units $ 16,171 $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 60,821 $ 71,056 Adjustments to Core FFO : Non-cash casualty loss (recovery) (555) (65) (193) 229 (123) (813) 308 Loss on extinguishment of debt 526 — — 95 3 526 3 Loss on sale of non real estate assets 174 — — — — 174 — Amortization of assumed debt 214 489 365 593 530 1,068 1,365 Severance and related costs 197 880 — — — 1,077 — Legal and other costs related to strategic review 126 127 977 1,336 — 1,230 — Merger related costs 5,020 — — — — 5,020 — Other miscellaneous items (34) — (209) (4) (397) (243) (96) Core FFO applicable to common shares and Units $ 21,839 $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 68,860 $ 72,636 FFO applicable to common shares and Units $ 16,171 $ 23,549 $ 21,101 $ 22,318 $ 23,347 $ 60,821 $ 71,056 Distributions to Series D preferred unitholders 57 58 57 57 109 172 429 FFO applicable to common shares and Units - diluted $ 16,228 $ 23,607 $ 21,158 $ 22,375 $ 23,456 $ 60,993 $ 71,485 Core FFO applicable to common shares and Units $ 21,839 $ 24,980 $ 22,041 $ 24,567 $ 23,360 $ 68,860 $ 72,636 Distributions to Series D preferred unitholders 57 58 57 57 109 172 429 Core FFO applicable to common shares and Units - diluted $ 21,896 $ 25,038 $ 22,098 $ 24,624 $ 23,469 $ 69,032 $ 73,065 Per Share Data Net income (loss) per share and Unit - diluted $ 7.28 $ (0.07) $ (0.77) $ (1.10) $ 3.19 $ 6.46 $ 2.12 FFO per share and Unit - diluted $ 0.83 $ 1.20 $ 1.07 $ 1.14 $ 1.19 $ 3.10 $ 3.60 Core FFO per share and Unit - diluted $ 1.11 $ 1.27 $ 1.12 $ 1.25 $ 1.19 $ 3.51 $ 3.68 Weighted average shares - basic for net income (loss) 16,796 16,810 16,775 16,719 16,726 16,793 16,731 Effect of operating partnership Units for net income, FFO andCore FFO 881 895 914 948 966 897 972 Effect of Series D preferred units for net income, FFO and CoreFFO 82 82 82 82 155 82 204 Effect of Series E preferred units for net income, FFO and CoreFFO 1,877 1,883 1,892 1,894 1,898 1,884 1,903 Effect of dilutive restricted stock units and stock options for netincome, FFO and Core FFO 24 29 29 56 26 26 25 Weighted average shares and Units for net income, FFO and CoreFFO - diluted 19,660 19,699 19,692 19,699 19,771 19,682 19,835 (1) Funds from operations and Core funds from operations are non-GAAP measures. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) Consists of (gain) loss on investments and interest rate swap amortization. (3) Includes participating and nonparticipating restricted stock units. (1) (1) (1) (2) (1) (1) (3) S-8
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CENTERSPACE RECONCILIATIONS OF NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO ADJUSTED EBITDA (in thousands) Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Adjusted EBITDA Net income (loss) attributable to common shareholders $ 123,328 $ (1,020) $ (12,889) $ (18,433) $ 53,783 $ 109,419 $ 35,534 Adjustments: Distributions to Series D preferred unitholders 57 58 57 57 109 172 429 Noncontrolling interests – Operating Partnership andSeries E preferred units 20,262 (168) (2,141) (3,102) 9,197 17,953 6,071 Income (loss) before noncontrolling interests –Operating Partnership and Series E preferred units $ 143,647 $ (1,130) $ (14,973) $ (21,478) $ 63,089 $ 127,544 $ 42,034 Adjustments: Interest expense 8,412 10,623 10,470 11,537 12,989 29,505 33,330 Loss on extinguishment of debt 526 — — 95 3 526 3 Depreciation and amortization related to real estateinvestments 23,127 25,075 26,498 29,424 29,056 74,700 83,764 Impairment of real estate investments — — 9,700 14,500 8,676 9,700 23,219 Non-cash casualty loss (recovery) (555) (65) (193) 229 (123) (813) 308 Interest income (1,035) (658) (644) (757) (724) (2,337) (2,069) (Gain) loss on sale of real estate (150,482) (271) — 12 (77,280) (150,753) (77,280) Severance related costs 197 880 — — — 1,077 — Legal and other costs related to strategic review 126 127 977 1,336 — 1,230 — Merger related costs 5,020 — — — — 5,020 — Other miscellaneous items (34) — (209) (4) (455) (243) (503) Adjusted EBITDA $ 28,949 $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 95,156 $ 102,806 (1) Adjusted EBITDA is a non-GAAP measure. Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. (2) Consists of (gain) loss on investments. (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 45,979 — — 45,979 5.4 % 3.47 % 2028 60,000 50,000 — 110,000 13.0 % 3.10 % 2029 19,108 75,000 — 94,108 11.2 % 3.94 % 2030 — 85,000 — 85,000 10.1 % 2.62 % Thereafter 418,732 90,000 — 508,732 60.3 % 3.45 % Subtotal 543,819 300,000 — 843,819 100.0 % 3.37 % Premiums and discounts, net (28,320) — — (28,320) Deferred financing costs, net (2,515) (377) — (2,892) Total debt $ 512,984 $ 299,623 $ — $ 812,607 (1) Weighted average interest rate of debt that matures during the year. 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Debt Balances Outstanding Secured fixed rate - mortgages payable - other $ 344,969 $ 346,297 $ 398,567 $ 400,134 $ 455,934 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 Unsecured senior notes 300,000 300,000 300,000 300,000 300,000 Subtotal $ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 Premiums and discounts, net (28,320) (28,533) (29,023) (29,387) (29,763) Deferred financing costs, net (2,892) (3,031) (3,189) (3,358) (3,383) Debt total $ 812,607 $ 989,583 $ 1,015,634 $ 1,021,164 $ 1,144,138 Weighted average interest rates Mortgages payable - other rate 3.94 % 3.94 % 3.88 % 3.88 % 3.87 % Mortgages payable - Fannie Mae credit facility rate 2.78 % 2.78 % 2.78 % 2.78 % 2.78 % Lines of credit rate 4.87 % 4.87 % 4.88 % 5.12 % 5.51 % Unsecured senior notes rate 3.12 % 3.12 % 3.12 % 3.12 % 3.12 % Total debt 3.37 % 3.63 % 3.60 % 3.64 % 3.80 % (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 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Reclassified from Accumulated OCI into interest expense $ — $ — $ — $ — $ 58 (1) (1) (2) S-10
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CENTERSPACE CAPITAL ANALYSIS (in thousands, except per share and unit amounts) Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Equity Capitalization Common shares outstanding 16,824 16,792 16,803 16,761 16,703 Operating partnership units outstanding 878 882 901 920 963 Series E preferred units (as converted) 1,852 1,878 1,884 1,892 1,894 Total common shares, Units, and Series E preferred units, asconverted, outstanding 19,554 19,552 19,588 19,573 19,560 Market price per common share (closing price at end of period) $ 54.40 $ 56.19 $ 57.45 $ 66.72 $ 58.90 Equity capitalization-common shares and Units $ 1,063,738 $ 1,098,627 $ 1,125,331 $ 1,305,911 $ 1,152,084 Series D preferred units $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 Debt Capitalization Total debt $ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 Total market capitalization $ 1,913,497 $ 2,125,714 $ 2,179,117 $ 2,365,760 $ 2,335,308 Total debt to total market capitalization 44.1 % 48.0 % 48.1 % 44.5 % 50.4 % (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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Debt service coverage ratio 2.97 x 2.86 x 2.63 x 2.59 x 2.35 x 2.81 x 2.63 x Adjusted EBITDA/Interest expense plus preferreddistributions and principal amortization 2.95 x 2.84 x 2.62 x 2.58 x 2.33 x 2.79 x 2.60 x Net debt/Adjusted EBITDA 6.28 x 7.32 x 8.22 x 7.46 x 7.90 x 5.73 x 8.12 x Net debt and preferred equity/Adjusted EBITDA 6.33 x 7.36 x 8.27 x 7.50 x 7.94 x 5.78 x 8.17 x Distribution Data Common shares and Units outstanding at recorddate (in thousands) 17,677 17,685 17,692 17,679 17,662 17,677 17,662 Total common distribution declared (in thousands) $ 13,611 $ 13,618 $ 13,624 $ 13,613 $ 13,600 $ 40,853 $ 40,875 Common distribution per share and Unit $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 2.31 $ 2.31 Payout ratio (Core FFO per diluted share and unitbasis) 69.4 % 60.6 % 68.8 % 61.6 % 64.7 % 65.8 % 62.8 % (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-17 through S-21 “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 THIRD QUARTER COMPARISONS (in thousands, except property data amounts and percentages) Apartment HomesIncluded Revenues Expenses NOI Regions Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Denver, CO 1,801 $ 10,871 $ 11,594 (6.2)% $ 4,695 $ 4,081 15.0 % $ 6,176 $ 7,513 (17.8)% Minneapolis, MN 3,433 18,019 17,779 1.3 % 7,649 7,591 0.8 % 10,370 10,188 1.8 % Boulder/Ft. Collins, CO 559 3,365 3,450 (2.5)% 1,147 1,092 5.0 % 2,218 2,358 (5.9)% North Dakota 865 4,033 3,761 7.2 % 1,502 1,495 0.5 % 2,531 2,266 11.7 % Omaha, NE 872 3,928 3,832 2.5 % 1,592 1,631 (2.4)% 2,336 2,201 6.1 % Rochester, MN 1,129 6,382 6,217 2.7 % 2,510 2,433 3.2 % 3,872 3,784 2.3 % Other Mountain West 748 3,376 3,332 1.3 % 1,211 1,165 3.9 % 2,165 2,167 (0.1)% Same-Store Total 9,407 $ 49,974 $ 49,965 — % $ 20,306 $ 19,488 4.2 % $ 29,668 $ 30,477 (2.7)% % of NOI Weighted Average Occupancy Average Monthly Rental Rate Average Monthly Revenue per Occupied Home Regions Q3 2026 Q3 2025 Growth Q3 2026 Q3 2025 % Change Q3 2026 Q3 2025 % Change Denver, CO 20.8 % 93.4 % 94.7 % (1.3)% $ 1,978 $ 1,980 (0.1)% $ 2,154 $ 2,266 (4.9)% Minneapolis, MN 34.9 % 95.1 % 96.3 % (1.2)% 1,639 1,590 3.1 % 1,839 1,792 2.6 % Boulder/Ft. Collins, CO 7.5 % 93.5 % 96.4 % (2.9)% 1,956 1,905 2.7 % 2,145 2,133 0.6 % North Dakota 8.5 % 97.3 % 96.1 % 1.2 % 1,443 1,364 5.8 % 1,598 1,508 6.0 % Omaha, NE 7.9 % 94.0 % 93.9 % 0.1 % 1,453 1,401 3.7 % 1,598 1,560 2.4 % Rochester, MN 13.1 % 96.7 % 95.8 % 0.9 % 1,834 1,799 1.9 % 1,948 1,916 1.7 % Other Mountain West 7.3 % 95.7 % 96.3 % (0.6)% 1,398 1,371 2.0 % 1,571 1,542 1.9 % Same-Store Total 100.0 % 95.0 % 95.7 % (0.7)% $ 1,692 $ 1,653 2.4 % $ 1,865 $ 1,850 0.8 % (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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions. (3) (1) (2) (4) (4) (4) (1) (2) 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 Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Denver, CO 1,801 $ 10,871 $ 10,935 (0.6)% $ 4,695 $ 4,133 13.6 % $ 6,176 $ 6,802 (9.2)% Minneapolis, MN 3,433 18,019 18,141 (0.7)% 7,649 7,053 8.5 % 10,370 11,088 (6.5)% Boulder/Ft. Collins, CO 559 3,365 3,367 (0.1)% 1,147 1,174 (2.3)% 2,218 2,193 1.1 % North Dakota 865 4,033 3,969 1.6 % 1,502 1,404 7.0 % 2,531 2,565 (1.3)% Omaha, NE 872 3,928 3,861 1.7 % 1,592 1,483 7.3 % 2,336 2,378 (1.8)% Rochester, MN 1,129 6,382 6,369 0.2 % 2,510 2,409 4.2 % 3,872 3,960 (2.2)% Other Mountain West 748 3,376 3,354 0.7 % 1,211 1,134 6.8 % 2,165 2,220 (2.5)% Same-Store Total 9,407 $ 49,974 $ 49,996 — % $ 20,306 $ 18,790 8.1 % $ 29,668 $ 31,206 (4.9)% % of NOI Weighted Average Occupancy Average MonthlyRental Rate Average MonthlyRevenue per Occupied Home Regions Q3 2026 Q2 2026 Growth Q3 2026 Q2 2026 % Change Q3 2026 Q2 2026 % Change Denver, CO 20.8 % 93.4 % 94.6 % (1.2)% $ 1,978 $ 1,962 0.8 % $ 2,154 $ 2,140 0.7 % Minneapolis, MN 34.9 % 95.1 % 96.7 % (1.6)% 1,639 1,611 1.7 % 1,839 1,822 0.9 % Boulder/Ft. Collins, CO 7.5 % 93.5 % 95.7 % (2.2)% 1,956 1,921 1.8 % 2,145 2,097 2.3 % North Dakota 8.5 % 97.3 % 97.0 % 0.3 % 1,443 1,409 2.4 % 1,598 1,577 1.3 % Omaha, NE 7.9 % 94.0 % 94.6 % (0.6)% 1,453 1,428 1.8 % 1,598 1,561 2.4 % Rochester, MN 13.1 % 96.7 % 97.4 % (0.7)% 1,834 1,814 1.1 % 1,948 1,930 0.9 % Other Mountain West 7.3 % 95.7 % 95.1 % 0.6 % 1,398 1,390 0.6 % 1,571 1,572 (0.1)% Same-Store Total 100.0 % 95.0 % 96.0 % (1.0)% $ 1,692 $ 1,668 1.4 % $ 1,865 $ 1,846 1.0 % (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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions. (3) (1) (2) (4) (4) (4) (1) (2) 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 $ 32,916 $ 34,836 (5.5)% $ 13,136 $ 12,801 2.6 % $ 19,780 $ 22,034 (10.2)% Minneapolis, MN 3,433 53,948 53,120 1.6 % 22,211 21,778 2.0 % 31,737 31,342 1.3 % Boulder/Ft. Collins, CO 559 10,116 10,383 (2.6)% 3,563 3,304 7.8 % 6,553 7,079 (7.4)% North Dakota 865 11,834 11,181 5.8 % 4,574 4,479 2.1 % 7,260 6,702 8.3 % Omaha, NE 872 11,674 11,354 2.8 % 4,410 4,547 (3.0)% 7,264 6,807 6.7 % Rochester, MN 1,129 18,931 18,632 1.6 % 7,376 6,946 6.2 % 11,555 11,686 (1.1)% Other Mountain West 748 9,982 9,923 0.6 % 3,472 3,318 4.6 % 6,510 6,605 (1.4)% Same-Store Total 9,407 $ 149,401 $ 149,429 — % $ 58,742 $ 57,173 2.7 % $ 90,659 $ 92,255 (1.7)% % 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 21.8 % 93.9 % 94.4 % (0.5)% $ 1,971 $ 1,999 (1.4)% $ 2,162 $ 2,276 (5.0)% Minneapolis, MN 35.1 % 96.0 % 96.5 % (0.5)% 1,618 1,581 2.3 % 1,820 1,782 2.1 % Boulder/Ft. Collins, CO 7.2 % 94.9 % 96.1 % (1.2)% 1,930 1,906 1.3 % 2,119 2,148 (1.4)% North Dakota 8.0 % 96.8 % 97.1 % (0.3)% 1,417 1,333 6.3 % 1,571 1,479 6.2 % Omaha, NE 8.0 % 94.7 % 94.1 % 0.6 % 1,436 1,391 3.2 % 1,571 1,538 2.1 % Rochester, MN 12.7 % 97.0 % 96.7 % 0.3 % 1,818 1,780 2.1 % 1,920 1,897 1.2 % Other Mountain West 7.2 % 94.9 % 96.4 % (1.5)% 1,390 1,364 1.9 % 1,562 1,529 2.2 % Same-Store Total 100.0 % 95.5 % 95.8 % (0.3)% $ 1,675 $ 1,646 1.8 % $ 1,849 $ 1,842 0.4 % (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-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for additional information. (4) Refer to pages S-17 through S-21 “Non-GAAP Financial Measures and Other Terms” for definitions. (3) (1) (2) (4) (4) (4) (1) (2) S-14
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CENTERSPACE PORTFOLIO SUMMARY As of and for the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Number of Apartment Homes at Period End Same-Store 9,407 9,407 11,214 11,084 11,084 Non-Same-Store and Held for Sale 1,049 2,683 1,049 1,178 1,178 All Communities 10,456 12,090 12,263 12,262 12,262 Average Monthly Rental Rate Same-Store $ 1,692 $ 1,668 $ 1,643 $ 1,639 $ 1,629 Non-Same-Store and Held for Sale 1,874 1,662 1,848 1,842 1,858 All Communities $ 1,710 $ 1,666 $ 1,660 $ 1,658 $ 1,649 Average Monthly Revenue per Occupied Apartment Home Same-Store $ 1,865 $ 1,846 $ 1,813 $ 1,818 $ 1,823 Non-Same-Store and Held for Sale 2,067 1,840 2,058 2,080 2,090 All Communities $ 1,881 $ 1,844 $ 1,834 $ 1,843 $ 1,846 Weighted Average Occupancy Same-Store 95.0 % 96.0 % 95.4 % 95.3 % 95.8 % Non-Same-Store and Held for Sale 95.3 % 95.9 % 92.0 % 89.7 % 87.5 % All Communities 95.2 % 96.0 % 95.1 % 94.7 % 95.0 % Property Operating Expenses, including Real Estate Taxes as a % ofScheduled Rent Same-Store 40.6 % 39.9 % 41.5 % 38.3 % 41.6 % Non-Same-Store and Held for Sale 35.0 % 38.8 % 40.7 % 39.3 % 42.6 % All Communities 40.0 % 39.7 % 41.4 % 38.4 % 41.7 % Capital Expenditures Total Recurring Capital Expenditures per Apartment Home – Same-Store $ 452 $ 303 $ 198 $ 269 $ 350 (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-17 through S-21 “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 Nine Months Ended Capital Expenditures 9/30/2026 9/30/2025 9/30/2026 9/30/2025 Total Same-Store Apartment Homes 9,407 9,406 9,407 9,406 All Properties - Weighted Average Apartment Homes 10,919 13,281 11,695 13,140 Same-Store Building - Exterior $ 1,688 $ 870 $ 2,623 $ 2,210 Building - Interior 16 16 113 165 Mechanical, Electrical, & Plumbing 642 646 1,798 1,519 Furniture & Equipment 83 206 236 418 Landscaping & Grounds 315 537 582 758 Turnover Replacements 961 908 2,485 2,212 Work in progress - net change 549 434 1,067 894 Recurring Capital Expenditures - Same-Store $ 4,254 $ 3,617 $ 8,904 $ 8,176 Recurring Capital Expenditures per Apartment Home - Same-Store $ 452 $ 385 $ 947 $ 869 Recurring Capital Expenditures - All Properties $ 4,364 $ 4,389 $ 10,096 $ 11,712 Recurring Capital Expenditures per Weighted Average Apartment Home - All Properties $ 400 $ 330 $ 863 $ 891 Value Add Same-Store Interior - Units $ 1,509 $ 913 $ 2,111 $ 1,932 Common Areas and Exteriors 177 2,526 2,283 4,202 Work in Progress - net change (1,026) (229) (894) 119 Total Value Add - Same Store $ 660 $ 3,210 $ 3,500 $ 6,253 All Properties Interior - Units $ 1,537 $ 1,580 $ 2,138 $ 3,920 Common Areas and Exteriors 178 2,789 2,825 5,227 Work in Progress - net change (1,047) (184) (1,077) (13) Total Value Add - All Properties $ 668 $ 4,185 $ 3,886 $ 9,134 Total Same-Store Capital Spend Capital Spend - Same-Store $ 4,914 $ 6,827 $ 12,404 $ 14,429 Capital Spend per Apartment Home - Same-Store $ 522 $ 726 $ 1,319 $ 1,534 Acquisition and Other Capital Expenditures All Properties $ 1,002 $ 805 $ 4,995 $ 3,460 Total Capital Spend Total Capital Spend - All Properties $ 6,034 $ 9,379 $ 18,977 $ 24,306 Total Capital Spend per Weighted Average Apartment Home - All Properties $ 553 $ 706 $ 1,623 $ 1,850 (1) Refer to pages S-17 through S-21 “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 for the period owned. (3) (1) (1) (1) (1) (1) (2) (2) (2) (1) S-16
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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 Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Adjusted EBITDA $ 28,949 $ 34,581 $ 31,626 $ 34,894 $ 35,231 $ 95,156 $ 102,806 Interest Expense 8,412 10,623 10,470 11,537 12,989 29,505 33,330 Principal Amortization 1,328 1,488 1,567 1,939 2,000 4,383 5,759 Total Interest Expense and Principal Amortization 9,740 12,111 12,037 13,476 14,989 33,888 39,089 Distributions paid to Series D preferred unitholders 57 58 57 57 109 172 429 Total Interest Expense, Principal Amortization, andpreferred distributions 9,797 12,169 12,094 13,533 15,098 34,060 39,518 Debt Service Coverage Ratio 2.97 2.86 2.63 2.59 2.35 2.81 2.63 Adjusted EBITDA/Interest expense plus preferreddistributions and principal amortization 2.95 2.84 2.62 2.58 2.33 2.79 2.60 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-17
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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-18
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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 Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Total debt $ 843,819 $ 1,021,147 $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 843,819 $ 1,177,284 Less: cash and cash equivalents 116,235 8,560 7,555 12,833 12,896 116,235 12,896 Less: 1031 funds in restricted cash — — — — 50,941 — 50,941 Net debt $ 727,584 $ 1,012,587 $ 1,040,291 $ 1,041,076 $ 1,113,447 $ 727,584 $ 1,113,447 Adjusted EBITDA $ 115,796 $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 126,875 $ 137,075 Net debt/Adjusted EBITDA 6.28 7.32 8.22 7.46 7.90 5.73 8.12 Preferred Equity $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 $ 5,940 Net debt and preferred equity $ 733,524 $ 1,018,527 $ 1,046,231 $ 1,047,016 $ 1,119,387 $ 733,524 $ 1,119,387 Adjusted EBITDA $ 115,796 $ 138,324 $ 126,504 $ 139,576 $ 140,924 $ 126,875 $ 137,075 Net debt and preferred equity/Adjusted EBITDA 6.33 7.36 8.27 7.50 7.94 5.78 8.17 (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, merger related costs, 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 Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Common distribution per share and unit $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 0.77 $ 2.31 $ 2.31 Core FFO per common share and unit diluted 1.11 1.27 1.12 1.25 1.19 3.51 3.68 Payout ratio 69.4 % 60.6 % 68.8 % 61.6 % 64.7 % 65.8 % 62.8 % (1) (2) (2) S-19
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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-20
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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-21